We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Campus Communities Inc | NYSE:ACC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.42 | 0 | 01:00:00 |
Maryland (American Campus Communities, Inc.)
Maryland (American Campus Communities Operating
Partnership, L.P.)
|
|
76-0753089 (American Campus Communities, Inc.)
56-2473181 (American Campus Communities Operating
Partnership, L.P.)
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(IRS Employer Identification No.)
|
12700 Hill Country Blvd., Suite T-200
Austin, TX
(Address of Principal Executive Offices)
|
|
78738
(Zip Code)
|
American Campus Communities, Inc.
|
Yes
x
No
o
|
American Campus Communities Operating Partnership, L.P.
|
Yes
x
No
o
|
American Campus Communities, Inc.
|
Yes
x
No
o
|
American Campus Communities Operating Partnership, L.P.
|
Yes
x
No
o
|
Large accelerated filer
x
|
Accelerated Filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
Large accelerated filer
o
|
Accelerated Filer
o
|
Non-accelerated filer
x
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
American Campus Communities, Inc.
|
Yes
o
No
x
|
American Campus Communities Operating Partnership, L.P
|
Yes
o
No
x
|
(1)
|
enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
(2)
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
|
(3)
|
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
|
|
PAGE NO.
|
|
|
|
|
PART I.
|
|
|
|
|
|
Item 1.
|
Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries:
|
|
|
|
|
|
Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016 (all unaudited)
|
|
|
|
|
|
Consolidated Statement of Changes in Equity for the nine months ended September 30, 2017 (unaudited)
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 (all unaudited)
|
|
|
|
|
|
Consolidated Financial Statements of American Campus Communities Operating Partnership, L.P. and Subsidiaries:
|
|
|
|
|
|
Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016 (all unaudited)
|
|
|
|
|
|
Consolidated Statement of Changes in Capital for the nine months ended September 30, 2017 (unaudited)
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 (all unaudited)
|
|
|
|
|
|
Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries and American Campus Communities Operating Partnership, L.P. and Subsidiaries (unaudited)
|
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosure about Market Risk
|
|
|
|
|
Item 4.
|
Controls and Procedures
|
|
|
|
|
PART II.
|
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
|
|
|
|
Item 1A.
|
Risk Factors
|
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 3.
|
Defaults Upon Senior Securities
|
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
|
|
|
|
Item 5.
|
Other Information
|
|
|
|
|
Item 6.
|
Exhibits
|
|
|
|
|
SIGNATURES
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Wholly-owned properties, net
|
|
$
|
6,262,077
|
|
|
$
|
5,427,014
|
|
Wholly-owned properties held for sale
|
|
—
|
|
|
25,350
|
|
||
On-campus participating properties, net
|
|
83,095
|
|
|
85,797
|
|
||
Investments in real estate, net
|
|
6,345,172
|
|
|
5,538,161
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
16,341
|
|
|
22,140
|
|
||
Restricted cash
|
|
25,824
|
|
|
24,817
|
|
||
Student contracts receivable, net
|
|
15,531
|
|
|
8,428
|
|
||
Other assets
|
|
284,023
|
|
|
272,367
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
6,686,891
|
|
|
$
|
5,865,913
|
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt, net
|
|
$
|
662,874
|
|
|
$
|
688,195
|
|
Unsecured notes, net
|
|
1,190,296
|
|
|
1,188,737
|
|
||
Unsecured term loans, net
|
|
646,675
|
|
|
149,065
|
|
||
Unsecured revolving credit facility
|
|
266,440
|
|
|
99,300
|
|
||
Accounts payable and accrued expenses
|
|
79,612
|
|
|
76,614
|
|
||
Other liabilities
|
|
214,918
|
|
|
158,437
|
|
||
Total liabilities
|
|
3,060,815
|
|
|
2,360,348
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
112,270
|
|
|
55,078
|
|
||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
|
|
||
American Campus Communities, Inc. and Subsidiaries stockholders' equity:
|
|
|
|
|
|
|
||
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,362,728 and 132,225,488 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
|
|
1,364
|
|
|
1,322
|
|
||
Additional paid in capital
|
|
4,321,228
|
|
|
4,118,842
|
|
||
Common stock held in rabbi trust, 63,778 and 20,181 shares at September 30, 2017 and December 31, 2016, respectively
|
|
(2,944
|
)
|
|
(975
|
)
|
||
Accumulated earnings and dividends
|
|
(816,360
|
)
|
|
(670,137
|
)
|
||
Accumulated other comprehensive loss
|
|
(3,195
|
)
|
|
(4,067
|
)
|
||
Total American Campus Communities, Inc. and Subsidiaries stockholders' equity
|
|
3,500,093
|
|
|
3,444,985
|
|
||
Noncontrolling interests - partially owned properties
|
|
13,713
|
|
|
5,502
|
|
||
Total equity
|
|
3,513,806
|
|
|
3,450,487
|
|
||
|
|
|
|
|
||||
Total liabilities and equity
|
|
$
|
6,686,891
|
|
|
$
|
5,865,913
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Wholly-owned properties
|
|
$
|
183,569
|
|
|
$
|
185,694
|
|
|
$
|
531,556
|
|
|
$
|
546,078
|
|
On-campus participating properties
|
|
6,799
|
|
|
6,758
|
|
|
23,128
|
|
|
23,018
|
|
||||
Third-party development services
|
|
3,566
|
|
|
773
|
|
|
4,697
|
|
|
3,929
|
|
||||
Third-party management services
|
|
2,291
|
|
|
2,376
|
|
|
7,193
|
|
|
7,039
|
|
||||
Resident services
|
|
713
|
|
|
810
|
|
|
2,310
|
|
|
2,325
|
|
||||
Total revenues
|
|
196,938
|
|
|
196,411
|
|
|
568,884
|
|
|
582,389
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholly-owned properties
|
|
99,423
|
|
|
100,602
|
|
|
249,552
|
|
|
257,175
|
|
||||
On-campus participating properties
|
|
3,923
|
|
|
3,784
|
|
|
11,080
|
|
|
10,125
|
|
||||
Third-party development and management services
|
|
3,879
|
|
|
3,340
|
|
|
11,789
|
|
|
10,638
|
|
||||
General and administrative
|
|
8,684
|
|
|
5,375
|
|
|
25,200
|
|
|
16,810
|
|
||||
Depreciation and amortization
|
|
61,125
|
|
|
52,067
|
|
|
169,391
|
|
|
159,486
|
|
||||
Ground/facility leases
|
|
2,329
|
|
|
1,965
|
|
|
7,151
|
|
|
6,736
|
|
||||
Provision for real estate impairment
|
|
—
|
|
|
—
|
|
|
15,317
|
|
|
—
|
|
||||
Total operating expenses
|
|
179,363
|
|
|
167,133
|
|
|
489,480
|
|
|
460,970
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
17,575
|
|
|
29,278
|
|
|
79,404
|
|
|
121,419
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
|
1,259
|
|
|
1,272
|
|
|
3,723
|
|
|
4,026
|
|
||||
Interest expense
|
|
(18,654
|
)
|
|
(19,016
|
)
|
|
(47,944
|
)
|
|
(61,762
|
)
|
||||
Amortization of deferred financing costs
|
|
(1,146
|
)
|
|
(1,344
|
)
|
|
(3,197
|
)
|
|
(5,238
|
)
|
||||
(Loss) gain from disposition of real estate
|
|
—
|
|
|
—
|
|
|
(632
|
)
|
|
17,409
|
|
||||
Total nonoperating expense
|
|
(18,541
|
)
|
|
(19,088
|
)
|
|
(48,050
|
)
|
|
(45,565
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes
|
|
(966
|
)
|
|
10,190
|
|
|
31,354
|
|
|
75,854
|
|
||||
Income tax provision
|
|
(267
|
)
|
|
(345
|
)
|
|
(791
|
)
|
|
(1,035
|
)
|
||||
Net (loss) income
|
|
(1,233
|
)
|
|
9,845
|
|
|
30,563
|
|
|
74,819
|
|
||||
Net income attributable to noncontrolling interests
|
|
(79
|
)
|
|
(201
|
)
|
|
(587
|
)
|
|
(1,150
|
)
|
||||
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
$
|
(1,312
|
)
|
|
$
|
9,644
|
|
|
$
|
29,976
|
|
|
$
|
73,669
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in fair value of interest rate swaps and other
|
|
233
|
|
|
1,271
|
|
|
872
|
|
|
(162
|
)
|
||||
Comprehensive (loss) income
|
|
$
|
(1,079
|
)
|
|
$
|
10,915
|
|
|
$
|
30,848
|
|
|
$
|
73,507
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.57
|
|
Diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
136,421,198
|
|
|
130,786,985
|
|
|
134,708,361
|
|
|
128,239,294
|
|
||||
Diluted
|
|
136,421,198
|
|
|
131,568,371
|
|
|
135,585,850
|
|
|
129,034,401
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Distributions declared per common share
|
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
1.30
|
|
|
$
|
1.24
|
|
|
|
Common
Shares
|
|
Par Value of
Common
Shares
|
|
Additional Paid
in Capital
|
|
Common Shares Held in Rabbi Trust
|
|
Common Shares Held in Rabbi Trust at Cost
|
|
Accumulated
Earnings and
Dividends
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interests –
Partially Owned
Properties
|
|
Total
|
||||||||||||||||
Equity, December 31, 2016
|
|
132,225,488
|
|
|
$
|
1,322
|
|
|
$
|
4,118,842
|
|
|
20,181
|
|
|
$
|
(975
|
)
|
|
$
|
(670,137
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
5,502
|
|
|
$
|
3,450,487
|
|
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
5,943
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,943
|
|
|||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
10,641
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,641
|
|
|||||||
Vesting of restricted stock awards and restricted stock units
|
|
165,884
|
|
|
2
|
|
|
(2,193
|
)
|
|
43,597
|
|
|
(1,969
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,160
|
)
|
|||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176,199
|
)
|
|
—
|
|
|
—
|
|
|
(176,199
|
)
|
|||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
(212
|
)
|
|||||||
Conversion of common and preferred operating partnership units to common stock
|
|
22,000
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|||||||
Net proceeds from sale of common stock
|
|
3,949,356
|
|
|
40
|
|
|
187,841
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187,881
|
|
|||||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
564
|
|
|
—
|
|
|
564
|
|
|||||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
308
|
|
|
—
|
|
|
308
|
|
|||||||
Contributions by noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,158
|
|
|
8,158
|
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,976
|
|
|
—
|
|
|
265
|
|
|
30,241
|
|
|||||||
Equity, September 30, 2017
|
|
136,362,728
|
|
|
$
|
1,364
|
|
|
$
|
4,321,228
|
|
|
63,778
|
|
|
$
|
(2,944
|
)
|
|
$
|
(816,360
|
)
|
|
$
|
(3,195
|
)
|
|
$
|
13,713
|
|
|
$
|
3,513,806
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
30,563
|
|
|
$
|
74,819
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Loss (gain) from disposition of real estate
|
|
632
|
|
|
(17,409
|
)
|
||
Provision for real estate impairment
|
|
15,317
|
|
|
—
|
|
||
Depreciation and amortization
|
|
169,391
|
|
|
159,486
|
|
||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(2,691
|
)
|
|
(4,053
|
)
|
||
Share-based compensation
|
|
11,401
|
|
|
7,820
|
|
||
Income tax provision
|
|
791
|
|
|
1,035
|
|
||
Amortization of interest rate swap terminations and other
|
|
308
|
|
|
309
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Restricted cash
|
|
(566
|
)
|
|
(734
|
)
|
||
Student contracts receivable, net
|
|
(6,775
|
)
|
|
1,750
|
|
||
Other assets
|
|
(2,536
|
)
|
|
(5,112
|
)
|
||
Accounts payable and accrued expenses
|
|
(293
|
)
|
|
2,769
|
|
||
Other liabilities
|
|
29,581
|
|
|
22,157
|
|
||
Net cash provided by operating activities
|
|
245,123
|
|
|
242,837
|
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
|
|
||
Proceeds from disposition of properties
|
|
24,462
|
|
|
72,640
|
|
||
Cash paid for acquisition of operating and under development properties
|
|
(302,318
|
)
|
|
(96,604
|
)
|
||
Cash paid for land acquisitions
|
|
(8,886
|
)
|
|
(856
|
)
|
||
Capital expenditures for wholly-owned properties
|
|
(64,464
|
)
|
|
(45,155
|
)
|
||
Investments in wholly-owned properties under development
|
|
(409,174
|
)
|
|
(284,777
|
)
|
||
Capital expenditures for on-campus participating properties
|
|
(2,909
|
)
|
|
(2,510
|
)
|
||
Investment in direct financing lease
|
|
(759
|
)
|
|
(7,837
|
)
|
||
Change in escrow deposits for real estate investments
|
|
(727
|
)
|
|
5,141
|
|
||
Change in restricted cash related to capital reserves
|
|
(578
|
)
|
|
(1,099
|
)
|
||
Purchase of corporate furniture, fixtures and equipment
|
|
(4,997
|
)
|
|
(4,681
|
)
|
||
Net cash used in investing activities
|
|
(770,350
|
)
|
|
(365,738
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
|
|
||
Proceeds from sale of common stock
|
|
190,912
|
|
|
803,189
|
|
||
Offering costs
|
|
(2,374
|
)
|
|
(32,912
|
)
|
||
Pay-off of mortgage and construction loans
|
|
(99,185
|
)
|
|
(152,597
|
)
|
||
Pay-off of unsecured term loans
|
|
—
|
|
|
(400,000
|
)
|
||
Proceeds from unsecured term loan
|
|
500,000
|
|
|
150,000
|
|
||
Proceeds from revolving credit facility
|
|
974,300
|
|
|
123,400
|
|
||
Paydowns of revolving credit facility
|
|
(807,160
|
)
|
|
(172,300
|
)
|
||
Proceeds from construction loans
|
|
10,812
|
|
|
—
|
|
||
Scheduled principal payments on debt
|
|
(9,718
|
)
|
|
(11,514
|
)
|
||
Debt issuance and assumption costs
|
|
(7,335
|
)
|
|
(744
|
)
|
||
Contributions by noncontrolling interests
|
|
11,526
|
|
|
—
|
|
||
Taxes paid on net-share settlements
|
|
(4,920
|
)
|
|
(2,977
|
)
|
||
Distributions to common and restricted stockholders
|
|
(176,199
|
)
|
|
(162,866
|
)
|
||
Distributions to noncontrolling interests
|
|
(61,231
|
)
|
|
(2,044
|
)
|
||
Net cash provided by financing activities
|
|
519,428
|
|
|
138,635
|
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
(5,799
|
)
|
|
15,734
|
|
||
Cash and cash equivalents at beginning of period
|
|
22,140
|
|
|
16,659
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
16,341
|
|
|
$
|
32,393
|
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
||
Loans assumed in connection with property acquisitions
|
|
$
|
(80,296
|
)
|
|
$
|
(10,012
|
)
|
Conversion of common and preferred operating partnership units to common stock
|
|
$
|
154
|
|
|
$
|
5,441
|
|
Non-cash contribution from noncontrolling interest
|
|
$
|
120,618
|
|
|
$
|
—
|
|
Non-cash consideration exchanged in purchase of land parcel
|
|
$
|
(3,071
|
)
|
|
$
|
—
|
|
Change in accrued construction in progress
|
|
$
|
24,753
|
|
|
$
|
32,941
|
|
Change in fair value of derivative instruments, net
|
|
$
|
564
|
|
|
$
|
(471
|
)
|
Change in fair value of redeemable noncontrolling interests
|
|
$
|
5,943
|
|
|
$
|
(10,481
|
)
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
||
Cash paid for interest, net of amounts capitalized
|
|
$
|
49,562
|
|
|
$
|
69,884
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Wholly-owned properties, net
|
|
$
|
6,262,077
|
|
|
$
|
5,427,014
|
|
Wholly-owned properties held for sale
|
|
—
|
|
|
25,350
|
|
||
On-campus participating properties, net
|
|
83,095
|
|
|
85,797
|
|
||
Investments in real estate, net
|
|
6,345,172
|
|
|
5,538,161
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
16,341
|
|
|
22,140
|
|
||
Restricted cash
|
|
25,824
|
|
|
24,817
|
|
||
Student contracts receivable, net
|
|
15,531
|
|
|
8,428
|
|
||
Other assets
|
|
284,023
|
|
|
272,367
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
6,686,891
|
|
|
$
|
5,865,913
|
|
|
|
|
|
|
||||
Liabilities and capital
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt, net
|
|
$
|
662,874
|
|
|
$
|
688,195
|
|
Unsecured notes, net
|
|
1,190,296
|
|
|
1,188,737
|
|
||
Unsecured term loans, net
|
|
646,675
|
|
|
149,065
|
|
||
Unsecured revolving credit facility
|
|
266,440
|
|
|
99,300
|
|
||
Accounts payable and accrued expenses
|
|
79,612
|
|
|
76,614
|
|
||
Other liabilities
|
|
214,918
|
|
|
158,437
|
|
||
Total liabilities
|
|
3,060,815
|
|
|
2,360,348
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable limited partners
|
|
112,270
|
|
|
55,078
|
|
||
|
|
|
|
|
||||
Capital:
|
|
|
|
|
|
|
||
Partners' capital:
|
|
|
|
|
|
|
||
General partner - 12,222 OP units outstanding at both September 30, 2017 and December 31, 2016
|
|
69
|
|
|
82
|
|
||
Limited partner - 136,414,284 and 132,233,447 OP units outstanding at September 30, 2017 and December 31, 2016, respectively
|
|
3,503,219
|
|
|
3,448,970
|
|
||
Accumulated other comprehensive loss
|
|
(3,195
|
)
|
|
(4,067
|
)
|
||
Total partners' capital
|
|
3,500,093
|
|
|
3,444,985
|
|
||
Noncontrolling interests - partially owned properties
|
|
13,713
|
|
|
5,502
|
|
||
Total capital
|
|
3,513,806
|
|
|
3,450,487
|
|
||
|
|
|
|
|
||||
Total liabilities and capital
|
|
$
|
6,686,891
|
|
|
$
|
5,865,913
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Wholly-owned properties
|
|
$
|
183,569
|
|
|
$
|
185,694
|
|
|
$
|
531,556
|
|
|
$
|
546,078
|
|
On-campus participating properties
|
|
6,799
|
|
|
6,758
|
|
|
23,128
|
|
|
23,018
|
|
||||
Third-party development services
|
|
3,566
|
|
|
773
|
|
|
4,697
|
|
|
3,929
|
|
||||
Third-party management services
|
|
2,291
|
|
|
2,376
|
|
|
7,193
|
|
|
7,039
|
|
||||
Resident services
|
|
713
|
|
|
810
|
|
|
2,310
|
|
|
2,325
|
|
||||
Total revenues
|
|
196,938
|
|
|
196,411
|
|
|
568,884
|
|
|
582,389
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholly-owned properties
|
|
99,423
|
|
|
100,602
|
|
|
249,552
|
|
|
257,175
|
|
||||
On-campus participating properties
|
|
3,923
|
|
|
3,784
|
|
|
11,080
|
|
|
10,125
|
|
||||
Third-party development and management services
|
|
3,879
|
|
|
3,340
|
|
|
11,789
|
|
|
10,638
|
|
||||
General and administrative
|
|
8,684
|
|
|
5,375
|
|
|
25,200
|
|
|
16,810
|
|
||||
Depreciation and amortization
|
|
61,125
|
|
|
52,067
|
|
|
169,391
|
|
|
159,486
|
|
||||
Ground/facility leases
|
|
2,329
|
|
|
1,965
|
|
|
7,151
|
|
|
6,736
|
|
||||
Provision for real estate impairment
|
|
—
|
|
|
—
|
|
|
15,317
|
|
|
—
|
|
||||
Total operating expenses
|
|
179,363
|
|
|
167,133
|
|
|
489,480
|
|
|
460,970
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
17,575
|
|
|
29,278
|
|
|
79,404
|
|
|
121,419
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
|
1,259
|
|
|
1,272
|
|
|
3,723
|
|
|
4,026
|
|
||||
Interest expense
|
|
(18,654
|
)
|
|
(19,016
|
)
|
|
(47,944
|
)
|
|
(61,762
|
)
|
||||
Amortization of deferred financing costs
|
|
(1,146
|
)
|
|
(1,344
|
)
|
|
(3,197
|
)
|
|
(5,238
|
)
|
||||
(Loss) gain from disposition of real estate
|
|
—
|
|
|
—
|
|
|
(632
|
)
|
|
17,409
|
|
||||
Total nonoperating expense
|
|
(18,541
|
)
|
|
(19,088
|
)
|
|
(48,050
|
)
|
|
(45,565
|
)
|
||||
(Loss) income before income taxes
|
|
(966
|
)
|
|
10,190
|
|
|
31,354
|
|
|
75,854
|
|
||||
Income tax provision
|
|
(267
|
)
|
|
(345
|
)
|
|
(791
|
)
|
|
(1,035
|
)
|
||||
Net (loss) income
|
|
(1,233
|
)
|
|
9,845
|
|
|
30,563
|
|
|
74,819
|
|
||||
Net income attributable to noncontrolling interests – partially owned properties
|
|
(57
|
)
|
|
(77
|
)
|
|
(259
|
)
|
|
(285
|
)
|
||||
Net (loss) income attributable to American Campus Communities Operating Partnership, L.P.
|
|
(1,290
|
)
|
|
9,768
|
|
|
30,304
|
|
|
74,534
|
|
||||
Series A preferred unit distributions
|
|
(31
|
)
|
|
(36
|
)
|
|
(93
|
)
|
|
(115
|
)
|
||||
Net (loss) income attributable to common unitholders
|
|
$
|
(1,321
|
)
|
|
$
|
9,732
|
|
|
$
|
30,211
|
|
|
$
|
74,419
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in fair value of interest rate swaps and other
|
|
233
|
|
|
1,271
|
|
|
872
|
|
|
(162
|
)
|
||||
Comprehensive (loss) income
|
|
$
|
(1,088
|
)
|
|
$
|
11,003
|
|
|
$
|
31,083
|
|
|
$
|
74,257
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per unit attributable to common unitholders
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.57
|
|
Diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common units outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
137,432,872
|
|
|
132,008,227
|
|
|
135,731,609
|
|
|
129,517,442
|
|
||||
Diluted
|
|
137,432,872
|
|
|
132,789,613
|
|
|
136,609,098
|
|
|
130,312,549
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Distributions declared per Common Unit
|
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
1.30
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Noncontrolling
|
|
|
||||||||||||
|
|
|
|
|
|
Other
|
|
Interests -
|
|
|
|
|||||||||||||||
|
|
General Partner
|
|
Limited Partner
|
|
Comprehensive
|
|
Partially Owned
|
|
|
|
|||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Loss
|
|
Properties
|
|
Total
|
||||||||||||
Capital, December 31, 2016
|
|
12,222
|
|
|
$
|
82
|
|
|
132,233,447
|
|
|
$
|
3,448,970
|
|
|
$
|
(4,067
|
)
|
|
$
|
5,502
|
|
|
$
|
3,450,487
|
|
Adjustments to reflect redeemable limited partners' interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,943
|
|
|
—
|
|
|
—
|
|
|
5,943
|
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,641
|
|
|
—
|
|
|
—
|
|
|
10,641
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
209,481
|
|
|
(4,160
|
)
|
|
—
|
|
|
—
|
|
|
(4,160
|
)
|
|||||
Distributions
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
(176,183
|
)
|
|
—
|
|
|
—
|
|
|
(176,199
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
(212
|
)
|
|||||
Conversion of common and preferred operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
22,000
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|||||
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
3,949,356
|
|
|
187,881
|
|
|
—
|
|
|
—
|
|
|
187,881
|
|
|||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
564
|
|
|
—
|
|
|
564
|
|
|||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
308
|
|
|
—
|
|
|
308
|
|
|||||
Contributions by noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,158
|
|
|
8,158
|
|
|||||
Net income
|
|
—
|
|
|
3
|
|
|
—
|
|
|
29,973
|
|
|
—
|
|
|
265
|
|
|
30,241
|
|
|||||
Capital as of September 30, 2017
|
|
12,222
|
|
|
$
|
69
|
|
|
136,414,284
|
|
|
$
|
3,503,219
|
|
|
$
|
(3,195
|
)
|
|
$
|
13,713
|
|
|
$
|
3,513,806
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
30,563
|
|
|
$
|
74,819
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Loss (gain) from disposition of real estate
|
|
632
|
|
|
(17,409
|
)
|
||
Provision for real estate impairment
|
|
15,317
|
|
|
—
|
|
||
Depreciation and amortization
|
|
169,391
|
|
|
159,486
|
|
||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(2,691
|
)
|
|
(4,053
|
)
|
||
Share-based compensation
|
|
11,401
|
|
|
7,820
|
|
||
Income tax provision
|
|
791
|
|
|
1,035
|
|
||
Amortization of interest rate swap terminations and other
|
|
308
|
|
|
309
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Restricted cash
|
|
(566
|
)
|
|
(734
|
)
|
||
Student contracts receivable, net
|
|
(6,775
|
)
|
|
1,750
|
|
||
Other assets
|
|
(2,536
|
)
|
|
(5,112
|
)
|
||
Accounts payable and accrued expenses
|
|
(293
|
)
|
|
2,769
|
|
||
Other liabilities
|
|
29,581
|
|
|
22,157
|
|
||
Net cash provided by operating activities
|
|
245,123
|
|
|
242,837
|
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
|
|
||
Proceeds from disposition of properties
|
|
24,462
|
|
|
72,640
|
|
||
Cash paid for acquisition of operating and under development properties
|
|
(302,318
|
)
|
|
(96,604
|
)
|
||
Cash paid for land acquisitions
|
|
(8,886
|
)
|
|
(856
|
)
|
||
Capital expenditures for wholly-owned properties
|
|
(64,464
|
)
|
|
(45,155
|
)
|
||
Investments in wholly-owned properties under development
|
|
(409,174
|
)
|
|
(284,777
|
)
|
||
Capital expenditures for on-campus participating properties
|
|
(2,909
|
)
|
|
(2,510
|
)
|
||
Investment in direct financing lease
|
|
(759
|
)
|
|
(7,837
|
)
|
||
Change in escrow deposits for real estate investments
|
|
(727
|
)
|
|
5,141
|
|
||
Change in restricted cash related to capital reserves
|
|
(578
|
)
|
|
(1,099
|
)
|
||
Purchase of corporate furniture, fixtures and equipment
|
|
(4,997
|
)
|
|
(4,681
|
)
|
||
Net cash used in investing activities
|
|
(770,350
|
)
|
|
(365,738
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
|
|
||
Proceeds from issuance of common units in exchange for contributions, net
|
|
188,538
|
|
|
770,277
|
|
||
Pay-off of mortgage and construction loans
|
|
(99,185
|
)
|
|
(152,597
|
)
|
||
Pay-off of unsecured term loan
|
|
—
|
|
|
(400,000
|
)
|
||
Proceeds from unsecured term loan
|
|
500,000
|
|
|
150,000
|
|
||
Proceeds from revolving credit facility
|
|
974,300
|
|
|
123,400
|
|
||
Paydowns of revolving credit facility
|
|
(807,160
|
)
|
|
(172,300
|
)
|
||
Proceeds from construction loans
|
|
10,812
|
|
|
—
|
|
||
Scheduled principal payments on debt
|
|
(9,718
|
)
|
|
(11,514
|
)
|
||
Debt issuance and assumption costs
|
|
(7,335
|
)
|
|
(744
|
)
|
||
Contributions by noncontrolling interests
|
|
11,526
|
|
|
—
|
|
||
Taxes paid on net-share settlements
|
|
(4,920
|
)
|
|
(2,977
|
)
|
||
Distributions paid to common and preferred unitholders
|
|
(176,404
|
)
|
|
(163,493
|
)
|
||
Distributions paid on unvested restricted stock awards
|
|
(1,217
|
)
|
|
(1,051
|
)
|
||
Distributions paid to noncontrolling interests - partially owned properties
|
|
(59,809
|
)
|
|
(366
|
)
|
||
Net cash provided by financing activities
|
|
519,428
|
|
|
138,635
|
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
(5,799
|
)
|
|
15,734
|
|
||
Cash and cash equivalents at beginning of period
|
|
22,140
|
|
|
16,659
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
16,341
|
|
|
$
|
32,393
|
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
||
Loans assumed in connection with property acquisitions
|
|
$
|
(80,296
|
)
|
|
$
|
(10,012
|
)
|
Conversion of common and preferred operating partnership units to common stock
|
|
$
|
154
|
|
|
$
|
5,441
|
|
Non-cash contribution from noncontrolling interest
|
|
$
|
120,618
|
|
|
$
|
—
|
|
Non-cash consideration exchanged in purchase of land parcel
|
|
$
|
(3,071
|
)
|
|
$
|
—
|
|
Change in accrued construction in progress
|
|
$
|
24,753
|
|
|
$
|
32,941
|
|
Change in fair value of derivative instruments, net
|
|
$
|
564
|
|
|
$
|
(471
|
)
|
Change in fair value of redeemable noncontrolling interests
|
|
$
|
5,943
|
|
|
$
|
(10,481
|
)
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
||
Cash paid for interest, net of amounts capitalized
|
|
$
|
49,562
|
|
|
$
|
69,884
|
|
•
|
ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.”
|
•
|
ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.”
|
•
|
ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.”
|
•
|
ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”
|
•
|
ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).”
|
•
|
ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.”
|
Buildings and improvements
|
|
7-40 years
|
Leasehold interest - on-campus
participating properties
|
|
25-34 years (shorter of useful life or respective lease term)
|
Furniture, fixtures and equipment
|
|
3-7 years
|
•
|
Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or
|
•
|
The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction).
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Common OP Units (Note 9)
|
|
1,011,674
|
|
|
1,221,242
|
|
|
1,023,248
|
|
|
1,278,148
|
|
Preferred OP Units (Note 9)
|
|
77,513
|
|
|
87,767
|
|
|
77,513
|
|
|
95,212
|
|
Unvested restricted stock awards (Note10)
|
|
818,547
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total potentially dilutive securities
|
|
1,907,734
|
|
|
1,309,009
|
|
|
1,100,761
|
|
|
1,373,360
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator – basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
|
$
|
(1,233
|
)
|
|
$
|
9,845
|
|
|
$
|
30,563
|
|
|
$
|
74,819
|
|
Net income attributable to noncontrolling interests
|
|
(79
|
)
|
|
(201
|
)
|
|
(587
|
)
|
|
(1,150
|
)
|
||||
Net (loss) income attributable to common stockholders
|
|
(1,312
|
)
|
|
9,644
|
|
|
29,976
|
|
|
73,669
|
|
||||
Amount allocated to participating securities
|
|
(360
|
)
|
|
(329
|
)
|
|
(1,217
|
)
|
|
(1,051
|
)
|
||||
Net (loss) income attributable to common stockholders
|
|
$
|
(1,672
|
)
|
|
$
|
9,315
|
|
|
$
|
28,759
|
|
|
$
|
72,618
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average common shares outstanding
|
|
136,421,198
|
|
|
130,786,985
|
|
|
134,708,361
|
|
|
128,239,294
|
|
||||
Unvested restricted stock awards (Note 10)
|
|
—
|
|
|
781,386
|
|
|
877,489
|
|
|
795,107
|
|
||||
Diluted weighted average common shares outstanding
|
|
136,421,198
|
|
|
131,568,371
|
|
|
135,585,850
|
|
|
129,034,401
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common stockholders - basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.57
|
|
Net (loss) income attributable to common stockholders - diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.56
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator – basic and diluted earnings per unit:
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
|
$
|
(1,233
|
)
|
|
$
|
9,845
|
|
|
$
|
30,563
|
|
|
$
|
74,819
|
|
Net income attributable to noncontrolling interests – partially owned properties
|
|
(57
|
)
|
|
(77
|
)
|
|
(259
|
)
|
|
(285
|
)
|
||||
Series A preferred unit distributions
|
|
(31
|
)
|
|
(36
|
)
|
|
(93
|
)
|
|
(115
|
)
|
||||
Amount allocated to participating securities
|
|
(360
|
)
|
|
(329
|
)
|
|
(1,217
|
)
|
|
(1,051
|
)
|
||||
Net (loss) income attributable to common unitholders
|
|
$
|
(1,681
|
)
|
|
$
|
9,403
|
|
|
$
|
28,994
|
|
|
$
|
73,368
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average common units outstanding
|
|
137,432,872
|
|
|
132,008,227
|
|
|
135,731,609
|
|
|
129,517,442
|
|
||||
Unvested restricted stock awards (Note 10)
|
|
—
|
|
|
781,386
|
|
|
877,489
|
|
|
795,107
|
|
||||
Diluted weighted average common units outstanding
|
|
137,432,872
|
|
|
132,789,613
|
|
|
136,609,098
|
|
|
130,312,549
|
|
Earnings per unit:
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common unitholders - basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.57
|
|
Net (loss) income attributable to common unitholders - diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.56
|
|
Property
|
|
Location
|
|
Primary University Served
|
|
Acquisition Date
|
|
Beds
|
Hub Eugene
|
|
Eugene, OR
|
|
University of Oregon
|
|
August 2017
|
|
513
|
State
|
|
Fort Collins, CO
|
|
Colorado State University
|
|
August 2017
|
|
665
|
|
|
|
|
|
|
|
|
1,178
|
Property
|
|
Location
|
|
Primary University Served
|
|
Actual or Targeted Completion Date
|
|
Beds
|
Core JV I:
|
|
|
|
|
|
|
|
|
The James
|
|
Madison, WI
|
|
University of Wisconsin - Madison
|
|
August 2017
|
|
850
|
Hub U District Seattle
(1)
|
|
Seattle, WA
|
|
University of Washington
|
|
September 2017
|
|
248
|
|
|
|
|
|
|
|
|
1,098
|
Core JV II:
|
|
|
|
|
|
|
|
|
Hub Ann Arbor
|
|
Ann Arbor, MI
|
|
University of Michigan
|
|
September 2018
|
|
310
|
Hub Flagstaff
|
|
Flagstaff, AZ
|
|
Northern Arizona University
|
|
September 2018
|
|
591
|
Hub West Lafayette
|
|
West Lafayette, IN
|
|
Purdue University
|
|
September 2018
|
|
599
|
|
|
|
|
|
|
|
|
1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,598
|
(1)
|
Subject to an option that had not been exercised as of
September 30, 2017
(see
Note 15
).
|
Property
|
|
Location
|
|
Primary University Served
|
|
Acquisition Date
|
|
Beds
|
The Arlie
|
|
Arlington, TX
|
|
University of Texas Arlington
|
|
April 2017
|
|
598
|
TWELVE at U District
|
|
Seattle, WA
|
|
University of Washington
|
|
June 2017
|
|
384
|
|
|
|
|
|
|
|
|
982
|
Property
|
|
Location
|
|
Primary University Served
|
|
Beds
|
The Province - Dayton
|
|
Dayton, OH
|
|
Wright State University
|
|
657
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
||||
Land
(1) (2)
|
|
$
|
649,597
|
|
|
$
|
568,266
|
|
|
Buildings and improvements
|
|
5,986,682
|
|
|
5,065,137
|
|
|
||
Furniture, fixtures and equipment
|
|
366,581
|
|
|
303,240
|
|
|
||
Construction in progress
(2)
|
|
273,367
|
|
|
349,498
|
|
|
||
|
|
7,276,227
|
|
|
6,286,141
|
|
|
||
Accumulated depreciation
|
|
(1,014,150
|
)
|
|
(859,127
|
)
|
|
||
Wholly-owned properties, net
|
|
$
|
6,262,077
|
|
|
$
|
5,427,014
|
|
(3)
|
(1)
|
The land balance above includes undeveloped land parcels with book values of approximately
$45.5 million
and
$38.5 million
as of
September 30, 2017
and
December 31, 2016
, respectively. It also includes land totaling approximately
$29.9 million
and
$61.2 million
as of
September 30, 2017
and
December 31, 2016
, respectively, related to properties under development.
|
(2)
|
Land includes
$19.3 million
as of
September 30, 2017
and construction in progress includes
$60.0 million
and
$1.9 million
as of
September 30, 2017
and
December 31, 2016
, respectively, related to in-process development properties, held by entities determined to be VIEs. The entities that own the properties are deemed to be VIEs, and the Company is determined to be the primary beneficiary of the VIEs.
|
(3)
|
Excludes the net book value of
one
property classified as held for sale in the accompanying consolidated balance sheets at
December 31, 2016
.
|
|
|
|
|
|
|
Historical Cost
|
||||||
Lessor/University
|
|
Lease
Commencement
|
|
Required Debt
Repayment |
|
September 30, 2017
|
|
December 31, 2016
|
||||
Texas A&M University System / Prairie View A&M University
(1)
|
|
2/1/1996
|
|
9/1/2023
|
|
$
|
46,446
|
|
|
$
|
45,310
|
|
Texas A&M University System / Texas A&M International
|
|
2/1/1996
|
|
9/1/2023
|
|
7,271
|
|
|
7,215
|
|
||
Texas A&M University System / Prairie View A&M University
(2)
|
|
10/1/1999
|
|
8/31/2025
|
|
29,207
|
|
|
28,627
|
|
||
|
|
8/31/2028
|
|
|
||||||||
University of Houston System / University of Houston
(3)
|
|
9/27/2000
|
|
8/31/2035
|
|
38,328
|
|
|
37,960
|
|
||
West Virginia University System / West Virginia University
|
|
7/16/2013
|
|
7/16/2045
|
|
44,597
|
|
|
43,817
|
|
||
|
|
|
|
|
|
165,849
|
|
|
162,929
|
|
||
Accumulated amortization
|
|
|
|
|
|
(82,754
|
)
|
|
(77,132
|
)
|
||
On-campus participating properties, net
|
|
|
|
$
|
83,095
|
|
|
$
|
85,797
|
|
(1)
|
Consists of
three
phases placed in service between 1996 and 1998.
|
(2)
|
Consists of
two
phases placed in service in 2000 and 2003.
|
(3)
|
Consists of
two
phases placed in service in 2001 and 2005.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
||||
Debt secured by wholly-owned properties:
|
|
|
|
|
|
||||
Mortgage loans payable:
|
|
|
|
|
|
||||
Unpaid principal balance
|
|
$
|
523,328
|
|
|
$
|
559,642
|
|
|
Unamortized deferred financing costs
|
|
(2,349
|
)
|
|
(3,040
|
)
|
|
||
Unamortized debt premiums
|
|
20,697
|
|
|
26,830
|
|
|
||
|
|
541,676
|
|
|
583,432
|
|
|
||
Construction loans payable
(1)
|
|
22,422
|
|
|
—
|
|
|
||
Unamortized deferred financing costs
|
|
(1,382
|
)
|
|
—
|
|
|
||
|
|
562,716
|
|
|
583,432
|
|
|
||
Debt secured by on-campus participating properties:
|
|
|
|
|
|
|
|
||
Mortgage loans payable
|
|
70,257
|
|
|
71,662
|
|
|
||
Bonds payable
|
|
30,575
|
|
|
33,870
|
|
|
||
Unamortized deferred financing costs
|
|
(674
|
)
|
|
(769
|
)
|
|
||
|
|
100,158
|
|
|
104,763
|
|
|
||
Total secured mortgage, construction and bond debt
|
|
662,874
|
|
|
688,195
|
|
|
||
Unsecured notes, net of unamortized OID and deferred financing costs
(2)
|
|
1,190,296
|
|
|
1,188,737
|
|
|
||
Unsecured term loans, net of unamortized deferred financing costs
(3)
|
|
646,675
|
|
|
149,065
|
|
|
||
Unsecured revolving credit facility
|
|
266,440
|
|
|
99,300
|
|
|
||
Total debt, net
|
|
$
|
2,766,285
|
|
|
$
|
2,125,297
|
|
|
(1)
|
Construction loans payable relates to construction loans partially financing the development of
four
in-process development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary, including one of the joint ventures formed as part of the Core Transaction discussed in
Note 3
. The creditors of these construction loans do not have recourse to the assets of the Company.
|
(2)
|
Includes net unamortized original issue discount (“OID”) of
$1.7 million
at
September 30, 2017
and
$1.9 million
at
December 31, 2016
, and net unamortized deferred financing costs of
$8.0 million
at
September 30, 2017
and
$9.3 million
at
December 31, 2016
.
|
(3)
|
Includes net unamortized deferred financing costs of
$3.3 million
at
September 30, 2017
and
$0.9 million
at
December 31, 2016
.
|
Date Issued
|
|
Amount
|
|
% of Par Value
|
|
Coupon
|
|
Yield
|
|
Original Issue Discount
|
|
Term (Years)
|
||||||
April 2013
|
|
$
|
400,000
|
|
|
99.659
|
|
3.750
|
%
|
|
3.791
|
%
|
|
$
|
1,364
|
|
|
10
|
June 2014
|
|
400,000
|
|
|
99.861
|
|
4.125
|
%
|
|
4.269
|
%
|
(1)
|
556
|
|
|
10
|
||
September 2015
|
|
400,000
|
|
|
99.811
|
|
3.350
|
%
|
|
3.391
|
%
|
|
756
|
|
|
5
|
||
|
|
$
|
1,200,000
|
|
|
|
|
|
|
|
|
$
|
2,676
|
|
|
|
(1)
|
The yield includes the effect of the amortization of interest rate swap terminations (see
Note 11
).
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total net proceeds
|
|
$
|
1,135
|
|
|
$
|
62,374
|
|
|
$
|
188,538
|
|
|
$
|
62,374
|
|
Commissions paid to sales agents
|
|
$
|
14
|
|
|
$
|
790
|
|
|
$
|
2,374
|
|
|
$
|
790
|
|
Weighted average price per share
|
|
$
|
48.09
|
|
|
$
|
50.98
|
|
|
$
|
48.34
|
|
|
$
|
50.98
|
|
Shares of common stock sold
|
|
23,900
|
|
|
1,239,000
|
|
|
3,949,356
|
|
|
1,239,000
|
|
December 31, 2016
|
$
|
55,078
|
|
Net income
|
322
|
|
|
Distributions
|
(61,019
|
)
|
|
Conversion of redeemable limited partner units into shares of ACC common stock
|
(154
|
)
|
|
Contribution of properties from noncontrolling interest
|
123,986
|
|
|
Adjustments to reflect redeemable limited partner units at fair value
|
(5,943
|
)
|
|
September 30, 2017
|
$
|
112,270
|
|
|
Number of RSUs
|
|
Outstanding at December 31, 2016
|
—
|
|
Granted
|
18,221
|
|
Settled in common shares
|
(16,295
|
)
|
Settled in cash
|
(1,926
|
)
|
Outstanding at September 30, 2017
|
—
|
|
|
Number of RSAs
|
|
Nonvested balance at December 31, 2016
|
773,101
|
|
Granted
|
344,688
|
|
Vested
|
(193,186
|
)
|
Forfeited
(1)
|
(110,875
|
)
|
Nonvested balance at September 30, 2017
|
813,728
|
|
Hedged Debt Instrument
|
|
Effective Date
|
|
Maturity Date
|
|
Pay Fixed Rate
|
|
Receive Floating
Rate Index
|
|
Current Notional
Amount
|
|
Fair Value
|
||||
Cullen Oaks mortgage loan
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.2750%
|
|
LIBOR - 1 month
|
|
$
|
13,830
|
|
|
$
|
(224
|
)
|
Cullen Oaks mortgage loan
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.2750%
|
|
LIBOR - 1 month
|
|
13,973
|
|
|
(226
|
)
|
||
Park Point mortgage loan
|
|
Nov 1, 2013
|
|
Oct 5, 2018
|
|
1.5450%
|
|
LIBOR - 1 month
|
|
70,000
|
|
|
(60
|
)
|
||
|
|
|
|
|
|
|
|
Total
|
|
$
|
97,803
|
|
|
$
|
(510
|
)
|
|
|
Liability Derivatives
|
||||||||
|
|
|
|
Fair Value as of
|
||||||
Description
|
|
Balance Sheet
Location |
|
September 30, 2017
|
|
December 31, 2016
|
||||
Interest rate swaps contracts
|
|
Other liabilities
|
|
$
|
510
|
|
|
$
|
1,099
|
|
Total derivatives designated
as hedging instruments
|
|
|
|
$
|
510
|
|
|
$
|
1,099
|
|
|
|
Fair Value Measurements as of
|
||||||||||||||||||||||||||||||
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
|
Quoted Prices in
Active Markets for
Identical Assets and
Liabilities (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted Prices in
Active Markets for
Identical Assets and
Liabilities (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
510
|
|
|
$
|
—
|
|
|
$
|
510
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
Mezzanine:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)
|
|
$
|
—
|
|
|
$
|
50,887
|
|
|
$
|
61,383
|
|
|
$
|
112,270
|
|
|
$
|
—
|
|
|
$
|
55,078
|
|
|
$
|
—
|
|
|
$
|
55,078
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
|
||||||||||||
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans receivable
|
|
$
|
54,396
|
|
|
$
|
61,052
|
|
|
|
$
|
54,396
|
|
|
$
|
58,539
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured notes
|
|
$
|
1,232,338
|
|
|
$
|
1,190,296
|
|
(1)
|
|
$
|
1,211,344
|
|
|
$
|
1,188,737
|
|
(1)
|
Mortgage loans payable
|
|
603,789
|
|
|
611,657
|
|
(2)
|
|
644,617
|
|
|
654,794
|
|
(2)
|
||||
Bonds payable
|
|
32,983
|
|
|
30,177
|
|
|
|
37,066
|
|
|
33,401
|
|
|
(1)
|
Includes net unamortized OID and net unamortized deferred financing costs (see
Note 7
).
|
(2)
|
Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see
Note 7
).
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Wholly-Owned Properties
|
|
|
|
|
|
|
|
|
||||||||
Rental revenues and other income
|
|
$
|
184,282
|
|
|
$
|
186,504
|
|
|
$
|
533,866
|
|
|
$
|
548,403
|
|
Interest income
|
|
385
|
|
|
345
|
|
|
1,161
|
|
|
878
|
|
||||
Total revenues from external customers
|
|
184,667
|
|
|
186,849
|
|
|
535,027
|
|
|
549,281
|
|
||||
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead
|
|
(97,545
|
)
|
|
(99,820
|
)
|
|
(242,315
|
)
|
|
(254,523
|
)
|
||||
Ground/facility leases
|
|
(1,877
|
)
|
|
(1,614
|
)
|
|
(5,163
|
)
|
|
(4,520
|
)
|
||||
Interest expense, net
(1)
|
|
(1,540
|
)
|
|
(4,078
|
)
|
|
(1,194
|
)
|
|
(16,215
|
)
|
||||
Operating income before depreciation, amortization, and allocation of corporate overhead
|
|
$
|
83,705
|
|
|
$
|
81,337
|
|
|
$
|
286,355
|
|
|
$
|
274,023
|
|
Depreciation and amortization
|
|
$
|
58,339
|
|
|
$
|
49,464
|
|
|
$
|
161,341
|
|
|
$
|
151,740
|
|
Capital expenditures
|
|
$
|
196,910
|
|
|
$
|
119,589
|
|
|
$
|
473,638
|
|
|
$
|
329,932
|
|
Total segment assets at September 30,
|
|
$
|
6,488,259
|
|
|
$
|
6,062,852
|
|
|
$
|
6,488,259
|
|
|
$
|
6,062,852
|
|
|
|
|
|
|
|
|
|
|
||||||||
On-Campus Participating Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues and other income
|
|
$
|
6,799
|
|
|
$
|
6,758
|
|
|
$
|
23,128
|
|
|
$
|
23,018
|
|
Interest income
|
|
24
|
|
|
2
|
|
|
47
|
|
|
4
|
|
||||
Total revenues from external customers
|
|
6,823
|
|
|
6,760
|
|
|
23,175
|
|
|
23,022
|
|
||||
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead
|
|
(3,611
|
)
|
|
(3,507
|
)
|
|
(10,109
|
)
|
|
(9,278
|
)
|
||||
Ground/facility leases
|
|
(452
|
)
|
|
(351
|
)
|
|
(1,988
|
)
|
|
(2,216
|
)
|
||||
Interest expense
|
|
(1,312
|
)
|
|
(1,394
|
)
|
|
(3,987
|
)
|
|
(4,231
|
)
|
||||
Operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
1,448
|
|
|
$
|
1,508
|
|
|
$
|
7,091
|
|
|
$
|
7,297
|
|
Depreciation and amortization
|
|
$
|
1,892
|
|
|
$
|
1,839
|
|
|
$
|
5,621
|
|
|
$
|
5,493
|
|
Capital expenditures
|
|
$
|
2,039
|
|
|
$
|
1,446
|
|
|
$
|
2,909
|
|
|
$
|
2,510
|
|
Total segment assets at September 30,
|
|
$
|
101,027
|
|
|
$
|
105,774
|
|
|
$
|
101,027
|
|
|
$
|
105,774
|
|
|
|
|
|
|
|
|
|
|
||||||||
Development Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Development and construction management fees
|
|
$
|
3,566
|
|
|
$
|
773
|
|
|
$
|
4,697
|
|
|
$
|
3,929
|
|
Operating expenses
|
|
(4,185
|
)
|
|
(3,434
|
)
|
|
(11,396
|
)
|
|
(10,414
|
)
|
||||
Operating loss before depreciation, amortization and allocation of corporate overhead
|
|
$
|
(619
|
)
|
|
$
|
(2,661
|
)
|
|
$
|
(6,699
|
)
|
|
$
|
(6,485
|
)
|
Total segment assets at September 30,
|
|
$
|
4,918
|
|
|
$
|
2,279
|
|
|
$
|
4,918
|
|
|
$
|
2,279
|
|
|
|
|
|
|
|
|
|
|
||||||||
Property Management Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property management fees from external customers
|
|
$
|
2,291
|
|
|
$
|
2,376
|
|
|
$
|
7,193
|
|
|
$
|
7,039
|
|
Intersegment revenues
|
|
5,128
|
|
|
5,830
|
|
|
14,835
|
|
|
17,410
|
|
||||
Total revenues
|
|
7,419
|
|
|
8,206
|
|
|
22,028
|
|
|
24,449
|
|
||||
Operating expenses
|
|
(3,034
|
)
|
|
(2,742
|
)
|
|
(9,719
|
)
|
|
(8,542
|
)
|
||||
Operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
4,385
|
|
|
$
|
5,464
|
|
|
$
|
12,309
|
|
|
$
|
15,907
|
|
Total segment assets at September 30,
|
|
$
|
11,067
|
|
|
$
|
10,692
|
|
|
$
|
11,067
|
|
|
$
|
10,692
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total segment revenues and other income
|
|
$
|
202,475
|
|
|
$
|
202,588
|
|
|
$
|
584,927
|
|
|
$
|
600,681
|
|
Unallocated interest income earned on investments and corporate cash
|
|
850
|
|
|
925
|
|
|
2,515
|
|
|
3,144
|
|
||||
Elimination of intersegment revenues
|
|
(5,128
|
)
|
|
(5,830
|
)
|
|
(14,835
|
)
|
|
(17,410
|
)
|
||||
Total consolidated revenues, including interest income
|
|
$
|
198,197
|
|
|
$
|
197,683
|
|
|
$
|
572,607
|
|
|
$
|
586,415
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
88,919
|
|
|
$
|
85,648
|
|
|
$
|
299,056
|
|
|
$
|
290,742
|
|
Depreciation and amortization
|
|
(62,271
|
)
|
|
(53,411
|
)
|
|
(172,588
|
)
|
|
(164,724
|
)
|
||||
Net unallocated expenses relating to corporate interest and overhead
|
|
(27,614
|
)
|
|
(22,047
|
)
|
|
(79,165
|
)
|
|
(67,573
|
)
|
||||
(Loss) gain from disposition of real estate
|
|
—
|
|
|
—
|
|
|
(632
|
)
|
|
17,409
|
|
||||
Provision for real estate impairment
|
|
—
|
|
|
—
|
|
|
(15,317
|
)
|
|
—
|
|
||||
Income tax provision
|
|
(267
|
)
|
|
(345
|
)
|
|
(791
|
)
|
|
(1,035
|
)
|
||||
Net income
|
|
$
|
(1,233
|
)
|
|
$
|
9,845
|
|
|
$
|
30,563
|
|
|
$
|
74,819
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets
|
|
$
|
6,605,271
|
|
|
$
|
6,181,597
|
|
|
$
|
6,605,271
|
|
|
$
|
6,181,597
|
|
Unallocated corporate assets
|
|
81,620
|
|
|
97,778
|
|
|
81,620
|
|
|
97,778
|
|
||||
Total assets at September 30,
|
|
$
|
6,686,891
|
|
|
$
|
6,279,375
|
|
|
$
|
6,686,891
|
|
|
$
|
6,279,375
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net of capitalized interest and amortization of debt premiums.
|
Property portfolio:
|
|
Properties
|
|
Beds
|
||
Wholly-owned operating properties:
|
|
|
|
|
||
Off-campus properties
|
|
124
|
|
|
70,248
|
|
On-campus ACE
(1)
|
|
25
|
|
|
18,847
|
|
Subtotal – operating properties
|
|
149
|
|
|
89,095
|
|
|
|
|
|
|
||
Wholly-owned properties under development:
|
|
|
|
|
|
|
Off-campus properties
|
|
6
|
|
|
2,935
|
|
On-campus ACE
|
|
6
|
|
|
5,371
|
|
Subtotal – properties under development
|
|
12
|
|
|
8,306
|
|
|
|
|
|
|
||
Total wholly-owned properties
|
|
161
|
|
|
97,401
|
|
|
|
|
|
|
||
On-campus participating properties
|
|
5
|
|
|
5,086
|
|
|
|
|
|
|
||
Total owned property portfolio
|
|
166
|
|
|
102,487
|
|
|
|
|
|
|
||
Managed properties
|
|
38
|
|
|
28,770
|
|
Total property portfolio
|
|
204
|
|
|
131,257
|
|
|
|
|
|
|
(1)
|
Includes three properties at Prairie View A&M University that we ultimately expect to be refinanced under the existing on-campus participating structure.
|
Project |
|
Project Type
|
|
Location |
|
Primary University Served |
|
Beds
|
|
Estimated Project Cost
|
|
Total Costs Incurred
|
|
Scheduled Completion
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gladding Residence Center
|
|
ACE
|
|
Richmond, VA
|
|
Virginia Commonwealth Univ.
|
|
1,524
|
|
|
$
|
95,700
|
|
|
$
|
60,215
|
|
|
August 2018
|
Irvington House
|
|
ACE
|
|
Indianapolis, IN
|
|
Butler University
|
|
648
|
|
|
38,900
|
|
|
16,656
|
|
|
August 2018
|
||
Greek Leadership Village
|
|
ACE
|
|
Tempe, AZ
|
|
Arizona State University
|
|
957
|
|
|
69,600
|
|
|
24,032
|
|
|
August 2018
|
||
Bancroft Residence Hall
|
|
ACE
|
|
Berkeley, CA
|
|
University of California, Berkeley
|
|
781
|
|
|
98,700
|
|
|
44,570
|
|
|
August 2018
|
||
NAU Honors College
|
|
ACE
|
|
Flagstaff, AZ
|
|
Northern Arizona University
|
|
636
|
|
|
43,400
|
|
|
15,037
|
|
|
August 2018
|
||
U Club Townhomes
|
|
Off-campus
|
|
Oxford, MS
|
|
University of Mississippi
|
|
528
|
|
|
44,300
|
|
|
16,960
|
|
|
August 2018
|
||
The Edge - Stadium Centre
(1)
|
|
Off-campus
|
|
Tallahassee, FL
|
|
Florida State University
|
|
412
|
|
|
42,600
|
|
|
16,045
|
|
|
August 2018
|
||
|
|
|
|
|
|
|
|
5,486
|
|
|
$
|
433,200
|
|
|
$
|
193,515
|
|
|
|
Core Spaces / DRW Portfolio
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Hub Ann Arbor
|
|
Off-campus
|
|
Ann Arbor, MI
|
|
University of Michigan
|
|
|
|
|
|
|
|
September 2018
|
|||||
Hub Flagstaff
|
|
Off-campus
|
|
Flagstaff, AZ
|
|
Northern Arizona University
|
|
|
|
|
|
|
|
September 2018
|
|||||
Hub West Lafayette
|
|
Off-campus
|
|
West Lafayette, IN
|
|
Purdue University
|
|
|
|
|
|
|
|
September 2018
|
|||||
|
|
|
|
|
|
|
|
1,500
|
|
|
$
|
240,000
|
|
|
$
|
63,957
|
|
|
|
SUBTOTAL – 2018 DELIVERIES
|
|
6,986
|
|
|
$
|
673,200
|
|
|
$
|
257,472
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Columbus Avenue Student Apts.
|
|
ACE
|
|
Boston, MA
|
|
Northeastern University
|
|
825
|
|
|
$
|
153,400
|
|
|
$
|
30,753
|
|
|
August 2019
|
191 College
|
|
Off-campus
|
|
Auburn, AL
|
|
Auburn University
|
|
495
|
|
|
59,300
|
|
|
11,516
|
|
|
July 2019
|
||
SUBTOTAL – 2019 DELIVERIES
|
|
1,320
|
|
|
$
|
212,700
|
|
|
$
|
42,269
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
TOTAL – ALL PROJECTS
|
|
8,306
|
|
|
$
|
885,900
|
|
|
$
|
299,741
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
|
|||||||||
|
|
2017
|
|
2016
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
Wholly-owned properties
|
|
$
|
183,569
|
|
|
$
|
185,694
|
|
|
$
|
(2,125
|
)
|
|
(1.1
|
)%
|
On-campus participating properties
|
|
6,799
|
|
|
6,758
|
|
|
41
|
|
|
0.6
|
%
|
|||
Third-party development services
|
|
3,566
|
|
|
773
|
|
|
2,793
|
|
|
361.3
|
%
|
|||
Third-party management services
|
|
2,291
|
|
|
2,376
|
|
|
(85
|
)
|
|
(3.6
|
)%
|
|||
Resident services
|
|
713
|
|
|
810
|
|
|
(97
|
)
|
|
(12.0
|
)%
|
|||
Total revenues
|
|
196,938
|
|
|
196,411
|
|
|
527
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
99,423
|
|
|
100,602
|
|
|
(1,179
|
)
|
|
(1.2
|
)%
|
|||
On-campus participating properties
|
|
3,923
|
|
|
3,784
|
|
|
139
|
|
|
3.7
|
%
|
|||
Third-party development and management services
|
|
3,879
|
|
|
3,340
|
|
|
539
|
|
|
16.1
|
%
|
|||
General and administrative
|
|
8,684
|
|
|
5,375
|
|
|
3,309
|
|
|
61.6
|
%
|
|||
Depreciation and amortization
|
|
61,125
|
|
|
52,067
|
|
|
9,058
|
|
|
17.4
|
%
|
|||
Ground/facility leases
|
|
2,329
|
|
|
1,965
|
|
|
364
|
|
|
18.5
|
%
|
|||
Total operating expenses
|
|
179,363
|
|
|
167,133
|
|
|
12,230
|
|
|
7.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
17,575
|
|
|
29,278
|
|
|
(11,703
|
)
|
|
(40.0
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
1,259
|
|
|
1,272
|
|
|
(13
|
)
|
|
(1.0
|
)%
|
|||
Interest expense
|
|
(18,654
|
)
|
|
(19,016
|
)
|
|
362
|
|
|
(1.9
|
)%
|
|||
Amortization of deferred financing costs
|
|
(1,146
|
)
|
|
(1,344
|
)
|
|
198
|
|
|
(14.7
|
)%
|
|||
Total nonoperating expense
|
|
(18,541
|
)
|
|
(19,088
|
)
|
|
547
|
|
|
(2.9
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
(Loss) income before income taxes
|
|
(966
|
)
|
|
10,190
|
|
|
(11,156
|
)
|
|
(109.5
|
)%
|
|||
Income tax provision
|
|
(267
|
)
|
|
(345
|
)
|
|
78
|
|
|
(22.6
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net (loss) income
|
|
(1,233
|
)
|
|
9,845
|
|
|
(11,078
|
)
|
|
(112.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to noncontrolling interests
|
|
(79
|
)
|
|
(201
|
)
|
|
122
|
|
|
(60.7
|
)%
|
|||
Net (loss) income attributable to ACC, Inc. and Subsidiaries common
stockholders
|
|
$
|
(1,312
|
)
|
|
$
|
9,644
|
|
|
$
|
(10,956
|
)
|
|
(113.6
|
)%
|
|
|
Same Store Properties
|
|
New Properties
|
|
Sold/Held for Sale Properties
(1)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
(2)
|
|
2016
(3)
|
|
2017
|
|
2016
|
||||||||||||||||
Number of properties
(4)
|
|
124
|
|
|
124
|
|
|
24
|
|
|
8
|
|
|
1
|
|
|
22
|
|
|
149
|
|
|
154
|
|
||||||||
Number of beds
(4)
|
|
73,871
|
|
|
73,871
|
|
|
14,364
|
|
|
3,737
|
|
|
860
|
|
|
13,600
|
|
|
89,095
|
|
|
91,208
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(5)
|
|
$
|
162,776
|
|
|
$
|
160,636
|
|
|
$
|
20,637
|
|
|
$
|
4,187
|
|
|
$
|
869
|
|
|
$
|
21,681
|
|
|
$
|
184,282
|
|
|
$
|
186,504
|
|
Operating expenses
|
|
87,902
|
|
|
85,126
|
|
|
11,232
|
|
|
2,242
|
|
|
289
|
|
|
13,234
|
|
|
99,423
|
|
|
100,602
|
|
(1)
|
Does not include the allocation of payroll and other administrative costs related to corporate management and oversight.
|
(2)
|
Includes one property currently in receivership that is in the process of being transferred to the lender in settlement of the property’s
$27.4
million mortgage loan that matured in August 2017.
|
(3)
|
Includes properties sold in 2016 and 2017, and one property that is in the process of being transferred to the lender as discussed above
.
|
(4)
|
Does not include properties under construction or undergoing redevelopment.
|
(5)
|
Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.
|
Property
|
|
Location
|
|
Primary University Served
|
|
Beds
|
|
Acquisition/ Opening Date
|
Acquisitions:
|
|
|
|
|
|
|
|
|
University Crossings
|
|
Charlotte, NC
|
|
University of North Carolina
|
|
546
|
|
August 2016
|
U Point
|
|
Syracuse, NY
|
|
Syracuse University
|
|
163
|
|
October 2016
|
The Arlie
|
|
Arlington, TX
|
|
University of Texas at Arlington
|
|
598
|
|
April 2017
|
TWELVE at U District
|
|
Seattle, WA
|
|
University of Washington
|
|
384
|
|
June 2017
|
Hub Eugene
|
|
Eugene, OR
|
|
University of Oregon
|
|
513
|
|
August 2017
|
State
|
|
Fort Collins, CO
|
|
Colorado State University
|
|
665
|
|
August 2017
|
The James
(1)
|
|
Madison, WI
|
|
University of Wisconsin
|
|
850
|
|
September 2017
|
|
|
|
|
SUBTOTAL - Acquisitions
|
|
3,719
|
|
|
Owned Developments:
|
|
|
|
|
|
|
|
|
Currie Hall
|
|
Los Angeles, CA
|
|
University of Southern California
|
|
456
|
|
August 2016
|
Fairview House
|
|
Indianapolis, IN
|
|
Butler University
|
|
633
|
|
August 2016
|
University Pointe
|
|
Louisville, KY
|
|
University of Louisville
|
|
531
|
|
August 2016
|
U Club on 28th
|
|
Boulder, CO
|
|
University of Colorado
|
|
398
|
|
August 2016
|
U Club Sunnyside
|
|
Morgantown, WV
|
|
West Virginia University
|
|
534
|
|
August 2016
|
The Court at Stadium Centre
|
|
Tallahassee, FL
|
|
Florida State University
|
|
260
|
|
August 2016
|
Merwick Stanworth Phase II
|
|
Princeton, NJ
|
|
Princeton University
|
|
379
|
|
September 2016
|
Tooker House
|
|
Tempe, AZ
|
|
Arizona State University
|
|
1,594
|
|
August 2017
|
Sky View
|
|
Flagstaff, AZ
|
|
Northern Arizona University
|
|
626
|
|
August 2017
|
University Square
|
|
Prairie View, TX
|
|
Prairie View A&M University
|
|
466
|
|
August 2017
|
U Centre on Turner
|
|
Columbia, MO
|
|
University of Missouri
|
|
718
|
|
August 2017
|
U Pointe on Speight
|
|
Waco, TX
|
|
Baylor University
|
|
700
|
|
August 2017
|
21Hundred @ Overton Park
|
|
Lubbock, TX
|
|
Texas Tech University
|
|
1,204
|
|
August 2017
|
Suites at 3rd
|
|
Champaign, IL
|
|
University of Illinois
|
|
251
|
|
August 2017
|
U Club Binghamton Phase II
|
|
Binghamton, NY
|
|
SUNY Binghamton University
|
|
562
|
|
August 2017
|
Callaway House Apartments
|
|
Norman, OK
|
|
University of Oklahoma
|
|
915
|
|
August 2017
|
U Centre on College
|
|
Clemson, SC
|
|
Clemson University
|
|
418
|
|
August 2017
|
|
|
|
|
SUBTOTAL - Owned Developments
|
|
10,645
|
|
|
|
|
|
|
Total - New Properties
|
|
14,364
|
|
|
(1)
|
The James is a property held by a joint venture formed as part of the Core Transaction. Refer to
Note 3
in the accompanying Notes to the Consolidated Financial Statements contained in Item 1.
|
|
|
Nine Months Ended
September 30, |
|
|
|||||||||||
|
|
2017
|
|
2016
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
Wholly-owned properties
|
|
$
|
531,556
|
|
|
$
|
546,078
|
|
|
$
|
(14,522
|
)
|
|
(2.7
|
)%
|
On-campus participating properties
|
|
23,128
|
|
|
23,018
|
|
|
110
|
|
|
0.5
|
%
|
|||
Third-party development services
|
|
4,697
|
|
|
3,929
|
|
|
768
|
|
|
19.5
|
%
|
|||
Third-party management services
|
|
7,193
|
|
|
7,039
|
|
|
154
|
|
|
2.2
|
%
|
|||
Resident services
|
|
2,310
|
|
|
2,325
|
|
|
(15
|
)
|
|
(0.6
|
)%
|
|||
Total revenues
|
|
568,884
|
|
|
582,389
|
|
|
(13,505
|
)
|
|
(2.3
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
249,552
|
|
|
257,175
|
|
|
(7,623
|
)
|
|
(3.0
|
)%
|
|||
On-campus participating properties
|
|
11,080
|
|
|
10,125
|
|
|
955
|
|
|
9.4
|
%
|
|||
Third-party development and management services
|
|
11,789
|
|
|
10,638
|
|
|
1,151
|
|
|
10.8
|
%
|
|||
General and administrative
|
|
25,200
|
|
|
16,810
|
|
|
8,390
|
|
|
49.9
|
%
|
|||
Depreciation and amortization
|
|
169,391
|
|
|
159,486
|
|
|
9,905
|
|
|
6.2
|
%
|
|||
Ground/facility leases
|
|
7,151
|
|
|
6,736
|
|
|
415
|
|
|
6.2
|
%
|
|||
Provision for real estate impairment
|
|
15,317
|
|
|
—
|
|
|
15,317
|
|
|
100.0
|
%
|
|||
Total operating expenses
|
|
489,480
|
|
|
460,970
|
|
|
28,510
|
|
|
6.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
79,404
|
|
|
121,419
|
|
|
(42,015
|
)
|
|
(34.6
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
3,723
|
|
|
4,026
|
|
|
(303
|
)
|
|
(7.5
|
)%
|
|||
Interest expense
|
|
(47,944
|
)
|
|
(61,762
|
)
|
|
13,818
|
|
|
(22.4
|
)%
|
|||
Amortization of deferred financing costs
|
|
(3,197
|
)
|
|
(5,238
|
)
|
|
2,041
|
|
|
(39.0
|
)%
|
|||
(Loss) gain from disposition of real estate
|
|
(632
|
)
|
|
17,409
|
|
|
(18,041
|
)
|
|
(103.6
|
)%
|
|||
Total nonoperating expense
|
|
(48,050
|
)
|
|
(45,565
|
)
|
|
(2,485
|
)
|
|
5.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
|
31,354
|
|
|
75,854
|
|
|
(44,500
|
)
|
|
(58.7
|
)%
|
|||
Income tax provision
|
|
(791
|
)
|
|
(1,035
|
)
|
|
244
|
|
|
(23.6
|
)%
|
|||
Net income
|
|
30,563
|
|
|
74,819
|
|
|
(44,256
|
)
|
|
(59.2
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to noncontrolling interests
|
|
(587
|
)
|
|
(1,150
|
)
|
|
563
|
|
|
(49.0
|
)%
|
|||
Net income attributable to ACC, Inc. and
Subsidiaries common
stockholders
|
|
$
|
29,976
|
|
|
$
|
73,669
|
|
|
$
|
(43,693
|
)
|
|
(59.3
|
)%
|
|
|
Same Store Properties
|
|
New Properties
|
|
Sold/Held for Sale Properties
(1)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
(2)
|
|
2016
(3)
|
|
2017
|
|
2016
|
||||||||||||||||
Number of properties
(4)
|
|
124
|
|
|
124
|
|
|
24
|
|
|
8
|
|
|
2
|
|
|
24
|
|
|
150
|
|
(5)
|
156
|
|
||||||||
Number of beds
(4)
|
|
73,871
|
|
|
73,871
|
|
|
14,364
|
|
|
3,737
|
|
|
1,517
|
|
|
14,924
|
|
|
89,752
|
|
|
92,532
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(6)
|
|
$
|
490,177
|
|
|
$
|
478,327
|
|
|
$
|
39,774
|
|
|
$
|
4,291
|
|
|
$
|
3,915
|
|
|
$
|
65,785
|
|
|
$
|
533,866
|
|
|
$
|
548,403
|
|
Operating expenses
|
|
227,993
|
|
|
220,724
|
|
|
19,152
|
|
|
2,400
|
|
|
2,407
|
|
|
34,051
|
|
|
249,552
|
|
|
257,175
|
|
(1)
|
Does not include the allocation of payroll and other administrative costs related to corporate management and oversight.
|
(2)
|
Includes one property that was sold in April 2017 and one property currently in receivership that is in the process of being transferred to the lender in settlement of the property’s
$27.4
million mortgage loan that matured in August 2017.
|
(3)
|
Includes properties sold in 2016 and 2017, and one property that is in the process of being transferred to the lender as discussed above
.
|
(4)
|
Does not include properties under construction or undergoing redevelopment.
|
(5)
|
Difference from total operating property portfolio represents one property that was sold during the second quarter 2017.
|
(6)
|
Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.
|
|
|
Amount
|
|
% of Total
|
|
Weighted Average Rates
(1)
|
|
Weighted Average Maturities
|
||||
Secured
|
|
$
|
646,582
|
|
|
23.4
|
%
|
|
4.8
|
%
|
|
5.3 Years
|
Unsecured
|
|
2,116,440
|
|
|
76.6
|
%
|
|
3.1
|
%
|
|
4.3 Years
|
|
Total consolidated debt
|
|
$
|
2,763,022
|
|
|
100.0
|
%
|
|
3.5
|
%
|
|
4.5 Years
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate debt
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Project-based taxable bonds
|
|
$
|
30,575
|
|
|
1.1
|
%
|
|
7.6
|
%
|
|
7.0 Years
|
Mortgage
|
|
593,585
|
|
|
21.4
|
%
|
|
4.7
|
%
|
|
5.4 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
April 2013 Notes
|
|
400,000
|
|
|
14.5
|
%
|
|
3.8
|
%
|
|
5.5 Years
|
|
June 2014 Notes
|
|
400,000
|
|
|
14.5
|
%
|
|
4.1
|
%
|
|
6.8 Years
|
|
September 2015 Notes
|
|
400,000
|
|
|
14.5
|
%
|
|
3.4
|
%
|
|
3.0 Years
|
|
Total - fixed rate debt
|
|
1,824,160
|
|
|
66.0
|
%
|
|
4.1
|
%
|
|
5.2 Years
|
|
|
|
|
|
|
|
|
|
|
||||
Variable rate debt:
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Construction
|
|
22,422
|
|
|
0.8
|
%
|
|
4.2
|
%
|
|
2.3 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
Term loans
|
|
650,000
|
|
|
23.5
|
%
|
|
2.3
|
%
|
|
2.7 Years
|
|
Unsecured revolving credit facility
|
|
266,440
|
|
|
9.7
|
%
|
|
2.4
|
%
|
|
4.5 Years
|
|
Total - variable rate debt
|
|
938,862
|
|
|
34.0
|
%
|
|
2.4
|
%
|
|
4.4 Years
|
|
Total consolidated debt
|
|
$
|
2,763,022
|
|
|
100.0
|
%
|
|
3.5
|
%
|
|
4.5 Years
|
|
|
|
|
|
|
|
|
|
(1)
|
Represents stated interest rate and does not include the effect of the amortization of deferred financing costs, debt premiums and discounts, OIDs, and interest rate swap terminations.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net (loss) income attributable to ACC, Inc. and
Subsidiaries common stockholders
|
|
$
|
(1,312
|
)
|
|
$
|
9,644
|
|
|
$
|
29,976
|
|
|
$
|
73,669
|
|
Noncontrolling interests
|
|
85
|
|
|
201
|
|
|
593
|
|
|
1,150
|
|
||||
Loss (gain) from disposition of real estate
|
|
—
|
|
|
—
|
|
|
632
|
|
|
(17,409
|
)
|
||||
Elimination of provision for real estate impairment
(1)
|
|
—
|
|
|
—
|
|
|
15,317
|
|
|
—
|
|
||||
Real estate related depreciation and amortization
|
|
60,202
|
|
|
51,301
|
|
|
166,931
|
|
|
157,232
|
|
||||
Funds from operations (“FFO”) attributable to
common stockholders and OP unitholders
|
|
58,975
|
|
|
61,146
|
|
|
213,449
|
|
|
214,642
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Elimination of operations of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss (income) from on-campus participating properties
|
|
479
|
|
|
365
|
|
|
(1,373
|
)
|
|
(1,702
|
)
|
||||
Amortization of investment in on-campus participating properties
|
|
(1,892
|
)
|
|
(1,839
|
)
|
|
(5,621
|
)
|
|
(5,493
|
)
|
||||
|
|
57,562
|
|
|
59,672
|
|
|
206,455
|
|
|
207,447
|
|
||||
Modifications to reflect operational performance of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Our share of net cash flow
(2)
|
|
452
|
|
|
351
|
|
|
1,987
|
|
|
2,216
|
|
||||
Management fees
|
|
306
|
|
|
304
|
|
|
1,046
|
|
|
1,027
|
|
||||
Contribution from on-campus participating properties
|
|
758
|
|
|
655
|
|
|
3,033
|
|
|
3,243
|
|
||||
Property acquisition costs
(3)
|
|
2,855
|
|
|
114
|
|
|
2,855
|
|
|
114
|
|
||||
Contractual executive separation and retirement charges
(4)
|
|
—
|
|
|
—
|
|
|
4,515
|
|
|
—
|
|
||||
Funds from operations – modified (“FFOM”) attributable to
common stockholders and OP unitholders
|
|
$
|
61,175
|
|
|
$
|
60,441
|
|
|
$
|
216,858
|
|
|
$
|
210,804
|
|
|
|
|
|
|
|
|
|
|
||||||||
FFO per share – diluted
|
|
$
|
0.43
|
|
|
$
|
0.46
|
|
|
$
|
1.56
|
|
|
$
|
1.65
|
|
FFOM per share – diluted
|
|
$
|
0.44
|
|
|
$
|
0.45
|
|
|
$
|
1.59
|
|
|
$
|
1.62
|
|
Weighted-average common shares outstanding – diluted
|
|
138,328,932
|
|
|
132,877,380
|
|
|
136,686,611
|
|
|
130,407,761
|
|
(1)
|
Represents an impairment charge recorded for a wholly-owned property currently in receivership that is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017.
|
(2)
|
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods, which is included in ground/facility leases expense in the consolidated statements of comprehensive income.
|
(3)
|
The three and nine months ended September 30, 2017 amounts represent transaction costs related to our initial investment in two joint ventures. Refer to Notes
3
and
9
in the accompanying Notes to Consolidated Financial Statements contained in Item 1 for a more detailed discussion.
|
(4)
|
Represents contractual executive separation and retirement charges incurred in the first and second quarter 2017 with regard to the retirement of the Company’s former Chief Financial Officer.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
C
hanges in Internal Control Over Financial Reporting
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
Exhibit Number
|
|
Description of Document
|
|
Amendment to Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 21, 2017
|
|
|
|
|
|
American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Dated:
|
November 3, 2017
|
AMERICAN CAMPUS COMMUNITIES, INC.
|
|
|
|
By:
|
/s/ Daniel B. Perry
|
|
|
|
Daniel B. Perry
Executive Vice President, Chief Financial Officer,
Treasurer and Secretary
|
|
|
By:
|
/s/ Kim K. Voss
|
|
|
|
Kim K. Voss
Executive Vice President, Chief Accounting Officer, and Assistant Secretary |
Dated:
|
November 3, 2017
|
AMERICAN CAMPUS COMMUNITIES
OPERATING PARTNERSHIP, L.P.
|
||
By:
|
American Campus Communities Holdings,
LLC, its general partner
|
|
|
By:
|
American Campus Communities, Inc.,
its sole member |
|
|
|
|
By:
|
/s/ Daniel B. Perry
|
|
|
|
|
|
Daniel B. Perry
Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
|
|
|
|
By:
|
/s/ Kim K. Voss
|
|
|
|
|
|
Kim K. Voss
Executive Vice President, Chief Accounting Officer,
and Assistant Secretary
|
1 Year American Campus Communit... Chart |
1 Month American Campus Communit... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions