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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended March 31, 2020.
 
 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From ______________________ to _________________________
  
Commission file number 001-32265 (American Campus Communities, Inc.)
Commission file number 333-181102-01 (American Campus Communities Operating Partnership LP)
 
AMERICAN CAMPUS COMMUNITIES, INC.
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
(Exact name of registrant as specified in its charter)
 
 (American Campus Communities, Inc.)
Maryland
76-0753089
(American Campus Communities Operating
Partnership LP)
Maryland
56-2473181
 
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer Identification No.)
 
12700 Hill Country Blvd.,
Suite T-200
78738
 
Austin,
TX
(Zip Code)
 
(Address of Principal Executive Offices)
 
 
(512) 732-1000
Registrants telephone number, including area code
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
American Campus Communities, Inc.
Yes
No
American Campus Communities Operating Partnership LP
Yes
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
American Campus Communities, Inc.
Yes
No
American Campus Communities Operating Partnership LP
Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 



American Campus Communities, Inc.                                                                                                                                    
Large accelerated filer
Accelerated Filer
Non-accelerated filer   
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

American Campus Communities Operating Partnership LP
Large accelerated filer
Accelerated Filer
Non-accelerated filer
     (Do not check if a smaller reporting company) 
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
American Campus Communities, Inc.
Yes
No
American Campus Communities Operating Partnership LP
Yes
No

Securities registered pursuant to Section 12(b) of the Act:                                                                                   
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, par value $.01 per share
ACC
New York Stock Exchange

There were 137,604,447 shares of the American Campus Communities, Inc.’s common stock with a par value of $0.01 per share outstanding as of the close of business on April 24, 2020.
 



EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended March 31, 2020 of American Campus Communities, Inc. and American Campus Communities Operating Partnership LP. Unless stated otherwise or the context otherwise requires, references to “ACC” mean American Campus Communities, Inc., a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) under the Internal Revenue Code, and references to “ACCOP” mean American Campus Communities Operating Partnership LP, a Maryland limited partnership. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. The following chart illustrates the Company’s and the Operating Partnership’s corporate structure:

a12companyflowchart93019a12.jpg

The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of March 31, 2020, ACC Holdings held an ownership interest in ACCOP of less than 1%. The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of March 31, 2020, ACC owned an approximate 99.6% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates the Company and the Operating Partnership as one business. The management of ACC consists of the same members as the management of ACCOP. The Company is structured as an umbrella partnership REIT (“UPREIT”) and ACC contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, ACC receives a number of units of the Operating Partnership (“OP Units,” see definition below) equal to the number of common shares it has issued in the equity offering. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units in the Operating Partnership. Based on the terms of ACCOP’s partnership agreement, OP Units can be exchanged for ACC’s common shares on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units of the Operating Partnership issued to ACC and ACC Holdings and the common shares issued to the public. The Company believes that combining the reports on Form 10-Q of ACC and ACCOP into this single report provides the following benefits:

(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.

ACC consolidates ACCOP for financial reporting purposes, and ACC essentially has no assets or liabilities other than its investment in ACCOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. However, the Company believes it is important to understand the few differences between the Company and the Operating Partnership in the context of how the entities operate as a consolidated company. All of the Company’s property



ownership, development and related business operations are conducted through the Operating Partnership. ACC also issues public equity from time to time and guarantees certain debt of ACCOP, as disclosed in this report. ACC does not have any indebtedness, as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from ACC’s equity offerings, which are contributed to the capital of ACCOP in exchange for OP Units on a one-for-one common share per OP Unit basis, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include, but are not limited to, the Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its credit facility, the issuance of unsecured notes, and proceeds received from the disposition of certain properties. Noncontrolling interests, stockholders’ equity, and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The noncontrolling interests in the Operating Partnership’s financial statements consist of the interests of unaffiliated partners in various consolidated joint ventures. The noncontrolling interests in the Company’s financial statements include the same noncontrolling interests at the Operating Partnership level and OP Unit holders of the Operating Partnership. The differences between stockholders’ equity and partners’ capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the significant differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership. A single set of consolidated notes to such financial statements is presented that includes separate discussions for the Company and the Operating Partnership when applicable (for example, noncontrolling interests, stockholders’ equity or partners’ capital, earnings per share or unit, etc.). A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents discrete information related to each entity, as applicable. This report also includes separate Part I, Item 4 Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company operates its business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.



FORM 10-Q
FOR THE QUARTER ENDED March 31, 2020
 TABLE OF CONTENTS
 
 
PAGE NO.
 
 
PART I.
 
 
 
 
Item 1.
Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries:
 
 
 
 
 
Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019
 
 
 
 
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019 (all unaudited)
 
 
 
 
Consolidated Statements of Changes in Equity for the three months ended March 31, 2020 and 2019 (all unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (all unaudited)
 
 
 
 
Consolidated Financial Statements of American Campus Communities Operating Partnership LP and Subsidiaries:
 
 
 
 
 
Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019
 
 
 
 
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019 (all unaudited)
 
 
 
 
Consolidated Statements of Changes in Capital for the three months ended March 31, 2020 and 2019 (all unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (all unaudited)
 
 
 
 
Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries and American Campus Communities Operating Partnership LP 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
 


AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)



 
 
March 31, 2020
 
December 31, 2019
 
 
(Unaudited)
 
 
Assets
 
 
 
 
 
 
 
 
 
Investments in real estate:
 
 
 
 
Owned properties, net
 
$
6,636,857

 
$
6,694,715

On-campus participating properties, net
 
73,716

 
75,188

Investments in real estate, net
 
6,710,573

 
6,769,903

 
 
 
 
 
Cash and cash equivalents
 
176,758

 
54,650

Restricted cash
 
32,130

 
26,698

Student contracts receivable, net
 
12,287

 
13,470

Operating lease right of use assets
 
459,957

 
460,857

Other assets
 
228,051

 
234,176

 
 
 
 
 
Total assets
 
$
7,619,756

 
$
7,559,754

 
 
 
 
 
Liabilities and equity
 
 

 
 

 
 
 
 
 
Liabilities:
 
 

 
 

Secured mortgage, construction and bond debt, net
 
$
749,902

 
$
787,426

Unsecured notes, net
 
1,981,472

 
1,985,603

Unsecured term loans, net
 
199,209

 
199,121

Unsecured revolving credit facility
 
609,700

 
425,700

Accounts payable and accrued expenses
 
53,086

 
88,411

Operating lease liabilities
 
477,779

 
473,070

Other liabilities
 
178,702

 
157,368

Total liabilities
 
4,249,850

 
4,116,699

 
 
 
 
 
Commitments and contingencies (Note 12)
 


 


 
 
 
 
 
Redeemable noncontrolling interests
 
17,768

 
104,381

 
 
 
 
 
Equity:
 
 

 
 

American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
 
 

 
 

Common stock, $0.01 par value, 800,000,000 shares authorized, 137,523,031 and 137,326,824 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
 
1,375

 
1,373

Additional paid in capital
 
4,467,906

 
4,458,456

Common stock held in rabbi trust, 81,416 and 77,928 shares at March 31, 2020 and December 31, 2019, respectively
 
(3,615
)
 
(3,486
)
Accumulated earnings and dividends
 
(1,129,108
)
 
(1,144,721
)
Accumulated other comprehensive loss
 
(26,747
)
 
(16,946
)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity
 
3,309,811

 
3,294,676

Noncontrolling interests - partially owned properties
 
42,327

 
43,998

Total equity
 
3,352,138

 
3,338,674

 
 
 
 
 
Total liabilities and equity
 
$
7,619,756

 
$
7,559,754

 
 
 
 
 
Consolidated variable interest entities’ assets and debt included in the above balances:
 
 
 
 
 
Investments in real estate, net
 
$
596,506

 
$
788,393

Cash, cash equivalents and restricted cash
 
$
37,711

 
$
59,908

Other assets
 
$
14,794

 
$
18,387

Secured mortgage and construction debt, net
 
$
417,765

 
$
418,241

Accounts payable, accrued expenses and other liabilities
 
$
34,317

 
$
56,976


See accompanying notes to consolidated financial statements.

1

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands, except share and per share data)

 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Revenues:
 
 
 
 
Owned properties
 
$
232,091

 
$
224,419

On-campus participating properties
 
10,709

 
11,448

Third-party development services
 
2,055

 
3,171

Third-party management services
 
3,829

 
2,311

Resident services
 
720

 
782

Total revenues
 
249,404

 
242,131

 
 
 
 
 
Operating expenses (income):
 
 

 
 

Owned properties
 
92,474

 
92,169

On-campus participating properties
 
3,366

 
3,957

Third-party development and management services
 
6,207

 
4,186

General and administrative
 
10,158

 
7,315

Depreciation and amortization
 
66,169

 
68,755

Ground/facility leases
 
4,069

 
3,549

Gain from disposition of real estate
 
(48,525
)
 

Provision for impairment
 

 
3,201

Total operating expenses
 
133,918

 
183,132

 
 
 
 
 
Operating income
 
115,486

 
58,999

 
 
 
 
 
Nonoperating income (expenses):
 
 

 
 

Interest income
 
851

 
926

Interest expense
 
(27,783
)
 
(27,061
)
Amortization of deferred financing costs
 
(1,287
)
 
(1,132
)
Loss from early extinguishment of debt
 
(4,827
)
 

Total nonoperating expenses
 
(33,046
)
 
(27,267
)
 
 
 
 
 
Income before income taxes
 
82,440

 
31,732

Income tax provision
 
(379
)
 
(364
)
Net income
 
82,061

 
31,368

Net income attributable to noncontrolling interests
 
(1,206
)
 
(1,728
)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders
 
$
80,855

 
$
29,640

 
 
 
 
 
Other comprehensive loss
 
 

 
 

  Change in fair value of interest rate swaps and other
 
(9,801
)
 
(5,794
)
Comprehensive income
 
$
71,054

 
$
23,846

 
 
 
 
 
Net income per share attributable to ACC, Inc. and Subsidiaries common shareholders
 
 

 
 

Basic and diluted
 
$
0.58

 
$
0.21

 
 
 
 
 
Weighted-average common shares outstanding:
 
 

 
 

Basic
 
137,477,169

 
137,101,535

Diluted
 
138,587,513

 
138,152,378

 
 
 
 
 
 

See accompanying notes to consolidated financial statements.

2

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited, in thousands, except share data)


 
 
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, 2019
 
137,326,824

 
$
1,373

 
$
4,458,456

 
77,928

 
$
(3,486
)
 
$
(1,144,721
)
 
$
(16,946
)
 
$
43,998

 
$
3,338,674

Adjustments to reflect redeemable noncontrolling interests at fair value
 

 

 
9,490

 

 

 

 

 

 
9,490

Amortization of restricted stock awards
 

 

 
3,988

 

 

 

 

 

 
3,988

Vesting of restricted stock awards
 
199,695

 
2

 
(4,157
)
 

 

 

 

 

 
(4,155
)
Distributions to common and restricted stockholders and other ($0.47 per common share)
 

 

 

 

 

 
(65,242
)
 

 

 
(65,242
)
Distributions to noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
(2,566
)
 
(2,566
)
Change in fair value of interest rate swaps and other
 

 

 

 

 

 

 
(9,801
)
 

 
(9,801
)
Deposits to deferred compensation plan, net of withdrawals
 
(3,488
)
 

 
129

 
3,488

 
(129
)
 

 

 

 

Net income
 

 

 

 

 

 
80,855

 

 
895

 
81,750

Equity, March 31, 2020
 
137,523,031


$
1,375


$
4,467,906

 
81,416

 
$
(3,615
)

$
(1,129,108
)

$
(26,747
)

$
42,327


$
3,352,138



 
 
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) Income
 
Noncontrolling
Interests –
Partially Owned
Properties
 
Total
Equity, December 31, 2018
 
136,967,286

 
$
1,370

 
$
4,458,240

 
69,603

 
$
(3,092
)
 
$
(971,070
)
 
$
(4,397
)
 
$
65,750

 
$
3,546,801

Adjustments to reflect redeemable noncontrolling interests at fair value
 

 

 
(2,547
)
 

 

 

 

 

 
(2,547
)
Amortization of restricted stock awards
 

 

 
3,765

 

 

 

 

 

 
3,765

Vesting of restricted stock awards
 
180,961

 

 
(3,831
)
 

 

 

 

 

 
(3,831
)
Distributions to common and restricted stockholders and other ($0.46 per common share)
 

 

 

 

 

 
(63,611
)
 

 

 
(63,611
)
Contributions by noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
625

 
625

Distributions to noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
(3,661
)
 
(3,661
)
Conversion of common and preferred operating partnership units to common stock
 
42,271

 

 
251

 

 

 

 

 

 
251

Change in fair value of interest rate swaps and other
 

 

 

 

 

 

 
(5,794
)
 

 
(5,794
)
Deposits to deferred compensation plan, net of withdrawals
 
(1,829
)
 

 
70

 
1,829

 
(70
)
 

 

 

 

Net income
 

 

 

 

 

 
29,640

 

 
1,469

 
31,109

Equity, March 31, 2019
 
137,188,689

 
$
1,370

 
$
4,455,948

 
71,432

 
$
(3,162
)
 
$
(1,005,041
)
 
$
(10,191
)
 
$
64,183

 
$
3,503,107


See accompanying notes to consolidated financial statements.

3

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 


 
 
Three Months Ended March 31,
 
 
2020
 
2019
Operating activities
 
 
 
 
   Net income
 
$
82,061

 
$
31,368

   Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Gain from disposition of real estate
 
(48,525
)
 

   Loss from early extinguishment of debt
 
4,827

 

   Provision for impairment
 

 
3,201

   Depreciation and amortization
 
66,169

 
68,755

   Amortization of deferred financing costs and debt premiums/discounts
 
(3
)
 
(19
)
   Share-based compensation
 
3,988

 
3,765

   Income tax provision
 
379

 
364

   Amortization of interest rate swap terminations and other
 
428

 
102

   Changes in operating assets and liabilities:
 


 


   Student contracts receivable, net
 
1,143

 
(5,491
)
   Other assets
 
6,990

 
(7,723
)
   Accounts payable and accrued expenses
 
(36,172
)
 
(30,595
)
   Other liabilities
 
9,499

 
16,885

Net cash provided by operating activities
 
90,784

 
80,612

 
 
 
 
 
Investing activities
 
 

 
 

   Proceeds from disposition of properties and land parcels
 
146,144

 

   Capital expenditures for owned properties
 
(11,852
)
 
(10,751
)
   Investments in owned properties under development
 
(84,359
)
 
(104,768
)
   Capital expenditures for on-campus participating properties
 
(565
)
 
(230
)
   Other investing activities
 
(1,347
)
 
(1,123
)
Net cash provided by (used in) investing activities
 
48,021

 
(116,872
)
 
 
 
 
 
Financing activities
 
 

 
 

   Proceeds from unsecured notes
 
399,240

 

   Pay-off of mortgage and construction loans
 
(34,219
)
 

   Costs paid related to early extinguishment of debt
 
(4,156
)
 

   Pay-off of unsecured notes
 
(400,000
)
 

   Proceeds from revolving credit facility
 
1,295,700

 
180,600

   Paydowns of revolving credit facility
 
(1,111,700
)
 
(110,500
)
   Proceeds from construction loans
 

 
14,174

   Scheduled principal payments on debt
 
(2,040
)
 
(2,040
)
   Debt issuance costs
 
(4,693
)
 
(1,853
)
   Increase in ownership of consolidated subsidiary
 
(77,200
)
 

   Contribution by noncontrolling interests
 

 
625

   Taxes paid on net-share settlements
 
(4,155
)
 
(3,831
)
   Distributions paid to common and restricted stockholders
 
(65,242
)
 
(63,611
)
   Distributions paid to noncontrolling interests
 
(2,800
)
 
(3,966
)
Net cash (used in) provided by financing activities
 
(11,265
)
 
9,598

 
 
 
 
 
Net change in cash, cash equivalents, and restricted cash
 
127,540

 
(26,662
)
Cash, cash equivalents, and restricted cash at beginning of period
 
81,348

 
106,517

Cash, cash equivalents, and restricted cash at end of period
 
$
208,888

 
$
79,855

 
 
 
 
 
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
 
 
 
 
Cash and cash equivalents
 
$
176,758

 
$
46,166

Restricted cash
 
32,130

 
33,689

Total cash, cash equivalents, and restricted cash at end of period
 
$
208,888

 
$
79,855

 
 
 
 
 
Supplemental disclosure of non-cash investing and financing activities
 
 

 
 

Conversion of common and preferred operating partnership units to common stock
 
$

 
$
251

Accrued development costs and capital expenditures
 
$
27,056

 
$
35,545

Change in fair value of derivative instruments, net
 
$
(10,229
)
 
$
(5,896
)
Change in fair value of redeemable noncontrolling interest
 
$
9,490

 
$
(2,547
)
Initial recognition of operating lease right of use assets
 
$

 
$
280,687

Initial recognition of operating lease liabilities
 
$

 
$
279,982

 
 
 
 
 
Supplemental disclosure of cash flow information
 
 

 
 

Interest paid
 
$
31,959

 
$
20,912

 
 
 
 
 
 

See accompanying notes to consolidated financial statements.

4

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)


 
 
March 31, 2020
 
December 31, 2019
 
 
(Unaudited)
 
 
Assets
 
 
 
 
 
 
 
 
 
Investments in real estate:
 
 
 
 
Owned properties, net
 
$
6,636,857

 
$
6,694,715

On-campus participating properties, net
 
73,716

 
75,188

Investments in real estate, net
 
6,710,573

 
6,769,903

 
 
 
 
 
Cash and cash equivalents
 
176,758

 
54,650

Restricted cash
 
32,130

 
26,698

Student contracts receivable, net
 
12,287

 
13,470

Operating lease right of use assets
 
459,957

 
460,857

Other assets
 
228,051

 
234,176

 
 
 
 
 
Total assets
 
$
7,619,756

 
$
7,559,754

 
 
 
 
 
Liabilities and capital
 
 

 
 

 
 
 
 
 
Liabilities:
 
 

 
 

Secured mortgage, construction and bond debt, net
 
$
749,902

 
$
787,426

Unsecured notes, net
 
1,981,472

 
1,985,603

Unsecured term loans, net
 
199,209

 
199,121

Unsecured revolving credit facility
 
609,700

 
425,700

Accounts payable and accrued expenses
 
53,086

 
88,411

Operating lease liabilities
 
477,779

 
473,070

Other liabilities
 
178,702

 
157,368

Total liabilities
 
4,249,850

 
4,116,699

 
 
 
 
 
Commitments and contingencies (Note 12)
 


 


 
 
 
 
 
Redeemable limited partners
 
17,768

 
104,381

 
 
 
 
 
Capital:
 
 

 
 

Partners’ capital:
 
 

 
 

General partner - 12,222 OP units outstanding at both March 31, 2020 and December 31, 2019
 
41

 
40

Limited partner - 137,592,225 and 137,392,530 OP units outstanding at March 31, 2020 and December 31, 2019, respectively
 
3,336,517

 
3,311,582

Accumulated other comprehensive loss
 
(26,747
)
 
(16,946
)
Total partners’ capital
 
3,309,811

 
3,294,676

Noncontrolling interests - partially owned properties
 
42,327

 
43,998

Total capital
 
3,352,138

 
3,338,674

 
 
 
 
 
Total liabilities and capital
 
$
7,619,756

 
$
7,559,754

 
 
 
 
 
 
Consolidated variable interest entities’ assets and debt included in the above balances:
 
 
 
 
 
Investments in real estate, net
 
$
596,506

 
$
788,393

Cash, cash equivalents and restricted cash
 
$
37,711

 
$
59,908

Other assets
 
$
14,794

 
$
18,387

Secured mortgage and construction debt, net
 
$
417,765

 
$
418,241

Accounts payable, accrued expenses and other liabilities
 
$
34,317

 
$
56,976



See accompanying notes to consolidated financial statements.

5

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands, except unit and per unit data)


 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Revenues:
 
 
 
 
Owned properties
 
$
232,091

 
$
224,419

On-campus participating properties
 
10,709

 
11,448

Third-party development services
 
2,055

 
3,171

Third-party management services
 
3,829

 
2,311

Resident services
 
720

 
782

Total revenues
 
249,404

 
242,131

 
 
 
 
 
Operating expenses (income):
 
 

 
 

Owned properties
 
92,474

 
92,169

On-campus participating properties
 
3,366

 
3,957

Third-party development and management services
 
6,207

 
4,186

General and administrative
 
10,158

 
7,315

Depreciation and amortization
 
66,169

 
68,755

Ground/facility leases
 
4,069

 
3,549

Gain from disposition of real estate
 
(48,525
)
 

Provision for impairment
 

 
3,201

Total operating expenses
 
133,918

 
183,132

 
 
 
 
 
Operating income
 
115,486

 
58,999

 
 
 
 
 
Nonoperating income (expenses):
 
 

 
 

Interest income
 
851

 
926

Interest expense
 
(27,783
)
 
(27,061
)
Amortization of deferred financing costs
 
(1,287
)
 
(1,132
)
Loss from early extinguishment of debt
 
(4,827
)
 

Total nonoperating expenses
 
(33,046
)
 
(27,267
)
Income before income taxes
 
82,440

 
31,732

Income tax provision
 
(379
)
 
(364
)
Net income
 
82,061

 
31,368

Net income attributable to noncontrolling interests – partially owned properties
 
(916
)
 
(1,568
)
Net income attributable to American Campus Communities Operating Partnership LP
 
81,145

 
29,800

Series A preferred units distributions
 
(14
)
 
(31
)
Net income attributable to common unitholders
 
$
81,131

 
$
29,769

 
 
 
 
 
Other comprehensive loss
 
 

 
 

  Change in fair value of interest rate swaps and other
 
(9,801
)
 
(5,794
)
Comprehensive income
 
$
71,330

 
$
23,975

 
 
 
 
 
Net income per unit attributable to common unitholders
 
 

 
 

Basic and diluted
 
$
0.58

 
$
0.21

 
 
 
 
 
Weighted-average common units outstanding
 
 

 
 

Basic
 
137,945,644

 
137,696,323

Diluted
 
139,055,988

 
138,747,166

 

See accompanying notes to consolidated financial statements.

6

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(unaudited, in thousands, except unit data)


 
 
 
 
 
 
 
 
 
 
Accumulated
 
Noncontrolling
 
 
 
 
 
 
 
 
Other
 
Interests -
 
 

 
 
General Partner
 
Limited Partner
 
Comprehensive
 
Partially Owned
 
 

 
 
Units
 
Amount
 
Units
 
Amount
 
Loss
 
Properties
 
Total
Capital, December 31, 2019
 
12,222

 
$
40

 
137,392,530

 
$
3,311,582

 
$
(16,946
)
 
$
43,998

 
$
3,338,674

Adjustments to reflect redeemable limited partners’ interest at fair value
 

 

 

 
9,490

 

 

 
9,490

Amortization of restricted stock awards
 

 

 

 
3,988

 

 

 
3,988

Vesting of restricted stock awards
 

 

 
199,695

 
(4,155
)
 

 

 
(4,155
)
Distributions to common and restricted unit holders and other ($0.47 per common unit)
 

 
(6
)
 

 
(65,236
)
 

 

 
(65,242
)
Distributions to noncontrolling joint venture partners
 

 

 

 

 

 
(2,566
)
 
(2,566
)
Change in fair value of interest rate swaps and other