Schedule of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule of Real Estate and Accumulated Depreciation



			Initial Cost							Total Costs
	Units	Beds	Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition / Initial Development ⁽¹⁾			Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Total⁽²⁾		Accumulated Depreciation		Encumbrances ⁽³⁾		Year Built⁽⁴⁾
Owned Properties ⁽⁵⁾
The Callaway House - College Station	173	538	$	5,081	$	20,499	$	7,923		$	5,002	$	28,501	$	33,503	$	13,913	$	—	1999
The Village at Science Drive	192	732	4,673		19,021		7,510			4,673		26,531		31,204		11,198		—		2000
University Village at Boulder Creek	82	309	1,035		16,393		984			1,035		17,377		18,412		7,694		—		2002
University Village - Fresno	105	406	929		15,168		654			929		15,822		16,751		6,255		—		2004
University Village - Temple	220	749	—		41,119		2,137			—		43,256		43,256		16,955		—		2004
University Club Apartments	94	376	1,416		11,848		1,075			1,416		12,923		14,339		5,117		—		1999
City Parc at Fry Street	136	418	1,902		17,678		4,104			1,902		21,782		23,684		8,018		—		2004
Entrada Real	98	363	1,475		15,859		2,189			1,475		18,048		19,523		7,058		—		2000
University Village at Sweethome	269	828	2,473		34,448		2,270			2,473		36,718		39,191		13,301		—		2005
University Village - Tallahassee	217	716	4,322		26,225		4,770			4,322		30,995		35,317		11,564		—		1991
Royal Village - Gainesville	118	448	2,386		15,153		5,232			2,363		20,408		22,771		7,107		—		1996
Royal Lexington	94	364	2,848		12,783		4,250			2,848		17,033		19,881		6,374		—		1994
Raiders Pass	264	828	3,877		32,445		4,836			3,877		37,281		41,158		13,465		—		2001
Aggie Station	156	450	1,634		18,821		3,329			1,634		22,150		23,784		7,973		—		2003
The Outpost - San Antonio	276	828	3,262		36,252		10,276			3,262		46,528		49,790		15,242		—		2005
Callaway Villas	236	704	3,903		31,953		404			3,903		32,357		36,260		10,996		—		2006
The Village on Sixth Avenue	248	752	2,763		22,480		8,749			2,763		31,229		33,992		11,025		—		1999
Newtown Crossing	356	942	7,013		53,597		96			7,013		53,693		60,706		17,362		—		2005
Olde Towne University Square	224	550	2,277		24,614		(509		)	2,277		24,105		26,382		8,023		—		2005
Peninsular Place	183	478	2,306		16,559		1,069			2,306		17,628		19,934		5,656		—		2005
University Centre	234	838	—		77,378		238			—		77,616		77,616		24,690		—		2007
The Summit & Jacob Heights	258	930	2,318		36,464		2,983			2,318		39,447		41,765		12,404		—		2004
GrandMarc Seven Corners	186	440	4,491		28,807		1,666			4,491		30,473		34,964		9,612		—		2000
Aztec Corner	180	606	17,460		32,209		2,263			17,460		34,472		51,932		11,106		—		2001
The Tower at Third	188	375	1,145		19,128		12,653			1,267		31,659		32,926		11,194		—		1973
Willowtree Apartments and Tower	473	851	9,807		21,880		4,954			9,806		26,835		36,641		9,655		—		1970
University Pointe	204	682	989		27,576		4,438			989		32,014		33,003		10,901		—		2004
University Trails	240	684	1,183		25,173		4,236			1,183		29,409		30,592		10,226		—		2003
Campus Trails	156	480	1,358		11,291		7,267			1,358		18,558		19,916		5,834		—		1991
University Crossings (ACE)	260	1,016	—		50,668		42,469			—		93,137		93,137		31,148		—		2003
Vista del Sol (ACE)	613	1,866	—		135,939		5,980			—		141,919		141,919		45,289		—		2008
Villas at Chestnut Ridge	196	552	2,756		33,510		1,929			2,756		35,439		38,195		11,862		—		2008
Barrett Honors College (ACE)	604	1,721	—		131,302		22,594			—		153,896		153,896		47,876		—		2009
Sanctuary Lofts	201	487	2,960		18,180		4,758			2,959		22,939		25,898		7,784		—		2006



			Initial Cost						Total Costs
	Units	Beds	Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition / Initial Development ⁽¹⁾		Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Total⁽²⁾		Accumulated Depreciation		Encumbrances ⁽³⁾		Year Built⁽⁴⁾
The Edge - Charlotte	180	720	$	3,076	$	23,395	$	9,702	$	3,076	$	33,097	$	36,173	$	11,417	$	—	1999
University Walk	120	480	2,016		14,599		3,557		2,016		18,156		20,172		6,044		—		2002
Uptown	180	528	3,031		21,685		4,289		3,031		25,974		29,005		7,201		—		2004
2nd Avenue Centre	274	868	4,434		27,236		4,250		4,434		31,486		35,920		10,159		—		2008
Villas at Babcock	204	792	4,642		30,901		448		4,642		31,349		35,991		11,452		—		2011
Lobo Village (ACE)	216	864	—		42,490		1,266		—		43,756		43,756		11,603		—		2011
Villas on Sycamore	170	680	3,000		24,640		517		3,000		25,157		28,157		9,714		—		2011
26 West	367	1,026	21,396		63,994		8,298		21,396		72,292		93,688		18,764		66,938		2008
The Varsity	258	901	11,605		108,529		2,095		11,605		110,624		122,229		24,284		—		2011
Avalon Heights	210	754	4,968		24,345		15,193		4,968		39,538		44,506		10,768		—		2002
University Commons	164	480	12,559		19,010		3,325		12,559		22,335		34,894		5,865		—		2003
Casas del Rio (ACE)	283	1,028	—		40,639		2,997		—		43,636		43,636		17,115		—		2012
The Suites (ACE)	439	878	—		45,296		817		—		46,113		46,113		13,377		—		2013
Hilltop Townhomes (ACE)	144	576	—		31,507		655		—		32,162		32,162		10,780		—		2012
U Club on Frey	216	864	8,703		36,873		1,595		8,703		38,468		47,171		11,190		—		2013
Campus Edge on UTA Boulevard	128	488	2,661		21,233		1,167		2,663		22,398		25,061		7,522		—		2012
U Club Townhomes on Marion Pugh	160	640	6,722		26,546		1,912		6,722		28,458		35,180		9,854		—		2012
Villas on Rensch	153	610	10,231		33,852		1,477		10,231		35,329		45,560		10,940		—		2012
The Village at Overton Park	163	612	5,262		29,374		1,412		5,262		30,786		36,048		10,504		—		2012
Casa de Oro (ACE)	109	365	—		12,362		301		—		12,663		12,663		4,589		—		2012
The Villas at Vista del Sol (ACE)	104	400	—		20,421		511		—		20,932		20,932		7,675		—		2012
The Block	669	1,555	22,270		141,430		14,963		22,497		156,166		178,663		32,538		94,117		2008
University Pointe at College Station (ACE)	282	978	—		84,657		2,531		—		87,188		87,188		30,227		—		2012
309 Green	110	416	5,351		49,987		4,209		5,351		54,196		59,547		12,098		28,929		2008
The Retreat	187	780	5,265		46,236		4,226		5,265		50,462		55,727		11,567		—		2012
Lofts54	43	172	430		14,741		4,354		430		19,095		19,525		4,402		—		2008
Campustown Rentals	264	746	2,382		40,190		4,559		2,382		44,749		47,131		11,872		—		1982
Chauncey Square	158	386	2,522		40,013		1,955		2,522		41,968		44,490		9,627		—		2011
Texan & Vintage	124	311	5,937		11,906		16,193		5,962		28,074		34,036		6,107		18,796		2008
The Castilian	371	623	3,663		59,772		35,992		3,663		95,764		99,427		23,875		46,052		1967
Bishops Square	134	315	1,206		17,878		2,598		1,206		20,476		21,682		5,242		10,634		2002
Union	54	120	169		6,348		1,148		169		7,496		7,665		1,889		3,328		2006
922 Place	132	468	3,363		34,947		3,552		3,363		38,499		41,862		9,804		—		2009
Campustown	452	1,217	1,818		77,894		10,465		1,818		88,359		90,177		19,055		—		1997
River Mill	243	461	1,741		22,806		5,023		1,741		27,829		29,570		6,809		—		1972
The Province - Greensboro	219	696	2,226		48,567		1,817		2,226		50,384		52,610		11,849		26,471		2011
RAMZ Apartments on Broad	88	172	785		12,303		870		785		13,173		13,958		2,998		—		2004



			Initial Cost							Total Costs
	Units	Beds	Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition / Initial Development ⁽¹⁾			Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Total⁽²⁾		Accumulated Depreciation		Encumbrances ⁽³⁾		Year Built⁽⁴⁾
The Lofts at Capital Garage	36	144	$	313	$	3,581	$	799		$	313	$	4,380	$	4,693	$	1,212	$	—	2000
25Twenty	249	562	2,226		33,429		1,447			2,226		34,876		37,102		9,308		24,723		2011
The Province - Louisville	366	858	4,392		63,068		2,202			4,392		65,270		69,662		15,743		34,353		2009
The Province - Rochester	336	816	3,798		70,955		3,732			3,798		74,687		78,485		17,668		32,313		2010
5 Twenty Four and 5 Twenty Five Angliana	376	1,060	—		60,448		7,401			5,214		62,635		67,849		15,386		—		2010
The Province - Tampa	287	947	—		52,943		5,394			—		58,337		58,337		13,637		30,840		2009
U Pointe Kennesaw	216	795	1,482		61,654		6,385			1,482		68,039		69,521		17,301		—		2012
The Cottages of Durham	141	619	3,955		41,421		2,758			3,955		44,179		48,134		12,655		—		2012
University Edge	201	608	4,500		26,385		1,576			4,500		27,961		32,461		6,309		—		2012
The Lodges of East Lansing	364	1,049	6,472		89,231		2,973			6,472		92,204		98,676		20,607		27,935		2012
7th Street Station	82	309	9,792		16,472		615			9,792		17,087		26,879		4,212		—		2012
The Callaway House - Austin	219	753	—		61,550		1,224			—		62,774		62,774		16,211		80,726		2013
Manzanita Hall (ACE)	241	816	—		48,781		1,488			—		50,269		50,269		14,061		—		2013
University View (ACE)	96	336	—		14,683		251			—		14,934		14,934		4,141		—		2013
U Club Townhomes at Overton Park	112	448	7,775		21,483		1,014			7,775		22,497		30,272		6,179		—		2013
601 Copeland	81	283	1,457		26,699		591			1,457		27,290		28,747		6,315		—		2013
The Townhomes at Newtown Crossing	152	608	7,745		32,074		656			7,745		32,730		40,475		7,716		—		2013
Chestnut Square (ACE)	220	861	—		98,369		2,964			—		101,333		101,333		24,574		—		2013
Park Point - Rochester	300	924	7,827		73,495		5,235			7,827		78,730		86,557		18,069		70,000		2008
U Centre at Fry Street	194	614	2,902		47,700		2,901			2,902		50,601		53,503		10,077		—		2012
Cardinal Towne	255	545	6,547		53,809		3,942			6,547		57,751		64,298		11,408		—		2010
Merwick Stanworth (ACE)	325	595	—		79,598		(692		)	—		78,906		78,906		10,921		—		2014
Plaza on University	364	1,313	23,987		85,584		4,373			23,987		89,957		113,944		19,308		—		2014
U Centre at Northgate (ACE)	196	784	—		35,663		503			—		36,166		36,166		8,088		—		2014
University Walk	177	526	4,341		29,073		938			4,341		30,011		34,352		5,185		—		2014
U Club on Woodward	236	944	16,350		46,982		867			16,349		47,850		64,199		10,937		—		2014
Park Point - Syracuse	66	226	—		25,725		3,582			—		29,307		29,307		4,671		10,586		2010
1200 West Marshall	136	406	4,397		33,908		2,020			4,397		35,928		40,325		6,104		—		2013
8 1/2 Canal Street	160	540	2,797		45,394		2,359			2,797		47,753		50,550		7,272		—		2011
Vistas San Marcos	255	600	586		45,761		6,157			586		51,918		52,504		10,791		—		2013
Crest at Pearl	141	343	4,395		36,268		1,959			4,491		38,131		42,622		6,122		23,372		2014
U Club Binghamton	326	1,272	15,858		92,372		3,194			15,858		95,566		111,424		11,154		—		2005
Stadium Centre	447	970	9,249		100,854		7,641			9,249		108,495		117,744		15,299		63,471		2014
160 Ross	182	642	2,962		38,478		1,013			2,962		39,491		42,453		7,060		—		2015
The Summit at University City (ACE)	351	1,315	—		154,770		1,786			—		156,556		156,556		22,183		—		2015
2125 Franklin	192	734	8,299		55,716		587			8,299		56,303		64,602		8,757		—		2015
University Crossings - Charlotte	187	546	645		36,838		4,618			645		41,456		42,101		4,908		—		2014



			Initial Cost							Total Costs
	Units	Beds	Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition / Initial Development ⁽¹⁾			Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Total⁽²⁾		Accumulated Depreciation		Encumbrances ⁽³⁾		Year Built⁽⁴⁾
U Club on 28th	100	398	$	9,725	$	45,788	$	396		$	9,725	$	46,184	$	55,909	$	5,490	$	—	2016
Currie Hall (ACE)	178	456	—		49,987		344			—		50,331		50,331		6,384		—		2016
University Pointe (ACE)	134	531	—		44,035		262			—		44,297		44,297		5,377		—		2016
Fairview House (ACE)	107	633	—		38,144		193			—		38,337		38,337		5,544		—		2016
U Club Sunnyside	134	534	7,423		41,582		550			7,423		42,132		49,555		5,130		—		2016
U Point	54	163	1,425		17,325		2,406			1,425		19,731		21,156		2,278		—		2016
The Arlie	169	598	1,350		43,352		1,905			1,350		45,257		46,607		5,014		—		2016
TWELVE at U District	283	384	13,013		98,115		3,494			13,013		101,609		114,622		7,136		—		2014
The 515	183	513	1,611		68,953		1,542			1,611		70,495		72,106		4,879		—		2015
State	220	665	3,448		66,774		2,409			3,448		69,183		72,631		5,635		—		2013
The James	366	850	18,871		118,096		2,048			18,871		120,144		139,015		9,354		—		2017
Bridges @ 11th	184	258	—		58,825		1,413			—		60,238		60,238		3,695		—		2015
Hub U District Seattle	111	248	5,700		56,355		1,318			5,700		57,673		63,373		4,265		—		2017
Tooker House (ACE)	429	1,594	—		103,897		(179		)	—		103,718		103,718		9,541		—		2017
SkyView (ACE)	163	626	—		57,578		247			—		57,825		57,825		4,750		—		2017
University Square (ACE)	143	466	—		25,635		8			—		25,643		25,643		2,384		—		2017
U Centre on Turner	182	718	14,000		55,456		36			14,001		55,491		69,492		4,792		—		2017
U Pointe on Speight	180	700	4,705		46,160		333			4,705		46,493		51,198		3,897		—		2017
21Hundred at Overton Park	296	1,204	16,767		64,057		834			16,767		64,891		81,658		5,766		—		2017
The Suites at Third	63	251	831		22,384		(37		)	831		22,347		23,178		1,924		—		2017
Callaway House Apartments	386	915	12,651		78,220		582			12,651		78,802		91,453		6,910		—		2017
U Centre on College	127	418	—		41,607		(187		)	—		41,420		41,420		3,332		—		2017
David Blackwell Hall (ACE)	412	780	—		96,891		—			—		96,891		96,891		4,430		—		2018
Gladding Residence Center (ACE)	592	1,524	—		94,368		418			—		94,786		94,786		4,723		—		2018
Irvington House (ACE)	197	648	—		36,187		—			—		36,187		36,187		1,848		—		2018
The Edge - Stadium Centre	111	413	10,000		30,885		19			10,000		30,904		40,904		1,325		—		2018
Greek Leadership Village (ACE)	498	957	—		69,351		44			—		69,395		69,395		3,480		—		2018
NAU Honors College (ACE)	318	636	—		41,222		—			—		41,222		41,222		2,147		—		2018
U Club Townhomes at Oxford	132	528	5,115		39,239		—			5,115		39,239		44,354		2,035		—		2018
Hub Ann Arbor	124	310	7,050		42,865		1,314			7,050		44,179		51,229		2,107		—		2018
Hub Flagstaff	198	591	5,397		56,626		660			5,397		57,286		62,683		2,712		—		2018
Campus Edge on Pierce	289	598	6,881		55,818		734			6,881		56,552		63,433		2,855		—		2018
191 College	127	495	5,434		55,620		—			5,434		55,620		61,054		787		—		2019
LightView (ACE)	214	825	—		152,040		—			—		152,040		152,040		1,957		—		2019
University of Arizona Honors College (ACE)	319	1,056	—		76,166		—			—		76,166		76,166		1,152		—		2019
The Flex - Stadium Centre	78	340	8,559		26,516		—			8,559		26,516		35,075		374		—		2019
959 Franklin	230	443	5,026		63,040		—			5,026		63,040		68,066		635		—		2019



			Initial Cost						Total Costs
	Units	Beds	Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition / Initial Development ⁽¹⁾		Land		Buildings and Improvements and Furniture, Fixtures and Equipment		Total⁽²⁾		Accumulated Depreciation		Encumbrances ⁽³⁾		Year Built⁽⁴⁾

Properties Under Development ⁽⁶⁾
Disney College Program Phases I-X (ACE) ⁽⁷⁾	2,614	10,440	$	—	$	224,185	$	—	$	—	$	224,185	$	224,185	$	—	$	—	2020-23 ⁽⁷⁾
Currie Hall Phase II (ACE)	95	272	—		22,681		—		—		22,681		22,681		—		—		2020
Holloway Residences (ACE)	169	584	—		89,615		—		—		89,615		89,615		—		—		2020
Undeveloped land parcels ⁽⁸⁾	—	—	55,896		651		—		55,896		651		56,547		543		—		N/A
Subtotal	34,680	107,551	$	649,403	$	6,998,527	$	489,574	$	654,985	$	7,482,519	$	8,137,504	$	1,442,789	$	693,584

On-Campus Participating Properties
University Village & University Village Northwest at Prairie View ⁽⁹⁾	648	2,064	$	—	$	40,734	$	9,960	$	—	$	50,694	$	50,694	$	38,663	$	10,464	1998
University Village at Laredo	84	250	—		5,844		1,433		—		7,277		7,277		5,866		1,601		1997
University College at Prairie View	756	1,470	—		22,650		6,579		—		29,229		29,229		20,824		11,150		2001
Cullen Oaks	411	879	—		33,910		2,995		—		36,905		36,905		19,166		25,313		2003
College Park	224	567	—		43,634		1,760		—		45,394		45,394		9,792		40,629		2014
Subtotal	2,123	5,230	$	—	$	146,772	$	22,727	$	—	$	169,499	$	169,499	$	94,311	$	89,157

Total	36,803	112,781	$	649,403	$	7,145,299	$	512,301	$	654,985	$	7,652,018	$	8,307,003	$	1,537,100	$	782,741


⁽¹⁾	Includes write-offs of fully depreciated assets.


⁽²⁾	Total aggregate costs for federal income tax purposes is approximately $8.7 billion.


⁽³⁾	Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $6.4 million and $1.7 million, respectively, as of December 31, 2019.


⁽⁴⁾	For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year.


⁽⁵⁾	A number of our properties consist of two or more phases that are counted separately in the property portfolio numbers disclosed in Note 1.


⁽⁶⁾	Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date.


⁽⁷⁾	Consists of ten phases that are counted as one property in the property portfolio numbers contained in Note 1 and will be delivered from 2020 to 2023.


⁽⁸⁾	Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on two land parcels that will be demolished as part of development.


⁽⁹⁾	Consists of two properties, one of which was converted to the OCPP structure in January 2019, that are counted separately in the property portfolio numbers disclosed in Note 1.

The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2019, 2018, and 2017 are as follows:



	For the Year Ended December 31,
	2019						2018						2017
	Owned ⁽¹⁾			On-Campus ⁽²⁾			Owned ⁽¹⁾			On-Campus ⁽²⁾			Owned ⁽¹⁾			On-Campus ⁽²⁾
Investments in Real Estate:
Balance, beginning of year	$	7,813,959		$	162,562		$	7,485,391		$	159,996		$	6,316,470		$	162,929
Acquisition of land for development	10,219			—			26,758			—			24,049			—
Acquisition of properties	—			—			—			—			618,183			—
Improvements and development expenditures	484,949			2,900			549,635			3,654			621,793			3,544
Write-off of fully depreciated or damaged assets	(3,831		)	(306		)	(16,758		)	(1,088		)	(40,923		)	(6,477		)
Provision for real estate impairment	(3,201		)	—			—			—			(15,317		)	—
Disposition of real estate	(160,248		)	—			(231,067		)	—			(38,864		)	—
Transfer of property from owned to OCPP structure	(4,343		)	4,343			—			—			—			—

Balance, end of year	$	8,137,504		$	169,499		$	7,813,959		$	162,562		$	7,485,391		$	159,996

Accumulated Depreciation:
Balance, beginning of year	$	(1,230,562	)	$	(84,925	)	$	(1,035,027	)	$	(78,192	)	$	(864,106	)	$	(77,132	)
Depreciation for the year	(255,796		)	(8,380		)	(242,123		)	(7,819		)	(213,660		)	(7,536		)
Write-off of fully depreciated or damaged assets	3,831			306			16,242			1,086			37,761			6,476
Disposition of properties	38,426			—			30,346			—			4,978			—
Transfer of property from owned to OCPP structure	1,312			(1,312		)	—			—			—			—

Balance, end of year	$	(1,442,789	)	$	(94,311	)	$	(1,230,562	)	$	(84,925	)	$	(1,035,027	)	$	(78,192	)


⁽¹⁾	Includes owned off-campus properties and owned on-campus properties.

⁽²⁾

Includes on-campus participating properties.