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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 86,762 $ 119,124 $ 70,121
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) from disposition of real estate 53 (42,314) 632
Gain from insurance settlement 0 (1,245) 0
Gain from extinguishment of debt (20,992) (7,867) 0
Provision for impairment 17,214 0 15,317
Depreciation and amortization 275,046 263,203 234,955
Amortization of deferred financing costs and debt premiums/discounts 538 885 (2,871)
Share-based compensation 13,617 12,176 13,854
Income tax provision 1,507 2,429 989
Amortization of interest rate swap terminations 1,133 412 412
Termination of interest rate swaps (13,159) 0 0
Changes in operating assets and liabilities:      
Student contracts receivable, net (5,407) 148 (414)
Other assets (4,445) (9,570) 2,502
Accounts payable and accrued expenses (1,532) 31,299 (26,718)
Other liabilities 20,044 7,941 9,898
Net cash provided by operating activities 370,379 376,621 318,677
Investing activities      
Proceeds from disposition of properties and land parcels 108,562 242,284 24,462
Cash paid for acquisition of properties and land parcels (8,559) (26,626) (375,541)
Other investing activities 1,963 (1,669) (5,608)
Net cash used in investing activities (416,140) (335,812) (977,772)
Financing activities      
Proceeds from unsecured notes 398,816 0 399,648
Proceeds from sale of common stock 0 0 190,912
Offering costs 0 0 (2,374)
Pay-off of mortgage and construction loans (53,818) (186,347) (147,960)
Defeasance costs related to early extinguishment of debt 0 (2,726) 0
Proceeds from unsecured term loans 0 0 500,000
Proceeds from revolving credit facility 949,000 1,095,500 1,164,700
Paydowns of revolving credit facility (910,600) (835,800) (1,136,400)
Proceeds from construction loans 31,611 100,882 40,170
Proceeds from mortgage loans 0 330,000 0
Scheduled principal payments on debt (11,938) (11,704) (12,819)
Debt issuance and assumption costs (6,462) (656) (12,060)
Increase in ownership of consolidated subsidiary (105,109) (10,486) 0
Contribution by noncontrolling interests 1,174 379,391 11,801
Taxes paid on net-share settlements (3,975) (2,756) (4,920)
Distributions paid to noncontrolling interests (9,487) (153,841) (77,243)
Distributions paid (258,620) (250,521) (236,545)
Net cash provided by financing activities 20,592 936 676,910
Net change in cash, cash equivalents, and restricted cash (25,169) 41,745 17,815
Cash, cash equivalents, and restricted cash at beginning of period 106,517 64,772 46,957
Cash, cash equivalents, and restricted cash at end of period 81,348 106,517 64,772
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets      
Total cash, cash equivalents, and restricted cash at end of period 106,517 106,517 46,957
Supplemental disclosure of non-cash investing and financing activities      
Loans associated with investment in joint ventures 0 0 (104,056)
Conversion of common and preferred operating partnership units to common stock 6,077 13,332 154
Non-cash contribution from noncontrolling interest 0 (8,729) (159,247)
Non-cash consideration exchanged in purchase of land parcel 0 0 (3,071)
Accrued development costs and capital expenditures 37,260 54,975 50,714
Change in fair value of derivative instruments, net (523) (2,108) 954
Change in fair value of redeemable noncontrolling interest (14,350) (66,079) 9,172
Change in ownership of consolidated subsidiary 0 (175,529) 0
Initial recognition of operating lease right of use assets 463,445 0 0
Initial recognition of operating lease liabilities 462,495 0 0
Non-cash extinguishment of debt, including accrued interest (34,570) 0 0
Net assets surrendered in conjunction with extinguishment of debt 13,578 0 0
Supplemental disclosure of cash flow information      
Interest paid, net of amounts capitalized 114,450 101,841 72,407
Income taxes paid 3,041 1,060 1,053
Owned Properties      
Investing activities      
Capital expenditures (70,846) (70,809) (82,722)
Owned properties under development      
Investing activities      
Capital expenditures (444,362) (475,338) (534,830)
On-campus participating properties, net      
Investing activities      
Capital expenditures (2,898) (3,654) (3,533)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP      
Operating activities      
Net income 86,762 119,124 70,121
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) from disposition of real estate 53 (42,314) 632
Gain from insurance settlement 0 (1,245) 0
Gain from extinguishment of debt (20,992) (7,867) 0
Provision for impairment 17,214 0 15,317
Depreciation and amortization 275,046 263,203 234,955
Amortization of deferred financing costs and debt premiums/discounts 538 885 (2,871)
Share-based compensation 13,617 12,176 13,854
Income tax provision 1,507 2,429 989
Amortization of interest rate swap terminations 1,133 412 412
Termination of interest rate swaps (13,159) 0 0
Changes in operating assets and liabilities:      
Student contracts receivable, net (5,407) 148 (414)
Other assets (4,445) (9,570) 2,502
Accounts payable and accrued expenses (1,532) 31,299 (26,718)
Other liabilities 20,044 7,941 9,898
Net cash provided by operating activities 370,379 376,621 318,677
Investing activities      
Proceeds from disposition of properties and land parcels 108,562 242,284 24,462
Cash paid for acquisition of properties and land parcels (8,559) (26,626) (375,541)
Other investing activities 1,963 (1,669) (5,608)
Net cash used in investing activities (416,140) (335,812) (977,772)
Financing activities      
Proceeds from unsecured notes 398,816 0 399,648
Proceeds from issuance of common units in exchange for contributions, net 0 0 188,538
Pay-off of mortgage and construction loans (53,818) (186,347) (147,960)
Defeasance costs related to early extinguishment of debt 0 (2,726) 0
Proceeds from unsecured term loans 0 0 500,000
Proceeds from revolving credit facility 949,000 1,095,500 1,164,700
Paydowns of revolving credit facility (910,600) (835,800) (1,136,400)
Proceeds from construction loans 31,611 100,882 40,170
Proceeds from mortgage loans 0 330,000 0
Scheduled principal payments on debt (11,938) (11,704) (12,819)
Debt issuance and assumption costs (6,462) (656) (12,060)
Increase in ownership of consolidated subsidiary (105,109) (10,486) 0
Contribution by noncontrolling interests 1,174 379,391 11,801
Taxes paid on net-share settlements (3,975) (2,756) (4,920)
Net cash provided by financing activities 20,592 936 676,910
Net change in cash, cash equivalents, and restricted cash (25,169) 41,745 17,815
Cash, cash equivalents, and restricted cash at beginning of period 106,517 64,772 46,957
Cash, cash equivalents, and restricted cash at end of period 81,348 106,517 64,772
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets      
Total cash, cash equivalents, and restricted cash at end of period 81,348 64,772 64,772
Supplemental disclosure of non-cash investing and financing activities      
Loans associated with investment in joint ventures 0 0 (104,056)
Conversion of common and preferred operating partnership units to common stock 6,077 13,332 154
Non-cash contribution from noncontrolling interest 0 (8,729) (159,247)
Non-cash consideration exchanged in purchase of land parcel 0 0 (3,071)
Accrued development costs and capital expenditures 37,260 54,975 50,714
Change in fair value of derivative instruments, net (523) (2,108) 954
Change in fair value of redeemable noncontrolling interest (14,350) (66,079) 9,172
Change in ownership of consolidated subsidiary 0 (175,529) 0
Initial recognition of operating lease right of use assets 463,445 0 0
Initial recognition of operating lease liabilities 462,495 0 0
Non-cash extinguishment of debt, including accrued interest 34,570 0 0
Net assets surrendered in conjunction with extinguishment of debt (13,578) 0 0
Supplemental disclosure of cash flow information      
Interest paid, net of amounts capitalized 114,450 101,841 72,407
Income taxes paid 3,041 1,060 1,053
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units      
Financing activities      
Distributions paid (257,780) (250,515) (236,905)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted Awards      
Financing activities      
Distributions paid (1,902) (1,522) (1,536)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties      
Financing activities      
Distributions paid (8,425) (152,325) (75,347)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties      
Investing activities      
Capital expenditures (70,846) (70,809) (82,722)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development      
Investing activities      
Capital expenditures (444,362) (475,338) (534,830)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net      
Investing activities      
Capital expenditures (2,898) (3,654) (3,533)
Term loans      
Financing activities      
Pay-off of unsecured term loans 0 (450,000) 0
Term loans | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP      
Financing activities      
Pay-off of unsecured term loans $ 0 $ (450,000) $ 0