v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
|
|
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
|
0
|
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)
|
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 |
0
|
(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
|
0
|
Scheduled principal payments on debt |
(9,718)
|
(11,514)
|
Debt issuance and assumption costs |
(7,335)
|
(744)
|
Contributions by noncontrolling interest |
11,526
|
0
|
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
|
0
|
Non-cash consideration exchanged in purchase of land parcel |
(3,071)
|
0
|
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
|
Wholly-owned properties |
|
|
Investing activities |
|
|
Capital expenditures for wholly-owned properties/on-campus participating properties |
(64,464)
|
(45,155)
|
Investments in wholly-owned properties under development |
(409,174)
|
(284,777)
|
On-campus participating properties |
|
|
Investing activities |
|
|
Capital expenditures for wholly-owned properties/on-campus participating properties |
(2,909)
|
(2,510)
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. |
|
|
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
|
0
|
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)
|
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 loans |
0
|
(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
|
0
|
Scheduled principal payments on debt |
(9,718)
|
(11,514)
|
Debt issuance and assumption costs |
(7,335)
|
(744)
|
Contributions by noncontrolling interest |
11,526
|
0
|
Taxes paid on net-share settlements |
(4,920)
|
(2,977)
|
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
|
0
|
Non-cash consideration exchanged in purchase of land parcel |
(3,071)
|
0
|
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
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units |
|
|
Financing activities |
|
|
Distributions paid |
(176,404)
|
(163,493)
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted awards |
|
|
Financing activities |
|
|
Distributions paid |
(1,217)
|
(1,051)
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties |
|
|
Financing activities |
|
|
Distributions paid |
(59,809)
|
(366)
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties |
|
|
Investing activities |
|
|
Capital expenditures for wholly-owned properties/on-campus participating properties |
(64,464)
|
(45,155)
|
Investments in wholly-owned properties under development |
(409,174)
|
(284,777)
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties |
|
|
Investing activities |
|
|
Capital expenditures for wholly-owned properties/on-campus participating properties |
$ (2,909)
|
$ (2,510)
|
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Balance Type: |
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Period Type: |
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X |
- DefinitionThe cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.
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X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
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Data Type: |
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Period Type: |
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X |
- DefinitionThe cash outflow associated with the purchase of real estate held for investment purposes.
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- DefinitionThe cash inflow from borrowings to finance the cost of construction.
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Period Type: |
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X |
- DefinitionThe cash inflow from the sale of an investment interest in a joint venture that the reporting entity has not previously accounted for using consolidation or the equity method of accounting.
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Period Type: |
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- DefinitionThe cash inflow from the issuance of common limited partners units during the period.
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- DefinitionThe cash inflow from the additional capital contribution to the entity.
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- DefinitionThe cash inflow from the issuance of long-term debt that is not secured by collateral. Excludes proceeds from tax exempt unsecured debt.
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Data Type: |
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Period Type: |
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- DefinitionAmount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.
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- DefinitionAmount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership.
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X |
- DefinitionCash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period.
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- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
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- DefinitionAmount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.
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- DefinitionThe cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.
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- DefinitionThe cash outflow to repay long-term debt that is not secured by collateral. Excludes repayments of tax exempt unsecured debt.
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- DefinitionThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
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Data Type: |
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Period Type: |
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- DefinitionThe fair value of stock issued in noncash financing activities.
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- Details
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