American campus communities, inc. (ACC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating activities
Net income

86,762

119,124

70,121

100,623

118,061

64,104

107,191

60,238

57,972

17,098

-12,460

-13,055

Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate

-53

42,314

-632

21,197

52,699

2,475

55,263

4,312

14,806

-3,705

-9,358

-

Gain from insurance settlement

0

1,245

0

0

388

186

0

0

-

-1,596

-

-

Gain (Loss) on Extinguishment of Debt

20,992

7,867

0

-12,841

-1,770

0

-332

-1,591

0

-

-

-

Loss on remeasurement of equity method investments

-

-

-

-

-

-

-

-122

0

4,098

-

-

Provision for impairment

17,214

0

15,317

4,895

0

2,443

0

0

559

4,036

-

-

Depreciation and amortization

275,046

263,203

234,955

211,387

208,788

197,542

187,475

116,490

89,271

77,568

77,348

57,555

Income attributable to noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

236

Amortization of deferred financing costs and debt premiums/discounts

538

885

-2,871

-5,145

-6,280

-6,769

-8,288

1,316

326

2,685

3,430

1,734

Share-based compensation

13,617

12,176

13,854

10,043

8,161

7,164

6,625

5,350

4,367

3,745

2,811

2,099

Income tax provision

1,507

2,429

989

1,150

1,242

1,308

1,020

725

433

570

540

-

Amortization of interest rate swap terminations and other

1,133

412

412

613

412

222

0

0

-

-

-

-

Termination of interest rate swaps

13,159

0

0

108

0

4,122

0

0

-

-

-

-

Income from unconsolidated joint ventures

-

-

-

-

-

-

-

444

-641

-2,023

-2,073

-1,619

Distributions received from unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

200

250

120

Student contracts receivable, net
Amortization of gain on interest rate swap termination

-

-

-

-

-

-

-

-

-

-

-

-211

Income tax provision

-

-

-

-

-

-

-

-

-

-

-

375

Restricted cash

-

-

-

-

-1,656

-1,507

-3,263

1,041

-865

-7,368

69

1,045

Student contracts receivable, net

5,407

-148

414

-8,709

9,397

959

-4,621

8,733

-394

-234

290

34

Other assets

4,445

9,570

-2,502

15,905

23,475

12,632

15,072

-11,458

17,671

2,358

-6,620

6,998

Accounts payable and accrued expenses

-1,532

31,299

-26,718

-83

-1,201

3,798

5,036

5,362

358

3,054

-9,387

-3,177

Other liabilities

20,044

7,941

9,898

-1,874

17,136

7,176

9,738

7,009

4,035

1,715

219

-2,823

Net cash provided by operating activities

370,379

376,621

318,677

306,057

263,786

262,243

246,678

195,131

126,744

115,949

80,443

36,395

Investing activities
Proceeds from disposition of properties and land parcels

108,562

242,284

24,462

571,424

427,304

10,101

180,465

42,279

80,376

2,114

1,485

4,418

Proceeds from disposition of land

-

-

-

-

-

-

2,000

1,064

0

-

-

-

Cash paid for GMH acquisition

-

-

-

-

-

-

-

-

-

-

-

269,358

Cash paid for acquisition of properties and land parcels

8,559

26,626

375,541

103,660

291,352

74,641

234,326

1,106,047

236,865

154,461

-

11,287

Cash paid for land acquisitions

-

-

-

-

49,927

3,627

25,649

29,353

8,257

16,050

7,385

3,226

Investment in on-campus participating property under development

-

-

-

-

-

27,668

15,476

0

0

-

-

-

Investment in direct financing lease, net

-

-

-

-

0

0

-

-

-

-

-

-

Investment in loans receivable

-

-

-

-

5,176

0

60,888

2,000

0

-

-

-

Proceeds from loans receivable

-

-

-

-

7,483

2,984

0

4,000

-

-

-

-

Other investing activities

-1,963

1,669

5,608

17,559

7,033

-894

970

-405

-

-65

-

-

Investment in mezzanine loans

-

-

-

-

-

-

-

-

7,100

-

-

-

Proceeds from mezzanine loans

-

-

-

-

-

-

-

-

0

-

-

-

Investments in wholly-owned properties

-

-

-

-

-

-

-

-

-

-

-

139,570

Investments in on-campus participating properties

-

-

-

-

-

-

-

-

-

-

-

719

Change in restricted cash related to capital reserves

-

-

-

-

-2,955

-1,623

1,461

129

-1,523

-1,185

-2,108

2,745

(Increase) decrease in escrow deposits

-

-

-

-

-

-

-

-

975

-

-

-

Proceeds from insurance settlement

-

-

-

-

388

758

636

0

1,907

1,726

-

-

Increase in ownership of consolidated subsidiary

-

-

-

-

1,065

0

0

-

3,275

-

-

-

Investments in unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

499

401

10,610

Purchase of corporate furniture, fixtures and equipment

-

-

-

-

3,621

3,457

2,594

1,436

10,239

2,182

606

2,178

Net cash provided by (used in) investing activities

-416,140

-335,812

-977,772

-38,465

-239,455

-429,235

-509,999

-1,447,562

-423,584

-244,492

-123,528

-435,275

Financing activities
Proceeds from unsecured notes

398,816

0

399,648

0

399,244

399,444

398,636

0

0

-

-

100,000

Proceeds from contribution of properties to joint venture

-

-

-

-

-

-

-

-

-

-

-

74,368

Distributions paid to common and restricted stockholders

-

-

-

218,697

178,506

158,487

149,461

117,592

93,813

76,579

64,565

50,637

Proceeds from sale of common stock

0

0

190,912

816,065

216,666

89,317

0

1,391,750

208,980

388,871

207,719

264,500

Offering costs

0

0

2,374

32,923

3,250

1,340

0

56,320

3,602

15,814

9,369

12,249

Proceeds from mortgage loans

-

-

-

0

-

-

-

-

-

-

-

-

Pay-off of mortgage and construction loans

53,818

186,347

147,960

15,037

14,450

16,015

15,323

11,575

9,603

11,636

10,441

10,886

Redemption of preferred stock

-

-

-

-

-

-

-

-

-

-

-

131

Pay-off of mortgage and construction loans

-

-

-

374,971

263,361

178,002

82,066

137,529

299,838

110,662

110,949

24,362

Costs paid related to early extinguishment of debt

0

2,726

0

23,827

1,770

0

332

1,591

0

-

-

-

Pay-off of unsecured notes

-

-

-

600,000

0

0

-

-

-

-

-

-

Proceeds from unsecured term loans

0

0

500,000

150,000

0

0

250,000

150,000

200,000

-

-

-

Pay-off of secured term loan

-

-

-

-

-

-

-

-

100,000

-

-

-

Proceeds from revolving credit facility

949,000

1,095,500

1,164,700

376,000

720,200

615,900

609,055

638,000

378,000

61,800

209,405

45,800

Paydowns of revolving credit facility

910,600

835,800

1,136,400

345,600

893,800

611,850

732,605

665,000

90,000

54,800

130,105

40,700

Proceeds from construction loans

31,611

100,882

40,170

4,454

258

28,109

15,833

75,392

24,430

-

5,334

81,167

Proceeds from mortgage loans

0

330,000

0

-

-

-

-

-

-

-

-

-

Scheduled principal payments on debt

11,938

11,704

12,819

-

-

-

-

-

-

-

-

-

Change in construction accounts payable

-

-

-

-

-

-

-

-

-

-

2,747

6,591

Debt issuance costs

6,462

656

12,060

831

4,330

5,021

10,507

9,806

6,766

3,091

8,094

5,808

Increase in ownership of consolidated subsidiary

105,109

10,486

0

0

-

-

-

-

24,908

-

-

-

Contribution by noncontrolling interests

1,174

379,391

11,801

0

0

-

-

-

-

-

-

-

Taxes paid on net-share settlements

3,975

2,756

4,920

2,977

2,800

2,345

-

-

-

-

-

-

Proceeds from sale of preferred stock

-

-

-

-

-

-

-

-

-

-

-

131

Distributions paid to noncontrolling interests

9,487

153,841

77,243

2,517

2,964

2,285

2,612

4,111

1,750

2,009

2,610

2,195

Distributions paid

258,620

250,521

236,545

-

-

-

-

-

-

-

-

-

Redemption of common units for cash

-

-

-

-

3,871

0

0

132

306

123

-

-

Net cash (used in) provided by financing activities

20,592

936

676,910

-270,969

-32,734

153,303

280,618

1,251,486

205,732

175,957

83,578

412,407

Net change in cash, cash equivalents, and restricted cash

-25,169

41,745

17,815

-3,377

-8,403

-13,689

17,297

-945

-91,108

47,414

40,493

13,527

Supplemental disclosure of non-cash investing and financing activities
Loans associated with investment in joint ventures

0

0

104,056

0

69,423

0

107,250

645,823

0

247,752

-

-

Conversion of common and preferred operating partnership units to common stock

6,077

13,332

154

11,292

3,036

602

3,451

15,000

0

-

-

-

Non-cash contribution from noncontrolling interest

0

8,729

159,247

0

0

-

-

-

-

-

-

-

Loans associated with investment in joint ventures

-

-

-

-

0

-

-

-

-

-

-

-

Issuance of common units in connection with property acquisitions

-

-

-

-

14,182

0

-

-

-

-

-

-

Non-cash consideration exchanged in purchase of land parcel

0

0

3,071

0

0

-

-

-

-

-

-

-

Change in accrued construction in progress

37,260

54,975

50,714

20,734

5,720

3,996

-

-

-

-

-

-

Issuance of Common Units in connection with land acquisition

-

-

-

-

-

-

-

-

-

-

2,005

-

Issuance of common stock in connection with GMH acquisition

-

-

-

-

-

-

-

-

-

-

-

-154,697

Issuance of Common Units in connection with GMH acquisition

-

-

-

-

-

-

-

-

-

-

-

-199

Financing of equipment through capital lease obligations

-

-

-

-

-

-

-

-

281

-

629

-

Change in fair value of derivative instruments, net

-523

-2,108

954

1,150

-170

-740

5,226

-3,301

2,143

-1,147

761

-3,031

Change in fair value of redeemable noncontrolling interest

-14,350

-66,079

9,172

-7,937

4,462

-8,200

-

-

-

-

-

-

Change in ownership of consolidated subsidiary

0

-175,529

0

-

-

-

-

-

-

-

-

-

Change in ownership of consolidated subsidiary

-

-

-

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
Cash paid for interest, net of amounts capitalized

114,450

101,841

72,407

92,502

89,336

113,251

100,305

66,599

63,601

61,864

66,090

52,108

Income taxes paid

3,041

1,060

1,053

1,094

1,078

1,066

668

466

420

300

642

282

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Net income

86,762

119,124

70,121

100,623

-

-

-

-

-

-

-

-

Gain from disposition of real estate

-53

42,314

-632

21,197

-

-

-

-

-

-

-

-

Gain from insurance settlement

0

1,245

0

0

-

-

-

-

-

-

-

-

Gain (Loss) on Extinguishment of Debt

20,992

7,867

0

-12,841

-

-

-

-

-

-

-

-

Provision for impairment

17,214

0

15,317

4,895

-

-

-

-

-

-

-

-

Depreciation and amortization

275,046

263,203

234,955

211,387

-

-

-

-

-

-

-

-

Amortization of deferred financing costs and debt premiums/discounts

538

885

-2,871

-5,145

-

-

-

-

-

-

-

-

Share-based compensation

13,617

12,176

13,854

10,043

-

-

-

-

-

-

-

-

Income tax provision

1,507

2,429

989

1,150

-

-

-

-

-

-

-

-

Amortization of interest rate swap terminations and other

1,133

412

412

613

-

-

-

-

-

-

-

-

Termination of interest rate swaps

13,159

0

0

108

-

-

-

-

-

-

-

-

Student contracts receivable, net

5,407

-148

414

-8,709

-

-

-

-

-

-

-

-

Other assets

4,445

9,570

-2,502

15,905

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

-1,532

31,299

-26,718

-83

-

-

-

-

-

-

-

-

Other liabilities

20,044

7,941

9,898

-1,874

-

-

-

-

-

-

-

-

Net cash provided by operating activities

370,379

376,621

318,677

306,057

-

-

-

-

-

-

-

-

Proceeds from disposition of properties and land parcels

108,562

242,284

24,462

571,424

-

-

-

-

-

-

-

-

Cash paid for acquisition of properties and land parcels

8,559

26,626

375,541

103,660

-

-

-

-

-

-

-

-

Other investing activities

-1,963

1,669

5,608

17,559

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-416,140

-335,812

-977,772

-38,465

-

-

-

-

-

-

-

-

Proceeds from unsecured notes

398,816

0

399,648

0

-

-

-

-

-

-

-

-

Proceeds from issuance of common units in exchange for contributions, net

0

0

188,538

783,142

-

-

-

-

-

-

-

-

Pay-off of mortgage and construction loans

53,818

186,347

147,960

15,037

-

-

-

-

-

-

-

-

Costs paid related to early extinguishment of debt

0

2,726

0

23,827

-

-

-

-

-

-

-

-

Pay-off of unsecured notes

-

-

-

600,000

-

-

-

-

-

-

-

-

Proceeds from unsecured term loans

0

0

500,000

150,000

-

-

-

-

-

-

-

-

Proceeds from revolving credit facility

949,000

1,095,500

1,164,700

376,000

-

-

-

-

-

-

-

-

Paydowns of revolving credit facility

910,600

835,800

1,136,400

345,600

-

-

-

-

-

-

-

-

Proceeds from construction loans

31,611

100,882

40,170

4,454

-

-

-

-

-

-

-

-

Proceeds from mortgage loans

0

330,000

0

-

-

-

-

-

-

-

-

-

Scheduled principal payments on debt

11,938

11,704

12,819

-

-

-

-

-

-

-

-

-

Debt issuance costs

6,462

656

12,060

831

-

-

-

-

-

-

-

-

Increase in ownership of consolidated subsidiary

105,109

10,486

0

0

-

-

-

-

-

-

-

-

Contribution by noncontrolling interests

1,174

379,391

11,801

0

-

-

-

-

-

-

-

-

Taxes paid on net-share settlements

3,975

2,756

4,920

2,977

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

20,592

936

676,910

-270,969

-

-

-

-

-

-

-

-

Net change in cash, cash equivalents, and restricted cash

-25,169

41,745

17,815

-3,377

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

Interest paid

114,450

101,841

72,407

-

-

-

-

-

-

-

-

-

Income taxes paid

3,041

1,060

1,053

-

-

-

-

-

-

-

-

-

Owned properties
Capital expenditures

70,846

70,809

82,722

-

-

-

-

-

-

-

-

-

Wholly Owned Properties [Member]
Capital expenditures

-

-

-

61,587

-

-

-

-

-

-

-

-

Owned properties under development
Capital expenditures

444,362

475,338

534,830

424,139

-

-

-

-

-

-

-

-

On-campus participating properties
Capital expenditures

2,898

3,654

3,533

2,944

-

-

-

-

-

-

-

-

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Proceeds from mortgage loans

-

-

-

0

-

-

-

-

-

-

-

-

Pay-off of mortgage and construction loans

-

-

-

374,971

-

-

-

-

-

-

-

-

Change in accrued construction in progress

37,260

54,975

50,714

-

-

-

-

-

-

-

-

-

Term loans
Repayments of Unsecured Debt

0

450,000

0

-

-

-

-

-

-

-

-

-