| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Education Realty Operating Partnership L.P. | ||||||||
Operating activities: | ||||||||
Net income | ||||||||
46,237 | 44,704 | 20,082 | 47,654 | 4,631 | 8,637 | -10,775 | -42,291 | -7,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
95,501 | 81,413 | 68,022 | 58,974 | 48,098 | 33,240 | 23,858 | 21,984 | 22,787 |
Depreciation included in discontinued operations | ||||||||
- | - | - | - | 1,767 | 4,634 | 5,697 | 8,396 | 6,327 |
Deferred tax expense | ||||||||
1,928 | 285 | 87 | 165 | -260 | 1,043 | -197 | -841 | 228 |
Excess tax benefit related to the vesting of restricted stock | ||||||||
1,610 | 0 | 0 | - | - | - | - | - | - |
Loss on disposal of assets | ||||||||
-317 | -115 | -60 | -54 | -12 | -99 | -22 | -32 | -28 |
Gain on insurance settlement | ||||||||
- | - | - | 8,133 | 0 | 0 | - | - | - |
Gain on sale of collegiate housing properties | ||||||||
691 | 23,956 | 2,770 | 33,231 | 3,913 | 5,496 | 2,388 | 611 | - |
Write-off of development costs | ||||||||
927 | 0 | 0 | - | - | - | - | - | - |
Loss on extinguishment of debt included in discontinued operations | ||||||||
- | - | - | - | - | - | -406 | - | - |
Noncash rent expense related to the straight-line adjustment for long-term ground leases | ||||||||
4,696 | 4,731 | 4,782 | 4,835 | 5,255 | 4,364 | 4,208 | 984 | - |
Loss on impairment of collegiate housing properties | ||||||||
0 | 2,500 | 0 | 12,733 | 5,001 | 0 | 7,859 | - | - |
Loss on extinguishment of debt | ||||||||
-22 | -10,611 | -403 | -3,543 | 0 | 0 | -351 | 0 | 830 |
Amortization of deferred financing costs | ||||||||
1,574 | 1,731 | 2,089 | 2,156 | 1,758 | 1,215 | 1,197 | 1,152 | 939 |
Amortization of deferred financing costs included in discontinued operations | ||||||||
- | - | - | - | - | - | 48 | - | - |
Gain on redemption of noncontrolling interest | ||||||||
- | - | - | - | - | - | - | - | 60 |
Loss on interest rate cap | ||||||||
- | - | - | - | - | - | -5 | -235 | 204 |
Amortization of unamortized debt premiums | ||||||||
0 | -49 | -843 | -806 | -776 | -80 | -390 | -398 | -406 |
Distributions of earnings from unconsolidated entities | ||||||||
3,515 | 423 | 0 | 97 | 71 | 195 | 264 | 388 | 393 |
Noncash compensation expense related to stock-based incentive awards | ||||||||
3,789 | 3,898 | 2,814 | 2,249 | 2,127 | 2,041 | 1,502 | 783 | 677 |
Equity in earnings of unconsolidated entities | ||||||||
-65 | -328 | -668 | -710 | -203 | -363 | -447 | -260 | -1,410 |
Noncash adjustment of contingent consideration liability | ||||||||
-6,041 | 1,046 | 0 | 0 | - | - | - | - | - |
Student contracts receivable | ||||||||
1,762 | 1,425 | 813 | 1,766 | 315 | 19 | 239 | 20 | -112 |
Management fees receivable | ||||||||
35 | 106 | -57 | 12 | -268 | -304 | 406 | 250 | -124 |
Other assets | ||||||||
6,809 | -2,632 | -4,245 | -1,336 | -17,009 | 9,009 | 1,497 | 1,606 | -5,461 |
Accounts payable and accrued expenses | ||||||||
10,582 | 2,744 | -1,740 | 3,699 | -8,846 | 5,721 | 1,451 | 6,286 | 1,063 |
Accounts receivable (payable) affiliate | ||||||||
- | - | - | - | - | - | - | -18 | -7 |
Deferred revenue | ||||||||
-761 | 1,006 | 1,614 | -5,036 | 5,317 | 4,142 | 2,614 | 2,608 | 436 |
Net cash provided by operating activities (net of acquisitions) | ||||||||
151,444 | 132,631 | 98,757 | 89,221 | 77,407 | 51,394 | 34,037 | 32,269 | 33,235 |
Investing activities: | ||||||||
Property acquisitions | ||||||||
127,647 | 267,425 | 57,876 | 131,392 | 109,482 | 239,065 | 156,463 | 45,500 | - |
Purchase of corporate assets | ||||||||
1,744 | 1,278 | 920 | 11,477 | 787 | 3,106 | 173 | 173 | 209 |
Restricted cash | ||||||||
- | - | - | -1,911 | 5,843 | 1,584 | 35 | 212 | -1,016 |
Insurance proceeds received on property losses | ||||||||
- | - | - | 2,129 | 16,860 | 3,900 | 0 | 0 | 234 |
Investment in collegiate housing properties | ||||||||
15,943 | 22,827 | 14,396 | 16,150 | 17,183 | 22,599 | 22,129 | 17,978 | 11,298 |
Proceeds from sale of collegiate housing properties | ||||||||
17,738 | 94,951 | 12,333 | 133,117 | 40,256 | 67,261 | 73,821 | 51,522 | 210 |
Notes receivable | ||||||||
0 | 1,667 | 1,792 | 250 | 125 | 0 | 0 | - | - |
Collections on notes receivable | ||||||||
- | - | - | 18,000 | 3,000 | 1,800 | 75 | 2,148 | - |
Earnest money deposits | ||||||||
15 | 912 | 100 | - | - | - | - | - | - |
Investment in assets under development | ||||||||
459,023 | 331,907 | 184,429 | 222,296 | 215,409 | 157,840 | 46,966 | 1,146 | 31,098 |
Reimbursement of development related costs | ||||||||
14,197 | 0 | 0 | - | - | - | - | - | - |
Distributions from unconsolidated entities | ||||||||
178 | 266 | 1,584 | 0 | 0 | 82 | 285 | 777 | - |
Loans to developments | ||||||||
- | - | - | - | - | 3,000 | 8,128 | 9,872 | - |
Earnest money deposits | ||||||||
- | - | - | 250 | 125 | 3,000 | 75 | 0 | - |
Investments in unconsolidated entities | ||||||||
0 | 0 | 580 | 9,117 | 9,475 | 11,797 | 25 | 40 | 493 |
Net cash used in investing activities | ||||||||
-572,259 | -527,465 | -246,176 | -235,775 | -298,313 | -368,948 | -159,813 | -20,474 | -41,638 |
Financing activities: | ||||||||
Payment of mortgage and construction loans | ||||||||
62,721 | 183,862 | 108,179 | 190,102 | 97,931 | 79,185 | 58,225 | 38,337 | 101,631 |
Borrowings under mortgage and construction loans | ||||||||
146 | 40,974 | 65,491 | - | - | - | - | - | - |
Borrowings on unsecured notes | ||||||||
150,000 | 0 | 0 | - | - | - | - | - | - |
Borrowings under construction loans | ||||||||
- | - | - | 17,865 | 90,123 | 71,156 | 12,558 | 0 | 66,143 |
Borrowings on unsecured term loan | ||||||||
- | - | - | 187,500 | 0 | - | - | - | - |
Borrowings on senior unsecured notes | ||||||||
- | - | - | 250,000 | 0 | - | - | - | - |
Debt issuance costs | ||||||||
775 | 69 | 958 | 6,419 | 4,578 | 1,026 | 1,527 | -6 | - |
Debt extinguishment costs | ||||||||
0 | 10,290 | 403 | 2,807 | 0 | 0 | 562 | 1,354 | - |
Borrowings on line of credit | ||||||||
602,000 | 20,000 | 199,000 | 380,000 | 302,033 | 141,000 | 0 | 31,700 | 28,000 |
Repayments of line of credit | ||||||||
273,000 | 0 | 223,000 | 712,900 | 24,133 | 62,000 | 3,700 | 28,000 | 60,900 |
Proceeds from issuance of common units in exchange for contributions | ||||||||
110,000 | 625,242 | 297,247 | 289,584 | 16,890 | 220,441 | 265,318 | 12,599 | 122,561 |
Payment of offering costs | ||||||||
405 | 896 | 571 | 866 | 238 | 805 | 1,007 | 158 | 6,428 |
Purchase and return of equity to noncontrolling interests | ||||||||
0 | 19,656 | 0 | - | - | - | - | 167 | - |
Purchase and return of equity to noncontrolling interests | ||||||||
- | - | - | 10,138 | 7,664 | 349 | 0 | - | - |
Contributions from noncontrolling interests | ||||||||
14,789 | 27,125 | 5,547 | 2,230 | 1,197 | 4,039 | 0 | - | - |
Dividends and distributions paid to common and restricted stockholders | ||||||||
113,761 | 103,419 | 70,512 | 59,149 | 48,010 | 33,959 | 17,722 | 11,477 | 14,491 |
Dividends and distributions paid to noncontrolling interests | ||||||||
1,136 | 546 | 1,231 | 1,011 | 449 | 532 | 502 | 818 | 839 |
Return of equity to noncontrolling interests | ||||||||
- | - | - | - | - | - | - | 0 | - |
Contributions from noncontrolling interests | ||||||||
- | - | - | - | - | - | - | 0 | - |
Repurchases of common stock for payments of restricted stock tax withholding | ||||||||
2,563 | 315 | 213 | 921 | 1,300 | 0 | 0 | - | - |
Redemption of redeemable noncontrolling interest | ||||||||
0 | 667 | 0 | - | - | - | - | - | - |
Settlement of financing arrangement | ||||||||
14,917 | 0 | 0 | - | - | - | - | - | - |
Redemption of OP Units for cash | ||||||||
- | - | - | 0 | - | - | - | - | - |
Net cash provided by financing activities | ||||||||
407,657 | 393,621 | 162,218 | 142,866 | 225,940 | 258,780 | 194,631 | -36,006 | 30,569 |
Net change in cash and cash equivalents and restricted cash | ||||||||
-13,158 | -1,213 | 14,799 | -3,688 | 5,034 | -58,774 | 68,855 | -24,211 | 22,166 |
Supplemental disclosure of cash flow information: | ||||||||
Interest paid, net of amounts capitalized | ||||||||
14,110 | 10,694 | 25,715 | 20,548 | 23,060 | 18,402 | 19,526 | 19,764 | 25,269 |
Income taxes paid | ||||||||
318 | 293 | 73 | 45 | 542 | 76 | 339 | 1,456 | 1,658 |
Supplemental disclosure of noncash activities: | ||||||||
Redemption of redeemable noncontrolling interests from unit holder to shares of common stock | ||||||||
2,004 | 2,036 | 1,748 | 0 | 0 | 606 | 0 | 0 | 109 |
Stock-based compensation | ||||||||
- | - | - | - | - | - | 1,453 | - | - |
Capital expenditures in accounts payable and accrued expenses related to developments | ||||||||
77,384 | 39,125 | 22,225 | 18,558 | 15,425 | 20,028 | 7,049,000 | - | - |
Noncash contribution of land from joint venture partner | ||||||||
1,350 | 0 | 0 | - | - | - | - | - | - |
Noncash acquisition of noncontrolling interest | ||||||||
2,889 | 0 | 0 | - | - | - | - | - | - |
Mortgage and construction loans assumed in connection with property acquisitions | ||||||||
- | - | - | - | 32,420 | 48,451 | - | - | - |
Note receivable received in connection with sale of collegiate housing property | ||||||||
- | - | - | - | - | - | - | - | 2,300 |