Q4 2012 Analyst Package - Investor Relations

Transcription

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BRINGING
QUALITY
TOGETHER
Supplemental Analyst Package | 4Q-2012
February 12, 2013
AMERICAN CAMPUS COMMUNITIES |
TABLE OF CONTENTS
Financial Highlights ___________________________________________________________________________
1
Consolidated Balance Sheets ___________________________________________________________________
2
Consolidated Statements of Comprehensive Income _________________________________________________
3
Consolidated Statements of Funds from Operations __________________________________________________
4
Wholly-owned Property Results of Operations ______________________________________________________
5
Seasonality of Operations ______________________________________________________________________
6
Capital Structure _____________________________________________________________________________
7
Portfolio Overview ___________________________________________________________________________
8
2013/2014 Leasing Status - Summary____________________________________________________________
9
2013/2014 Leasing Status - Detail_______________________________________________________________
10
Owned Development Update ____________________________________________________________________
16
Mezzanine Investment Update __________________________________________________________________
17
Third-party Development Update ________________________________________________________________
18
Management Services Update ___________________________________________________________________
19
Investor Information _________________________________________________________________________
20
FINANCIAL HIGHLIGHTS
$ in thousands, except share and per share data
Operating Data
Three Months Ended December 31,
2012
Total revenues
$ 155,686
Operating income
40,810
Net income attributable to ACC
23,655
Net income per share - basic
0.23
Net income per share - diluted
0.23
FFO
58,473
FFO per share—diluted
0.57
FFOM
57,070
FFOM per share—diluted
0.56
FFOM (excluding acquisition-related costs)
60,397
FFOM per share (excluding acquisition-related costs)
0.59
Operating Statistics
Debt to gross asset value2
Debt to total market capitalization3 4
Unencumbered asset value to unsecured debt 5
Secured debt to gross asset value
Interest coverage6
Net debt to EBITDA7
1.
2.
3.
4.
5.
6.
7.
1
1
1
1
2011
$ 104,934
30,646
15,835
0.22
0.22
39,391
0.54
36,693
0.50
37,551
0.52
$ Change
$
50,752
10,164
7,820
Year Ended December 31,
% Change
48.4%
33.2%
19,082
48.4%
20,377
55.5%
22,846
60.8%
December 31, 2012
December 31, 2011
37.7%
29.5%
477.0%
26.6%
3.73
6.31
42.0%
30.4%
342.0%
27.5%
3.21
6.62
2012
$ 491,290
115,915
56,636
0.66
0.65
168,355
1.95
165,015
1.91
174,662
2.02
1
1
1
1
2011
$ 386,767
98,773
56,629
0.81
0.80
132,287
1.87
128,079
1.81
129,616
1.83
$ Change
$ 104,523
17,142
7
% Change
27.0%
17.4%
36,068
27.3%
36,936
28.8%
45,046
34.8%
Includes $3.3 million and $9.7 million for the three months and year ended December 31, 2012, respectively, of acquisition-related costs such as broker fees, due diligence costs and legal and accounting
fees.
Gross asset value is the book value of the company’s total assets, calculated in accordance with generally accepted accounting principles, excluding accumulated depreciation and our on-campus
participating properties.
Excludes debt related to our on-campus participating properties totaling $76.7 million and $79.3 million as of December 31, 2012 and December 31, 2011, respectively, as well as net unamortized debt
premiums of $86.6 million and $5.1 million as of December 31, 2012 and December 31, 2011, respectively.
Market capitalization is calculated based on a common share price of $46.13 and $41.96 as of December 31, 2012 and December 31, 2011, respectively, and fully diluted common shares totaling
106,488,084 and 74,322,409 as of December 31, 2012 and December 31, 2011, respectively.
Unencumbered asset value is the sum of (i) the company’s undepreciated real estate assets which are not subject to secured debt; and (ii) all other assets, excluding accounts receivable and intangibles,
for such properties.
Based on earnings before interest, taxes, depreciation, and amortization (―EBITDA‖), as defined in the company’s Credit Facility Agreement, and cash interest expense of $227.1 million and $60.9 million,
respectively, for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture.
Net debt is calculated as total debt less cash on hand. 2012 EBITDA includes an additional $95.4 million of budgeted EBITDA for properties purchased during 2012 so that a full 12 months of EBITDA is
reflected for such properties. 2011 EBITDA includes an additional $17.0 million of actual EBITDA for properties purchased during 2011 so that a full 12 months of EBITDA is reflected for such properties.
AMERICAN CAMPUS COMMUNITIES | 1
CONSOLIDATED BALANCE SHEETS
$ in thousands
December 31, 20121
December 31, 2011
(unaudited)
Assets
Investments in real estate:
Wholly-owned properties, net
$
Wholly-owned properties held for sale
4,871,376
$
-
On-campus participating properties, net
2,761,757
27,300
57,346
59,850
4,928,722
2,848,907
Cash and cash equivalents
21,454
22,399
Restricted cash
36,790
22,956
Investments in real estate, net
Student contracts receivable, net
Other assets
Total assets
$
7,287
5,324
124,709
108,996
5,118,962
$
3,008,582
1,509,105
$
858,530
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt
$
Unsecured term loan
350,000
200,000
Unsecured revolving credit facility
258,000
273,000
Secured agency facility
104,000
116,000
56,046
36,884
Accounts payable and accrued expenses
Other liabilities
Total liabilities
Redeemable noncontrolling interests
107,223
77,840
2,384,374
1,562,254
57,534
42,529
Equity:
American Campus Communities, Inc. and
Subsidiaries stockholders' equity:
Common stock
Additional paid in capital
Accumulated earnings and dividends
Accumulated other comprehensive loss
Total American Campus Communities, Inc. and
Subsidiaries stockholders' equity
Noncontrolling interests
1.
725
1,664,416
(347,521)
(286,565)
(6,661)
(3,360)
2,648,381
Total equity
Total liabilities and equity
1,043
3,001,520
$
1,375,216
28,673
28,583
2,677,054
1,403,799
5,118,962
$
3,008,582
Balance sheet amounts represent preliminary purchase price allocations for properties acquired as part of the Campus Acquisitions and Kayne Anderson portfolio acquisitions. Such allocations will be
finalized upon filing of the company’s Form 10-K.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2012
2011
$ Change
(unaudited)
Revenues
Wholly-owned properties
On-campus participating properties
Third-party development services
Third-party management services
Resident services
$
Total revenues
61,586
2,767
2,885
7,205
39,046
1,387
Total operating expenses
$
104,934
2
$
50,752
41,049
2,685
3,567
3,821
22,182
984
1
50,414
263
(200)
(17)
292
448,052
26,166
8,574
6,893
1,605
$
491,290
20,537
82
(682)
3,384
16,864
403
210,307
11,073
10,898
22,965
115,884
4,248
345,411
25,252
7,497
7,254
1,353
$
386,767
104,523
163,857
10,180
11,368
12,752
86,229
3,608
1
2
102,641
914
1,077
(361)
252
46,450
893
(470)
10,213
29,655
640
114,876
74,288
40,588
375,375
287,994
87,381
40,810
30,646
10,164
115,915
98,773
17,142
Nonoperating income and (expenses)
Interest income
Interest expense
Amortization of deferred financing costs
(Loss) income from unconsolidated joint ventures
Other nonoperating income
402
(16,986)
(1,435)
397
Total nonoperating expenses
Income from continuing operations
209
(12,665)
(1,332)
(574)
-
193
(4,321)
(103)
574
397
1,760
(56,577)
(4,482)
444
411
(17,622)
(14,362)
(3,260)
23,188
(232)
16,284
(60)
6,904
(172)
3
22,956
Discontinued operations
(Loss) income attributable to discontinued operations
Loss from early extinguishment of debt
Gain from disposition of real estate
16,224
(190)
(1,591)
4,229
Total discontinued operations
2,448
Net income
Net income attributable to noncontrolling interests
25,404
(1,749)
6,732
(337)
232
147
(1,591)
3,997
(105)
2,553
9,285
(1,465)
16,119
(284)
582
(51,593)
(5,107)
(641)
-
1,178
(4,984)
625
1,085
411
(58,444)
(56,759)
(1,685)
57,471
(725)
42,014
(433)
15,457
(292)
3
56,746
41,581
771
(1,591)
4,312
15,165
1,585
14,806
(814)
(1,591)
(10,494)
3,492
16,391
(12,899)
60,238
(3,602)
57,972
(1,343)
2,266
(2,259)
Net income attributable to American
Campus Communities, Inc. and Subsidiaries
$
23,655
$
15,835
$
7,820
$
56,636
$
56,629
$
Other comprehensive income (loss)
Change in fair value of interest rate swaps
Comprehensive income
$
890
24,545
$
748
16,583
$
142
7,962
$
(3,301)
53,335
$
2,143
58,772
$
Net income per share attributable to
American Campus Communities, Inc. and
Subsidiaries common stockholders
Basic
$
0.23
$
0.22
$
0.66
$
0.81
$
0.23
$
0.22
$
0.65
$
0.80
Diluted
Weighted-average common shares
outstanding
Basic
Diluted
3.
93,292
8,137
1,347
1,827
331
Operating income
Income before income taxes and discontinued
operations
Income tax provision
2.
$
155,686
Operating expenses
Wholly-owned properties
On-campus participating properties
Third-party development and management services
General and administrative
Depreciation and amortization
Ground/facility leases
1.
143,706
8,400
1,147
1,810
623
2012
2011
$ Change
(unaudited)
100,517,983
71,295,963
84,711,584
69,243,203
102,248,249
72,746,157
85,309,451
69,807,394
7
(5,444)
(5,437)
Wholly-owned properties operating expenses for the three months and year ended December 31, 2012 include $0.3 million and $1.8 million, respectively, of acquisition-related costs such as broker fees,
due diligence costs and legal and accounting fees.
General and administrative expenses for the three months and year ended December 31, 2012 include $2.8 million and $7.5 million, respectively, of acquisition-related costs such as due diligence costs
and legal and accounting fees related to our recent portfolio acquisitions in September 2012 and November 2012.
Interest expense for the three months and year ended December 31, 2012, respectively, includes $0.2 million and $0.4 million of acquisition-related costs associated with bridge loan commitments
obtained in connection with our recent portfolio acquisitions in September 2012 and November 2012.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
Unaudited, $ in thousands, except share and per share data
2012
2011
$ Change
Net income attributable to American Campus Communities,
Inc. and Subsidiaries
Noncontrolling interests 1
Gain from disposition of real estate
Loss (income) from unconsolidated joint ventures
FFO from unconsolidated joint ventures 2
Real estate related depreciation and amortization
Elimination of provision for asset impairment - wholly -owned
properties3
Elimination of provision for asset impairment - unconsolidated
joint ventures4
$
58,473
Elimination of operations of on-campus participating properties
Net income from on-campus participating properties
Amortization of investment in on-campus participating
properties
Modifications to reflect operational performance of on-campus
participating properties
Our share of net cash flow5
Management fees
Impact of on-campus participating properties
2.
3.
4.
5.
6.
7.
8.
$
-
Funds from operations ("FFO")
1.
23,655
407
(4,229)
38,640
15,835
284
(232)
574
(557)
22,382
$
7,820
123
(3,997)
(574)
557
16,258
559
(559)
546
39,391
(546)
19,082
2011
$ Change
2012
$
56,636
1,205
(4,312)
(444)
429
114,841
$
168,355
56,629
1,343
(14,806)
641
(576)
87,951
$
7
(138)
10,494
(1,085)
1,005
26,890
559
(559)
546
132,287
(546)
36,068
(2,703)
(2,498)
(205)
(3,238)
(3,074)
(164)
(1,163)
54,607
(1,138)
35,755
(25)
18,852
(4,644)
160,473
(4,468)
124,745
(176)
35,728
498
374
872
564
374
938
(66)
(66)
2,065
1,188
3,253
2,190
1,144
3,334
1,591
-
Elimination of loss from early extinguishment of debt 6
Elimination of gain on debt restructuring unconsolidated joint venture7
Loss on remeasurement of equity method investment 8
Funds from operations-modified ("FFOM")
$
FFO per share - diluted
FFOM per share - diluted
Weighted average common shares outstanding - diluted
$
0.57
$
0.56
102,362,377
$
$
0.54
0.50
72,860,285
$
$
1.95
1.91
86,375,470
$
$
1.87
1.81
70,834,789
Acquisition-related costs
FFOM (excluding acquisition-related costs)
FFOM per share (excluding acquisition-related costs)
$
$
$
$
$
$
858
37,551
0.52
$
$
$
9,647
174,662
2.02
$
$
$
1,537
129,616
1.83
1,591
57,070
3,327
60,397
0.59
-
$
36,693
1,591
$
20,377
$
(424)
122
165,015
$
128,079
(125)
44
(81)
1,591
$
(424)
122
36,936
Excludes $0.4 million and $1.4 million for the three months and year ended December 31, 2012, respectively, of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011
from a seller that retained a 20.5% noncontrolling interest in the property. Also excludes $1.0 million for both the three months and year ended December 31, 2012, of income attributable to the seller of University
Edge, a property subject to a pre-sale arrangement that was consolidated for financial reporting purposes prior to our purchase of the property in December 2012.
Represents our 10% share of FFO from a joint venture with Fidelity (―Fund II‖) in which we were a noncontrolling partner. In January 2012, we purchased the full ownership interest in the one remaining property owned
by Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company.
Represents an impairment charge recorded for Pirates Cove, a property sold in April 2012.
Represents our share of impairment charges recorded for properties owned through our unconsolidated Fidelity Joint Ventures.
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents actual cash received for the year-todate periods and amounts accrued for the interim periods.
Represents losses associated with the early pay-off of mortgage loans for Brookstone Village and Campus Walk in connection with the sale of those properties in October 2012. Such costs are excluded from gains from
disposition of real estate reported in accordance with GAAP. However, we view the losses from early extinguishment of debt associated with the sales of real estate as an incremental cost of the sale transactions because
we extinguished the debt in connection with the consummation of the sale transactions and we had no intent to extinguish the debt absent such transactions. We believe that adjusting FFO to exclude these losses more
appropriately reflects the results of our operations exclusive of the impact of our disposition transactions.
Immediately prior to our purchase of University Heights from Fund II (see Note 2), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a
discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff. Our 10% share of such gain
is reflected above as an adjustment to FFOM.
Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012.
WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1
$ in thousands
2012
Wholly-owned property revenues
Same store properties
New properties
Total revenues 2
2011
$
93,762
50,567
$ 144,329
Wholly-owned property operating expenses
$
New properties
Total operating expenses
$
40,338
21,248
61,586
Wholly-owned property net operating income
$
53,424
New properties
29,319
Total net operating income
$ 82,743
$
$
3
$
$
$
$
$ Change
91,586
2,037
93,623
$
39,478
1,571
41,049
$
52,108
466
52,574
$
$
$
$
2,176
48,530
50,706
860
19,677
20,537
1,316
28,853
30,169
% Change
2.4%
54.2%
2.2%
50.0%
2.5%
57.4%
2012
2011
$
344,447
105,210
$ 449,657
$
159,986
50,321
$ 210,307
$
184,461
54,889
$ 239,350
$
3
$ Change
335,465
11,299
$ 346,764
$
$
157,084
6,773
$ 163,857
$
$
$
178,381
4,526
$ 182,907
8,982
93,911
$ 102,893
$
$
2,902
43,548
46,450
6,080
50,363
56,443
% Change
2.7%
29.7%
1.8%
28.3%
3.4%
30.9%
Note: The same store grouping above represents properties owned or operated for the entire comparative periods presented. The fourth quarter same store grouping includes properties purchased or
developed prior to October 1, 2011. The year-to-date same store grouping includes properties purchased or developed prior to January 1, 2011.
1.
2.
3.
Does not include sold properties that are included in discontinued operations on the accompanying consolidated statements of comprehensive income.
Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income.
Operating expenses for the three months and year ended December 31, 2012 include $0.3 million and $1.8 million, respectively, of acquisition-related costs such as broker fees, due diligence costs and
legal and accounting fees.
SEASONALITY OF OPERATIONS1
$ in thousands, except for per bed amounts
Three Months Ended
December 31, 2011
March 31, 2012
June 30, 2012
September 30, 2012
December 31, 2012
Total/Weighted Average2
Last 12 Months
Revenue per occupied bed
Rental revenue per occupied bed per month
3
Other income per occupied bed per month
Total revenue per occupied bed
$
524
$
31
$
Average number of owned beds
555
$
35
$
52,632
Average physical occupancy for the quarter
524
559
$
39
$
52,632
98.4%
518
557
$
55
$
52,632
98.5%
518
573
$
525
$
565
31
$
52,632
94.7%
541
572
40
52,632
95.3%
52,632
97.4%
96.5%
Total revenue
$
86,263
$
86,940
$
83,236
$
86,309
$
87,962
$
344,447
Property operating expenses
Net operating income
$
37,072
49,191
$
37,570
49,370
$
37,929
45,307
$
47,078
39,231
$
37,519
50,443
$
160,096
184,351
Operating margin
57.0%
56.8%
54.4%
45.5%
57.3%
53.5%
4
New properties
3
Other income per occupied bed per month
$
530
$
57
587
$
581
$
85
666
$
586
$
75
661
4,500
6,924
7,295
92.9%
87.1%
86.7%
Total revenue
$
Operating margin
7,360
$
3,977
12,054
$
5,748
12,532
$
599
$
64
663
$
649
$
621
$
60
709
$
66
687
12,791
27,668
95.4%
$
6,792
24,257
13,669
95.8%
$
13,604
56,367
93.4%
$
24,067
105,210
50,211
$
3,383
46.0%
$
6,306
52.3%
$
5,740
45.8%
$
10,653
43.9%
$
32,300
57.3%
$
54,999
52.3%
$
524
$
530
$
526
$
534
$
578
$
545
$
590
ALL PROPERTIES
Other income per occupied bed per month 3
33
$
$
93,623
52,574
56.2%
$
$
98,994
55,676
56.2%
$
$
95,768
51,047
53.3%
$
$
110,566
49,884
45.1%
45
66,301
96.8%
$
60,682
$
619
80,300
95.3%
44,721
$
591
41
65,423
93.7%
43,318
$
569
57
59,927
97.2%
41,049
$
570
43
59,556
98.0%
Operating margin
$
57,132
Total revenue
557
40
144,329
95.8%
$
61,586
$
82,743
57.3%
449,657
210,307
$
239,350
53.2%
Note: The same store grouping above includes properties owned or operating for the entire year ended December 31, 2011 (i.e. properties purchased or developed prior to January 1, 2011.)
1.
2.
3.
4.
Does not include sold properties that are included in discontinued operations on the accompanying consolidated statements of comprehensive income.
For the four most recently completed fiscal quarters.
Other income is all income other than Net Student Rent. This includes, but is not limited to, utility income, damages, parking income, summer conference rent, application and administration fees, income from retail
tenants, etc.
Includes the following properties opened or acquired in 2011 and 2012: Villas at Babcock, Villas on Sycamore, Lobo Village, University Village Northwest, Eagles Trail, U Club Townhomes on Woodward, 26 West, The
Varsity, The Plaza on University (formerly University Shoppes), University Heights-Knoxville, Avalon Heights, University Commons, The Block, The Retreat, University Edge, the 15-property Campus Acquisitions portfolio
acquired in September 2012, 11 properties that completed construction and opened for operations in August and September 2012 and the 19-property Kayne Anderson portfolio acquired in November 2012. Also includes
Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010. The 72 beds damaged by the fire reopened for occupancy in August 2011.
CAPITAL STRUCTURE AS OF DECEMBER 31, 2012
1.
2.
3.
4.
5.
6.
Gross asset value is the book value of the company’s total assets calculated in accordance with generally accepted accounting principles, excluding accumulated depreciation and our on-campus
participating properties.
Unencumbered asset value is the sum of (i) the company’s undepreciated real estate assets which are not subject to secured debt; and (ii) all other assets, excluding accounts receivable and intangibles,
for such properties.
Excludes debt related to our on-campus participating properties totaling $76.7 million with a weighted average interest rate of 7.2% and average term maturity of 7.3 years. Also excludes net
unamortized debt premiums of $86.6 million.
Based on share price of $46.13 and fully diluted share count of 106,488,084 as of December 31, 2012. Assumes conversion of 1,247,204 common and preferred Operating Partnership units and 575,668
unvested restricted stock awards.
Based on earnings before interest, taxes, depreciation, and amortization (―EBITDA‖), as defined in the company’s Credit Facility Agreement, and cash interest expense of $227.1 million and $60.9 million,
respectively, for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture.
Net debt is calculated as total debt less cash on hand as of December 31, 2012. Includes an additional $95.4 million of budgeted EBITDA for properties owned less than 12 months so that a full 12 months
of EBITDA is reflected for such properties.
PORTFOLIO OVERVIEW
Summary
Physical Occupancy
at December 31,
Property Type
Units
Beds
2012
2011
17,497
56,384
97.4%
98.1%
New Development Properties 2
1,915
6,703
95.2%
n/a
New Acquisition Properties 3
2,260
6,740
97.3%
n/a
C ampus Acquisitions Portfolio 4
2,498
6,579
94.1%
n/a
Same Store Wholly-owned Properties
New Wholly-owned Properties 1
Kayne Anderson Portfolio
5
New Wholly-owned Properties - Total
Wholly-owned Properties - Total
On-campus Participating Properties
4,080
11,683
93.3%
n/a
10,753
31,705
94.7%
n/a
28,250
88,089
96.4%
98.1%
1,863
4,519
96.7%
96.7%
6
Note: The same store grouping above includes all properties owned by the company as of December 31, 2011.
1.
2.
3.
4.
5.
6.
Two properties currently undergoing redevelopment, U Club Townhomes on Woodward and The Plaza on University (formerly University Shoppes), are excluded from the new property grouping for both
periods presented.
Includes 11 properties that completed construction and opened for operations in August and September 2012.
Includes the following properties: (1) 26 West, a 1,026-bed property purchased in December 2011; (2) The Varsity, a 901-bed property purchased in December 2011; (3) University Heights, a 636-bed
property purchased from one of the Fidelity Joint Ventures in January 2012; (4) Avalon Heights, a 754-bed property purchased in May 2012; (5) University Commons, a 480-bed property purchased in
June 2012; (6) The Block, a 1,555-bed property purchased in August 2012; and (7) The Retreat, a 780-bed property purchased in September 2012. Also includes University Edge, a 608-bed property that
was previously subject to a pre-sale agreement and was purchased by the company in December 2012.
The company acquired this 15-property portfolio in September 2012.
The company acquired this 19-property portfolio in November 2012.
Excludes properties that were not owned as of December 31, 2011.
2013/2014 LEASING STATUS
Wholly-owned properties – summary
Current Year
Applications + Leases
Q4 2013 Same Store Wholly-owned Properties
Legacy Properties
2012 Acquisitions-C ampus Acquisitions Portfolio
2012 Acquisitions-Other
Subtotal-Q4 2013 Same Store Wholly-owned Properties
New Wholly-owned Properties
2013 Development Properties
Subtotal-New Wholly-owned Properties
Total-Wholly-owned Properties
Applications
+ Leases 1
Rentable
Beds 2
Prior Year
% of
Rentable
Beds
Applications
+ Leases 1
Rentable
Beds 2
% of
Rentable
Beds
30,939
3,080
2,015
36,034
64,842
6,532
4,188
75,562
47.7%
47.2%
48.1%
47.7%
35,018
n/a
115
35,133
64,839
n/a
627
65,466
54.0%
n/a
18.3%
53.7%
5,149
3,602
8,751
12,035
4,523
16,558
42.8%
79.6%
52.9%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
44,785
92,120
48.6%
35,133
65,466
Current Year
Leases
Q4 2013 Same Store Wholly-owned Properties
Legacy Properties
2012 Acquisitions-C ampus Acquisitions Portfolio
2012 Acquisitions-Other
Subtotal-Q4 2013 Same Store Wholly-owned Properties
New Wholly-owned Properties
2013 Development Deliveries
Subtotal-New Wholly-owned Properties
Total-Wholly-owned Properties
Leases
1
Rentable
Beds 2
53.7%
Design
Beds
4
4
4
Final Fall
2012
Occupancy 3
65,622
6,579
4,205
76,406
97.0%
93.9%
98.7%
96.9%
12,049
4,553
16,602
92.2%
n/a
92.2%
93,008
96.2%
4
4
Prior Year
% of
Rentable
Beds
Leases
1
Rentable
Beds 2
% of
Rentable
Beds
27,982
2,873
1,851
32,706
64,842
6,532
4,188
75,562
43.2%
44.0%
44.2%
43.3%
30,329
n/a
77
30,406
64,839
n/a
627
65,466
46.8%
n/a
12.3%
46.4%
4,648
2,998
7,646
12,035
4,523
16,558
38.6%
66.3%
46.2%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
40,352
92,120
43.8%
30,406
65,466
46.4%
Final Fall
2012
Occupancy 3
Initial
Rate
Increase
Projected
Rate
Increase 5
65,622
6,579
4,205
76,406
97.0%
93.9%
98.7%
96.9%
2.5%
-0.9%
2.7%
2.2%
2.5%
-1.0%
2.7%
2.1%
12,049
4,553
16,602
92.2%
n/a
92.2%
0.3%
n/a
n/a
0.3%
n/a
n/a
93,008
96.2%
n/a
n/a
Design
Beds
4
4
4
4
4
Note: The same store grouping presented above for purposes of disclosing the pre-leasing status for the upcoming 2013/2014 academic year represents properties that will be classified as same store
properties during the fourth quarter 2013 (the first full quarter of operations in the 2013/2014 academic year.) This represents properties purchased or developed prior to October 1, 2012.
1.
2.
3.
4.
5.
As of February 8, 2013 for the current year and February 8, 2012 for the prior year.
Rentable beds exclude beds needed for on-site staff.
As of September 30, 2012.
Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds and final fall 2012 occupancy.
Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy.
Q4 2013 same store legacy properties with final fall 2012 occupancy of 98%
or greater
Current Year
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.-30.
31.
32.
33.-35.
36.
37.
38.
39.-40.
41.
1.
2.
3.
4.
5.
26 West-Austin, TX
University C rossings-Philadelphia, PA
C asas del Rio-Albuquerque, NM (AC E)
The View-Lincoln, NE
C ampus C orner-Bloomington, IN
University Meadows-Mt. Pleasant, MI
Hilltop Townhomes-Flagstaff, AZ (AC E)
2nd Avenue C entre-Gainesville, FL
Aztec C orner-San Diego, C A
C hapel Ridge-C hapel Hill, NC
The C allaway House-C ollege Station, TX
C ampus Edge on UTA Boulevard-Arlington, TX
University Oaks-C olumbia, SC
The Suites-Flagstaff, AZ (AC E)
Royal Village-Gainesville, FL
C ampus Way-Tuscaloosa, AL
U C lub Townhomes on Marion Pugh-C ollege Station, TX
The Edge-C harlotte, NC
University Greens-Norman, OK
University Heights-Birmingham, AL
University Walk-C harlotte, NC
U C lub on Frey-Kennesaw, GA
Olde Towne University Square-Toledo, OH
C hapel View-C hapel Hill, NC
University Village at Boulder C reek-Boulder, C O
Abbott Place-East Lansing, MI
Eagles Trail-Hattiesburg, MS
The Summit & Jacob Heights-Mankato, MN
Villas on Rensch-Amherst, NY
State C ollege Park-State C ollege, PA
University Village -Tallahassee, FL
C allaway Villas-C ollege Station, TX
Lobo Village-Albuquerque, NM (AC E)
The Estates-Gainesville, FL
Willowtree Apartments and Towers-Ann Arbor, MI
University Village-Prairie View, TX (AC E) 5
Leases
981
990
365
187
409
442
422
844
230
253
480
223
641
285
407
227
629
447
330
199
119
301
378
123
295
284
157
391
336
639
629
178
177
509
347
0
1
Rentable
Beds 2
1,013
1,007
1,006
588
786
616
569
858
593
535
527
483
655
537
441
671
633
713
511
520
474
450
548
349
299
646
781
914
600
743
716
691
848
1,029
843
142
Prior Year
% of
Rentable
Beds
96.8%
98.3%
36.3%
31.8%
52.0%
71.8%
74.2%
98.4%
38.8%
47.3%
91.1%
46.2%
97.9%
53.1%
92.3%
33.8%
99.4%
62.7%
64.6%
38.3%
25.1%
66.9%
69.0%
35.2%
98.7%
44.0%
20.1%
42.8%
56.0%
86.0%
87.8%
25.8%
20.9%
49.5%
41.2%
0.0%
Leases
698
930
339
139
557
559
565
813
254
276
394
181
446
282
433
198
628
247
263
146
113
452
313
151
295
384
93
551
172
622
709
286
556
508
300
0
1
Rentable
Beds 2
1,015
1,005
1,000
588
786
616
569
858
593
535
527
483
653
537
441
671
633
720
512
520
480
450
548
349
299
646
788
914
600
742
716
691
844
1,029
843
142
% of
Rentable
Beds
68.8%
92.5%
33.9%
23.6%
70.9%
90.7%
99.3%
94.8%
42.8%
51.6%
74.8%
37.5%
68.3%
52.5%
98.2%
29.5%
99.2%
34.3%
51.4%
28.1%
23.5%
100.4%
57.1%
43.3%
98.7%
59.4%
11.8%
60.3%
28.7%
83.8%
99.0%
41.4%
65.9%
49.4%
35.6%
0.0%
Design
Beds
1,026
1,016
1,028
590
796
616
576
868
606
544
538
488
662
550
448
680
640
720
516
528
480
456
550
358
309
654
792
930
610
752
716
704
864
1,044
851
144
Final Fall
2012
Occupancy 3
99.5%
99.4%
99.5%
100.0%
99.2%
98.5%
99.3%
99.5%
98.3%
98.9%
104.1%
100.0%
99.1%
99.1%
98.0%
98.8%
99.4%
98.9%
98.8%
99.4%
99.0%
99.1%
100.2%
98.0%
98.7%
99.4%
98.7%
98.6%
99.0%
99.3%
99.4%
99.3%
99.0%
98.3%
99.5%
100.0%
Initial
Rate
Increase
8.4%
5.2%
5.3%
5.1%
4.7%
4.7%
4.3%
3.8%
4.3%
4.3%
4.2%
4.2%
3.7%
4.1%
3.3%
3.9%
3.1%
3.8%
3.7%
3.7%
3.7%
3.8%
3.3%
3.5%
3.5%
3.5%
3.2%
3.4%
3.4%
2.9%
3.3%
3.1%
3.1%
3.0%
3.0%
3.0%
Projected
Rate
Increase 4
8.7%
5.8%
5.3%
5.1%
5.0%
4.7%
4.6%
4.5%
4.3%
4.3%
4.2%
4.2%
4.1%
4.1%
4.0%
3.9%
3.9%
3.8%
3.7%
3.7%
3.7%
3.6%
3.6%
3.5%
3.5%
3.5%
3.5%
3.4%
3.4%
3.4%
3.3%
3.1%
3.1%
3.0%
3.0%
3.0%
Property is leased under the University on-campus assignment process.
Q4 2013 same store legacy properties with final fall 2012 occupancy of 98%
or greater, continued
Current Year
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
1.
2.
3.
4.
Sunnyside C ommons-Morgantown, WV
Sanctuary Lofts-San Marcos, TX
University C lub Apartments-Gainesville, FL
Nittany C rossing-State C ollege, PA
The C entre-Kalamazoo, MI
University Village at Sweethome-Amherst, NY
Hawks Landing-Oxford, OH
University Pines-Statesboro, GA
The Village at Overton Park-Lubbock, TX
The Edge-Orlando, FL
The C lub-Athens, GA
The Highlands-Reno, NV
Peninsular Place-Ypsilanti, MI
Tower at 3rd-C hampaigne, IL
Aggie Station-Bryan, TX
Newtown C rossing-Lexington, KY
C ollege C lub Townhomes-Tallahassee, FL
Villas at C hestnut Ridge-Amherst, NY
South View-Harrisonburg, VA
University Village-Sacramento, C A
The Outpost-San Marcos, TX
Lion's C rossing-State C ollege, PA
The Enclave-Bowling Green, OH
GrandMarc Seven C orners-Minneapolis, MN
The Village at Science Drive-Orlando, FL
The Village at Blacksburg, VA
University C entre-Newark, NJ
Subtotal - Q4 2013 Same Store Legacy Properties
With Final Fall 2012 Occupancy of 98% or
Greater
Prior Year
Leases 1
160
204
143
504
174
143
292
108
308
203
175
147
106
240
194
578
209
245
530
147
148
337
116
142
281
574
244
Rentable
Beds 2
161
482
373
674
698
815
480
547
603
918
473
722
471
373
442
935
540
543
952
382
480
688
480
434
724
1,046
829
% of
Rentable
Beds
99.4%
42.3%
38.3%
74.8%
24.9%
17.5%
60.8%
19.7%
51.1%
22.1%
37.0%
20.4%
22.5%
64.3%
43.9%
61.8%
38.7%
45.1%
55.7%
38.5%
30.8%
49.0%
24.2%
32.7%
38.8%
54.9%
29.4%
20,506
39,600
51.8%
Leases 1
162
250
196
607
243
149
449
178
335
437
342
178
111
225
274
658
235
161
698
115
338
363
161
194
246
836
525
Rentable
Beds 2
161
482
373
674
698
815
480
547
599
918
473
721
471
373
442
935
540
543
952
382
480
688
480
434
724
1,045
824
% of
Rentable
Beds
100.6%
51.9%
52.5%
90.1%
34.8%
18.3%
93.5%
32.5%
55.9%
47.6%
72.3%
24.7%
23.6%
60.3%
62.0%
70.4%
43.5%
29.7%
73.3%
30.1%
70.4%
52.8%
33.5%
44.7%
34.0%
80.0%
63.7%
Design
Beds
161
487
376
684
700
828
484
552
612
930
480
732
478
375
450
942
544
552
960
394
486
696
480
440
732
1,056
838
Final Fall
2012
Occupancy 3
100.6%
98.2%
98.1%
99.3%
99.1%
99.2%
98.8%
98.7%
98.7%
98.6%
98.1%
98.9%
99.4%
98.9%
100.0%
99.4%
98.3%
98.9%
98.3%
100.5%
99.0%
99.4%
98.3%
126.4%
98.0%
99.5%
98.2%
Initial
Rate
Increase
2.9%
2.9%
2.9%
2.7%
2.7%
2.7%
2.7%
2.7%
2.6%
2.5%
2.5%
2.4%
2.3%
2.0%
2.2%
2.2%
2.1%
2.1%
2.0%
1.9%
2.5%
1.6%
1.3%
1.0%
0.3%
2.9%
-2.8%
Projected
Rate
Increase 4
2.9%
2.9%
2.9%
2.7%
2.7%
2.7%
2.7%
2.7%
2.6%
2.5%
2.5%
2.4%
2.3%
2.3%
2.2%
2.2%
2.1%
2.1%
2.0%
1.9%
1.6%
1.6%
1.3%
1.0%
0.3%
-1.7%
-2.8%
22,519
39,597
56.9%
40,099
99.4%
3.2%
3.1%
Q4 2013 same store legacy properties with final fall 2012 occupancy between
95% and 98%
Current Year
1.
2.-3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.-16.
17.
18.
19.
20.
21.
22.
23.
24.
1.
2.
3.
4.
Royal Lexington-Lexington, KY
University C lub Townhomes-Tallahassee, FL
C ampus Trails-Starkville, MS
University Manor-Greenville, NC
Barrett Honors-Tempe, AZ (AC E)
Burbank C ommons - Baton Rouge, LA
Uptown-Denton, TX
University C rescent-Baton Rouge, LA
C ity Parc at Fry Street-Denton, TX
University Trails-Lubbock, TX
University Mills-C edar Falls, IA
The C ommons-JMU-Harrisonburg, VA
Stone Gate-Harrisonburg, VA
The Villas at Vista del Sol & Vista del Sol-Tempe, AZ (AC E)
Lakeside-Athens, GA
Villas on Sycamore-Huntsville, TX
University Pointe-Lubbock, TX
Villas at Babcock-San Antonio, TX
University Village-Fresno, C A
The Village at Alafaya C lub-Orlando, FL
The Woods at Greenland-Murfreesboro, TN
Northgate Lakes-Oviedo, FL
With Final Fall 2012 Occupancy Between 95% and
98%
Prior Year
Leases 1
364
226
212
149
618
81
172
214
95
271
159
165
670
789
151
228
208
145
73
213
29
200
Rentable
Beds 2
362
728
474
594
1,715
530
522
612
410
678
481
524
672
2,224
766
673
674
786
398
829
273
710
% of
Rentable
Beds
100.6%
31.0%
44.7%
25.1%
36.0%
15.3%
33.0%
35.0%
23.2%
40.0%
33.1%
31.5%
99.7%
35.5%
19.7%
33.9%
30.9%
18.4%
18.3%
25.7%
10.6%
28.2%
5,432
15,635
34.7%
Leases 1
98
235
349
200
67
125
200
279
123
266
260
250
430
1,353
320
266
273
194
113
279
43
208
Rentable
Beds 2
362
728
474
594
1,715
530
522
612
410
676
481
524
672
2,224
766
673
674
786
398
829
272
710
% of
Rentable
Beds
27.1%
32.3%
73.6%
33.7%
3.9%
23.6%
38.3%
45.6%
30.0%
39.3%
54.1%
47.7%
64.0%
60.8%
41.8%
39.5%
40.5%
24.7%
28.4%
33.7%
15.8%
29.3%
Design
Beds
364
736
480
600
1,721
532
528
612
418
684
481
528
672
2,266
776
680
682
792
406
839
276
710
Final Fall
2012
Occupancy 3
97.8%
95.8%
97.9%
97.7%
96.7%
97.2%
97.0%
97.2%
96.7%
96.5%
96.5%
96.2%
96.3%
97.9%
95.9%
95.7%
97.4%
96.5%
95.8%
96.4%
95.7%
97.0%
Initial
Rate
Increase
10.5%
5.6%
4.1%
3.8%
3.5%
3.2%
2.7%
2.4%
2.1%
2.0%
1.9%
1.9%
1.9%
1.8%
1.8%
1.4%
1.3%
1.1%
0.8%
0.7%
0.7%
0.4%
Projected
Rate
Increase 4
10.5%
5.6%
4.1%
3.6%
3.5%
3.2%
2.7%
2.4%
2.1%
2.0%
1.9%
1.9%
1.9%
1.8%
1.7%
1.3%
1.3%
1.1%
0.8%
0.7%
0.7%
0.4%
5,931
15,632
37.9%
15,783
96.8%
2.4%
2.4%
Q4 2013 same store legacy properties with final fall 2012 occupancy less
than 95%
Current Year
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15
University Place-C harlottesville, VA
Pirates Place Townhomes-Greenville, NC
C asa de Oro-Glendale, AZ (AC E) 5
The Village on Sixth Avenue-Huntington, WV
University Gables-Murfreesboro, TN
Raider's C rossing-Murfreesboro, TN
The Varsity-C ollege Park, MD 6
C ampus Ridge-Johnson C ity, TN
University Village-Philadelphia, PA
The Outpost- San Antonio, TX
University Edge-Kent, OH
Blanton C ommon-Valdosta, GA
Entrada Real-Tucson, AZ
University Pointe at C ollege Station-Portland, OR (AC E)
Raiders Pass-Lubbock, TX
With Final Fall 2012 Occupancy Less than 95%
Total - Q4 2013 Same Store Legacy Properties
1.
2.
3.
4.
5.
6.
Prior Year
Rentable
Beds 2
520
523
348
744
640
275
890
522
733
822
600
858
360
957
818
% of
Rentable
Beds
18.8%
28.1%
0.0%
14.2%
12.7%
15.6%
9.6%
31.0%
20.5%
19.3%
40.5%
27.4%
14.7%
12.7%
23.8%
Design
Beds
528
528
365
752
648
276
901
528
749
828
608
860
363
978
828
Final Fall
2012
Occupancy 3
90.7%
91.5%
57.0%
94.5%
92.0%
91.3%
93.0%
88.8%
83.2%
90.7%
90.3%
82.9%
87.1%
87.0%
84.2%
Initial
Rate
Increase
4.4%
3.5%
1.5%
1.4%
1.4%
0.6%
0.2%
-0.6%
-0.7%
-0.8%
-0.9%
-1.5%
-2.0%
-2.0%
-3.7%
Projected
Rate
Increase 4
4.4%
3.3%
1.5%
1.4%
1.4%
0.6%
0.2%
-0.6%
-0.7%
-0.8%
-0.8%
-1.5%
-2.0%
-2.0%
-3.7%
1,879
9,610
19.6%
9,740
87.6%
-0.3%
-0.3%
30,329
64,839
46.8%
65,622
97.0%
2.5%
2.5%
Rentable
Beds 2
520
523
348
746
640
275
890
522
733
822
600
851
360
959
818
% of
Rentable
Beds
14.0%
20.1%
0.0%
11.9%
18.6%
8.7%
19.8%
30.5%
16.6%
7.5%
95.3%
22.3%
20.6%
11.7%
20.4%
Leases
98
147
0
106
81
43
85
162
150
159
243
235
53
122
195
2,044
9,607
21.3%
27,982
64,842
43.2%
Leases
73
105
0
89
119
24
176
159
122
62
572
190
74
112
167
1
1
The company owns a 79.5% interest in this property.
2012 acquisitions
Current Year
Beds
253
780
748
478
600
1,555
1,206
470
117
311
606
Leases
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3,395
7,124
47.7%
n/a
308
208
151
126
189
180
117
50
386
766
627
315
459
416
172
455
79.8%
27.2%
24.1%
40.0%
41.2%
43.3%
68.0%
11.0%
1,329
3,596
37.0%
Rentable
1
2
3
4
5
6
7
8
9
10.-11.
12
1.
2.
3.
4.
5.
6.
7.
8.
Icon Plaza-Los Angeles, CA
The Retreat-San Marcos, TX
Avalon Heights-Tampa Bay, FL
University Commons-Minneapolis, MN
Landmark-Ann Arbor, MI
The Block-Austin, TX
Campustown-Ames, IA
Garnet River Walk-West Colombia, SC
Union-Waco, TX
Vintage and Texan West Campus-Austin, TX
The Castilian-Austin, TX
Subtotal - 2012 Acquisitions with Final Fall 2012
Occupancy of 98% or Greater
Chauncey Square-West Lafayette, IN
Campustown Rentals-Champaign, IL
University Heights-Knoxville, TN
Bishops Square-San Marcos, TX
River Mill-Athens, GA
309 Green-Champagne, IL
Lofts54-Champaigne, IL
922 Place-Tempe, AZ
Subtotal - 2012 Acquisitions with Final Fall 2012
Occupancy Less than 95%
Total - 2012 Acquisitions
Total - Q4 2013 Same Store Wholly-owned Properties
1.
2.
3.
4.
5.
Prior Year
% of
Rentable
Beds
28.5%
31.3%
36.9%
28.2%
74.8%
67.2%
46.2%
41.5%
63.2%
93.9%
9.2%
Leases
72
244
276
135
449
1,045
557
195
74
292
56
1
2
Final Fall
2012
Projected
Rate
% of
Rentable
Beds
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Design
Beds
253
780
754
480
606
1,555
1,206
476
120
311
623
Occupancy
104.0%
98.6%
99.9%
112.9%
101.3%
98.6%
100.7%
98.7%
99.2%
94.9%
105.5%
n/a
n/a
7,164
100.9%
1.4%
1.3%
n/a
n/a
77
n/a
n/a
n/a
n/a
n/a
n/a
n/a
627
n/a
n/a
n/a
n/a
n/a
n/a
n/a
12.3%
n/a
n/a
n/a
n/a
n/a
386
766
636
315
461
416
172
468
87.3%
94.9%
86.9%
88.3%
84.8%
90.1%
88.4%
61.1%
3.3%
1.7%
1.4%
-1.5%
-2.7%
-4.5%
-10.0%
-13.2%
3.3%
1.7%
1.4%
-1.5%
-2.7%
-4.5%
-10.0%
-13.2%
77
627
12.3%
5
3,620
85.6%
-2.1%
-2.1%
10,784
95.8%
0.5%
0.4%
76,406
96.9%
2.2%
2.1%
Rentable
1
Beds
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2
4,724
10,720
44.1%
77
627
12.3%
5
32,706
75,562
43.3%
30,406
65,466
46.4%
5
3
Initial Rate
Increase
3.9%
3.7%
3.2%
2.7%
2.6%
2.5%
3.2%
0.6%
-1.0%
-3.2%
-5.3%
Increase 4
3.9%
3.7%
3.2%
2.7%
2.6%
2.5%
1.9%
0.6%
-1.0%
-3.2%
-5.3%
Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds.
New wholly-owned properties
Current Year
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18-19.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Forest Village & Woodlake-C olumbia, MO
The Province-Rochester, NY
U C lub C ottages-Baton Rouge, LA
The C ottages of Durham-Durham, NH
The C ottages of C olumbia-C olumbia, MO
The C ottages of Baton Rouge-Baton Rouge, LA
The Lodges of East Lansing-East Lansing, MI
West 27th Place-Los Angeles, C A
The Province-Greensboro, NC
U Pointe Kennesaw-Kennesaw, GA
RAMZ Apartments on Broad-Richmond, VA
The Province-Louisville, KY
The Province-Tampa-Tampa, FL
Grindstone C anyon-C olumbia, MO
25Twenty-Lubbock, TX
The Province-Fairborn, OH
The Lofts of C apital Garage-Richmond, VA
5 Twenty Four and 5 Twenty Five Angliana-Lexington, KY
Subtotal - Kayne Anderson Portfolio
2.
3.
4.
5.
6.
Rentable
Beds 2
704
816
308
617
509
1,290
1,049
475
696
795
172
858
947
384
554
657
144
1,060
12,035
Leases
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1
Rentable
Beds 2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
% of
Rentable
Beds
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Design
Beds
704
816
308
619
513
1,290
1,049
475
696
795
172
858
947
384
562
657
144
1,060
12,049
Final Fall
2012
Occupancy 3
98.9%
98.3%
99.7%
99.5%
97.3%
98.4%
99.3%
98.8%
90.9%
83.3%
82.0%
90.0%
87.9%
91.1%
91.6%
83.7%
77.8%
82.1%
92.2%
Initial
Rate
Increase
3.4%
3.2%
3.1%
2.7%
2.6%
2.5%
1.9%
1.4%
0.6%
0.0%
-0.9%
-1.1%
-1.5%
-1.8%
-2.1%
-2.2%
-2.7%
-6.8%
0.3%
Projected
Rate
Increase 4
3.4%
3.2%
3.1%
2.7%
2.6%
2.5%
1.9%
1.4%
0.6%
0.0%
-0.9%
-1.1%
-1.5%
-1.8%
-2.1%
-2.2%
-2.7%
-6.8%
0.3%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6
n/a
n/a
6
n/a
n/a
C hestnut Square-Philadelphia, PA (AC E)
601 C opeland-Tallahassee, FL
U C lub on Woodward-Tallahassee, FL
Townhomes at Newtown C rossings-Lexington, KY
The C allaway House Austin-Austin, TX
The Penthouse at C allaway-Austin, TX
Townhomes at Overton Park-Lubbock, TX
University View (PVAMU Phase VII)-Prairie View, TX (AC E) 5
Manzanita Hall-Tempe, AZ (AC E) 5
Subtotal - 2013 Development Deliveries
870
282
442
591
630
80
103
0
0
2,998
860
279
444
608
652
88
444
336
812
4,523
101.2%
101.1%
99.5%
97.2%
96.6%
90.9%
23.2%
0.0%
0.0%
66.3%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
861
283
448
608
661
92
448
336
816
4,553
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Total - New Wholly-owned Properties
7,646
16,558
46.2%
n/a
n/a
n/a
16,602
92.2
Total - Wholly-owned Properties
1.
Leases
318
327
303
367
273
782
512
106
140
94
20
149
220
223
227
94
15
478
4,648
1
Prior Year
% of
Rentable
Beds
45.2%
40.1%
98.4%
59.5%
53.6%
60.6%
48.8%
22.3%
20.1%
11.8%
11.6%
17.4%
23.2%
58.1%
41.0%
14.3%
10.4%
45.1%
38.6%
40,352
92,120
43.8%
30,406
65,466
46.4%
6
93,008
96.2%
Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds and final fall 2012 occupancy.
OWNED DEVELOPMENT UPDATE
$ in thousands
PROJECTS UNDER CONSTRUCTION
Manzanita Hall (Triad)4
Project
Type
ACE
Location
Tempe, AZ
Primary University
Served
Arizona State Univ.
The Callaway House
Off-campus
Austin, TX
Chestnut Square
ACE
U Club on Woodward
Town. at Overton Park
Project
60,100
26,291
762
27,053
50%
August 2013
861
97,600
46,665
743
47,408
53%
September 2013
112
448
29,000
10,219
7,300
17,519
55%
August 2013
112
448
29,200
11,313
8,179
19,492
65%
August 2013
Florida State Univ.
81
283
21,200
4,739
1,790
6,529
23%
August 2013
Prairie View A&M Univ.
96
336
15,600
4,183
226
4,409
31%
August 2013
1,081
3,945
$
364
1,313
$
1%
August 2014
364
1,313
$
219
753
Philadelphia, PA
Drexel Univ.
220
Off-campus
Tallahassee, FL
Florida State Univ.
Off-campus
Lubbock, TX
Texas Tech Univ.
601 Copeland
Off-campus
Tallahassee, FL
University View (PVAMU Phase VII)
ACE
Prairie View, TX
SUBTOTAL - 2013 DELIVERIES
Univ. of Central Florida
SUBTOTAL - 2014 DELIVERIES
OWNED DEVELOPMENT PIPELINE6
$
303,000
$
112,300
$
112,300
$
121,968
3,961
3,961
$
$
$
19,639
$
25,963
$
25,963
$
Complete 3
36%
Scheduled
Completion
August 2013
Incurred
$
19,197
The Univ. of TX at Austin
Orlando, FL
%
Other2
$
639
Beds
816
Off-campus
As of December 31, 2012
Land and
Total Costs
CIP1
18,558
Units
241
The Plaza on University 5
Estimated
Project Cost
$
50,300
141,607
29,924
29,924
7
Project
Project
Type
Location
Primary University
Served
Kennesaw State Univ. Phase II
Off-campus
Kennesaw, GA
Kennesaw State Univ.
Texas A&M University
ACE
College Station, TX Texas A&M Univ.
Merwick Stanworth Housing9
ACE
Princeton, NJ
Lancaster Project 1 0
ACE
USC Health Sciences Campus
ACE
Carbondale Development
Off-campus
Estimated
Anticipated
Commencement
Approx.
Targeted Beds
Q2 2013
408
Q2 2013
784
36,300
August 2014
Princeton University
Q2 2013
600
77,700
July 2014/2015
Philadelphia, PA
Drexel Univ.
Q3 2013
1,316
Los Angeles, CA
Univ. of So. California
TBD
460
Carbondale, IL
Southern Illinois Univ.
TBD
650
4,218
Project Cost8
$
23,200
168,000
$
Targeted
Completion
August 2014
August 2015
49,000
TBD
32,100
386,300
TBD
The total construction in progress (―CIP‖) balance above excludes $1.0 million related to ongoing renovation projects at operating properties, as well as the CIP balance of $7.7 million related to the
Townhomes at Newtown Crossing property in Lexington, KY that is discussed on page 17.
Consists of amounts incurred to purchase the land for off-campus development projects, as well as any other development-related expenditures not included in CIP such as deposits, furniture, etc.
3. Based on costs incurred under the general construction contract as of December 31, 2012.
4. This project consists of the redevelopment of an existing student housing high-rise building into a new residence hall product, utilizing the existing building structure.
5. Formerly referred to as University Shoppes, this project was purchased in July 2011. In October 2012, demolition of the existing retail center began in connection with the development of a new
mixed-use community.
6. Does not include undeveloped land parcels in 4 university markets totaling $22.7 million.
7. Commencement of owned off-campus development projects is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in
the construction market, and current capital market conditions. ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE
projects is subject to various levels of university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the
construction market, and current capital market conditions.
8. Estimated project costs include land and other predevelopment costs of $9.1 million incurred as of December 31, 2012 for owned development pipeline projects.
9. This faculty and staff community consists of two phases, with the first phase anticipated to be completed in July 2014 and the second phase anticipated to be completed in July 2015.
10. This project represents the second ACE project that the company is building at Drexel University and was awarded to the company in December 2012. A predevelopment agreement was executed in
February 2013.
1.
2.
MEZZANINE INVESTMENT UPDATE
$ in thousands
Project
University Edge1
Location
Kent, OH
Town. at Newtown Crossing2 Lexington, KY
Primary
University
Served
Kent State Univ.
Units
201
Beds
608
Univ. of Kentucky
152
608
Mezzanine
Investment
$
2,000
$
1.
2.
2,000
Structure
Pre-sale
Purchase
Price
$
31,200
Actual or
Targeted
Completion
August 2012
Status
Purchased December 2012
38,750
August 2013
Under Construction
Pre-sale
$
69,950
The company previously provided mezzanine financing to a private developer and was obligated to purchase the property once construction was completed and certain closing conditions were met. The
property opened for operations in August 2012 and the company completed the purchase of the property in December 2012.
In July 2012, the company provided mezzanine financing to a private developer and is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions
are met. The company is responsible for leasing, management, and initial operations of the project while the third-party developer retains the development risk. As of December 31, 2012, the company is
including this property in its consolidated financial statements. Therefore, as of December 31, 2012, the company has included the following amounts in its consolidated balance sheet: land of $7.6
million, construction in progress of $7.7 million, and construction loan payable of $12.1 million.
THIRD-PARTY DEVELOPMENT UPDATE
$ in thousands
2012
2011
$ Change
Development services revenue
% of total revenue
$
1,147
0.7%
$
1,347
1.3%
$
2012
(200)
$
2011
$ Change
8,574
1.7%
$
7,497
1.9%
$
1,077
CONTRACTED PROJECTS IN PROGRESS
Project
Location
Primary University Served
Dolphins Cove
Staten Island, NY
North Campus Village - Housing
Units
Beds
City University of New York
133
454
Total Fees
$
2,620
Fees Earned as
of December 31,
2012
$
1,549
Fees Earned in
Current Year
Remaining Fees
as of December
31, 2012
Scheduled
Completion
$
$
1,071
August 2013
1,549
Ashland, OR
Southern Oregon University
206
702
1,925
1,376
1,376
549
August 2013
North Campus Village - Dining Hall
Ashland, OR
Southern Oregon University
n/a
n/a
350
240
240
110
August 2013
Lakeside Graduate Community
Princeton, NJ
Princeton University
329
715
3,200
1,438
1,438
1,762
August 2014
668
1,871
1
$
8,095
$
4,603
$
4,603
$
3,492
ON-CAMPUS AWARD PIPELINE2
Project
Location
Anticipated Financing
Structure
West Virginia University Project
Morgantown, WV
University Crossings3
Philadelphia, PA
1.
2.
3.
Anticipated
Commencement
Estimated Fees
TBD
TBD
TBD
ACE
Q3 2013
n/a
The Company is earning a fee to assist the University in building a dining hall that will be located adjacent to the student housing project. The dining hall will be owned by the University and will
be operated by a third-party food service operator.
These awards relate to speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, and fluctuations in the construction
and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions.
The company and Drexel University have entered into a letter of intent to convert this American Campus owned off-campus housing community containing 1,016 beds into an ACE transaction
structure.
MANAGEMENT SERVICES UPDATE
$ in thousands
2012
Management services revenue
$
% of total revenue
1,810
1.2%
2011
$
1,827
$ Change
$
(17)
2012
$
1.7%
2011
6,893
$
1.4%
$ Change
7,254
$
(361)
1.9%
NEW/PENDING MANAGEMENT CONTRACTS
Approximate
Beds
Property
Location
West Village Suites
Hamilton, ON, CA
McMaster University
454
UT Dallas Residence Hall Phase III
Richardson, TX
University of Texas at Dallas
400
Jaguar Court
Victoria, TX
University of Houston - Victoria
Dolphins Cove
Staten Island, NY
City University of New York
Stabilized
Annual Fees1
$
Actual or
Anticipated
Commencement
100
April 2012
75
August 2012
180
30
August 2012
454
255
460
August 2013
$
DISCONTINUED MANAGEMENT CONTRACTS
Property
Location
Bayou Oaks
Houston, TX
University of Houston
1.
Beds
490
2013 Fee
Contribution
Prior to
Termination
$
78
Discontinued
As Of
July 2013
Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels.
INVESTOR INFORMATION
Executive Management
Bill Bayless
Greg Dowell
Jon Graf
William Talbot
C hief
C hief
C hief
C hief
Executive Officer
Operating Officer
Financial Officer
Investment Officer
Research Coverage
Jeffery Spector / Jana Galan
Bank of America / Merrill Lynch
(646) 855-1363 / (646) 855-3081
[email protected] / [email protected]
Michael Bilerman / Eric Wolfe
C itigroup Equity Research
(212) 816-1383 / (212) 816-5871
John Perry
Deutsche Bank Securities, Inc.
(212) 250-4912
[email protected]
Matthew Rand
Goldman Sachs & C o
(212) 902-4227
[email protected]
Andrew McC ulloch
Green Street Advisors
(949) 640-8780
[email protected]
C arol Kemple
Hilliard Lyons
(502) 588-1839
[email protected]
Steve Sakwa / Seth Laughlin
ISI Group Inc.
(212) 446-9462 / (212) 446-9458
Anthony Paolone / Molly McC artin
J.P. Morgan Securities
(212) 622-6682 / (212) 622-6615
[email protected] /[email protected]
Jordan Sadler / Karin Ford
KeyBanc C apital Markets
(917) 368-2280 / (917) 368-2293
Ryan Meliker / Jonathan Petersen
MLV & C o
(212) 542-5872 / (646) 556-9185
Paula Poskon
Robert W. Baird & C o., Inc.
(703) 821-5782
[email protected]
Alexander Goldfarb / James Milam
Sandler O'Neill + Partners, L.P.
(212) 466-7937 / (212) 466-8066
Ross Nussbaum
UBS Investment Research
(212) 713-2484
[email protected]
American C ampus C ommunities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American C ampus C ommunities, Inc.'s
performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of the company or its management. American C ampus C ommunities,
Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
Additional Information
C orporate Headquarters:
American C ampus C ommunities, Inc.
12700 Hill C ountry Blvd., Suite T-200
Austin, Texas 78738
Tel: (512) 732-1000; Fax: (512) 732-2450
www.americancampus.com
Investor Relations:
Gina C owart
VP, Investor Relations and C orporate Marketing
(512) 732-1041
FORWARD-LOOKING STATEMENT
In addition to historical information, this supplemental
package contains forward-looking statements under the
federal securities law. These statements are based on
current expectations, estimates and projections about the
industry and markets in which American Campus
operates, management's beliefs, and assumptions made
by management. Forward-looking statements are not
guarantees of future performance and involve certain risks
and uncertainties, which are difficult to predict.

Q4 2012 Analyst Package - Investor Relations

Transcription

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