Maryland
|
76-0753089
|
|
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
(IRS
Employer Identification No.)
|
|
805
Las Cimas Parkway, Suite 400
Austin,
TX
(Address
of Principal Executive Offices)
|
78746
(Zip
Code)
|
PAGE
NO.
|
||
PART
I.
|
||
Item
1.
|
Consolidated
Financial Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
23
|
||
38
|
||
38
|
||
39
|
||
40
|
||
March
31, 2010
|
December
31, 2009
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Investments
in real estate:
|
||||||||
Wholly-owned
properties, net
|
$ | 1,977,067 | $ | 2,014,970 | ||||
Wholly-owned
property held for sale
|
9,100 | - | ||||||
On-campus
participating properties, net
|
64,655 | 65,690 | ||||||
Investments
in real estate, net
|
2,050,822 | 2,080,660 | ||||||
Cash
and cash equivalents
|
21,550 | 66,093 | ||||||
Restricted
cash
|
28,451 | 29,899 | ||||||
Student
contracts receivable, net
|
4,520 | 5,381 | ||||||
Other
assets
|
50,212 | 52,948 | ||||||
Total
assets
|
$ | 2,155,555 | $ | 2,234,981 | ||||
Liabilities
and equity
|
||||||||
Liabilities:
|
||||||||
Secured
mortgage, construction and bond debt
|
$ | 974,539 | $ | 1,029,455 | ||||
Senior
secured term loan
|
100,000 | 100,000 | ||||||
Secured
agency facility
|
94,000 | 94,000 | ||||||
Accounts
payable and accrued expenses
|
22,214 | 26,543 | ||||||
Other
liabilities
|
46,521 | 45,487 | ||||||
Total
liabilities
|
1,237,274 | 1,295,485 | ||||||
Redeemable
noncontrolling interests
|
36,015 | 36,722 | ||||||
Equity:
|
||||||||
American
Campus Communities, Inc. stockholders’ equity:
Common
stock, $.01 par value, 800,000,000 shares authorized,
52,293,300
and 52,203,893 shares issued and outstanding at
March
31, 2010 and December 31, 2009, respectively
|
521 | 521 | ||||||
Additional
paid in capital
|
1,092,301 | 1,092,030 | ||||||
Accumulated
earnings and dividends
|
(209,201 | ) | (189,165 | ) | ||||
Accumulated
other comprehensive loss
|
(5,188 | ) | (4,356 | ) | ||||
Total
American Campus Communities, Inc. stockholders’ equity
|
878,433 | 899,030 | ||||||
Noncontrolling
interests
|
3,833 | 3,744 | ||||||
Total
equity
|
882,266 | 902,774 | ||||||
Total
liabilities and equity
|
$ | 2,155,555 | $ | 2,234,981 |
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Revenues:
|
||||||||
Wholly-owned
properties
|
$ | 71,192 | $ | 65,335 | ||||
On-campus
participating properties
|
7,311 | 6,874 | ||||||
Third
party development services
|
574 | 1,052 | ||||||
Third
party management services
|
2,214 | 2,242 | ||||||
Resident
services
|
252 | 240 | ||||||
Total
revenues
|
81,543 | 75,743 | ||||||
Operating
expenses:
|
||||||||
Wholly-owned
properties
|
31,476 | 30,490 | ||||||
On-campus
participating properties
|
2,399 | 2,030 | ||||||
Third
party development and management services
|
3,099 | 2,977 | ||||||
General
and administrative
|
2,753 | 2,748 | ||||||
Depreciation
and amortization
|
17,488 | 19,332 | ||||||
Ground/facility
leases
|
571 | 552 | ||||||
Total
operating expenses
|
57,786 | 58,129 | ||||||
Operating
income
|
23,757 | 17,614 | ||||||
Nonoperating
income and (expenses):
|
||||||||
Interest
income
|
17 | 39 | ||||||
Interest
expense
|
(15,301 | ) | (15,264 | ) | ||||
Amortization
of deferred financing costs
|
(1,042 | ) | (790 | ) | ||||
Loss
from unconsolidated joint ventures
|
(1,414 | ) | (554 | ) | ||||
Total
nonoperating expenses
|
(17,740 | ) | (16,569 | ) | ||||
Income
before income taxes and discontinued operations
|
6,017 | 1,045 | ||||||
Income
tax provision
|
(143 | ) | (135 | ) | ||||
Income
from continuing operations
|
5,874 | 910 | ||||||
Discontinued
operations:
|
||||||||
Loss
attributable to discontinued operations
|
(4,283 | ) | (401 | ) | ||||
Loss
from disposition of real estate
|
(3,646 | ) | - | |||||
Total
discontinued operations
|
(7,929 | ) | (401 | ) | ||||
Net
(loss) income
|
(2,055 | ) | 509 | |||||
Net
income attributable to noncontrolling interests
|
(134 | ) | (232 | ) | ||||
Net
(loss) income attributable to common shareholders
|
$ | (2,189 | ) | $ | 277 | |||
Net
(loss) income per share attributable to common
shareholders-
|
||||||||
basic
and diluted:
|
||||||||
Income
from continuing operations per share
|
$ | 0.10 | $ | 0.01 | ||||
Net
(loss) income per share
|
$ | (0.05 | ) | $ | 0.00 | |||
Weighted-average
common shares outstanding:
|
||||||||
Basic
|
52,235,644 | 42,377,638 | ||||||
Diluted
|
52,805,966 | 42,820,592 | ||||||
Distributions
declared per common share
|
$ | 0.3375 | $ | 0.3375 |
Common Shares
|
Par
Value of
Common
Shares
|
Additional
Paid
in Capital |
Accumulated
Earnings and Distributions |
Accumulated
Other
Comprehensive Loss |
Noncontrolling
Interests |
Total
|
||||||||||||||||||||||
Equity,
December 31, 2009
|
52,203,893 | $ | 521 | $ | 1,092,030 | $ | (189,165 | ) | $ | (4,356 | ) | $ | 3,744 | $ | 902,774 | |||||||||||||
Amortization
of restricted stock awards
|
- | - | 929 | - | - | - | 929 | |||||||||||||||||||||
Vesting
of restricted stock awards
|
84,631 | - | (916 | ) | - | - | - | (916 | ) | |||||||||||||||||||
Distributions
to common and restricted stockholders
|
- | - | - | (17,847 | ) | - | - | (17,847 | ) | |||||||||||||||||||
Distributions
to joint venture partners
|
- | - | - | - | - | (48 | ) | (48 | ) | |||||||||||||||||||
Conversion
of common units to common stock
|
4,776 | - | 126 | - | - | - | 126 | |||||||||||||||||||||
Reclassification
of noncontrolling interests
|
- | - | 132 | - | - | - | 132 | |||||||||||||||||||||
Comprehensive
loss:
|
||||||||||||||||||||||||||||
Change
in fair value of interest rate swaps
|
- | - | - | - | (832 | ) | - | (832 | ) | |||||||||||||||||||
Net
loss
|
- | - | - | (2,189 | ) | - | 137 | (2,052 | ) | |||||||||||||||||||
Total
comprehensive loss
|
- | - | - | - | - | - | (2,884 | ) | ||||||||||||||||||||
Equity,
March 31, 2010
|
52,293,300 | $ | 521 | $ | 1,092,301 | $ | (209,201 | ) | $ | (5,188 | ) | $ | 3,833 | $ | 882,266 |
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Operating
activities
|
||||||||
Net
(loss) income attributable to common shareholders
|
$ | (2,189 | ) | $ | 277 | |||
Adjustments
to reconcile net (loss) income attributable to common shareholders to net
cash provided by operating activities:
|
||||||||
Income
attributable to noncontrolling interests
|
134 | 232 | ||||||
Loss
from disposition of real estate
|
3,646 | - | ||||||
Provision
for asset impairment
|
4,036 | - | ||||||
Depreciation
and amortization
|
17,822 | 20,102 | ||||||
Amortization
of deferred financing costs and debt premiums/discounts
|
1,109 | 739 | ||||||
Share-based
compensation
|
929 | 583 | ||||||
Loss
from unconsolidated joint ventures
|
1,414 | 554 | ||||||
Income
tax provision
|
143 | 135 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Restricted
cash
|
1,122 | 2,878 | ||||||
Student
contracts receivable, net
|
991 | 1,072 | ||||||
Other
assets
|
(95 | ) | 5,755 | |||||
Accounts
payable and accrued expenses
|
(5,410 | ) | (9,423 | ) | ||||
Other
liabilities
|
137 | (3,001 | ) | |||||
Distributions
received from unconsolidated joint ventures
|
180 | - | ||||||
Net
cash provided by operating activities
|
23,969 | 19,903 | ||||||
Investing
activities
|
||||||||
Net
proceeds from disposition of real estate
|
1,098 | - | ||||||
Cash
paid for property acquisition
|
(9,618 | ) | - | |||||
Investments
in wholly-owned properties
|
(4,701 | ) | (35,813 | ) | ||||
Investments
in on-campus participating properties
|
(43 | ) | (38 | ) | ||||
Purchase
of corporate furniture, fixtures and equipment
|
(183 | ) | (146 | ) | ||||
Net
cash used in investing activities
|
(13,447 | ) | (35,997 | ) | ||||
Financing
activities
|
||||||||
Secured
revolving credit facility, net
|
- | 63,600 | ||||||
Proceeds
from construction loans
|
- | 3,028 | ||||||
Pay-off
of mortgage loans
|
(34,536 | ) | (29,831 | ) | ||||
Principal
payments on debt
|
(2,180 | ) | (2,603 | ) | ||||
Change
in construction accounts payable
|
- | (2,312 | ) | |||||
Distributions to common and restricted stockholders
|
(17,854 | ) | (14,477 | ) | ||||
Distributions
to noncontrolling partners
|
(495 | ) | (715 | ) | ||||
Net
cash (used in) provided by financing activities
|
(55,065 | ) | 16,690 | |||||
Net
change in cash and cash equivalents
|
(44,543 | ) | 596 | |||||
Cash
and cash equivalents at beginning of period
|
66,093 | 25,600 | ||||||
Cash
and cash equivalents at end of period
|
$ | 21,550 | $ | 26,196 | ||||
Supplemental
disclosure of non-cash investing and financing activities
|
||||||||
Change
in fair value of derivative instruments, net
|
$ | (832 | ) | $ | (783 | ) | ||
Supplemental
disclosure of cash flow information
|
||||||||
Interest
paid
|
$ | 15,512 | $ | 17,116 |
Buildings
and improvements
|
7-40
years
|
||
Leasehold
interest - on-campus
participating
properties
|
25-34
years (shorter of useful life or respective lease term)
|
||
Furniture,
fixtures and equipment
|
3-7
years
|
|
a.
|
Management,
having the authority to approve the action, commits to a plan to sell the
asset.
|
|
b.
|
The
asset is available for immediate sale in its present condition subject
only to terms that are usual and customary for sales of such
assets.
|
|
c.
|
An
active program to locate a buyer and other actions required to complete
the plan to sell the asset have been
initiated.
|
|
d.
|
The
sale of the asset is probable, and transfer of the asset is expected to
qualify for recognition as a completed sale, within one
year.
|
|
e.
|
The
asset is being actively marketed for sale at a price that is reasonable in
relation to its current fair value.
|
|
f.
|
Actions
required to complete the plan indicate that it is unlikely that
significant changes to the plan will be made or that the plan will be
withdrawn.
|
Earnings
per Share
|
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Common
Operating Partnership units (Note 7)
|
1,188,064 | 1,096,047 | ||||||
Preferred
Operating Partnership units (Note 7)
|
114,963 | 114,963 | ||||||
Total
potentially dilutive securities
|
1,303,027 | 1,211,010 |
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Basic
earnings per share calculation:
|
||||||||
Income
from continuing operations
|
$ | 5,874 | $ | 910 | ||||
Income
from continuing operations attributable to noncontrolling
interests
|
(328 | ) | (245 | ) | ||||
Income
from continuing operations attributable to common
shareholders
|
5,546 | 665 | ||||||
Amount
allocated to participating securities
|
(225 | ) | (182 | ) | ||||
Income
from continuing operations attributable to common
shareholders, net of amount allocated to participating
securities
|
5,321 | 483 | ||||||
Loss
from discontinued operations
|
(7,929 | ) | (401 | ) | ||||
Loss
from discontinued operations attributable to noncontrolling
interests
|
194 | 13 | ||||||
Loss
from discontinued operations attributable to common
shareholders
|
(7,735 | ) | (388 | ) | ||||
Net
(loss) income attributable to common shareholders, as
adjusted – basic
|
$ | (2,414 | ) | $ | 95 | |||
Income from continuing operations attributable to common
shareholders, as adjusted – per share
|
$ | 0.10 | $ | 0.01 | ||||
Loss
from discontinued operations attributable to common
shareholders – per share
|
$ | (0.15 | ) | $ | (0.01 | ) | ||
Net
(loss) income attributable to common shareholders, as
adjusted – per share
|
$ | (0.05 | ) | $ | 0.00 | |||
Basic
weighted average common shares outstanding
|
52,235,644 | 42,377,638 | ||||||
Diluted
earnings per share calculation:
|
||||||||
Income
from continuing operations attributable to common
shareholders, net of amount allocated to participating
securities
|
$ | 5,321 | $ | 483 | ||||
Loss
from discontinued operations attributable to common
shareholders
|
(7,735 | ) | (388 | ) | ||||
Net
(loss) income attributable to common shareholders, as
adjusted – diluted
|
$ | (2,414 | ) | $ | 95 | |||
Income
from continuing operations attributable to common
shareholders, net of amount allocated to participating
securities – per share
|
$ | 0.10 | $ | 0.01 | ||||
Loss
from discontinued operations attributable to common
shareholders – per share
|
$ | (0.15 | ) | $ | (0.01 | ) | ||
Net
(loss) income attributable to common shareholders - per
share
|
$ | (0.05 | ) | $ | 0.00 | |||
Basic
weighted average common shares outstanding
|
52,235,644 | 42,377,638 | ||||||
Restricted
Stock Awards (Note 10)
|
570,322 | 442,954 | ||||||
Diluted
weighted average common shares outstanding
|
52,805,966 | 42,820,592 |
Three
Months Ended March 31,
|
||||||||||
2010
|
2009
|
|||||||||
Total
revenues
|
$ | 81,898 | $ | 76,151 | ||||||
Net
(loss) income attributable to common shareholders
|
$ | (2,191 | ) | $ | 83 | |||||
Net
loss per share – basic
|
$ | (0.05 | ) | $ | 0.00 | |||||
Net
loss per share – diluted
|
$ | (0.05 | ) | $ | 0.00 |
Three
Months Ended
March
31,
|
||||||||
2010
|
2009
|
|||||||
Total
revenues
|
$ | 1,163 | $ | 1,997 | ||||
Total
operating expenses
|
1,036 | 1,766 | ||||||
Provision
for asset impairment
|
4,036 | - | ||||||
Operating
(loss) income
|
(3,909 | ) | 231 | |||||
Total
nonoperating expenses
|
(374 | ) | (632 | ) | ||||
Net
loss
|
$ | (4,283 | ) | $ | (401 | ) |
March
31, 2010
|
December
31, 2009
|
|||||||
Land (1)
|
$ | 247,017 | $ | 250,044 | ||||
Buildings
and improvements
|
1,807,115 | 1,825,915 | ||||||
Furniture,
fixtures and equipment
|
110,790 | 112,831 | ||||||
2,164,922 | 2,188,790 | |||||||
Less
accumulated depreciation
|
(187,855 | ) | (173,820 | ) | ||||
Wholly-owned
properties, net (2)
|
$ | 1,977,067 | $ | 2,014,970 |
(1) | The land balance
above includes undeveloped land parcels with a total book value of $27.6
million as of both March 31,
2010
and December 31, 2009.
|
(2) |
The
balance above excludes Campus Walk – Oxford which is classified as
wholly-owned property held for sale in the accompanying consolidated
balance sheet as of March 31,
2010.
|
Historical
Cost
|
||||||||||||
Lessor/University
|
Lease
Commencement |
Required Debt
Repayment (1) |
March
31, 2010
|
December
31, 2009
|
||||||||
Texas
A&M University System / Prairie View A&M
University (2)
|
2/1/96
|
9/1/23
|
$ | 38,943 | $ | 38,918 | ||||||
Texas
A&M University System / Texas
A&M International
|
2/1/96
|
9/1/23
|
6,217 | 6,216 | ||||||||
Texas
A&M University System / Prairie View A&M
University (3)
|
10/1/99
|
8/31/25 / 8/31/28
|
24,409 | 24,398 | ||||||||
University
of Houston System / University of
Houston
(4)
|
9/27/00
|
8/31/35
|
35,198 | 35,192 | ||||||||
104,767 | 104,724 | |||||||||||
Less
accumulated amortization
|
(40,112 | ) | (39,034 | ) | ||||||||
On-campus
participating properties, net
|
$ | 64,655 | $ | 65,690 |
(1)
|
Represents
the effective lease termination date. The Leases terminate upon
the earlier to occur of the final repayment of the related debt or the end
of the contractual lease term.
|
(2)
|
Consists
of three phases placed in service between 1996 and
1998.
|
(3)
|
Consists
of two phases placed in service in 2000 and
2003.
|
(4)
|
Consists
of two phases placed in service in 2001 and
2005.
|
March
31, 2010
|
December
31, 2009
|
|||||||
Debt
secured by wholly-owned properties:
|
||||||||
Mortgage
loans payable
|
$ | 795,023 | $ | 850,046 | ||||
Construction
loan payable
|
100,000 | 100,000 | ||||||
895,023 | 950,046 | |||||||
Debt
secured by on-campus participating properties:
|
||||||||
Mortgage
loans payable
|
32,637 | 32,718 | ||||||
Bonds
payable
|
51,390 | 51,390 | ||||||
84,027 | 84,108 | |||||||
Senior
secured term loan
|
100,000 | 100,000 | ||||||
Secured
agency facility
|
94,000 | 94,000 | ||||||
Unamortized
debt premiums
|
3,381 | 3,765 | ||||||
Unamortized
debt discounts
|
(7,892 | ) | (8,464 | ) | ||||
Total
debt
|
$ | 1,168,539 | $ | 1,223,455 |
Number
of
RSAs
|
||||
Nonvested
balance at December 31, 2009
|
461,935 | |||
Granted
|
206,711 | |||
Vested
|
(84,631 | ) | ||
Forfeited
|
(63,918 | ) | ||
Nonvested
balance at March 31, 2010
|
520,097 |
Date Entered
|
Effective Date
|
Maturity
Date |
Pay
Fixed Rate
|
Receive
Floating
Rate
Index
|
Notional
Amount |
Fair
Value
|
Feb. 12, 2007
|
Feb. 15, 2007
|
Feb.
15, 2014
|
6.689%
|
LIBOR
– 1 mo. plus 1.35%
|
$ 33,156
|
$ (3,730)
|
Feb. 23, 2009
|
March 20, 2009
|
Feb.
20, 2012
|
1.785%
|
LIBOR
– 1 month
|
50,000
|
(724)
|
Feb.
23, 2009
|
March 20, 2009
|
Feb.
20, 2012
|
1.800%
|
LIBOR
– 1 month
|
50,000
|
(734)
|
Derivative
Liabilities
|
|||||||||||
As of March 31, 2010 | As of December 31, 2009 | ||||||||||
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location |
Fair
Value
|
||||||||
Interest
rate swap contracts
|
Other
liabilities
|
$ | 5,188 |
Other
Liabilities
|
$ | 4,356 | |||||
Total
derivatives designated as hedging
instruments
|
$ | 5,188 | $ | 4,356 |
Amount
of Loss Recognized
in
OCI on Derivative
(Effective
Portion)
|
||||||||
Cash Flow Hedging |
Three
Months Ended
March
31,
|
|||||||
Relationships | 2010 | 2009 | ||||||
Interest
rate swap contracts
|
$ | (832 | ) | $ | (783 | ) | ||
Total
|
$ | (832 | ) | $ | (783 | ) |
Quoted
Prices in
Active Markets for Identical Assets and Liabilities (Level 1) |
Significant
Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Balance
at
March 31, 2010 |
|||||||||||||
Assets:
|
||||||||||||||||
Real
estate (1)
|
$ | 9,100 | $ | - | $ | - | $ | 9,100 | ||||||||
Liabilities:
|
||||||||||||||||
Derivative
financial
Instruments
(2)
|
$ | - | $ | 5,188 | $ | - | $ | 5,188 |
(1)
|
During
the three months ended March 31, 2010, we recognized an impairment loss of
approximately $4.0 million on a wholly-owned property classified as held
for sale as of March 31, 2010. We estimated the fair value based on a
contract price less selling costs.
|
(2)
|
The
Company uses derivative financial instruments, specifically interest rate
swaps, for nontrading purposes. The Company uses interest rate swaps to
manage interest rate risk arising from previously unhedged interest
payments associated with variable rate debt. Through March 31, 2010,
derivative financial instruments were designated and qualified as cash
flow hedges. Derivative contracts with positive net fair values inclusive
of net accrued interest receipts or payments, are recorded in other
assets. Derivative contracts with negative net fair values, inclusive of
net accrued interest payments or receipts, are recorded in other
liabilities. The valuation of these instruments is determined using widely
accepted valuation techniques including discounted cash flow analysis on
the expected cash flows of each derivative. This analysis reflects the
contractual terms of the derivatives, including the period to maturity,
and uses observable market-based inputs, including interest rate curves.
The fair values of interest rate swaps are determined using the market
standard methodology of netting the discounted future fixed cash receipts
(or payments) and the discounted expected variable cash payments (or
receipts). The variable cash payments (or receipts) are based on an
expectation of future interest rates (forward curves) derived from
observable market interest rate curves.
|
The
Company incorporates credit valuation adjustments to appropriately reflect
its own nonperformance risk and the respective counterparty’s
nonperformance risk in the fair value measurements. In adjusting the fair
value of its derivative contracts for the effect of nonperformance risk,
the Company has considered the impact of netting and any applicable credit
enhancements, such as collateral postings, thresholds and
guarantees.
|
|
Although
the Company has determined the majority of the inputs used to value its
derivative fall within Level 2 of the fair value hierarchy, the credit
valuation adjustment associated with its derivative utilizes Level 3
inputs, such as estimates of current credit spreads to evaluate the
likelihood of default by the Company and its counterparty. However, as of
March 31, 2010, the Company has assessed the significance of the impact of
the credit valuation adjustments on the overall valuation of its
derivative positions and has determined that the credit valuation
adjustments are not significant to the overall valuation of the Company’s
derivative financial instruments. As a result, the Company has determined
its derivative valuations in their entirety are classified in Level 2 of
the fair value hierarchy.
|
March
31, 2010
|
December
31, 2009
|
||||||||||||||||
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
||||||||||||||
Mortgage
loans
|
$ | 861,872 | $ | 823,149 | $ | 912,332 | $ | 878,065 | |||||||||
Bonds
payable
|
50,484 | 51,390 | 49,865 | 51,390 |
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Wholly-Owned
Properties
|
||||||||
Rental
revenues
|
$ | 71,444 | $ | 65,575 | ||||
Interest
and other income
|
11 | 11 | ||||||
Total
revenues from external customers
|
71,455 | 65,586 | ||||||
Operating
expenses before depreciation, amortization, ground/facility
lease, and allocation of corporate overhead
|
31,691 | 30,758 | ||||||
Ground/facility
lease
|
265 | 260 | ||||||
Interest
expense
|
12,181 | 13,680 | ||||||
Operating
income before depreciation, amortization and
allocation of corporate overhead
|
$ | 27,318 | $ | 20,888 | ||||
Depreciation
and amortization
|
$ | 16,066 | $ | 17,901 | ||||
Capital
expenditures
|
$ | 4,701 | $ | 35,813 | ||||
Total
segment assets at March 31,
|
$ | 2,032,798 | $ | 2,070,872 | ||||
On-Campus
Participating Properties
|
||||||||
Rental
revenues
|
$ | 7,311 | $ | 6,874 | ||||
Interest
and other income
|
3 | 24 | ||||||
Total
revenues from external customers
|
7,314 | 6,898 | ||||||
Operating
expenses before depreciation, amortization, ground/facility
lease and allocation of corporate overhead
|
2,232 | 1,897 | ||||||
Ground/facility
lease
|
306 | 292 | ||||||
Interest
expense
|
1,503 | 1,559 | ||||||
Operating
income before depreciation, amortization and
allocation of corporate overhead
|
$ | 3,273 | $ | 3,150 | ||||
Depreciation
and amortization
|
$ | 1,079 | $ | 1,090 | ||||
Capital
expenditures
|
$ | 43 | $ | 38 | ||||
Total
segment assets at March 31,
|
$ | 79,883 | $ | 82,318 | ||||
Development
Services
|
||||||||
Development
and construction management fees from external
customers
|
$ | 574 | $ | 1,052 | ||||
Operating
expenses
|
2,327 | 2,267 | ||||||
Operating
loss before depreciation, amortization and
allocation of corporate overhead
|
$ | (1,753 | ) | $ | (1,215 | ) | ||
Total
segment assets at March 31,
|
$ | 5,217 | $ | 6,277 | ||||
Property
Management Services
|
||||||||
Property
management fees from external customers
|
$ | 2,214 | $ | 2,242 | ||||
Intersegment
revenues
|
2,875 | 2,696 | ||||||
Total
revenues
|
5,089 | 4,938 | ||||||
Operating
expenses
|
2,027 | 1,831 | ||||||
Operating
income before depreciation, amortization and
allocation of corporate overhead
|
$ | 3,062 | $ | 3,107 | ||||
Total
segment assets at March 31,
|
$ | 4,412 | $ | 6,209 | ||||
Reconciliations
|
||||||||
Total
segment revenues
|
$ | 84,432 | $ | 78,474 | ||||
Unallocated
interest income earned on corporate cash
|
3 | 4 | ||||||
Elimination
of intersegment revenues
|
(2,875 | ) | (2,696 | ) | ||||
Total
consolidated revenues, including interest income
|
$ | 81,560 | $ | 75,782 | ||||
Segment
operating income before depreciation, amortization and
allocation of corporate overhead
|
$ | 31,900 | $ | 25,930 | ||||
Depreciation
and amortization
|
(18,530 | ) | (20,122 | ) | ||||
Net
unallocated expenses relating to corporate overhead
|
(5,939 | ) | (4,209 | ) | ||||
Loss
from unconsolidated joint ventures
|
(1,414 | ) | (554 | ) | ||||
Income
tax provision
|
(143 | ) | (135 | ) | ||||
Income
from continuing operations
|
$ | 5,874 | $ | 910 | ||||
Total
segment assets
|
$ | 2,122,310 | $ | 2,165,676 | ||||
Unallocated
corporate assets
|
33,245 | 24,261 | ||||||
Total
assets at March 31,
|
$ | 2,155,555 | $ | 2,189,937 |
As
of March 31, 2010 our property portfolio consisted of the
following:
|
PROPERTY
|
YR ACQUIRED
/
DEVELOPED (1) |
LOCATION
|
PRIMARY
UNIVERSITY SERVED
|
UNITS
|
BEDS
|
|||||||||
Wholly-Owned
properties:
|
||||||||||||||
1.
Villas on Apache
|
1999
|
Tempe,
AZ
|
Arizona
State University Main Campus
|
111 | 288 | |||||||||
2.
River Club Apartments
|
1999
|
Athens,
GA
|
The
University of Georgia – Athens
|
266 | 792 | |||||||||
3.
River Walk Townhomes
|
1999
|
Athens,
GA
|
The
University of Georgia – Athens
|
100 | 336 | |||||||||
4.
The Village at Blacksburg
|
2000
|
Blacksburg,
VA
|
Virginia
Polytechnic Inst. & State University
|
288 | 1,056 | |||||||||
5.
The Callaway House
|
2001
|
College
Station, TX
|
Texas
A&M University
|
173 | 538 | |||||||||
6.
The Village at Alafaya Club
|
2000
|
Orlando,
FL
|
The
University of Central Florida
|
228 | 839 | |||||||||
7.
The Village at Science Drive
|
2001
|
Orlando,
FL
|
The
University of Central Florida
|
192 | 732 | |||||||||
8.
University Village at Boulder Creek
|
2002
|
Boulder,
CO
|
The
University of Colorado at Boulder
|
82 | 309 | |||||||||
9.
University Village at Fresno
|
2004
|
Fresno,
CA
|
California
State University – Fresno
|
105 | 406 | |||||||||
10. University
Village at TU
(2)
|
2004
|
Philadelphia,
PA
|
Temple
University
|
220 | 749 | |||||||||
11.
University Club Tallahassee
|
2005
|
Tallahassee,
FL
|
Florida
State University
|
152 | 608 | |||||||||
12.
The Grove at University Club
|
2005
|
Tallahassee,
FL
|
Florida
State University
|
64 | 128 | |||||||||
13.
College Club Tallahassee
|
2005
|
Tallahassee,
FL
|
Florida
A&M University
|
96 | 384 | |||||||||
14.
The Greens at College Club
|
2005
|
Tallahassee,
FL
|
Florida
A&M University
|
40 | 160 | |||||||||
15.
University Club Gainesville
|
2005
|
Gainesville,
FL
|
University
of Florida
|
94 | 376 | |||||||||
16.
City Parc at Fry Street
|
2005
|
Denton,
TX
|
University
of North Texas
|
136 | 418 | |||||||||
17.
The Estates
|
2005
|
Gainesville,
FL
|
University
of Florida
|
396 | 1,044 | |||||||||
18.
University Village at Sweet Home
|
2005
|
Amherst,
NY
|
State
University of New York – Buffalo
|
269 | 828 | |||||||||
19.
Entrada Real
|
2006
|
Tucson,
AZ
|
University
of Arizona
|
98 | 363 | |||||||||
20.
Royal Oaks
|
2006
|
Tallahassee,
FL
|
Florida
State University
|
82 | 224 | |||||||||
21.
Royal Pavilion
|
2006
|
Tallahassee,
FL
|
Florida
State University
|
60 | 204 | |||||||||
22.
Royal Village Tallahassee
|
2006
|
Tallahassee,
FL
|
Florida
State University
|
75 | 288 | |||||||||
23.
Royal Village Gainesville
|
2006
|
Gainesville,
FL
|
University
of Florida
|
118 | 448 | |||||||||
24.
Northgate Lakes
|
2006
|
Orlando,
FL
|
The
University of Central Florida
|
194 | 710 | |||||||||
25.
Royal Lexington
|
2006
|
Lexington,
KY
|
University
of Kentucky
|
94 | 364 | |||||||||
26.
The Woods at Greenland
|
2006
|
Murfreesboro,
TN
|
Middle
Tennessee State University
|
78 | 276 | |||||||||
27.
Raider’s Crossing
|
2006
|
Murfreesboro,
TN
|
Middle
Tennessee State University
|
96 | 276 | |||||||||
28.
Raider’s Pass
|
2006
|
Lubbock,
TX
|
Texas
Tech University
|
264 | 828 | |||||||||
29.
Aggie Station
|
2006
|
College
Station, TX
|
Texas
A&M University
|
156 | 450 | |||||||||
30.
The Outpost San Marcos
|
2006
|
San
Marcos, TX
|
Texas
State University – San Marcos
|
162 | 486 | |||||||||
31.
The Outpost San Antonio
|
2006
|
San
Antonio, TX
|
University
of Texas – San Antonio
|
276 | 828 | |||||||||
32.
Callaway Villas
|
2006
|
College
Station, TX
|
Texas
A&M University
|
236 | 704 | |||||||||
33.
Village on Sixth
|
2007
|
Huntington,
WV
|
Marshall
University
|
248 | 752 | |||||||||
34.
Newtown Crossing
|
2007
|
Lexington,
KY
|
University
of Kentucky
|
356 | 942 | |||||||||
35.
Olde Towne University Square
|
2007
|
Toledo,
OH
|
University
of Toledo
|
224 | 550 | |||||||||
36.
Peninsular Place
|
2007
|
Ypsilanti,
MI
|
Eastern
Michigan University
|
183 | 478 | |||||||||
37.
University Centre
|
2007
|
Newark,
NJ
|
Rutgers
University, NJIT, Essex CCC
|
234 | 838 | |||||||||
38.
Sunnyside Commons
|
2008
|
Morgantown,
WV
|
West
Virginia University
|
68 | 161 | |||||||||
39.
Pirate’s Place
|
2008
|
Greenville,
NC
|
East
Carolina University
|
144 | 528 | |||||||||
40.
University Highlands
|
2008
|
Reno,
NV
|
University
of Nevada at Reno
|
216 | 732 | |||||||||
41.
Jacob Heights I
|
2008
|
Mankato,
MN
|
Minnesota
State University
|
42 | 162 |
PROPERTY
|
YR ACQUIRED
/
DEVELOPED (1) |
LOCATION
|
PRIMARY
UNIVERSITY SERVED
|
UNITS
|
BEDS
|
|||||||||
42.
Jacob Heights III
|
2008
|
Mankato,
MN
|
Minnesota
State University
|
24 | 96 | |||||||||
43.
The Summit
|
2008
|
Mankato,
MN
|
Minnesota
State University
|
192 | 672 | |||||||||
44.
GrandMarc – Seven Corners
|
2008
|
Minneapolis,
MN
|
University
of Minnesota
|
186 | 440 | |||||||||
45.
University Village – Sacramento
|
2008
|
Sacramento,
CA
|
California
State University – Sacramento
|
250 | 394 | |||||||||
46.
Aztec Corner
|
2008
|
San
Diego, CA
|
San
Diego State University
|
180 | 606 | |||||||||
47.
University Crossings
|
2008
|
Philadelphia,
PA
|
University
of Pennsylvania / Drexel
|
260 | 1,016 | |||||||||
48.
Campus Corner
|
2008
|
Bloomington,
IN
|
Indiana
University
|
254 | 796 | |||||||||
49. Tower at 3rd
|
2008
|
Champaign,
IL
|
University
of Illinois
|
147 | 295 | |||||||||
50.
University Mills
|
2008
|
Cedar
Falls, IA
|
University
of Northern Iowa
|
121 | 481 | |||||||||
51.
Pirates Cove
|
2008
|
Greenville,
NC
|
East
Carolina University
|
264 | 1,056 | |||||||||
52.
University Manor
|
2008
|
Greenville,
NC
|
East
Carolina University
|
168 | 600 | |||||||||
53.
Brookstone Village
|
2008
|
Wilmington,
NC
|
UNC
– Wilmington
|
124 | 238 | |||||||||
54.
Campus Walk – Wilmington
|
2008
|
Wilmington,
NC
|
UNC
– Wilmington
|
289 | 290 | |||||||||
55.
Campus Club – Statesboro
|
2008
|
Statesboro,
GA
|
Georgia
Southern University
|
276 | 984 | |||||||||
56.
University Pines
|
2008
|
Statesboro,
GA
|
Georgia
Southern University
|
144 | 552 | |||||||||
57.
Lakeside
|
2008
|
Athens,
GA
|
University
of Georgia
|
244 | 776 | |||||||||
58.
The Club
|
2008
|
Athens,
GA
|
University
of Georgia
|
120 | 480 | |||||||||
59.
The Edge
|
2008 |
Orlando,
FL
|
Central
Florida
|
306 | 930 | |||||||||
60.
University Place
|
2008 |
Charlottesville,
VA
|
University
of Virginia
|
144 | 528 | |||||||||
61.
Southview
|
2008 |
Harrisonburg,
VA
|
James
Madison University
|
240 | 960 | |||||||||
62.
Stonegate
|
2008 |
Harrisonburg,
VA
|
James
Madison University
|
168 | 672 | |||||||||
63.
The Commons
|
2008 |
Harrisonburg,
VA
|
James
Madison University
|
132 | 528 | |||||||||
64.
University Gables
|
2008 |
Murfreesboro,
TN
|
Middle
Tennessee State University
|
168 | 648 | |||||||||
65.
Campus Ridge
|
2008 |
Johnson
City, TN
|
East
Tennessee State University
|
132 | 528 | |||||||||
66.
The Enclave I
|
2008 |
Bowling
Green, OH
|
Bowling
Green State University
|
120 | 480 | |||||||||
67.
Hawks Landing
|
2008 |
Oxford,
OH
|
Miami
University of Ohio
|
122 | 484 | |||||||||
68.
Willow Tree Apartments
|
2008 |
Ann
Arbor, MI
|
University
of Michigan
|
310 | 568 | |||||||||
69.
Willow Tree Towers
|
2008 |
Ann
Arbor, MI
|
University
of Michigan
|
163 | 283 | |||||||||
70.
Abbott Place
|
2008 |
East
Lansing, MI
|
Michigan
State University
|
222 | 654 | |||||||||
71.
University Centre – Kalamazoo
|
2008 |
Kalamazoo,
MI
|
Western
Michigan University
|
232 | 700 | |||||||||
72.
University Meadows
|
2008 |
Mt.
Pleasant, MI
|
Central
Michigan University
|
184 | 616 | |||||||||
73.
Campus Way
|
2008 |
Tuscaloosa,
AL
|
University
of Alabama
|
196 | 684 | |||||||||
74. Campus Walk –
Oxford (3)
|
2008 |
Oxford,
MS
|
University
of Mississippi
|
108 | 432 | |||||||||
75.
Campus Trails
|
2008 |
Starkville,
MS
|
Mississippi
State University
|
156 | 480 | |||||||||
76.
University Pointe
|
2008 |
Lubbock,
TX
|
Texas
Tech University
|
204 | 682 | |||||||||
77.
University Trails
|
2008 |
Lubbock,
TX
|
Texas
Tech University
|
240 | 684 | |||||||||
78. Vista del Sol
(4)
|
2008 |
Tempe,
AZ
|
Arizona
State University
|
613 | 1,866 | |||||||||
79.
Villas at Chestnut Ridge
|
2008 |
Amherst,
NY
|
State
University of New York – Buffalo
|
196 | 552 | |||||||||
80. Barrett Honors
College (4)
|
2009 |
Tempe,
AZ
|
Arizona
State University
|
604 | 1,721 | |||||||||
81.
University Heights
|
2010 |
Birmingham,
AL
|
University
of Alabama at Birmingham
|
176 | 528 | |||||||||
Total
wholly-owned properties
|
15,095 | 47,563 |
PROPERTY
|
YEAR ACQUIRED
/
DEVELOPED (1) |
LOCATION
|
PRIMARY
UNIVERSITY SERVED
|
UNITS
|
BEDS
|
|||||||||
On-campus
participating
properties:
|
||||||||||||||
82.
University Village – PVAMU
|
1996
/ 97 / 98
|
Prairie
View, TX
|
Prairie
View A&M University
|
612 | 1,920 | |||||||||
83.
University College – PVAMU
|
2000 / 2003 |
Prairie
View, TX
|
Prairie
View A&M University
|
756 | 1,470 | |||||||||
84.
University Village – TAMIU
|
1997 |
Laredo,
TX
|
Texas
A&M International University
|
84 | 250 | |||||||||
85.
Cullen Oaks – Phase I and II
|
2001 / 2006 |
Houston,
TX
|
The
University of Houston
|
411 | 879 | |||||||||
Total
on-campus participating
properties |
1,863 | 4,519 | ||||||||||||
Total
– all
properties
|
16,958 | 52,082 |
(1)
|
As
of March 31, 2010, the average age of our wholly-owned properties was
approximately 10.1 years.
|
(2)
|
Subject
to a 75-year ground lease with Temple
University.
|
(3)
|
This
property is classified as held for sale as of March 31, 2010 and was sold
on April 30, 2010.
|
(4)
|
Subject
to a 65-year ground/facility lease with Arizona State
University.
|
Three
Months Ended March 31,
|
||||||||||||||||
2010
|
2009
|
Change
($)
|
Change
(%)
|
|||||||||||||
Revenues:
|
||||||||||||||||
Wholly-owned
properties
|
$ | 71,192 | $ | 65,335 | $ | 5,857 | 9.0 | % | ||||||||
On-campus
participating properties
|
7,311 | 6,874 | 437 | 6.4 | % | |||||||||||
Third
party development services
|
574 | 1,052 | (478 | ) | (45.4 | %) | ||||||||||
Third
party management services
|
2,214 | 2,242 | (28 | ) | (1.2 | %) | ||||||||||
Resident
services
|
252 | 240 | 12 | 5.0 | % | |||||||||||
Total
revenues
|
81,543 | 75,743 | 5,800 | 7.7 | % | |||||||||||
Operating
expenses:
|
||||||||||||||||
Wholly-owned
properties
|
31,476 | 30,490 | 986 | 3.2 | % | |||||||||||
On-campus
participating properties
|
2,399 | 2,030 | 369 | 18.2 | % | |||||||||||
Third
party development and management services
|
3,099 | 2,977 | 122 | 4.1 | % | |||||||||||
General
and administrative
|
2,753 | 2,748 | 5 | 0.2 | % | |||||||||||
Depreciation
and amortization
|
17,488 | 19,332 | (1,844 | ) | (9.5 | %) | ||||||||||
Ground/facility
leases
|
571 | 552 | 19 | 3.4 | % | |||||||||||
Total
operating expenses
|
57,786 | 58,129 | (343 | ) | (0.6 | %) | ||||||||||
Operating
income
|
23,757 | 17,614 | 6,143 | 34.9 | % | |||||||||||
Nonoperating
income and (expenses):
|
||||||||||||||||
Interest
income
|
17 | 39 | (22 | ) | (56.4 | %) | ||||||||||
Interest
expense
|
(15,301 | ) | (15,264 | ) | (37 | ) | 0.2 | % | ||||||||
Amortization
of deferred financing costs
|
(1,042 | ) | (790 | ) | (252 | ) | 31.9 | % | ||||||||
Loss
from unconsolidated joint ventures
|
(1,414 | ) | (554 | ) | (860 | ) | 155.2 | % | ||||||||
Total
nonoperating expenses
|
(17,740 | ) | (16,569 | ) | (1,171 | ) | 7.1 | % | ||||||||
Income
before income taxes and discontinued operations
|
6,017 | 1,045 | 4,972 | 475.8 | % | |||||||||||
Income
tax provision
|
(143 | ) | (135 | ) | (8 | ) | 5.9 | % | ||||||||
Income
from continuing operations
|
5,874 | 910 | 4,964 | 545.5 | % | |||||||||||
Discontinued
operations:
|
||||||||||||||||
Loss
attributable to discontinued operations
|
(4,283 | ) | (401 | ) | (3,882 | ) | 968.1 | % | ||||||||
Loss
from disposition of real estate
|
(3,646 | ) | - | (3,646 | ) | 100.0 | % | |||||||||
Total
discontinued operations
|
(7,929 | ) | (401 | ) | (7,528 | ) | 1,877.3 | % | ||||||||
Net
(loss) income
|
(2,055 | ) | 509 | (2,564 | ) | (503.7 | %) | |||||||||
Net
income attributable to noncontrolling interests
|
(134 | ) | (232 | ) | 98 | (42.2 | %) | |||||||||
Net
(loss) income attributable to common
shareholders
|
$ | (2,189 | ) | $ | 277 | $ | (2,466 | ) | (890.3 | %) |
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Property
disposition
|
$ | 1,098 | $ | - | ||||
Property
acquisition
|
(9,618 | ) | - | |||||
Capital
expenditures for on-campus participating properties
|
(43 | ) | (38 | ) | ||||
Capital
expenditures for wholly-owned properties
|
(4,400 | ) | (11,392 | ) | ||||
Investment
in wholly-owned properties under development
|
(301 | ) | (24,421 | ) | ||||
Purchase
of corporate furniture, fixtures, and equipment
|
(183 | ) | (146 | ) | ||||
Total
|
$ | (13,447 | ) | $ | (35,997 | ) |
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Revenues
|
$ | 7,311 | $ | 6,874 | ||||
Direct operating
expenses (1)
|
(2,232 | ) | (1,897 | ) | ||||
Amortization
|
(1,079 | ) | (1,090 | ) | ||||
Amortization
of deferred financing costs
|
(49 | ) | (46 | ) | ||||
Ground/facility
leases (2)
|
(306 | ) | (292 | ) | ||||
Net
operating income
|
3,645 | 3,549 | ||||||
Interest
income
|
3 | 24 | ||||||
Interest
expense
|
(1,503 | ) | (1,559 | ) | ||||
Net
income
|
$ | 2,145 | $ | 2,014 |
(1)
|
Excludes
property management fees of $0.3 million for both three month periods
ended March 31, 2010 and 2009. This expense and the
corresponding fee revenue have been eliminated in
consolidation. Also excludes allocation of expenses related to
corporate management and oversight.
|
(2)
|
Represents
the universities’ 50% share of the properties’ net cash available for
distribution after payment of operating expenses, debt service (including
payment of principal) and capital
expenditures.
|
|
Secured
Agency Facility
|
|
Senior
Secured Term Loan
|
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Net
(loss) income attributable to common shareholders
|
$ | (2,189 | ) | $ | 277 | |||
Noncontrolling
interests
|
134 | 232 | ||||||
Loss
from disposition of real estate
|
3,646 | - | ||||||
Loss
from unconsolidated joint ventures
|
1,414 | 554 | ||||||
FFO from
unconsolidated joint ventures (1)
|
(807 | ) | (39 | ) | ||||
Real
estate related depreciation and amortization
|
17,438 | 19,732 | ||||||
Funds
from operations (“FFO”)
|
$ | 19,636 | $ | 20,756 | ||||
FFO
per share – diluted
|
$ | 0.36 | $ | 0.47 | ||||
Weighted
average common shares outstanding – diluted
|
54,108,993 | 44,031,602 |
(1)
|
Represents
our share of the FFO from three joint ventures in which we are a
noncontrolling partner. Includes the Hampton Roads Military
Housing joint venture in which we have a minimal economic interest as well
as our 10% noncontrolling interest in two joint ventures formed or assumed
as part of the company’s acquisition of
GMH.
|
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
Funds
from operations
|
$ | 19,636 | $ | 20,756 | ||||
Elimination
of operations of on-campus participating properties and unconsolidated
joint venture:
|
||||||||
Net
income from on-campus participating properties
|
(2,145 | ) | (2,014 | ) | ||||
Amortization
of investment in on-campus participating properties
|
(1,079 | ) | (1,090 | ) | ||||
FFO
from Hampton Roads unconsolidated joint venture (1)
|
160 | 236 | ||||||
16,572 | 17,888 | |||||||
Modifications
to reflect operational performance of on-campus
participating
properties:
|
||||||||
Our
share of net cash flow (2)
|
306 | 292 | ||||||
Management
fees
|
333 | 323 | ||||||
Impact
of on-campus participating properties
|
639 | 615 | ||||||
Elimination
of provision for asset impairment – wholly-owned
property
(3)
|
4,036 | - | ||||||
Elimination
of provision for asset impairment – unconsolidated joint
venture
(4)
|
782 | - | ||||||
Funds
from operations – modified (“FFOM”)
|
$ | 22,029 | $ | 18,503 | ||||
FFOM
per share – diluted
|
$ | 0.41 | $ | 0.42 | ||||
Weighted
average common shares outstanding – diluted
|
54,108,993 | 44,031,602 |
(1)
|
Our
share of the FFO from the Hampton Roads Military Housing unconsolidated
joint venture is excluded from the calculation of FFOM, as management
believes this amount does not accurately reflect the company’s
participation in the economics of the
transaction.
|
(2)
|
50%
of the properties’ net cash available for distribution after payment of
operating expenses, debt service (including repayment of principal) and
capital expenditures. Represents amounts accrued for the interim
periods.
|
(3)
|
Represents
an impairment charge recorded for Campus Walk – Oxford, a property that
was sold on April 30, 2010. The impairment charge is included
in loss attributable to discontinued operations on the accompanying
consolidated statements of operations for the three months ended March 31,
2010. Although impairment charges are included in the
calculation of net income (loss) and FFO, the company excludes such
charges from FFOM because it believes the inclusion of such charges is
inconsistent with the treatment of gains and losses on the disposition of
real estate, which are not included in FFO. Additionally, the
company believes that excluding impairment charges from FFOM more
appropriately presents the operating performance of the company’s real
estate investments on a comparative
basis.
|
(4) |
Represents
our share of an impairment charge recorded during the three months ended
March 31, 2010 for a property owned through one of our unconsolidated
Fidelity Joint Ventures.
|
Exhibit
|
|||
Number
|
Description of Document |
|
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
||
31.2
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
||
32.1
|
Certification
of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
||
32.2
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
Dated:
|
May 7, 2010
|
|
AMERICAN
CAMPUS COMMUNITIES, INC.
|
||
By:
|
/s/
William C. Bayless, Jr.
|
||
|
William
C. Bayless, Jr.
President
and Chief Executive Officer
|
||
|
|||
|
|
|
|
By: |
/s/
Jonathan A. Graf
|
||
|
Jonathan
A. Graf
Executive
Vice President,
Chief
Financial Officer and Treasurer
|