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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended September 30, 2019.
 
 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From ______________________ to _________________________
  
Commission file number 001-32265 (American Campus Communities, Inc.)
Commission file number 333-181102-01 (American Campus Communities Operating Partnership LP)
 
AMERICAN CAMPUS COMMUNITIES, INC.
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
(Exact name of registrant as specified in its charter)
 
 (American Campus Communities, Inc.)
Maryland
76-0753089
(American Campus Communities Operating
Partnership LP)
Maryland
56-2473181
 
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer Identification No.)
 
12700 Hill Country Blvd.,
Suite T-200
78738
 
Austin,
TX
(Zip Code)
 
(Address of Principal Executive Offices)
 
 
(512) 732-1000
Registrants telephone number, including area code
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
American Campus Communities, Inc.
Yes
No
American Campus Communities Operating Partnership LP
Yes
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
American Campus Communities, Inc.
Yes
No
American Campus Communities Operating Partnership LP
Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 



American Campus Communities, Inc.                                                                                                                                    
Large accelerated filer
Accelerated Filer
Non-accelerated filer   
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

American Campus Communities Operating Partnership LP
Large accelerated filer
Accelerated Filer
Non-accelerated filer
     (Do not check if a smaller reporting company) 
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
American Campus Communities, Inc.
Yes
No
American Campus Communities Operating Partnership LP
Yes
No

Securities registered pursuant to Section 12(b) of the Act:                                                                                   
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, par value $.01 per share
ACC
New York Stock Exchange

There were 137,404,752 shares of the American Campus Communities, Inc.’s common stock with a par value of $0.01 per share outstanding as of the close of business on October 28, 2019.
 



EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended September 30, 2019 of American Campus Communities, Inc. and American Campus Communities Operating Partnership LP. Unless stated otherwise or the context otherwise requires, references to “ACC” mean American Campus Communities, Inc., a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) under the Internal Revenue Code, and references to “ACCOP” mean American Campus Communities Operating Partnership LP, a Maryland limited partnership. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. The following chart illustrates the Company’s and the Operating Partnership’s corporate structure:

400769956_a12companyflowchart93019a01.jpg

The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of September 30, 2019, ACC Holdings held an ownership interest in ACCOP of less than 1%. The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of September 30, 2019, ACC owned an approximate 99.6% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates the Company and the Operating Partnership as one business. The management of ACC consists of the same members as the management of ACCOP. The Company is structured as an umbrella partnership REIT (“UPREIT”) and ACC contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, ACC receives a number of units of the Operating Partnership (“OP Units,” see definition below) equal to the number of common shares it has issued in the equity offering. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units in the Operating Partnership. Based on the terms of ACCOP’s partnership agreement, OP Units can be exchanged for ACC’s common shares on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units of the Operating Partnership issued to ACC and ACC Holdings and the common shares issued to the public. The Company believes that combining the reports on Form 10-Q of ACC and ACCOP into this single report provides the following benefits:

(1)
enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
(2)
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
(3)
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

ACC consolidates ACCOP for financial reporting purposes, and ACC essentially has no assets or liabilities other than its investment in ACCOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. However, the Company believes it is important to understand the few differences between the Company and the Operating Partnership in the context of how the entities operate as a consolidated company. All of the Company’s property



ownership, development and related business operations are conducted through the Operating Partnership. ACC also issues public equity from time to time and guarantees certain debt of ACCOP, as disclosed in this report. ACC does not have any indebtedness, as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from ACC’s equity offerings, which are contributed to the capital of ACCOP in exchange for OP Units on a one-for-one common share per OP Unit basis, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include, but are not limited to, the Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its credit facility, the issuance of unsecured notes, and proceeds received from the disposition of certain properties. Noncontrolling interests, stockholders’ equity, and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The noncontrolling interests in the Operating Partnership’s financial statements consist of the interests of unaffiliated partners in various consolidated joint ventures. The noncontrolling interests in the Company’s financial statements include the same noncontrolling interests at the Operating Partnership level and OP Unit holders of the Operating Partnership. The differences between stockholders’ equity and partners’ capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the significant differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership. A single set of consolidated notes to such financial statements is presented that includes separate discussions for the Company and the Operating Partnership when applicable (for example, noncontrolling interests, stockholders’ equity or partners’ capital, earnings per share or unit, etc.). A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents discrete information related to each entity, as applicable. This report also includes separate Part I, Item 4 Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company operates its business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.



FORM 10-Q
FOR THE QUARTER ENDED September 30, 2019
 TABLE OF CONTENTS
 
 
PAGE NO.
 
 
PART I.
 
 
 
 
Item 1.
Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries:
 
 
 
 
 
Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018
 
 
 
 
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (all unaudited)
 
 
 
 
Consolidated Statements of Changes in Equity for the three months ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018 (all unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (all unaudited)
 
 
 
 
Consolidated Financial Statements of American Campus Communities Operating Partnership LP and Subsidiaries:
 
 
 
 
 
Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018
 
 
 
 
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (all unaudited)
 
 
 
 
Consolidated Statements of Changes in Capital for the three months ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018 (all unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (all unaudited)
 
 
 
 
Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries and American Campus Communities Operating Partnership LP and Subsidiaries (unaudited)
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosure about Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
PART II.
 
 
 
 
Item 1.
Legal Proceedings
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 3.
Defaults Upon Senior Securities
 
 
 
Item 4.
Mine Safety Disclosures
 
 
 
Item 5.
Other Information
 
 
 
Item 6.
Exhibits
 
 
SIGNATURES
 


AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)



 
 
September 30, 2019
 
December 31, 2018
 
 
(Unaudited)
 
 
Assets
 
 
 
 
 
 
 
 
 
Investments in real estate:
 
 
 
 
Owned properties, net
 
$
6,759,867

 
$
6,583,397

On-campus participating properties, net
 
76,854

 
77,637

Investments in real estate, net
 
6,836,721

 
6,661,034

 
 
 
 
 
Cash and cash equivalents
 
56,218

 
71,238

Restricted cash
 
29,569

 
35,279

Student contracts receivable
 
27,360

 
8,565

Operating lease right of use assets
 
461,810

 

Other assets
 
257,304

 
262,730

 
 
 
 
 
Total assets
 
$
7,668,982

 
$
7,038,846

 
 
 
 
 
Liabilities and equity
 
 

 
 

 
 
 
 
 
Liabilities:
 
 

 
 

Secured mortgage, construction and bond debt, net
 
$
827,588

 
$
853,084

Unsecured notes, net
 
1,984,748

 
1,588,446

Unsecured term loans, net
 
199,033

 
198,769

Unsecured revolving credit facility
 
352,100

 
387,300

Accounts payable and accrued expenses
 
86,295

 
88,767

Operating lease liabilities
 
469,479

 

Other liabilities
 
211,612

 
191,233

Total liabilities
 
4,130,855

 
3,307,599

 
 
 
 
 
Commitments and contingencies (Note 13)
 


 


 
 
 
 
 
Redeemable noncontrolling interests
 
157,863

 
184,446

 
 
 
 
 
Equity:
 
 

 
 

American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
 
 

 
 

Common stock, $0.01 par value, 800,000,000 shares authorized, 137,326,824 and 136,967,286 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
 
1,373

 
1,370

Additional paid in capital
 
4,455,565

 
4,458,240

Common stock held in rabbi trust, 77,928 and 69,603 shares at September 30, 2019 and December 31, 2018, respectively
 
(3,486
)
 
(3,092
)
Accumulated earnings and dividends
 
(1,104,448
)
 
(971,070
)
Accumulated other comprehensive loss
 
(18,929
)
 
(4,397
)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity
 
3,330,075

 
3,481,051

Noncontrolling interests - partially owned properties
 
50,189

 
65,750

Total equity
 
3,380,264

 
3,546,801

 
 
 
 
 
Total liabilities and equity
 
$
7,668,982

 
$
7,038,846

 
 
 
 
 
Consolidated variable interest entities’ assets and debt included in the above balances:
 
 
 
 
 
Investments in real estate, net
 
$
1,035,431

 
$
1,042,585

Cash, cash equivalents and restricted cash
 
$
48,569

 
$
72,218

Other assets
 
$
27,601

 
$
11,918

Secured mortgage and construction debt, net
 
$
461,927

 
$
447,292

Accounts payable, accrued expenses and other liabilities
 
$
67,466

 
$
53,432


See accompanying notes to consolidated financial statements.

1

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands, except share and per share data)

 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019

2018
Revenues:
 
 
 
 
 
 
 
 
Owned properties
 
$
211,082

 
$
202,834

 
$
638,657

 
$
597,854

On-campus participating properties
 
6,944

 
6,980

 
24,788

 
23,605

Third-party development services
 
5,611

 
835

 
12,389

 
3,883

Third-party management services
 
3,342

 
2,128

 
9,118

 
7,311

Resident services
 
726

 
692

 
2,255

 
2,284

Total revenues
 
227,705

 
213,469

 
687,207

 
634,937

 
 
 
 
 
 
 
 
 
Operating expenses (income):
 
 

 
 

 
 

 
 

Owned properties
 
111,836

 
107,997

 
294,768

 
282,193

On-campus participating properties
 
3,822

 
3,875

 
11,585

 
11,030

Third-party development and management services
 
5,430

 
3,831

 
14,129

 
11,573

General and administrative
 
7,165

 
7,183

 
22,595

 
27,055

Depreciation and amortization
 
68,930

 
66,131

 
206,500

 
194,447

Ground/facility leases
 
3,215

 
2,951

 
10,000

 
8,526

Loss (gain) from disposition of real estate
 

 

 
282

 
(42,314
)
Provision for real estate impairment
 

 

 
3,201

 

Other operating income
 

 

 

 
(2,648
)
Total operating expenses
 
200,398

 
191,968

 
563,060

 
489,862

 
 
 
 
 
 
 
 
 
Operating income
 
27,307

 
21,501

 
124,147

 
145,075

 
 
 
 
 
 
 
 
 
Nonoperating income (expenses):
 
 

 
 

 
 

 
 

Interest income
 
960

 
1,274

 
2,855

 
3,740

Interest expense
 
(28,303
)
 
(25,185
)
 
(82,432
)
 
(72,207
)
Amortization of deferred financing costs
 
(1,315
)
 
(1,116
)
 
(3,665
)
 
(4,744
)
Gain (loss) from extinguishment of debt
 
20,992

 

 
20,992

 
(784
)
Other nonoperating income
 

 
570

 

 
570

Total nonoperating expenses
 
(7,666
)
 
(24,457
)
 
(62,250
)
 
(73,425
)
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
19,641

 
(2,956
)
 
61,897

 
71,650

Income tax (provision) benefit
 
(305
)
 
219

 
(983
)
 
(2,147
)
Net income (loss)
 
19,336

 
(2,737
)
 
60,914

 
69,503

Net loss (income) attributable to noncontrolling interests
 
887

 
392

 
(665
)
 
88

Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders
 
$
20,223

 
$
(2,345
)
 
$
60,249

 
$
69,591

 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income
 
 

 
 

 
 

 
 

  Change in fair value of interest rate swaps and other
 
(145
)
 
81

 
(14,532
)
 
726

Comprehensive income (loss)
 
$
20,078

 
$
(2,264
)
 
$
45,717

 
$
70,317

 
 
 
 
 
 
 
 
 
Net income (loss) per share attributable to ACC, Inc. and Subsidiaries common shareholders
 
 

 
 

 
 

 
 

Basic and diluted
 
$
0.14

 
$
(0.02
)
 
$
0.43

 
$
0.50

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 

 
 

 
 

 
 

Basic
 
137,403,842

 
137,022,012

 
137,259,130

 
136,742,094

Diluted
 
138,375,527

 
137,022,012

 
138,257,906

 
137,660,802

 
 
 
 
 
 
 
 
 
 

See accompanying notes to consolidated financial statements.

2

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited, in thousands, except share data)


 
 
Common
Shares
 
Par Value of
Common
Shares
 
Additional Paid
in Capital
 
Common Shares Held in Rabbi Trust
 
Common Shares Held in Rabbi Trust at Cost
 
Accumulated
Earnings and
Dividends
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Noncontrolling
Interests –
Partially Owned
Properties
 
Total
Equity, December 31, 2018
 
136,967,286

 
$
1,370

 
$
4,458,240

 
69,603

 
$
(3,092
)
 
$
(971,070
)
 
$
(4,397
)
 
$
65,750

 
$
3,546,801

Adjustments to reflect redeemable noncontrolling interests at fair value
 

 

 
(2,547
)
 

 

 

 

 

 
(2,547
)
Amortization of restricted stock awards and vesting of restricted stock units
 

 

 
3,765

 

 

 

 

 

 
3,765

Vesting of restricted stock awards
 
180,961

 

 
(3,831
)
 

 

 

 

 

 
(3,831
)
Distributions to common and restricted stockholders and other ($0.46 per common share)
 

 

 

 

 

 
(63,611
)
 

 

 
(63,611
)
Contributions by noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
625

 
625

Distributions to noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
(3,661
)
 
(3,661
)
Conversion of common and preferred operating partnership units to common stock
 
42,271

 

 
251

 

 

 

 

 

 
251

Change in fair value of interest rate swaps and other
 

 

 

 

 

 

 
(5,794
)
 

 
(5,794
)
Deposits to deferred compensation plan, net of withdrawals
 
(1,829
)
 

 
70

 
1,829

 
(70
)
 

 

 

 

Net income
 

 

 

 

 

 
29,640

 

 
1,469

 
31,109

Equity, March 31, 2019
 
137,188,689


1,370


4,455,948

 
71,432

 
(3,162
)

(1,005,041
)

(10,191
)

64,183


3,503,107

Adjustments to reflect redeemable noncontrolling interests at fair value
 

 

 
660

 

 

 

 

 

 
660

Amortization of restricted stock awards and vesting of restricted stock units
 
15,925

 

 
3,744

 

 

 

 

 

 
3,744

Vesting of restricted stock awards
 

 
2

 
(146
)
 

 

 

 

 

 
(144
)
Distributions to common and restricted stockholders and other ($0.47 per common share)
 

 

 

 

 

 
(64,978
)
 

 

 
(64,978
)
Contributions by noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
79

 
79

Distributions to noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
(3,037
)
 
(3,037
)
Change in fair value of interest rate swaps and other
 

 

 

 

 

 

 
4,566

 

 
4,566

Termination of interest rate swaps
 

 

 

 

 

 

 
(13,159
)
 

 
(13,159
)
Deposits to deferred compensation plan, net of withdrawals
 
(4,103
)
 

 
206

 
4,103

 
(206
)
 

 

 

 

Net income (loss)
 

 

 

 

 

 
10,386

 

 
(339
)
 
10,047

Equity, June 30, 2019
 
137,200,511

 
1,372

 
4,460,412

 
75,535

 
(3,368
)
 
(1,059,633
)
 
(18,784
)
 
60,886

 
3,440,885

Adjustments to reflect redeemable noncontrolling interests at fair value
 

 

 
(12,963
)
 

 

 

 

 

 
(12,963
)
Amortization of restricted stock awards and vesting of restricted stock units
 
2,393

 

 
3,105

 

 

 

 

 

 
3,105

Distributions to common and restricted stockholders and other ($0.47 per common share)
 

 

 

 

 

 
(65,038
)
 

 

 
(65,038
)
Contributions by noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
220

 
220

Distributions to noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
(1,348
)
 
(1,348
)
Change in ownership of consolidated subsidiary
 

 

 
(932
)
 

 

 

 

 
(8,532
)
 
(9,464
)
Conversion of common and preferred operating partnership units to common stock
 
126,313

 
1

 
5,825

 

 

 

 

 

 
5,826

Change in fair value of interest rate swaps and other
 

 

 

 

 

 

 
(145
)
 

 
(145
)
Deposits to deferred compensation plan, net of withdrawals
 
(2,393
)
 

 
118

 
2,393

 
(118
)
 

 

 

 

Net income (loss)
 

 

 

 

 

 
20,223

 

 
(1,037
)
 
19,186

Equity, September 30, 2019
 
137,326,824

 
$
1,373

 
$
4,455,565

 
77,928

 
$
(3,486
)
 
$
(1,104,448
)
 
$
(18,929
)
 
$
50,189

 
3,380,264





See accompanying notes to consolidated financial statements.

3

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited, in thousands, except share data)


 
 
Common
Shares
 
Par Value of
Common
Shares
 
Additional Paid
in Capital
 
Common Shares Held in Rabbi Trust
 
Common Shares Held in Rabbi Trust at Cost
 
Accumulated
Earnings and
Dividends
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Noncontrolling
Interests –
Partially Owned
Properties
 
Total
Equity, December 31, 2017
 
136,362,728

 
$
1,364

 
$
4,326,910

 
63,778

 
$
(2,944
)
 
$
(837,644
)
 
$
(2,701
)
 
$
13,973

 
$
3,498,958

Adjustments to reflect redeemable noncontrolling interests at fair value
 

 

 
4,526

 

 

 

 

 

 
4,526

Amortization of restricted stock awards and vesting of restricted stock units
 
3,040

 

 
3,443

 

 

 

 

 

 
3,443

Vesting of restricted stock awards
 
165,263

 
1

 
(2,758
)
 

 

 

 

 

 
(2,757
)
Distributions to common and restricted stockholders and other ($0.44 per common share)
 

 

 

 

 

 
(60,564
)
 

 

 
(60,564
)
Contributions by noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
9,515

 
9,515

Distributions to noncontrolling interests - partially owned properties
 

 

 

 

 

 

 

 
(47
)
 
(47
)
Conversion of common and preferred operating partnership units to common stock
 
68,448

 
1

 
477

 

 

 

 

 

 
478

Change in fair value of interest rate swaps and other
 

 

 

 

 

 

 
465

 

 
465

Withdrawals from deferred compensation plan, net of deposits
 
1,160

 

 
(127
)
 
(1,160
)
 
127

 

 

 

 

Net income
 

 

 

 

 

 
25,927