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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, 2020.
 
 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-20078738
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.YesNo
American Campus Communities Operating Partnership LPYesNo
 
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.YesNo
American Campus Communities Operating Partnership LPYesNo
 
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.YesNo
American Campus Communities Operating Partnership LPYesNo

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

There were 137,632,091 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 30, 2020.
 



EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended September 30, 2020 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:


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, 2020, 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, 2020, 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 unitholders 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, 2020
 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, 2020 (unaudited) and December 31, 2019
 
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019 (all unaudited)
 
Consolidated Statements of Changes in Equity for the three months ended March 31, 2020 and 2019, June 30, 2020 and 2019, and September 30, 2020 and 2019 (all unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (all unaudited)
Consolidated Financial Statements of American Campus Communities Operating Partnership LP and Subsidiaries: 
Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019 (all unaudited)
 
Consolidated Statements of Changes in Capital for the three months ended March 31, 2020 and 2019, June 30, 2020 and 2019, and September 30, 2020 and 2019 (all unaudited)
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (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, 2020December 31, 2019
 (Unaudited) 
Assets  
Investments in real estate:  
Owned properties, net$6,704,952 $6,694,715 
On-campus participating properties, net71,156 75,188 
Investments in real estate, net6,776,108 6,769,903 
Cash and cash equivalents44,449 54,650 
Restricted cash23,528 26,698 
Student contracts receivable, net22,008 13,470 
Operating lease right of use assets458,330 460,857 
Other assets257,101 234,176 
Total assets$7,581,524 $7,559,754 
Liabilities and equity  
Liabilities:  
Secured mortgage, construction and bond debt, net$740,128 $787,426 
Unsecured notes, net2,374,680 1,985,603 
Unsecured term loans, net199,385 199,121 
Unsecured revolving credit facility276,700 425,700 
Accounts payable and accrued expenses87,638 88,411 
Operating lease liabilities483,694 473,070 
Other liabilities202,775 157,368 
Total liabilities4,365,000 4,116,699 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests20,889 104,381 
Equity:  
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:  
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,540,345 and 137,326,824 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
1,375 1,373 
Additional paid in capital4,472,489 4,458,456 
Common stock held in rabbi trust, 91,746 and 77,928 shares at September 30, 2020 and December 31, 2019, respectively
(3,951)(3,486)
Accumulated earnings and dividends(1,292,364)(1,144,721)
Accumulated other comprehensive loss(24,614)(16,946)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity3,152,935 3,294,676 
Noncontrolling interests – partially owned properties42,700 43,998 
Total equity3,195,635 3,338,674 
Total liabilities and equity$7,581,524 $7,559,754 
Consolidated variable interest entities’ assets and debt included in the above balances:
Investments in real estate, net$598,505 $788,393 
Cash, cash equivalents and restricted cash$36,635 $59,908 
Other assets$15,956 $18,387 
Secured mortgage and construction debt, net$412,608 $418,241 
Accounts payable, accrued expenses and other liabilities$48,940 $56,976 
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,
 2020201920202019
Revenues:    
Owned properties$191,710 $211,082 $600,987 $638,657 
On-campus participating properties5,386 6,944 20,196 24,788 
Third-party development services2,186 5,611 5,531 12,389 
Third-party management services2,771 3,342 9,268 9,118 
Resident services622 726 1,644 2,255 
Total revenues202,675 227,705 637,626 687,207 
Operating expenses (income):    
Owned properties106,518 111,836 284,741 294,768 
On-campus participating properties3,783 3,822 10,357 11,585 
Third-party development and management services5,061 5,430 16,245 14,129 
General and administrative8,638 7,165 28,563 22,595 
Depreciation and amortization67,369 68,930 199,979 206,500 
Ground/facility leases3,071 3,215 10,033 10,000 
(Gain) loss from disposition of real estate  (48,525)282 
Provision for impairment   3,201 
Total operating expenses194,440 200,398 501,393 563,060 
Operating income8,235 27,307 136,233 124,147 
Nonoperating income (expenses):    
Interest income855 960 2,576 2,855 
Interest expense(29,056)(28,303)(84,007)(82,432)
Amortization of deferred financing costs(1,349)(1,315)(3,891)(3,665)
Gain (loss) from extinguishment of debt 20,992 (4,827)20,992 
Other nonoperating income264  264  
Total nonoperating expenses(29,286)(7,666)(89,885)(62,250)
(Loss) income before income taxes(21,051)19,641 46,348 61,897 
Income tax provision(373)(305)(1,133)(983)
Net (loss) income(21,424)19,336 45,215 60,914 
Net loss (income) attributable to noncontrolling interests1,909 887 2,781 (665)
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders
$(19,515)$20,223 $47,996 $60,249 
Other comprehensive income (loss)    
Change in fair value of interest rate swaps and other1,851 (145)(7,668)(14,532)
Comprehensive (loss) income$(17,664)$20,078 $40,328 $45,717 
Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common shareholders
    
Basic$(0.15)$0.14 $0.34 $0.43 
Diluted
$(0.15)$0.14 $0.33 $0.43 
Weighted-average common shares outstanding:    
Basic137,632,091 137,403,842 137,574,485 137,259,130 
Diluted137,632,091 138,375,527 138,678,713 138,257,906 

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 TrustCommon Shares Held in Rabbi Trust at CostAccumulated
Earnings and
Dividends
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests –
Partially Owned
Properties
Total
Equity, December 31, 2019137,326,824 $1,373 $4,458,456 77,928 $(3,486)$(1,144,721)$(16,946)$43,998 $3,338,674 
Adjustments to reflect redeemable noncontrolling interests at fair value— — 9,490 — — — — — 9,490 
Amortization of restricted stock awards— — 3,988 — — — — — 3,988 
Vesting of restricted stock awards199,695 2 (4,157)— — — — — (4,155)
Distributions to common and restricted stockholders and other ($0.47 per common share)
— — — — — (65,242)— — (65,242)
Distributions to noncontrolling interests - partially owned properties— — — — — — — (2,566)(2,566)
Change in fair value of interest rate swaps and other— — — — — — (9,801)— (9,801)
Deposits to deferred compensation plan, net of withdrawals(3,488)— 129 3,488 (129)— — — — 
Net income— — — — — 80,855 — 895 81,750 
Equity, March 31, 2020137,523,031 $1,375 $4,467,906 81,416 $(3,615)$(1,129,108)$(26,747)$42,327 $3,352,138 
Adjustments to reflect redeemable noncontrolling interests at fair value— — (3,410)— — — — — (3,410)
Amortization of restricted stock awards and vesting of restricted stock units27,644 — 4,439 — — — — — 4,439 
Vesting of restricted stock awards— — (20)— — — — — (20)
Distributions to common and restricted stockholders and other ($0.47 per common share)
— — — — — (65,193)— — (65,193)
Distributions to noncontrolling interests - partially owned properties— — — — — — — (1,816)(1,816)
Change in fair value of interest rate swaps and other— — — — — — 282 — 282 
Deposits to deferred compensation plan, net of withdrawals(10,330)— 336 10,330 (336)— — — — 
Net loss— — — — — (13,344)— (2,046)(15,390)
Equity, June 30, 2020137,540,345 $1,375 $4,469,251 91,746 $(3,951)$(1,207,645)$(26,465)$38,465 $3,271,030 
Adjustments to reflect redeemable noncontrolling interests at fair value— — (264)— — — — — (264)
Amortization of restricted stock awards— — 3,502 — — — — — 3,502 
Distributions to common and restricted stockholders and other ($0.47 per common share)
— — — — — (65,204)— — (65,204)
Contributions by noncontrolling interests - partially owned properties— — — — — — — 6,110 6,110 
Distributions to noncontrolling interests - partially owned properties— — — — — — — (18)(18)
Change in fair value of interest rate swaps and other— — — — — — 1,851 — 1,851 
Net loss— — — — — (19,515)— (1,857)(21,372)
Equity, September 30, 2020137,540,345 $1,375 $4,472,489 91,746 $(3,951)$(1,292,364)$(24,614)$42,700 3,195,635 

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 TrustCommon Shares Held in Rabbi Trust at CostAccumulated
Earnings and
Dividends
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests –
Partially Owned
Properties
Total
Equity, December 31, 2018136,967,286 $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— — 3,765 — — — — — 3,765 
Vesting of restricted stock awards180,961 — (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 stock42,271 — 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, 2019137,188,689 $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 units15,925 — 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, 2019137,200,511 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 units2,393 — 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 stock126,313 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, 2019137,326,824 $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.

4

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 

<
 Nine Months Ended September 30,
 20202019
Operating activities  
   Net income$45,215 $60,914 
   Adjustments to reconcile net income to net cash provided by operating activities:  
(Gain) loss from disposition of real estate(48,525)282 
   Loss (gain) from extinguishment of debt4,827 (20,992)
   Provision for impairment 3,201 
   Depreciation and amortization199,979 206,500 
   Amortization of deferred financing costs and debt premiums/discounts908 289 
   Share-based compensation11,929 10,614 
   Income tax provision1,133 983 
   Amortization of interest rate swap terminations and other1,287 701 
   Termination of interest rate swaps (13,159)
   Changes in operating assets and liabilities:
   Student contracts receivable, net(8,578)(19,212)
   Other assets(5,997)(9,061)
   Accounts payable and accrued expenses(2,414)(3,187)
   Other liabilities44,551 55,853 
Net cash provided by operating activities244,315 273,726 
Investing activities  
   Proceeds from disposition of properties and land parcels 146,144 8,854 
   Cash paid for acquisition of properties and land parcels(10,830)(8,559)
   Capital expenditures for owned properties(46,458)(52,731)
   Investments in owned properties under development(253,644)(349,461)
   Capital expenditures for on-campus participating properties(1,931)(2,517)
   Other investing activities(3,020)(2,711)
Net cash used in investing activities(169,739)(407,125)