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American Campus Communities, Inc. Reports Second Quarter 2012 Financial Results

Stocks in this article: ACC

American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended June 30, 2012.

Highlights

  • Increased quarterly FFOM per share by 14 percent to $0.49 per fully diluted share or $37.2 million, compared to $0.43 per fully diluted share or $30.2 million for the second quarter prior year. Excluding $1.3 million of acquisition expenses, second quarter FFOM would have been $0.51 per fully diluted share.
  • Increased net operating income ("NOI") for same store wholly-owned portfolio by 3.0 percent over the second quarter 2011.
  • Achieved occupancy at the same store wholly-owned portfolio of 92.5 percent as of June 30, 2012 compared to 92.1 percent for the same date prior year.
  • Preleased the same store wholly-owned portfolio for the upcoming academic year to 92.9 percent as of July 20, 2012 with an average rental rate increase of 3.4 percent. This compares to 95.2 percent preleased for the same date prior year.
  • Acquired two properties containing approximately 1,230 beds for a combined purchase price of $61.0 million.
  • Commenced construction on three owned projects scheduled for completion in August 2013 containing nearly 1,200 beds and representing approximately $79.4 million in development, bringing Fall 2013 expected deliveries to six projects totaling $287.4 million and containing 3,609 beds.
  • Completed the disposition of Pirate’s Cove, an off-campus community serving students attending East Carolina University, for a sale price of approximately $27.5 million.
  • Closed on financing and commenced construction on a third-party development project containing 702 beds at Southern Oregon University in Ashland. The project is scheduled for completion in Fall 2013 and the company expects to earn $2.3 million in development fees.
  • Executed a development agreement and commenced construction on Lakeside Graduate Community, a third-party development project containing 715 beds at Princeton University in New Jersey. The project is scheduled for completion in Fall 2014 and the company expects to earn $3.2 million in development fees.

“As we move toward the 2012-2013 academic year, our leasing performance coupled with the execution of our strategic growth plan to expand our high-quality portfolio has set the stage for continued value creation,” said Bill Bayless, American Campus CEO. “Additionally, with the success of our recent stock offering, we believe we have further fortified our balance sheet and continue to be opportunistic in consolidating the sector.”

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