This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.”

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs