American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended September 30, 2012.
- Achieved quarterly FFOM per share of $0.32 per fully diluted share or $29.4 million, compared to $0.34 per fully diluted share or $24.0 million for the third quarter prior year. Excluding $4.7 million of acquisition expenses, third quarter FFOM would have been $0.38 per fully diluted share or $34.1 million.
- Increased net operating income ("NOI") for same store wholly-owned portfolio by 4.1 percent over the third quarter 2011.
- Achieved industry leading occupancy at the same store wholly-owned portfolio of 97.4 percent as of September 30, 2012, compared to 98.2 percent for the same date prior year, with an average rental rate increase of 3.4 percent.
- Acquired 17 properties containing 8,914 beds for a purchase price of $844.0 million.
- Delivered 11 owned development projects into service for the 2012-2013 academic year. The new projects totaling $381.4 million in total development cost and containing 6,703 beds were 95.2 percent occupied as of September 30, 2012.
- Executed a presale agreement via the company’s mezzanine investment program to acquire Townhomes at Newtown Crossing, a 608-bed off-campus development opening in August 2013 that will serve students attending the University of Kentucky, for a purchase price of $38.8 million.
- Completed construction on four third-party development projects, which earned a combined total of $8.7 million in third-party fees.
- Raised $731.9 million in net proceeds from a public offering of 17,250,000 shares of common stock at a price of $44.25 per share on July 16, 2012, which includes 2,250,000 shares issued as a result of the underwriters' exercise of their over-allotment option in full at the closing.
"This was an exceptional quarter on all fronts as we placed 28 high-quality assets into service representing $1.2 billion in growth," said Bill Bayless, American Campus CEO. "These Class A properties are an average age of only 4.7 years with an average distance to campus of just 0.2 miles. In addition, we once again had solid internal growth with 4.1 percent same store NOI for the quarter compared to the prior year, while simultaneously using our proprietary leasing and revenue management systems to complete the 2012-2013 leasing season with an industry leading same store occupancy with strong rental rate growth. These results have set the stage for another year of robust revenue and NOI growth. We believe our performance this quarter clearly reinforces our best-in-class reputation in the student housing industry."