- 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.
American Campus Communities, Inc. Reports Third Quarter 2012 Financial Results
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