American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2012.
Fourth Quarter 2012
- Increased quarterly FFOM 55.6 percent to $57.1 million or $0.56 per fully diluted share compared to $36.7 million or $0.50 per fully diluted share in the fourth quarter prior year. Excluding $3.3 million of acquisition expenses, fourth quarter FFOM would have been $60.4 million or $0.59 per fully diluted share.
- Increased same store wholly-owned Net Operating Income (NOI) by 2.5 percent over the fourth quarter 2011.
- Achieved 97.4 percent same store wholly-owned occupancy as of December 31, 2012.
- Awarded a second phase American Campus Equity (ACE®) development at Drexel University with an estimated total development cost of $168.0 million. The 1,316-bed community is scheduled to open for occupancy in Fall 2015.
- Awarded a faculty and staff housing project by Princeton University with their desire for an ACE transaction structure. The 326-unit community, Merwick Stanworth Housing, will be delivered in two phases. Phase one is targeting a Summer 2014 completion and phase two is expected to be complete in Summer 2015.
Full Year 2012
- Increased 2012 full year FFOM 28.8 percent to $165.0 million or $1.91 per fully diluted share compared to $128.1 million or $1.81 per fully diluted share for the full year 2011. Excluding $9.7 million of acquisition expenses, full year FFOM would have been $174.7 million or $2.02 per fully diluted share.
- Increased same store wholly-owned Net Operating Income (NOI) by 3.4 percent over the year ended December 31, 2011.
- Acquired 40 off-campus properties totaling $1.8 billion containing 23,441 beds with an average distance to campus of 0.48 miles.
- Completed construction and opened 11 owned developments totaling $381.4 million containing 6,703 beds, including six on-campus ACE communities totaling $219.9 million and five owned off-campus communities totaling $161.5 million. The average occupancy of the 11 new developments was 95.2 percent as of December 31, 2012.
- Disposed of three assets totaling $54.1 million containing 1,584 beds with an average age of 15.5 years and average distance to campus of 1.8 miles.
- Completed and delivered four third-party development projects totaling 2,236 beds at Illinois State University, Northern Illinois University, University of Wyoming and a dining hall at Arizona State University.
- Commenced or continued construction on eight owned-development projects totaling approximately $415.3 million and containing 5,258 beds to be delivered in 2013 and 2014 with average distance to campus of 0.1 miles.
- Raised approximately $1.3 billion in net proceeds from two follow-on equity offerings, which allowed the company to maintain a strong balance sheet with attractive credit ratios during a high-growth year. The offerings included the issuance of 29,900,000 shares of common stock at a weighted average issue price of $44.04 per share.