- Increased quarterly FFOM per share by 8.2 percent to $0.53 per fully diluted share or $56.3 million, compared to $0.49 per fully diluted share or $37.2 million for the second quarter prior year. To stimulate leasing velocity for the 2013-2014 academic year, the company incurred $3.1 million in higher than budgeted marketing and leasing expenses during the quarter, which represented $0.03 per fully diluted share.
- Same store wholly-owned net operating income ("NOI") decreased by 1.3 percent compared to the second quarter 2012. While revenues increased 1.8 percent, expenses increased 5.6 percent primarily due to $1.4 million in additional same store marketing and leasing costs as referred to above. Excluding this additional targeted spending, same store wholly-owned NOI would have increased 1.4 percent versus the second quarter 2012.
- Preleased the same store wholly-owned portfolio for the upcoming academic year to 90.8 percent as of July 19, 2013, with an average rental rate increase of 1.1 percent. This compares to 91.8 percent preleased for the same date prior year. The current 100 basis point deficit in preleasing velocity has narrowed 370 basis points from the 470 basis point deficit reported in the company’s first quarter earnings release.
- Achieved occupancy for the same store wholly-owned portfolio of 91.6 percent as of June 30, 2013 compared to 92.2 percent for the same date prior year.
- Commenced construction on the first phase of Stanworth Commons, a $78.3 million, two-phase, faculty and staff housing project for Princeton University structured via the American Campus Equity (ACE ®) program.
- Commenced construction on the second phase of U Club on Frey, a $25.3 million owned off-campus community at Kennesaw State University.
- Subsequent to the end of the quarter, construction commenced on the $37.5 million owned on-campus ACE project at Texas A&M University.
- Construction commenced subsequent to quarter end on a 567-bed, on-campus participating property project with West Virginia University.
- Subsequent to quarter end, completed the disposition of three properties for a sale price of approximately $117.9 million.
American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended June 30, 2013. Highlights