American Campus Communities reports its second quarter earnings.
Austin, Texas — ACC REPORTS SECOND QUARTER AND STRONG PRE-LEASING RESULTS
American Campus Communities, Inc., (ACC) announced its second quarter results Tuesday, July 26. The company reported increased funds from operations per share by 13 percent to $0.43 per fully diluted share or $30.2 million, compared to $0.38 per fully diulted share ($20.3 million) for second quarter 2010. The company reported increased net operating income of its same-store portfolio by 7.3 percent, compared to the same time last year. ACC also reported that its same-store portfolio for the upcoming academic year is 95.2 percent leased, and its wholly-owned portfolio is 95.3 percent pre-leased for the upcoming academic year. The company also recapped its new developments of eight projects it will own upon completion, its public-private partnership at Drexel University, and its third-party development at the University of Wyoming. As well, the company closed on a combined $650 million credit facility during the second quarter.
— Randall Shearin