Austin, Texas— American Campus Communities (ACC) has announced financial results for the quarter ended June 30. The Austin, Texas-based company reported a net loss of $9.4 million or $0.07 per fully diluted share, versus a net loss of $13.3 million or $0.10 per fully diluted share in the second quarter of 2020.
The company also reported an FFOM of $58.8 million or $0.42 per fully diluted share, versus $50.9 million or $0.37 per fully diluted share during the second quarter of 2020. Same-store net operating income increased 11.6 percent from levels seen during the same period in 2020, revenues increased by 10.3 percent and operating expenses increased by 8.9 percent. Preleasing within the 2022 same-store portfolio for the upcoming academic year currently stands at 91.7 percent as of July 23, up from 88.6 percent on the same date last year.
During the second quarter, ACC delivered phase four of the ten-phase Flamingo Crossings Village near Walt Disney World Resort in Orlando. With the completion of phase five in July, the company has delivered 4,996 beds on schedule and within budget. Since commencing leasing activity two months ago, approximately 3,200 residents have occupied Flamingo Crossings Village with occupancy expected to increase to at least 85 percent this fall.
ACC also won four Innovator Awards at this year’s InterFace Student Housing Conference, including On-Campus Best New Development; On-Campus Best Public-Private Financing Solution; On-Campus Best Architecture; and On-Campus Best Implementation of Mixed-Use/Live-Learn. Since the inception of the Innovator Awards, ACC and its communities have won an industry-leading total of 43 awards.
“The positive trends toward normalization continue on all fronts,” says Bill Bayless, CEO of American Campus Communities. “We outperformed our operational and financial expectations for the quarter, our Disney College Program housing continues to make great strides in initial occupancy and our fall 2021 lease-up moved ahead of the prior year’s pace in early July.”