American Campus Communities (ACC) Tops Q3 FFOM by 1c

American Campus Communities (NYSE: ACC) reported Q3 FFOM of $0.44, $0.01 better than the analyst estimate of $0.43. Revenue for the quarter came in at $181.9 million versus the consensus estimate of $169.09 million.

“We are pleased with the results of our Fall 2014 lease-up, which resulted in 2.8 percent same store rental revenue growth for the 2014-2015 academic year and led the public student housing sector in both final occupancy and rental rate growth. With the completion of the lease-up and our results to date, we believe we are trending between the midpoint and upper end of our FFOM guidance range,” said Bill Bayless, American Campus CEO. “Significant tailwinds are developing in the sector, with public and private student housing players noting increases in both occupancy and rental rates at the recent National Multifamily Housing Council Student Housing Conference. Additionally, Axiometrics is projecting a decrease in Fall 2015 supply by approximately 25 percent from the deliveries in Fall 2014. With these strong underlying fundamentals, we are currently targeting rental rate growth for the 2015-2016 academic year of approximately 2.8 percent as we kickoff leasing, which we believe positions us to generate same store net operating income growth in excess of three percent in 2015 and beyond.”

For earnings history and earnings-related data on American Campus Communities (ACC) click here.

You May Also Be Interested In

• Bristol-Myers Squibb (BMY) stock slips despite earnings beat
• Tractor Supply (TSCO) Tops Q1 EPS by 12c ; Offers Guidance
• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition