American Campus Communities (ACC) Misses Q1 EPS by 2c

American Campus Communities (NYSE: ACC) reported Q1 EPS of $0.25, $0.02 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $192.9 million versus the consensus estimate of $181.07 million.

• Reported net income attributable to ACC of $34.1 million or $0.25 per fully diluted share, versus $45.6 million or $0.36 per fully diluted share in the first quarter 2016. The first quarter of 2016 included a $17.4 million gain from the disposition of real estate, while there was no corresponding gain in the current quarter.
• Reported quarterly FFOM of $83.2 million or $0.62 per fully diluted share versus $78.2 million or $0.62 per fully diluted share in the first quarter prior year.
• Increased same store wholly-owned net operating income (\"NOI\") 3.3 percent over the first quarter 2016 with revenues increasing 3.3 percent and operating expenses increasing 3.4 percent.
• Achieved same store wholly-owned average physical occupancy of 96.9 percent for the first quarter 2017 compared to 97.0 percent for the first quarter 2016.
• Preleased the same store wholly-owned portfolio for the upcoming academic year to 84.4 percent applied for and 78.7 percent leased as of April 21, 2017 with a current projected rental rate increase of 2.9 percent. This compares to 85.0 percent applied for and 78.6 percent preleased for the same date prior year.
• Awarded five new on-campus development projects including two American Campus Equity (ACE®) transactions with the University of Arizona and Northern Arizona University, and three third-party development projects with the University of California, Irvine, the University of Illinois at Chicago and the University of Arizona.
• Subsequent to quarter end, acquired The Arlie, a 598-bed community located pedestrian to the University of Texas at Arlington. The Arlie is located immediately adjacent to an existing ACC property in the market, offering the opportunity to benefit from multi-asset market efficiencies.
• Won five Innovator Awards at this year\'s Student Housing Business National Conference including Best New Development, Best Public/Private Partnership Development, Best Use of Green & Sustainable Construction or Development, Most Creative Financing and Best Bandwidth/Connectivity Solution. Since the inception of the Innovator Awards, ACC has won an industry-leading total of 24 awards, furthering its best-in-class reputation among colleges, universities and industry partners.

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

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