American Campus Communities (ACC) Tops Q2 FFO by 38c

American Campus Communities (NYSE: ACC) reported Q2 FFO of $0.53, $0.38 better than the analyst estimate of $0.15, may not compare. Revenue for the quarter came in at $179 million versus the consensus estimate of $171.09 million.

“Our diversified investment platform is firing on all cylinders, sourcing significant high quality external growth assets located pedestrian to Power-5 conference universities,” said Bill Bayless, American Campus Communities CEO. “We are excited about the robust opportunity on-campus, announcing a second development award with the highly prestigious University of California, Berkeley and continued progression with the ACE and third-party projects at the University of Arizona. Off campus, we expanded our holdings at Auburn University, breaking ground on our second community located pedestrian to campus, and entered the highly desirable University of Washington market, where the team is actively pursuing expansion via both development and acquisition, enabling multi-asset efficiencies.”

GUIDANCE:

American Campus Communities maintains guidance of FY2017 FFO of $2.34-$2.44.

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

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