American Campus Communities (ACC) Misses Q1 EPS by 2c, Beats on Revenues; Offers FY18 EPS Outlook Above Consensus

American Campus Communities (NYSE: ACC) reported Q1 EPS of $0.18, $0.02 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $220 million versus the consensus estimate of $206.72 million.

• Reported net income attributable to ACC of $25.9 million or $0.18 per fully diluted share, versus $34.1 million or $0.25 per fully diluted share in the first quarter 2017.
• Reported quarterly FFOM of $85.8 million or $0.62 per fully diluted share versus $83.2 million or $0.62 per fully diluted share in the first quarter prior year.
• Grew same store net operating income (\"NOI\") by 0.1 percent over the first quarter 2017. Revenues increased 1.9 percent and operating expenses increased 4.5 percent primarily due to the anticipated growth in property taxes combined with expenses associated with excessive winter storms. Excluding expenses of approximately $0.5 million related to these excessive winter conditions, same store operating expenses would have increased by 3.8 percent and same store NOI would have increased by 0.6 percent.
• Achieved same store average physical occupancy of 96.2 percent for the first quarter 2018 compared to 96.9 percent for the first quarter 2017.
• Executed a presale agreement for a new 443-bed development project located pedestrian to the University of Oregon. Upon delivery in Fall 2019, the $70.6 million asset will further diversify the company’s existing product offering and provide additional opportunities for multi-asset market efficiencies.
• Began pre-development services for a proposed third-party development project on the campus of Prairie View A&M University.
• Won an industry-leading five Innovator Awards at this year\'s Student Housing Business National Conference including Best Public/Private Partnership Development, Best Use of Green & Sustainable Construction or Development (on and off campus), Best Architecture/Design and Best Bandwidth/Connectivity Solution. Additionally, two projects acquired by American Campus Communities and developed by Core Spaces won awards for Best New Development (400 beds or fewer) and Best Architecture/Design (more than 400 beds). Since the inception of the Innovator Awards, ACC and its communities have won an industry-leading total of 31 awards, furthering its best-in-class reputation among colleges, universities and industry partners.

GUIDANCE:

American Campus Communities sees FY2018 EPS of $0.67-$0.75, versus the consensus of $0.66.

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

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