American Campus Communities (ACC) Reports Q4 EPS of $0.18

American Campus Communities (NYSE: ACC) reported Q4 EPS of $0.18, versus the consensus of $0.30.

• Reported net income attributable to ACC of $24.7 million or $0.18 per fully diluted share, versus $47.5 million or $0.34 per fully diluted share in the fourth quarter 2018.
• Reported FFOM of $99.4 million or $0.72 per fully diluted share, versus $100.2 million or $0.72 in the fourth quarter prior year.
• Grew same store net operating income (NOI) by 1.3 percent over the fourth quarter prior year with revenues increasing 2.1 percent and operating expenses increasing 3.4 percent.
• Increased same store average physical occupancy to 97.5 percent for the fourth quarter 2019 compared to 97.3 percent for the fourth quarter 2018.
• Selected as the strategic housing master plan partner for West Virginia University. The comprehensive award is anticipated to include multiple phases of on-campus housing including various renovation and redevelopment projects.
• Completed the disposition of Landmark, a 606-bed property located in Ann Arbor, Michigan with proceeds of $100.0 million representing an economic cap rate of 4.1 percent.
• Subsequent to year end, took advantage of the low interest rate environment by issuing $400.0 million of 10-year senior unsecured notes at a yield of 2.872 percent, representing a record low credit spread and yield for a mid-BBB rated REIT and one of the lowest credit spreads and yields of any 10-year REIT benchmark offering in history.
• Launched a long-term partnership with the Hi, How Are You Project as the non-profit’s Hero partner with the mission to support mental health among college students. The partnership provides company staff with peer-to-peer support training, communication resources and events, including the internationally broadcast Hi, How Are You Day benefit concert.
• Recognized as an honoree of Texan by Nature 20 (TxN20), an official ranking of the top 20 companies in Texas for its leadership and commitment to conservation and sustainability by Texan by Nature, a Texas-led conservation non-profit founded by former First Lady Laura Bush.

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

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