American Campus Communities (ACC) Posts Q4 EPS of $0.28

American Campus Communities (NYSE: ACC) reported Q4 EPS of $0.28, which may not compare to the analyst estimate of $0.37.

• Reported net income attributable to ACC of $39.1 million or $0.28 per fully diluted share, versus $25.4 million or $0.19 per fully diluted share in the fourth quarter 2016.
• Increased quarterly FFOM to $99.6 million or $0.72 per fully diluted share, versus $86.9 million or $0.65 in the fourth quarter prior year, an increase of 10.8 percent per share.
• Grew same store net operating income (NOI) by 4.2 percent over the fourth quarter prior year with revenues increasing 1.7 percent and operating expenses decreasing 1.8 percent, primarily through targeted reductions in controllable expenses.
• Achieved same store average physical occupancy of 96.7 percent for the fourth quarter 2017 compared to 97.6 percent for the fourth quarter 2016.
• Executed a presale agreement for a new $36.7 million development project located pedestrian to Florida State University, a Power-5 conference, Carnegie R1 university market. Upon delivery in Fall 2019, the asset will further diversify the company’s existing product offering and provide additional opportunities for multi-asset market efficiencies.
• Awarded what is expected to be the nation’s largest third-party on-campus student housing project in history for a new development on the campus of the University of California, Riverside as part of the University of California System initiative. The project is currently anticipated to include as many as 6,000 beds and over $1 billion in new development, expected to be completed in multiple phases over several years. The company was also awarded a new third-party development project with Delaware State University during the quarter.
• Earned Great Place to Work® certification based on extensive ratings provided by employees in anonymous surveys, resulting in 97 percent of employees saying that there is great pride in the work done at ACC, 97 percent saying that ACC has a great atmosphere, and 91 percent saying that their workplace is great.
• Awarded the Best Student Housing Rental Apartment Community 2017 Multifamily Pillars of the Industry Award from the National Association of Home Builders for The Summit at University City.
• American Campus Communities CEO Bill Bayless was named the 2017 National Ernst & Young Entrepreneur Of The Year in the category of Real Estate, Hospitality and Construction. Now in its 31st year, the award recognizes leaders and visionaries who demonstrate excellence and extraordinary success in innovation, financial performance and personal commitment to building world-class businesses and supporting their communities.

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

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