American Campus Communities, Inc. Reports Second Quarter 2019 Financial Results

AUSTIN, Texas–(BUSINESS WIRE)–American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended June 30, 2019.

Highlights

  • Reported net income attributable to ACC of $10.4 million or $0.07 per fully diluted share, versus $46.0 million or $0.33 per fully diluted share in the second quarter 2018. Excluding a $42.3 million net gain from the disposition of real estate in the prior year quarter, net income attributable to ACC would have been $3.7 million for the second quarter 2018.
  • Increased FFOM per fully diluted share by 7.7 percent to $0.56 or $77.4 million, versus $0.52 per fully diluted share or $72.6 million for the second quarter prior year.
  • Grew same store net operating income (“NOI”) by 3.5 percent over the second quarter 2018 with revenues increasing 3.2 percent and operating expenses increasing 2.9 percent.
  • Increased same store average physical occupancy to 90.6 percent for the second quarter 2019 compared to 88.4 percent for the second quarter 2018.
  • Subsequent to quarter end, commenced construction on a third-party on-campus development project at the University of California, Riverside, representing the company’s second phase of development under the multi-phase award.
  • Issued $400 million of 7-year senior unsecured notes at a yield of 3.347 percent. When including the effect of an interest rate swap, the effective interest rate on the notes is 3.7 percent.

“We continue to be pleased with our core operating performance through the second quarter and I want to thank the American Campus team for their tireless efforts to produce value for our shareholders,” said Bill Bayless, American Campus Communities CEO. “Of course, we still have a lot remaining to complete this year, including the always important final months of the Fall lease-up, ongoing efforts to control operating expenses through our asset management initiatives, and closing third-party development transactions for our university clients. We are also excited to be opening our 10 new owned, presale and third-party developments this Fall. These living-learning communities represent the latest in innovative designs that incorporate sustainability and affordability while fostering academic and personal success for students.”

Second Quarter Operating Results

Revenues for the 2019 second quarter totaled $217.4 million versus $201.1 million in the second quarter 2018, and operating income for the quarter totaled $37.8 million versus $73.2 million in the prior year second quarter. The increase in revenue was primarily due to growth resulting from an increase in average occupancy and rental rates for the 2018-2019 academic year and development properties completed in 2018. The decrease in operating income was primarily due to a $42.3 million gain from the disposition of real estate in the prior year quarter. Net income for the 2019 second quarter totaled $10.4 million, or $0.07 per fully diluted share, compared with $46.0 million, or $0.33 per fully diluted share for the same quarter in 2018. The decrease in net income as compared to the prior year quarter is primarily due to the $42.3 million gain from the disposition of real estate in the prior year quarter, offset by an increase in revenues, as described above.

FFO for the 2019 second quarter totaled $76.2 million, or $0.55 per fully diluted share, as compared to $65.7 million, or $0.47 per fully diluted share for the same quarter in 2018. FFOM for the 2019 second quarter was $77.4 million, or $0.56 per fully diluted share as compared to $72.6 million, or $0.52 per fully diluted share for the same quarter in 2018. A reconciliation of FFO and FFOM to net income is provided in Table 3.

NOI for same store properties was $106.0 million in the quarter, an increase of 3.5 percent versus $102.5 million in the 2018 second quarter. Same store property revenues increased by 3.2 percent and same store property operating expenses increased by 2.9 percent. NOI for the total owned portfolio increased 8.7 percent to $113.1 million for the quarter from $104.1 million in the comparable period of 2018. A reconciliation of same store NOI to total NOI is provided in Table 4.

Portfolio Update

Developments

The company continues to progress on the construction of its $767.5 million development pipeline and $107.3 million presale development pipeline that includes expected deliveries in Fall 2019 through 2021. These projects are all core Class A assets located on campus or pedestrian to campus in their respective markets and remain on track to meet their targeted stabilized development yield in the range of 6.25 – 6.8 percent for developments and 5.75 – 6.25 percent for presale developments.

Third-Party Services

Subsequent to quarter end, the company closed on financing and commenced construction on a third-party on-campus development project with the University of California, Riverside, which represents the company’s second phase of development under the larger multi-phase award. The company expects to earn $6.7 million in fees throughout the construction period of this phase and expects to provide management services upon the opening of the community in Fall 2021.

Dispositions

During the quarter, the company completed the sale of College Club Townhomes, at Florida A&M University, and subsequent to quarter end the company completed the disposition of Blanton Common, at Valdosta State University, which was surrendered to the lender in satisfaction of the property’s $27.4 million mortgage loan. These non-core properties, located 0.9 and 1.6 miles from small regional universities, were included in larger high-quality portfolio acquisitions in 2005 and 2008, but individually were not consistent with the company’s investment criteria. Proceeds from the transactions, including the forgiveness of debt, totaled $36.9 million.

Capital Markets

In June, the company issued $400 million of senior unsecured notes under its existing shelf registration, which are fully and unconditionally guaranteed by the company. These 7-year notes were issued at 99.704 percent of par value with a coupon of 3.300 percent and a yield of 3.347 percent. When including the effect of an interest rate swap entered into in 2018, the effective interest rate on the notes is 3.7 percent. The notes will mature on July 15, 2026. Moody’s and S&P rated the notes Baa2 and BBB, respectively. Net proceeds from the transaction totaled approximately $394 million, after expenses, and were used to repay borrowings under the company’s revolving credit facility, to fund projects in its current development pipeline and potential acquisitions of student housing properties and for general business purposes.

At-The-Market (ATM) Share Offering Program

The company did not sell any shares under the ATM during the quarter.

2019 Outlook

The company is maintaining its previously stated guidance range for the fiscal year 2019, anticipating that FFO will be in the range of $2.40 to $2.50 per fully diluted share and FFOM will be in the range of $2.35 to $2.45 per fully diluted share. For additional details regarding the company’s 2019 outlook, please see pages S-16 through S-17 of the Supplemental Analyst Package 2Q 2019. All guidance is based on the current expectations and judgment of the company’s management team.

A reconciliation of the range provided for projected net income to projected FFO and FFOM for the fiscal year ending December 31, 2019 is included in Table 5.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampus.com. In addition, the company will host a conference call to discuss second quarter results and the 2019 outlook on Tuesday, July 23, 2019 at 10:00 a.m. ET (9:00 a.m. CT). The conference call may be accessed by dialing 888-317-6003 passcode 5132979, or 412-317-6061 for international participants.

To listen to the live webcast, go to www.americancampus.com at least 15 minutes prior to the call so that required audio software can be downloaded. A replay of the conference call will be available beginning one hour after the end of the call until August 6, 2019 by dialing 877-344-7529 or 412-317-0088 conference number 10132391. Additionally, the replay will be available for one year at www.americancampus.com.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines Funds from Operations (“FFO”) as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, impairment charges and real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. We also believe it is meaningful to present a measure we refer to as FFO-Modified, or (“FFOM”), which reflects certain adjustments related to the economic performance of our on-campus participating properties and excludes property acquisition costs and other non-cash items, as we determine in good faith. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

The company defines property net operating income (“NOI”) as property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses.

About American Campus Communities

American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of June 30, 2019, American Campus Communities owned 169 student housing properties containing approximately 108,800 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consisted of 203 properties with approximately 133,100 beds. Visit www.americancampus.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “Company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018 under the heading “Risk Factors” and under the heading “Business – Forward-looking Statements” and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our expected 2019 operating results, whether as a result of new information, future events, or otherwise.

 

Table 1

American Campus Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands)

 

 

 

June 30, 2019

 

December 31, 2018

 

 

(unaudited)

 

 

Assets

 

 

 

 

 

 

 

 

 

Investments in real estate:

 

 

 

 

Owned properties, net

 

$

6,676,217

 

 

$

6,583,397

 

On-campus participating properties, net

 

77,390

 

 

77,637

 

Investments in real estate, net

 

6,753,607

 

 

6,661,034

 

 

 

 

 

 

Cash and cash equivalents

 

51,541

 

 

71,238

 

Restricted cash

 

37,185

 

 

35,279

 

Student contracts receivable

 

9,446

 

 

8,565

 

Other assets1

 

531,118

 

 

262,730

 

 

 

 

 

 

Total assets

 

$

7,382,897

 

 

$

7,038,846

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

Secured mortgage, construction and bond debt, net

 

$

872,922

 

 

$

853,084

 

Unsecured notes, net

 

1,983,895

 

 

1,588,446

 

Unsecured term loans, net

 

198,945

 

 

198,769

 

Unsecured revolving credit facility

 

185,600

 

 

387,300

 

Accounts payable and accrued expenses

 

67,079

 

 

88,767

 

Operating lease liabilities2

 

285,224

 

 

 

Other liabilities2

 

162,437

 

 

191,233

 

Total liabilities

 

3,756,102

 

 

3,307,599

 

 

 

 

 

 

Redeemable noncontrolling interests

 

185,910

 

 

184,446

 

 

 

 

 

 

Equity:

 

 

 

 

American Campus Communities, Inc. and Subsidiaries

stockholders’ equity:

 

 

 

 

Common stock

 

1,372

 

 

1,370

 

Additional paid in capital

 

4,460,412

 

 

4,458,240

 

Common stock held in rabbi trust

 

(3,368

)

 

(3,092

)

Accumulated earnings and dividends

 

(1,059,633

)

 

(971,070

)

Accumulated other comprehensive loss

 

(18,784

)

 

(4,397

)

Total American Campus Communities, Inc. and

Subsidiaries stockholders’ equity

 

3,379,999

 

 

3,481,051

 

Noncontrolling interests – partially owned properties

 

60,886

 

 

65,750

 

Total equity

 

3,440,885

 

 

3,546,801

 

 

 

 

 

 

Total liabilities and equity

 

$

7,382,897

 

 

$

7,038,846

 

  1. For purposes of calculating net asset value (“NAV”) at June 30, 2019, the company excludes other assets of approximately $5.4 million related to net deferred financing costs on its revolving credit facility and the net value of in-place leases and approximately $279.3 million of right of use assets associated with new lease accounting guidance that was adopted by the company on January 1, 2019.
  2. For purposes of calculating NAV at June 30, 2019, the company excludes other liabilities of approximately $48.6 million related to deferred revenue and fee income, as well as operating lease liabilities disclosed above associated with new lease accounting guidance that was adopted by the company on January 1, 2019.
 

Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(dollars in thousands, except share and per share data)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

(unaudited)

 

(unaudited)

 

 

Revenues

 

 

 

 

 

 

 

 

Owned properties1

 

$

203,156

 

 

$

189,488

 

 

$

427,575

 

 

$

395,020

 

On-campus participating properties1

 

6,396

 

 

6,182

 

 

17,844

 

 

16,625

 

Third-party development services

 

3,607

 

 

2,202

 

 

6,778

 

 

3,048

 

Third-party management services

 

3,465

 

 

2,452

 

 

5,776

 

 

5,183

 

Resident services

 

747

 

 

735

 

 

1,529

 

 

1,592

 

Total revenues

 

217,371

 

 

201,059

 

 

459,502

 

 

421,468

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Owned properties1 2

 

90,763

 

 

86,136

 

 

182,932

 

 

174,196

 

On-campus participating properties1

 

3,806

 

 

3,730

 

 

7,763

 

 

7,155

 

Third-party development and management services

 

4,513

 

 

3,544

 

 

8,699

 

 

7,742

 

General and administrative2

 

8,115

 

 

13,173

 

 

15,430

 

 

19,872

 

Depreciation and amortization

 

68,815

 

 

63,537

 

 

137,570

 

 

128,316

 

Ground/facility leases

 

3,236

 

 

2,733

 

 

6,785

 

 

5,575

 

Loss (gain) from disposition of real estate3

 

282

 

 

(42,314

)

 

282

 

 

(42,314

)

Provision for real estate impairment4

 

 

 

 

 

3,201

 

 

 

Other operating income

 

 

 

(2,648

)

 

 

 

(2,648

)

Total operating expenses

 

179,530

 

 

127,891

 

 

362,662

 

 

297,894

 

 

 

 

 

 

 

 

 

 

Operating income

 

37,841

 

 

73,168

 

 

96,840

 

 

123,574

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expenses)

 

 

 

 

 

 

 

 

Interest income

 

969

 

 

1,243

 

 

1,895

 

 

2,466

 

Interest expense

 

(27,068

)

 

(23,338

)

 

(54,129

)

 

(47,022

)

Amortization of deferred financing costs

 

(1,218

)

 

(2,214

)

 

(2,350

)

 

(3,628

)

Loss from early extinguishment of debt

 

 

 

(784

)

 

 

 

(784

)

Total nonoperating expenses

 

(27,317

)

 

(25,093

)

 

(54,584

)

 

(48,968

)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

10,524

 

 

48,075

 

 

42,256

 

 

74,606

 

Income tax provision2

 

(314

)

 

(2,085

)

 

(678

)

 

(2,366

)

Net income

 

10,210

 

 

45,990

 

 

41,578

 

 

72,240

 

Net loss (income) attributable to noncontrolling interests

 

176

 

 

19

 

 

(1,552

)

 

(304

)

Net income attributable to ACC, Inc. and

Subsidiaries common stockholders

 

$

10,386

 

 

$

46,009

 

 

$

40,026

 

 

$

71,936

 

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

Change in fair value of interest rate swaps and other

 

(8,593

)

 

180

 

 

(14,387

)

 

645

 

Comprehensive income

 

$

1,793

 

 

$

46,189

 

 

$

25,639

 

 

$

72,581

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to ACC, Inc.

and Subsidiaries common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.07

 

 

$

0.33

 

 

$

0.28

 

 

$

0.52

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

137,268,696

 

 

136,677,255

 

 

137,185,576

 

 

136,599,816

 

 

 

 

 

 

 

 

 

 

Diluted

 

138,243,388

 

 

137,576,366

 

 

138,198,134

 

 

137,536,368

 

  1. The company adopted new lease accounting guidance on January 1, 2019 which required the reclassification of the provision for uncollectible accounts from operating expenses to revenue. The reclassification is reflected on a prospective basis starting in the first quarter 2019. The provision for uncollectible accounts for owned properties was $1.7 million and $1.8 million for the three months ended June 30, 2019 and 2018, respectively, and was $2.8 million and $2.7 million for the six months ended June 30, 2019 and 2018, respectively. The provision for uncollectible accounts for on-campus participating properties for both the three months ended June 30, 2019 and 2018 was $0.1 million. The provision for uncollectible accounts for on-campus participating properties was a $0.7 million benefit and a $0.2 million expense for the six months ended June 30, 2019 and 2018, respectively.
  2. Owned properties operating expenses, general and administrative expenses, and income tax provision for the three and six months ended June 30, 2018 include $0.2 million, $5.8 million, and $1.8 million, respectively, of the company’s proportionate share of transaction costs incurred in connection with the closing of the ACC / Allianz joint venture transaction in May 2018.
  3. The three and six months ended June 30, 2019 amounts represent a loss from the disposition of one property in May 2019. The three and six months ended June 30, 2018 amounts represent a gain from the disposition of a portfolio of three properties in May 2018.
  4. Represents an impairment charge recorded for an owned property classified as held for sale as of March 31, 2019 that was sold in May 2019.
 

Table 3

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Funds from Operations

(unaudited, dollars in thousands, except share and per share data)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2019

 

2018

 

2019

 

2018

Net income attributable to ACC, Inc. and Subsidiaries

common stockholders

 

$

10,386

 

 

$

46,009

 

 

$

40,026

 

 

$

71,936

 

Noncontrolling interests1

 

54

 

 

453

 

 

214

 

 

775

 

Loss (gain) from disposition of real estate

 

282

 

 

(42,314

)

 

282

 

 

(42,314

)

Elimination of provision for real estate impairment

 

 

 

 

 

3,201

 

 

 

Real estate related depreciation and amortization2

 

65,458

 

 

61,571

 

 

130,834

 

 

125,149

 

Funds from operations (“FFO”) attributable to common stockholders and OP unitholders

 

76,180

 

 

65,719

 

 

174,557

 

 

155,546

 

Elimination of operations of on-campus participating properties

 

 

 

 

 

 

 

 

Net loss (income) from on-campus participating properties

 

1,130

 

 

1,218

 

 

(2,562

)

 

(2,151

)

Amortization of investment in on-campus participating properties

 

(2,016

)

 

(1,952

)

 

(4,045

)

 

(3,894

)

 

 

75,294

 

 

64,985

 

 

167,950

 

 

149,501

 

Modifications to reflect operational performance of on-campus participating properties

 

 

 

 

 

 

 

 

Our share of net cashflow3

 

828

 

 

793

 

 

1,710

 

 

1,588

 

Management fees and other

 

408

 

 

279

 

 

1,228

 

 

756

 

Contribution from on-campus participating properties

 

1,236

 

 

1,072

 

 

2,938

 

 

2,344

 

 

 

 

 

 

 

 

 

 

Transaction costs4

 

 

 

7,818

 

 

 

 

7,818

 

Elimination of loss from early extinguishment of debt5

 

 

 

784

 

 

 

 

784

 

Elimination of gain from litigation settlement6

 

 

 

(2,648

)

 

 

 

(2,648

)

Elimination of FFO from property in receivership7

 

839

 

 

606

 

 

1,808

 

 

1,195

 

Funds from operations-modified (“FFOM”) attributable to common stockholders and OP unitholders

 

$

77,369

 

 

$

72,617

 

 

$

172,696

 

 

$

158,994

 

 

 

 

 

 

 

 

 

 

FFO per share – diluted

 

$

0.55

 

 

$

0.47

 

 

$

1.26

 

 

$

1.12

 

 

 

 

 

 

 

 

 

 

FFOM per share – diluted

 

$

0.56

 

 

$

0.52

 

 

$

1.24

 

 

$

1.15

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding – diluted

 

138,873,418

 

 

138,592,562

 

 

138,842,644

 

 

138,561,640

 

 

 

 

 

 

 

 

 

 

  1. The difference from the amount presented in the company’s consolidated statements of comprehensive income represents consolidated joint venture partners’ share of net income.
  2. The difference from the amount presented in the company’s consolidated statements of comprehensive income represents corporate depreciation and consolidated joint venture partners’ share of depreciation. Corporate depreciation and the joint venture partners’ share of depreciation for the three months ended June 30, 2019 was $1.2 million and $2.2 million, respectively. Corporate depreciation and the joint venture partners’ share of depreciation for the six months ended June 30, 2019 was $2.4 million and $4.3 million, respectively.
  3. 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures which is included in ground/facility leases expense in the consolidated statements of comprehensive income (refer to table 2).
  4. Represents transaction costs incurred in connection with the closing of a real estate joint venture transaction in May 2018, whereby a 45% noncontrolling interest in seven properties was sold to a joint venture partner.
  5. Represents losses associated with the early extinguishment of mortgage loans due to real estate disposition transactions, including the sale of partial ownership interests in properties. Such costs are excluded from gains from disposition of real estate reported in accordance with GAAP.
  6. Represents a gain related to cash proceeds received from a litigation settlement.
  7. Represents FFO for an owned property that was transferred to the lender in July 2019 in settlement of the property’s $27.4 million mortgage loan.
 

Table 4

American Campus Communities, Inc. and Subsidiaries

Owned Properties Results of Operations1

(unaudited, dollars in thousands)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

$ Change

 

% Change

 

2019

 

2018

 

$ Change

 

% Change

Owned properties revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store properties

$

190,207

 

 

$

184,281

 

 

$

5,926

 

 

3.2

%

 

$

395,576

 

 

$

383,396

 

 

$

12,180

 

 

3.2

%

New properties

12,759

 

 

136

 

 

12,623

 

 

 

 

31,317

 

 

257

 

 

31,060

 

 

 

Sold and held for sale properties2

937

 

 

3,992

 

 

(3,055

)

 

 

 

2,211

 

 

10,227

 

 

(8,016

)

 

 

Total revenues3 4

$

203,903

 

 

$

188,409

 

 

$

15,494

 

 

8.2

%

 

$

429,104

 

 

$

393,880

 

 

$

35,224

 

 

8.9

%

Owned properties operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store properties

$

84,175

 

 

$

81,791

 

 

$

2,384

 

 

2.9

%

 

$

169,012

 

 

$

166,173

 

 

$

2,839

 

 

1.7

%

New properties

5,781

 

 

191

 

 

5,590

 

 

 

 

11,896

 

 

315

 

 

11,581

 

 

 

Other5

26

 

 

344

 

 

(318

)

 

 

 

135

 

 

344

 

 

(209

)

 

 

Sold and held for sale properties2 6

781

 

 

1,996

 

 

(1,215

)

 

 

 

1,889

 

 

4,632

 

 

(2,743

)

 

 

Total operating expenses3

$

90,763

 

 

$

84,322

 

 

$

6,441

 

 

7.6

%

 

$

182,932

 

 

$

171,464

 

 

$

11,468

 

 

6.7

%

Owned properties net operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store properties

$

106,032

 

 

$

102,490

 

 

$

3,542

 

 

3.5

%

 

$

226,564

 

 

$

217,223

 

 

$

9,341

 

 

4.3

%

New properties

6,978

 

 

(55

)

 

7,033

 

 

 

 

19,421

 

 

(58

)

 

19,479

 

 

 

Other5

(26

)

 

(344

)

 

318

 

 

 

 

(135

)

 

(344

)

 

209

 

 

 

Sold and held for sale properties2 6

156

 

 

1,996

 

 

(1,840

)

 

 

 

322

 

 

5,595

 

 

(5,273

)

 

 

Total net operating income

$

113,140

 

 

$

104,087

 

 

$

9,053

 

 

8.7

%

 

$

246,172

 

 

$

222,416

 

 

$

23,756

 

 

10.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

American Campus Communities, Inc., Austin

Ryan Dennison, 512-732-1000

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