ACC Releases Second Quarter Financial Report

by Katie Sloan

Austin, Texas — Austin-based American Campus Communities Inc. has released its second quarter financial report. The company achieved funds from operations of $72.2 million in the second quarter of this year, or $0.54 per fully diluted share, compared to $65.2 million the year prior.

ACC also reports a same-store, wholly owned portfolio average occupancy of 92.6 percent, compared to 93 percent during the second quarter of 2015.

For the upcoming academic year, ACC’s same store portfolio is 98.7 percent applied for and 93.1 percent leased, down from 99.2 percent applied for and 93.2 percent leased in 2015. Excluding non-core properties targeted for disposition, the same store wholly owned portfolio is preleased to an average of 94.3 percent versus 93.5 percent for the same date during the prior year.

ACC commenced construction on U Club Binghamton, a $55.8 million development located within walking distance of SUNY Binghamton, which is scheduled for delivery in fall 2017.

The company secured two in-process development projects located pedestrian to Clemson University and the University of Oklahoma, which were part of the broader University House Communities Group Inc. transaction. The infill developments total 1,333 beds scheduled for delivery in fall 2017, and represent a total development cost of $130.6 million.

ACC also closed on financing and commenced construction on two third party, on-campus development projects with the Texas A&M University System at their Corpus Christi and San Antonio campuses. Both projects are slated for delivery in fall 2017.

Moody’s Investor Service also upgraded the company’s corporate credit rating to Baa2 from Baa3.

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