American Campus Communities Reports First Quarter Financial Results

by Katie Sloan

Austin, Texas — American Campus Communities has reported financial results for the quarter ended March 31. The company reported a net income attributable to ACC of $39.2 million or $0.27 per fully diluted share, versus $15.6 million or $0.11 per fully diluted share in the first quarter of 2021.

As previously announced, the company entered into an agreement to be acquired by Blackstone Inc. in a deal valued at $12.8 billion, including the assumption of debt. Blackstone plans to take the company private following the acquisition. In light of the pending transaction, the company will no longer provide a financial outlook for 2022.

The Austin, Texas-based company increased funds from operations-modified (FFOM) per fully diluted share by 26.3 percent to $101.4 million or $0.72, versus $79.5 million or $0.57 during the same time last year.

ACC also grew same-store net operating income (NOI) by 14.3 percent over levels seen during the first quarter of last year, as same store revenues increased 10 percent and operating expenses increased 4.3 percent. Subsequent to quarter end, the firm also commenced construction on a third-party, on-campus graduate housing development at The University of Texas at Austin.

ACC’s revenue totaled $273.7 million during the first quarter— an increase of 17.6 percent from $232.7 million in the first quarter of 2021. Operating income for the quarter increased 59.5 percent to $74 million versus $46.4 million during the first quarter of last year. 

The increase in revenue and operating income was primarily due to improvement of the company’s operations for the 2021-2022 academic year as compared to the COVID-19 financial impact on the prior academic year, ACC notes.

During the first quarter, the company also delivered 1,475 beds of the 10-phase residential housing development serving participants of the Disney College Program located near Walt Disney World Resort. Cumulatively to date, the company has delivered 6,759 beds, representing $409.8 million of development. The company continues construction on the remaining phases of Flamingo Crossings Village, which are expected to be completed through 2023.

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