Austin, Texas — Austin-based American Campus Communities Inc. (ACC) has released financial results for the fourth quarter and year-end 2017.
The company 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 of 2016. ACC also grew same store net operating income (NOI) by 4.2 percent over the fourth quarter of the prior year with revenues increasing 1.7 percent and operating expenses decreasing 1.8 percent, primarily through targeted reductions in controllable expenses.
The company achieved same store average physical occupancy of 96.7 percent for the fourth quarter of 2017 compared to 97.6 percent for the fourth quarter of 2016. ACC also executed a presale agreement for a new $36.7 million development project located near Florida State University, and was awarded a massive third-party, on-campus student housing project at the University of California, Riverside, which will include as many as 6,000 beds and over $1 billion in new development.