American Campus Communities: 2Q Earnings Snapshot
AUSTIN, Texas (AP) _ American Campus Communities Inc. (ACC) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $77.4 million, or 56 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 54 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $10.4 million, or 7 cents per share.
The real estate investment trust posted revenue of $217.4 million in the period.
American Campus Communities expects full-year funds from operations in the range of $2.35 to $2.45 per share.
The company’s shares have climbed 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $48.08, a climb of 14% in the last 12 months.