American Campus Communities Inc. Reports First
Quarter 2010 Financial Results
April 27, 2010 04:03 PM Eastern Daylight Time
AUSTIN, Texas--(EON: Enhanced Online News)--American Campus Communities Inc. (NYSE:ACC) today
announced the following financial results for the quarter ended March 31, 2010.
l Increased quarterly FFOM 19.1 percent to $22.0 million or $0.41 per fully diluted share compared to $18.5
million or $0.42 per fully diluted share in the first quarter prior year.
l Increased same store wholly-owned net operating income ("NOI") by 6.0 percent over the first quarter 2009.
l Increased same store wholly-owned occupancy to 96.2 percent as of March 31, 2010 compared to 92.8
percent for the same date prior year.
l Leased same store wholly-owned portfolio for the upcoming academic year to 79.3 percent applied for and
73.8 percent leased as of April 23, 2010, with an average rental rate increase of 2.2 percent. This compares
to 77.2 percent applied for and 73.9 percent leased as of April 24, 2009.
l Completed the disposition of Cambridge at Southern, a wholly-owned asset containing 564 beds in
Statesboro, Georgia, for a sale price of $19.5 million.
First Quarter 2010 Operating Results
Revenue for the 2010 first quarter totaled $81.5 million, up 7.7 percent from $75.7 million in the 2009 first quarter.
Operating income for the quarter increased $6.1 million or 34.9 percent over the prior year first quarter primarily
due to the opening of Barrett Honors College in August 2009 and the improved lease-up of the GMH portfolio for
the 2009-2010 academic year. Net loss for the 2010 first quarter totaled $2.2 million, or $0.05 per fully diluted
share, compared with net income of $0.3 million, or zero per fully diluted share, for the same quarter in 2009. The
net loss for the 2010 first quarter was primarily due to a $3.6 million loss on disposition of real estate resulting from
the sale of the Cambridge at Southern property in March 2010 and a $4.0 million impairment charg