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American Campus Communities, Inc. Message Board

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  • jhu2005dc jhu2005dc Jan 20, 2009 1:29 PM Flag

    ACC: Short of the Year 2009

    Good analysis, but if you want to analyze a REIT you do not look at EPS. You have to look at FFO and FFA or FAD, to back out depreciation otherwise you are not looking at the company's cash flow. Real estate is a cash flowing business, andin the last 10-Q for the 3rd quarter the company had $18mm of depreciation in their income statement. Since you don't pay this to anyone, you need to add it back to their income line, among other things.

    While I agree with many of your points, especially the debt section and the purchase of GMH, you cannot look at a REITs EPS. I hope this helps with your future investment decisions.

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