AUSTIN, Texas (AP) _ American Campus Communities Inc. (ACC) on Tuesday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $100.2 million, or 72 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 73 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 $47.5 million, or 34 cents per share.
The real estate investment trust posted revenue of $245.9 million in the period.
For the year, the company reported funds from operations of $319.8 million, or $2.31 per share. Revenue was reported as $880.8 million.
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 increased 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $45.57, a climb of 24 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACC at https://www.zacks.com/ap/ACC