Stock Monitor: Equity LifeStyle Properties Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 31, 2018 / If you want access to our free earnings report on American Campus Communities, Inc. (NYSE: ACC) ("ACC"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ACC. The Company reported its second quarter fiscal 2018 operating and financial results on July 23, 2018. The real estate investment trust (REIT), which is based in Austin, Texas, surpassed revenue estimates, and also provided its guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the second quarter of the fiscal year 2018, ACC's revenues totaled $201.1 million versus $179.0 million in Q2 2017, and were ahead of analysts' estimates by $0.71 million. The Company's operating income totaled $30.9 million in the reported quarter compared to $12.6 million in the prior year's same quarter. The increase in the Company's revenues and operating income was primarily due to increased rental rates for the 2017-2018 academic year, development properties completed in 2017, and property acquisitions completed in 2017.
For Q2 2018, ACC's net income totaled $46.0 million, or $0.33 per fully diluted share, compared to a net loss of $2.8 million, or $0.02 loss per fully diluted share, in Q2 2017. The increase in the Company's net income versus the prior year's comparable quarter was primarily due to a gain of $42.3 million from the disposition of real estate in Q2 2018, and the increases in revenues and operating income.
ACC's funds from operations (FFO) totaled $65.7 million, or $0.47 per diluted share, in Q2 2018 compared to $68.5 million, or $0.50 per diluted share, in Q2 2017. The Company's FFO-modified (FFOM) was $72.6 million, or $0.52 per diluted share, in the reported quarter compared to $72.8 million, or $0.53 per diluted share, in the year ago corresponding period. ACC's FFO numbers lagged Wall Street's estimates of $0.52 per share.
During Q2 2018, ACC's net operating income (NOI) for same-store properties was $90.8 million, reflecting an increase of 0.1% from Q2 2017. The Company's same-store property revenues increased by 1.5% y-o-y due to an increase in average rental rates for the 2017-2018 academic year.
ACC's NOI for the total portfolio was $104.1 million in Q2 2018 versus $94.7 million in Q2 2017, representing an increase of $9.4 million.
Developments - ACC noted that it continues to progress on the construction of its 15 owned development and presale development projects, with expected deliveries in Fall 2018 and 2019. The developments total approximately $1.1 billion and are all core Class A assets located on, or pedestrian to, campus in their respective markets. The projects average less than one-tenth of a mile to campus and remain on track to achieve stabilized development yields in the range of 6.25% - 7.0% for developments, and 5.7% - 6.25% for presale developments.
Third-Party Services - During Q2 2018, ACC closed on financing and commenced construction on a third-party on-campus development project with Delaware State University. The Company expects to earn $2.5 million in fees throughout the construction period and expects to provide management services upon the opening of the community in Fall 2019.
Capital Markets - For Q2 2018, ACC placed $330 million of secured mortgage debt on the newly formed joint venture portfolio with a coupon of 4.07%, and the full amount of principal due at maturity in June 2028. Total gross proceeds from the sales transactions in the reported quarter, including the mortgage debt placed on the joint venture portfolio and the prepayment of existing secured mortgage debt, totaled approximately $750 million. The proceeds were used to repay a $300 million term loan scheduled to mature in 2018; a $150 million term loan scheduled to mature in 2021; and a portion of the outstanding balance on the Company's revolving credit facility.
For FY18, ACC is forecasting FFO per diluted share to be in the range of $2.40 to $2.46, and FFOM per diluted share to be in the band of $2.28 to $2.34.
Stock Performance Snapshot
July 30, 2018 - At Monday's closing bell, American Campus Communities' stock marginally advanced 0.07%, ending the trading session at $40.71.
Volume traded for the day: 947.57 thousand shares, which was above the 3-month average volume of 922.12 thousand shares.
Stock performance in the previous three-month period – up 4.09%; and past six-month period – up 5.36%
After yesterday's close, American Campus Communities' market cap was at $5.59 billion.
Price to Earnings (P/E) ratio was at 72.18.
The stock has a dividend yield of 4.52%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry.
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