Last $39.32 USD
Change Today -0.195 / -0.49%
Volume 362.7K
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As of 2:54 PM 09/2/14 All times are local (Market data is delayed by at least 15 minutes).

american campus communities (ACC) Key Developments

American Campus Communities, Inc. Announces Quarterly Dividend, Payable on August 29, 2014

American Campus Communities, Inc. announced that on July 30, 2014 its board of directors declared a regular quarterly dividend of $0.38 per share of common stock, payable on August 29, 2014, to shareholders of record at the close of business on August 15, 2014.

American Campus Communities, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for 2014

American Campus Communities, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, total revenue was $171.977 million against $153.212 million a year ago. Operating income was $35.544 million against $26.000 million a year ago. Income before income taxes and discontinued operations was $14.020 million against $6.165 million a year ago. Income from continuing operations was $13.731 million against $5.910 million a year ago. Net income attributable to the company was $13.438 million or $0.12 per diluted share against $8.049 million or $0.07 per diluted share a year ago. Funds from operations was $61.615 million or $0.58 per diluted share against $55.553 million or $0.52 per diluted share a year ago. Funds from operations-modified was $62.317 million or $0.58 per diluted share against $56.264 million or $0.53 per diluted share a year ago. For the six months, total revenue was $355.160 million against $316.374 million a year ago. Operating income was $83.428 million against $67.690 million a year ago. Income before income taxes and discontinued operations was $40.457 million against $26.753 million a year ago. Income from continuing operations was $39.878 million against $26.243 million a year ago. Net income attributable to the company was $41.836 million or $0.39 per diluted share against $29.639 million or $0.28 per diluted share a year ago. Funds from operations was $135.407 million or $1.27 per diluted share against $124.055 million or $1.16 per diluted share a year ago. Funds from operations-modified was $133.265 million or $1.25 per diluted share against $124.653 million or $1.17 per diluted share a year ago. The company is increasing its 2014 outlook to reflect management's current expectations. Management now anticipates that 2014 FFO will be in the range of $2.34 to $2.41 per fully diluted share and FFOM will be in the range of $2.29 to $2.37 per fully diluted share. The increase primarily reflects the impact of the (1) reduced interest expense as a result of both the effective interest rate and timing of the 2014 bond issuance partially offset by lower than anticipated capitalized interest on developments; (2) higher than expected net operating income during the first six months of 2014, primarily due to lower than expected operating expenses incurred year-to-date, partially offset by an increase in expected property tax expense; and (3) an increase in the company's weighted average outstanding shares by 550,000 due to assumed activity under the ATM Share Offering Program through the remainder of 2014.

American Campus Communities, Inc. to Report Q2, 2014 Results on Jul 22, 2014

American Campus Communities, Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Jul 22, 2014

American Campus Communities, Inc., Q2 2014 Earnings Call, Jul 23, 2014

American Campus Communities, Inc., Q2 2014 Earnings Call, Jul 23, 2014

American Campus Communities Operating Partnership LP Prices Offering of USD 400 Million Senior Notes Due 2024

American Campus Communities Inc. announced that its operating partnership, American Campus Communities Operating Partnership LP priced an offering USD 400 million senior unsecured notes that will mature on 1 July 2024, under its existing shelf registration statement. These 10-year notes are fully and unconditionally guaranteed by the company and were issued at 99.861% of par value with a coupon of 4.125%. Also, interest on the notes will be paid on the 1st of January and July with the first payment starting on 1 January 2015. The company will use the net proceeds of about USD 395.3 million to repay the outstanding balance of its revolving credit facility, to finance its current development pipeline, future acquisitions of student housing properties and for general business purposes. Deutsche Bank Securities, JP Morgan, Wells Fargo Securities, BofA Merrill Lynch and US Bancorp are joint book-running managers for the offering that will close on 24 June 2014, subject to customary closing conditions.

 

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