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American Campus Communities Q2 FFO Rises; Backs FY12 FFO Per Share View

American Campus Communities, Inc. (ACC) reported that its second-quarter funds from operations or FFO totaled $36.6 million, or $0.48 per share, up from $29.4 million, or $0.42 per share for the same quarter in 2011.

Funds from operations-modified or FFOM for the 2012 second quarter was $37.2 million, or $0.49 per share compared to $30.2 million, or $0.43 per share for the same quarter in 2011.

Net income attributable to the company for the quarter was $12.33 million or $0.16 per share, down from $21.74 million or $0.31 per share in the same quarter last year.

Revenue for the 2012 second quarter totaled $107.0 million, up 20.1 percent from $89.1 million in the second quarter 2011.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share on revenues of $98.03 million for the quarter. Analysts' estimates typically exclude special items.

The company reaffirmed its fiscal year 2012 FFO outlook in a range of $1.99 to $2.10 and the 2012 FFOM in a range of $1.94 to $2.05 per share, excluding the impact of incurred and anticipated acquisition-related expenses of approximately $5.7 million. Analysts expect the company to report earnings of $2.00 per share for fiscal 2012.

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