Tuesday, American Campus Communities Inc. (ACC), an operator of student housing communities, reported a wider loss for the second quarter from a year ago, despite a 68% increase in revenue. The wider loss was attributed primarily to an increase in operating expenses reflecting additional interest, depreciation and amortization expense incurred for the GMH portfolio and higher non-operating expenses. The company also revised its full year financial guidance.
Net loss attributable to shareholders for the second quarter was $5.31 million or $0.11 per share, compared to $1.45 million or $0.04 per share in the previous year.
Funds from operations, or FFO, for the 2009 second quarter totaled $15.4 million, or $0.31 per share. Funds from operations - modified for operational performance of on-campus participating properties, or FFOM, for the 2009 second quarter was $16.2 million, or $0.33 per share, compared to $10.59 million or $0.28 per share a year ago.
Total revenues for the quarter increased 68.3% to $73.27 million from $43.55 million a year ago.
Segment wise, revenue from wholly-owned properties increased to $66.15 million from $37.29 million last year. On-campus participating properties revenues were $3.92 million, down from $3.95 million a year ago. Revenues from third-party development services increased to $0.89 million from $0.72 million and revenues from third-party management services increased to $2.10 million from $1.22 million last year. Resident services revenue declined to $0.20 million from $0.36 million.
Total operating expenses increased to $62.16 million from $36.28 million last year. Second-quarter operating expenses include depreciation and amortization charges of $20.40 million. Total non-operating expenses increased to $16.27 million from $8.67 million a year ago.
For the six-month period, net loss attributable to shareholders was $5.03 million or $0.12 per share, compared to an income of $3.46 million or $0.11 per share in the same period of the previous year. Total revenues for the period increased to $151.01 million from $84.99 million last year.
Looking forward, the company revised its full year financial guidance to reflect the impact of the recent equity offering, timing related to third-party development starts and the anticipated results of the lease-up efforts for the 2009-2010 academic year.
The company expects results for the full year to range from a loss of $0.02 per share to earnings of $0.08 per share.
Fiscal year 2009 FFO is expected in the range of $1.41 to $1.53 per share and FFOM in the range of $1.35 to $1.47 per share.
Previously, the company expected FFO in the range of $1.59 to $1.77 per share and FFOM in a range of $1.52 to $1.70 per share.
ACC closed Tuesday's regular trading at $23.33, down 0.16 or 0.68%, on a volume of 0.78 million on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.