American Campus Communities Inc. (ACC) reported that its fourth-quarter funds from operations totaled $58.47 million, or $0.57 per share, up from $38.39 million, or $0.54 per share for the same quarter of 2011.
Net income attributable to the company for the quarter increased to $23.65 million, or $0.23 per share from $15.83 million or $0.22 per share in the same quarter last year.
Funds from operations-modified or FFOM for the quarter was $57.07 million, or $0.56 per share, up from $36.69 million, or $0.50 per share in the year-ago quarter.
During the quarter, the company recorded a gain of $4.22 million from the disposition of real estate.
Excluding acquisition-related costs, FFO for the fourth quarter totaled $60.39 million or $0.59 per share.
Revenues for the latest quarter totaled $155.68 million, up from $104.93 million in the prior year quarter, helped mainly by a rise in revenue from its wholly owned properties which rose to $143.7 million from $93.29 million in the year-ago quarter.
Twelve analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share on revenues of $144.28 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the full-year 2013, the company expects FFOM to range between $2.32 and $2.42 per share, while anticipating FFO in a range of $2.37 to $2.46 per share for the fiscal 2013. Analysts expect the company to report earnings of $2.39 per share for 2013.
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