American Campus Communities Inc. (ACC) reported that its first-quarter funds from operations totaled $68.5 million, or $0.64 per share, up from $44.3 million, or $0.59 per share for the same quarter in 2012.
Net income attributable to the company for the quarter grew to $21.5 million, or $0.20 per share from $20.0 million or $0.26 per share last year.
Funds from operations-modified or FFOM for the 2013 first quarter was $68.3 million, or $0.64 per share compared to $41.3 million, or $0.55 per share for the same quarter in 2012.
Revenue for the 2013 first quarter totaled $165.64 million, up from $106.98 million in the first quarter 2012. The increase in revenues was primarily due to growth resulting from property acquisitions, recently completed development properties, and increased rental rates for the 2012-2013 academic year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share on revenues of $159.40 million for the quarter. Analysts' estimates typically exclude special items.
Looking forward to the year 2013, the company reaffirmed its fiscal year 2013 FFO range of $2.37 to $2.46 and the 2013 FFOM range to $2.32 to $2.42 per share. Analysts expect the company to report earnings of $2.39 per share for fiscal 2013.
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