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American Campus Communities Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 9, 2011 02:21PM

American Campus Communities Inc. (ACC) filed Quarterly Report for the period ended 2011-03-31. American Campus Communities Inc. has a market cap of $2.32 billion; its shares were traded at around $34.61 with a P/E ratio of 20.24 and P/S ratio of 6.73. The dividend yield of American Campus Communities Inc. stocks is 3.9%. American Campus Communities Inc. had an annual average earning growth of 4.2% over the past 5 years.



Highlight of Business Operations:

Our third-party development and construction management services as of March 31, 2011 consisted of four projects under contract and currently in progress with fees ranging from $2.2 million to $4.6 million. As of March 31, 2011, fees of approximately $4.6 million remained to be earned by us with respect to these projects, which have scheduled completion dates of August 2011 through August 2012.

Overview: As of March 31, 2011, we were in the process of constructing two owned off-campus properties and two ACE properties that will be operated under ground/facility leases with related university systems. We estimate the total development costs relating to these activities will be approximately $190.4 million. As of March 31, 2011, we have incurred development costs of approximately $95.6 million in connection with these properties, including land costs of approximately $7.6 million. Remaining development costs are estimated to be approximately $94.8 million. The activities are described below:

Villas at Babcock: As of March 31, 2011, our Villas at Babcock owned off-campus property was under construction with total development costs estimated to be approximately $35.4 million. The project is scheduled to complete construction and open for occupancy in August 2011 and will serve students attending the University of Texas – San Antonio. As of March 31, 2011, the project was approximately 89% complete, and we estimate that remaining development costs will be approximately $6.4 million. As of March 31, 2011, we have funded 100% of the project s development costs and plan to fund the remaining development costs internally.

Lobo Village: As of March 31, 2011, our Lobo Village ACE property was under construction with total development costs estimated to be approximately $39.2 million. The project is scheduled to complete construction and open for occupancy in August 2011 and will serve students attending the University of New Mexico. As of March 31, 2011, the project was approximately 70% complete, and we estimate that remaining development costs will be approximately $9.7 million. As of March 31, 2011, we have funded 100% of the project s development costs and plan to fund the remaining development costs internally.

College Station: As of March 31, 2011, our College Station ACE property was under construction with total development costs estimated to be approximately $87.8 million. The project is scheduled to complete construction and open for occupancy in August 2012 and will serve students attending Portland State University. As of March 31, 2011, the project was approximately 13% complete, and we estimate that remaining development costs will be approximately $72.3 million. We expect to fund approximately $30.3 million of total development costs internally with the remaining $57.5 to be funded with a third-party construction loan.

In May 2010, we announced the establishment of an at-the-market share offering program (the “ATM Equity Program”) through which we may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $150 million. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of our common stock and determinations of the appropriate sources of funding for the Company. During the three months ended March 31, 2011, we sold approximately 0.4 million shares at weighted average price of $31.77 per share for net proceeds of approximately $11.2 million after payment of approximately $0.2 million of commissions to the sales agents. We may continue to sell shares of common stock under this program from time to time based on market conditions, although we are not under an obligation to sell any shares. As of March 31, 2011, we had approximately $122.3 million available for issuance under this program.

Read the The complete Report



Stocks Discussed: ACC,
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