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American Campus Communities Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2012 02:26PM

American Campus Communities Inc. (ACC) filed Quarterly Report for the period ended 2012-06-30. American Campus Communities, Inc. has a market cap of $3.56 billion; its shares were traded at around $46 with a P/E ratio of 25.3 and P/S ratio of 9.1. The dividend yield of American Campus Communities, Inc. stocks is 2.8%. American Campus Communities, Inc. had an annual average earning growth of 3.7% over the past 5 years.



Highlight of Business Operations:

In April and May 2011, the Company sold four unencumbered owned off-campus properties (Campus Club – Statesboro, River Club Apartments, River Walk Townhomes and Villas on Apache) for a total sales price of approximately $82.0 million resulting in combined net proceeds of approximately $80.0 million. The combined gain on these dispositions of approximately $14.6 million is included in discontinued operations on the accompanying consolidated statement of operations for the three and six months ended June 30, 2011.

Third-party development services revenue increased by approximately $3.1 million, from $0.8 million during the three months ended June 30, 2011 to $3.9 million for the three months ended June 30, 2012. This increase was primarily due to the closing of bond financing and commencement of construction for the Southern Oregon University projects and the commencement of construction on the Lakeside Graduate Community at Princeton University during the three months ended June 30, 2012, which contributed an additional $2.6 million of revenue during that period. During the three months ended June 30, 2012, we had eight projects in progress with an average contractual fee of approximately $2.0 million, as compared to the three months ended June 30, 2011 in which we had four projects in progress with an average contractual fee of approximately $3.0 million.

Third-party management services revenue decreased by approximately $0.2 million, from $1.8 million for the three months ended June 30, 2011 to $1.6 million for the three months ended June 30, 2012. This decrease was primarily a result of the discontinuation of a management contract in which we recognized a portion of a $0.3 million termination fee during the three months ended June 30, 2011. We anticipate third-party management services revenue to decrease slightly in 2012 primarily as a result of the discontinuation of three management contracts in early 2012 that contributed approximately $0.3 million of management services revenue during the year ended December 31, 2011.

Third-party development services revenue increase by approximately $1.4 million, from $4.6 million during the six months ended June 30, 2011 to $6.0 million for the six months ended June 30, 2012. This increase was primarily due to the closing of bond financing and commencement of construction for the Southern Oregon University and College of Staten Island projects and the commencement of construction on the Lakeside Graduate Community at Princeton University during the six months ended June 30, 2012, which contributed an additional $4.0 million of revenue during that period. This increase was offset by the closing of bond financing and commencement of construction for the Illinois State and Northern Illinois University projects during the six months ended June 30, 2011, which contributed an additional $2.4 million of revenue during that period. During the six months ended June 30, 2012, we had eight projects in progress with an average contractual fee of approximately $2.0 million, as compared to the six months ended June 30, 2011 in which we had four projects in progress with an average contractual fee of approximately $3.0 million.

Third-party management services revenue decreased by approximately $0.2 million, from $3.6 million for the six months ended June 30, 2011 to $3.4 million for the six months ended June 30, 2012. This decrease was primarily a result of the discontinuation of a management contract in which we recognized a portion of a $0.3 million termination fee during the six months ended June 30, 2011.

Read the The complete Report



Stocks Discussed: ACC,
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