American Campus Communities Inc. (ACC, Financial) filed Annual Report for the period ended 2011-12-31.
Amer Campus Cty has a market cap of $2.92 billion; its shares were traded at around $40.97 with a P/E ratio of 22.9 and P/S ratio of 7.5. The dividend yield of Amer Campus Cty stocks is 3.3%. Amer Campus Cty had an annual average earning growth of 3% over the past 5 years.
Same Store Property Operations (Excluding New Property Activity). Excluding five properties included in discontinued operations on the accompanying consolidated statements of operations, we had 73 properties containing 42,743 beds which were operating during both years ended December 31, 2011 and 2010. These properties produced revenues of $277.0 million and $266.9 million during the years ended December 31, 2011 and 2010, respectively, an increase of approximately $10.1 million. This increase was primarily due to an increase in average rental rates for the 2010/2011 and 2011/2012 academic years as well as an increase in average occupancy from 95.7% during the year ended December 31, 2010 to 96.7% during the year ended December 31, 2011. Future revenues will be dependent on our ability to maintain our current leases in effect for the 2011/2012 academic year and our ability to obtain appropriate rental rates and desired occupancy for the 2012/2013 academic year at our various properties during our leasing period, which typically begins in January and ends in August.
Third-party development services revenue decreased by approximately $1.8 million, from $9.3 million during the year ended December 31, 2010 to $7.5 million for the year ended December 31, 2011. This decrease was primarily due to $6.1 million of revenue earned during the year ended December 31, 2010 from our University of California – Irvine Phase III project, which completed construction and opened for occupancy in August 2010. $4.7 million of the revenue earned in 2010 related to our participation in cost savings on the project. In addition, lower fees were recognized during the year ended December 31, 2011 as compared to the prior year for our Edinboro Phase II project, which completed construction and opened for occupancy in August 2011. These decreases were offset by the closing of bond financing and commencement of construction on our Illinois State University, Northern Illinois University and University of Wyoming projects during the year ended December 31, 2011, which in total contributed an additional $5.5 million to third-party development services revenue during the period. During the year ended December 31, 2011, we had six projects in progress with an average contractual fee of approximately $2.2 million, as compared to the year ended December 31, 2010 in which we had four projects in progress with an average contractual fee of approximately $4.0 million.
Same Store Property Operations (Excluding New Property Activity). Excluding five properties included in discontinued operations on the accompanying consolidated statements of operations, we had 72 properties containing 41,026 beds which were operating during both years ended December 31, 2010 and 2009. These properties produced revenues of $255.2 million and $246.0 million during the years ended December 31, 2010 and 2009, respectively, an increase of $9.2 million. This increase was primarily due to an increase in average occupancy from 93.5% during the year ended December 31, 2009 to 96.6% during the year ended December 31, 2010.
Third-party development services revenue increased by $4.3 million, from $5.0 million during the year ended December 31, 2009 to $9.3 million for the year ended December 31, 2010. This increase was primarily due to $4.7 million of revenue earned during the year ended December 31, 2010 related to our participation in cost savings on the University of California – Irvine Phase III project, which completed construction and opened for occupancy in August 2010. During the year ended December 31, 2010, we had four projects in progress with an average contractual fee of approximately $4.0 million, as compared to the year ended December 31, 2009 in which we had five projects in progress with an average contractual fee of approximately $3.4 million.
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Amer Campus Cty has a market cap of $2.92 billion; its shares were traded at around $40.97 with a P/E ratio of 22.9 and P/S ratio of 7.5. The dividend yield of Amer Campus Cty stocks is 3.3%. Amer Campus Cty had an annual average earning growth of 3% over the past 5 years.
Highlight of Business Operations:
New Property Operations. Our new properties consist of the following: (i) 14-property Fidelity Portfolio; (ii) 2nd Avenue Centre, acquired in December 2010; (iii) Sanctuary Lofts, acquired in July 2010; (iv) Campus Trails, a property that experienced significant property damage in April 2010 as a result of a fire in which 72 beds were destroyed and reopened for occupancy in August 2011; (v) four owned development projects that opened for occupancy in August 2011; (vi) University Shoppes - Orlando, acquired in July 2011; (vii) Eagles Trail, acquired in September 2011, (viii) Studio Green, acquired in November 2011; and (ix) 26 West and The Varsity, both acquired in December 2011. These new properties contributed an additional $52.9 million of revenues and an additional $27.8 million of operating expenses during the year ended December 31, 2011 as compared to the year ended December 31, 2010.Same Store Property Operations (Excluding New Property Activity). Excluding five properties included in discontinued operations on the accompanying consolidated statements of operations, we had 73 properties containing 42,743 beds which were operating during both years ended December 31, 2011 and 2010. These properties produced revenues of $277.0 million and $266.9 million during the years ended December 31, 2011 and 2010, respectively, an increase of approximately $10.1 million. This increase was primarily due to an increase in average rental rates for the 2010/2011 and 2011/2012 academic years as well as an increase in average occupancy from 95.7% during the year ended December 31, 2010 to 96.7% during the year ended December 31, 2011. Future revenues will be dependent on our ability to maintain our current leases in effect for the 2011/2012 academic year and our ability to obtain appropriate rental rates and desired occupancy for the 2012/2013 academic year at our various properties during our leasing period, which typically begins in January and ends in August.
Third-party development services revenue decreased by approximately $1.8 million, from $9.3 million during the year ended December 31, 2010 to $7.5 million for the year ended December 31, 2011. This decrease was primarily due to $6.1 million of revenue earned during the year ended December 31, 2010 from our University of California – Irvine Phase III project, which completed construction and opened for occupancy in August 2010. $4.7 million of the revenue earned in 2010 related to our participation in cost savings on the project. In addition, lower fees were recognized during the year ended December 31, 2011 as compared to the prior year for our Edinboro Phase II project, which completed construction and opened for occupancy in August 2011. These decreases were offset by the closing of bond financing and commencement of construction on our Illinois State University, Northern Illinois University and University of Wyoming projects during the year ended December 31, 2011, which in total contributed an additional $5.5 million to third-party development services revenue during the period. During the year ended December 31, 2011, we had six projects in progress with an average contractual fee of approximately $2.2 million, as compared to the year ended December 31, 2010 in which we had four projects in progress with an average contractual fee of approximately $4.0 million.
Same Store Property Operations (Excluding New Property Activity). Excluding five properties included in discontinued operations on the accompanying consolidated statements of operations, we had 72 properties containing 41,026 beds which were operating during both years ended December 31, 2010 and 2009. These properties produced revenues of $255.2 million and $246.0 million during the years ended December 31, 2010 and 2009, respectively, an increase of $9.2 million. This increase was primarily due to an increase in average occupancy from 93.5% during the year ended December 31, 2009 to 96.6% during the year ended December 31, 2010.
Third-party development services revenue increased by $4.3 million, from $5.0 million during the year ended December 31, 2009 to $9.3 million for the year ended December 31, 2010. This increase was primarily due to $4.7 million of revenue earned during the year ended December 31, 2010 related to our participation in cost savings on the University of California – Irvine Phase III project, which completed construction and opened for occupancy in August 2010. During the year ended December 31, 2010, we had four projects in progress with an average contractual fee of approximately $4.0 million, as compared to the year ended December 31, 2009 in which we had five projects in progress with an average contractual fee of approximately $3.4 million.
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