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American Campus Communities Inc. Reports Operating Results (10-Q)

August 07, 2009 | About:

American Campus Communities Inc. (NYSE:ACC) filed Quarterly Report for the period ended 2009-06-30.

American Campus Communities Inc. is a fully integrated self-managed and self-administered equity REIT with expertise in the acquisition design finance development construction management leasing and management of student housing properties. American Campus Communities Inc. has a market cap of $1.29 billion; its shares were traded at around $25.37 with a P/E ratio of 20.8 and P/S ratio of 5.5. The dividend yield of American Campus Communities Inc. stocks is 5.3%.

Highlight of Business Operations:

On May 11, 2009, we completed an equity offering, consisting of the sale of 9,775,000 shares of our common stock at a price of $21.25 per share, including 1,275,000 shares issued as a result of the exercise of the underwriters overallotment option in full at closing. The offering generated gross proceeds of $207.7 million. The aggregate proceeds, net of the underwriting discount and expenses of the offering, were approximately $198.3 million.

Our third-party development and construction management services as of June 30, 2009 consisted of four projects under contract and currently in progress with fees ranging from $0.2 million to $7.6 million. As of June 30, 2009, fees of approximately $3.0 million remained to be earned by us with respect to these projects, which have scheduled completion dates of July 2009 through August 2010.

On June 11, 2008, we completed the acquisition of GMH s student housing business. At the time of closing, the GMH student housing portfolio consisted of 42 wholly-owned properties containing 24,939 beds located in various markets throughout the country. Two of the acquired properties totaling 1,468 beds were sold in the third quarter of 2008. The total consideration paid for GMH was approximately $1,018.7 million, inclusive of transaction costs, which included: (i) the issuance of approximately 5.4 million shares of our common stock and 7,004 Common Units, each valued at $28.43 per share or unit; (ii) cash consideration paid of approximately $239.6 million which represented the payment of $3.36 per share for each GMH common share and each unit in the GMH Operating Partnership; and (iii) the assumption of $608.2 million of fixed-rate mortgage debt, which included a net debt discount of $9.4 million.

Barrett Honors College: As of June 30, 2009, our Barrett Honors College ACE property was under construction with total development costs estimated to be approximately $132.0 million. The project is scheduled to complete construction and open for occupancy in August 2009 and will serve students attending Arizona State University. As of June 30, 2009, the project was approximately 93% complete, and we estimate that remaining development costs will be approximately $18.7 million. As of June 30, 2009, we have funded 100% of the project s development costs and will fund the remaining development costs internally.

Read the The complete ReportACC is in the portfolios of Chris Davis of Davis Selected Advisers.

Rating: 5.0/5 (2 votes)


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