American Campus Communities Q2 Results Miss Estimates; Cuts Outlook

(RTTNews) - American Campus Communities, Inc. (ACC) reported net income for the second quarter of $8.0 million or $0.07 per share, compared to $12.3 million or $0.16 per share for the year-ago quarter. Funds from operations for the second quarter totaled $55.6 million, or $0.52 per share, compared to $36.6 million or $0.48 per share for the same quarter last year.

Funds from operations-modified for the second quarter was $56.3 million or $0.53 per share, compared to $37.2 million or $0.49 per share in the prior year quarter.

Revenue for the second quarter rose 53% to $154.4 million from $100.9 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.56 per share on revenue of $158.53 million for the second quarter. Analysts' estimates typically exclude special items.

The company said it now expects both 2013 FFO and FFOM will be in the range of $2.20 to $2.26 per share. Previously, the company expected FFO of $2.37 to $2.46 per share and FFOM of $2.32 to $2.42 per share. Analysts currently expect the company to report FFO of $2.36 per share for the full year 2013.