American Campus Community Q1 2012 Results: "Solid

AUSTIN: Executives summed up American Campus Communities Inc.’s Q1 2012 financial numbers in one word during the REIT’s April 25 conference call: Solid. With FFOM at $41.4 million – an increase of 11% year over year and exceeding international expectations — ACC executives had reason to be pleased.

“In the months ahead, we’ll complete the fall 2012-2013 lease-up with the goal of improving our NOI in 2013,” noted William C. Bayless Jr., the company’s president and CEO. Added senior executive vice president and COO Greg A. Dowell: “Operationally, this was another solid quarter; operations met internal expectations.” The executives pointed out that the 2012 FFO guidance of $1.75-$2.10 is certainly achievable with help from upcoming activities during the remainder of the year, not the least of which include groundbreakings, asset sales and pending lease-ups. Also on the upward trend were wholly owned net operating income (up 3.8% year over year); and revenue at $111.8 million, an increase from $99.3 million during Q1 2011.