AUSTIN-American Campus Communities Inc.'s Q1 2013 earnings ended up in positive territory, thanks to property acquisitions, increased rents and developments now coming online. The bottom line included revenue of $165.6 million (up 54.8% from the same time last year) and operating income increasing by $10.8 million, or 34% year-over-year. Added to that was an increase in rental income ($21.6 million versus $20 million during Q1 2012) and FFO of $68.5 million, compared to the $44.4 million reported in early 2012.

The following was also reported:

• NOI for same-store, wholly owned properties was $57.1 million, up 3.2% from the 55.4 million reported during the first quarter of 2012. This was due to an increase in average rental rates for the 2012-2013 school year.
• NOI for ACC's wholly owned portfolio increased 63% to $90.8 million for the quarter (versus the $55.7 million during the comparable period in 2012).
• The company continues its construction on $416.8 million worth of product, estimated to come online beginning in fall, 2013 and into 2014.
• On March 25, ACC priced a $400 million offering of senior unsecured notes under its existing shelf registration.
• On April 22, ACC acquired a note and subrogation rights from National Public Finance Guarantee Corporation (formerly known as MBIA Insurance Corp. of Illinois) for an aggregate of $52.8 million. These are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and currently under a ground lease with the UCF Foundation.
• The company continues maintaining its previously stated guidance range for the fiscal year 2013 FFO of $2.37 to $2.46 per fully diluted share and FFOM of $2.32 to $2.42 per fully diluted share.