ACC: Slight Decline in Occupancy; FFOM Increases

AUSTIN-American Campus Communities Inc.’s Q3 2013 results showed a definite increase in funds from operations-modified along with a very slight decrease in occupancy. Specifically, FFOM was $0.39 per diluted share or $41.5 million, compared to the $0.32 per fully diluted share or $29.4 million for the same time last year. And the wholly owned portfolio occupancy of 96.7% was slightly below the 96.8% reported at the end of Q3 2012.

“We are pleased that our strong finish to the 2013-2014 lease-up has enabled us to lead the public student housing sector with occupancy of 96.7 percent,” says Bill Bayless CEO of American Campus. “The close of the third quarter marks the end of our 2013 integration efforts and the corresponding operational and financial impacts.”