American Campus Communities: 4Q Earnings Snapshot
AUSTIN, Texas (AP) _ American Campus Communities Inc. (ACC) on Tuesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $99.4 million, or 72 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 72 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $24.7 million, or 18 cents per share.
The real estate investment trust posted revenue of $255.8 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $251.8 million.
For the year, the company reported funds from operations of $336.2 million, or $2.42 per share. Revenue was reported as $943 million.
For the current quarter ending in April, American Campus Communities expects its per-share funds from operations to range from 67 cents to 68 cents.
The company expects full-year funds from operations in the range of $2.44 to $2.54 per share.
The company's shares have increased slightly more than 2% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $48.14, a rise of 5.5% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACC at https://www.zacks.com/ap/ACC
