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American Campus Communities, Inc. Reports First Quarter 2019 Financial Results

Montag, 22.04.19 22:20
American Campus Communities, Inc. Reports First Quarter 2019 Financial Results
Bildquelle: fotolia.com
AUSTIN, Texas –

American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended March 31, 2019.

Highlights

  • Reported net income attributable to ACC of $29.6 million or $0.21 per fully diluted share, versus $25.9 million or $0.18 per fully diluted share in the first quarter 2018.
  • Increased FFOM to $95.3 million or $0.69 per fully diluted share versus $86.4 million or $0.62 per fully diluted share in the first quarter prior year, an increase of 11.3 percent per share.
  • Grew same store net operating income ("NOI") by 5.1 percent over the first quarter 2018. Revenues increased 3.1 percent and operating expenses increased 0.5 percent.
  • Increased same store average physical occupancy to 96.9 percent for the first quarter 2019 compared to 94.9 percent for the first quarter 2018.
  • Selected as the student housing master plan development partner for the recent UC Berkeley Student Housing Initiative RFQ. UC Berkeley expects to develop multiple phases of housing on several project sites to provide in excess of 6,000 new beds. The full scope, transaction structure, feasibility, fees, and timing will be negotiated.
  • Commenced construction on third-party on-campus development projects at Drexel University and Prairie View A&M University.
  • Won an industry-leading six Innovator Awards at this year's Student Housing Business National Conference including Best New Development by a College, University or Institution; Best Use of Green/Sustainable Development; Best Public/Private Partnership Financing Solution; Best New Development (less than 400 beds); Best Bandwidth/Connectivity Solution and Best In-House Management Innovation. Since the inception of the Innovator Awards, ACC and its communities have won an industry-leading total of 37 awards, furthering its best-in-class reputation among colleges, universities and industry partners.

“We are pleased with our first quarter performance, generating earnings per share growth of over 11 percent and same store NOI growth of over five percent,” said Bill Bayless, American Campus Communities CEO. “We’re off to a great start this year with same store revenues meeting our expectations and operating expenses coming in better than expected. However, we have a lot left to complete with our Fall 2019 lease-up and several third party development transactions remaining to close. We are also delighted to have been selected as the student housing master plan development partner for UC Berkeley, the world’s number one public university as ranked by U.S. News & World Report, further substantiating our position as the world’s best-in-class student housing partner.”

First Quarter Operating Results

Revenue for the 2019 first quarter totaled $242.1 million, versus $220.4 million in the first quarter 2018, and operating income for the quarter totaled $59.0 million compared to $50.4 million in the prior year first quarter. The increase in revenue and operating income was primarily due to growth resulting from an increase in average occupancy and rental rates for the 2018-2019 academic year and development properties completed in 2018. Net income for the 2019 first quarter totaled $29.6 million, or $0.21 per fully diluted share, compared with net income of $25.9 million, or $0.18 per fully diluted share for the same quarter in 2018. FFO for the 2019 first quarter totaled $98.4 million, or $0.71 per fully diluted share, as compared to $89.8 million, or $0.65 per fully diluted share for the same quarter in 2018. FFOM for the 2019 first quarter was $95.3 million, or $0.69 per fully diluted share as compared to $86.4 million, or $0.62 per fully diluted share for the same quarter in 2018. A reconciliation of FFO and FFOM to net income is provided in Table 3.

NOI for same store properties was $120.5 million in the quarter, an increase of 5.1 percent from $114.7 million in the 2018 first quarter. Same store property revenues increased by 3.1 percent, reflecting 3.4 percent growth in rental revenue and a 0.7 percent reduction in other income. Same store property operating expenses increased by 0.5 percent. Same store property revenues and operating expenses reflect the reclassification of the provision for uncollectible accounts from operating expenses to revenues due to the company’s adoption of new lease accounting guidance on January 1, 2019. The reclassification had no effect on same store or total property NOI. Excluding the reclassification, same store property revenues and operating expenses would have increased by 3.2 percent and 0.8 percent, respectively. NOI for the total owned portfolio increased 12.4 percent to $133.0 million for the quarter from $118.3 million in the comparable period of 2018. A reconciliation of same store NOI to total NOI is provided in Table 4.

Portfolio Update

Developments

The company continues to progress on the construction of its $767.5 million development pipeline and $107.3 million presale development pipeline that includes expected deliveries in Fall 2019 through 2021. These projects are all core Class A assets located on campus or pedestrian to campus in their respective markets and remain on track to meet their targeted stabilized development yield in the range of 6.25 – 6.8 percent for developments and 5.75 – 6.25 percent for presale developments.

Third-Party Services

The company was selected as the student housing master plan development partner for the recent UC Berkeley Student Housing Initiative RFQ. The initiative is part of UC Berkeley's plan to provide in excess of 6,000 new beds on several project sites. Currently, the parties are in exclusive negotiations for the first development site that will provide 1,500 to 2,000 new on campus beds. The full scope, transaction structure, feasibility, fees, and timing have yet to be determined and will be evaluated during the due diligence process.

During the quarter, the company closed on financing and commenced construction on a third-party on-campus redevelopment project with Drexel University. The project includes the redevelopment of approximately 400 beds of replacement housing and a new Drexel Honors college including associated academic space within the community. The company expects to earn $1.8 million in development fees throughout the construction period with completion of the student residence hall scheduled for Fall 2019 and completion of the honors college scheduled for completion in 2020.

Subsequent to quarter end, the company closed on financing and commenced construction on a third-party on-campus development with Prairie View A&M University, representing the company’s ninth phase of development on the campus. The company expects to earn $2.5 million in development fees throughout the construction period and anticipates providing management services for the project upon completion.

Capital Markets

As previously announced, during the quarter the company expanded its senior unsecured revolving credit facility by utilizing the accordion feature, increasing the facility size to $1 billion from $700 million. The facility continues to have an accordion feature which allows the company to expand the facility by up to an additional $200 million, subject to the satisfaction of certain conditions. The revolving credit facility matures on March 15, 2022.

At-The-Market (ATM) Share Offering Program

The company did not sell any shares under the ATM during the quarter.

2019 Outlook

The company is maintaining its previously stated guidance range for the fiscal year 2019, anticipating that FFO will be in the range of $2.40 to $2.50 per fully diluted share and FFOM will be in the range of $2.35 to $2.45 per fully diluted share. For additional details regarding the company’s 2019 outlook, please see pages S-15 through S-16 of the Supplemental Analyst Package 1Q 2019. All guidance is based on the current expectations and judgment of the company’s management team.

A reconciliation of the range provided for projected net income to projected FFO and FFOM for the fiscal year ending December 31, 2019 is included in Table 5.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampus.com. In addition, the company will host a conference call to discuss first quarter results and the 2019 outlook on Tuesday, April 23, 2019 at 10:00 a.m. ET (9:00 a.m. CT). The conference call may be accessed by dialing 888-317-6003 passcode 4641106, or 412-317-6061 for international participants.

To listen to the live webcast, go to www.americancampus.com at least 15 minutes prior to the call so that required audio software can be downloaded. A replay of the conference call will be available beginning one hour after the end of the call until May 7, 2019 by dialing 877-344-7529 or 412-317-0088 conference number 10129518. Additionally, the replay will be available for one year at www.americancampus.com.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines Funds from Operations ("FFO") as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable operating property sales, impairment charges and real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. We also believe it is meaningful to present a measure we refer to as FFO-Modified, or (“FFOM”), which reflects certain adjustments related to the economic performance of our on-campus participating properties and excludes property acquisition costs, contractual executive separation and retirement charges, and other non-cash items, as we determine in good faith. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

The company defines property net operating income (“NOI”) as property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses.

About American Campus Communities

American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of March 31, 2019, American Campus Communities owned 171 student housing properties containing approximately 109,400 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 205 properties with approximately 133,700 beds. Visit www.americancampus.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “Company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018 under the heading “Risk Factors” and under the heading “Business - Forward-looking Statements” and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our expected 2019 operating results, whether as a result of new information, future events, or otherwise.

         
Table 1
American Campus Communities, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)
 
March 31, 2019 December 31, 2018
(unaudited)
Assets
 
Investments in real estate:
Owned properties, net $ 6,606,019 $ 6,583,397
Owned property held for sale 9,258
On-campus participating properties, net   78,870     77,637  
Investments in real estate, net 6,694,147 6,661,034
 
Cash and cash equivalents 46,166 71,238
Restricted cash 33,689 35,279
Student contracts receivable 14,056 8,565
Other assets1   537,390     262,730  
 
Total assets $ 7,325,448   $ 7,038,846  
 
Liabilities and equity
 
Liabilities:
Secured mortgage, construction and bond debt, net $ 864,070 $ 853,084
Unsecured notes, net 1,589,096 1,588,446
Unsecured term loans, net 198,857 198,769
Unsecured revolving credit facility 457,400 387,300
Accounts payable and accrued expenses 58,439 88,767
Operating lease liabilities2 282,550
Other liabilities2   185,234     191,233  
Total liabilities 3,635,646 3,307,599
 
Redeemable noncontrolling interests 186,695 184,446
 
Equity:
American Campus Communities, Inc. and Subsidiaries

stockholders’ equity:

Common stock 1,370 1,370
Additional paid in capital 4,455,948 4,458,240
Common stock held in rabbi trust (3,162 ) (3,092 )
Accumulated earnings and dividends (1,005,041 ) (971,070 )
Accumulated other comprehensive loss   (10,191 )   (4,397 )
Total American Campus Communities, Inc. and

Subsidiaries stockholders’ equity

3,438,924 3,481,051
Noncontrolling interests – partially owned properties   64,183     65,750  
Total equity   3,503,107     3,546,801  
 
Total liabilities and equity $ 7,325,448   $ 7,038,846  
 
1.   For purposes of calculating net asset value ("NAV") at March 31, 2019, the company excludes other assets of approximately $5.8 million related to net deferred financing costs on its revolving credit facility and the net value of in-place leases and approximately $280.0 million of right of use assets associated with new lease accounting guidance that was adopted by the company on January 1, 2019.
2. For purposes of calculating NAV at March 31, 2019, the company excludes other liabilities of approximately $52.7 million related to deferred revenue and fee income, as well as operating lease liabilities disclosed above associated with new lease accounting guidance that was adopted by the company on January 1, 2019.
 
     
Table 2
American Campus Communities, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(dollars in thousands, except share and per share data)
 
Three Months Ended
March 31,
2019     2018
(unaudited)
Revenues
Owned properties1 $ 224,419 $ 205,532
On-campus participating properties1 11,448 10,443
Third-party development services 3,171 846
Third-party management services 2,311 2,731
Resident services   782     857  
Total revenues 242,131 220,409
 
Operating expenses
Owned properties1 92,169 88,060
On-campus participating properties1 3,957 3,425
Third-party development and management services 4,186 4,198
General and administrative 7,315 6,699
Depreciation and amortization 68,755 64,779
Ground/facility leases 3,549 2,842
Provision for real estate impairment2   3,201      
Total operating expenses 183,132 170,003
 
Operating income 58,999 50,406
 
Nonoperating income (expenses)
Interest income 926 1,223
Interest expense (27,061 ) (23,684 )
Amortization of deferred financing costs   (1,132 )   (1,414 )
Total nonoperating expenses   (27,267 )   (23,875 )
 
Income before income taxes 31,732 26,531
Income tax provision   (364 )   (281 )
Net income 31,368 26,250
Net income attributable to noncontrolling interests   (1,728 )   (323 )
Net income attributable to ACC, Inc. and

Subsidiaries common stockholders

$ 29,640   $ 25,927  
Other comprehensive (loss) income
Change in fair value of interest rate swaps and other   (5,794 )   465  
Comprehensive income $ 23,846   $ 26,392  
 
Net income per share attributable to ACC, Inc.

and Subsidiaries common shareholders

 
Basic

Quelle: Business Wire

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