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American Campus Communities, Inc. Reports Fourth Quarter and Year End 2018 Financial Results

Dienstag, 19.02.19 22:15
American Campus Communities, Inc. Reports Fourth Quarter and Year End 2018 Financial Results
Bildquelle: fotolia.com
AUSTIN, Texas –

American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2018.

Highlights

Fourth Quarter 2018

  • Reported net income attributable to ACC of $47.5 million or $0.34 per fully diluted share, versus $39.1 million or $0.28 per fully diluted share in the fourth quarter 2017.
  • Increased FFOM to $100.2 million or $0.72 per fully diluted share, versus $100.1 million or $0.72 in the fourth quarter prior year.
  • Grew same store net operating income (NOI) by 0.1 percent over the fourth quarter prior year with revenues increasing 2.2 percent and operating expenses increasing 5.3 percent primarily due to an increase in property taxes of 8.9 percent.
  • Increased same store average physical occupancy to 97.1 percent for the fourth quarter 2018 compared to 96.7 percent for the fourth quarter 2017.
  • Commenced construction on housing for the Disney College Program and a second phase development on the University of Southern California Health Sciences campus in Los Angeles, both American Campus Equity (ACE®) developments. Additionally, commenced construction on a third-party on-campus development project at the University of California, Riverside.

Full Year 2018

  • Reported net income attributable to ACC of $117.1 million or $0.84 per fully diluted share, versus $69.0 million or $0.50 per fully diluted share for the full year 2017.
  • Increased FFOM to $319.8 million or $2.31 per fully diluted share, compared to $317.9 million or $2.32 for the full year 2017.
  • Increased same store NOI by 1.0 percent over the year ended December 31, 2017, with revenues increasing 1.9 percent and operating expenses increasing 3.0 percent, achieving the company’s 14th consecutive year of growth in same store NOI.
  • Delivered 10 new owned development and presale development assets into service on schedule and on budget. The pedestrian-to-campus communities total $669.9 million in development cost, contain 6,986 beds and are located an average of one-tenth of a mile from their respective campuses.
  • Awarded 10 new on-campus development projects including two ACE developments, seven third-party projects and one for which the transaction structure has yet to be determined.
  • Continued construction on eight owned development and presale development projects totaling $874.8 million with deliveries in 2019 through 2021. The projects total approximately 9,000 beds with an average distance to campus of less than one-tenth of a mile.
  • Completed $613.6 million of capital recycling activity through the sale of three owned assets and a 45 percent interest in a portfolio of owned assets. The collective transactions represented an economic cap rate of 4.3 percent based on in-place rental revenue, escalated trailing-12 operating expenses and historical average capital expenditures.
  • Commenced construction on the first phase of the nation’s largest on-campus third-party student housing development project in history. The multi-phase project on the campus of the University of California, Riverside is anticipated to include as many as 6,000 beds and over $1 billion in development cost.
  • In May, increased the common dividend to $1.84 per share on an annualized basis, an increase of 36 percent since 2012.

“2018 marked the 25th year for American Campus Communities and I extend my gratitude to every team member and partner who has played a role in the success of this organization through the years,” said Bill Bayless, American Campus Communities CEO. “It was also a good year in terms of value creation and strategic advancement. During 2018, we produced core growth in same store NOI, delivered 10 accretive development projects and completed another successful lease-up – setting the stage for accelerating growth in same store revenue and NOI in 2019. We also positioned the company well for longer-term growth by advancing our $1.2 billion development pipeline, executing on valuable capital recycling activities to prudently manage the balance sheet and continued investment in our proprietary Next-Gen operating platform. We were pleased to cap off the year with the groundbreaking of our monumental project at Walt Disney World® Resort for the Disney College Program.”

Fourth Quarter Operating Results

Revenue for the 2018 fourth quarter totaled $245.9 million, an increase of 8.0 percent from $227.6 million in the fourth quarter 2017, and operating income for the quarter totaled $67.5 million versus $63.1 million in the prior year fourth 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 recently completed development properties. Net income for the 2018 fourth quarter totaled $47.5 million, or $0.34 per fully diluted share, compared with net income of $39.1 million, or $0.28 per fully diluted share, for the same quarter in 2017. FFO for the 2018 fourth quarter totaled $113.3 million, or $0.82 per fully diluted share, compared to $103.9 million, or $0.75 per fully diluted share for the same quarter in 2017. FFOM for the 2018 fourth quarter was $100.2 million, or $0.72 per fully diluted share, as compared to $100.1 million, or $0.72 per fully diluted share for the same quarter in 2017. A reconciliation of FFO and FFOM to net income is provided in Table 3.

Same store NOI was $106.6 million in the quarter, up 0.1 percent from $106.4 million in the 2017 fourth quarter. Same store revenues increased by 2.2 percent over the 2017 fourth quarter due to an increase in average occupancy and rental rates for the 2018-2019 academic year. Same store operating expenses increased by 5.3 percent over the prior year quarter primarily due to an increase in property taxes of 8.9 percent. NOI for the total owned portfolio increased 10.0 percent to $137.7 million for the quarter from $125.2 million in the comparable period of 2017. A reconciliation of same store NOI to total NOI is provided in Table 4.

Portfolio Update

Developments

Construction continues on the company’s $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.

American Campus Equity (ACE)

During the quarter, the company commenced construction on Phases I-V of the ten-phase student housing development for the Disney College Program. Delivery of the phases under construction is scheduled to occur in stages beginning in May 2020 through August 2021. Construction on phases VI-X are scheduled to commence in 2019 and 2020 with staged deliveries scheduled to occur in 2022 and 2023. The project will serve the highly competitive student internship program, which has been part of Walt Disney World® Resort for almost 40-years, currently has over 70,000 annual applicants from current or recently graduated college students, with an acceptance rate of approximately 27 percent. The $614.6 million living-learning community will include ACC-designed units offering a variety of configurations and price points providing privacy and individuality for college student participants. The development will also include a new centralized 25,000-square-foot Disney Education Center located on site, offering college accredited coursework allowing participants to earn credit hours transferrable to their respective universities. The project will be located within the Flamingo Crossings® Town Center and will provide student residents with convenient dedicated bus transportation to all Walt Disney World® parks and resorts.

Subsequent to quarter end, the company commenced construction on Currie Hall II, a second phase ACE project on the University of Southern California Health Sciences campus in Los Angeles. The $42.0 million development expands on the highly successful initial ACE development, Currie Hall, which has averaged over 99.0 percent occupancy since opening in Fall 2016 with an annual waitlist exceeding 200 beds. In addition to excellent demand characteristics, the new development offers multi-asset market efficiency opportunities upon completion in Fall 2020.

Third-Party Services

During the quarter, the company closed on financing and commenced construction on a third-party on-campus development project with the University of California, Riverside. The 820-bed student residence hall and dining facility represent the first phase of a multi-phase development engagement that is anticipated to total approximately 6,000 beds. The company expects to earn $5.0 million in development fees throughout the first phase construction period with completion scheduled for Fall 2020.

The company advanced a previously announced on-campus redevelopment project with Drexel University. The project is now expected to be conducted as a third-party development, which will include redevelopment of approximately 400 beds of replacement housing and a new Drexel Honors college including associated academic space within the community.

Capital Markets

Subsequent to quarter end, 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 believes that the financial results for the fiscal year ending December 31, 2019 may be affected by, among other factors:

  • national and regional economic trends and events;
  • the success of leasing the company’s owned properties for the 2019-2020 academic year;
  • the timing of acquisitions, dispositions or joint venture activity;
  • interest rate risk;
  • the timing of commencement and completion of construction on owned development projects;
  • the ability of the company to be awarded and the timing of the commencement of construction on third-party development projects;
  • university enrollment, funding and policy trends;
  • the ability of the company to earn third-party management revenues;
  • the amount of income recognized by the taxable REIT subsidiaries and any corresponding income tax expense;
  • the ability of the company to integrate acquired properties;
  • the outcome of legal proceedings arising in the normal course of business; and
  • the finalization of property tax rates and assessed values in certain jurisdictions.

Based upon these factors, management anticipates that fiscal year 2019 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-17 and S-18 of the Supplemental Analyst Package 4Q 2018. 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 fourth quarter and full year 2018 results and the 2019 outlook on Wednesday, February 20, 2019 at 10:00 a.m. ET (9:00 a.m. CT). The conference call may be accessed by dialing 888-317-6003 passcode 4108083, 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 March 6, 2019 by dialing 877-344-7529 or 412-317-0088 conference number 10127936. 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 December 31, 2018, American Campus Communities owned 170 student housing properties containing approximately 109,100 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 204 properties with approximately 133,900 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, 2017 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)
 
    December 31, 2018     December 31, 2017
(unaudited)
Assets
 
Investments in real estate:
Owned properties, net $ 6,583,397 $ 6,450,364
On-campus participating properties, net   77,637     81,804  
Investments in real estate, net 6,661,034 6,532,168
 
Cash and cash equivalents 71,238 41,182
Restricted cash 35,279 23,590
Student contracts receivable, net 8,565 9,170
Other assets1   262,730     291,260  
 
Total assets $ 7,038,846   $ 6,897,370  
 
Liabilities and equity
 
Liabilities:
Secured mortgage, construction and bond debt, net $ 853,084 $ 664,020
Unsecured notes, net 1,588,446 1,585,855
Unsecured term loans, net 198,769 647,044
Unsecured revolving credit facility 387,300 127,600
Accounts payable and accrued expenses 88,767 53,741
Other liabilities1   191,233     187,983  
Total liabilities 3,307,599 3,266,243
 
Redeemable noncontrolling interests 184,446 132,169
 
Equity:

American Campus Communities, Inc. and Subsidiaries stockholders’ equity:

Common stock 1,370 1,364
Additional paid in capital 4,458,240 4,326,910
Common stock held in rabbi trust (3,092 ) (2,944 )
Accumulated earnings and dividends (971,070 ) (837,644 )
Accumulated other comprehensive loss   (4,397 )   (2,701 )

Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity

3,481,051 3,484,985
Noncontrolling interests – partially owned properties   65,750     13,973  
Total equity   3,546,801     3,498,958  
 
Total liabilities and equity $ 7,038,846   $ 6,897,370  

1.

  For purposes of calculating net asset value at December 31, 2018, the company excludes other assets of approximately $4.6 million related to net deferred financing costs on its revolving credit facility and the net value of in-place leases and other liabilities of approximately $50.6 million related to deferred revenue and fee income.
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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     Twelve Months Ended
December 31, December 31,
  2018         2017     2018         2017  
(unaudited) (unaudited)
Revenues
Owned properties $ 228,105 $ 207,154 $ 825,959 $ 738,710
On-campus participating properties 10,991 10,817 34,596 33,945
Third-party development services 3,398 6,064 7,281 10,761
Third-party management services 2,503 2,639 9,814 9,832
Resident services   876     889     3,160     3,199  
Total revenues 245,873 227,563 880,810 796,447
 
Operating expenses (income)
Owned properties1 91,328 82,877 373,521 332,429
On-campus participating properties 3,572 3,304 14,602 14,384
Third-party development and management services 3,886 3,436 15,459 15,225
General and administrative2 7,482 6,186 34,537 31,386
Depreciation and amortization 68,756 65,564 263,203 234,955
Ground/facility leases 3,329 3,062 11,855 10,213
(Gain) loss from disposition of real estate (42,314 ) 632
Provision for real estate impairment3 15,317
Other operating income           (2,648 )    
Total operating expenses 178,353 164,429 668,215 654,541
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