BX - American Campus Communities Q1 earnings beat consensus ahead of sale to Blackstone
American Campus Communities (NYSE:ACC) Q1 results, likely the last quarter it reports earnings as a publicly traded company, topped the consensus estimate. Q1 modified FFO of $0.72 vs. $0.70 consensus, $0.75 in Q4 2021 and $0.57 in Q1 2021. Revenue of $273.7M exceeded the $255.2M consensus and increased from $272.3M in Q4 2021 and $232.7M in the year-ago quarter. Q1 same-store net operating income of $143.3M rose 14.3% Y/Y; same-store property net revenue increased by 10% and same-store property operating expenses rose by 4.3%. During the quarter, American Campus (ACC) delivered 1,475 beds of the 10-phase residential housing development serving participants of the Disney College Program near Walt Disney Resort. To date, the company has delivered a total of 6,759 beds representing $409.8M of development. The REIT continues construction on the remaining phases of Flamingo Crossings Village, which are expected to be completed through 2023. With the pending acquisition of
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American Campus Communities Q1 earnings beat consensus ahead of sale to Blackstone