Supplemental Analyst Package

Transcription

Supplemental Analyst Package - Investor Relations

lon
BRINGING
QUALITY
TOGETHER
Supplemental Analyst Package | 1Q-2012
April 24, 2012
AMERICAN CAMPUS COMMUNITIES |
TABLE OF CONTENTS
Financial Highlights ____________________________________
1
Consolidated Balance Sheets ____________________________
2
Consolidated Statements of Operations ____________________
3
Consolidated Statements of Funds from Operations __________
4
Wholly-owned Property Results of Operations _______________
5
Seasonality of Operations _______________________________
6
Capital Structure ______________________________________
7
Portfolio Overview ____________________________________
8
2012/ 2013 Leasing Status - Summary ____________________
9
2012/ 2013 Leasing Status - By Property ___________________ 10
Owned Development Update _____________________________ 14
Mezzanine Investment Update ___________________________ 15
Third-party Development Update _________________________ 16
Management Services Update ____________________________ 17
Investor Information ___________________________________ 18
FINANCIAL HIGHLIGHTS
$ in thousands, except share and per share data
Operating Data
Three Months Ended March 31,
2012
Total revenues
$
Net income attributable to AC C
20,026
17,413
2,613
0.27
0.26
FFOM
FFOM per share—diluted
Operating Statistics
Debt to gross asset value 1
0.26
0.25
44,397
39,803
0.59
0.58
41,354
37,254
0.55
0.54
5.5%
4,100
March 31, 2012
December 31, 2011
41.5%
42.0%
29.1%
30.4%
3.28
3.21
Net debt to EBITDA 5
7.24
7.23
23
12.6%
4,594
Interest coverage 4
Debt to total market capitalization
5.
% Change
12,485
1,765
FFO per share—diluted
4.
$
32,081
FFO
3.
$ Change
99,267
33,846
Net income per share - diluted
2.
$
Operating income
Net income per share - basic
1.
2011
111,752
Gross asset value is the book value of the company’s total assets, calculated in accordance with generally accepted accounting principles, excluding accumulated depreciation and our on-campus
participating properties.
Excludes debt related to our on-campus participating properties totaling $79.2 million and $79.3 million as of March 31, 2012 and December 31, 2011, respectively, as well as net unamortized debt
premiums of $4.8 million and $5.1 million as of March 31, 2012 and December 31, 2011, respectively.
Market capitalization is calculated based on a common share price of $44.72 and $41.96 as of March 31, 2012 and December 31, 2011, respectively, and fully diluted common shares totaling 76,278,758
and 74,322,409 as of March 31, 2012 and December 31, 2011, respectively.
Based on earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined in the company’s Credit Facility Agreement, and cash interest expense of $189.3 million and $57.6 million,
respectively, for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture. Includes our
share of interest expense related to debt from a joint venture in which we held a 10% interest through January 2012.
Net debt is calculated as total debt less cash on hand.
AMERICAN CAMPUS COMMUNITIES | 1
CONSOLIDATED BALANCE SHEETS
$ in thousands
March 31, 2012
December 31, 2011
(unaudited)
Assets
Investments in real estate:
Wholly-owned properties, net
Wholly-owned property held for sale
On-campus participating properties, net
Investments in real estate, net
C ash and cash equivalents
Restricted cash
Student contracts receivable, net
Other assets
Total assets
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt
Unsecured term loan
Unsecured revolving credit facility
Secured agency facility
Accounts payable and accrued expenses
Other liabilities
Total liabilities
$
$
$
Redeemable noncontrolling interests
2,862,462
27,310
58,839
2,948,611
32,592
21,165
3,145
110,468
3,115,981
871,208
350,000
150,000
116,000
29,633
82,064
1,598,905
$
$
$
45,327
2,761,757
27,300
59,850
2,848,907
22,399
22,956
5,324
108,996
3,008,582
858,530
200,000
273,000
116,000
36,884
77,840
1,562,254
42,529
Equity:
American C ampus C ommunities, Inc. and
Subsidiaries stockholders' equity:
C ommon stock
743
1,734,337
(291,962)
44
Additional paid in capital
Accumulated earnings and dividends
Accumulated other comprehensive loss
Total American C ampus C ommunities, Inc. and
Subsidiaries stockholders' equity
Noncontrolling interests
Total equity
Total liabilities and equity
$
1,443,162
28,587
1,471,749
3,115,981
725
1,664,416
(286,565)
(3,360)
$
1,375,216
28,583
1,403,799
3,008,582
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
unaudited, $ in thousands, except share and per share data
2012
2011
$ Change
Net inc ome attributable to Americ an Campus Communities,
Inc . and Subsidiaries
Nonc ontrolling interests1
(Inc ome) loss from unc onsolidated joint ventures
FFO from unc onsolidated joint ventures2
Real estate related deprec iation and amortization
Funds from operations ("FFO")
$
Elimination of operations of on-c ampus partic ipating properties and
unc onsolidated joint venture:
Net inc ome from on-c ampus partic ipating properties
Amortization of investment in on-c ampus partic ipating properties
20,026
381
(444)
429
24,005
44,397
$
(2,498)
(1,155)
40,744
Modific ations to reflec t operational performanc e of on-c ampus
partic ipating properties:
Our share of net c ash flow 3
Management fees
Impac t of on-c ampus partic ipating properties
550
362
912
17,413
467
12
4
21,907
39,803
$
2,613
(86)
(456)
425
2,098
4,594
(2,642)
(1,098)
36,063
144
(57)
4,681
841
350
1,191
(291)
12
(279)
37,254
(424)
122
4,100
Elimination of gain on debt restruc turing -
1.
2.
3.
4.
5.
unc onsolidated joint venture4
Loss on remeasurement of equity method investment 5
Funds from operations-modified ("FFOM")
$
FFO per share - diluted
FFOM per share - diluted
Weighted average common shares outstanding - diluted
$
0.59
$
0.55
75,878,010
(424)
122
41,354
$
$
$
0.58
$
0.54
68,610,982
The adjustment to FFO for noncontrolling interests’ share of net income excludes $0.4 million of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011
from a seller that retained a 20.5% noncontrolling interest in the property.
Represents our share of the FFO from two joint ventures in which we are or were a noncontrolling partner. Includes the Hampton Roads Military Housing joint venture in which we have a minimal
economic interest as well as our 10% noncontrolling interest in a joint venture with Fidelity (“Fund II”). In January 2012, we purchased the full ownership interest in the one remaining property owned by
Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company.
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for
the interim periods.
Immediately prior to our purchase of University Heights from Fund II (see Note 2), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed
to accept a discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff.
Our 10% share of such gain is reflected above as an adjustment to FFOM.
Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in
January 2012.
CONSOLIDATED STATEMENTS OF OPERATIONS
unaudited, $ in thousands, except share and per share data
2012
2011
$ Change
Revenues
Wholly-owned properties
On-campus participating properties
Third-party development services
Third-party management services
Resident services
Total revenues
Operating expenses
Wholly-owned properties
On-campus participating properties
Third-party development and management services
General and administrative
Depreciation and amortization
Ground/facility leases
Total operating expenses
Operating income
Nonoperating income and (expenses)
Interest income
Interest expense
Amortization of deferred financing costs
Income (loss) from unconsolidated joint ventures
Other nonoperating loss
Total nonoperating expenses
$
Income before income taxes and discontinued
operations
Income tax provision
Income from continuing operations
Discontinued operations
Income attributable to discontinued operations
Total discontinued operations
Net income
Net income attributable to noncontrolling interests
99,590
7,967
2,094
1,758
343
111,752
$
85,625
7,647
3,824
1,830
341
99,267
$
13,965
320
(1,730)
(72)
2
12,485
43,723
2,495
2,785
3,540
24,399
964
77,906
33,846
37,594
1,744
2,682
2,773
21,237
1,156
67,186
32,081
6,129
751
103
767
3,162
(192)
10,720
1,765
516
(13,282)
(1,001)
444
(122)
(13,445)
50
(14,013)
(1,230)
(12)
(15,205)
466
731
229
456
(122)
1,760
20,401
(156)
20,245
16,876
(143)
16,733
3,525
(13)
3,512
560
560
20,805
(779)
1,147
1,147
17,880
(467)
(587)
(587)
2,925
(312)
Net income attributable to American
Campus Communities, Inc. and Subsidiaries
$
20,026
$
17,413
$
2,613
Other comprehensive income
C hange in fair value of interest rate swaps
Comprehensive income
$
3,404
23,430
$
745
18,158
$
2,659
5,272
Net income per share attributable to
American Campus Communities, Inc. and
Subsidiaries common stockholders
Basic
Diluted
$
$
0.27
0.26
$
$
0.26
0.25
Weighted-average common shares
outstanding
Basic
Diluted
74,216,854
74,864,447
66,956,764
67,554,918
WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1
$ in thousands
2012
2011
$ Change
% Change
Wholly-owned property revenues
Same store properties2
$
New properties
Total revenues 3
89,032
$
12,054
86,536
$
559
2,496
2.9%
11,495
$
101,086
$
87,095
$
13,991
16.1%
$
38,579
$
37,934
$
645
1.7%
$
44,316
$
38,196
$
6,120
16.0%
$
50,453
$
48,602
$
1,851
3.8%
$
56,770
$
48,899
$
7,871
Wholly-owned property operating expenses
New properties
Total operating expenses
5,737
262
5,475
Wholly-owned property net operating income
New properties
Total net operating income
1.
2.
3.
6,317
297
6,020
16.1%
Excludes Villas on Apache, River Club Apartments, and River Walk Townhomes, all sold in April 2011, and Campus Club-Statesboro, sold in May 2011.
Includes Pirates Cove, which is anticipated to be sold in the second quarter of 2012 and is classified within discontinued operations on the accompanying consolidated statements of operations. Revenues
for this property totaled $1.2 million and $1.1 million for the three months ended March 31, 2012 and 2011, respectively. Operating expenses for this property totaled $0.6 million for both of the three
months ended March 31, 2012 and 2011. Excluding Pirates Cove from the same store property grouping has no effect on the increase in same store net operating income presented above.
Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of operations.
SEASONALITY OF OPERATIONS1
$ in thousands, except for per bed amounts
Three Months Ended
March 31, 2011
3
June 30, 2011
September 30, 2011
December 31, 2011
Total/Weighted Average2
March 31, 2012
Same store properties
Revenue per occupied bed
Rental revenue per occupied bed per month
Other income per occupied bed per month4
$
505
Total revenue per occupied bed
$
35
540
Average number of owned beds
500
$
37
537
54,220
Average physical occupancy for the quarter
Total revenue
Property operating expenses
Net operating income
Operating margin
$
$
86,536
37,934
48,602
56.2%
494
$
55
549
54,220
98.6%
$
$
$
82,671
37,664
45,007
54.4%
520
$
31
551
54,216
94.7%
$
$
$
86,053
47,590
38,463
44.7%
521
$
509
$
35
556
$
39
548
54,216
96.4%
$
$
54,216
98.5%
$
$
88,339
38,111
50,228
56.9%
54,216
98.5%
$
$
89,032
38,579
50,453
56.7%
97.0%
$
$
346,095
161,944
184,151
53.2%
New properties5
4
Other income per occupied bed per month
$
368
$
95
463
Total revenue
Operating margin
$
$
$
374
$
64
438
$
471
$
77
548
$
530
$
57
587
$
581
$
541
$
85
666
$
74
615
480
480
1,799
4,500
6,924
3,426
84.0%
84.0%
96.4%
92.9%
87.1%
90.1%
559
262
297
53.1%
$
$
530
297
233
44.0%
$
$
2,850
2,262
588
20.6%
$
$
7,360
3,968
3,392
46.1%
$
$
12,054
5,737
6,317
52.4%
$
$
22,794
12,264
10,530
46.2%
ALL PROPERTIES
4
Other income per occupied bed per month
$
$
504
$
36
540
499
$
37
$
54,700
98.4%
536
494
$
55
$
54,700
94.6%
549
521
$
33
$
56,015
96.4%
554
527
$
40
$
58,716
98.1%
567
511
41
$
61,140
97.2%
552
57,642
96.6%
Total revenue
$
87,095
38,196
$
83,201
37,961
$
88,903
49,852
$
95,699
42,079
$
101,086
44,316
$
368,889
174,208
Operating margin
$
48,899
56.1%
$
45,240
54.4%
$
39,051
43.9%
$
53,620
56.0%
$
56,770
56.2%
$
194,681
52.8%
1.
2.
3.
4.
5.
Excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Villas on Apache, River Club Apartments, and River Walk Townhomes, all
sold in April 2011, and Campus Club-Statesboro, sold in May 2011. Includes Pirates Cove, which is classified within discontinued operations and is anticipated to be sold in the second quarter of 2012.
For the four most recently completed fiscal quarters.
Includes all properties owned during the full year ended December 31, 2011.
Other income is all income other than Net Student Rent. This includes, but is not limited to, utility income, damages, parking income, summer conference rent, application and administration fees, income from retail
tenants, etc.
Includes the following properties opened or acquired in 2011: Villas at Babcock, Villas on Sycamore, Lobo Village, University Village Northwest, Eagles Trail, Studio Green, 26 West, The Varsity and University Shoppes at
Orlando. Also includes Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010. The 72 beds damaged by the fire reopened for
occupancy in August 2011. Also includes University Heights, which was purchased in January 2012 from a joint venture with Fidelity.
CAPITAL STRUCTURE AS OF MARCH 31, 2012
$ in thousands, except share and per share data
1.
2.
3.
4.
5.
Gross asset value is the book value of the company’s total assets calculated in accordance with generally accepted accounting principles, excluding accumulated depreciation and our on-campus
participating properties.
Excludes debt related to our on-campus participating properties totaling $79.2 million with a weighted average interest rate of 7.2% and average term maturity of 8.2 years. Also excludes net
unamortized debt premiums of $4.8 million.
Based on share price of $44.72 and fully diluted share count of 76,278,758 as of March 31, 2012. Assumes conversion of 1,013,563 common and preferred Operating Partnership units and 589,998
unvested restricted stock awards.
Based on earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined in the company’s Credit Facility Agreement, and cash interest expense of $189.3 million and $57.6 million,
respectively, for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture. Includes our
share of interest expense related to debt from a joint venture in which we held a 10% interest through January 2012.
Net debt is calculated as total debt less cash on hand as of March 31, 2012.
PORTFOLIO OVERVIEW1
Summary
Physical Occupancy
at March 31,
Property Type
Same Store Wholly-owned Properties - Total
New Wholly-owned Properties2
Wholly-owned Properties - Total
On-campus Participating Properties
1.
2.
3.
4.
Units
Beds
2012
2011
17,176
54,216
98.5%
98.5%
1,827
6,315
92.6%
84.2%
3 4
19,003
60,531
97.9%
98.4%
3 4
1,863
4,519
96.7%
96.1%
Includes Pirates Cove, which is classified as Held for Sale as of March 31, 2012 and is anticipated to be sold in the second quarter of 2012. Excludes Villas on Apache, River Club Apartments and River
Walk Townhomes, which were sold in April 2011, and Campus Club-Statesboro, which was sold in May 2011.
As of March 31, 2012, the new wholly-owned property grouping includes the following properties: (1) Campus Trails, a 480-bed property that incurred business interruption due to significant property
damage resulting from a fire in April 2010; (2) 4 owned development properties that completed construction and opened for occupancy in August 2011; (3) Eagles Trail, a 792-bed property purchased in
September 2011; (4) 26 West, a 1,026-bed property purchased in December 2011; (5) The Varsity, a 901-bed property purchased in December 2011; and (6) University Heights, a 636-bed property
purchased from one of the Fidelity Joint Ventures in January 2012. As of March 31, 2011, the new wholly-owned property grouping includes only Campus Trails. Studio Green, a 684-bed property
purchased in November 2011 where units are being vacated to prepare for the development of the property, is excluded from the new property grouping for both periods presented.
Reflects the impact of lost occupancy at Campus Trails related to 72 beds that were destroyed by a fire in April 2010 and reopened for occupancy in August 2011.
Excludes properties that were not owned or under ACC management as of March 31, 2011 (see footnote 2).
2012/2013 LEASING STATUS
Wholly-owned properties - summary
Applications + Leases
Same Store Wholly-owned Properties4
Wholly-owned Properties-Total
Current Year
% of
Applications
Rentable
+ Leases 1
Beds
Prior Year
Applications
+ Leases 1
% of
Rentable
Beds
Rentable
Beds 2
Design
Beds
Final Fall
2011
Occupancy 3
45,429
79.0%
47,798
84.3%
5
57,486
57,968
98.2%
7,437
81.3%
404
64.3%
7
9,149
9,266
90.4%
7
52,866
79.3%
48,202
84.1%
7
66,635
67,234
98.1%
7
Rentable
Beds 2
Design
Beds
Final Fall
2011
Occupancy 3
Leases
Current Year
% of
Rentable
Leases 1
Beds
Leases 1
% of
Rentable
Beds
Same Store Wholly-owned Properties4
42,081
73.2%
43,676
77.0%
5
57,486
57,968
98.2%
6,863
75.0%
362
57.6%
7
9,149
9,266
90.4%
48,944
73.5%
44,038
76.8%
7
66,635
67,234
98.1%
Wholly-owned Properties-Total
1.
2.
3.
4.
5.
6.
7.
8.
Prior Year
Initial
Rate
Increase
Projected
Rate
Increase 8
5
3.5%
3.5%
7
n/a
n/a
3.5%
3.5%
7
As of April 20, 2012 for the current year and April 20, 2011 for prior year.
Rentable beds exclude beds needed for on-site staff.
As of September 30, 2011.
Includes Pirates Cove, which is classified as Held for Sale as of March 31, 2012 and is anticipated to be sold in the second quarter 2012.
Excludes Eagles Trail, a 792-bed property purchased in September 2011, as no prior year leasing data is available for this property.
Includes 11 properties currently under construction that are anticipated to open for occupancy in August 2012. Also includes The Varsity and 26 West, purchased in December 2011, and University
Heights, purchased from one of the Fidelity joint ventures in January 2012. Excludes Studio Green, a 484-bed property purchased in November 2011 with the intent to redevelop the property commencing
in the second or third quarter 2012.
Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds and final Fall 2011 occupancy.
Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy.
Same store wholly-owned properties with projected rental rate growth above 3%
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11-12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32-34.
35.
36.
37.
38.
39.
1.
2.
3.
4.
Royal Lexington-Lexington, KY
2nd Avenue C entre-Gainesville, FL
Aztec C orner-San Diego, C A
C ampus C orner-Bloomington, IN
Nittany C rossing-State C ollege, PA
University Greens-Norman, OK
University C rossings-Philadelphia, PA
Brookstone Village-Wilmington, NC
State C ollege Park-State C ollege, PA
C ampus Trails-Starkville, MS
Willowtree Apartments and Towers-Ann Arbor, MI
Hawks Landing-Oxford, OH
University Meadows-Mt. Pleasant, MI
The View-Lincoln, NE
The Edge-Orlando, FL
Abbott Place-East Lansing, MI
The Village at Blacksburg-Blacksburg, VA
University Village at Boulder C reek-Boulder, C O
The C lub-Athens, GA
The Edge-C harlotte, NC
University Mills-C edar Falls, IA
The Highlands-Reno, NV
University Heights-Birmingham, AL
Lions C rossing-State C ollege, PA
Sunnyside C ommons-Morgantown, WV
The Enclave-Bowling Green, OH
University Village-Fresno, C A
The C entre-Kalamazoo, MI
The C allaway House-C ollege Station, TX
Sanctuary Lofts-San Marcos, TX
University Village-Tallahassee, FL
Barrett Honors C ollege (AC E)-Tempe, AZ
University C lub Apartments-Gainesville, FL
University Walk-C harlotte, NC
Lobo Village (AC E)-Albuquerque, NM
Newtown C rossing-Lexington, KY
Current Year
% of
Rentable
Leases 1
Beds
256
70.3%
856
98.8%
544
92.0%
716
91.1%
673
99.9%
436
84.5%
986
98.3%
207
87.3%
747
100.5%
470
99.2%
757
89.8%
483
100.6%
597
96.9%
546
92.9%
758
82.5%
523
81.0%
938
88.8%
295
98.7%
457
95.4%
523
72.6%
372
77.3%
491
68.2%
290
56.5%
586
85.2%
161
100.0%
282
58.8%
180
45.2%
525
75.2%
541
102.7%
406
84.2%
713
99.6%
1,383
80.6%
337
89.6%
267
55.6%
681
79.6%
902
95.9%
Prior Year
% of
Rentable
Leases 1
Beds
320
87.9%
787
90.9%
582
98.5%
778
99.0%
681
101.0%
399
77.3%
1,010
100.7%
201
84.8%
741
99.7%
470
99.2%
594
70.5%
476
99.2%
606
98.4%
483
82.1%
862
93.8%
592
91.6%
1,054
99.8%
297
99.3%
353
73.7%
466
64.7%
476
99.0%
339
47.1%
241
47.0%
686
99.7%
162
100.6%
316
65.8%
202
50.8%
661
94.7%
532
100.9%
394
81.7%
710
99.2%
1,084
63.2%
259
68.9%
190
39.6%
850
99.3%
895
95.1%
Rentable
Beds 2
364
866
591
786
674
516
1,003
237
743
474
843
480
616
588
919
646
1,056
299
479
720
481
720
513
688
161
480
398
698
527
482
716
1,715
376
480
856
941
Design
Beds
364
868
606
796
684
516
1,016
238
752
480
851
484
616
590
930
654
1,056
309
480
720
481
732
528
696
161
480
406
700
538
487
716
1,721
376
480
864
942
Final Fall
2011
Initial Rate
Occupancy 3 Increase
98.4%
15.1%
99.4%
9.9%
98.5%
5.9%
99.1%
5.3%
99.4%
5.3%
98.8%
4.0%
99.4%
5.1%
102.5%
4.7%
99.5%
4.6%
99.0%
4.4%
96.9%
3.7%
99.0%
5.2%
98.5%
4.2%
100.0%
4.0%
99.6%
4.5%
99.4%
4.2%
99.6%
4.3%
98.7%
4.2%
97.9%
4.0%
98.8%
3.9%
99.0%
4.0%
99.2%
3.6%
99.4%
3.8%
99.4%
4.0%
100.6%
3.9%
98.5%
4.1%
98.0%
3.4%
99.4%
4.1%
103.7%
4.2%
98.2%
3.9%
99.2%
3.6%
97.4%
4.0%
98.7%
3.3%
99.2%
4.0%
99.5%
4.0%
99.2%
3.6%
Projected
Rate
Increase 4
15.5%
9.8%
6.7%
6.0%
5.9%
5.8%
5.8%
5.4%
5.2%
5.1%
5.0%
4.9%
4.8%
4.7%
4.5%
4.5%
4.5%
4.4%
4.4%
4.4%
4.4%
4.3%
4.3%
4.2%
4.2%
4.2%
4.2%
4.2%
4.2%
4.1%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
Same store wholly-owned properties with projected rental rate growth above 3%
continued
40.
41-42.
43-45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62-63.
64.
65.
66.
67.
68.
69.
70.
71.
1.
2.
3.
4.
5.
C ampus Way-Tuscaloosa, AL
C ollege C lub Townhomes-Tallahassee, FL
The Summit & Jacob Heights-Mankato, MN
University Oaks-C olumbia, SC
The Village on Sixth Avenue-Huntington, WV
The Outpost-San Marcos, TX
University C rescent-Baton Rouge, LA
University Gables-Murfreesboro, TN
University Trails-Lubbock, TX
Lakeside Apartments-Athens, GA
Vista del Sol (AC E)-Tempe, AZ
Villas on Sycamore-Huntsville, TX
University Place-C harlottesville, VA
C ampus Ridge-Johnson C ity, TN
Blanton C ommon-Valdosta, GA
The Village at Science Drive-Orlando, FL
The Tower at 3rd-C hampaign, IL
Uptown Apartments-Denton, TX
C ampus Walk Wilmington-Wilmington, NC
University C lub Townhomes-Tallahassee, FL
The Estates-Gainesville, FL
Olde Towne University Square-Toledo, OH
University Village-Sacramento, C A
University Village Northwest- Prairie View,TX
Eagles Trail-Hattiesburg, MS
Aggie Station-Bryan, TX
C hapel View-C hapel Hill, NC
University Pines-Statesboro, GA
Subtotal-Projected Rental Rate Growth Above 3%
Current Year
% of
Rentable
Leases 1
Beds
478
71.3%
427
79.1%
769
83.1%
648
99.2%
370
49.4%
460
94.7%
468
76.5%
260
40.6%
485
72.0%
552
71.1%
1,441
78.7%
380
55.9%
157
30.0%
252
48.3%
332
38.7%
440
60.8%
309
82.8%
405
77.6%
142
49.1%
477
65.2%
755
72.8%
494
90.1%
210
54.3%
128
90.1%
486
61.7%
443
100.2%
242
68.9%
461
84.1%
32,356
78.6%
Prior Year
% of
Rentable
Leases 1
Beds
323
48.2%
537
99.4%
590
63.8%
646
98.9%
475
63.4%
487
100.2%
544
88.9%
216
33.7%
557
82.6%
583
75.1%
1,856
101.3%
652
95.9%
196
37.4%
272
52.1%
355
41.4%
562
77.6%
322
86.3%
290
55.6%
118
40.8%
634
86.6%
670
64.6%
526
96.0%
251
64.9%
0
0.0%
n/a
n/a
420
95.0%
282
80.3%
263
48.0%
32,376
80.2%
5
Rentable
Beds 2
670
540
925
653
749
486
612
641
674
776
1,832
680
524
522
858
724
373
522
289
732
1,037
548
387
142
788
442
351
548
41,157
Design
Beds
680
544
930
662
752
486
612
648
684
776
1,866
680
528
528
860
732
375
528
290
736
1,044
550
394
144
792
450
358
552
41,499
Final Fall
2011
Initial Rate
Occupancy 3 Increase
98.1%
3.1%
96.1%
4.1%
97.8%
3.2%
99.1%
3.4%
97.3%
3.6%
99.6%
3.6%
98.4%
3.8%
98.9%
3.7%
98.2%
3.7%
98.2%
3.5%
98.8%
3.7%
96.5%
4.6%
80.7%
3.5%
95.5%
3.1%
99.0%
3.5%
99.3%
3.4%
98.9%
3.2%
97.0%
3.1%
105.5%
3.5%
99.5%
3.2%
99.3%
3.1%
100.2%
3.2%
104.1%
3.1%
100.0%
3.9%
80.1%
2.1%
99.3%
2.9%
97.8%
3.0%
99.5%
2.8%
98.3%
4.1%
Projected
Rate
Increase 4
4.0%
3.9%
3.9%
3.9%
3.9%
3.8%
3.8%
3.7%
3.6%
3.6%
3.5%
3.5%
3.5%
3.5%
3.4%
3.4%
3.3%
3.3%
3.2%
3.2%
3.2%
3.2%
3.1%
3.1%
3.0%
3.0%
3.0%
3.0%
4.3%
Same store wholly-owned properties with projected rental rate growth
between 0% and 2.99% and properties reducing rental rates
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
Peninsular Place-Ypsilanti, MI
Villas at Babcock-San Antonio, TX
Northgate Lakes-Orlando, FL
C allaway Villas-C ollege Station, TX
Burbank C ommons-Baton Rouge, LA
Entrada Real-Tucson, AZ
The Village at Alafaya C lub-Orlando, FL
C ity Parc at Fry Street-Denton, TX
Royal Village-Gainesville, FL
The Outpost-San Antonio, TX
Raiders C rossing-Murfreesboro, TN
Pirates C ove-Greenville, NC 5
The Woods at Greenland-Murfreesboro, TN
C hapel Ridge-C hapel Hill, NC
University Pointe-Lubbock, TX
University Manor-Greenville, NC
University C entre-Newark, NJ
GrandMarc-Seven C orners-Minneapolis, MN
Raiders Pass-Lubbock, TX
University Village (Temple)-Philadelphia, PA
Villas at C hestnut Ridge-Amherst, NY
Pirates Place Townhomes-Greenville, NC
Subtotal-Projected Rental Rate Growth
between 0% and 2.99%
Subtotal-Properties Increasing Rental Rates
1.
2.
3.
4.
South View Apartments-Harrisonburg, VA
The C ommons-Harrisonburg, VA
Stone Gate-Harrisonburg, VA
University Village at Sweethome-Amherst, NY
Subtotal-Properties Reducing Rental Rates
Total-Same Store Wholly-owned Properties
1.
2.
3.
4.
5.
6.
Current Year
% of
Rentable
1
Leases
Beds
239
50.7%
380
48.0%
366
51.5%
624
90.3%
219
41.3%
207
57.0%
446
53.8%
223
54.4%
440
98.2%
309
37.3%
103
37.3%
523
49.9%
127
46.0%
482
90.3%
460
68.2%
376
63.3%
644
78.0%
347
80.0%
327
40.0%
319
43.5%
249
45.8%
331
62.7%
Prior Year
% of
Rentable
1
Leases
Beds
255
54.1%
793
100.1%
649
91.4%
551
79.7%
214
40.4%
304
83.7%
443
53.4%
376
91.7%
318
71.0%
383
46.3%
149
54.0%
654
62.3%
126
45.7%
369
69.1%
523
77.6%
465
78.3%
573
69.4%
378
87.1%
475
58.1%
317
43.2%
390
71.7%
351
66.5%
7,741
58.0%
9,056
67.8%
40,097
73.6%
41,432
77.1%
814
349
517
304
1,984
84.8%
66.6%
76.9%
37.3%
66.8%
920
424
582
318
2,244
95.8%
80.9%
86.6%
39.0%
75.5%
42,081
73.2%
43,676
77.0%
6
6
Rentable
Beds 2
471
792
710
691
530
363
829
410
448
828
276
1,049
276
534
674
594
826
434
817
733
544
528
Design
Beds
478
792
710
704
532
363
839
418
448
828
276
1,056
276
544
682
600
838
440
828
749
552
528
Final Fall
2011
Occupancy 3
99.2%
99.5%
99.4%
99.9%
95.7%
99.4%
99.3%
98.3%
97.1%
100.0%
99.6%
98.7%
97.5%
93.6%
95.0%
93.5%
98.6%
125.7%
97.5%
98.9%
99.3%
93.2%
Initial
Rate
Increase
3.0%
4.1%
3.8%
3.1%
2.9%
2.5%
2.5%
2.9%
2.1%
2.6%
2.2%
2.7%
2.4%
2.1%
2.2%
2.7%
2.0%
2.2%
3.2%
1.9%
1.9%
1.3%
Projected
Rate
Increase 4
2.9%
2.9%
2.9%
2.9%
2.8%
2.7%
2.6%
2.6%
2.6%
2.4%
2.4%
2.4%
2.3%
2.3%
2.3%
2.1%
2.0%
2.0%
1.9%
1.9%
1.9%
0.5%
13,357
13,481
98.8%
2.6%
2.3%
54,514
54,980
98.4%
3.7%
3.8%
960
524
672
816
2,972
960
528
672
828
2,988
98.4%
94.9%
93.5%
90.3%
94.4%
1.8%
0.5%
-1.4%
0.3%
0.4%
-0.3%
-3.4%
-3.5%
-3.5%
-2.5%
57,486
57,968
98.2%
3.5%
3.5%
This property is classified as Held for Sale as of March 31, 2012 and is anticipated to be sold during the second quarter 2012.
New wholly-owned properties
1.
2.
3.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
26 West-Austin, TX
University Heights-Knoxville, TN
The Varsity-C ollege Park, MD 5
Subtotal-Newly Acquired Properties
2.
3.
4.
5.
6.
Prior Year
% of
Rentable
Leases 1
Beds
n/a
n/a
362
57.6%
n/a
n/a
362
57.6%
6
Rentable
Beds 2
1,015
628
893
2,536
Design
Beds
1,026
636
901
2,563
Final Fall
2011
Occupancy 3
n/a
90.4%
n/a
90.4%
394
569
456
634
602
599
483
537
1,028
348
963
6,613
400
576
456
640
610
612
488
550
1,028
365
978
6,703
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6
Initial
Rate
Increase
n/a
n/a
n/a
n/a
Projected
Rate
Increase 4
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
The Villas at Vista del Sol (AC E)-Tempe, AZ
Hilltop Townhomes (AC E)-Flagstaff, AZ
U C lub on Frey-Kennesaw, GA
U C lub Townhomes on Marion Pugh-C ollege Station, TX
Villas on Rensch-Amherst, NY
The Village at Overton Park-Lubbock, TX
C ampus Edge on UTA Boulevard-Arlington, TX
The Suites (AC E)-Flagstaff, AZ
C asas del Rio (AC E)-Albuquerque, NM
C asa de Oro (AC E)-Glendale, AZ
University Pointe at C ollege Station(AC E)-Portland, OR
Subtotal-New Development Properties
395
568
453
628
596
591
401
414
634
163
205
5,048
100.3%
99.8%
99.3%
99.1%
99.0%
98.7%
83.0%
77.1%
61.7%
46.8%
21.3%
76.3%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Total New Wholly-owned Properties
6,863
75.0%
362
57.6%
6
9,149
9,266
90.4%
6
n/a
n/a
48,944
73.5%
44,038
76.8%
6
66,635
67,234
98.1%
6
3.5%
3.5%
Total-All Wholly-owned Properties
1.
Current Year
% of
Rentable
Leases 1
Beds
977
96.3%
376
59.9%
462
51.7%
1,815
71.6%
As of April 20, 2012 for current year and April 20, 2011 for prior year.
The company owns a 79.5% interest in this property.
Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds and final Fall 2011 occupancy.
OWNED DEVELOPMENT UPDATE
$ in thousands
PROJECTS UNDER CONSTRUCTION
As of March 31, 2012
Estimated
Project
Cost
$
87,800
%
3
Complete
84%
Scheduled to
Open for
Occupancy
September 2012
18,895
47%
August 2012
15,997
62%
August 2012
19,979
67%
August 2012
3,300
16,835
81%
August 2012
2,661
14,410
54%
August 2012
Land and
2
Other
$
-
Project
Project
Type
Univ. Pointe at College Station
ACE
Location
Portland, OR
Primary University
Served
Portland State Univ.
Units
282
Casas del Rio
ACE
Albuquerque, NM
Univ. of New Mexico
283
1,028
39,400
18,895
-
The Suites
ACE
Flagstaff, AZ
Northern Arizona Univ.
275
550
28,100
15,997
-
Hilltop Townhomes
ACE
Flagstaff, AZ
Northern Arizona Univ.
144
576
32,500
19,979
-
U Club on Frey
Off-campus
Kennesaw, GA
Kennesaw State Univ.
114
456
22,500
13,535
Campus Edge on UTA Blvd
Off-campus
Arlington, TX
Univ. of Tx at Arlington
128
488
24,900
11,749
Beds
978
1
$
CIP
66,701
Total Costs
Incurred
$
66,701
U Club Town. on Marion PughOff-campus
College Station, TX Texas A&M Univ.
160
640
34,100
22,552
6,722
29,274
95%
August 2012
Villas on Rensch
Off-campus
Amherst, NY
Univ. at Buffalo
153
610
44,800
24,169
10,231
34,400
78%
August 2012
The Village at Overton Park
Off-campus
Lubbock, TX
Texas Tech Univ.
163
612
34,800
17,288
5,262
22,550
66%
August 2012
Casa de Oro
ACE
Glendale, AZ
Arizona State Univ.
109
365
14,600
5,989
5,989
56%
August 2012
The Villas at Vista del Sol
ACE
Tempe, AZ
Arizona State Univ.
12,136
64%
August 2012
August 2013
SUBTOTAL - 2012 DELIVERIES
4
104
400
1,915
6,703
21,900
-
12,136
385,400
-
228,990
28,176
-
257,166
Manzanita Hall
ACE
Tempe, AZ
Arizona State Univ.
241
816
50,300
4,639
0%
The Callaway House
Off-campus
Austin, TX
The Univ. of Tx at Austin
219
753
60,100
5,300
-
5,300
6%
August 2013
Drexel University
ACE
Philadelphia, PA
Drexel Univ.
220
861
97,600
10,208
-
10,208
7%
September 2013
680
2,430
208,000
2,595
9,133
$ 593,400
$
Approx.
Targeted
Beds
448
Estimated
Project
7
Cost
$
28,500
Targeted
Completion
August 2013
29,000
August 2013
TOTAL - ALL PROJECTS
OWNED DEVELOPMENT PIPELINE
Project
Type
Off-campus
Location
Tallahassee, FL
Primary University
Served
Florida State Univ.
Town. at Overton Park
Off-campus
Lubbock, TX
Texas Tech Univ.
Anticipated
Commencement
Q2 / Q3 2012
Q2 / Q3 2012
University Shoppes
Off-campus
Orlando, FL
Univ. of Central Florida
West Virginia University
ACE
Morgantown, WV
West Virginia Univ.
Q4 2012 / Q1 2013
Q2 / Q3 2013
Carbondale Development
Off-campus
Carbondale, IL
Southern Illinois Univ.
TOTAL - ALL PROJECTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
15,508
244,498
4,639
$
32,815
20,147
$
277,313
56
Project
8
Studio Green
9
4,639
448
896
57,500
1,313
109,300
August 2014
41,500
August 2014
580
1,893
TBD
150,800
650
3,439
32,100
$
TBD
240,400
The total construction in progress (“CIP”) balance above excludes $1.5 million related to ongoing renovation projects at operating properties, as well as the CIP balance of $8.9 million related to the University Edge
property in Kent, OH that is discussed on page 15.
Consists of amounts incurred to purchase the land for off-campus development projects, as well as any other development-related expenditures not included in CIP such as deposits, furniture, etc.
Based on costs incurred under the general construction contract as of March 31, 2012.
This project consists of the redevelopment of an existing student housing high-rise building into a new residence hall product, utilizing the existing building structure. Although no costs have been incurred under the
general construction contract as of March 31, 2012, the amounts presented above represent asbestos abatement and interior demolition costs. Redevelopment work under the general construction contract is anticipated
to commence in the second quarter 2012.
Does not include undeveloped land parcels in 4 university markets totaling $12.8 million.
Commencement of owned off-campus development projects is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction
market, and current capital market conditions. ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE projects is subject to various levels of
university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions.
Estimated project costs include land and other predevelopment costs of $47.3 million incurred as of March 31, 2012 for owned development pipeline projects.
This property was purchased in November 2011 with the intent to demolish the existing student housing facilities. Units are currently being vacated to prepare for the development of a new townhome community.
Estimated project cost includes $6.8 million spent to acquire the property.
This property was purchased in July 2011 with the intent to demolish the existing retail center and develop a new mixed-use community. Estimated project costs include $27.2 million spent to acquire the property.
MEZZANINE INVESTMENT UPDATE
$ in thousands
University Edge1
Location
Kent, OH
Primary University
Served
Kent State University
Oxford Commons2
Oxford, OH
The Retreat 3
San Marc os, TX
Project
Mezzanine
Investment
$
4,500
2.
3.
Purchase
Price
$
31,100
Targeted
Completion
August 2012
Beds
608
Miami University
184
456
-
Option
21,350
August 2012
Texas State University
187
780
3,100
Option
52,000
August 2012
$
1.
Structure
Pre-sale
Units
201
7,600
$ 104,450
The company has provided mezzanine financing to a private developer and is obligated to purchase the property as long as certain construction completion deadlines are met. The Company is responsible for leasing,
management, and initial operations of the project while the third-party developer retains the development risk. As of March 31, 2012, the company is including this property in its consolidated financial statements.
Therefore, as of March 31, 2012, the company has included the following amounts in its consolidated balance sheet: land of $4.8 million, construction in progress of $8.9 million, furniture, fixtures, and equipment of
$0.4 million, and construction loan payable of $8.3 million.
In March 2011, the company provided mezzanine financing of $4.0 million to a private developer, while also retaining an option to purchase the property upon completion. The developer is responsible for leasing,
management, and initial operations of the property. The developer paid interest on the mezzanine investment amount on a monthly basis until March 2012, at which time the original mezzanine investment amount plus
accrued but unpaid interest was repaid in full. Subsequent to the repayment of the mezzanine investment, we continue to retain our option to purchase the property, subject to a 60-day due diligence period.
The company has provided mezzanine financing to a private developer, while also retaining an option to purchase the property upon completion. The developer is responsible for leasing, management, and initial
operations of the property, and is required to pay interest on the mezzanine investment on a monthly basis. The purchase price may be reduced by up to 5%, subject to the achievement of certain rental revenue and
occupancy thresholds. If the developer achieves certain rental revenue and occupancy thresholds, the company has 30 days from the day the developer provides proof of such to exercise our option. Should we choose
to not exercise our option to purchase the property, the developer is obligated to repay the mezzanine investment, along with all accrued but unpaid interest, within 120 days of the option termination date (which is no
later than October 15, 2013.) Should we choose to exercise our option to purchase the property, the mezzanine investment, along with all accrued but unpaid interest, will be credited to the company upon closing of the
purchase of the property. Closing is subject to a 45-day due diligence period.
THIRD-PARTY DEVELOPMENT UPDATE
$ in thousands
2012
$
Development services revenue
2,094
2011
$
1.9%
% of total revenue
3,824
$ Change
$
(1,730)
3.9%
CONTRACTED PROJECTS IN PROGRESS
Project
Location
Primary University Served
Units
Beds
Total Fees
Cardinal Court
Normal, IL
Illinois State University
228
896
Northern Illinois University
DeKalb, IL
Northern Illinois University
126
1,008
4,572
$
2,555
Fees Earned
as of March 31,
2012
$
1,996
Remaining
Fees as of
March 31,
2012
Fees Earned in
Current Year
$
3,351
188
$
366
Scheduled
Completion
559
August 2012
1,221
August 2012
Bison Run Village
Laramie, WY
University of Wyoming
84
332
1,055
756
69
299
August 2012
Casa de Oro Dining Hall1
Glendale, AZ
Arizona State University
n/a
n/a
543
362
37
181
August 2012
College of Staten Island Projec t
Staten Island, NY
City University of New York
133
454
2,620
1,258
1,258
1,362
August 2013
North Campus Village - Housing2
Ashland, OR
Southern Oregon University
206
702
1,925
-
-
1,925
August 2013
North Campus Village - Dining Hall2
Ashland, OR
Southern Oregon University
n/a
n/a
350
-
-
350
August 2013
$ 13,620
$
7,723
$
1,918
$
5,897
ON-CAMPUS AWARD PIPELINE3
Project
Location
Anticipated Financing
Structure
Anticipated
Commencement
Princ eton University
Princ eton, NJ
University-funded
USC Health Sc ienc es Campus
Los Angeles, CA
ACE
TBD
Texas A&M University
College Station, TX
ACE
TBD
Q2 2012
Estimated
Fees
$
n/a
$
1.
2.
3.
1,500
n/a
1,500
The Company is earning a fee to assist the University in building a dining hall that will be located adjacent to the Casa de Oro ACE project, which commenced construction in November 2011. The
dining hall will be owned by the University and will be operated by a third-party food service operator.
This project, which consists of a housing component and a dining hall component, closed on bond financing and commenced construction in April 2012.
These awards relate to speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, and fluctuations in the construction
and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions.
MANAGEMENT SERVICES UPDATE
$ in thousands
2012
2011
$ Change
$
1,758
$
1,830
$
(72)
1.6%
1.8%
Management services revenue
% of total revenue
NEW/PENDING MANAGEMENT CONTRACTS
Property
Location
Approximate
Beds
Stabilized Annual
Fees1
$
Actual or Anticipated
Commencement
UT Dallas Residence Hall Phase III
Richardson, TX
University of Texas at Dallas
400
100
August 2012
Jaguar Hall Phase II
Victoria, TX
University of Houston - Victoria
180
30
August 2012
College of Staten Island Project
Staten Island, NY
City University of New York
454
255
August 2013
$
385
DISCONTINUED MANAGEMENT CONTRACTS
Location
Property
University Heights
2
2012 Fee
Contribution
Prior to
Termination
Beds
10
January 2012
5
February 2012
354
9
February 2012
499
23
February 2012
135
5
February 2012
Knoxville, TN
University of Tennessee
636
Vista Lofts
Denver, CO
University of Colorado - Denver
291
Asbury Green
Denver, CO
University of Colorado - Denver
Varsity Commons
London, ON, Canada
University of Western Ontario
Varsity Mills
London, ON, Canada
University of Western Ontario
$
$
1.
2.
Discontinued As Of
52
Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels.
Represents a property acquired in January 2012 from a joint venture with Fidelity in which we previously held a 10% interest.
INVESTOR INFORMATION
Executive Management
Bill Bayless
Greg Dowell
Jon Graf
C hief Executive Officer
C hief Operating Officer
C hief Financial Officer
Research Coverage
Jeffery Spector / Jana Galan
Bank of America / Merrill Lynch
(646) 855-1363 / (646) 855-3081
[email protected] / [email protected]
Michael Bilerman / Eric Wolfe
C itigroup Equity Research
(212) 816-1383 / (212) 816-5871
John Perry
Deutsche Bank Securities, Inc.
(212) 250-4912
[email protected]
[email protected]
Andrew McC ulloch
Green Street Advisors
(949) 640-8780
C arol Kemple
Hilliard Lyons
(502) 588-1839
[email protected]
Steve Sakwa / Seth Laughlin
ISI Group Inc.
(212) 446-9462 / (212) 446-9458
Anthony Paolone / Joseph Dazio
J.P. Morgan Securities
(212) 622-6682 / (212) 622-6416
Dan Donlan
Janney C apital Markets
(215) 665-6476
[email protected]
Taylor Schimkat
Keefe, Bruyette & Woods
(212) 887-3885
[email protected]
Jordan Sadler / Karin Ford
KeyBanc C apital Markets
(917) 368-2280 / (917) 368-2293
Paula Poskon
Robert W. Baird & C o., Inc.
(703) 821-5782
[email protected]
Alexander Goldfarb / James Milam
Sandler O'Neill + Partners, L.P.
(212) 466-7937 / (212) 466-8066
Ross Nussbaum
UBS Investment Research
(212) 713-2484
[email protected]
American C ampus C ommunities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American C ampus C ommunities, Inc.'s
performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of the company or its management. American C ampus C ommunities,
Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
Additional Information
C orporate Headquarters:
American C ampus C ommunities, Inc.
12700 Hill C ountry Blvd., Suite T-200
Austin, Texas 78738
Tel: (512) 732-1000; Fax: (512) 732-2450
www.americancampus.com
Investor Relations:
Gina C owart
VP, Investor Relations and C orporate Marketing
(512) 732-1041
[email protected]
FORWARD-LOOKING STATEMENT
In addition to historical information, this supplemental
package contains forward-looking statements under the
federal securities law. These statements are based on
current expectations, estimates and projections about the
industry and markets in which American Campus
operates, management's beliefs, and assumptions made
by management. Forward-looking statements are not
guarantees of future performance and involve certain risks
and uncertainties, which are difficult to predict.

Supplemental Analyst Package - Investor Relations

Transcription

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