Exhibit 99.1

MEDIA RELEASE
acclogocolora13.jpg


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

Achieves 14th consecutive year of same store growth in rental rate, rental revenue and NOI.


AUSTIN, Texas -- (BUSINESS WIRE) - February 19, 2019 -- 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 transactions 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.




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 
 December 31,
 
Twelve Months Ended 
 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

 
 
 
 
 
 
 
 
 
Operating income
 
67,520

 
63,134

 
212,595

 
141,906

 
 
 
 
 
 
 
 
 
Nonoperating income (expenses)
 
 

 
 

 
 
 
 

Interest income
 
1,094

 
1,222

 
4,834

 
4,945

Interest expense
 
(27,021
)
 
(23,178
)
 
(99,228
)
 
(71,122
)
Amortization of deferred financing costs
 
(1,072
)
 
(1,422
)
 
(5,816
)
 
(4,619
)
Gain from extinguishment of debt, net
 
8,651

 

 
7,867

 

Other nonoperating income
 
731

 

 
1,301

 

Total nonoperating expenses
 
(17,617
)
 
(23,378
)
 
(91,042
)
 
(70,796
)
 
 
 
 
 
 
 
 
 
Income before income taxes
 
49,903

 
39,756

 
121,553

 
71,110

Income tax provision4
 
(282
)
 
(198
)
 
(2,429
)
 
(989
)
Net income
 
49,621

 
39,558

 
119,124

 
70,121

Net income attributable to noncontrolling interests
 
(2,117
)
 
(496
)
 
(2,029
)
 
(1,083
)
Net income attributable to ACC, Inc. and
  Subsidiaries common stockholders
 
$
47,504

 
$
39,062

 
$
117,095

 
$
69,038

Other comprehensive income
 
 

 
 

 
 
 
 

Change in fair value of interest rate swaps and other
 
(2,422
)
 
494

 
(1,696
)
 
1,366

Comprehensive income
 
$
45,082

 
$
39,556

 
$
115,399

 
$
70,404

 
 
 
 
 
 
 
 
 
Net income per share attributable to ACC, Inc.
  and Subsidiaries common shareholders
 
 
 
 

 
 
 
 

 
 
 
 
 
 
 
 
 
Basic and diluted
 
$
0.34

 
$
0.28

 
$
0.84

 
$
0.50

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 

 
 

 
 
 
 

 
 
 
 
 
 
 
 
 
Basic
 
137,031,547

 
136,426,506

 
136,815,051

 
135,141,423

 
 
 
 
 
 
 
 
 
Diluted
 
137,903,783

 
137,238,418

 
137,722,049

 
136,002,385


1. 
Owned property operating expenses for the year ended December 31, 2018 include $0.3 million of transaction costs incurred in connection with the closing of a presale transaction in August 2018 and $0.2 million of the company's proportionate share of transaction costs incurred in connection with the closing of the ACC / Allianz joint venture transaction in May 2018.
2. 
The year ended December 31, 2018 includes $5.8 million of transaction costs incurred in connection with closing of the ACC / Allianz joint venture transaction. The year ended December 31, 2017 includes $4.5 million of contractual executive separation and retirement charges with regard to the retirement of the company's former Chief Financial Officer and $2.9 million in transaction costs related to the company's initial investment in the Core Spaces / DRW joint ventures.
3. 
Represents an impairment charge recorded for an owned property currently in receivership that is in the process of being transferred to the lender in settlement of the property's $27.4 million mortgage loan that matured in August 2017.
4. 
Income tax provision for the year ended December 31, 2018 includes $1.3 million in estimated state income tax related to a taxable gain resulting from the ACC / Allianz joint venture transaction.




Table 3
American Campus Communities, Inc. and Subsidiaries
Consolidated Statements of Funds from Operations
(unaudited, dollars in thousands, except share and per share data)
 
 
Three Months Ended 
 December 31,
 
Twelve Months Ended 
 December 31,
 
 
2018
 
2017
 
2018
 
2017
Net income attributable to ACC, Inc. and Subsidiaries
  common stockholders
 
$
47,504

 
$
39,062

 
$
117,095

 
$
69,038

Noncontrolling interests1
 
360

 
483

 
1,256

 
1,076

(Gain) loss from disposition of real estate
 

 

 
(42,314
)
 
632

Elimination of provision for real estate impairment
 

 

 

 
15,317

Real estate related depreciation and amortization2
 
65,456

 
64,364

 
253,399

 
231,295

Funds from operations (“FFO”) attributable to common stockholders and OP unitholders
 
113,320

 
103,909

 
329,436

 
317,358

Elimination of operations of on-campus participating properties
 
 

 
 

 
 
 
 

Net income from on-campus participating properties
 
(3,801
)
 
(3,760
)
 
(5,516
)
 
(5,133
)
Amortization of investment in on-campus participating properties
 
(1,963
)
 
(1,915
)
 
(7,819
)
 
(7,536
)
 
 
107,556

 
98,234

 
316,101

 
304,689

Modifications to reflect operational performance of on-campus participating properties
 
 

 
 

 
 

 
 

Our share of net cash flow3
 
696

 
854

 
2,928

 
2,841

Management fees
 
506

 
488

 
1,564

 
1,534

Contribution from on-campus participating properties
 
1,202

 
1,342

 
4,492

 
4,375

 
 
 
 
 
 
 
 
 
Transaction costs4
 

 

 
7,586

 
2,855

Elimination of gains from extinguishment of debt, net5
 
(8,651
)
 

 
(7,867
)
 

Elimination of gain from insurance and litigation settlements6
 
(675
)
 

 
(3,323
)
 

Elimination of FFO from property in receivership7
 
811

 
475

 
2,848

 
1,452

Contractual executive separation and retirement charges8
 

 

 

 
4,515

Funds from operations-modified (“FFOM”) attributable to common stockholders and OP unitholders
 
$
100,243

 
$
100,051

 
$
319,837

 
$
317,886

 
 
 
 
 
 
 
 
 
FFO per share – diluted
 
$
0.82

 
$
0.75

 
$
2.38

 
$
2.31

 
 
 
 
 
 
 
 
 
FFOM per share – diluted
 
$
0.72

 
$
0.72

 
$
2.31

 
$
2.32

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - diluted
 
138,576,084

 
138,323,062

 
138,571,270

 
137,099,084

 
 
 
 
 
 
 
 
 

1. 
The difference from the amount presented in the company’s consolidated statements of comprehensive income represents the joint venture partners’ share of net income.
2. 
The difference from the amount presented in the company’s consolidated statements of comprehensive income represents the joint venture partners’ share of depreciation and corporate depreciation. The joint venture partners' share of depreciation for the three months and year ended December 31, 2018 was $2.1 million and $5.1 million, respectively. Corporate depreciation for the three months and year ended December 31, 2018 was $1.2 million and $4.7 million, respectively.
3. 
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures which is included in ground/facility leases expense in the consolidated statements of comprehensive income (refer to table 2).
4. 
The year ended December 31, 2018 includes transaction costs incurred in connection with the closing of a presale transaction in August 2018, and transaction costs and an income tax provision incurred in connection with the closing of the ACC / Allianz joint venture transaction in May 2018. The year ended December 31, 2017 amount represents transaction costs incurred in connection with the closing of the Core Spaces / DRW joint ventures in August 2017.
5. 
The three months ended December 31, 2018 amount represents a gain related to the planned extinguishment of debt resulting from the unwinding of a New Market Tax Credit ("NMTC") structure at one of the company's owned properties. The year ended December 31, 2018 amount represents the gain discussed previously, which was offset by losses associated with the early extinguishment of mortgage loans due to real estate disposition transactions, including the sale of partial ownership interests in properties.
6. 
Represents a gain related to cash proceeds received from a litigation settlement in the second quarter 2018, and an insurance gain in the fourth quarter 2018.
7. 
Represents FFO for an owned property that has been in receivership since May 2017 that is in the process of being transferred to the lender in settlement of the property's $27.4 million mortgage loan that matured in August 2017. FFOM for the prior year comparable periods has been adjusted to reflect this elimination.
8. 
Represents contractual executive separation and retirement charges incurred with regard to the retirement of the company's former Chief Financial Officer.




Table 4
American Campus Communities, Inc. and Subsidiaries
Owned Properties Results of Operations
(unaudited, dollars in thousands)
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
 
2018
 
2017
 
$ Change
 
% Change
 
2018
 
2017
 
$ Change
 
% Change
Owned properties revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same store properties1
$
181,435

 
$
177,507

 
$
3,928

 
2.2
%
 
$
692,206

 
$
679,281

 
$
12,925

 
1.9
%
New properties
46,696

 
24,729

 
21,967

 
 
 
126,176

 
38,672

 
87,504

 
 
Sold and held for sale properties2
850

 
5,807

 
(4,957
)
 
 
 
10,737

 
23,956

 
(13,219
)
 
 
Total revenues3
$
228,981

 
$
208,043

 
$
20,938

 
10.1
%
 
$
829,119

 
$
741,909

 
$
87,210

 
11.8
%
Owned properties operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same store properties1
$
74,848

 
$
71,059

 
$
3,789

 
5.3
%
 
$
313,313

 
$
304,238

 
$
9,075

 
3.0
%
New properties
15,759

 
9,685

 
6,074

 
 
 
54,268

 
18,314

 
35,954

 
 
Other4
158

 

 
158

 
 
 
719

 

 
719

 
 
Sold and held for sale properties2 5
563

 
2,133

 
(1,570
)
 
 
 
5,221

 
9,877

 
(4,656
)
 
 
Total operating expenses
$
91,328

 
$
82,877

 
$
8,451

 
10.2
%
 
$
373,521

 
$
332,429

 
$
41,092

 
12.4
%
Owned properties net operating income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same store properties1
$
106,587

 
$
106,448

 
$
139

 
0.1
%
 
$
378,893

 
$
375,043

 
$
3,850

 
1.0
%
New properties
30,937

 
15,044

 
15,893

 
 
 
71,908

 
20,358

 
51,550

 
 
Other4
(158
)
 

 
(158
)
 
 
 
(719
)
 

 
(719
)
 
 
Sold and held for sale properties2 5
287

 
3,674

 
(3,387
)
 
 
 
5,516

 
14,079

 
(8,563
)
 
 
Total net operating income
$
137,653

 
$
125,166

 
$
12,487

 
10.0
%
 
$
455,598

 
$
409,480

 
$
46,118

 
11.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Note: The same store grouping above represents properties owned and operating for both of the entire years ended December 31, 2018 and 2017, which are not conducting or planning to conduct substantial development, redevelopment, or repositioning activities, and are not classified as held for sale as of December 31, 2018.

1. 
Does not include one property at Prairie View A&M University that converted to the on-campus participating ("OCPP") structure in January 2019. Had this property not been converted to an OCPP, same store revenues, operating expenses and net operating income for the year ended December 31, 2018 would have been $693.2 million, $313.7 million and $379.5 million, respectively, which is how the company reflected same store net operating income in the Q3 2018 guidance update included in the Quarterly Earnings Analyst Package.
2. 
Includes properties sold in 2017 and 2018, one property currently in receivership that is in the process of being transferred to the lender in settlement of the property's $27.4 million mortgage loan that matured in August 2017, and one property that converted to the OCPP structure as described above.
3. 
Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income.
4. 
Includes transaction costs and recurring professional fees related to the formation and operation of the ACC / Allianz joint venture that are included in owned properties operating expenses in the consolidated statements of comprehensive income (refer to table 2).
5. 
Does not include the allocation of payroll and other administrative costs related to corporate management and oversight.





Table 5
American Campus Communities, Inc. and Subsidiaries
2019 Outlook1 
(dollars in thousands, except share and per share data)
 
 
Low
 
High
 
 
 
 
 
Net income2
 
$
74,600

 
$
86,700

Noncontrolling interests
 
900

 
1,000

Depreciation and amortization
 
258,200

 
259,100

Funds from operations (“FFO”)
 
$
333,700

 
$
346,800

 
 
 
 
 
Elimination of operations from on-campus participating properties
 
(14,100
)
 
(13,700
)
Contribution from on-campus participating properties
 
5,500

 
6,100

Transaction costs3
 
800

 
800

Funds from operations - modified (“FFOM”)
 
$
325,900

 
$
340,000

 
 
 
 
 
Net income per share - diluted
 
$
0.54

 
$
0.62

 
 
 
 
 
FFO per share - diluted
 
$
2.40

 
$
2.50

 
 
 
 
 
FFOM per share - diluted
 
$
2.35

 
$
2.45

 
 
 
 
 
Weighted-average common shares outstanding - diluted
 
138,866,100

 
138,866,100

 
 
 
 
 

1. 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.
2. Does not include any potential gain or loss on sale from anticipated dispositions or the effect of transferring Blanton Common to the lender, as such will be eliminated for the purposes of calculating FFOM.
3. Represents transaction costs related to the closing of two presale development properties.




















CONTACT: American Campus Communities, Inc., Austin
Ryan Dennison, 512-732-1000


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