American Campus Communities Inc (ACC) 10K Annual Reports & 10Q SEC Filings

AUSTIN, Texas — (BUSINESS WIRE) — February 22, 2022 — American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2021.

Highlights

Fourth Quarter 2021

•Reported net income attributable to ACC of $40.7 million or $0.29 per fully diluted share versus $24.8 million or $0.18 per fully diluted share in the fourth quarter 2020.

•Increased FFOM per fully diluted share by 27.1 percent to $0.75 or $105.4 million versus $81.8 million or $0.59 in the prior year quarter.

•Grew same store net operating income (NOI) by 14.8 percent over the fourth quarter prior year, as revenues increased 10.2 percent and operating expenses grew 4.1 percent.

•During the quarter, commenced three third-party on-campus development projects at Drexel University, Princeton University and the University of California, Irvine. Additionally, subsequent to quarter end, commenced a third-party development project on the campus of Massachusetts Institute of Technology (MIT). The four projects are anticipated to contribute fees of approximately $23.4 million, to be earned during the associated construction periods.

•Awarded a new public-private partnership development by the Purdue University Research Foundation. The project is anticipated to be structured as a third-party development with the full scope, transaction structure, feasibility, fees and timing yet to be finalized.

•Recapitalized a 45 percent minority interest in the company’s eight-property Arizona State University (ASU) student housing portfolio by forming a joint venture with Harrison Street for the ownership of the portfolio through a two-phase closing, with total expected proceeds to the company of $551.3 million.

Full Year 2021

•Reported net income attributable to ACC of $35.5 million or $0.24 per fully diluted share versus $72.8 million or $0.51 per fully diluted share for the full year 2020, which included a $48.5 million gain on sale of one property in 2020.

•Increased FFOM per fully diluted share by 8.1 percent to $300.6 million or $2.14 versus $275.5 million and $1.98 for the full year 2020.

•Grew same store NOI by 5.2 percent over the year ended December 31, 2020, as revenues increased 5.1 percent and operating expenses increased 5.1 percent.

•Delivered three phases of the 10-phase Flamingo Crossings Village, located near Walt Disney World® Resort. Cumulatively, the company has delivered 6,023 beds on schedule and within

The following information was filed by American Campus Communities Inc (ACC) on Wednesday, February 23, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside American Campus Communities Inc's 10-K Annual Report:

Financial - Expense Highlight
We anticipate that operating expenses for our same store property portfolio for 2022 will increase as compared to 2021 due to increases in property tax and insurance expenses, payroll costs, and general inflationary factors.

Financial - Shares Highlight
Net Loss Attributable to Noncontrolling Interests Net loss attributable to noncontrolling interests represents consolidated joint venture partners' share of net loss, as well as net loss allocable to OP unitholders.
Financial - Expense Highlight
We anticipate depreciation and amortization expense will decrease in 2022 as compared to 2021 as certain assets at our same store properties will become fully amortized during the year.
Legal - Other Highlight
In addition, under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee, such as the guarantee provided by the Company, could be voided, and payment thereon could be required to be returned to the guarantor or to a fund for the benefit of the creditors of the guarantor, under certain circumstances.
Other - Other Highlight
The $32.0 million increase in cash utilized in investing activities was a result of the following: (i) $146.1 million in proceeds from the disposition of one property during the year ended December 31, 2020, as compared to no dispositions of properties during the year ended December 31, 2021; (ii) $45.4 million in cash proceeds from the early repayment of a note receivable in October 2020, as compared to no such repayments during the year ended December 31, 2021; and (iii) a $12.9 million increase in cash used for capital expenditures at our owned and on-campus participating properties.
Legal - Other
The increase was primarily due...Read more
Financial - Debt
For example, since the ground/facility...Read more
Financial - Earnings
Funds From Operations ("FFO") The...Read more
Financial - Expense
We anticipate third-party development and...Read more
Revenue - Product
We anticipate that third-party development...Read more
Revenue - Product
The increase was primarily due...Read more
Financial - Debt
We expect to meet our...Read more
Financial - Expense
We anticipate general and administrative...Read more
Financial - Expense
Third-Party Development and Management Services...Read more
Other - Other
We may seek additional funds...Read more
Financial - Income
The increase is primarily due...Read more
Other - Other
Owned Development Project Under Construction...Read more
Other - Other
The decrease in the net...Read more
Financial - Expense
(7)Represents accelerated amortization of unvested...Read more
Financial - Expense
General and Administrative General and...Read more
Financial - Expense
Operating expenses at these properties...Read more
Revenue - Product
Same store revenues are defined...Read more
Financial - Expense
The costs capitalized related to...Read more
Financial - Income
A reconciliation of our same...Read more
Financial - Expense
The costs capitalized related to...Read more
Revenue - Product
In addition, to the extent...Read more
Other - Other
(4)Represents a non-cash impairment charge...Read more
Financial - Expense
Excluding any such items incurred...Read more
Other - Other
Disposition-related capital expenditures represent capital...Read more
Other - Other
We also capitalize non-recurring expenditures...Read more
Financial - Expense
It is possible that projects...Read more
Financial - Income
Interest Income Interest income decreased...Read more
Financial - Shares
During the year ended December...Read more
Other - Other
The proceeds were primarily used...Read more
Other - Other
The Company used the proceeds...Read more
Other - Other
As of December 31, 2021,...Read more
Revenue - Product
Third-Party Development Services Revenue Third-party...Read more
Financial - Expense
We anticipate that operating expenses...Read more
Financial - Earnings
FFO and FFOM should not...Read more
Financial - Expense
Interest Expense Interest expense increased...Read more
Financial - Expense
The increase in operating expenses...Read more
Other - Other
Capital Expenditures We distinguish between...Read more
Financial - Expense
This increase was primarily due...Read more
Financial - Expense
We therefore believe that FFO...Read more
Other - Other
These funds may not be...Read more
Financial - Expense
For instance, if we reduce...Read more
Other - Other
Application of the critical accounting...Read more
Financial - Expense
Amortization of Deferred Financing Costs...Read more
Financial - Expense
Ground/Facility Leases Ground/facility leases expense...Read more
Other - Other
Interest on the notes is...Read more
Financial - Expense
This increase was offset by...Read more
Financial - Expense
We anticipate amortization of deferred...Read more
Revenue - Product
The criteria for determining when...Read more
Financial - Expense
Pre-development costs incurred for pursuits...Read more
Other - Other
Operating Activities: For the year...Read more
Financial - Expense
For all owned predevelopment and...Read more
Other - Other
In preparing these financial statements,...Read more
Other - Other
Gain from Disposition of Real...Read more
Financial - Expense
The pre-development costs associated therewith...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

American Campus Communities Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.16: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.27: Material Contract

Exhibit 10.28: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 21.2: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ACC
CIK: 1283630
Form Type: 10-K Annual Report
Accession Number: 0001283630-22-000031
Submitted to the SEC: Mon Feb 28 2022 10:05:56 AM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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American Campus Communities Inc (ACC) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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