ACC to Analysts: "Exceptional Quarter

AUSTIN-A successful lease-up for the 2012-2013 school year combined with same-store NOI growth had executives at American Campus Communities‘ Q3 2012 earnings call excited about the numbers. The numbers reported at the Oct. 23 called included a same-store NOI that increased by 4.1% year-over-year, which was the result of a 2.8% revenue increase and an increase in operating expenses of less than 2%.

A highlight of the quarter also revolved around acquisitions. Most notably, ACC acquired a 15-property, 6,579-bed portfolio from Campus Acquisitions for $627 million, a deal that closed in September. Additionally, ACC acquired The Block, which serves the University of Texas-Austin, and The Retreat, which serves Texas State University in San Marcos, TX. On the development end, ACC delievered 6,703 beds to market at a cost of $381 million.