AUSTIN, TX-Locally-based American Campus Communities Inc. hasreported that it has turned around from a loss, posting net incomein Q2 2010 of $800,000, or 1 cent per share, compared to a $5.3million loss in the same quarter last year. The firm discussed itssecond quarter financial results in a Wednesday conferencecall.

The company, which has a total managed student housing portfolioof 139 properties, also said it posted revenue of $76.7 million, up7.6% from $71.3 million in Q2 2009. The firm also achievedquarterly FFO of $20.3 million, or 38 cents per share, compared to$16.2 million, or 33 cents per share a year ago.

“(Our team’s) hard work in efforts this quarter resulted in morethan $400 million in external growth via acquisitions, off-campusdevelopment and ace,” said CEO Bill Bayless during the call. “Italso produced solid internal growth and net asset value creation inour core and also meaningful activity in our third-party servicessegment. Our team’s delivering in every area.”