American Campus Gains Traction in Q2

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

The company, which has a total managed student housing portfolio of 139 properties, also said it posted revenue of $76.7 million, up 7.6% from $71.3 million in Q2 2009. The firm also achieved quarterly FFO of $20.3 million, or 38 cents per share, compared to $16.2 million, or 33 cents per share a year ago.