AUSTIN: Executives summed up American Campus CommunitiesInc.'s Q1 2012 financial numbers in one word during theREIT's April 25 conference call: Solid. With FFOM at $41.4 million– an increase of 11% year over year and exceeding internationalexpectations -- ACC executives had reason to be pleased.

"In the months ahead, we'll complete the fall 2012-2013 lease-upwith the goal of improving our NOI in 2013," noted WilliamC. Bayless Jr., the company's president and CEO. Addedsenior executive vice president and COO Greg A.Dowell: "Operationally, this was another solid quarter;operations met internal expectations." The executives pointed outthat the 2012 FFO guidance of $1.75-$2.10 is certainly achievablewith help from upcoming activities during the remainder of theyear, not the least of which include groundbreakings, asset salesand pending lease-ups. Also on the upward trend were wholly ownednet operating income (up 3.8% year over year); and revenue at$111.8 million, an increase from $99.3 million during Q1 2011.

This is not to suggest, however, that the entire call focused onpositives. With ACC's wholly owned portfolio for the upcomingacademic year standing at 73.5% occupancy, analysts expressed theirconcern about the low figures, wondering when velocity wouldimprove, especially in comparison to where it was in earlieryears.