American Campus Communities: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}AUSTIN, Texas (AP) _ American Campus Communities Inc. (ACC) on Monday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $72 million, or 52 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 53 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $46 million, or 33 cents per share.
The real estate investment trust posted revenue of $201.1 million in the period.
{{#rendered}} {{/rendered}}American Campus Communities expects full-year funds from operations in the range of $2.40 to $2.46 per share.
The company's shares have climbed almost 2 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $41.77, a drop of 15 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ACC at https://www.zacks.com/ap/ACC