American Campus Communities Inc. Reports Second Quarter 2009 Financial Results.
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American Campus Communities Inc. Reports Second Quarter 2009 Financial Results.
AUSTIN, Texas -- American Campus Communities Inc. (NYSE:ACC) today announced the following financial results for the quarter ended June 30, 2009.
Highlights * Quarterly FFOM of $0.33 per fully diluted share compared to $0.28 FFOM for the same period prior year. * Same store wholly-owned net operating income ("NOI") decreased by 1.2 percent over the second quarter 2008. While revenues increased by 3.1 percent, expenses increased 8.0 percent primarily due to $1 million in additional marketing costs, which stimulated leasing velocity for the 2009-2010 academic year. * Increased leasing for the upcoming academic year at the ACC legacy properties to 97.1 percent applied for and 92.7 percent leased as of July 24, 2009 with an average rental rate increase of 1.5 percent. This compares to 97.9 percent...See the full content of this document
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