American Campus Communities Inc. (ACC) on Tuesday announced a key measure of its fourth quarter profitability. The results exceeded Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had operating funds of $105.4 million, or 75 cents per share, during the period.
The average estimate of five analysts polled by Zacks Investment Research was for funds from operations 72 cents per share.
Funds from operations is a closely watched metric in the REIT industry. It takes net income and adds items such as depreciation and amortization.
The company said it had net income of $40.7 million, or 29 cents per share.
The real estate investment trust recorded income of $272.3 million during the period.
For the year, the company reported funds from operations of $300.6 million, or $2.14 per share. Revenue was reported at $942.4 million.
For the current quarter ending April, American Campus Communities expects its operating funds per share to range from 69 cents to 71 cents.
The company expects operating funds for the full year in the range of $2.39 to $2.49 per share.
Shares of the company are down 12% year-to-date. In the final minutes of trading on Tuesday, shares hit $50.48, up 18% over the past 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACC at https://www.zacks.com/ap/ACC