American Campus Communities In (ACC)

American Campus Communities, Inc. (ACC), a real estate investment trust (REIT), engages in the acquisition, design, finance, development, lease, and management of student housing properties in the United States. As of July 12, 2005, the company owned and managed 25 student housing properties, containing approximately 16,300 beds, as well as managed 44 student housing properties, representing 27,600 beds ACC also provides construction management and development services for student housing properties owned by colleges and universities, charitable foundations, and others. In addition, it also provides third party property management and leasing services. The company has elected to be taxed as a REIT under sections 856 to 860 of the Internal Revenue Code. As a REIT, it would not be subject to federal income tax purposes, provided it distributes at least 90% of taxable income to its shareholders. ACC was founded in 1993 and is based in Austin, Texas.

For the nine months ended 30 September 2006, American Campus Communities, Inc.'s revenues increased 48% to $85.4M. Net loss from cont. ops. increased 17% to $1.7M. Revenues reflect increased occupancy of same store owned off-campus portfolio and higher income from residential services. Higher loss reflects an increase in depreciation & amortization expense, higher interest expense and increased amortization of deferred financing costs.