American Campus Communities Inc. increased the midpoint of its funds from operations modified guidance for the 2019 full year by 2 cents per share and disclosed its property sale plans.
The student housing real estate investment trust now projects full-year FFO-modified in a per-share range of $2.40 to $2.44. The company also expects 2019 FFO in a range of $2.61 to $2.63 per share. The outlook revision primarily takes into account the completion of the company's Fall 2019 lease-up, among other factors.
The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $2.42.
The REIT added that it executed a letter of intent for the sale of a single property with expected proceeds of $100 million. It is also in talks for the sale for another asset with proceeds of about $150 million.