American Campus Communities Inc. Reports Third Quarter 2005 Financial Results.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Campus Communities Inc. (NYSE NYSE See: New York Stock Exchange :ACC See adaptive cruise control. ) today announced the following financial results for the quarter ending September September: see month. 30, 2005. Highlights --Quarterly FFOM FFOM Fraction Fermentescible des Ordures Ménagères FFOM Fellow of the Faculty of Occupational Medicine (Royal College of Physicians, London) of $0.25 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. --Increase in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ("NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ") for same store owned off-campus properties of 4.7 percent over the third quarter 2004 and 12.5 percent over the nine months ended September 30, 2004. --Increase in occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy for owned off-campus portfolio to 98.8 percent for the 2005-2006 academic year, as compared to 97.4 percent for the 2004-2005 academic year. --Commenced construction on the Village at Newark Newark, cities, United States Newark. 1 City (1990 pop. 37,861), Alameda co., W Calif., on the east side of San Francisco Bay; inc. 1955. , an 812-bed off-campus student community serving students attending colleges and universities in the metro New Jersey and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of areas. --Commenced construction on Callaway Callaway may refer to:
--Commenced third-party construction management services on a 345-bed student community at West Virginia University West Virginia University, mainly at Morgantown; coeducational; land-grant and state supported; est. and opened 1867 as an agricultural college, renamed 1868. . --Completed phase two construction on a 320-bed third-party development at Saint Leo University Saint Leo's main campus is in a rural setting, but is not far from large cities such as Tampa, St. Petersburg and Orlando. It offers small class sizes taught by full-time faculty members: it employs no teaching assistants. in Saint Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. , Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . 2005 Operating Results Revenue for the 2005 third quarter totaled $21.9 million, up 62.6 percent from $13.5 million in the 2004 third quarter. Net loss for the quarter totaled $0.6 million, or $0.03 per fully diluted share. The third quarter is typically a weaker quarter for the company due to the seasonality of the student housing business, due primarily to the nine-month lease expirations at the company's on-campus on-campus adjective Referring to an on-site site of a medical complex with multiple buildings. Cf 'Off campus.'. participating properties as leases generally run concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. with the academic year. FFO FFO See: Funds from operations for the quarter totaled $3.6 million, or $0.21 per fully diluted share. FFOM totaled $4.3 million, or $0.25 per fully diluted share. A reconciliation of FFO and FFOM to net income (loss) is shown on Table 3. NOI for same store owned off-campus properties was $3.6 million in the quarter, up 4.7 percent from $3.4 million in the 2004 third quarter. NOI for the total owned off-campus property portfolio increased 85.4 percent, to $7.1 million from $3.8 million in the comparable period of 2004, primarily due to the impact of acquired properties. For purposes of calculating property NOI, the company defines property NOI as property revenues less direct property operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , excluding depreciation, unallocated corporate general and administrative expenses, and ground/facility lease expenses. For the nine months ended September 30, 2005, revenues totaled $61.4 million, up 44.1 percent from $42.7 million in 2004. Net income for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period totaled $5.8 million, or $0.41 per fully diluted share. FFO for the year-to-date period totaled $11.8 million, or $0.83 per fully diluted share, and FFOM totaled $12.4 million, or $0.87 per fully diluted share. A reconciliation of FFO and FFOM to net income (loss) is shown on Table 3. "Since our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , we have recorded four straight quarters of year on year same store NOI growth," commented Bill Bayless, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of American Campus Communities. "This, coupled with external growth related to the commencement of construction on two new owned development assets, should set the stage for solid performance in the years ahead." Portfolio Update --Achieved 98.8 percent fall occupancy at the company's owned off-campus portfolio for the 2005-2006 academic year. --Completed construction on University Village at Sweethome, an 828-bed owned community serving students attending SUNY SUNY - State University of New York Buffalo, which opened with 100 percent occupancy. --Completed construction on the Cullen Cul·len , Countée 1903-1946. American poet whose collections Colors (1926) and Copper Sun (1927) established him as a leading figure of the Harlem Renaissance. Oaks expansion project, a 354-bed on-campus participating property at the University of Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; . Additionally, subsequent to the commencement of construction of Callaway Villas, American Campus has started pre-leasing its 704 beds for the 2006-2007 academic year. Subsequent to the Quarter End The company has been awarded a development consulting and construction management services contract for a proposed 323-bed project on the downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. campus of West Virginia University. Due to the impact of Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. , the commencement of
construction for the third-party development at the University of New
Orleans HistoryUNO was founded in 1958 as the New Orleans branch of Louisiana State University, originally as "Louisiana State University in New Orleans" or "LSUNO", but became more independent and changed the name to "University of New Orleans" in 1974. housing project has been delayed. The University has expressed their commitment to this project moving forward, and is in the process of establishing a definitive timeline
Timeline may refer to:
2005 Outlook Based on the judgment and current expectations of the management team, the company is reaffirming its previously stated full-year 2005 guidance ranges of net income from $0.56 to $0.60 per fully diluted share, FFO from $1.24 to $1.30 per fully diluted share, and FFOM from $1.15 to $1.23 per fully diluted share. The financial results for the year ended December December: see month. 31, 2005 may be affected by: national and regional economic trends and events; the timing of acquisitions; interest rate risk; the timing of starts and completion of owned development projects; the ability and the timing of the company to be awarded and commence construction of third-party and owned development projects; the amount of income recognized by the taxable REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). subsidiary and any corresponding income tax expense. Supplemental Information and Earnings Conference Call Supplemental financial and operating information, as well as this release, are available in the investor relations Investor relations The process by which the corporation communicates with its investors. section of the American Campus Communities website, www.americancampuscommunities.com. In addition, the company will host a conference call to discuss third quarter results and the 2005 outlook on Tuesday Tuesday: see week. , November November: see month. 1, 2005 at 2:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. (1:00 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ). To participate by telephone, call 800-638-5439 passcode 90615265 at least five minutes prior to the call. To listen to the live broadcast, go to www.americancampuscommunities.com or www.earnings.com at least 15 minutes prior to the call so that required audio software can be downloaded. Informational slides in the form of the supplemental analyst package can be accessed via the website. A replay of the conference call will be available beginning two hours after the end of the call until November 8, 2005 by dialing 888-286-8010 or 617-801-6888 pass code 49887026. The replay also will be available for 30 days at www.americancampuscommunities.com and at www.earnings.com. Non-GAAP Financial Measures As defined by NAREIT NAREIT National Association of Real Estate Investment Trusts , FFO represents income (loss) before allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as to minority interests (computed in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. costs) and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) , rental rates, operating costs operating costs npl → gastos mpl operacionales , development activities and interest costs, providing perspective not immediately apparent from net income. We compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs Equity REIT A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. As noted above, FFO excludes GAAP historical cost depreciation and amortization of real estate and related assets because these GAAP items assume that the value of real estate diminishes over time. However, unlike the ownership of our owned off-campus properties, the unique features of our ownership interest in our on-campus participating properties cause the value of these properties to diminish over time. For example, since the ground leases under which we operate the participating properties require the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. from operations of specified amounts for capital expenditures and for the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of debt while our interest in these properties terminates upon the repayment of the debt, such capital expenditures do not increase the value of the property to us and mortgage debt amortization only increases the equity of the ground lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. . Accordingly, when considering our FFO, we believe it is also a meaningful measure of our performance to modify FFO to exclude the operations of our on-campus participating properties and to consider their impact on performance by including only that portion of our revenues from those properties that are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of our share of net cash flow and the management fees that we receive, both of which increase and decrease with the operating measure of the properties, a measure we refer to as FFOM. About American Campus Communities American Campus Communities Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, leasing and management of student housing properties. American Campus Communities owns and manages a portfolio of 25 student housing communities containing approximately 17,100 beds. Including its owned properties, the company provides management and leasing services at a total of 43 properties with more than 27,700 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements, which express the current beliefs and expectations of management. Except for historical information, the matters discussed in this news release are forward-looking statements and can be identified by the use of the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result" and similar expressions. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including risks and uncertainties inherent in the national economy, the real estate industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes including changes to laws governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. REITS; our dependence on key personnel whose continued service is not guaranteed; availability of qualified acquisition and development targets; availability of capital and financing; rising interest rates; rising insurance rates; impact of ad valorem According to value. The term ad valorem is derived from the Latin ad valentiam, meaning "to the value." It is commonly applied to a tax imposed on the value of property. and income taxation; changes in generally accepted accounting principals; and our continued ability to successfully lease and operate our properties. While we believe these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are made as of the date of this news release, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Table 1
American Campus Communities Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
September 30, December 31,
2005 2004
------------- ------------
Assets (unaudited)
Investments in real estate:
Owned off-campus properties, net $409,712 $272,450
On-campus participating properties, net 81,750 68,064
------------- ------------
Investments in real estate, net 491,462 340,514
Cash and cash equivalents 5,879 4,050
Restricted cash 8,547 9,816
Investments in commercial paper 31,682 --
Student contracts receivable, net 2,284 2,164
Other assets 14,615 11,084
------------- ------------
Total assets $554,469 $367,628
============= ============
Liabilities and stockholders' equity
Liabilities:
Secured debt $291,762 $201,014
Accounts payable and accrued expenses 8,564 5,443
Other liabilities 26,275 20,294
------------- ------------
Total liabilities 326,601 226,751
Minority interests 2,816 2,648
Stockholders' equity:
Common stock, $0.01 par value, 800,000,000
shares authorized, 17,190,000 and
12,615,000 shares issued and outstanding
at September 30, 2005 and December 31,
2004, respectively. 172 126
Additional paid in capital 231,253 136,259
Accumulated (deficit) earnings
and dividends (6,777) 1,802
Accumulated other comprehensive income 404 42
------------- ------------
Total stockholders' equity 225,052 138,229
------------- ------------
Total liabilities and stockholders' equity $554,469 $367,628
============= ============
Table 2
American Campus Communities Inc. and Subsidiaries
and American Campus Predecessor
Consolidated & Combined Statements of Operations
(unaudited, dollars in thousands, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2005 2004 2005 2004
----------- ------------- ----------- -------------
Revenues:
Owned
off-campus
properties $15,184 $8,944 $42,437 $24,659
On-campus
participating
properties 3,637 3,328 12,263 11,823
Third-party
development
services 2,017 537 3,994 4,738
Third-party
management
services 783 535 2,055 1,307
Resident
services 256 114 676 114
----------- ------------- ----------- -------------
Total revenues 21,877 13,458 61,425 42,641
Operating
expenses:
Owned
off-campus
properties 8,386 5,254 20,395 12,457
On-campus
participating
properties 2,173 2,032 6,034 5,873
Third-party
development
and
management
services 1,609 1,330 4,646 4,121
General and
administrative 1,534 2,912 4,823 3,920
Depreciation
and
amortization 4,269 2,619 12,143 7,150
Ground/facility
leases 245 302 697 664
----------- ------------- ----------- -------------
Total operating
expenses 18,216 14,449 48,738 34,185
----------- ------------- ----------- -------------
Operating income
(loss) 3,661 (991) 12,687 8,456
Non-operating
income and
(expenses):
Interest income 396 32 498 57
Interest
expense (4,319) (4,678) (12,761) (13,148)
Amortization of
deferred
financing
costs (318) (691) (840) (979)
Other
non-operating
income -- 371 430 371
----------- ------------- ----------- -------------
Total
non-operating
expenses (4,241) (4,966) (12,673) (13,699)
----------- ------------- ----------- -------------
(Loss) income
before income
tax benefit,
minority
interests, and
discontinued
operations (580) (5,957) 14 (5,243)
Income tax
benefit (6) 757 (6) 757
Minority
interests (10) 86 (85) 130
----------- ------------- ----------- -------------
(Loss) from
continuing
operations (596) (5,114) (77) (4,356)
Discontinued
operations:
Loss
attributable
to
discontinued
operations -- (94) (2) (284)
Gain (loss)
from
disposition
of real estate -- -- 5,883 (39)
----------- ------------- ----------- -------------
Total
discontinued
operations -- (94) 5,881 (323)
----------- ------------- ----------- -------------
Net (loss)
income $(596) $(5,208) $5,804 $(4,679)
=========== ============= =========== =============
(Loss) income
per share --
basic $(0.04) $(0.13)(a) $0.41 $(0.13)(a)
=========== ============= ========== ===========
(Loss) income
per share --
diluted $(0.03) $(0.12)(a) $0.41 $(0.12)(a)
=========== ============= ========== ===========
Weighted average
common shares
outstanding:
Basic 17,005,462 12,290,256(a) 14,100,631 12,290,256(a)
=========== ============= ========== ============
Diluted 17,126,462 12,411,256(a) 14,263,981 12,411,256(a)
=========== ============= ========== ============
(a) Represents the period from August 17, 2004, the date of the
company's initial public offering through September 30, 2004.
Table 3
American Campus Communities Inc. and Subsidiaries
and American Campus Predecessor
Calculation of FFO and FFOM
(unaudited, dollars in thousands, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2005 2004 2005 2004
----------- ------------- ----------- -------------
Net (loss)
income $(596) $(5,208) $5,804 $(4,679)
Minority
interests 10 (86) 85 (130)
(Gain) loss from
disposition of
real estate -- -- (5,883) 39
Real
estate-related
depreciation
and
amortization 4,153 2,653 11,823 7,218
----------- ------------- ----------- -------------
Funds from
operations
("FFO") 3,567 (2,641) 11,829 2,448
Elimination of
operations from
on-campus
participating
properties:
Net loss
(income) from
on-campus
participating
properties 966 967 897 909
Amortization
of investment
in on-campus
participating
properties (913) (950) (2,675) (2,660)
----------- ------------- ----------- -------------
3,620 (2,624) 10,051 697
Modifications to
reflect
operational
performance of
on-campus
participating
properties:
Our share of
net cash
flow(a) 245 302 697 698
Management
fees 167 158 588 586
On-campus
participating
properties
development
fees(b) 253 -- 1,068 --
----------- ------------- ----------- -------------
Impact of
on-campus
participating
properties 665 460 2,353 1,284
----------- ------------- ----------- -------------
Funds from
Operations --
modified for
operational
performance of
on-campus
participating
properties
("FFOM") $4,285 $(2,164) $12,404 $1,981
=========== ============= =========== =============
FFO per share --
basic and
diluted
Basic $0.21 $(0.01)(c) $0.84 $(0.01)(c)
=========== ============= =========== ===========
Diluted $0.21 $(0.01)(c) $0.83 $(0.01)(c)
=========== ============= =========== ===========
FFOM per share
Basic $0.25 $(0.02)(c) $0.88 $(0.02)(c)
=========== ============= =========== ===========
Diluted $0.25 $(0.02)(c) $0.87 $(0.02)(c)
=========== ============= =========== ===========
Weighted average
common shares
outstanding:
Basic 17,005,462 12,290,256(c) 14,100,631 12,290,256(c)
=========== ============= =========== ===========
Diluted 17,174,663 12,411,256(c) 14,263,981 12,411,256(c)
=========== ============= =========== ===========
(a) 50 percent of the properties' net cash available for distribution
after payment of operating expenses, debt service (including
repayment of principal) and capital expenditures. Represents
amounts accrued for the interim periods.
(b) Development and construction management fees related to the Cullen
Oaks Phase II on-campus participating property, completed in
August 2005.
(c) Share and per share amounts represent the period from August 17,
2004, the date of the Company's initial public offering, through
September 30, 2005.
Table 4
American Campus Communities Inc. and Subsidiaries
2005 Outlook
(unaudited, dollars in thousands, except share and per share data)
Revised 2005 Outlook (a)
Low High
--------- --------
Net income $8,450 $9,000
Minority interests 80 90
Gain on disposition of real estate (5,800) (5,900)
Depreciation and amortization 14,920 15,210
Amortization of acquired intangible assets 1,100 1,200
--------- --------
Funds from operations ("FFO") 18,750 19,600
Elimination of operations from on-campus
participating properties (4,000) (3,900)
Modifications to reflect operational performance
of on-campus participating properties 2,650 2,900
--------- --------
Funds from operations -- modified for operational
performance of on-campus participating properties
("FFOM") $17,400 $18,600
========= ========
Weighted average common shares outstanding --
diluted 15,075 15,075
========= ========
Net income per average common share -- diluted $0.56 $0.60
========= ========
FFO per average common share -- diluted $1.24 $1.30
========= ========
FFOM per average common share -- diluted $1.15 $1.23
========= ========
(a) Assumes that (1) the company will complete $0 to $30 million of
off-campus property acquisitions during the fourth quarter of
2005, (2) University Village at Sweet Home and Cullen Oaks Phase
II developments being placed into service on schedule, (3) the
company will generate third-party development and management
revenues from $7.5 million to $8.5 million, (4) the 2005-2006
academic year lease-up is based upon current pre-leasing and
rental rate trends, and (5) the cost of Sarbanes-Oxley compliance
at 2005 year-end will be approximately $0.5 million.
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