American Campus Communities Inc
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Blend
Company profile

American Campus Communities, Inc. is a self-managed and self-administered equity real estate investment trust (REIT). The Company's segments include Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. It is engaged in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. The Wholly-Owned Properties segment consists of off-campus properties, which are located in close proximity to the school campus. The On-Campus Participating Properties segment includes on-campus properties that are operated under long-term ground/facility leases with three university systems. The Development Services segment consists of development and construction management services that it provides through one of its taxable REIT subsidiaries for third-party owners. The Property Management Services segment includes revenues generated from third-party management contracts.

Postmarket

Last Trade
Delayed
$0.00
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$40.31
Day's Change
0.51 (1.28%)
Bid
--
Ask
--
B/A Size
--
Day's High
40.66
Day's Low
40.10
Volume
(Below Average)
Volume:
639,589

10-day average volume:
731,997
639,589

American Airlines downgrade, Delta's weak third quarter weigh on airline stocks

12:33 pm ET October 13, 2020 (MarketWatch)
Print

Claudia Assis

Airline stocks were under pressure Tuesday after grim quarterly results for Delta Air Lines Inc. and a downgrade for American Airlines Group Inc.

Delta (DAL) earlier Tuesday reported a wider-than-expected third-quarter loss (https://www.marketwatch.com/story/delta-air-lines-stock-drops-after-loss-widens-revenue-falls-more-than-expected-2020-10-13) as passenger revenue dropped 83%. Sales fell 76% to $3.06 billion, also below Wall Street expectations.

Related: Boeing Q3 deliveries are roughly half of Q3 2019 deliveries (https://www.marketwatch.com/story/boeing-q3-deliveries-are-roughly-half-of-q3-2019-deliveries-2020-10-13)

Analyst Stephen Trent at Citi kept his buy rating on Delta shares, saying that Delta's response to the pandemic and the crimp that travel restrictions put on air travel "looks about as good as any global network carrier could have managed under the circumstances."

Delta's "medium-term outlook seems more relevant for the carrier's investment case than the completion of the second toughest quarter in aviation history," he said. Liquidity of $21.6 billion "looks strong vs. 3Q's daily cash burn" of $24 million and September's level of just $18 million, he said.

Passenger demand is improving, but Delta sees fourth-quarter revenue at one-third of fourth-quarter 2019. In a call with analysts, the carrier highlighted its cleaning protocols and its middle-seat blocking policy.

Delta shares have lost 46% this year, contrasting with gains around 9% for the S&P 500 index.

The carrier's year-to-date losses compare with a 60% drop for United Airlines Holdings Inc. (UAL) stock and a 57% drop for American Airlines' (AAL) shares in the same period.

American Airlines stock was downgraded to the equivalent of sell, from neutral, by analysts at Susquehanna, led by Christopher Stathoulopoulos.

The analysts said they "continue to want to own airlines that are built for low cost (or said another way, point-to-point carriers with homogenous fleets) and, importantly, have solid liquidity runways."

They kept their buy ratings on Delta as well as Southwest Airlines Co. (LUV) and upgraded Alaska Air Group Inc. (ALK) to buy as well. Alaska has "ample cash" and a relatively young fleet among its positives, the Susquehanna analysts said.

"At the same time, we're downgrading hub-and-spoke carrier (American Airlines) to negative, as we see mid-term risk increasingly skewed to the downside, given leverage (4.9x net-debt-to-EBITDA into the crisis) and uncertainty around a recovery," they said.

Airlines have curtailed their schedules, slashed capacity, and received billions from the U.S. government to avoid layoffs. Industry observers don't expect a recovery to prepandemic levels until three years from now, (https://www.marketwatch.com/story/after-an-unprecedented-hard-landing-the-airline-industry-is-facing-a-long-path-to-a-new-takeoff-2020-08-27)and some capacity may be lost for longer.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 13, 2020 12:33 ET (16:33 GMT)

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