AMERICAN CAMPUS COMMUNITIES INC (ACC) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
On-Campus Participating Properties	31.2	29.9	36.5	34.7	34.0	33.4	31.6	28.5
Unallocated	0.4	2.4	3.0	3.3	3.3	4.3	3.3	3.1
Wholly-Owned Properties								694.8
Other	910.8	838.2	903.5	842.8	759.1	748.6	718.4	7.5
Total revenues [+]	942.4	870.6	943.0	880.8	796.4	786.4	753.4	733.9
Management fees							8.8
Homebuilding							5.0
Other real estate							3.1
Revenue growth [+]	8.3%	-7.7%	7.1%	10.6%	1.3%	4.4%	2.7%	11.6%
On-Campus Participating Properties	4.3%	-18.0%	5.1%	2.1%	1.7%	5.9%	10.7%	8.2%
Unallocated	-85.6%	-19.6%	-6.7%	-2.1%	-22.5%	28.5%	8.5%
Wholly-Owned Properties								11.8%
Cost of goods sold	0.0	0.0	0.0	0.0	0.0	9.2	8.2	7.4
Gross profit	942.4	870.6	943.0	880.8	796.4	777.2	745.1	726.5
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	98.8%	98.9%	99.0%
Selling, general and administrative [+]	45.5	35.8	31.1	34.5	31.4	22.5	20.8	18.7
General and administrative	45.5	35.8	31.1	34.5	31.4	22.5	20.8	18.7
Equity in earnings
Other operating expenses	464.8	379.8	439.8	370.5	372.9	344.1	358.6	352.9
EBITDA [+]	432.2	455.0	472.2	475.8	392.2	410.6	365.7	355.0
EBITDA growth	-5.0%	-3.6%	-0.8%	21.3%	-4.5%	12.3%	3.0%	11.2%
EBITDA margin	45.9%	52.3%	50.1%	54.0%	49.2%	52.2%	48.5%	48.4%
Depreciation and amortization	275.6	267.7	275.0	263.2	235.0	211.4	208.8	197.5
EBIT [+]	156.6	187.3	197.1	212.6	157.2	199.2	156.9	157.4
EBIT growth	-16.4%	-5.0%	-7.3%	35.2%	-21.1%	27.0%	-0.3%	19.5%
EBIT margin	16.6%	21.5%	20.9%	24.1%	19.7%	25.3%	20.8%	21.5%
Non-recurring items [+]			17.2		15.3	4.9		2.4
Asset impairment			17.2		15.3	4.9
Interest expense, net [+]	116.4	109.6	107.6	94.4	66.2	73.2	83.4	86.2
Interest expense	117.8	112.5	111.3	99.2	71.1	78.7	87.8	90.4
Interest income	1.4	2.9	3.7	4.8	4.9	5.5	4.4	4.2
Other income (expense), net [+]	-5.5	-6.6	16.0	3.4	-4.6	-19.4	45.8	-6.1
Amortization of financing costs and debt discount					-4.6	-6.5	-5.6
Gain (loss) on debt retirement		-4.8	21.0	7.9
Other	0.3	3.5		1.3			0.4	0.2
Pre-tax income	34.6	71.2	88.3	121.6	71.1	101.8	119.3	62.7
Income taxes	1.4	1.3	1.5	2.4	1.0	1.2	1.2	1.3
Tax rate	3.9%	1.9%	1.7%	2.0%	1.4%	1.1%	1.0%	2.1%
Minority interest	-2.2	-3.0	1.8	2.0	1.1	1.6	2.1	1.3
Earnings from continuing ops	35.5	72.8	85.0	117.1	69.0	99.1	114.9	56.2
Earnings from discontinued ops								5.6
Net income	35.5	72.8	85.0	117.1	69.0	99.1	114.9	61.8
Net margin	3.8%	8.4%	9.0%	13.3%	8.7%	12.6%	15.3%	8.4%

Basic EPS [+]	$0.26	$0.53	$0.62	$0.86	$0.51	$0.77	$1.03	$0.54
Growth	-51.6%	-14.5%	-27.7%	67.5%	-33.4%	-25.3%	91.8%	27.5%
Diluted EPS [+]	$0.25	$0.52	$0.61	$0.85	$0.51	$0.76	$1.01	$0.53
Growth	-51.6%	-14.6%	-27.7%	67.5%	-33.4%	-24.4%	89.5%	27.4%

Dividends per share [+]	$1.88	$1.88	$1.87	$1.82	$1.74	$1.66	$1.58	$1.50
Growth	0.0%	0.5%	2.7%	4.6%	4.8%	5.1%	5.3%	5.6%

Shares outstanding (basic) [+]	138.5	137.6	137.3	136.8	135.1	129.2	112.0	105.0
Growth	0.7%	0.2%	0.4%	1.2%	4.6%	15.4%	6.6%	0.3%
Shares outstanding (diluted) [+]	139.7	138.7	138.3	137.7	136.0	130.0	114.0	105.7
Growth	0.7%	0.3%	0.4%	1.3%	4.6%	14.0%	7.9%	0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.