American Campus Communities Provides Fall 2018 Leasing Update
AUSTIN, Texas--(BUSINESS WIRE)--Oct 3, 2018--American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties, today provided an interim leasing update for the 2018-2019 academic year on Form 8-K in conjunction with the company’s participation in the 2018 National Multifamily Housing Council (NMHC) Student Housing Conference. The company will provide final leasing results and an update to the company’s fiscal year 2018 financial guidance in its third quarter 2018 earnings release after the market close on Monday, October 22, 2018.
As of September 30, 2018, the company’s 2019 same store portfolio was 97.0 percent leased compared to 95.4 percent leased as of September 30, 2017, with a 2.0 percent projected rental rate increase over in-place rents. The company’s new owned properties are 97.0 percent leased.
“As we finalize the 2018-2019 lease up, we are pleased to be on pace for 3.6 percent opening same store rental revenue growth for our 2019 same store portfolio,” said Bill Bayless, American Campus Communities CEO. “We are also pleased with the performance of our 2018 development and presale development projects which opened this fall at a combined 97 percent occupancy. With these leasing results, we are well positioned to provide another year of internal value creation and attractive same store NOI growth as we move into 2019.”
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. 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 and operational management of student housing properties. As of June 30, 2018, American Campus Communities owned 168 student housing properties containing approximately 103,500 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consisted of 202 properties with approximately 131,900 beds. Visit www.americancampus.com.
In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “Company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017 under the heading “Risk Factors” and under the heading “Business - Forward-looking Statements” and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our expected 2018 operating results, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181003005158/en/
CONTACT: American Campus Communities, Inc.
Ryan Dennison, 512-732-1000
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: EDUCATION UNIVERSITY REIT CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: American Campus Communities, Inc.
Copyright Business Wire 2018.
PUB: 10/03/2018 08:59 AM/DISC: 10/03/2018 08:59 AM