American Campus Communities, Inc. Provides Second Quarter Update
June 08 2015 - 04:01PM
Business Wire
American Campus Communities, Inc. (NYSE:ACC), the largest owner,
manager and developer of high-quality student housing properties in
the U.S., today released an interim leasing update for the
2015-2016 academic year in conjunction with REITWeek 2015: NAREIT’s
Investor Forum®, which will begin on June 9, 2015, and provided an
update on capital recycling activity.
Academic Year 2015-2016 Preleasing Update
As of June 5, 2015, the company’s same store wholly-owned
portfolio was 93.3 percent applied for and 86.7 percent leased
compared to 93.4 percent applied for and 85.8 percent leased for
the same date prior year, with a 2.9 percent current projected
rental rate increase over in-place rents. The company’s new
wholly-owned properties are 75.0 percent leased bringing the total
wholly-owned portfolio to 85.9 percent leased.
Capital Recycling Activity
In May, the company completed the sale of a seven property
portfolio for $173.6 million. The sale included the defeasance of
$18.1 million in secured mortgage debt. With this transaction, the
company has reached the high-end of the 2015 disposition guidance
of $230.7 million. The seven non-core assets contain 5,096 beds,
average 1.1 miles from their respective campuses and average over
eighteen years old. The portfolio was sold at an average economic
cap rate of 6.5 percent based on in-place rental revenue, escalated
trailing-12 other income and operating expenses, and portfolio
average capital reserves.
Year-to-date, when including the January closing of the final
assets in the 2014 disposition package, the company has completed
the disposition of 17 non-core assets for a total sales price of
$404.6 million and an average economic cap rate of 6.3 percent. The
proceeds from these dispositions are being recycled into the
company’s $313.7 million high yielding 2015 development pipeline
and $165.3 million of core acquisitions completed year-to-date.
This represents a significant improvement in portfolio quality as
the 17 disposition properties average 1.3 miles from their
respective campuses and an average age of over 15 years, while the
core pedestrian growth assets average 0.1 miles from their
respective campuses and an average age of only one year.
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 March 31, 2015, American Campus Communities owned
164 student housing properties containing approximately 100,000
beds. Including its owned and third-party managed properties, ACC's
total managed portfolio consisted of 203 properties with
approximately 130,100 beds. Visit www.americancampus.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150608006431/en/
American Campus Communities, Inc.Ryan Dennison,
512-732-1000Investor Relations
American Campus Communit... (NYSE:ACC)
Historical Stock Chart
From Feb 2024 to Mar 2024
American Campus Communit... (NYSE:ACC)
Historical Stock Chart
From Mar 2023 to Mar 2024