Announces five new ACE projects awarded or in
direct negotiation
Asset dispositions and ATM activity position
balance sheet for growth
American Campus Communities, Inc. (NYSE:ACC) today announced the
following financial results for the quarter and year ended December
31, 2014.
Highlights
Fourth Quarter 2014
- Increased quarterly FFOM to $75.0
million or $0.70 per fully diluted share compared to $70.7 million
or $0.66 per fully diluted share in the fourth quarter prior
year.
- Increased same store wholly-owned Net
Operating Income (NOI) by 2.0 percent over the fourth quarter
2013.
- Increased same store wholly-owned
occupancy to 97.6 percent as of December 31, 2014 compared to 96.8
percent for the same date prior year.
- Preleased the same store wholly-owned
portfolio for the upcoming 2015-2016 academic year to 61.4 percent
applied for and 55.1 percent leased as of February 13, 2015 with a
current projected rental rate increase of 2.9 percent. This
compares to 60.2 percent applied for and 53.4 percent leased for
the same date prior year.
- Awarded or directly negotiating a total
of five new American Campus Equity (ACE®) projects with
approximately 4,000 beds at Arizona State University, Butler
University and the University of Louisville.
- Awarded the right to negotiate two
additional on-campus development projects on the campuses of
Northeastern Illinois University and the University of Vermont.
Both projects are subject to project feasibility analysis and
transaction structuring.
- Commenced construction on a 456-bed ACE
project on the University of Southern California Health Sciences
Campus in Los Angeles and a 400-bed owned off-campus development
pedestrian to the University of Colorado in Boulder.
- Closed a total of $94.0 million in core
acquisitions with The Standard at Athens, a 610-bed community
located pedestrian to the University of Georgia and subsequent to
quarter end, Park Point Syracuse, a 226-bed community located on
the campus of Syracuse University.
- Subsequent to quarter end, completed
the disposition of seven non-core properties totaling 4,107 beds
for $173.9 million, bringing the 2014 disposition package to a
total sales amount of $197.5 million, consistent with the 2014
guidance range of $117.3 – $217.3 million.
Full Year 2014
- Increased full year FFOM to $254.4
million or $2.38 per fully diluted share compared to $236.6 million
or $2.22 per fully diluted share for the full year 2013, an
increase of 7.2 percent per share.
- Increased same store wholly-owned Net
Operating Income (NOI) by 1.8 percent over the year ended December
31, 2013.
- Completed construction and opened six
owned and mezzanine development assets totaling $258.9 million
containing 3,573 beds, including three on-campus ACE communities
totaling $86.8 million and 1,326 beds. The average occupancy of the
six new core pedestrian communities was 99.6 percent as of December
31, 2014.
- Commenced, continued construction, or
in final pre-development activities on eight owned-development
projects totaling $501.7 million containing 5,055 beds with average
distance to campus of 0.1 miles, including four on-campus ACE
communities totaling $306.5 million and 2,783 beds.
“We completed 2014 and commenced 2015 with solid execution on
all fronts,” said Bill Bayless, American Campus CEO.
“Operationally, we achieved an industry leading 2014 Fall occupancy
of 97.5 percent with solid rental rate growth of 2.1 percent while
simultaneously setting the stage for even stronger rental rate
growth in Fall 2015 as we are now targeting 2.9 percent. We also
made excellent progress in our asset management initiatives,
holding controllable expense growth, which excludes property taxes,
insurance and utilities, to just 0.3 percent including a 24.4
percent reduction in marketing costs. In 2015, we now expect the
operating margin on our total owned portfolio to improve above 53
percent. We also strengthened our balance sheet by executing on our
strategy of disposing of older, non-core assets further from campus
while simultaneously being opportunistic in raising equity via our
ATM program. These combined efforts have created more than $500
million of additional balance sheet capacity. While creating that
capacity is dilutive in the short term to our 2015 FFOM guidance,
it is essential in funding the highly accretive future investment
opportunities now before us in the form of the largest ACE
development pipeline in our history, a solid and emerging pipeline
of core pedestrian off-campus development opportunities, and
numerous core pedestrian acquisitions. Bottom line - we have
tailwinds and significant growth opportunities before us once
again.”
Fourth Quarter Operating Results
Revenue for the 2014 fourth quarter totaled $196.8 million, up
7.7 percent from $182.7 million in the fourth quarter 2013 and
operating income for the quarter increased $3.7 million or 7.6
percent over the prior year fourth quarter. The increase in
revenues and operating income was primarily due to growth resulting
from recently completed development properties, increased rental
rates for the 2014-2015 academic year, and property acquisitions.
Net income for the 2014 fourth quarter totaled $26.9 million, or
$0.25 per fully diluted share, compared with net income of $27.8
million, or $0.26 per fully diluted share, for the same quarter in
2013. The decrease to net income as compared to the prior year
quarter is primarily due to the gain from disposition of real
estate recognized in the prior year quarter as well as an increase
in corporate interest expense resulting from our June 2014
unsecured notes offering. FFO for the 2014 fourth quarter
totaled $78.1 million, or $0.73 per fully diluted share, an
increase of 7.4 percent per share, as compared to $72.8 million, or
$0.68 per fully diluted share for the same quarter in 2013. FFOM
for the 2014 fourth quarter was $75.0 million, or $0.70 per fully
diluted share, an increase of 6.1 percent per share, as compared to
$70.7 million, or $0.66 per fully diluted share for the same
quarter in 2013.
NOI for same store wholly-owned properties was $97.3 million in
the quarter, up 2.0 percent from $95.4 million in the 2013 fourth
quarter. Same store wholly-owned property revenues increased by 2.7
percent over the 2013 fourth quarter due to an increase in average
rental rates and occupancy for the 2014-2015 academic
year. Same store wholly-owned property operating expenses
increased by 3.5 percent over the prior year quarter. NOI for
the total wholly-owned portfolio increased 9.2 percent to $105.1
million for the quarter from $96.3 million in the comparable period
of 2013.
Portfolio Update
Developments
The company is progressing on the construction and final
pre-development activities on its eight owned-development projects
with expected deliveries in Fall 2015 and 2016. The developments
total approximately $501.7 million, are all core Class A assets
located on or pedestrian to campus in their respective markets -
averaging less than 0.1 miles to campus, and are on track to
achieve a stabilized development yield in the range of 6.75 - 7.00
percent.
American Campus Equity (ACE)
The company made significant advancements in its ACE development
program with awards or the right to directly negotiate a total of
five new projects comprised of two projects with Arizona State
University, a second phase with Butler University and two projects
with the University of Louisville. The projects are in various
stages of feasibility analysis and conceptual planning and are
expected to contain approximately 4,000 beds with deliveries
targeted for Fall 2017 and Fall 2018 with a potential for certain
project deliveries to occur as early as Fall 2016.
Since the inception of the program in 2007, excluding these five
new awards but including the four ACE projects currently under
construction or in the final stages of predevelopment with
construction expected to commence in 2015, the company will have 21
ACE communities in service with a total investment of $1.2 billion
with 15,630 beds. Based on a market capitalization rate of 5.0 to
5.25 percent, the total asset value of the 21 communities would be
approximately $1.6 billion to $1.7 billion. Assuming the successful
structuring and commencement of the five new ACE announcements, the
owned ACE portfolio currently totals 26 on-campus communities
containing approximately 19,600 beds.
Off-Campus Owned
In December, the company commenced demolition of the Boulder
Outlook Hotel and construction of a 400-bed student housing
property located less than 0.1 miles from the campus of the
University of Colorado Boulder. The $52.2 million development is
slated for delivery in Fall 2016.
The company is preparing for the redevelopment of its Sunnyside
Commons site in Morgantown, West Virginia. The existing community
is not being leased for the 2015-2016 academic year and is expected
to be demolished and the site redeveloped for occupancy as early as
Fall 2016 or potentially Fall 2017.
In the first quarter of 2015, the company expects to close on
fully entitled land parcels in order to construct an off-campus
property pedestrian to the University of Missouri in Columbia. The
720-bed project is targeting initial occupancy in Fall 2017.
Acquisitions
In October, the company acquired The Standard at Athens, a
610-bed, mixed-use community located pedestrian to the University
of Georgia campus and within the downtown Athens entertainment hub.
The community is currently 97.5 percent preleased for the upcoming
academic year and offers a 1:1 parking ratio, an amenity package
unmatched in the market and 25,000 square feet of student oriented
retail. Additionally, subsequent to quarter end, the company
acquired Park Point Syracuse, a 226-bed community located on the
campus of Syracuse University. The combined purchase price of the
two communities is $94.0 million and the company is targeting an
average proforma cap rate of 5.5 percent nominal and 5.3 percent
economic.
Dispositions
Subsequent to quarter end, the company completed the disposition
of seven non-core properties in six markets for $173.9 million.
Totaling 4,107 beds, the seven properties average more than 1.5
miles from their respective campuses and over fourteen years old.
The properties were sold at an average economic cap rate of 6.3
percent based on in-place rental revenue, trailing-12 operating
expenses escalated at two percent and portfolio average capital
reserves.
Capital Markets
At-The-Market (ATM) Share Offering Program
During the quarter, the company sold 2.1 million shares of
common stock under the ATM program at a weighted average price of
$40.51 per share for net proceeds of approximately $82.1 million.
For the full year, the company sold 2.2 million shares of common
stock at a weighted average price of $40.48 per share for net
proceeds of approximately $88.0 million. Subsequent to quarter end,
the company sold an additional 4.9 million shares of common stock
at a weighted average price of $43.92 per share for net proceeds of
approximately $213.4 million. Total net proceeds of $301.4 million
have been raised under the ATM program in 2014 and 2015 leaving
slightly less than $200 million of capacity under the current
program.
2015 Outlook
The company believes that the financial results for the fiscal
year ending December 31, 2015 may be affected by, among other
factors:
- national and regional economic trends
and events;
- the timing of acquisitions and/or
dispositions;
- interest rate risk;
- the timing of commencement and
completion of construction on owned development projects;
- the ability of the company to be
awarded and the timing of the commencement of construction on
third-party development projects;
- university enrollment, funding and
policy trends;
- the ability of the company to earn
third-party management revenues;
- the amount of income recognized by the
taxable REIT subsidiaries and any corresponding income tax
expense;
- the ability of the company to integrate
acquired properties;
- the outcome of legal proceedings
arising in the normal course of business; and
- the success of releasing the company’s
owned properties for the 2015-2016 academic year.
Based upon these factors, management anticipates that fiscal
year 2015 FFO will be in the range of $2.33 to $2.45 per fully
diluted share and FFOM, excluding the impact of transaction costs,
will be in the range of $2.30 to $2.42 per fully diluted share. For
additional details regarding the company’s 2015 outlook, please see
pages 24-25 of the Supplemental Analyst Package 4Q 2014. All
guidance is based on the current expectations and judgment of the
company’s management team.
A reconciliation of the range provided for projected net income
to projected FFO and FFOM for the fiscal year ending December 31,
2015 is included in Table 4.
Supplemental Information and Earnings Conference Call
Supplemental financial and operating information, as well as
this release, are available in the investor relations section of
the American Campus Communities website, www.americancampus.com. In
addition, the company will host a conference call to discuss fourth
quarter and year end results and the 2015 outlook on Tuesday,
February 17, 2015 at 11 a.m. EST (10:00 a.m. CST). Participants
from within the U.S. may dial 888-317-6003 passcode 8911217, and
participants outside the U.S. may dial 412-317-6061 passcode
8911217 at least 10 minutes prior to the call.
To listen to the live broadcast, go to www.americancampus.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 one hour
after the end of the call until February 27, 2015 by dialing
877-344-7529 (domestic) or 412-317-0088 (international) conference
number 10058443. The replay also will be available for one year at
www.americancampus.com. The call will also be available as a
podcast on www.REITcafe.com and on the company’s website shortly
after the call.
Non-GAAP Financial Measures
The National Association of Real Estate Investment Trusts
("NAREIT") currently defines Funds from Operations ("FFO") as net
income or loss attributable to common shares computed in accordance
with generally accepted accounting principles ("GAAP"), excluding
gains or losses from depreciable operating property sales,
impairment charges and real estate depreciation and amortization,
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. We also believe it is
meaningful to present a measure we refer to as FFO-Modified, or
FFOM, which reflects certain adjustments related to the economic
performance of our on-campus participating properties and excludes
other non-cash items, as we determine in good faith. FFO and FFOM
should not be considered as alternatives to net income or 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 are
these measures indicative of funds available to fund our cash
needs, including our ability to pay dividends or make
distributions.
The company defines property NOI as property revenues less
direct property operating expenses, excluding depreciation, but
including allocated corporate general and administrative
expenses.
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 December 31, 2014, American Campus Communities
owned 169 student housing properties containing approximately
103,700 beds. Including its owned and third-party managed
properties, ACC's total managed portfolio consisted of 204
properties with approximately 130,700 beds. Visit
www.americancampus.com.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements under the federal securities
law. These statements are based on current expectations, estimates
and projections about the industry and markets in which American
Campus operates management's beliefs, and assumptions made by
management. Forward-looking statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict.
Table 1 American
Campus Communities, Inc. and Subsidiaries Consolidated
Balance Sheets (dollars in thousands) December
31, 2014 December 31, 2013 (unaudited)
Assets Investments in real estate: Wholly-owned properties,
net $ 5,308,538 $ 5,199,008 Wholly-owned properties held for sale
131,183 14,408 On-campus participating properties, net
94,128 73,456 Investments in real estate, net
5,533,849 5,286,872 Cash and cash equivalents 25,062 38,751
Restricted cash 31,937 35,451 Student contracts receivable, net
10,145 9,238 Other assets1 233,755 227,728
Total assets $ 5,834,748
$ 5,598,040 Liabilities and
equity Liabilities: Secured mortgage, construction and bond
debt $ 1,331,914 $ 1,507,216 Secured agency facility - 87,750
Unsecured notes 798,305 398,721 Unsecured term loans 600,000
600,000 Unsecured revolving credit facility 242,500 150,700
Accounts payable and accrued expenses 70,629 65,088
Other liabilities2
121,645 110,036 Total liabilities
3,164,993 2,919,511 Redeemable noncontrolling interests
54,472 47,964 Equity:
American Campus Communities, Inc. and
Subsidiaries stockholders' equity:
Common stock 1,072 1,043 Additional paid in capital 3,102,540
3,017,631 Accumulated earnings and dividends (487,986 ) (392,338 )
Accumulated other comprehensive loss
(6,072 ) (1,435 )
Total American Campus Communities, Inc.
and Subsidiaries stockholders' equity
2,609,554 2,624,901 Noncontrolling interests - partially owned
properties 5,729 5,664 Total equity
2,615,283 2,630,565
Total
liabilities and equity $ 5,834,748
$ 5,598,040
- As of December 31, 2014, other assets
include approximately $24.7 million related to net deferred
financing costs and the net value of in-place leases.
- As of December 31, 2014, other
liabilities include approximately $67.0 million in deferred revenue
and fee income.
Table 2 American Campus
Communities, Inc. and Subsidiaries Consolidated Statements
of Comprehensive Income (dollars in thousands, except share
and per share data) Three Months Ended December
31, Year Ended December 31, 2014
2013 2014 2013 (unaudited) (unaudited)
Revenues Wholly-owned properties $ 183,760 $ 170,599 $
690,582 $ 618,503 On-campus participating properties 9,825 8,477
28,534 26,348 Third-party development services 394 827 4,018 2,483
Third-party management services 1,918 2,089 7,669 7,514 Resident
services 922 702 3,112
2,614
Total revenues 196,819
182,694 733,915 657,462 Operating
expenses Wholly-owned properties 79,541 74,977 329,615 296,794
On-campus participating properties 3,025 2,595 11,290 11,049
Third-party development and management services 3,367 3,024 11,754
10,810 General and administrative 4,776 4,300 18,935 16,666
Depreciation and amortization 51,294 47,178 197,495 184,988
Ground/facility leases 2,046 1,653 7,397 5,402 Provision for real
estate impairment 66 - 2,443
-
Total operating expenses
144,115 133,727
578,929 525,709 Operating
income 52,704 48,967 154,986
131,753 Nonoperating income and (expenses) Interest
income 1,045 840 4,168 3,005 Interest expense (24,489 ) (21,664 )
(90,362 ) (78,028 ) Amortization of deferred financing costs (1,415
) (1,474 ) (5,918 ) (5,608 )
Loss from disposition of real estate1
(301 ) - (368 ) - Other nonoperating income (expense) 186
- 186 (2,666 )
Total
nonoperating expenses (24,974 )
(22,298 ) (92,294 )
(83,297 )
Income before income taxes and
discontinued operations
27,730 26,669 62,692 48,456 Income tax provision (439 )
(255 ) (1,308 ) (1,020 )
Income from
continuing operations 27,291 26,414 61,384
47,436
Discontinued operations2
(Loss) income attributable to discontinued operations - (202 ) (123
) 4,824 Loss from early extinguishment of debt - (332 ) - (332 )
Gain from disposition of real estate - 2,432
2,843 55,263
Total
discontinued operations -
1,898 2,720 59,755
Net income 27,291 28,312 64,104
107,191 Net income attributable to noncontrolling interests
(441 ) (483 ) (1,265 ) (2,547 )
Net income attributable to American
Campus Communities, Inc. and Subsidiaries
$ 26,850 $ 27,829
$ 62,839 $ 104,644
Other comprehensive (loss) income Change in fair value of
interest rate swaps (1,062 ) 775 (4,859
) 5,226
Comprehensive income $
25,788 $ 28,604 $
57,980 $ 109,870
Net income per share attributable to
American Campus Communities, Inc. and Subsidiaries common
stockholders
Basic $ 0.25 $ 0.26
$ 0.59 $ 0.99
Diluted $ 0.25 $ 0.26
$ 0.58 $ 0.98
Weighted-average common shares
outstanding
Basic 105,414,388
104,782,817 105,032,155
104,760,502 Diluted 106,024,960
105,386,079 105,711,420
105,382,320
- Represents net losses from the sale of
wholly-owned properties. Due to a recent change in accounting
guidance, disposals of individual operating properties or
portfolios that do not represent a strategic shift in the Company’s
operations will no longer qualify as discontinued operations and
will be classified within income from continuing operations on the
consolidated statements of comprehensive income.
- The operations for any properties sold
during 2013, along with any properties sold in 2014 that were
classified as held for sale as of December 31, 2013, are not
subject to the new accounting guidance for discontinued operations
and have been presented in discontinued operations in the
consolidated statements of comprehensive income. We sold Hawks
Landing in February 2014 but will continue to present the
operations of the property and the resulting gain from disposition
in discontinued operations because the property was classified as
held for sale in our consolidated financial statements as of
December 31, 2013.
Table 3 American Campus
Communities, Inc. and Subsidiaries Consolidated Statements
of Funds From Operations (unaudited, dollars in thousands,
except share and per share data) Three Months Ended
December 31, Year Ended December 31, 2014
2013 2014 2013
Net income attributable to American Campus
Communities, Inc. and Subsidiaries
$ 26,850 $ 27,829 $ 62,839 $ 104,644 Noncontrolling interests1 441
483 1,265 1,756 Loss (gain) from disposition of real estate 301
(2,432 ) (2,475 ) (55,263 ) Elimination of provision for real
estate impariment2 66 - 2,443 - Real estate related depreciation
and amortization 50,477 46,936
195,158 185,640
Funds from operations
("FFO") 78,135 72,816 259,230
236,777 Elimination of operations of on-campus participating
properties Net income from on-campus participating properties
(2,691 ) (2,729 ) (3,933 ) (3,222 )
Amortization of investment in on-campus
participating properties
(1,700 ) (1,203 ) (5,688 ) (4,756 )
73,744 68,884 249,609 228,799
Modifications to reflect operational
performance of on-campus participating properties
Our share of net cash flow3 854 760 2,721 2,207 Management fees 448
369 1,289 1,201 On-campus participating properties development
fees4 - 354 1,070
1,304 Impact of on-campus participating properties 1,302
1,483 5,080 4,712 Impact of University Walk (pre-sale
arrangement)5 - - (323 ) - Non-cash litigation settlement expense6
- - - 2,800 Elimination of loss from early extinguishment of debt
- 332 - 332
Funds from operations-modified ("FFOM") $
75,046 $ 70,699 $
254,366 $ 236,643 FFO
per share - diluted $ 0.73 $
0.68 $ 2.42 $ 2.22
FFOM per share - diluted $ 0.70
$ 0.66 $ 2.38 $
2.22 Weighted average common shares outstanding -
diluted 107,319,712
106,728,926 107,036,208
106,654,933
- For the year ended December 31, 2013,
excludes $0.8 million of income attributable to the noncontrolling
partner in The Varsity, a property purchased in December 2011 from
a seller that retained a 20.5% noncontrolling interest in the
property. Effective July 1, 2013, the company acquired the
noncontrolling partner’s interest and now owns 100% of the
property.
- Represents an impairment charge
recorded for The Enclave, a property that was sold in September
2014, and a land parcel donated to a municipality in October
2014.
- 50% of the properties’ net cash
available for distribution after payment of operating expenses,
debt service (including repayment of principal) and capital
expenditures. Represents actual cash received for the year-to-date
periods and amounts accrued for the interim periods, which is
included in ground/facility leases expense in the consolidated
statements of comprehensive income (refer to table 2).
- Represents development and construction
management fees related to the West Virginia University on-campus
participating property, which completed construction in August
2014. Although the company is including this project in its
consolidated financial statements for accounting purposes, similar
to our other on-campus participating properties, we view the
economic benefit of such properties as limited to the
development/construction management fees, property management fees
and the 50% share of net cash flow that we receive. As such, for
purposes of calculating FFOM, we are recognizing the fees received
for this project similar to other third-party development
projects.
- University Walk is a property that was
subject to a pre-sale arrangement that we did not own as of
December 31, 2014 but were obligated to purchase as long as the
developer met certain construction deadlines and closing
conditions. The property opened for operations in August 2014 and
we purchased the property in February 2015. The property is
consolidated for financial reporting purposes but we did not
benefit from the net cash flow from operations prior to October 1,
2014. As a result, we have excluded the operations of this property
during the third quarter 2014 from FFOM.
- On April 22, 2013, the company acquired
a note and subrogation rights from National Public Finance
Guarantee Corporation (formerly known as MBIA Insurance Corp. of
Illinois) for an aggregate of $52.8 million, which are secured by a
lien on, and the cash flows from, two student housing properties in
close proximity to the University of Central Florida and currently
under a ground lease with the UCF Foundation. The instruments carry
an interest rate of 5.123 percent. The acquisition facilitated the
settlement of litigation related to a third-party management
agreement for the properties with a GMH entity that was acquired by
the company’s 2008 merger with GMH. The acquisition resulted in a
non-cash settlement charge of $2.8 million to reflect the fair
market valuation of the instruments. Management believes it is
appropriate to exclude this non-cash charge from FFOM in order to
more accurately present the operating results of the company on a
comparative basis during the periods presented.
Table 4 American Campus
Communities, Inc. and Subsidiaries 2015 Outlook
(dollars in thousands, except share and per share data)
Low High Net income $
61,800 $ 68,400 Noncontrolling interests 1,100
1,200 Depreciation and amortization 203,000
209,600
Funds from operations ("FFO") $
265,900 $ 279,200
Elimination of operations from on-campus
participating properties
(10,200 ) (10,600 )
Modifications to reflect operational
performance of on-campus participating properties
4,300 4,900 Property acquisition costs 1,800
2,600
Funds from operations - modified ("FFOM")
$ 261,800 $ 276,100
Net income per share - diluted $ 0.54
$ 0.60 FFO per share -
diluted $ 2.33 $ 2.45
FFOM per share - diluted $ 2.30
$ 2.42
Weighted-average common shares
outstanding - diluted
114,000,000 114,000,000
American Campus Communities, Inc., AustinRyan Dennison,
512-732-1000
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