American Campus Communities Interim Leasing Update for Fall 2017
April 05 2017 - 7:00AM
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
2017-2018 academic year in connection with the Interface Student
Housing Conference held in Austin, TX April 5 – 7, 2017.
As of March 31, 2017, the company’s same store wholly-owned
portfolio was 79.4 percent applied for and 72.4 percent leased
compared to 78.3 percent applied for and 71.9 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 48.2 percent leased, bringing the total
wholly-owned portfolio to 70.3 percent leased.
“We are very pleased with our same store leasing progress
particularly given the strength of last year’s lease-up which was
our strongest since Academic Year 2010/2011 in terms of rental
revenue growth,” said Bill Bayless, American Campus Communities
CEO. “Also, according to a recent report from Axiometrics,
preleasing nationally is off to a strong start, 160 basis points
ahead of last year’s pace with approximately two percent rate
growth as of February.”
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, 2016, American Campus Communities
owned 154 student housing properties containing approximately
95,200 beds. Including its owned and third-party managed
properties, ACC's total managed portfolio consisted of 203
properties with approximately 132,000 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170405005241/en/
American Campus Communities, Inc., AustinRyan Dennison,
512-732-1000Investor Relations
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