American Campus Communities Provides Fall 2016 Leasing Update
September 27 2016 - 7:00AM
Business Wire
American Campus Communities, Inc. (NYSE: ACC), the nation’s
largest owner and manager of high-quality student housing
properties, today provided leasing information for the 2016-2017
academic year on Form 8-K.
As of September 26, 2016, the company’s 2017 same store
wholly-owned portfolio, which excludes 19 assets held for sale, was
97.3 percent leased compared to 97.0 percent leased as of September
30, 2015, with a 3.5 percent projected rental rate increase over
in-place rents. The company’s new wholly-owned properties are 91.9
percent leased. When excluding Merwick Stanworth Phase II, a
community which will serve Princeton University faculty and staff
members and is expected to stabilize in a manner consistent with a
multi-family property during the first academic year, the company’s
2016 new development deliveries are leased to an average of 97.7
percent.
“With completion of the 2016-2017 lease up, we’re pleased to
have produced growth in same store rental rate and projected same
store rental revenue for the twelfth consecutive year, once again
demonstrating the consistent growth attributes available in the
student housing sector,” said Bill Bayless, American Campus CEO.
“We are excited about the continued internal value creation
opportunity this lease up will produce, especially when combined
with our ongoing asset management efforts, and we are well
positioned to produce attractive same store net operating income
growth for the 2016-2017 academic year. We have also made progress
on the expected sale of our non-core portfolio of 19 assets. We
have identified a buyer, executed a letter of intent and access
agreement to facilitate due diligence while finalizing contract
terms, and continue to target closing the transaction during the
fourth quarter.”
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, 2016, American Campus Communities owned
168 student housing properties containing approximately 103,200
beds. Including its owned and third-party managed properties, ACC's
total managed portfolio consisted of 206 properties with
approximately 133,100 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/20160927005548/en/
American Campus Communities, Inc.Ryan Dennison,
512-732-1000Investor Relations
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