American Campus Provides Fall 2013 Leasing Update
AUSTIN, Texas--(BUSINESS WIRE)-- American Campus Communities, Inc. (NYS: ACC) , the largest owner, manager and developer of high-quality student housing properties in the U.S., today released leasing information for the 2013-2014 academic year on Form 8-K in connection with the company's Investor Day presentation to be held on Thursday, September 19, 2013. Additionally, the company will post a related investor presentation to its investor relations page on the company website tomorrow at 7:00 AM CT.
Reported leasing results are as of September 16, 2013. The 2013 Q4 same store properties are 96.7 percent leased with a 1.1 percent rental rate increase compared to 96.8 percent as of September 30, 2012. The total new store properties are leased to 96.8 percent. The combined total wholly-owned portfolio is currently 96.7 percent leased as of September 16, 2013.
"We are generally pleased with the overall 2013 leasing progress on the heels of integrating $2.2 billion in assets into our portfolio, especially with surpassing last year's performance in the legacy properties by 10 basis points to 97.0 percent with an increased rental rate of 1.4 percent," said Bill Bayless, American Campus CEO. "Our leasing results put us near the mid-point of our FFOM guidance range of $2.20 to $2.26 per share and offer opportunity for improvement in the 2014 - 2015 academic 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. American Campus Communities owns 164 student housing properties, containing approximately 100,100 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 199 properties with approximately 126,000 beds. Visit www.americancampus.com and www.studenthousing.com.
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.
American Campus Communities, Inc., Austin
Ryan Dennison, 512-732-1000
KEYWORDS: United States North America Texas
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