AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE:ACC), today released an interim leasing update for the 2015-2016 academic year in connection with the Interface Student Housing Conference held in Austin, TX April 8 – 10, 2015.
As of April 3, 2015, the company’s same store wholly-owned portfolio was 77.7 percent applied for and 71.1 percent leased compared to 78.8 percent applied for and 71.2 percent leased for the same date prior year, with a 2.9 percent current projected rental rate increase over in-place rents. When excluding three American Campus Equity (ACE®) freshman residence hall communities at Arizona State University, which are subject to the university’s first year housing requirement and assignment process, the company’s same store wholly-owned portfolio was 79.3 percent applied for and 72.5 percent leased compared to 78.8 percent applied for and 71.1 percent leased for the same date prior year. The company’s new wholly-owned properties are 63.3 percent leased bringing the total wholly-owned portfolio to 70.6 percent leased.
“We continue to see tailwinds in the sector and are very pleased with our continued leasing progress, especially given the strength of last year’s velocity, as our same store portfolio leasing exceeds last year’s velocity by 140 basis points when considering the aforementioned ASU residence halls,” said Bill Bayless, American Campus CEO.
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.