AUSTIN, Texas--(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.
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.