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 provided an interim leasing update for the 2017-2018 academic year in connection with REITWeek 2017: NAREIT’s Investor Forum®, which will begin on June 6, 2017.
Academic Year 2017-2018 Preleasing Update
As of June 2, 2017, the company’s same store wholly-owned portfolio was 92.2 percent applied for and 86.7 percent leased compared to 93.5 percent applied for and 86.8 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 10 wholly-owned development projects scheduled to open in Fall 2017 are 68.6 percent leased.
“With thirteen percent of our beds left to lease for the upcoming academic year, the 2017 lease-up is progressing well and meeting our expectations to-date,” said Bill Bayless, American Campus Communities CEO. “As we enter the leasing homestretch, we are well positioned to again produce attractive revenue growth for the upcoming 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. As of March 31, 2017, American Campus Communities owned 157 student housing properties containing approximately 97,500 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 194 properties with approximately 127,200 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.