AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties in the U.S., today announced that Dennis G. Lopez has resigned as a member of its board of directors effective November 6, 2017 due to the time demands of his new role as Chief Executive Officer of QuadReal Property Group. The board is currently contemplating adding one or more additional directors in the future.
“Dennis has played an important role on our board,” said Bill Bayless, ACC CEO. “His judgment and financial acumen have benefited our company and our stockholders and we wish Dennis and QuadReal great success.”
“It is with regret that the board accepts Dennis's resignation,” said Ed Lowenthal, American Campus Board Chairman. “We would like to sincerely thank Dennis for his valuable contributions, support and sound advice as a member of the board.”
"My experience at ACC has been exceptional, and my departure is with great regret," said Dennis Lopez. "ACC is an extremely well-managed company and a market leader of the student housing industry."
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 September 30, 2017, American Campus Communities owned 166 student housing properties containing approximately 102,500 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 204 properties with approximately 131,300 beds. Visit www.americancampus.com.
In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “Company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2016 under the heading “Risk Factors” and under the heading “Business - Forward-looking Statements” and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our expected 2017 operating results, whether as a result of new information, future events, or otherwise.