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 2014-2015 academic year in connection with the Interface Student Housing Conference held in Austin, TX April 10 – 11, 2014.
As of April 7, 2014, the company’s same store wholly-owned portfolio was 78.9 percent applied for and 70.5 percent leased compared to 71.2 percent applied for and 64.7 percent leased for the same date prior year, with a 2.1 percent current projected rental rate increase over in-place rents. The company’s new wholly-owned properties are 83.3 percent leased bringing the total wholly-owned portfolio to 71.3 percent leased.
“We are very pleased with our continued leasing progress as our same store portfolio leasing velocity exceeds last year’s by 580 basis points,” said Bill Bayless, American Campus CEO. “We are further pleased that our total portfolio leasing velocity continues to outpace or be on par with the lease-up for each of the past five years. Moving forward, we do expect natural erosion in the 580 basis point spread to the prior year as we complete the leasing season.”
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 167 student housing properties containing approximately 102,600 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 200 properties with approximately 128,000 beds. Visit www.americancampus.com and www.studenthousing.com.