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 leasing information for the 2014-2015 academic year on Form 8-K.
As of September 29, 2014, the Q4 2014 same store properties are 97.5 percent leased with a 2.1 percent final projected rental rate increase compared to 96.8 percent as of September 30, 2013. The total new store properties are leased to 98.5 percent. The combined total wholly-owned portfolio is 97.5 percent leased as of September 29, 2014.
“We are pleased to report Fall 2014 same store occupancy of 97.5 percent, once again leading the public student housing sector and above the midpoint of our 2014 guidance range,” said Bill Bayless, American Campus CEO. “With the 2.8 percent rental revenue growth generated by this lease-up, and our ongoing asset management efforts, we believe we are positioned to produce same store net operating income growth in excess of three percent for the 2014-2015 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. American Campus Communities owns 166 student housing properties containing approximately 102,200 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 198 properties with approximately 128,000 beds. Visit www.americancampus.com and www.studenthousing.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.