AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties, today provided leasing information for the 2016-2017 academic year on Form 8-K.
As of September 26, 2016, the company’s 2017 same store wholly-owned portfolio, which excludes 19 assets held for sale, was 97.3 percent leased compared to 97.0 percent leased as of September 30, 2015, with a 3.5 percent projected rental rate increase over in-place rents. The company’s new wholly-owned properties are 91.9 percent leased. When excluding Merwick Stanworth Phase II, a community which will serve Princeton University faculty and staff members and is expected to stabilize in a manner consistent with a multi-family property during the first academic year, the company’s 2016 new development deliveries are leased to an average of 97.7 percent.
“With completion of the 2016-2017 lease up, we’re pleased to have produced growth in same store rental rate and projected same store rental revenue for the twelfth consecutive year, once again demonstrating the consistent growth attributes available in the student housing sector,” said Bill Bayless, American Campus CEO. “We are excited about the continued internal value creation opportunity this lease up will produce, especially when combined with our ongoing asset management efforts, and we are well positioned to produce attractive same store net operating income growth for the 2016-2017 academic year. We have also made progress on the expected sale of our non-core portfolio of 19 assets. We have identified a buyer, executed a letter of intent and access agreement to facilitate due diligence while finalizing contract terms, and continue to target closing the transaction during the fourth quarter.”
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 June 30, 2016, American Campus Communities owned 168 student housing properties containing approximately 103,200 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 206 properties with approximately 133,100 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