By Business Wirevia The Motley Fool
Filed under: Investing
American Campus Communities Interim Leasing Update for Fall 2013-2014
AUSTIN, Texas–(BUSINESS WIRE)– American Campus Communities, Inc. (NYS: 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 2013-2014 academic year in connection with the Interface Student Housing Conference held in Austin, TX April 11 – 12, 2013.
As of April 9, 2013, the company’s same store wholly-owned portfolio was 70.6 percent applied for and 64.5 percent leased compared to 75.9 percent applied for and 68.7 percent leased for the same date prior year, with a 1.73 percent current rental rate increase projected over the in-place rent.
“In the eight weeks since our last leasing disclosure, we’ve increased our same store applications by nearly 23 percent,” said Bill Bayless, American Campus CEO. “We’re pleased with our progress given there are 18-20 weeks remaining in the leasing season and our velocity relative to our public company peers. In addition, we are adjusting our rental rates in an effort to maximize rental revenue through the proper combination of occupancy and rate.”
About American Campus Communities
American Campus Communities, Inc. is the largest developer, owner and manager 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 160 student housing properties containing approximately 98,800 beds. Including its owned and third-party managed properties, ACC‘s total managed portfolio consists of 191 properties with approximately 122,800 beds. Visit americancampus.com or studenthousing.com.
American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000
KEYWORDS: United States North America Texas
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