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American Campus Communities (ACC) announced the promotion of Kim Voss to Chief Financial Officer (CFO), succeeding Daniel Perry, who is retiring after nearly 18 years. Voss has been with ACC since 2004, leading various financial operations, including SEC reporting and compliance. As CFO, she will oversee all financial operations, including accounting, tax, and risk management. ACC, a leader in student housing, currently manages 204 properties with approximately 143,100 beds.
AUSTIN, Texas--American Campus Communities, Inc. (NYSE:ACC) has announced the approval of its acquisition by Blackstone Core+ perpetual capital vehicles, primarily Blackstone Real Estate Income Trust, Inc. and Blackstone Property Partners L.P., during a special stockholders meeting. Shareholders will receive $65.47 per share in cash upon the expected closing of the transaction on or about August 9, 2022. Following the deal, ACC common stock will be delisted from public markets. Final voting results will be reported in a forthcoming Form 8-K filing.
American Campus Communities reported a net income of $4.4 million or $0.03 per share for Q2 2022, a turnaround from a net loss of $9.4 million in Q2 2021. Revenues rose by 17.8% to $245.7 million, driven by improved operations compared to the previous year impacted by COVID-19. The company is set to be acquired by Blackstone for $65.47 per share in a deal valued at approximately $12.8 billion, expected to close around August 9, 2022, pending shareholder approval. FFOM increased by 28.6% to $0.54 per share.
American Campus Communities (NYSE:ACC) will report its second-quarter financial results after the market closes on July 25, 2022. The press release will be accessible in the Investor Relations section of their website. Notably, ACC will not hold an earnings conference call due to a pending transaction with Blackstone’s Core+ perpetual capital vehicles, including Blackstone Real Estate Income Trust and Blackstone Property Partners.
As of March 31, 2022, ACC owned 166 properties with 111,900 beds and managed a total portfolio of 202 properties with approximately 140,300 beds.
American Campus Communities (NYSE:ACC) reported strong financial results for Q1 2022, with net income of $39.2 million, or $0.27 per share, up from $15.6 million or $0.11 per share year-over-year. Revenue increased by 17.6% to $273.7 million, driven by improved operations post-COVID. The company announced a $12.8 billion acquisition by Blackstone, expected to close in Q3 2022, pending shareholder approval. Despite these positives, the suspension of the quarterly dividend raises concerns. The company also initiated new development projects and secured management contracts for approximately 8,000 beds.
American Campus Communities (ACC) has entered into a definitive agreement for a cash acquisition by Blackstone Core+ vehicles, including BREIT, at $65.47 per share, totaling approximately $12.8 billion. This price represents a 22% premium over the 90-day average share price and is expected to close in Q3 2022, subject to shareholder approval. The transaction aims to leverage Blackstone's capital and expertise to enhance ACC's operations, although it includes a suspension of dividends. This deal reflects ACC's successful transformation into a major player in the student housing sector.
American Campus Communities (NYSE: ACC) has achieved Great Place to Work Certification for the third consecutive year, with 92% of employees deeming it a great workplace, significantly surpassing the U.S. average. This certification reflects ACC's commitment to employee satisfaction and workplace culture, particularly during challenges posed by the COVID-19 pandemic. The company, largest in the U.S. for student housing, owns 166 properties with around 111,900 beds. This recognition underlines ACC’s focus on providing an excellent work environment, enhancing its position in the market.
American Campus Communities (NYSE:ACC) will report its Q1 financial results after market close on
American Campus Communities (ACC) reported strong financial results for Q4 and FY 2021. Q4 net income increased to $40.7 million ($0.29 per share), up from $24.8 million ($0.18). The company raised funds from new developments, including a $551.3 million joint venture for the ASU housing portfolio. Full-year FFOM per share grew 8.1% to $2.14. Looking ahead, ACC anticipates 12-16% FFOM growth for FY 2022, driven by improved occupancy rates and leasing momentum.
