American Campus Communities Announces Executive Promotions

Rhea-AI Summary

American Campus Communities (NYSE: ACC) announced the promotion of Jennifer Beese to President and Chief Operating Officer, effective August 24, 2021. She succeeds Jim Hopke, who retired the same day. Beese joined the company in 1999, previously serving as Executive Vice President and COO since January 2017. Additionally, Lonnie Ledbetter was promoted to Chief Purpose and Inclusion Officer, overseeing human resources and ESG initiatives. Both promotions are part of the company's succession planning.

Positive

• Jennifer Beese's promotion reflects continuity in leadership and operational expertise.
• Lonnie Ledbetter's new role emphasizes commitment to diversity and inclusion, potentially enhancing company culture.

Negative

• None.

AUSTIN, Texas--(BUSINESS WIRE)-- American Campus Communities (NYSE: ACC), the nation’s largest owner, manager and developer of high-quality student housing properties in the U.S., today announced it is continuing to advance its succession plan with the promotion of Jennifer Beese to the position of President and Chief Operating Officer effective August 24, 2021. Beese succeeds Jim Hopke, who as previously announced, retired as President effective August 24, 2021.

Lonnie Ledbetter, American Campus Communities Chief Purpose and Inclusion Officer (Photo: Business Wire)

Beese joined the company in 1999, expanding her role and contributions, most recently as Executive Vice President and Chief Operating Officer since January 2017. As President and Chief Operating Officer, Beese will report directly to Bill Bayless, the company’s CEO, and will provide executive oversight of day-to-day business operations, advance the company’s portfolio and asset management functions, and focus on furthering American Campus Communities’ best in class operating platform while continuing to oversee marketing, leasing and property operations, functional support services, human resources, corporate administration and company culture.

Effective immediately, Lonnie Ledbetter, Senior Vice President-Human Resources, Organizational Development and Culture, is being promoted to Executive Vice President - Chief Purpose and Inclusion Officer, reporting to the President and COO. Ledbetter will continue to provide executive oversight of human resources, organizational development and company culture and will also provide executive oversight related to the company’s ESG and Diversity & Inclusion initiatives furthering an environment that celebrates inclusion as a way to drive innovation and business value.

“On behalf of the entire Board of Directors, I’d like to recognize and thank Jim Hopke for more than 20 years of service to American Campus Communities and wish him well in his retirement,” said Cydney Donnell, Independent Chairman of the Board. “For many years, the Board has been working with Bill on executive development and succession planning. These promotions enhance smooth executive succession in the decades ahead.”

“This announcement is a testament to the deep and diverse bench of talented leaders we have at American Campus,” said Bill Bayless, CEO. “I’m thrilled to congratulate Jennifer and Lonnie on their expanded leadership roles. Jennifer is an ideal fit for President and COO, as she is a proven leader whose contributions over the past two decades have been invaluable to the growth of our company – from both a business perspective and a cultural one. In addition to an impressive track record of operational planning and execution, Jennifer brings a passion to her work that inspires and motivates our team. Lonnie has worked closely with Jennifer over for the last five years, building our best in class human resource and employee development platform. She has been a key player in our Environmental, Social, and Governance and Diversity & Inclusion efforts and is passionate in leading our future initiatives in these key areas of focus.”

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, 2021, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 205 properties with approximately 141,300 beds. Visit www.americancampus.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “Company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward looking-statements include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, and those discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 under the heading “Risk Factors” and under the heading “Business - Forward-looking Statements” and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our preleasing activity or expected full year 2021 operating results, whether as a result of new information, future events, or otherwise. The information contained on our website is not a part of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005811/en/

American Campus Communities, Inc., Austin

Ryan Dennison, 512-732-1000

Source: American Campus Communities

FAQ

What changes were announced for American Campus Communities on August 24, 2021?

American Campus Communities announced the promotion of Jennifer Beese to President and COO and Lonnie Ledbetter to Chief Purpose and Inclusion Officer.

Who succeeded Jim Hopke at American Campus Communities?

Jennifer Beese succeeded Jim Hopke as President and COO effective August 24, 2021.

What is the significance of Jennifer Beese's promotion at ACC?

Her promotion signifies continuity in leadership and reflects her extensive experience and contributions to the company.

What role will Lonnie Ledbetter have at American Campus Communities?

Lonnie Ledbetter will serve as Chief Purpose and Inclusion Officer, focusing on human resources and ESG initiatives.