American Campus Communities Announces Quarterly Dividend
American Campus Communities (NYSE: ACC) announced a quarterly dividend of $0.47 per share, payable on November 27, 2020, to shareholders on record by November 16, 2020. CEO Bill Bayless expressed confidence in the company's ability to navigate the disruptions caused by the COVID-19 pandemic, stating that their strong liquidity will allow them to maintain the dividend despite exceeding historically targeted payout ratios. As of September 30, 2020, ACC owned 166 properties with approximately 111,900 beds, reflecting their leadership in the student housing sector.
- Quarterly dividend declared at $0.47 per share.
- Strong liquidity position allows for maintaining dividend despite payouts exceeding historical levels.
- COVID-19 pandemic has impacted financial results and payout ratios.
AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties in the U.S., announced that on November 4, 2020 its Board of Directors declared a regular quarterly dividend of
“We are pleased with the transition to the 2020-2021 Academic Year as the resiliency of ACC and the broader modern student housing industry has once again been demonstrated, even amid the disruption caused by the COVID-19 pandemic,” said Bill Bayless, American Campus Communities CEO. “While the global pandemic has temporarily impacted our financial results and caused our dividend payout ratios to exceed historically targeted levels, we believe we are on a path to normalcy, both operationally and financially, which will naturally return the company’s payout ratios to targeted levels. In the interim, our strong liquidity position and the long-term stability of our operating performance has provided the Board of Directors the confidence that the company can safely absorb the short-term disruption to cash flows and still meet all of its capital needs while maintaining our dividend at current levels.”
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 September 30, 2020, 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 204 properties with approximately 139,900 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, 2019 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 2020 operating results, whether as a result of new information, future events, or otherwise.
