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American Campus Communities (ACC) released an update on its engagement with Land & Buildings, stating a constructive dialogue has been maintained over the last 15 months. The company reported strong earnings results, exceeding expectations by
American Campus Communities, Inc. (NYSE: ACC) has declared a quarterly dividend of $0.47 per share, payable on February 25, 2022, to shareholders of record by February 4, 2022. As of September 30, 2021, ACC owned 166 student housing properties with approximately 111,900 beds and managed a total of 202 properties with around 140,700 beds. The company remains a leading player in the U.S. student housing sector, demonstrating stability and income generation for shareholders.
American Campus Communities (ACC) has announced a joint venture with Harrison Street to manage its eight-property Arizona State University (ASU) student housing portfolio. ACC retains a majority 55% stake, while Harrison Street holds 45%. The first stage, completed on December 31, 2021, generated $271.7 million for ACC. The second stage, expected to close in late 2022 or early 2023, could yield an additional $279.6 million, fulfilling ACC's capital sourcing goals for 2022. ACC is also contributing $5 million towards ASU scholarships and programs.
American Campus Communities, Inc. (NYSE:ACC) will announce its financial results for Q4 and full year 2021 on February 22, 2022, after market close. A conference call will follow on February 23, 2022, at 10 a.m. ET, focusing on quarterly results and future outlook. As of September 30, 2021, the company owned 166 properties with approximately 111,900 beds, and managed a total portfolio of 202 properties with about 140,700 beds. For details, visit www.americancampus.com.
Land & Buildings Investment Management, a significant shareholder of American Campus Communities (ACC), highlights the need for an aggressive strategy to address the company's underperformance. The presentation emphasizes ACC's trading at a substantial discount to its net asset value (NAV) and calls for actions such as asset sales and capital returns. Persistent underperformance since January 2021 has seen ACC lagging behind peers with an 18% lower return. The company aims to regain credibility by nominating a shareholder representative to the board and optimizing operational efficiencies.
American Campus Communities (ACC) has issued a letter to shareholders outlining its achievements in portfolio management and value creation. Key points include a total shareholder return of 57% since the pandemic began, and a return to pre-pandemic NOI levels a year earlier than expected. The company's stock is near all-time highs, driven by a resilient operating performance. However, ACC expressed disappointment over Land & Buildings' recent actions, which the company views as a distraction from constructive engagement. The board of directors emphasizes its commitment to enhancing shareholder value.
Land & Buildings Investment Management, a major shareholder of American Campus Communities (ACC), has expressed concerns regarding the company's ongoing underperformance and failure to close the gap between its share price and net asset value (NAV). The firm is advocating for an accelerated asset sale strategy, improved investor communication, and better management accountability. In light of these issues, Land & Buildings plans to nominate a shareholder representative to the Board at ACC's 2022 Annual Meeting to drive necessary changes. A conference call is scheduled for December 16 to discuss these developments.
American Campus Communities (ACC), the largest owner and manager of student housing in the U.S., declared a quarterly dividend of $0.47 per share on November 3, 2021. This dividend is payable on November 26, 2021, to shareholders recorded as of November 15, 2021. As of September 30, 2021, ACC owned 166 properties with approximately 111,900 beds, while its total managed portfolio consisted of 202 properties totaling about 140,700 beds. The company is self-managed and self-administered, emphasizing its leadership in the student housing sector.
American Campus Communities reported a net loss of $11.4 million for Q3 2021, improving from a $19.5 million loss in Q3 2020. FFOM rose by 25% to $56.9 million, while same store NOI increased by 10.5%. The company achieved 95.8% fall occupancy with rental rates growing by 3.3% and 3.8% for its 2021 and 2022 portfolios. Additionally, it delivered phase five of Flamingo Crossings Village and secured new development projects at Emory University and UT Austin. The company issued $400 million in unsecured notes, enhancing its financial position.
