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American Campus Communities, Inc. (NYSE:ACC) announced the pricing of a $400 million offering of senior unsecured notes, maturing January 15, 2029, at a coupon of 2.250%. The notes will be issued at 99.928% of par value, with interest payable semi-annually starting January 15, 2022. The net proceeds of approximately $394.4 million will primarily be used to repay borrowings under its revolving credit facility. Settlement is set for October 7, 2021. This offering is part of ACC's strategic financial management as the largest owner and manager of student housing in the U.S.
American Campus Communities (NYSE: ACC) announced strong progress in the Fall 2021 lease-up, achieving higher occupancy and rental revenue growth than expected. The company revised its FFO guidance to a range of $2.06 to $2.14 per diluted share, reflecting a potential 3-7% increase over 2020. As of September 30, 2021, 95.8% of the same store portfolio was leased, with rental rate growth of 3.3%. Positive market trends indicate a recovery from COVID impacts, with expectations for continued growth in earnings and net operating income next year.
American Campus Communities, Inc. (NYSE:ACC), the largest owner and developer of student housing in the U.S., will report third-quarter financial results on October 25, 2021, after market close. A conference call for investors is scheduled for October 26, 2021, at 10 a.m. ET. As of June 30, 2021, ACC owned 166 properties with approximately 111,900 beds, and managed a total portfolio of 205 properties containing about 141,300 beds. The company warns that forward-looking statements may be impacted by uncertainties related to the ongoing COVID-19 pandemic.
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.
American Campus Communities (NYSE: ACC) declared a quarterly dividend of $0.47 per share on August 4, 2021, payable on August 27, 2021, to shareholders of record as of August 16, 2021. As the largest owner and operator of student housing in the U.S., ACC manages 166 properties with approximately 111,900 beds. The company is fully integrated and specializes in student housing design, finance, construction, and management.
American Campus Communities (NYSE:ACC) reported a net loss of $9.4 million ($0.07 per diluted share) for Q2 2021, an improvement from a $13.3 million loss in Q2 2020. Revenue rose to $208.5 million, up 10.3% year-over-year. Funds from Operations (FFOM) increased to $58.8 million ($0.42 per diluted share). Occupancy rates for the 2021-2022 academic year show strong preleasing at 91.7%. The company also completed Phase Four of the Flamingo Crossings Village project, adding nearly 5,000 beds, and extended its credit facility to May 2025.
American Campus Communities (NYSE: ACC) has received multiple honors at the Student Housing Business Innovator Awards, reflecting its excellence in student housing development. The company secured awards for:
- On-Campus Best Public-Private Financing Solution: Manzanita Square at San Francisco State University
- On-Campus Best Implementation of Mixed-Use/Live-Learn: UIC Academic and Residential Complex
- On-Campus Best New Development: University of Illinois Chicago Academic and Residential Complex
- On-Campus Best Architecture: UIC Academic and Residential Complex
CEO Bill Bayless emphasized the commitment to creating conducive environments for student success.
American Campus Communities (NYSE: ACC), the largest operator of student housing in the U.S., will participate in the InterFace Student Housing Conference from July 13-15, 2021, in Austin, TX. A presentation by management is scheduled for July 14, and it will be available on the company's website. As of March 31, 2021, ACC owned 166 properties with approximately 111,900 beds and managed a total of 207 properties with about 142,400 beds, highlighting its significant role in the student housing market.
American Campus Communities (NYSE:ACC) is set to report its second-quarter financial results after market close on July 26, 2021. The earnings call will be held on July 27, 2021, at 10 a.m. ET. Investors can access the call by dialing the provided numbers or via live webcast on the company's website. As of March 31, 2021, ACC owned 166 properties with approximately 111,900 beds, and managed a total of 207 properties with around 142,400 beds. The company's strong presence in student housing positions it well for future performance.
American Campus Communities (ACC) provided an interim update during REITweek 2021, revealing progress on the $615 million Flamingo Crossings Village, intended for Disney College Program participants. Since May 27, 1,650 leases have been signed for June occupancy. The company anticipates at least 85% occupancy by fall 2021 and stabilization by May 2023. Preleasing velocity has improved, running at 2.5 times last year’s levels, although the academic year is still expected to fall short of pre-COVID occupancy levels, with rental rates slightly above last year amid some pricing pressure.
