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American Campus Communities (NYSE: ACC) has successfully renewed its $1.0 billion senior unsecured revolving credit facility, now maturing on May 12, 2025. The credit facility features sustainability-linked pricing that reduces borrowing costs by 15 basis points and includes two six-month extension options and an accordion feature for an additional $500 million. This move underscores ACC's commitment to ESG performance. As of March 31, 2021, the company owned 166 properties with about 111,900 beds, enhancing its position as the largest student housing manager in the U.S.
American Campus Communities (NYSE: ACC) is pleased to announce the relaunch of the Disney College Program starting June 2021. This program will allow participants to occupy the ongoing Flamingo Crossings Village project in Orlando, with four out of ten phases completed. The company anticipates achieving a stabilized yield of 6.8% by May 2023, barring unforeseen pandemic impacts. CEO Bill Bayless expressed confidence in the collaboration with Disney and the project's long-term success, emphasizing the importance of this program for occupancy and financial performance.
American Campus Communities (ACC) announced a quarterly dividend of $0.47 per share, to be paid on May 21, 2021, for shareholders on record by May 10, 2021.
ACC is the largest owner and manager of student housing in the U.S., with 166 properties and approximately 111,900 beds as of March 31, 2021. The total managed portfolio includes 207 properties and about 142,400 beds.
American Campus Communities reported Q1 2021 financial results, with net income of $15.6 million ($0.11 per share) down from $80.9 million ($0.58 per share) in Q1 2020. Revenue fell to $232.7 million from $249.4 million, reflecting COVID-19 impacts. The same store net operating income (NOI) decreased by 11%, with a 6.4% drop in revenues. The company commenced new projects at Drexel and Concordia universities and released an ESG report, indicating a commitment to sustainability. The preleasing update shows improved velocity in leasing activities compared to the previous year.
American Campus Communities (NYSE:ACC) announced it will report its Q1 2021 financial results on April 19, 2021, after market close. An earnings conference call for investors is scheduled for April 20, 2021, at 10 a.m. ET. As of December 31, 2020, ACC owned 166 student housing properties with approximately 111,900 beds. The company manages an additional 40 properties, bringing the total to around 141,100 beds. The press release includes forward-looking statements regarding the potential impact of the COVID-19 pandemic on business operations.
American Campus Communities reported Q4 2020 net income of $24.8 million ($0.18/share), slightly up from $24.7 million in Q4 2019. However, FFOM dropped to $81.8 million ($0.59/share), down from $99.4 million ($0.72/share). Same-store NOI decreased by 13.7%, attributed to $6.1 million in COVID-19 related rent relief and a revenue shortfall of $18.6 million against pre-pandemic expectations. For FY 2020, net income totaled $72.8 million, a decrease from $85.0 million in 2019. The company remains optimistic about 2021, signing 3,600 leases for spring move-ins, indicating improved demand.
American Campus Communities (NYSE:ACC) has announced a reschedule of its fourth quarter and year-end 2020 earnings release due to winter weather-related power outages in Central Texas. The new reporting date is after market close on February 22, 2021, with the conference call set for February 23, 2021, at 10 a.m. ET. ACC's management will discuss financial results and business outlook during the call. As of September 30, 2020, the company managed 204 properties with approximately 139,900 beds.
American Campus Communities, Inc. (ACC) will report its financial results for Q4 2020 and the full year after market close on February 16, 2021. A conference call for investors will take place on February 17, 2021, at 10 a.m. ET, discussing the quarterly results and future outlook. As of September 30, 2020, ACC owned 166 properties with approximately 111,900 beds and managed a portfolio of 204 properties totaling around 139,900 beds. The press release will be available on the company's Investor Relations page.
American Campus Communities (NYSE:ACC) has appointed Herman Bulls, Alison Hill, and Craig Leupold to its Board of Directors, enhancing its governance structure. Edward Lowenthal is set to retire at the 2021 Annual Meeting, and Cydney Donnell will succeed him as Chair. The Board will temporarily expand to 11 members before reducing to 10 post-Annual Meeting. To leverage new directors' expertise, a Capital Allocation Committee will be formed. ACC has a cooperation agreement with Land & Buildings Investment Management to vote in favor of all director nominees. This reflects ongoing board refreshment efforts.
