Austin, TX-based American Campus Communities Inc., the nation’s largest owner and manager of high-quality student housing properties, recently provided an interim leasing update for the 2018-2019 academic year in conjunction with the company’s participation in the 2018 National Multifamily Housing Council Student Housing Conference.
The company will provide final leasing results and an update to the company’s fiscal year 2018 financial guidance in its third quarter 2018 earnings release after the market close on Monday, October 22, 2018.
As of September 30, 2018, the company’s 2019 same store portfolio was 97% percent leased compared to 95.4% leased as of September 30, 2017, with a 2% projected rental rate increase over in-place rents. The company’s new owned properties are 97% leased.
“As we finalize the 2018-2019 lease up, we are pleased to be on pace for 3.6 percent opening same store rental revenue growth for our 2019 same store portfolio,” said Bill Bayless, American Campus Communities CEO. “We are also pleased with the performance of our 2018 development and presale development projects which opened this fall at a combined 97 percent occupancy. With these leasing results, we are well positioned to provide another year of internal value creation and attractive same store NOI growth as we move into 2019.”