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American Campus Communities Raises 2021 Guidance Following Better Than Expected Fall Leasing Results
American Campus Communities 9ACC) on Monday declared success with lease-up for fall 2021, producing occupancy and rental revenue growth above the high end of its previously provided guidance range. Based on this better than anticipated completion to the leasing season, the Austin-based company now expects to deliver funds from operations–modified of $2.04 to $2.12 per fully diluted share for calendar 2021, a 4% increase at the midpoint.
As of Sept. 30, ACC’s 2021 and 2022 same store portfolios were 95.8% leased with 3.3% and 3.8% average rental rate growth over the prior year, respectively. These metrics all represent increases over previous expectations.
“Our sector is experiencing substantial tailwinds and appears to have almost entirely recovered from the impacts of COVID,” said Bill Bayless, CEO of ACC. “Nearly all universities across the country have resumed in-person academic and social activities.”
- ◦Lease
- ◦Financing
