American Campus Communities Reports First Quarter 2019 Financial Results

Austin, Texas — American Campus Communities has announced financial results for the first quarter of 2019. The company saw a net income attributable to ACC of $29.6 million or $0.21 per fully diluted share, versus $25.9 million or $0.18 per fully diluted share in the first quarter 2018. Same store average physical occupancy increased to 96.9 percent for the first quarter, compared to 94.9 percent for the first quarter of 2018. ACC grew same store net operating income by 5.1 percent over the first quarter of 2018. Revenues increased 3.1 percent and operating expenses increased 0.5 percent. The company was also selected as the student housing master plan development partner for the recent UC Berkeley Student Housing Initiative RFQ. UC Berkeley expects to develop multiple phases of housing on several project sites to provide in excess of 6,000 new beds. More details on this project will be posted to Student Housing Business early next week. ACC also commenced construction on third-party on-campus development projects at Drexel University and Prairie View A&M University.