Austin, Texas — Austin-based American Campus Communities has announced financial results for the second quarter of 2018.
The company increased same store net operating income by 0.1 percent over the second quarter 2017, with revenues increasing 1.5 percent and operating expenses increasing 3.2 percent. ACC also achieved same store average physical occupancy of 90.1 percent for the second quarter 2018, compared to 91.5 percent for the second quarter 2017.
The company was awarded four new on-campus development projects including anticipated ACE transactions with Drexel University and San Francisco State University; a third-party development project with Concordia University Texas; and a new on-campus development project with Princeton University, for which the transaction structure has not yet been determined.
ACC also completed the sale of three owned assets to a partnership of Greystar and Goldman Sachs, and completed the sale of a 45 percent interest in a portfolio of owned assets to affiliates of Allianz Real Estate. The transactions totaled $613.6 million.