American Campus Communities

American Campus Communities, a publicly-traded real estate investment trust that invests in dormitory housing, has reported a third-quarter 2021 net loss of $11.4 million, compared to a net loss of $19.5 million reported for the third quarter last year.

Revenue for the quarter was $228.9 million, up from $202.7 million in revenue reported for Q3 2020.

The Austin, Texas-based company also reported results for the first nine months of 2021. Its net loss for the period was $5.2 million, down from $48 million in net income reported for the first nine months of 2020. Revenue for the period was $670.1 million, up from $637.6 million reported for the first nine months of 2020.

American Campus Communities chief executive Bill Bayless said: “We are currently experiencing the most substantial fundamental tailwinds we’ve seen in many years, including strong enrolment demand at tier-one universities, low levels of new supply, and significant activity in on-campus public-private partnerships, highlighted by two new development awards and a new project start.

“Having successfully navigated the disruption caused by the pandemic, the sector achieved an excellent completion to this year’s lease-up, returning to pre-pandemic national occupancy levels and producing attractive rent growth. We have commenced leasing activity for the 2022-2023 academic year and are excited about the prospects to drive further improvements in opening occupancy for fall 2022. We are highly optimistic that the fundamentals of the student housing operating environment provide investors with a unique opportunity for recession resilient, robust internal growth and meaningful earnings growth and net asset value creation in the years ahead.”

Date published: 26 October 2021

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