American Campus Communities, a publicly-traded real estate investment trust that invests in dormitory housing, has reported net income of $69.8 million for 2020, down from net income of $86.8 million reported for 2019.
Revenue for the year was $870.6 million, down from $943 million in revenue in 2019.
The Austin, Texas-based company also reported results for the fourth quarter of 2020. Net income for the period was $24.6 million, down from $25.8 million in net income reported for Q4 2019. Revenue for the period was $233 million, down from $255.8 million reported for the fourth quarter of 2019.
American Campus Communities chief executive Bill Bayless said: “2020 was a tale of two periods operationally. The year began with financial results that exceeded expectations in each of the first three months of the year and preleasing was tracking significantly ahead of the prior year pace including rental rate growth above original expectations.
“Beginning in March, with the Covid-19 global pandemic affecting every aspect of our lives, we focused on doing the right thing and following the eight-principle objectives we laid out at the beginning of the crisis. As we look forward into 2021, the business fundamentals of the student housing industry continue to show signs of improvement. Thus far, we have signed 3,600 leases for spring 2021 move-ins – roughly 50% more than last year’s 2,400. We are also hearing incrementally positive news in terms of university planned fall 2021 in-person classes, as exemplified by the recent announcements of both the U-Cal and Cal State systems.”
Date published: 23 February 2021