American Campus Communities Announces Quarterly Dividend
November 04 2020 - 6:59PM
Business Wire
American Campus Communities, Inc. (NYSE: ACC), the nation’s
largest owner and manager of high-quality student housing
properties in the U.S., announced that on November 4, 2020 its
Board of Directors declared a regular quarterly dividend of $0.47
per share of common stock, payable on November 27, 2020, to
shareholders of record at the close of business on November 16,
2020.
“We are pleased with the transition to the 2020-2021 Academic
Year as the resiliency of ACC and the broader modern student
housing industry has once again been demonstrated, even amid the
disruption caused by the COVID-19 pandemic,” said Bill Bayless,
American Campus Communities CEO. “While the global pandemic has
temporarily impacted our financial results and caused our dividend
payout ratios to exceed historically targeted levels, we believe we
are on a path to normalcy, both operationally and financially,
which will naturally return the company’s payout ratios to targeted
levels. In the interim, our strong liquidity position and the
long-term stability of our operating performance has provided the
Board of Directors the confidence that the company can safely
absorb the short-term disruption to cash flows and still meet all
of its capital needs while maintaining our dividend at current
levels.”
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager
and developer of high-quality student housing communities in the
United States. The company is a fully integrated, self-managed and
self-administered equity real estate investment trust (REIT) with
expertise in the design, finance, development, construction
management and operational management of student housing
properties. As of September 30, 2020, American Campus Communities
owned 166 student housing properties containing approximately
111,900 beds. Including its owned and third-party managed
properties, ACC's total managed portfolio consisted of 204
properties with approximately 139,900 beds. Visit
www.americancampus.com.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements under the applicable federal
securities law. These statements are based on management’s current
expectations and assumptions regarding markets in which American
Campus Communities, Inc. (the “Company”) operates, operational
strategies, anticipated events and trends, the economy, and other
future conditions. Forward-looking statements are not guarantees of
future performance and involve certain risks and uncertainties,
which are difficult to predict. These risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied in the forward looking-statements include
those related to the COVID-19 pandemic, about which there are still
many unknowns, including the duration of the pandemic and the
extent of its impact, and those discussed in our filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2019 under the heading
“Risk Factors” and under the heading “Business - Forward-looking
Statements” and subsequent quarterly reports on Form 10-Q. We
undertake no obligation to publicly update any forward-looking
statements, including our preleasing activity or expected full year
2020 operating results, whether as a result of new information,
future events, or otherwise.
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