American Campus Communities Provides Update Regarding the Resumption of the Disney College Program
May 05 2021 - 6:43PM
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., is pleased to share that on May 3, 2021,
Walt Disney World® Resort announced it is relaunching the Disney
College Program in June 2021. Participants in the program are
expected to begin to occupy the company’s Flamingo Crossings
Village community near Walt Disney World Resort in Orlando as early
as this summer.
American Campus Communities is currently under construction on
Flamingo Crossings Village, a 10-phase, $615 million residential
community for participants of the Disney College Program. As of
today, four of the project’s 10 phases have been completed. The
company is actively communicating with Walt Disney World Resort
regarding the near-term timing and pace of occupancy and will
provide the market with additional details as they become
finalized. The remaining phases are expected to be delivered as
originally anticipated through May 2023. Barring any unforeseen
future impacts related to the COVID-19 pandemic, we now expect each
phase to achieve its originally anticipated opening yield beginning
in 2022.
“We are truly excited Disney has announced the resumption of the
Disney College Program sooner than previously anticipated,” said
Bill Bayless, American Campus Communities CEO. “While COVID-19
temporarily delayed the initial occupancy of Flamingo Crossings
Village, we have always had confidence in our collaboration with
Disney and the long-term success of the project. As we stated on
our recent first quarter earnings call, we now believe that
occupancy will ramp-up at a pace that allows us to meet our
targeted stabilized yield of 6.8 percent by May 2023 as originally
anticipated prior to the pandemic.”
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 March 31, 2021, 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 207 properties with
approximately 142,400 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, 2020 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
2021 operating results, whether as a result of new information,
future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210505006188/en/
Ryan Dennison Investor Relations (512) 732-1000
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