ACC Reports Occupancy Decline of 710 Basis Points Across Student Housing Portfolio

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC), the nation’s largest owner and manager of student housing properties, reported that its portfolio had an occupancy rate of 90.3 percent as of Sept. 11, 2020. The Austin-based REIT posted a same-store portfolio-wide occupancy rate of 97.4 percent a year ago, netting a year-over-year decline of 710 basis points. CEO Bill Bayless said that the company was encouraged by overall leasing activity in June and July but remains concerned about whether in-person classes will prevail throughout the fall semester. ACC has already felt some of this impact, Bayless said, noting that the delay or cancellation of on-campus classes stemming from the COVID-19 pandemic had already caused a 16 percent year-over-year drop in occupancy across properties that primarily serve first-year students. As of mid-2020, ACC owned 166 student housing properties totaling 111,900 beds across the country.