Profile: American Campus Communities Inc (ACC)
9 Dec 2013
American Campus Communities, Inc. (ACC), incorporated on March 9, 2004, is a self-managed and self-administered real estate investment trust (REIT). The Company specializes in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. It operates in four segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services and Property Management Services. As of December 31, 2012, its property portfolio contained 160 properties with approximately 98,800 beds in approximately 31,800 apartment units. Of the 160 properties, nine were under development as well as an additional phase under development at an existing property. In January 2012, the Company acquired the remaining 90% interest in University Heights, a 204-unit, 636-bed property located near the campus of the University of Tennessee. In May 2012, the Company acquired Avalon Heights, a 210-unit, 754-bed wholly owned property located near the campus of the University of South Florida in Tampa. In August 2012, the Company acquired The Block, a 669-unit, 1,555-bed wholly owned property located near the campus of The University of Texas at Austin. In July 2012, the Company acquired University Commons, a 480-bed off-campus community serving students attending the University of Minnesota. In September 2012, it acquired Campus Acquisitions’ 15 student housing properties with 6,579 beds. On November 30, 2012, the Company acquired student housing properties with 12,049 beds, including 366 beds at an additional phase from affiliates of Kayne Anderson Capital Advisors, L.P.
Through one of ACC’s taxable REIT subsidiaries (TRSs), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of December 31, 2012, also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 27 properties that represented approximately 22,500 beds in approximately 9,100 units. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years. As of December 31, 2012, its total owned and third-party managed portfolio included 187 properties with approximately 121,300 beds in approximately 40,900 units.
The Company’s wholly-owned properties segment include American Campus Equity (ACE). Its On-Campus Participating Properties segment includes four on-campus properties owned by one of its TRSs that are operated under long-term ground/facility leases with two university systems. The Company’s third-party services consist of development services and management services and are typically provided to university and college clients. Many of its third-party management services are provided to clients for whom it also provides development services. The Company’s Development Services segment consists of development and construction management services that it provides through one of its TRSs for third-party owners. These services range from short-term consulting projects to long-term development and construction projects.
The Company’s pre-development services typically include feasibility studies for third-party owners and design services. Feasibility studies include an initial feasibility analysis, review of conceptual design, and assistance with master planning. Construction management services consist of hiring of project professionals and a general contractor, coordinating and supervising the construction, equipping and furnishing process on behalf of the project owner, including site visits, hiring of a general contractor and project professionals, and coordination and administration of all activities necessary for project completion. The Company’s Property Management Services segment, conducted by its TRSs, includes revenues generated from third-party management contracts in which it is responsible for marketing, leasing administration, facilities maintenance, business administration, accounts payable, accounts receivable, financial reporting, capital projects and residence life student development.
American Campus Communities Inc
12700 Hill Country Boulevard
AUSTIN TX 78738