Type Public Area served United States | Industry Student housing Founded 1993 | |
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Traded as NYSE: ACCS&P 400 Component Key people William C. Bayless, Jr. (CEO) Revenue US$304 Million (FY 2009) Stock price ACC (NYSE) US$ 51.34 -0.09 (-0.17%)27 Feb, 4:02 PM GMT-5 - Disclaimer CEO William C. Bayless Jr. (Oct 2003–) Subsidiaries American Campus Communities Operating Partnership, LP Profiles | ||
American campus communities where students love living
American Campus Communities Inc. (ACC and American Campus) is a university housing development company with its headquarters in Bee Cave, Texas, near Austin.
Contents
- American campus communities where students love living
- American campus communities acc
- Overview
- Corporate affairs
- References
American campus communities acc
Overview
ACC is the nation's largest developer and manager of private student housing in the United States. In 2004, American Campus became the first student housing real estate investment trust, (REIT) to become publicly traded. Currently, American Campus manages approximately 200 properties with over 130,000 beds, many in partnership with universities on campus property. Some developments also involve the use of third party nonprofit owner/lessors, which allow tax-exempt bonds to be used to finance the developments.
American Campus is part of a growing trend of independently operated housing serving university students; in particular, cash-strapped public universities have found it financially beneficial to allow outside companies to assume the debt generated by housing projects, freeing up capital for the university to spend on other facilities. For example, American Campus developed and manages four properties for the University of California, Irvine, that are owned by the nonprofits EAH Housing and Collegiate Housing Foundation, respectively. While under state law, any money charged by the University of California directly for housing must be used for housing purposes, the rent paid by EAH and the Collegiate Housing Foundation for use of campus property can be used for any purpose. Further, the university bears none of the debt used to finance the property, yet uses these private owned facilities as part of the housing guarantee it extends to students.
Corporate affairs
The company has its headquarters in Buildings S and T in the Hill Country Galleria shopping development, in Bee Cave, Texas, near Austin. The ACM headquarters occupies 46,000 square feet (4,300 m2) of space. The company offices were scheduled to open there in December 2010.
Previously American Campus Communities had its headquarters in Las Cimas, an office complex in unincorporated Travis County, Texas, near Austin. ACC sublet area that was leased by Dell USA. ACC moved out of Las Cimas and moved to Bee Caves.