American Campus Communities Provides Update Regarding the Resumption of the Disney College Program
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 (News - Alert) 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 prviously 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.
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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