Strong Financial Foundations and Future Growth Prospects
CURRENT BUSINESS UPDATE
Students desire to be in college environment.
Universities were able to successfully manage enrollment despite the turmoil caused by COVID-19.
ACC achieved an average same store rental rate increase of 1.1% and 90.3% leased rate for Fall 2021.
As of September 30th, classes at 13 of the universities ACC serves were primarily in-person, while 55 universities were using some level of
online curriculum delivery methodology.
- However, Fall 2020 total enrollment at the universities ACC serves is flat compared to 2019 (-0.3% year over year).
Leasing at properties that primarily serve first-year students was most impacted by COVID-19 but the company expects the long-term impact
to be limited as first-year enrollment was only down 1.6%.
Universities that reported on international enrollment statistics were also able to absorb a 14.1% decline in international enrollment by
admitting more domestic students and ultimately only experiencing a 0.4% decrease in total enrollment.
Fall 2020 Enrollment Data
Fall 2020 Enrollment Data by CHE Curriculum
Delivery
# Markets w/
# Markets
Data
% Change
Fall Curriculum Plans
w/ Data
% Change
Change in Total Enrollment
68
-0.3%
Hybrid
21
1.2%
Total Change in Enrol. - Growth Markets
33
2.5%
Primarily in person
13
-0.1%
Total Change in Enrol. - Decline Markets
35
-3.0%
Primarily online
30
-1.2%
Change in First-Year Enrollment
61
-1.6%
Fully online
4
-3.3%
Change in International Enrollment
60
-14.1%
Total
68
-0.3%
Source: The Chronicle of Higher Education data as of September 30, 2020 and ACC Research.
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