Strong Financial Foundations and Future Growth Prospects
COMPANY COMPETITIVE POSITION
Historically recession resistant cash flows.
Stable Performance Through Cycles
Indexed Growth
200
180
160
140
120
100
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
8842
80
-20.0%
60
40
-30.0%
20
-40.0%
0
-50.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
14 Yr Public University Enrollment
Same Store NOI Growth (Indexed) -Multifamily Same Store NOI Growth (Indexed)
Year over Year Growth
ACC's recession resilient cash flows have produced similar same store
NOI growth to multifamily, with less volatility throughout the economic
cycle.
Strategic capital recycling has further strengthened portfolio quality relative
to last downturn.
S&P 500 Annual Return
Portfolio Improvement Since Last Downturn
Distance to Campus (% of Beds)
< 1/2 Mile
2009
58%
1 Mile 1+ Miles
22% 20%
2019
93%
7%
0%
% of Beds On-Campus
2009
8%
2019
26%
9
Sources: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Fall Enrollment component final data (2002, 2003, 2006 - 2016) and provisional data (2004, 2005, 2017). ACC Research.
1. Multifamily peer group includes AVB, AIV, EQR, ESS, CPT, MAA, UDR.
Note: 2018 & 2019 enrollment growth based on ACC portfolio.View entire presentation