from SNL Real Estate Daily
American Campus Communities collects 94.6% of Q3 rents
Byline: Maera Tezuka
American Campus Communities Inc. received an average of 94.6% of rent for the third quarter, compared to 93.7% collected in the second quarter.
The third-quarter rent collection represents total delinquency of approximately $8.5 million.
In reporting its latest financial results, the student-housing real estate investment trust said it agreed to partially refund rent to students that had on-campus lease terms covering the third and fourth quarters, at the request of one of its university partners. It received payments for 96.9% of rent for September, the first full month of the new 2020-21 academic year.
The REIT's total refunded rent came to $2.1 million during the third quarter, and an additional $1.2 million is expected for the fourth quarter.
The company said it is not engaged in discussions about rental refunds with respect to its on-campus American Campus Equity properties.
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