American Campus provides Q3, FY'21 outlook, details Q2 rent collection | ACC Message Board Posts


American Campus Communities Inc.

  ACC website

ACC   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  27 of 32  at  7/29/2021 5:13:45 PM  by

jerrykrause


American Campus provides Q3, FY'21 outlook, details Q2 rent collection

from SNL Real Estate Daily
 
 

American Campus provides Q3, FY'21 outlook, details Q2 rent collection

 
 
Byline: Maera Tezuka

 
 

American Campus Communities Inc. expects fiscal 2021 funds from operations in the range of $1.95 to $2.09 per share, and modified FFO between $1.93 and $2.07 per share.

In reporting its latest financial results, the student-housing real estate investment trust also said it forecasts third-quarter FFO between 32 cents and 36 cents per share, and modified FFO per share in the range of 33 cents to 37 cents.

The S&P Capital IQ consensus FFO-per-share estimate for the third quarter and full year are 32 cents and $1.92, respectively.

During the quarter, the REIT refunded $700,000 of students' rent for a portion of existing on-campus leases at an unnamed university. It expects to issue $700,000 of refunds in the third quarter and does not expect the need for on-campus refunds to continue into the upcoming 2021-2022 academic year.

It collected an average of 96.8% of rent during the second quarter, representing about $5.8 million of total delinquency, including $300,000 in rent relief under its resident hardship program.

The REIT sold 1.2 million common shares under its at-the-market equity offering program since the start of the second quarter at a weighted average price of $49.05 per share, for net proceeds of approximately $58.9 million.

The proceeds were mainly used to repay borrowings under its revolving facility, which was used to fund the construction of its development pipeline.

 


     e-mail to a friend      printer-friendly     add to library      
|  
Recs: 0  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board




Financial Market Data provided by
.
Loading...