REIT - American Campus' preleasing deficit continues to narrow as students transition back

American Campus (ACC) said since Walt Disney World Resort began its Disney College Program ((DCP)) leasing activities on May 27, 1,650 participants have signed agreements to begin occupying Flamingo Crossings Village in June.The company expects the project to meet its original 2022 targeted yield, with stabilization occurring in May 2023. Five of the project's 10 phases are scheduled to be delivered by July, representing 4,996 beds.Walt Disney World Resort had earlier temporarily suspended the program in 2020 due to the COVID-19 pandemic.With regard to its portfolio, the company noted that preleasing deficit continues to narrow, compared to the prior year, as universities and students transition back.Since March 12, average weekly velocity of applications and leases were 2.5 times year-over-year.American Campus CEO Bill Bayless noted that the company did not expect to fully return to historical occupancy levels for academic year 2021-2022. Bayless said "Rental rates for the preleasing we have completed to date

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American Campus' preleasing deficit continues to narrow as students transition back