ACC - American Campus Q2 guidance tilts to soft side sees occupancy rising in fall

American Campus Communities (ACC) expects Q2 modified FFO per share of 35 cents to 38 cents, compared with the average analyst estimate of 37 cents.The company said it has begun to see an acceleration in weekly preleasing velocity vs. a year ago and is tracking in line with the broader industry.Asking rental rates for its portfolio, as a whole, remain in line or slightly above a year ago.ACC is "cautiously optimistic" that occupancy levels this fall will increase, but doesn't expect to return to historical occupancy levels for academic year 2021-22.Q1 modified FFO per share of 57 cents exceeds the average analyst estimate of 55 cents; compares with 65 cents in Q4 2020 and 70 cents in the year-ago quarter.Q1 revenue of $232.7M vs. $216.6M consensus and compares with $233.0M in Q4 and $249.4M in the year-ago quarter.Collected average of 97.3% of rent during Q1, representing total delinquency of ~$5.5M,

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American Campus Q2 guidance tilts to soft side, sees occupancy rising in fall