ACC - American Campus Q3 beats; rent collection improves in September

American Campus Communities' (ACC) collection rate for September rent improved to 96.9% vs. 94.6% average for Q3 and 93.7% for Q2.ACC rises 1.9% in after-hours trading.Q3 modified FFO per share of 32 cents beats the average analyst estimate of 30 cents and declined from 46 cents in the year-ago quarter.Q3 revenue of $202.7M exceeds the $190.1M consensus estimate and fell from $227.7M a year ago.Q3 same-store net operating income fell by 14% Y/Y as revenue decreased by 9.3% and operating expenses decreased 5.2%.Same-store revenue were impacted by ~$15.0M of rent relief, lost revenues from summer camps and conferences, waived fees, increased uncollectible accounts primarily associated with previous academic year leases, and other COVID-19 related items.Also, due to the decrease in occupancy of the same-store portfolio for the academic year 2020-2021, same-store revenue for the quarter were ~$8.6M below those anticipated before the impacts of COVID-19.Achieved average rental rate increase of 1.1% and

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American Campus Q3 beats; rent collection improves in September