You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Consistent with those objectives, our communities under the leadership of our field staffs have continued to operate and serve our residents while adhering to the CDC's guidelines and complying with local, municipal and state guidelines.
Our corporate team members have also adapted well to the new work environment and have continued to support our field staffs and to advance all of our strategic business objectives.
I truly believe that we have collectively done some of the best work in our Company's 27-year history during what has certainly been its most challenging period.
The next generation of ACC team members appear to be learning a lot about our business for mom and dad each day.
As you know, at the outset of this pandemic, consistent with our Company values and the previously mentioned eight guiding objectives, we made a pledge that no resident would go without a home because of an inability to pay rent on a timely basis.
We also committed to be compassionate to the financial hardships that our residents and their parents may be experiencing due to COVID and the corresponding government shutdowns.
And we committed to be the best partner possible to our long-term ACE university partners.
Staying true to our pledge and these commitments did indeed cause short-term financial impacts that are reflected in the quarter.
At our off-campus apartment communities and those on-campus apartment communities that American Campus leases in the open market, on a monthly average basis for April, May and June, 93.7% of our residents made their rent payments.
For those that were not able to meet their financial obligations due to hardship, through our resident hardship program we provided nearly $9 million of direct financial relief to more than 6,500 of our residents and their parents.
We also provided an additional $15 million of financial relief to students and parents at our ACE on-campus communities where leasing administration, rent collections and residence life are administered by our university partners.
In addition, our waiving of fees associated with the payment and collection of rent resulted in more than $2 million of budgeted revenues not being collected during the quarter.
As the team will discuss, this $24 million in financial relief and the waiver of fee income makes up the large majority of our diminished revenue for the quarter.
We were able to offset a portion of this through expense reductions that did not diminish our ability to deliver quality service to our residents.
With the majority of our current in-place leases ending in the weeks ahead and a new academic year about to begin at universities across the nation, unlike multifamily residents, the financial position and buying power of the student renter has the potential to improve somewhat.
As many of you will recall from your own college years or from being parents of college students, each year students are eligible to apply for needs-based financial aid in the form of grants, scholarships and student loans.
In the spring and summer of 2019, when those financial aid assessments were being completed for the current academic year, the US economy was at or near all time highs, with unemployment for nearly every demographic group being at all-time lows.
Incomes from the favorable economic conditions were likely reflected in the students' applications for financial aid based on their and their parents' financial position at that time.
As such, when COVID hit in March of 2020, in the middle of this academic year, many of those students and parents saw their income significantly diminish without the benefit of financial aid support.
By contrast, as students have applied for financial aid in the spring and summer of 2020 for the upcoming academic year, those students and parents experiencing financial hardship due to the pandemic are now likely to qualify for more financial aid than they received in the prior year.
We believe this needs-based increase in financial aid likely occurs in every US recession and is perhaps one of the reasons the student housing industry has been so resilient over the years during times of macroeconomic stress.
As we look forward to the next academic year, while we do not believe there will be a full return to normalcy in the fall of 2020, we are cautiously optimistic at this time, given the following four variables.
One, universities' focus on policies and procedures to promote a safe environment in the delivery of their academic curriculum, facilitating a return to campus with some component of in-person instruction.
As reported in the College -- in the Chronicle -- excuse me, as it reported in the Chronicle of Higher Education, at this time, 63 of our 68 universities served are conducting some component of in-person classes.
And it's worth noting, we also continue to have leasing activity of property serving the five universities that have announced predominantly online curriculum delivery, with our four same store properties at these schools being 90% leased and with potential no shows and request for reletting currently representing only 5% potential diminishment in occupancy.
Two, universities now having available data on how COVID impacts the 18 to 22-year-old student demographic and having an improved understanding of how modern apartment style student housing and in-suite bath residence halls facilitate a student's ability to sanitize their own living environment and to isolate in households of two to four residents in times of outbreak.
Three, student sentiment with regard to a desire to be in the college environment with their peers versus at home with mom and dad even if instruction is being delivered predominantly online.
And four, the continued incremental improvement we see in our overall leasing data, coupled with well above normal velocity compared to the same period prior year with regard to traffic, applications, leases and renewals for the last three, 10 and 20 days at our open market properties as of July 17.
As you saw in last night's release, with a range of five to 11 weeks left before the commencement of classes, we are now 90% pre-leased for the upcoming academic year, only 340 basis points behind the prior year.
While the variance to prior year increased from the 230 basis points in our May 31 leasing update, it is worth noting that the variance to prior year at our open market leasing properties have decreased since that time.
And when you review page S8 in our supplemental, the three, 10 and 20-day velocity trends in traffic, applications, leases and renewals would suggest that variance to the prior year should continue to decrease for that core category of properties.
I'd now like to further break down our cautious optimism in terms of the ongoing risk and opportunities that may negatively or positively impact our final leasing numbers.
First focusing on risk.
There are three normal and ordinary risk categories that we routinely manage in each and every annual lease-up.
Those components are: one, renewal skips; two, students who have asked us to attempt to relet their accommodations so that they may be released from their financial responsibility; and three, no shows.
In all three of these risk categories, each year it is our goal to relet prior to the beginning of classes any accommodations that become available due to any of these three reasons.
A renewal skip is a current period leaseholder that has also signed a renewal lease for the upcoming academic year, but has vacated their apartment and quit paying current rent, thus having skipped out on their current lease and the future lease.
Given the definitive actions that they have taken and the certainty that they are not returning for the next academic year, these students are actively removed from our pre-leasing statistics and are not counted as leases in our pre-leasing reports.
Thus far, throughout this lease-up, we have had 178 renewal skips, which is consistent with our historical levels.
With regard to potential no shows and relet request, we commenced our no show management and reletting process in late May, early June versus our normal timing in July in an attempt to ferret out, earlier than usual, the number of students who may not be planning to show up in the fall as well as to proactively identify students who wish to have us help them release their accommodations.
These potential no shows and relet leases are included in our pre-leasing numbers as they have always been at this time in the lease-up.
Our normal and ordinary annual process is to diligently attempt to release accommodations subject to both no show and relet request until the very end of the lease-up process.
At the very end of the annual lease-up process, we then remove from our final leasing statistics any actual no shows and unsuccessful relets that also never took possession of their accommodations and essentially became a no show.
As we have commented to the market over the years, we typically only lose a total of 35 basis points to 60 basis points of final occupancy, with that net loss always having been reflected in the final leasing statistics we report each year.
To be clear, our final fall lease-up occupancy average of 97.5% over the years has always been net of the impacts of the process as we just discussed.
We've also often commented over the years that we believe one of the reasons our fall occupancies typically exceed the industry average by 200 basis points is our diligent administration of this process versus our peers.
As part of this year's efforts to expedite this process, we have undertaken an exhaustive communication process to facilitate engagement with our residents, giving them the opportunity to let us know if there is a possibility that they are not coming.
We do not proactively ask directly, are you going to take possession of the unit or are you planning to no show.
But rather, we undertake communication and discussions related to the steps and actions required with regard to roommate matching, move-in and other coordinating informational items.
This process includes a series of email communications to each resident and their guarantor as well as an attempt to call and actually speak to each resident guarantor.
At our properties leased in the open market, we currently have a total of 72,009 leases for fall, with 28,057 being returning renewal residents that have already taken -- already have possession of their units and 43,952 being new incoming leases, with this latter category representing a greater no show risk.
In addition to our standard email protocols, which again were implemented earlier than usual this year, we, as of this date, have made a total of 64,029 phone calls and successfully have had direct in-person dialog with 68% of our new incoming leases and 20% of our returning renewals.
At this time, our numbers do reflect an increase over the prior year's potential no show and requested relet activity.
While we do know some portion of this increase is due to COVID, we do not yet know to what degree the increase over the same day prior year is directly due to our efforts to expedite the process.
As of yesterday, July 20, we have identified 689 potential no shows as compared to 135 in the prior year.
With regard to relet request, we currently have 1,563 for the current year as opposed to 956 in the prior year.
The combined current year total potential no show relet at this time represents approximately 230 basis points of potential lost occupancy versus 110 basis points in the prior year.
In addition, historically, the no show -- the number of no shows typically increase in the first week of August in concert with the first rent installment being due.
As an example, last year, the 135 potential no shows as of July 20 hit a high of 446 on August 5 of last year.
Through our normal processes, we successfully managed the final impact to only 38 basis points of diminishment due to actual no shows and successful reletting.
We will closely monitor rent payments and increases in potential no shows during the first week of August to determine if historical or above normal increases occur or if our efforts to expedite these processes did in fact accelerate identification of potential no shows and relets earlier than usual.
Well, as of July 20, the combined no show and relet net variance to last year's is 1,161, representing 120 basis points of potential lost occupancy.
The ability to relet both no show and relet request in the COVID environment will likely be more challenging.
This year, with fewer properties being leased and in many cases -- I'm sorry, this year, with fewer properties being fully leased and in many cases not having a wait list to facilitate this process, we will have to rely mostly on increased traffic, applications and leasing velocity to the prior year that we previously discussed to backfill these potential no shows and relet requests.
With regard to opportunities that may further accelerate our leasing velocity beyond historical levels in the late stages of our lease-up, I'd like to discuss universities' fall housing de-densification activities due to COVID.
As we have discussed earlier in the summer, of the approximately 470,000 on-campus beds in the 68 owned markets we serve, over 180,000 of those beds are largely in older traditional residence halls with community bathrooms where as many as 20 to 40 students share common sinks, toilets and showers in small confined spaces, a less than ideal product with regard to consumer preference and the ability to control sanitization to minimize the spread of viruses.
With many universities looking to de-densify this product type by converting double bedrooms to singles, thus cutting in half the number of students sharing these common restroom and bathing facilities, the potential existed for on-campus capacity to be reduced by as much as 90,000 beds.
Based upon our tracking of these de-densification activities by the universities we serve, at this time, 48 of the 68 universities served are de-densifying their on-campus housing, resulting in a reduction of 45,800 on-campus beds.
In addition, a total of 50 of the 68 universities are taking an additional 9,735 on-campus beds offline to use as quarantine housing should a second wave of coronavirus occur, resulting in an actual total reduction of more than 55,500 beds on campus this fall.
As universities are in the final stages of administering these plans and given the fact that to date we have not yet seen a positive variance in velocity in the 48 markets where de-densification is occurring as compared to the 20 where it is not, we are hopeful that we have yet to see the additional off-campus demand that yet may occur.
With regard to on-campus densification impacting our own portfolio via compliance with any mandates covering on-campus university housing, we're pleased to report that we have only 1,061 beds impacted at this time, representing only 110 basis points of capacity lost to our portfolio's designed beds.
I'd also like to briefly touch on the average rental rate increase for the upcoming academic year.
At this time, the 90.1% of leases in place are at an average rent of $807 per bed for a 1.6% increase over the prior year in place average rent.
Whether or not that rate growth increases, decreases or stays largely intact depends upon the rent levels associated with the mix of remaining vacant beds leased, the rent levels associated with leases ultimately not reflected on our final leasing statistics due to final no shows and relapse.
As expected, this quarter the operations team was focused on our response to and preparations for operating the portfolio under eight core objectives as outlined by Bill last quarter addressing COVID-19.
Page S5 of the supplemental highlights our financial performance, which was impacted on the revenue side by rent relief to our residents made either directly or through our university partnerships, followed by wait fees, revenues foregone in our summer camp and conference business and increased reserves for bad debt for our residents.
This resulted in property same-store revenues decreasing by 14.2% which we were able to partially offset with savings and operating expenses of 5.7% for a combined NOI decrease of 20.9%.
In mid-March, since the virus was officially designated a pandemic, the American Campus team has been transitioning our operational systems to accommodate the new norms amid the coronavirus crisis.
Understanding the different property types in our portfolio was essential to creating mitigation strategies for each properties based on how students circulate through the communities.
Over 60% of our portfolio is garden style apartment or townhome units which typically feature exterior unit entries and by nature have less interior circulation and common area interaction.
The balance of our communities consist of 30% mid-rise products and 9% high-rise buildings that rely on the use of common elevator banks and single point entries which require additional mitigation.
As part of our COVID operational plan, we are collaborating with RB, the maker of Lysol, and implementing a comprehensive Be Safe, Be Smart, Do Your Part program.
Our approach to operating in a pandemic environment can be broken down to four key components: material specifications, operational policies, staff and student education and the promotion of resident accountability and responsibility.
In addition to following CDC and EPA guidelines, ACC's collaboration with RB-Lysol will greatly enhance areas of the operational plan.
The Be Safe, Be Smart, Do Your Part program began with a touch point analysis of the public spaces in each of our communities.
Simply put, our operations team evaluated every public area from the building entry throughout the community and identified the high-touch surface areas, in areas where close interaction would occur.
This essential analysis, which highlighted single-point entries, door handles, reception desks, elevators, public bathroom fixtures, among others, gave us the information needed to begin implementation of all aspects of the program.
Antimicrobial surface overlays, which have a chemical response that continuously self-cleans contaminants off the surface were applied to door handles, touch-screens and elevator buttons.
To further minimize touch points, ACC has also incorporated door foot pools at some public restrooms, touch-less trash and recycling receptacles, touch-less paper towel dispensers and touch-less soap dispensers.
Hand sanitization stations were placed at entries, amenities and elevator lobbies while sanitization white stations were strategically placed promoting student involvement in the disinfecting of high-touch surface areas.
The annual operation expense on these items is approximately $2.5 million to $3 million.
Signage has been installed to highlight policies that will promote physical distancing, maximum recommended occupancies and best practices.
We are also providing our residents at every community with updated rules and regulations addressing COVID-19 resident responsibilities, a student code of conduct that addresses the use of amenity spaces and education for residents to perform a daily wellness self-checklist to assess their health before leaving their student unit.
ACC has also comprehensively overhauled our cleaning policies and procedures.
We are proud to have co-written these cleaning policies and procedures with RB-Lysol as the US Environmental Protection Agency recently approved Lysol disinfectant spray as the first product to test effective against the virus that causes COVID-19 when used on hard nonporous surfaces.
Our revised cleaning regimen, including the frequency of deep clean and high touch-point surface areas has customized products and procedures for each type of functional space in our student housing communities.
As we turn in make ready units, we will disinfect with Lysol products and prepare each student unit and bedroom according to the co-written Lysol protocols, and we will place a Lysol clean and confident room seal on the unit and bedroom doors, which will not be broken until the resident renters their unit and bedroom.
Our operational staff have new policies for safe engagement with residents as well as each other, and have been issued masks, gloves and other equipment along with guidelines for their use.
We will also reach out and educate our residents through a healthy living email campaign, virtual brochures and virtual resident life programming.
Our residence life programming initiatives will support the health and wellness and academic and personal success of our residents.
While education is key to understanding the current environment, perhaps the most critical part of the Be Safe, Be Smart, Do Your Part program is promoting self-accountability and responsibility among our residents.
As such, the most important part of collectively mitigating the spread of the virus is the individual actions of our residents.
For this unprecedented fall semester, we have physical distancing, sanitization knowledge and personal responsibility practices will become the new behavioral norms for our student residents.
Already, we are delighted to see our residents embrace the new personal responsibility policies at our communities.
Beginning with our 2020 owned development deliveries, I'm pleased to report that we have received all necessary permits for occupancy for all projects expected to be completed for this August, including the second phase of our Disney College Program housing and projects at San Francisco State and USC Health Sciences.
While those developments are targeted to open on time and on budget despite the potential disruption from COVID-19, we are experiencing impacts to targeted occupancy for fall of 2020.
With regards to the Disney project, Flamingo Crossings, while Walt Disney World has reopened to limited capacity, based on discussions with Disney, we do not currently anticipate occupancy of the project in 2020 based on their current reopening schedule and labor onboarding.
While the situation remains fluid, we will have 1,600 beds available in August, increasing to 2,600 beds in January 2021 ready to occupy DCP participants once the program recommences.
Through the terms of the ground lease, our project has a first fill provision for all DCP participants in the program.
To the extent the interim program continues to be suspended for a prolonged period of time, we have the right in the ground lease to open the project to all of Walt Disney World's Orlando based employees along with the additional backup provisions where we have the right to convert the project to a hotel and which Disney has the right to offer and manage as part of their hospitality portfolio.
Each of these alternate uses has pro forma returns equal to or greater than the development's intended primary use.
With regards to San Francisco State University, the university officials have mandated to significantly reduce the amount of on-campus housing available for fall 2020 as part of de-densification efforts.
Our project is operating under a marketing and license agreement, with San Francisco State performing the leasing administration duties for this academic year.
After discussions with the University, we anticipate that the project will open at 60% capacity and a single occupancy configuration for this fall.
There remains the potential to return to fully designed bed capacity for spring and summer 2021, and we will continue to monitor the situation and work closely with the University.
With regards to USC Health Sciences phase two, we are currently 72% pre-leased and are working through continued leasing activity and the no show process for fall.
We will provide a comprehensive update on all fall deliveries on the Q3 call.
Moving to our on-campus P3 business.
We have a strong pipeline of on-campus development of 10 projects in various levels of pre-development.
First, we anticipate closing and commencement of construction on our third-party project at Georgetown University in Q3 of this year as originally planned.
However, due to the disruptions caused by COVID-19, our third-party projects at Concordia, University of California, Berkeley, Upper Hearst and University of California, Irvine, are anticipated to be delayed until next year.
We currently expect to close and commence construction on all three projects in 2021, with Concordia delivering -- with Concordia targeting delivery in fall of 2022 and UC Berkeley and UC Irvine targeting delivery in fall of 2023.
And we continue to make progress in the early stages of pre-development on our previously announced awards at MIT, Virginia Commonwealth University, Princeton, Northeastern, UC Berkeley and West Virginia University.
The final structure, scope, feasibility, fees and timing for all projects in pre-development have not yet been finalized.
Overall, while we have seen some procurement and housing initiatives temporarily delayed and suspended through COVID-19, we continue to pursue numerous active procurements and see a vibrant future pipeline of on-campus development opportunities.
As Bill mentioned in his remarks, universities across the country have had to de-densify on-campus housing, with beds impacted consisting primarily of older traditional dorms with community baths.
Consumer preferences also weighted heavily to more modern apartment and suite style accommodations that more easily allow sanitization and, if needed, isolation to occur within the unit.
In addition, due to de-densification, other reduced revenue streams and related financial impacts, universities will utilized off-balance sheet financing structures in order to update their housing stock, including both project based financing as well as equity based models like our ACE program.
We expect that the combination of these facts will further accelerate the need for the modernization of outdated on-campus housing, utilizing the P3 financing method, and believe ACC is well positioned as the established best-in-class partner to capitalize on this expanding opportunity.
In addition to what we believe will be an expanding opportunity on-campus, ACC is also positioning itself to execute on opportunistic investments that may arise from the COVID-19 crisis and corresponding economic environment.
Given that our recent cost of public equity continues to be at disconnect to private market valuations, it is prohibitive for us to execute on the many investments in the current environment.
As such, we are expanding our joint venture equity strategy in order to pursue external growth.
We have engaged [Indecipherable] financial advisor and are currently in the market to identify equity sources for joint venture or fund in which ACC would invest minimal equity or contribute existing assets as minority GP.
In addition to our existing partnership with Allianz, the identification of external equity partners will allow ACC to pursue external growth, off-balance sheet, while also offering further access to liquidity via dispositions if the current economic crisis continues.
We plan to utilize this off-balance-sheet structure to execute on our proven core competency of identifying and executing on investment opportunities that drive outsized returns for both ACC and our strategic capital partners.
ACC will benefit in the form of earnings per share and FFO growth to the generation of fees and potential promotes upon outperformance while requiring minimal equity investment to preserve our balance sheet for more accretive investments.
We will keep the market up to date as we make progress.
Finally, looking forward to the fall 2021 academic year, we continue to see favorable reductions in new supply across our owned markets.
Within ACC's 68 markets, we are tracking 17,600 beds currently under construction for 2021, with a potential additional 1,200 beds planned, but not yet under construction, reflecting a decline of 14% to 20% in new supply off the current year's decline of 20%.
Even if all planned beds were delivered for fall of 2021, this is the lowest number of beds delivered in our markets since 2011.
We will update the market with respect to these potential deliveries on our third quarter call.
As we reported last night, total FFOM for the second quarter of 2020 was $50.9 million or $0.37 per fully diluted share.
As has been discussed, Q2 was a quarter significantly impacted by the effects of COVID-19 and the associated governmental shelter in place orders put into effect across the country.
While we cannot completely isolate every item related to the pandemic, we believe approximately $23 million to $24 million in FFOM was lost due to situations surrounding the pandemic this quarter.
Overall, owned property revenue was $32.4 million negatively impacted by COVID related rent relief, lost summer camp revenue, increased bad debt and waived fees and other items.
Somewhat offsetting the lost revenue, owned property operating expenses were $8 million lower than originally budgeted as we were able to reduce spend in each area except for the uncontrollables of insurance and property taxes.
As a result of the lower than originally budgeted property NOI, ground lease expense was approximately $500,000 less due to a reduction in outperformance rent being paid to our university ground lessor partners.
And joint venture partners' noncontrolling interest in earnings was approximately $1.2 million lower.
Additionally, third-party management fee income was approximately $1 million lower and FFOM contribution from our on-campus participating properties was also almost $800,000 lower due to universities refunding a portion of spring rents at properties in both of these business segments.
Lastly, we were able to create approximately $800,000 in G&A and third-party overhead expense savings relative to our original plan for the quarter.
Due to the continued uncertainty created by the pandemic and the ultimate effect of any actions taken by universities with regard to curriculum delivery for the 2021 academic year, we are not issuing new 2020 earnings guidance at this time.
We do however want to make you aware of some additional impacts of the pandemic that you should expect as we close out the current academic year in the first couple of months of the coming quarter.
July will represent the last month of the current in-place leases at a substantial majority of our properties, and we expect delinquencies will not materially differ from recent months.
We also have some additional anticipated refunds in our on-campus ACE portfolio for the remainder of the summer term, expected to be in the range of approximately $1.5 million to $2.5 million, which should still keep us within the originally communicated range of expected refunds.
And finally, with regards to other income, we continue to expect a little to no summer camp business, and we are continuing to waive late fees and convenience fees through the remainder of the current academic year, which, combined, is expected to result in the loss of $5 million to $6 million in other income in the third quarter.
As William discussed, we now believe it is likely that the three third-party development projects at the University of California, Irvine, Berkley and Concordia University originally scheduled to commence in 2020 will be delayed until 2021.
These projects were expected to contribute a combined $4 million in development fee income in 2020.
While there will be some continued financial impacts of the pandemic into the immediate future, the consumer sentiment and university policies Bill discussed give us confidence that longer-term, our operating results will return to normalized levels.
In the meantime, we have a strong and healthy balance sheet and substantial liquidity to allow us to absorb the disruption.
We further improved the Company's balance sheet liquidity in June with a well-received 10 year $400 million bond offering, using the proceeds to reduce the outstanding balance on the Company's $1 billion revolving credit facility.
As of June 30, we had over $800 million of availability on our revolver, with no remaining debt maturities in 2020 and a manageable $167 million in secured mortgage debt maturing in 2021.
As detailed on page S15 of our earning supplemental, including all projects currently under development for delivery through 2023, we have only $279 million in remaining development capital needs.
As of June 30, the Company's debt to total asset value was 40.9% and net debt to EBITDA was 7.6 times.
Although our leverage ratios are temporarily elevated at this time relative to the targets we have historically communicated due to the short-term COVID related disruption discussed, we feel confident about the capital plan we continue to lay out on page S15, which will bring the Company's debt to total assets back into the mid-30% range and debt to EBITDA back to the high-5 times to low-6 times range.

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q2 adjusted ffo per share $0.37.
q2 same store net operating income decreased by 20.9 percent versus q2 2019.
anticipates about $1.5 to $2.5 million in rent refunds in q3 of 2020.
no remaining debt maturities in 2020.

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