ACC - American Campus Communities' Rebound Is Fully Priced In But The Looming Enrollment Cliff Is Not

• ACC is enjoying a strong rebound from the ravages of COVID-19 and online classes.
• The student housing REIT expects to see a full recovery in occupancy in the Fall of 2022.
• But investors should weigh present strength against a probable future higher ed enrollment cliff. It's a matter of simple demographics.
• Moreover, damaged relations with China, the largest "importer" of foreign students to US universities, seems to have triggered a sea change in the Chinese attitude about obtaining an American education.
• I give my argument for why ACC's valuation is too rich given the headwinds it will eventually face.

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