ACC - Jonathan Litt renews calls for change at American Campus Communities

Jonathan Litt's Land & Buildings Investment Management sends an open letter to American Campus Communities (NYSE:ACC) shareholders calling for new voices on the REIT's board, given its "consistent inability to close its gap to net asset value and deliver for shareholders." The investment firm plans to nominate a shareholder representative at the company's 2022 annual meeting. Land & Buildings' cooperation agreement with American Campus (ACC) has "proven insufficient, it said. Litt is calling on American Campus (ACC) to improve margins, implement an plan to return capital to shareholders, and to improve communications with investors. Specifically, the shareholder wants the REIT to accelerate asset sales, reduce G&A expenses, buy back stock and "continuously evaluate all strategic options," including a potential sale of the company. "The company has continued to trade at a material discount to its net asset value, has continued to make strategic missteps, and shareholders have continued to suffer

For further details see:

Jonathan Litt renews calls for change at American Campus Communities