Investment Thesis
Student housing is an attractive space within the REIT sector due to its strong demand profile, high barriers to entry, and consistent earnings record. American Campus Communities Inc. (ACC) is well-positioned to benefit from tailwinds in the student housing industry including enrolment growth, increasing demand from international students, and aging campus residence facilities. American Campus Communities employs a niche business model that enables the company to own student housing facilities on university campuses. The ability to develop properties on university campuses through customized public-private partnerships is a strong competitive advantage for