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Employs 1,985 professionals.

45 offices; a presence in 24 countries.

5,000 customer relationships.

$54 billion in total assets.

$71 billion assets under management.

Investment Notes

It's a mixed report card for the REITs that specialize in student housing. American Campus Communities became the first public  REIT to focus on this specialty when it floated its IPO in 2004. The Austin-based developer of campus residential facilities saw a long-term opportunity in swelling college enrollments as Gen Y kids—the offspring of Baby Boomers—leave home. ACC recently saw its shares hit an all-time high, passing the $30 per share mark.

The company recently announced the start of its biggest project, the $138 million  South Campus Residential Community at Arizona State University in Tempe, Ariz. This is the first phase of what the company says could be a $360 million project to bring modern housing to the 51,000-student campus. The ASU project is the first on-campus student residence to be funded and owned completely by an outside developer.
 While the demographics of campus housing are good, ACC's competitors are faring less well.

GMH Communities Trust, which operates both student and military housing, recently undertook a strategic review, after announcing a dividend cut. The REIT's management announced it has disbanded a special board committee that was looking at various options, including selling the company. It will, however, look at ways to pare its portfolio to concentrate on certain geographic regions where it can achieve economies of scale and will continue to seek joint-venture partners.

The third REIT in the space, Education Realty Trust, in December warned that its funds from operations (FFO) for the fourth quarter would come in below analyst estimates. It blamed the shortfall on a variety of factors, including higher property taxes and the loss of management fees from the sale of a property.