Opinions
Derek Warren
American Campus Communities
ACC-N
WATCH
Jul 15, 2014
$39.640
Stock price when the opinion was issued
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An asset class you can’t get access to in Canada in the public markets. It is condo-style student housing within a mile max of campus, if not on it. Through financial crisis, they generated organic cash flow growth. 60% payout ratio so they expect a dividend increase. Made a huge acquisition last year which should come on line this year. 2-4% cash flow from the portfolio itself. 12-14% total return going forward.
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He can’t get over the amount of student debt so it must be parents funding accommodation. These apartments are very luxurious. He thinks it is a challenging market in this environment. He is waiting to see some of the new developments and how they fill up. He likes the US hotel space and industrial space, which are directly linked to the economy.