The Buy Thesis
Campus Crest (CCG) is a student housing REIT with multiple catalysts that should create substantial outperformance.
- Strong industry fundamentals
- Deep value compared to its peers
- Thriving operations
- Unique development capabilities provide superior growth
- Healthy Balance sheet with ample liquidity
- Bigger tax advantaged dividend
Together these catalysts provide outsized reward relative to the risk. Let us explore each in more depth.
The demand for student housing is highly correlated with college enrollment and it appears to be increasing. As adult students tend to live away from campus, the more relevant students of the enrollment pool are those fresh out of high school.
While a sizable portion of the increase is part-time students who are...
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