Land & Buildings Issues “Ace The Test ACC” Presentation Outlining Urgent Need to Unlock Value for Shareholders at American Campus Communities
Highlights Need for Company to Make Clear it Will Do Whatever is Necessary to Capture
Believes Board Needs Additional Change, Including a Shareholder Representative, to Regain Credibility and Properly Oversee Management’s Operational and Capital Allocation Decisions
Intends to Nominate Highly Qualified Shareholder Representative for Election to the Board at Company’s 2022 Annual Meeting
Launches Website www.AceTheTestACC.com
L&B Hosting a Webcast Today at
Please join Land & Buildings’ webcast today at
The webcast presentation is available at www.AceTheTestACC.com.
Land & Buildings Founder and Chief Investment Officer,
Highlights of the presentation include:
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Untapped Opportunity. The Company trades at a substantial discount to NAV, trading at nearly a
5% implied cap rate while private market comps are trading at3.75% –4.25% cap. -
Persistent Underperformance and Disappointment. Since our
January 2021 cooperation agreement with the Company, ACC’s total shareholder returns have continued to lag peers – underperforming by18% versus apartments and13% versus proxy peers. This troubling pattern has been consistent over the past 1-, 3-, 5-, 10-years. This presentation highlights the root causes of that underperformance, including inferior capital allocation, weak core growth and poor investor communication. - ACC Cliff Notes for Success. L&B recommends the Company communicate that the discount to NAV is unacceptable, and it will close the gap by aggressively selling assets and returning capital to shareholders, cut the fat in G&A and property operating expenses, improve revenue management, continuously evaluate all strategic options and add a shareholder representative on the Board.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005244/en/
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