The shares of American Campus Communities, Inc. (NYSE:ACC), the largest student housing REIT, performed poorly in 2013. Although the company has a track record of strong operations, there were a series of leasing, integration, and communication missteps that negatively impacted the shares. Additional concerns include new supply, decelerating enrollment growth, online education, and rising student debt. We are re-evaluating our investment in the company.
From Baron Funds fourth quarter 2013 shareholder letter.