American Campus Communities (ACC) actually does most of its business off campus. The self-managed real estate investment trust (REIT) owns and operates student housing properties located at or near colleges and universities in more than 25 states. The company leases the ground for on-campus properties from the schools, which in turn receive half of the net cash flow from these properties. ACC also works with schools to develop new properties and renovate existing housing, and provides third-party leasing and management services for other student housing owners. In all, the REIT manages about 206 properties (with some 133,000 beds) at more than 90 schools in the US and Canada.