American Campus Communities Inc. (ACC and American Campus) is a university housing development company with its headquarters in Bee Cave, Texas, near Austin. ACC is the nations largest developer and manager of private student housing in the United States. In 2004, American Campus became the first student housing real estate investment trust, (REIT) to become publicly traded. Currently, American Campus manages approximately 200 properties with over 130,000 beds, many in partnership with universities on campus property. Some developments also involve the use of third party nonprofit owner/lessors, which allow tax-exempt bonds to be used to finance the developments. American Campus is part of a growing trend of independently operated housing serving university students; in particular, cash-strapped public universities have found it financially beneficial to allow outside companies to assume the debt generated by housing projects, freeing up capital for the university to spend on other facilities. For example, American Campus developed and manages four properties for the University of California, Irvine, that are owned by the nonprofits EAH Housing and Collegiate Housing Foundation, respectively. While under state law, any money charged by the University of California directly for housing must be used for housing purposes, the rent paid by EAH and the Collegiate Housing Foundation for use of campus property can be used for any purpose. Further, the university bears none of the debt used to finance the property, yet uses these private owned facilities as part of the housing guarantee it extends to students.