Industry Trend - Luxury lounges are now a necessity to attract high-spending travelers [1] Airport Development - Philadelphia International Airport has introduced new luxury lounges [1]

Market Trends & Fundraising - Student housing fundraising reached $20 billion in the first half of the year, marking the highest level in a decade [1] - Despite increased fundraising, overall college enrollment appears to be declining [1] - The number of colleges and universities (over 5,000) is considered too high, suggesting potential consolidation [3] Student Housing Characteristics & Amenities - Strong rent growth indicates a slowdown in new student housing construction starts, which are now beginning to ramp back up [6] - Modern student housing emphasizes high-end finishes and amenities to meet student expectations [7] - Key amenities include private bathrooms for each bedroom and fully furnished units for ease of move-in [8] - High-end amenities now include contemplation spaces, fire pits, upscale fitness centers, and comfortable lounges [10] - Fast and reliable internet is considered the most important amenity in student housing [11] Business Performance & Strategy - The company is approximately 99% pre-leased for the upcoming school year [5] - Rents are 6% higher year-over-year [5] - The company focuses on creating an easy move-in experience for students and parents [8] - The company aims to provide comfortable living spaces with comprehensive amenities close to campus [11]

Industry Trend - Luxury lounges at Philadelphia International Airport are now a necessity to attract high-spending travelers [1]