Baird served as a co-manager in this offering.
AboutAmerican Campus Communities, Inc. (NYSE: ACC)(“ACC” or the “Company”) recently completed a follow-on offering of 13.8 million shares of its common stock at $27.00 per share, generating approximately $372.6 million of gross proceeds. The Company intends to use the net proceeds from the offering to fund the previously announced acquisition of the interest not currently owned by it in an existing joint venture portfolio, to fund its development pipeline, to repay debt and for general corporate purposes.
American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The Company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. ACC owns 87 student housing properties containing approximately 53,800 beds. The Company also owns a minority interest in 18 joint venture properties containing approximately 9,800 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 139 properties with approximately 88,600 beds.
For additional information about this transaction, please contact:
- August 2010
- American Campus Communities, Inc.
- Real Estate
- Target Geography
- North America