Baird served as a co-manager in this offering.
AboutAmerican Campus Communities, Inc. (NYSE: ACC) (“American Campus” or the “Company”) recently completed a follow-on offering of 17,250,000 shares of its common stock at a price of $44.25 per share, generating gross proceeds of approximately $763.3 million. The Company intends to use the net proceeds from this offering to fund the cash consideration payable in the Campus Acquisitions transaction. Any remaining net proceeds will be used to repay the Company’s current debt, including 100% of the outstanding balance on the Company’s revolving credit facility, to fund the Company’s current development pipeline and potential acquisitions of student housing properties and for general corporate purposes.
American Campus is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. The Company is a fully integrated, self-managed and self-administered equity real estate investment trust, or REIT, with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. The Company’s property portfolio contains 120 properties with approximately 74,900 beds in approximately 23,800 apartment units. As of March 31, 2012, American Campus’ total owned and third-party managed portfolio consisted of 147 properties with approximately 97,800 beds in approximately 32,900 units. The Company seeks to own high quality, well designed and well located student housing properties.
For additional information about this transaction, please contact:
- July 2012
- American Campus Communities, Inc.
- Real Estate
- Target Location
- North America