AUSTIN, TX - American Campus Communities, Inc. (NYSE:ACC), one of the nation's largest developers, owners and managers of high-quality student housing properties, today announced that it plans to sell 10,000,000 shares of its common stock in an underwritten public offering. The company also plans to grant the underwriters an option to purchase up to an additional 1,500,000 shares of common stock to cover overallotments, if any.
The Company intends to use the net proceeds from the offering to fund the previously announced acquisition of the 90% interest not currently owned by it in 14 of the properties in an existing joint venture portfolio, to fund its development pipeline and other opportunistic acquisitions, to repay debt, including the outstanding balance of its revolving credit facility, and for general corporate purposes.
BofA Merrill Lynch, KeyBanc Capital Markets, Deutsche Bank Securities and J.P. Morgan will serve as joint book-running managers for the offering.
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. American Campus Communities 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.
Source: American Campus Communities