Key Developments: American Campus Communities Inc (ACC)
39.44USD
18 Jun 2013
$0.19 (+0.48%)
$39.25
$39.19
$39.83
$39.08
809,579
846,474
$48.49
$38.50
Latest Key Developments (Source: Significant Developments)
American Campus Communities Inc Increases Quarterly Dividend
American Campus Communities Inc announced that on May 1, 2013 its Board of Directors declared a regular quarterly dividend of $0.36 per share of common stock, payable on May 30, 2013, to shareholders of record at the close of business on May 16, 2013. The declared dividend is a 6.7% increase over the prior quarterly dividend of $0.3375 per share of common stock. Full Article
American Campus Communities Inc Reaffirms FY 2013 FFO Guidance
American Campus Communities Inc announced that for fiscal 2013, the Company is maintaining its previously stated guidance range for Fund From Operation (FFO) of $2.37 to $2.46 per fully diluted share and FFOM of $2.32 to $2.42 per fully diluted share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report FFO per share of $2.39 for fiscal 2013. Full Article
American Campus Communities Inc Announces Pricing of $400 Million 3.750% Senior Unsecured Notes Due 2023
American Campus Communities Inc announced that its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration. These ten-year notes were issued at 99.659% of par value with a coupon of 3.750% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on April 15 and October 15, with the first payment beginning on October 15, 2013. The notes will mature on April 15, 2023. The Operating Partnership expects to use the net proceeds of approximately $394.9 million to repay the outstanding balance of its revolving credit facility, to fund its current development pipeline and potential acquisitions of student housing properties and for general business purposes. Settlement is scheduled for April 2, 2013. BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities are Joint Book-Running Managers for the offering. Full Article
American Campus Communities Inc Issues FY 2013 FFO Guidance In Line With Analysts' Estimates
American Campus Communities Inc announced that for fiscal 2013, it expects fund from operation (FFO) to be in the range of $2.37 to $2.46 per fully diluted share and FFOM to be in the range of $2.32 to $2.42 per fully diluted share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report FFO per share of $2.39 for fiscal 2013. Full Article
American Campus Communities Inc Announces Quarterly Dividend
American Campus Communities Inc announced that on January 29, 2013 its board of directors declared a regular quarterly dividend of $0.3375 per share of common stock, payable on February 22, 2013, to shareholders of record at the close of business on February 8, 2013. Full Article
American Campus Communities Inc Acquires $862.8 Million Kayne Anderson Portfolio
American Campus Communities Inc announced that on November 30, 2012 completion of the previously announced acquisition of 19 select student housing properties with 12,049 beds, including 366 beds at an additional phase currently under development at an existing property, from affiliates of Kayne Anderson Capital Advisors, L.P. The aggregate purchase price of $862.8 million includes the assumption of approximately $395.8 million of outstanding mortgage debt. The acquisition of the phase under development, which is expected to close during the third quarter of 2013, is subject to certain closing conditions, including satisfactory completion of such phase. Locke Lord LLP served as legal counsel to American Campus. Full Article
American Campus Communities Inc Announces Quarterly Dividend
American Campus Communities Inc announced that on October 31, 2012 its board of directors declared a regular quarterly dividend of $0.3375 per share of common stock, payable on November 27, 2012, to shareholders of record at the close of business on November 13, 2012. Full Article
American Campus Communities Inc Announces Closing Of Common Stock Offering
American Campus Communities Inc announced the closing of a public offering of 12,650,000 shares of its common stock at a price of $43.75 per share, which includes 1,650,000 shares issued as a result of the underwriters' exercise of their option to purchase additional shares in full at the closing. The Company received approximately $530.5 million in net proceeds from the offering, after deducting the underwriting discount and estimated expenses of the offering. BofA Merrill Lynch, KeyBanc Capital Markets, Deutsche Bank Securities and J.P. Morgan served as joint book-running managers for the offering. Full Article
American Campus Communities Inc Announces Sale Of Common Stock
American Campus Communities Inc announced the pricing of a public offering of 11,000,000 shares of common stock at a price of $43.75 per share. The Company also granted the underwriters an option to purchase up to an additional 1,650,000 shares of common stock. The offering is expected to close on or about October 31, 2012. The estimated net proceeds to the Company from the offering, before giving effect to any exercise of the underwriters` option, are expected to be $461.2 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund the consideration payable in the previously announced acquisition from affiliates of Kayne Anderson Capital Advisors, L.P. of a portfolio of 19 select student housing properties. The Company intends to use the remaining net proceeds to repay current debt, including a portion of the outstanding balance of revolving credit facility, to fund current development pipeline and potential acquisitions of student housing properties and for general corporate purposes. BofA Merrill Lynch, KeyBanc Capital Markets, Deutsche Bank Securities and J.P. Morgan served as joint book-running managers for the offering. Full Article
American Campus Communities Inc to Acquire $862.8 Million Assets
American Campus Communities Inc announced that it had substantially completed its due diligence investigation relating to the acquisition of 19 select student housing properties with 12,049 beds, including 366 beds at an additional phase under development at an existing property, pursuant to purchase agreements with affiliates of Kayne Anderson Capital Advisors, L.P. for an aggregate of $862.8 million. The acquisition consideration consists of the assumption of approximately $396.2 million of outstanding mortgage debt and $466.6 million in cash. The mortgage debt to be assumed has a weighted average interest rate of 5.28% per annum and weighted average term to maturity of 8.3 years. Full Article
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