American Campus Communities Completes Acquisition of Fifth Student Housing Property in Florida.AUSTIN, Texas -- American Campus Communities, Inc. (NYSE NYSE See: New York Stock Exchange :ACC See adaptive cruise control. ), one of the largest owners, managers and developers of high-quality student housing properties in the U.S., today announced completion of the acquisition of The Grove at University Club, a 128-bed community near Florida State University Florida State University, at Tallahassee; coeducational; chartered 1851, opened 1857. Present name was adopted in 1947. Special research facilities include those in nuclear science and oceanography. in Tallahassee, Florida For other uses, see Tallahassee (disambiguation). Tallahassee is the capital of the State of Florida and the county seat of Leon County. Tallahassee became the capital of Florida in 1824. As of 2006, the population recorded by the U.S. . The property, acquired for an aggregate purchase price of approximately $6.0 million, including the assumption of approximately $4.4 million in existing fixed-rate mortgage debt, completes the previously announced purchase of a five-property student housing portfolio in Florida. In addition to The Grove at University Club, properties recently acquired by American Campus Communities in Florida include two communities near Florida A&M University in Tallahassee, College Club and The Greens at College Club, containing a total of 544 beds; one community near the University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. in Gainesville, the University Club, containing 376 beds; and one community near Florida State University in Tallahassee, the University Club, containing 608 beds. The five-property portfolio was acquired for an aggregate purchase price of approximately $53.5 million, including assumption of approximately $35.4 million of existing fixed-rate mortgage debt. About American Campus Communities 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 REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with expertise in the design, finance, development, construction management, leasing and management of student housing properties. American Campus Communities owns and manages a portfolio of 22 student housing communities containing approximately 14,100 beds. Including its owned properties, the company provides management and leasing services at a total of 41 properties with more than 25,400 beds located on or near college and university campuses. Additional information is available at www.studenthousing.com. Forward-Looking Statements Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. |
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