American Campus Communities, Inc. (NYSE: ACC) acquired GMH Communities Trust and the company's student housing portfolio with properties throughout the U.S. The deal increased the total enterprise value of ACC from $1.2 billion to $2.2 billion. The merger creates the largest student housing platform in the U.S.
"We believe the application of our premier management systems will unlock the operational upside of the GMH portfolio, creating one of the best platforms in the industry for future earnings growth," says Bill Bayless, CEO of ACC.
The student housing portfolio was GMH's, only remaining asset after the sale of its military housing portfolio to Balfour Beatty Group in a February deal.
Separately, American Campus Communities announced a joint venture with Fidelity Real Estate Group to manage 15 of the properties acquired from GMH. The properties are valued at $326 million, according to Gina Cowart of ACC's investor relations and corporate marketing.
Correction
The May/June REIT Investor Guide published incomplete data concerning Acadia Realty Trust (NYSE: AKR). The correct data are as follows:
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of retail and mixed-use properties including neighborhood and community shopping centers located in dense urban and suburban markets in major metropolitan areas.
- Michael Nelson, CFO
- Equity Market Cap.: $1.3 billion
- Dividend Yield: $0.84
- Stock Price: $25.14
- 52 Week High; Low: $29.00; $27.17
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Plum Creek: Safeguarding Montana's Forests
Plum Creek Timber Company (NYSE: PCL) finalized a $510 million deal to sell 320,000 acres of forest land in Montana to The Nature Conservancy and The Trust for Public Land.
While the land will still be used for sustainable harvesting by Plum Creek for 15 years, the deal will help ensure the property will be protected from overly aggressive cutting, with special attention being paid to safeguarding wildlife and maintaining availability for recreational use.
