William Bayless, CEO of American Campus Communities, Inc. (ACC), says the company has communicated to the market that, for the fall of 2015 and 2016 collectively, its development pipeline is $437 million. He says the company has been focused on keeping its balance sheet in a position that allows it to pursue opportunities as they arise.
“Since achieving that investment-grade rating, we’ve been successful in raising corporate bond debt,” Bayless says. “In 2013, we did a $400 million offering at an all-in coupon of 3.75%, and in June of this year, we did another $400 million offering at about 4.125%.”
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Now that American Campus Communities has reached a scale of $7 billion, Bayless says management is very focused on the accretive recycling of its own capital. This fall, the company has already delivered about $260 million in development, he says.
“Typically, we are looking to dispose of $150 million to $250 million in assets annually so that we can organically fund our growth program,” Bayless says.
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