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TheStreet Open House

Campus Crest Communities, Inc. Reports First Quarter 2012 Results

Stocks in this article: CCG

Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”), a leading developer, builder, owner and manager of high-quality, purpose-built student housing, today announced results for the three months ended March 31, 2012.

Highlights

  • Funds from Operations Adjusted (“FFOA”) of $0.18 per diluted share, which excludes the non-cash charge associated with debt pre-payment
    • Funds from Operations (“FFO”) of $0.15 per diluted share for the quarter
  • 37.0% increase in year-over-year quarterly student housing rental and services revenue
  • Wholly-owned same store results:
    • 8.6% growth in Net Operating Income (“NOI”), from $7.2 million to $7.8 million
    • 200 basis point increase in NOI margin, from 52.6% to 54.6%
    • 210 basis point increase in average occupancy to 91.2%
  • Wholly-owned operating portfolio was 61.3% pre-leased for 2012/2013 academic year as of April 29, 2012, compared to 58.0% at April 29, 2011
  • Six new developments on schedule and on budget for delivery in third quarter 2012
  • Closed 8.0% coupon preferred stock offering, raising $55.4 million in net proceeds

Financial Results for the Three Months Ended March 31, 2012

For the three months ended March 31, 2012, FFO and FFOA are shown in the table below. The Company retired debt and incurred a non-cash charge from the write-off of unamortized deferred financing fees in the amount of approximately $960,000, or $0.03 per diluted share. FFOA adjusts for this non-cash item, which was previously disclosed and excluded from the Company’s 2012 FFO guidance.

             
FFO/FFOA
Three Months Ended March 31,

Per share -

Per share -

($mm, except per share)     2012    

diluted

    2011    

diluted

FFO $ 4.6 $ 0.15 $ 5.1 $ 0.17
Write-Off of Unamortized Deferred Financing Fees $ 1.0 $ 0.03 - -
Elimination of Change in Fair Value of Int. Rate Derivatives   -       -   ($0.2 )     ($0.01 )
FFOA $ 5.6     $ 0.18 $ 4.9     $ 0.16  
                                   

A reconciliation of net loss to FFO and FFOA can be found at the end of this release.

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