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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.
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 $0.03 per diluted share. FFOA adjusts for this non-cash item, which was previously disclosed and excluded from the Company’s 2012 FFO guidance.
Three Months Ended March 31,
Per share -
Per share -
($mm, except per share)
Write-Off of Unamortized Deferred Financing Fees
Elimination of Change in Fair Value of Int. Rate Derivatives
A reconciliation of net loss to FFO and FFOA can be found at the end of this release.