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CCG Reports Q2 2012 FFO Of $0.18 Per Diluted Share And Y-o-Y Increase In NOI And Occupancy

Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”), a leading developer, builder, owner and manager of high-quality, resident life focused student housing, today announced results for the three and six months ended June 30, 2012.

Highlights

  • Funds from Operations (“FFO”) of $0.18 per diluted share for the quarter
    • FFO increased by 9.0% to $5.6 million
  • 37.1% increase in year-over-year quarterly student housing rental and services revenue
  • Wholly-owned same store results:
    • 2.4% growth in Net Operating Income (“NOI”) for the quarter and 5.4% year-to-date
    • 260 basis point increase in average quarterly occupancy to 91.4%
  • Wholly-owned operating portfolio was 84.8% pre-leased for 2012/2013 academic year as of July 29, 2012, compared to 82.9% at July 29, 2011
  • Six new developments on schedule and on budget for delivery in third quarter 2012 with average preleasing of 83.0% at July 29, 2012
    • Commenced 160 bed expansion at Nacogdoches, TX, also for delivery in third quarter 2012, on land already owned
  • Commenced construction of three projects for 2013/2014 academic year delivery:
    • Fort Collins, CO – Wholly-owned, on campus at Colorado State University
    • Muncie, IN – Wholly-owned at Ball State University
    • Norman, OK – Joint venture at University of Oklahoma
  • Subsequent to quarter-end, purchased remaining interest in two well-leased joint venture assets with proceeds from the July 2012 common stock offering, resulting in a pro forma reduction in debt to total market capitalization of approximately 700 basis points
    • Repaid approximately $27.3 million of debt secured by these properties and used excess proceeds to reduce borrowings outstanding under the revolving credit facility and for general corporate purposes

Financial Results for the Three and Six Months Ended June 30, 2012

For the three and six months ended June 30, 2012, FFO and Funds from Operations Adjusted (“FFOA”) are shown in the table below.

FFO/FFOA        
Three Months Ended June 30,

Per share - diluted

Per share - diluted

($mm, except per share)

    2012       2011    
FFO $ 5.6 $ 0.18 $ 5.1 $ 0.17
Elimination of Change in Fair Value of Int. Rate Derivatives   -     -   (0.1 )   $ 0.01  
FFOA $ 5.6   $ 0.18 $ 5.0     $ 0.16  
                 
 
Six Months Ended June 30,

Per share - diluted

Per share - diluted

($mm, except per share)     2012       2011    
FFO $ 10.2 $ 0.33 $ 10.3 $ 0.33
Write-Off of Unamortized Deferred Financing Fees 1.0 0.03 - -
Elimination of Change in Fair Value of Int. Rate Derivatives   -     -   (0.3 )     (0.01 )
FFOA $ 11.2   $ 0.36 $ 10.0     $ 0.32  
                             

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

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