Campus Crest Communities, Inc. (NYSE:CCG), a leading developer, builder, owner and manager of high-quality, resident life focused student housing under The Grove® brand, today announced its final leasing results for the 2012/2013 academic year.
As of September 30, 2012, the Company’s portfolio leasing status was as follows:
|2012-2013 Leases||2011-2012 Leases||Rental Rate|
|Property||Properties||Units||Beds||Signed 1||%||Signed 1||%||Increase 2|
|Wholly-Owned - Operating||27||5,156||13,884||12,889||92.8%||12,351||89.0%||1.7%|
|Wholly-Owned - Operating Acquisitions in 2012||2||408||1,088||996||91.5%||1,070||98.3%||1.2%|
|Joint Venture - Operating||4||760||2,092||1,700||81.3%||1,735||82.9%||2.8%|
|Sub Total All Operating Properties||33||6,324||17,064||15,585||91.3%||15,156||88.8%||1.8%|
|Wholly-Owned - 2012 Deliveries 3||3||684||1,964||1,915||97.5%||0||0.0%||n/a|
|Joint Venture - 2012 Deliveries||3||662||1,856||1,407||75.8%||0||0.0%||n/a|
|Sub Total 2012 Deliveries||6||1,346||3,820||3,322||87.0%||0||0.0%||n/a|
1 As of September 30, 2012 and September 30, 2011, respectively.
2 Rental rate growth for the 2012-2013 academic year over the 2011-2012 academic year-to-date achieved rental RevPOB.
3 Includes a 160 bed expansion at Nacogdoches that is not counted as a separate property.
“Our results continue to reflect the impact of continued investments in people and systems across our platform. These investments are proven out by meaningful increases in both rate and occupancy,” remarked Campus Crest Co-Chairman and Chief Executive Officer Ted Rollins. “We achieved our targeted occupancies in the wholly-owned operating portfolio, while continuing to grow our portfolio with the successful delivery of six new properties and an expansion of an existing property. We expect both this year’s and last year’s deliveries to achieve or exceed our occupancy and related yield targets. As we finish 2012, we remain focused on creating long-term value for our shareholders by driving results within our existing portfolio and further expanding with our pipeline of approximately 30 development opportunities.”