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CCG W/O Occ. Up 380bps & Rate Up 170bps

Stocks in this article: CCG

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
                                                             
Total Portfolio   39       7,670       20,884       18,907       90.5%       15,156       88.8%       1.8%
                                                             
Wholly-Owned Portfolio   32       6,248       16,936       15,800       93.3%       13,421       89.6%       1.6%
 

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.”

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