This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs