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CCG Reports 3Q12 FFO Of $0.19/Dil. Share & 27.1% Increase In Total FFO

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 nine months ended September 30, 2012.

Highlights

  • 27.1% increase in quarterly total Funds from Operations (“FFO”) year-over-year
    • $0.19 per diluted share for the third quarter
  • 43.8% increase in year-over-year quarterly student housing rental and services revenue
  • Positive gains in wholly-owned same store results:
    • 6.4% growth in Net Operating Income (“NOI”) for the quarter and 5.5% year-to-date
    • 210bps increase in average quarterly occupancy to 92.0%
  • 27 wholly-owned operating properties (excl. 2012 JV acquisitions) at 92.8% occupancy, up 380bps versus a year ago
    • 1.7% increase in average rental rates for 2012/2013 academic year
  • Development yields in-line or above internal expectations
    • Six 2011 deliveries achieved average occupancy of 89.3% with an expected weighted average second year yield of 8.0% to 8.4%
      • Five wholly-owned properties at 91.6% occupancy with expected yields of 8.3% to 8.7%
    • Six 2012 deliveries achieved average occupancy of 87.0% with an expected weighted average first year yield of 9.2% to 9.6%
      • Wholly-owned properties at 97.5% occupancy with expected yields of 9.5% to 9.9%
  • 22.4% increase in total beds with addition of 3,820 beds from 2012 deliveries
  • Six new properties commence development for opening in 2013/2014 academic year for a total cost of $162.7 million ($82.8 million for wholly-owned and $79.9 million for joint ventures):
    • Fort Collins, CO – Wholly-owned, on campus at Colorado State University
    • Muncie, IN – Wholly-owned at Ball State University
    • Pullman, WA – Wholly-owned at Washington State University
    • Indiana, PA – Joint venture at Indiana University of Pennsylvania
    • Norman, OK – Joint venture at University of Oklahoma
    • State College, PA – Joint venture at Penn State University
  • Purchased remaining interest in two well-leased joint venture assets with proceeds from July 2012 common stock offering

Financial Results for the Three and Nine Months Ended September 30, 2012

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

FFO/FFOA

   
Three Months Ended September 30,

($mm, except per share)

    2012

Per share -

diluted

  2011

Per share -

diluted

FFO $7.4 $0.19   $5.9 $0.19
FFOA $7.4 $0.19 $5.9 $0.19
Nine Months Ended September 30,

 

 

($mm, except per share)     2012

Per share -

diluted

  2011

Per share -

diluted

FFO $17.7 $0.52 $16.1 $0.52
Write-Off of Unamortized Deferred Financing Fees 0.9 0.03 - -
Elimination of Change in Fair Value of Int. Rate Derivatives - - (0.3) (0.01)
FFOA $18.6 $0.55 $15.8 $0.51
 

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

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