This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CCG Reports 2012 FFOA At Top Of Guidance Range At $0.75/Dil. Share Wholly-Owned Y-o-Y: Occupancy Up 290 Bps, Total Student Housing Revenue Up 39.1% And Net Operating Income Up 43.6%

Stocks in this article: CCG

Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), a leading developer, builder, owner and manager of high-quality, residence life focused student housing, today announced results for the three and twelve months ended December, 31 2012.


  • 14.1% and 16.8% increase in year-over-year quarterly and annual total Funds from Operations Adjusted (“FFOA”), respectively
    • $0.20 and $0.75 FFOA per diluted share for the fourth quarter and year, respectively
  • 38.3% and 39.1% increase in year-over-year quarterly and annual student housing rental and services revenue, respectively
  • Solid gains in wholly-owned same store results through continued operational focus:
    • 6.2% increase in annual Net Operating Income (“NOI”)
    • 7.0% increase in quarterly NOI
    • 380bps increase in average quarterly occupancy to 92.2%
  • 3.1% dividend increase in January 2013 from $0.64 to $0.66 per common share
  • 46.2% pre-leased at the wholly-owned operating portfolio for the 2013/2014 academic year as of February 22, 2013, representing a 350 basis point increase year-over-year
    • 2013 delivery (wholly-owned and joint venture) portfolio was 34.0% pre-leased
  • Six new Grove properties on-schedule 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)
  • Adds new urban market concept with commencement of construction in January 2013 of 33-story, 850-bed student housing tower, called The Grove at Cira Centre South, for 2014/2015 academic year delivery
    • $158.5 million project in Philadelphia, PA is a joint venture with Brandywine Realty Trust (NYSE: BDN) and Harrison Street Real Estate Capital (“HSRE”)
  • In January 2013, increased unsecured credit facility from $200 million to $300 million while lowering borrowing costs and setting the stage for further growth by adding:
    • $50 million term loan component
    • Four year term with a one-year extension option
    • Development financing capability

Financial Results for the Three and Twelve Months Ended December 31, 2012

For the three and twelve months ended December 31, 2012, Funds from Operations (“FFO”) and FFOA are shown in the table below.

Three Months Ended December 31,

Per share - diluted

Per share - diluted

($mm, except per share) 2012


FFO $ 7.7 $ 0.20 $ 6.8 $ 0.22
Write-Off of Unamortized Deferred Financing Fees


- - -
Elimination of Change in Fair Value of Int. Rate Derivatives   -   -   -     -  
FFOA $ 7.7 $ 0.20 $ 6.8   $ 0.22  
Twelve Months Ended December 31,

Per share - diluted

Per share - diluted

($mm, except per share) 2012     2011  
FFO $ 25.4 $ 0.72 $ 22.9 $ 0.73
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 $ 26.3 $ 0.75 $ 22.6   $ 0.72  

A reconciliation of net income attributable to common shareholders to FFO and FFOA can be found at the end of this release.

1 of 11

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs