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CCG Reports 2Q13 FFOA Of $0.19/Dil. Share

Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), a leading developer, builder, owner and manager of high-quality student housing properties, today announced results for the three and six months ended June 30, 2013.

Highlights

Operations

  • $0.19 Funds From Operations Adjusted (“FFOA”) per diluted share for the quarter
  • Solid gains in quarterly wholly-owned same store results:
    • 5.8% increase in quarterly Net Operating Income (“NOI”)
    • 90 basis point increase in average quarterly occupancy to 91.0%
    • 1.7% increase in rental revenue per occupied bed (“RevPOB”)
    • 5.3% increase in services RevPOB
    • 150 basis point increase in operating margin
  • 32.0% increase in quarterly student housing rental and services revenue helping drive a 270 basis point margin expansion to 54.7%
  • 84.4% pre-leased at all Grove and Copper Beech properties for the 2013/2014 academic year as of July 28, 2013
    • 82.9% pre-leased across our Grove portfolio up 50 basis points
    • 35-property Copper Beech portfolio was 86.6% pre-leased

Growth

  • Announced selection of CCG by Beaumont Partners to be a partner in a venture that acquired the 711 room, 33-story Delta Centre-Ville Hotel in downtown Montréal, Québec for C$60.0 million
    • Partnership intends to convert it into an upscale student housing tower serving a market of nearly 200,000 students to open for the 2014/2015 academic year
  • 6 new Grove properties and phase II of The Grove at Flagstaff are on-schedule for opening in 2013/2014 academic year 1
  • Continued progress on projects for 2014/2015 academic year delivery with a solid pipeline:
    • Two Grove joint venture properties – The Grove at Greensboro and The Grove at Louisville
    • The Grove at Cira Centre South – urban market concept in Philadelphia
  • Commencement of two new Grove wholly-owned properties – The Grove at Slippery Rock and The Grove at Grand Forks – for 2014/2015 academic year delivery with a total cost of $58.1 million

Financial Results for the Three and Six Months Ended June 30, 2013

For the three and six months ended June 30, 2013, Funds From Operations (“FFO”) and FFOA are shown in the table below.

FFO/FFOA      
Three Months Ended June 30,

Per share -

Per share -

($mm, except per share)     2013  

diluted

  2012

diluted

FFO $12.8 $0.20 $5.6 $0.18
Write-Off of Unamortized Deferred Financing Fees - - - -
Elimination of transactions costs 0.2 0.00 - -
Elimination of FV adjustment of CB debt (0.8 ) (0.01 ) - -
FFOA $12.2   $0.19   $5.6 $0.18
               
 
Six Months Ended June 30,

Per share -

Per share -

($mm, except per share)     2013  

diluted

  2012

diluted

FFO $20.9 $0.38 $10.2 $0.33
Write-Off of Unamortized Deferred Financing Fees - - 1.0 0.03
Elimination of transactions costs 0.6 0.01 - -
Elimination of FV adjustment of CB debt (0.9 ) (0.02 ) - -
FFOA $20.6   $0.37   $11.2 $0.36

 

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

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