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CCG Reports 15.8% Increase In FFOA For 3Q And 7.3% YTD

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 nine months ended September 30, 2013.

Highlights

Operations

  • 15.8% increase in Funds From Operations Adjusted (“FFOA”) per diluted share, from $0.19 for the three months ended September 30, 2012 to $0.22 for the three months ended September 30, 2013
    • 7.3% increase for the nine months ended September 30, 2013
  • Same store net operating income (“NOI”) for the quarter was $9.4 million driven primarily by lower revenues as a result of the timing of a slower lease-up in August and September
  • 92.1% leased at all 45 Grove and 28 Copper Beech student housing properties 2 for the 2013/2014 academic year as of September 30, 2013

Growth

  • Six new Grove properties and phase II of The Grove at Flagstaff were delivered on-schedule for opening in the 2013/2014 academic year 1
    • Based on in-place rate and occupancy, this group of developments is expected to achieve between a 7.5% and 8.0% weighted average yield
  • Continued progress on six previously announced developments/redevelopments for 2014/2015 academic year delivery
  • Announced two new developments for the 2014/2015 academic year:
    • One wholly-owned project – The Grove at Mt. Pleasant, MI
    • One Copper Beech joint venture project at Ames, IA
  • Entered into an amendment to the purchase and sale agreement to acquire Copper Beech

1 On July 14, 2013, the Company experienced a fire at its development at The Grove at Pullman, WA. The Company has reached a resolution with its insurance provider and while no assurances can be given, after taking into account its existing insurance coverage, it believes that the damages sustained as a result of this fire will not have a material adverse effect on its financial position or results of operations.

2 The Company entered into an amendment to the purchase and sale agreement on September 30, 2013 that, subject to receipt of required third-party lender consents, will enable the Company to acquire a 67% ownership interest in 30 properties, while deferring ownership in 7 properties until the Company exercises future purchase options. In conjunction with the amendment and subsequent to quarter-end, the $31.7 million loan was repaid by Copper Beech and Campus Crest subsequently reinvested $16.2 million into the 30 properties.

Capital

  • Subsequent to September 30, 2013, the Company raised approximately $95 million through the re-opening of its 8.0% Series A cumulative redeemable preferred stock and approximately $100 million through an offering by its operating partnership of 4.75% senior exchangeable notes due 2018

Financial Results for the Three and Nine Months Ended September 30, 2013

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

FFO/FFOA    
Three Months Ended September 30,

Per share -

diluted

Per share - diluted
($mm, except per share) 2013   2012
FFO $14.1 $0.22 $7.4 $0.19
FFOA 1 $14.0 $0.22 $7.4 $0.19
             
 
Nine Months Ended September 30,

Per share -

diluted

Per share - diluted

($mm, except per share) 2013     2012
FFO $35.0 $0.59 $17.7 $0.52
FFOA 1 $34.6 $0.59 $18.6 $0.55
             
 

1 Includes eliminations for the write-off of unamortized deferred financing fees, transaction costs, and the fair value adjustments of Copper Beech debt as reflected in the Q3 2013 supplemental analyst package.

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

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