Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”) today announced that it closed on the sale of four wholly-owned student housing properties on December 27, 2013. The four Grove-branded properties were unencumbered and generated net proceeds to the Company of approximately $50.0 million. Based on the Company’s 2013 NOI estimate for these properties, the estimated weighted average nominal cap rate on the dispositions was approximately 7.6%.
|The Grove at Jacksonville, AL||Jacksonville State University||2007||192||504||0.2||9,161||$7,950|
|The Grove at Jonesboro, AR||Arkansas State University||2008||192||504||0.3||13,877||6,934|
|The Grove at Wichita, KS||Wichita State University||2008||192||504||1.1||14,893||5,418|
|The Grove at Wichita Falls, TX||Midwestern State University||2008||192||504||1.2||5,916||7,238|
|Total / Median / Average (1)||768||2,016||0.7||10,962||$6,885|
|(1) Reflects total units and beds, median distance to campus, and average enrollment and tuition|
For the twelve months ended September 30, 2013, occupancy for the four dispositions was 87.3%, total RevPOB was $446 and NOI margin was 41.1%. By comparison, occupancy, total RevPOB and NOI margin for the Company’s remaining 28 wholly-owned operating properties during the same period were 92.8%, $514 and 55.8%, respectively.