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TheStreet Open House

CCG Announces 2013 Results And Provides Initial 2014 Financial Outlook

Stock quotes in this article: CCG

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 twelve months ended December 31, 2013.

Highlights

Fourth Quarter 2013

  • Increased Funds From Operations Adjusted (“FFOA”) per diluted share 5.0%, from $0.20 in the fourth quarter of 2012 to $0.21
  • Delivered same store net operating income (“NOI”) of $11.2 million at a 92.4% occupancy and 52.1% margin
  • Achieved 46.6% leasing for the 2014/2015 academic year as of February 23, 2014 at all 41 Grove operating properties compared to 42.7% the prior year, and 60.5% at the 28 operating Copper Beech properties compared to 67.8% the prior year
  • Commenced construction of The Grove at Gainesville, a wholly-owned 676-bed, $41.4 million development 0.3 miles from the University of Florida scheduled to be delivered for the 2014/2015 academic year
  • Completed the disposition of four non-core, wholly-owned student housing properties generating net proceeds of approximately $50.0 million
  • Issued approximately $95.2 million of its 8.0% Series A cumulative redeemable preferred stock and $100.0 million of the 4.75% senior exchangeable notes due 2018

Full Year 2013

  • Increased FFOA per diluted share 6.7%, from $0.75 for the year ended December, 31 2012 to $0.80
  • Achieved same store NOI of $35.0 million at a 91.8% occupancy and 52.8% margin
  • Delivered six new Grove properties and an expansion of an existing Grove property, with a total of 3,756 beds, for the 2013/2014 academic year
    • 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
  • Commenced or continued progress on eight new development and two redevelopment projects expected to be delivered for the 2014/2015 academic year, containing 7,455 beds with median distance to campus of 0.3 miles
  • Increased the quarterly common dividend to $0.165 per share, an increase of 3.1% on an annualized basis, in January 2013
  • Completed a $312.7 million common stock offering to fund the staged acquisition of Copper Beech in February 2013

Financial Results for the Three and Twelve Months Ended December 31, 2013

For the three and twelve months ended December 31, 2013, Funds From Operations (“FFO”) and FFOA are shown in the table below.

FFO/FFOA

     
Three Months Ended December 31,

Per share -

diluted

Per share

- diluted

($mm, except per share)   2013     2012  
FFO $ 14.2 $ 0.22 $ 7.7 $ 0.20
FFOA 1 $ 13.5 $ 0.21 $ 7.7 $ 0.20
             
 
Twelve Months Ended December 31,

Per share -

diluted

Per share

- diluted

($mm, except per share)   2013     2012  
FFO $ 49.3 $ 0.82 $ 25.4 $ 0.72
FFOA 1 $ 48.1 $ 0.80 $ 26.3 $ 0.75
             
 
1 Includes eliminations for the write-off of transaction costs, development costs, unamortized deferred financing fees and the fair value adjustments of Copper Beech debt as reflected in the Q4 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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