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CCG Announces 1Q14 Results

Stocks 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 months ended March 31, 2014.

Highlights

First Quarter 2014

  • Increased Funds From Operations Adjusted (“FFOA”) 29.1% compared to the first quarter of 2013, from $8.4 million to $10.8 million, resulting in $0.17 per diluted share for the first quarter of 2014
  • Delivered same store net operating income (“NOI”) of $11.5 million at 90.5% occupancy and a 55.0% margin
  • Achieved leasing results ahead of prior year as of April 27, 2014. Leasing for all 69 operating properties was 69.4% versus 67.9%, an increase of 150 bps from the prior year and breaks down as follows:
    • Leasing for the Company’s 41 Grove operating properties was 64.9% compared to 59.1% the prior year – 580 basis points ahead
      • Leasing for the Company’s 32 wholly-owned Grove assets was 68.2% versus 62.5% the prior year, an increase of 570 basis points over the prior year
      • Leasing for the Company’s 9 joint venture Grove assets was 53.8% versus 47.7%, an increase of 610 basis points over the prior year.
    • Leasing for the Company’s Copper Beech Brand portfolio of 28 operating properties was 77.0% versus 82.8%, a decrease from the prior year of 580 basis points.
      • Driven mainly by three markets that are absorbing more slowly than prior years
  • Continued progress on eight 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

Financial Results for the Three Months Ended March 31, 2014

For the three months ended March 31, 2014, Funds From Operations (“FFO”) and FFOA are shown in the table below.

FFO/FFOA  
Three Months Ended March 31,

 

 

($mm, except per share) 2014

Per share - diluted

  2013

Per share - diluted

FFO $12.0 $0.18 $8.1 $0.17
FFOA 1 $10.8 $0.17 $8.4 $0.18
           
 
1 Includes eliminations for the write-off of transaction costs and the fair value adjustments of Copper Beech debt as reflected in the Q1 2014 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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