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CCG Announces 2Q14 Results

Stocks in this article: CCG

Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), today announced results for the three and six months ended June 30, 2014.

Highlights

Second Quarter 2014

  • Funds From Operations Adjusted (“FFOA”) of $10.4 million, resulting in $0.16 per diluted share for the second quarter of 2014
  • Same store net operating income (“NOI”) of $11.4 million at 90.1% occupancy and a 54.8% margin
  • Achieved leasing results ahead of prior year as of July 27, 2014. Leasing for all 69 operating properties was 87.9% versus 85.8%, an increase of 210 bps from the same period prior year and breaks down as follows:
    • Leasing for the Company’s 41 Grove operating properties was 86.2% compared to 82.3% the prior year – 390 basis points ahead
      • Leasing for the Company’s 32 wholly-owned Grove assets was 89.1% versus 85.2% the prior year, an increase of 390 basis points over the same period prior year
      • Leasing for the Company’s 9 joint venture Grove assets was 76.2% versus 72.7%, an increase of 350 basis points over the same period prior year.
    • Leasing for the Company’s Copper Beech Brand portfolio of 28 operating properties was 90.8% versus 91.8%, a decrease from the same period prior year of 100 basis points.
      • Driven mainly by three markets that are absorbing more slowly than prior years

"We are pleased to have delivered stable second quarter results," said Ted W. Rollins, Campus Crest CEO. "We believe our continued focus on operations supports the success we have seen year-to-date and will be instrumental in maximizing our value potential. Our wholly-owned Grove portfolio has achieved the highest level of pre-leasing activity in the Company's history at this point in the cycle. We are acutely focused on the leasing activity for our evo projects in Montreal and Philadelphia, as their progress has fallen below expectations. We believe the projects will see improvements in leasing over the remainder of the third quarter, but are hesitant to quantify our expected initial weighted average development yields given the current lack of clarity at this point in time. To further strengthen our focus on operations, we are slowing our forward development activity in 2015 to just four Grove projects - a full 60% reduction from current year construction activity."

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