CCG Reports 2012 FFOA At Top Of Guidance Range At $0.75/Dil. Share Wholly-Owned Y-o-Y: Occupancy Up 290 Bps, Total Student Housing Revenue Up 39.1% And Net Operating Income Up 43.6%

Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), a leading developer, builder, owner and manager of high-quality, residence life focused student housing, today announced results for the three and twelve months ended December, 31 2012.

Highlights
  • 14.1% and 16.8% increase in year-over-year quarterly and annual total Funds from Operations Adjusted (“FFOA”), respectively
    • $0.20 and $0.75 FFOA per diluted share for the fourth quarter and year, respectively
  • 38.3% and 39.1% increase in year-over-year quarterly and annual student housing rental and services revenue, respectively
  • Solid gains in wholly-owned same store results through continued operational focus:
    • 6.2% increase in annual Net Operating Income (“NOI”)
    • 7.0% increase in quarterly NOI
    • 380bps increase in average quarterly occupancy to 92.2%
  • 3.1% dividend increase in January 2013 from $0.64 to $0.66 per common share
  • 46.2% pre-leased at the wholly-owned operating portfolio for the 2013/2014 academic year as of February 22, 2013, representing a 350 basis point increase year-over-year
    • 2013 delivery (wholly-owned and joint venture) portfolio was 34.0% pre-leased
  • Six new Grove properties on-schedule for opening in 2013/2014 academic year for a total cost of $162.7 million ($82.8 million for wholly-owned and $79.9 million for joint ventures)
  • Adds new urban market concept with commencement of construction in January 2013 of 33-story, 850-bed student housing tower, called The Grove at Cira Centre South, for 2014/2015 academic year delivery
    • $158.5 million project in Philadelphia, PA is a joint venture with Brandywine Realty Trust (NYSE: BDN) and Harrison Street Real Estate Capital (“HSRE”)
  • In January 2013, increased unsecured credit facility from $200 million to $300 million while lowering borrowing costs and setting the stage for further growth by adding:
    • $50 million term loan component
    • Four year term with a one-year extension option
    • Development financing capability

Financial Results for the Three and Twelve Months Ended December 31, 2012

For the three and twelve months ended December 31, 2012, 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) 2012

 
  2011  
FFO $ 7.7 $ 0.20 $ 6.8 $ 0.22
Write-Off of Unamortized Deferred Financing Fees

0.01
- - -
Elimination of Change in Fair Value of Int. Rate Derivatives   -   -   -     -  
FFOA $ 7.7 $ 0.20 $ 6.8   $ 0.22  
         
 
Twelve Months Ended December 31,

Per share - diluted

Per share - diluted
($mm, except per share) 2012     2011  
FFO $ 25.4 $ 0.72 $ 22.9 $ 0.73
Write-Off of Unamortized Deferred Financing Fees 0.9 0.03 - -
Elimination of Change in Fair Value of Int. Rate Derivatives   -   -   (0.3 )   (0.01 )
FFOA $ 26.3 $ 0.75 $ 22.6   $ 0.72  

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

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