CCG Updates 2013/2014 Pre-leasing Before InterFace Conference
April 11 2013 - 7:42AM
Business Wire
Campus Crest Communities, Inc. (NYSE:CCG) announces that it will
be attending the 5th Annual InterFace Student Housing Conference in
Austin, TX April 10th – 12th. Ted W. Rollins, Co-Chairman of the
Board and Chief Executive Officer, will be a participant on the
Buy-Sell-Hold panel on Thursday, April 11th from 8:30 – 9:20 a.m.
CST.
Also, in conjunction with the Interface Conference, the Company
is providing an update on its portfolio leasing status for the
2013/2014 academic year. The following table contains the leasing
status as of April 9, 2013 and 2012:
2013/2014
2012/2013
Expected
Property Properties Units
Beds Signed %
Signed %
Rate Increase
Operating Wholly-Owned 32 6,248 16,936 9,459
55.9% 9,369 55.3% 1.7% Joint Venture 7 1,422
3,948 1,652 41.8% 1,601
40.6% 1.5%
Total Operating 39
7,670 20,884 11,111 53.2% 10,970
52.5% 1.7% 2013 Deliveries Wholly-Owned
3 650 1,780 999 56.1% n/a n/a n/a Joint Venture 3
664 1,784 766 42.9% n/a
n/a n/a
Total 2013 Delivereis 6
1,314 3,564 1,765 49.5% n/a
n/a n/a Total Copper Beech Portfolio
35 6,242 16,645 12,093 72.7%
n/a n/a n/a
Total Portfolio 80
15,226 41,093
24,969 60.8% 10,970
52.5% n/a Note: Excludes The Grove at
Cira Centre South, which will begin pre-leasing in the Fall of 2013
for a Fall 2014 opening
“Our teams are diligently working on obtaining lender consents
so we can fully close on our 48% interest investment in Copper
Beech,” remarked Ted W. Rollins, Co-Chairman of the Board and Chief
Executive Officer. “At both our legacy and Copper Beech portfolios,
we are pleased with the 2013/2014 academic year pre-leasing
results, and our teams across the country remain energized.”
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder,
owner and manager of high-quality student housing properties
located close to college campuses in targeted U.S. markets. The
Company is a self-managed, self-administered and
vertically-integrated real estate investment trust which operates
under a multi-brand strategy. Since inception in 2004, the Company
has developed student housing under The Grove® brand, which focuses
on customer service, privacy, on-site amenities and a proprietary
residence life program that provide college students across the
United States with a higher quality of living. The Company owns
interests in 39 Grove® operating student housing properties
containing approximately 20,884 beds, and plans to deliver six
projects containing approximately 3,564 beds in the third quarter
of 2013. Additionally, the Company is developing a 33-story Grove®
student housing tower in Philadelphia, PA containing approximately
850 beds for delivery in the third quarter of 2014. In February
2013, the Company added an additional brand with the announcement
of the phased acquisition of Copper Beech Townhome Communities, a
vertically-integrated student housing operator with over 16,000
beds. The Copper Beech brand and townhome product targets students
looking for front door-back porch living accommodations, and is a
great compliment to the existing Grove® brand. The Company expects
to complete its initial 48% interest investment in Copper Beech by
the end of third quarter of 2013. Additional information on The
Grove® and Copper Beech product can be found on the Company's
website at http://www.campuscrest.com.
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