CCG Provides Final 2013/2014 Leasing Results with 39 Operating Properties up 20 bps in Occupancy and 160 bps in Rate
October 01 2013 - 5:12PM
Business Wire
Campus Crest Communities, Inc. (NYSE:CCG) today announced its
final leasing results for the 2013/2014 academic year. The
following table contains the leasing status as of September 30,
2013 and 2012:
2013-2014 2012-2013
Rental Rate Property Properties
Units
Beds
Signed1 %
Signed1 %
Change Change2
Operating Wholly-Owned 30 5,832 15,768 14,840 94.1% 14,632
92.8% 1.3% 2.4% Columbia, MO / Statesboro, GA 2
416 1,168 837
71.7% 1,168 100.0%
-28.3% -10.3%
Total
Wholly-Owned Operating 32 6,248 16,936
15,677 92.6% 15,800 93.3% -0.7%
1.7% Total Joint Venture Operating 7
1,422 3,948 3,272 82.9% 3,107
78.7% 4.2% 1.1%
Total Operating 39
7,670 20,884
18,949 90.7%
18,907 90.5%
0.2% 1.6% 2013
Deliveries Wholly-Owned 3 704 1,972 1,786 90.6% n/a n/a n/a n/a
Joint Venture 3 664
1,784 1,436 80.5%
n/a n/a n/a
n/a
Total 2013 Deliveries 6 1,368
3,756 3,222 85.8% n/a n/a
n/a n/a Total Copper Beech
Portfolio3 28 5,047 13,177
12,666 96.1% n/a n/a n/a
n/a
Total Portfolio
73 14,085
37,817 34,837
92.1% 18,907
90.5% 1.6%
n/a
Note: Data excludes our wholly-owned
property in Toledo, OH, which is under redevelopment and expected
to reopen for the 2014/2015 academic year.
1 As of September 30, 2013 and September 30, 2012, respectively.
2 Rental Rate Change for the 2013-2014
academic year over the 2012-2013 academic achieved rental
RevPOB.
3 Includes 28 student housing properties
in which CCG will own 67% per the amendment to the purchase and
sale agreement with Copper Beech; excludes 7 Copper Beech student
housing properties which will be owned 100% by Copper Beech.
"I want to thank our teams in the field for all their hard work
in finishing the 2013/2014 leasing cycle. Leasing in several
markets proved to be more challenging in the final stretch, and as
such our velocity in August and September slightly lagged the
previous year. We were, however, able to ultimately reach the
occupancy we had originally targeted as of September 30th.
Additionally, as we discussed in our first and second quarter
conference calls, we experienced challenges in a handful of
markets. Two of the four markets discussed rebounded thanks to the
hard work of our operations team, and two – Columbia, MO and
Statesboro, GA – posted results significantly below our
expectations," remarked Ted W. Rollins, Co-Chairman of the Board
and Chief Executive Officer. "We also remain enthusiastic about our
development platform, with this year’s deliveries meeting our
occupancy goals and related yield targets."
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 markets. It has
ownership interests in 80 student housing properties and over
~43,000 beds across North America, of which 73 are operating and 7
are development or redevelopment properties. The Company is an
equity REIT that differentiates itself through its vertical
integration and consistent branding across the portfolio through
three unique brands targeting different segments of the college
student population. The Grove® brand offers more traditional
apartment floor plans and focuses on customer service, privacy,
on-site amenities and a proprietary residence life program. The
Copper Beech brand and townhome product offers more
residential-type living to students looking for a larger floor plan
with a front door and back porch. The evo brand provides urban
students with a luxury student housing option with all the
conveniences of city living. Additional information can be found on
the Company's website at http://www.campuscrest.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts" or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company’s Quarterly Reports
on Form 10-Q.
Campus Crest Communities, Inc.Thomas Nielsen,
704-496-2571Investor.Relations@CampusCrest.com
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