Campus Crest Communities, Inc. (NYSE:CCG) today announced its
leasing results for the 2014/2015 academic year. The following
tables highlight the leasing status as of September 30, 2014:
Final Occupancy
Summary - Operating Properties
2013-2014 2014-2015
Rental Rate
Category Properties Beds
Signed1 %
Actual2 %
Forecast3 %
Change4
Change5
Operating Properties by Occupancy
Tier 1 (98%+) 28 14,323 14,311 99.9 % 14,254 99.5 % 14,010
97.8 % (1.7 %) 2.4 % Tier 2 (95% to 97.9%) 6 3,432 3,355 97.8 %
3,326 96.9 % 3,206 93.4 % (3.5 %) 1.1 % Tier 3 (90% to 94.9%) 13
6,108 5,632 92.2 % 5,628 92.1 % 5,613 91.9 % (0.2 %) 2.9 % Tier 4
(Below 90%) 29 15,408 12,029 78.1 %
11,874 77.1 % 12,973
84.2 % 7.1 % (0.6 %)
Total
Operating Properties 76 39,271
35,327 90.0 %
35,082 89.3 %
35,802 91.2 %
1.9 % 1.3 % Operating
Properties By Ownership Wholly Owned 32 17,476 16,048
91.8 % 15,861 90.8 % 16,100 92.1 % 1.3 % 2.0 % Joint Venture 9
5,148 4,197 81.5 % 4,141 80.4 % 4,110 79.8 % (0.6 %) 2.7 % Copper
Beech 35 16,647 15,082 90.6 %
15,080 90.6 % 15,592
93.7 % 3.1 % 0.2 %
Total Operating
Properties 76 39,271 35,327
90.0 % 35,082
89.3 % 35,802
91.2 % 1.9
% 1.3 %
Footnotes:
1) Total signed leases as of September 30, 2013, as reported in
October 1, 2013 press release 2) Actual physical occupancy during
the 2013/2014 academic year 3) Forecast 2014/2015 physical
occupancy based on leases signed as of September 30, 2014 and
projected tenant attrition 4) Year over year change in occupancy
based on actual 2013/2014 and forecast 2014/2015 5) Forecast rental
rate change for the 2014-2015 academic year over the 2013-2014
academic achieved rental RevPOB
Final Occupancy
Summary - 2014 Deliveries
2014-2015 Category Properties
Beds Forecast1 %
2014 Deliveries By Type Grove & Copper Beech 7
4,369 3,176 72.7% evo Philadelphia 1 819 396 48.4% evo Montreal 2
2,223 242 10.9%
Total 2014 Deliveries
10 7,411 3,814 51.5%
2014 Deliveries By Ownership Wholly Owned 4
2,469 1,927 78.0% Joint Venture 6 4,942 1,887 38.2%
Total 2014 Deliveries 10 7,411
3,814 51.5%
Footnote:
1) Forecast 2014/2105 physical occupancy based on leases signed as
of September 30, 2014 and projected tenant attrition
"We are pleased with the solid results in our operating assets.
The 2014/2015 academic year represents notable change from prior
results," remarked Ted W. Rollins, Chief Executive Officer. "With a
goal of eliminating the occupancy volatility we witnessed in prior
years, we spent considerable time during the quarter ensuring that
investors could readily compare our forecast occupancy to actual
occupancy achieved during the 2013/2014 academic year. We
implemented process improvements to include increasing our
timeframe for identifying no-shows and potential skips from four
weeks to a full twelve weeks prior to move-in in order to enhance
yield management across our operating properties. Additionally, we
have included greater portfolio disclosure to aid in analysis. In
total, these steps are representative of our heightened focus on
operations."
“Our 2014 new deliveries, as a whole, did not meet our leasing
expectations. Some projects suffered from construction delays, many
weather related, which resulted in our having to move residents in
later than planned. We value the customer experience and have
already taken steps to remedy. We do not expect the delays to have
a significant impact on our third quarter results. Delays, which
are not uncommon with new construction, obviously can impact
initial operating results yet favorable leasing velocity can be
achieved year over year. Based on our past new delivery experience
where there were delays, we delivered second year occupancy of 92%
following a first year opening of 64% - a full 28 percentage points
of lease up.”
“We have delineated the occupancy for our evo projects in
Philadelphia and Montreal to provide greater transparency. We are
disappointed in the progress in Montreal. We attribute the low
occupancy to a variety factors and are working diligently to
improve operating results. Philadelphia is well positioned for a
year-two stabilization and has achieved first year occupancy
comparable to those achieved by the direct peer set. With amenities
just now being completed, we readily expect further leasing
activity in early 2015.”
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 86
student housing properties with over 46,000 beds across North
America. 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.Aaron Halfacre,
704-496-2500Investor.Relations@CampusCrest.com
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