- Continued Investment and Focus on People and Systems Drive Increases in Occupancy by 380bps and Rental Rate by 170bps Year-over-Year for 27 Wholly-Owned Operating Properties (excl. 2012 Acquisitions)
- Continues Growth with Opening of 6 New Properties and Expansion of Existing Property
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Campus Crest Communities, Inc. (NYSE:CCG), a leading developer, builder, owner and manager of high-quality, resident life focused student housing under The Grove® brand, today announced its final leasing results for the 2012/2013 academic year.
As of September 30, 2012, the Company’s portfolio leasing status was as follows:
|2012-2013 Leases||2011-2012 Leases||Rental Rate|
|Property||Properties||Units||Beds||Signed 1||%||Signed 1||%||Increase 2|
|Wholly-Owned - Operating||27||5,156||13,884||12,889||92.8%||12,351||89.0%||1.7%|
|Wholly-Owned - Operating Acquisitions in 2012||2||408||1,088||996||91.5%||1,070||98.3%||1.2%|
|Joint Venture - Operating||4||760||2,092||1,700||81.3%||1,735||82.9%||2.8%|
|Sub Total All Operating Properties||33||6,324||17,064||15,585||91.3%||15,156||88.8%||1.8%|
|Wholly-Owned - 2012 Deliveries 3||3||684||1,964||1,915||97.5%||0||0.0%||n/a|
|Joint Venture - 2012 Deliveries||3||662||1,856||1,407||75.8%||0||0.0%||n/a|
|Sub Total 2012 Deliveries||6||1,346||3,820||3,322||87.0%||0||0.0%||n/a|
1 As of September 30, 2012 and September 30, 2011, respectively.
2 Rental rate growth for the 2012-2013 academic year over the 2011-2012 academic year-to-date achieved rental RevPOB.
3 Includes a 160 bed expansion at Nacogdoches that is not counted as a separate property.
“Our results continue to reflect the impact of continued investments in people and systems across our platform. These investments are proven out by meaningful increases in both rate and occupancy,” remarked Campus Crest Co-Chairman and Chief Executive Officer Ted Rollins. “We achieved our targeted occupancies in the wholly-owned operating portfolio, while continuing to grow our portfolio with the successful delivery of six new properties and an expansion of an existing property. We expect both this year’s and last year’s deliveries to achieve or exceed our occupancy and related yield targets. As we finish 2012, we remain focused on creating long-term value for our shareholders by driving results within our existing portfolio and further expanding with our pipeline of approximately 30 development opportunities.”
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder, owner and manager of high-quality, resident life focused 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 all of its properties under The Grove® brand. The Company owns interests in 39 operating student housing properties containing approximately 7,670 apartment units and 20,884 beds. The Company has commenced construction of three projects containing approximately 658 units and 1,796 beds for delivery in the third quarter of 2013. Since its inception, the Company has focused on customer service, privacy, on-site amenities and its proprietary residence life programs to provide college students across the United States with a higher quality of living. Additional information can be found on the Company's website at http://www.campuscrest.com.
This press release and other statements and information publicly disseminated by the Company contain 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. Forward-looking statements in this press release include, among others, statements about the expected transition of the Chief Operating Officer position. 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.
Campus Crest Communities, Inc.
Investor Relations, 704-496-2571
Source: Campus Crest Communities, Inc.