CCG Updates 2013/2014 Pre-Leasing Before NAREIT Conference

Business Wirevia The Motley Fool
Updated

CCG Updates 2013/2014 Pre-Leasing Before NAREIT Conference

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Campus Crest Communities, Inc. (NYS: CCG) announces that it will be attending the NAREIT Conference in Chicago, IL, June 5th - 6th. Ted W. Rollins, Co-Chairman of the Board and Chief Executive Officer, will give a company presentation on Thursday, June 6th from 8:45 - 9:15 a.m. CST.

Also, in conjunction with the 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 June 2, 2013 and 2012:

2013/2014

2012/2013

Expected Rate

Property

Properties

Units

Beds

Signed

%

Signed

%

Increase

Operating

Wholly-Owned

32

6,248

16,936

12,165

71.8%

12,095

71.4%

1.7%

Joint Venture

7

1,422

3,948

2,412

61.1%

2,221

56.3%

1.5%

Total Operating

39

7,670

20,884

14,577

69.8%

14,316

68.6%

1.7%

2013 Deliveries

Wholly-Owned (1)

3

650

1,972

1,387

70.3%

n/a

n/a

n/a

Joint Venture

3

664

1,784

1,063

59.6%

n/a

n/a

n/a

Total 2013 Deliveries

6

1,314

3,756

2,450

65.2%

n/a

n/a

n/a

Total Copper Beech Portfolio

35

6,242

16,645

13,429

80.7%

n/a

n/a

n/a

Total Portfolio

80

15,226

41,285

30,456

73.8%

14,316

68.6%

n/a

Note: Excludes The Grove at Cira Centre South, The Grove at Louisville and The Grove at Greensboro which will begin pre-leasing in the fall of 2013 for a fall 2014 opening; additionally excludes the re-development at Toledo, OH, which was 31.6% pre-leased as of 06/02/2013.

(1) In Academic Year 2013/2014, includes 192-bed phase II at the Grove at Flagstaff, AZ


"Our teams are focused and delivering solid results demonstrated by our pre-leasing for the 2013/2014 academic year that now outpaces the prior year results in both our wholly-owned and joint venture operating properties. They are also doing this while maintaining rental rate increases consistent with our expectations," remarked Ted W. Rollins, Co-Chairman of the Board and Chief Executive Officer. "At both our Grove and Copper Beech portfolios, we are pleased with the pre-leasing results. Our teams across the country remain energized and if you look at the results of the combined organization, it is impressive."

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. It has ownership interests in 84 student housing properties and over 44,000 beds across the United States, of which 72 are operating and 12 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 two 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. Additional information can be found on the Company's website at http://www.campuscrest.com.



Campus Crest Communities, Inc.
Thomas Nielsen, 704-496-2571
Investor.Relations@CampusCrest.com

KEYWORDS: United States North America Illinois North Carolina

INDUSTRY KEYWORDS:

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