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CCG Reports 3Q12 FFO of $0.19/Dil. Share & 27.1% Increase in Total FFO

  CCG Reports 3Q12 FFO of $0.19/Dil. Share & 27.1% Increase in Total FFO

           - 93.3% Occupancy Across Entire Wholly-Owned Portfolio –

      - 43.8% Increase in Student Housing Rental and Service Revenues –

                     - 6.4% Increase in Same Store NOI –

- Continued Growth with Six Projects Consisting of 3,564 Beds for Delivery in
                                    2013 –

                     - Provides Update to 2012 Outlook –

Business Wire

CHARLOTTE, N.C. -- October 30, 2012

Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”), a leading
developer, builder, owner and manager of high-quality, resident life focused
student housing, today announced results for the three and nine months ended
September 30, 2012.

Highlights

  *27.1% increase in quarterly total Funds from Operations (“FFO”)
    year-over-year

       *$0.19 per diluted share for the third quarter

  *43.8% increase in year-over-year quarterly student housing rental and
    services revenue
  *Positive gains in wholly-owned same store results:

       *6.4% growth in Net Operating Income (“NOI”) for the quarter and 5.5%
         year-to-date
       *210bps increase in average quarterly occupancy to 92.0%

  *27 wholly-owned operating properties (excl. 2012 JV acquisitions) at 92.8%
    occupancy, up 380bps versus a year ago

       *1.7% increase in average rental rates for 2012/2013 academic year

  *Development yields in-line or above internal expectations

       *Six 2011 deliveries achieved average occupancy of 89.3% with an
         expected weighted average second year yield of 8.0% to 8.4%

            *Five wholly-owned properties at 91.6% occupancy with expected
              yields of 8.3% to 8.7%

       *Six 2012 deliveries achieved average occupancy of 87.0% with an
         expected weighted average first year yield of 9.2% to 9.6%

            *Wholly-owned properties at 97.5% occupancy with expected yields
              of 9.5% to 9.9%

  *22.4% increase in total beds with addition of 3,820 beds from 2012
    deliveries
  *Six new properties commence development for opening in 2013/2014 academic
    year for a total cost of $162.7 million ($82.8 million for wholly-owned
    and $79.9 million for joint ventures):

       *Fort Collins, CO – Wholly-owned, on campus at Colorado State
         University
       *Muncie, IN – Wholly-owned at Ball State University
       *Pullman, WA – Wholly-owned at Washington State University
       *Indiana, PA – Joint venture at Indiana University of Pennsylvania
       *Norman, OK – Joint venture at University of Oklahoma
       *State College, PA – Joint venture at Penn State University

  *Purchased remaining interest in two well-leased joint venture assets with
    proceeds from July 2012 common stock offering

Financial Results for the Three and Nine Months Ended September 30, 2012

For the three and nine months ended September 30, 2012, FFO and Funds from
Operations Adjusted (“FFOA”) are shown in the table below.

FFO/FFOA                              
                                         Three Months Ended September 30,
                                               Per share -         Per share -
($mm, except per share)                2012               2011
                                               diluted             diluted
FFO                                      $7.4  $0.19        $5.9  $0.19
FFOA                                     $7.4  $0.19         $5.9  $0.19
                                         Nine Months Ended September 30,
                                                                  
                                               Per share -         Per share -
($mm, except per share)                2012               2011
                                               diluted             diluted
FFO                                      $17.7 $0.52         $16.1 $0.52
Write-Off of Unamortized Deferred        0.9   0.03          -     -
Financing Fees
Elimination of Change in Fair Value      -     -             (0.3) (0.01)
of Int. Rate Derivatives
FFOA                                     $18.6 $0.55         $15.8 $0.51
                                                                   

A reconciliation of net income (loss) to FFO and FFOA can be found at the end
of this release.

For the quarter ended September 30, 2012, the Company reported total revenues
of $34.5 million and net income attributable to common stockholders of $7.8
million, compared to $20.4 million and $0.4 million, respectively, in the same
period in 2011.

“We are pleased to post strong results for another quarter. Our people-focused
investments and initiatives are continuing to positively impact our Company.
This is clearly seen in our occupancy, rates, margin and NOI, but perhaps not
as obvious is the energy, morale and quality of our hard working associates,”
commented Ted W. Rollins, Co-Chairman and Chief Executive Officer of Campus
Crest. “Our vertically integrated platform enabled our teams to deliver six
new properties and an expansion of an existing property at occupancies that
result in our investments achieving or exceeding our yield targets.
Additionally, we expect the properties we delivered in the third quarter of
2011 to achieve our occupancy and related yield targets for a second year of
operations. As we begin our third year as a public REIT, we continue to focus
on improving operations and growing our footprint, while maintaining a
conservative capital structure and making a meaningful impact with our
environmental and social initiatives.”

Operating Results

For the three and nine months ended September 30, 2012, results for
wholly-owned same store properties were as follows:

Same Store                                     
Results
                    Three Months Ended September   Nine Months Ended September
                    30,                            30,
($mm)              2012     2011     % Change    2012     2011     % Change
                                                                     
Number of Assets    21       21                    21       21
Number of Beds      10,528   10,528                10,528   10,528
Occupancy           92.0%    89.9%    2.1%         91.5%    89.3%    2.2%
Total Revenues      $14.5    $13.8    5.0%         $42.9    $40.9    4.8%
NOI                 $7.5     $7.1     6.4%         $22.6    $21.4    5.5%
NOI Margin          51.8%    51.1%    0.7%         52.6%    52.3%    0.3%

The improvement in same-store NOI was driven by higher occupancy and increased
rental rates partially offset by higher operating expenses.

NOI margin is calculated by dividing NOI for the period by total student
housing rental and services revenues for the period. A reconciliation of net
income (loss) to NOI can be found at the end of this release. In addition,
details regarding same store NOI and calculations thereof may be found in the
Supplemental Analyst Package.

Portfolio & Leasing Update

As of September 30, 2012, the Company owned interests in 39 operating
properties with 20,884 beds. The portfolio overview and 2012/2013 occupancy
status is outlined in the table below:

Portfolio                                                                  
Overview
                                                     2012-2013        2011-2012        Rental
                                                     Leases           Leases           Rate
Property        Properties   Units   Beds    Signed  %      Signed  %      Increase
                                                     ^1               ^1               ^2
                                                                                       
Wholly-Owned       27             5,156     13,884   12,889   92.8%   12,351   89.0%   1.7%
- Operating
                                                                                       
Wholly-Owned -
Operating          2              408       1,088    996      91.5%   1,070    98.3%   1.3%
Acquisitions
in 2012
                                                                                       
Joint
Venture -          4           760     2,092   1,700   81.3%  1,735   82.9%  2.8%
Operating
                                                                                       
Sub Total
All                33             6,324     17,064   15,585   91.3%   15,156   88.8%   1.8%
Operating
Properties
                                                                                       
Wholly-Owned
- 2012             3              684       1,964    1,915    97.5%   0        0.0%    n/a
Deliveries
^3
                                                                                       
Joint
Venture -          3           662     1,856   1,407   75.8%  0       0.0%   n/a
2012
Deliveries
                                                                                       
Sub Total
2012               6              1,346     3,820    3,322    87.0%   0        0.0%    n/a
Deliveries
                                                                  
Total           39          7,670   20,884  18,907  90.5%  15,156  88.8%  1.8%
Portfolio
                                                                  
Wholly-Owned    32          6,248   16,936  15,800  93.3%  13,421  89.6%  1.6%
Portfolio
                                                                                       
^1 As of September 30, 2012 and September 30,
2011, respectively.
^2 Rental revenue per occupied bed growth for the 2012-2013 academic year over the
2011-2012 academic year.
^3 Includes a 160 bed expansion at Nacogdoches that is not counted
as a separate property.

All 39 properties were built, or are being built or renovated, by the Company
or its predecessor. The median distance to campus of the portfolio is 0.5
miles with an average age of 3.1 years as of September 30, 2012.

Development and Acquisition Activity

Wholly-Owned and Joint Venture Development

The Company delivered its 2012/2013 academic year projects, with a total cost
of $162.9 million, in the third quarter. Details of these developments are as
follows:

2012/2013 Academic Year Developments                                                      
                                     
                                                                                New &                Est.
                                          Total            Miles                          Total
Project      Ownership   University                  to       Units   Ph.              Cost
                           Served         Enrollment^1                          II        Beds^2
                                                           Campus                                    ($mm)
                                                                                Beds
Wholly-Owned
The Grove at 100.0%        Auburn         25,469           0.1        216       600       600        $26.3
Auburn                     University
The Grove at               Northern
Flagstaff    100.0%        Arizona        17,761           0.3        216       584       584        33.1
                           University
The Grove at               Stephen F.
Nacogdoches  100.0%        Austin         12,903           0.4        64        160       682        6.2
- Phase II                 State
                           Univ.
The Grove at 100.0%      University   11,168         0.5      188     620     620      25.3
Orono                      of Maine
Average/Median/Sub Total^3                16,825           0.4        684       1,964     2,486      $90.9
Joint Venture^4
The Grove at               University
Fayetteville 10.0%         of             23,199           0.5        232       632       632        $26.5
                           Arkansas
The Grove at 10.0%         University     10,568           0.3        224       612       612        24.8
Laramie                    of Wyoming
The Grove at               Oklahoma
Stillwater^5 10.0%       State        22,411         0.8      206     612     612      20.7
                           University
Average/Median/Sub Total^3              18,726         0.5      662     1,856   1,856    $72.0
Average/Median/Total^3                  17,640         0.4      1,346   3,820   4,342    $162.9
                                                                                                     
^1 All data is from school websites as of fall 2011.
^2 Represents existing beds at a property plus New & Phase II beds.
^3 Total Enrollment is an average, Miles to Campus is the median, while others are totals.
^4 The Company owns a 10.0% interest in the joint venture communities, with Harrison Street Real Estate
owning the balance.
^5 Acquisition of existing community with 138 units and 384 beds. New development adds 68 units and 228
beds.

The Company also plans to deliver six 2013/2014 academic year projects in the
third quarter of 2013. It has commenced development on the six projects, which
have total estimated projects costs of $162.7 million. The three wholly-owned
projects have total estimated project costs of $82.8 million, while the three
joint venture projects have total estimated project costs of $79.9 million.
The Company will own 20.0% of the joint venture projects being developed with
Harrison Street Real Estate (“HSRE”). Details of these developments are as
follows:

2013/2014 Academic Year                                                                  
Developments
                                                                                                      
                                                                       Miles                          Est.
                                     University       Total            to                   Total
Project                Ownership   Served                                 Units           Cost
                                                      Enrollment^1     Campus               Beds
                                                                                                      ($mm)
Wholly-Owned                                                           On Campus
The Grove at Ft.                     Colorado
Collins^2              100.0  %      State            26,735                      218       612       $ 31.8
                                     University
The Grove at Muncie^2  100.0  %      Ball State       18,241           0.1        216       584         24.3
                                     University
                                     Washington
The Grove at Pullman   100.0  %    State          19,255         0.0      216     584      26.7
                                     University
Average/Median/Sub                                    21,410           0.0        650       1,780     $ 82.8
Total^3
                                                                                                      
Joint Venture^4
                                     Indiana
The Grove at Indiana   20.0   %      University       15,132           0.6        224       600         26.6
                                     of
                                     Pennsylvania
The Grove at State     20.0   %      Penn State       45,628           0.8        216       584         26.9
College                              University
The Grove at Norman^2  20.0   %    University     23,850         0.6      224     600     $ 26.4
                                     of Oklahoma
Average/Median/Sub                              28,203         0.6      664     1,784   $ 79.9
Total^3
Average/Median/Total^3                          24,807         0.3      1,314   3,564   $ 162.7

^1 All data is from school websites as of fall 2011.
^2 Previously disclosed by the Company.
^3 Total Enrollment is an average, Miles to Campus is the median, while others
are totals.
^4 The Company owns a 20.0% interest in the joint venture projects, with
Harrison Street Real Estate owning the balance. Total gross fees to the
Company for the joint venture projects are approximately $8.1 million, of
which $1.6 million has been earned through September 30, 2012.

Select highlights for the 2013/2014 academic year projects include:

  *The Grove at Ft. Collins: Located on land owned by Colorado State
    University, the property is the first fully-amenitized housing option on
    campus and marks the Company’s most recent on campus venture.
  *The Grove at Muncie: Situated 0.1 miles from campus, the community
    provides convenient, pedestrian friendly access to Ball State University.
  *The Grove at Pullman: Located on a visible parcel of land adjacent to
    campus, this project will offer the only full-service student housing
    option to the Washington State University campus that just set a new fall
    enrollment record of 19,255 students.
  *The Grove at Indiana: Located just 0.6 miles from campus, this new
    community will be the first student housing option in the market that
    provides lifestyle-focused management and resort-style amenities to the
    student population of Indiana University of Pennsylvania. With an
    enrollment of 15,132, the university has broken previous enrollment
    records for the fourth consecutive year.
  *The Grove at Norman: Located 0.6 miles from campus, the property provides
    high visibility and easy access to the University of Oklahoma campus, in a
    market with favorable supply and demand characteristics.
  *The Grove at State College: Located 0.8 miles from campus and overlooking
    the football stadium, this community will be very visible and conveniently
    located for the Penn State University student body. The project includes
    pedestrian-friendly access that makes it very convenient to campus.

Acquisitions

On July 6, 2012, the Company closed on the purchase of the remaining 50.1%
interest in The Grove at Moscow, and the remaining 80.0% interest in The Grove
at Valdosta, owned by its joint venture partner, HSRE. The Company utilized
approximately $43.5 million of proceeds from the common equity offering that
closed in July 2012 to fund the $16.2 million purchase price and retire $27.3
million of mortgage indebtedness secured by the properties.

As a result of the acquisitions, the Company recognized a non-cash gain of
$6.6 million in the third quarter of 2012. This can be seen in the
reconciliation of net income (loss) to FFO and FFOA found at the end of this
release.

Balance Sheet and Capital Markets

The Company actively manages its balance sheet and looks to opportunistically
access capital to fund growth and maintain a conservative capital structure.
Details of the capital structure and the outstanding debt as of September 30,
2012 follow:

CAMPUS CREST COMMUNITIES                              
                                                                      
CAPITAL STRUCTURE AS OF SEPTEMBER 30,
2012
(in $000s, except per share data)
Capital Structure and Debt Summary
($000s)                                                           
Closing common stock price at September                 $10.80
28, 2012
                                                                      
Common stock                                            37,672
Operating partnership units                             336
Restricted stock                                        552
Total shares and units outstanding                      38,560
                                                                      
Total equity market value                               $416,448
Total preferred equity outstanding                      57,500
Total consolidated debt outstanding                     276,486
Total market capitalization                             $750,434
                                                                      
Debt to total market capitalization                     36.8%
Debt to gross assets^1                                  35.9%
                                                                      
                                                        Weighted      Average
                                          Principal     Average       Years to
Wholly-Owned Debt^2                       Outstanding  Interest Rate Maturity
Fixed rate mortgage loans                 $148,890      5.07%         6.2
Variable rate mortgage and construction   67,722        2.92%         1.2
loans
Variable rate credit facility             56,500        2.49%         1.9
Other debt, fixed rate                    3,374         3.67%         14.4
                                                                 
Total/Weighted Average                    $276,486     4.00%        4.2

^1Gross assets is defined as total assets plus accumulated depreciation, as
reported in the Company's September 30, 2012 condensed consolidated balance
sheet.
^2 Excludes joint venture debt of $34.1 million, of which the Company is 49.9%
owner, $17.0 million, of which the Company is 20.0% owner, and $40.8 million,
of which the Company is a 10.0% owner. The Company is the guarantor of these
loans.

On July 2, 2012, the Company closed an underwritten public offering of
7,475,000 shares of its common stock, including 975,000 shares issued and sold
pursuant to the full exercise of the underwriters' option to purchase
additional shares. The shares were issued at a public offering price of $10.10
per share, for net proceeds of approximately $72.2 million, after deducting
the underwriting discount and other net estimated offering costs. The Company
used a majority of the net proceeds from this offering for the joint venture
acquisition (The Grove at Moscow and The Grove at Valdosta) discussed above,
and used the remaining proceeds to reduce borrowings outstanding under the
Company's revolving credit facility and for general corporate purposes.

The Company is currently negotiating an amendment to its variable rate
unsecured credit facility. It has received approximately $250 million in
commitments and expects to close the amended facility in early 2013. The
amended facility is anticipated to have improved pricing, a four-year term
plus an additional one year extension option (upon satisfaction of
conditions), a $50.0 million term loan component and an accordion feature that
can increase the size of the facility to approximately $600.0 million (upon
satisfaction of conditions). The Company plans to contribute The Grove at
Huntsville, The Grove at Moscow and The Grove at Valdosta to the unencumbered
pool of the credit facility. The proposed amendment to the credit facility is
subject to definitive documentation; accordingly, the Company can make no
assurance that the credit facility will be amended as expected or at all.

Dividends

On September 12, 2012, the Company declared a third quarter dividend of $0.16
per common share and operating partnership unit, equating to $0.64 per common
share and operating partnership unit on an annualized basis. The dividend was
paid on October 10, 2012 to shareholders of record as of September 26, 2012.
Based on the September 28, 2012 closing stock price of $10.80, the annualized
dividend yield is 5.9%. Additionally, the quarterly dividend represents an
84.2% payout of third quarter FFO of $0.19 per diluted share.

The Company also declared a third quarter dividend of $0.50 per share of
Series A Preferred Stock. The dividend was paid on October 15, 2012, to
shareholders of record as of September 26, 2012.

2012 Outlook Update

The Company is tightening its guidance range for full year 2012 FFO from $0.71
to $0.77 per fully diluted share to $0.73 to $0.75 based on the following
assumptions, which reflect the results for the first three quarters of 2012
and management’s current estimates for the fourth quarter:

  *Wholly-owned NOI (inclusive of 21 same store assets, four 2011 deliveries
    and joint ventures acquired in the last 12 months – The Grove at
    Huntsville, The Grove at Statesboro, The Grove at Moscow and The Grove at
    Valdosta) of $41.5 to $42.5 million
  *Expected weighted average development yields of 9.2% to 9.6% on 2012/2013
    academic year deliveries
  *FFO contribution from JV properties of $2.0 to $2.2 million including 2012
    deliveries
  *Net development, construction and management services fees of $3.3 to $3.5
    million
  *General and administrative expense of $8.6 to $8.8 million
  *Interest expense of $10.9 to $11.1 million
  *Weighted average fully diluted shares/units outstanding of 35.2 million

As previously disclosed, this excludes the non-cash charge of approximately
$960,000 in the first quarter related to the write-off of unamortized deferred
financing fees associated with construction debt paid-off in connection with
the February 2012 preferred equity offering.

Conference Call Details

The Company will host a conference call on Wednesday, October 31, 2012, at
9:00 a.m. (Eastern Time) to discuss the financial results.

The call can be accessed live over the phone by dialing 877-941-1428, or for
international callers, 480-629-9665. A replay will be available shortly after
the call and can be accessed by dialing 877-870-5176, or for international
callers, 858-384-5517. The pin number for the replay is 4573725. The replay
will be available until November 7, 2012.

Interested parties may also listen to a simultaneous webcast of the conference
call by logging onto the Company's website at
http://investors.campuscrest.com/. A recording of the call will also be
available on the Company's website following the call.

Supplemental Schedules

The Company has published a Supplemental Analyst Package in order to provide
additional disclosure and financial information for the benefit of the
Company’s stakeholders. These can be found under the “Earnings Center” tab in
the Investor Relations section of the Company’s web site at
http://investors.campuscrest.com/.

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
plans to deliver six projects containing approximately 1,314 units and 3,564
beds 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.

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. Forward-looking statements in this press release include, among
others, statements in the terms and timing of the amendment to the Company’s
revolving credit facility, the performance of properties in occupancy and
yield targets, outlook for FFO, growth and development opportunities, leasing
activities, financing strategies, and development and construction projects.
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                                        

                                                                  
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in $000s)
                                                                  
                                                                  
                                                                  
                                                  September 30,   December 31,
                                              2012           2011
                                                                  
Assets
Investment in real estate, net:
   Student housing properties                     $667,182        $512,227
   Accumulated depreciation                       (91,680)        (76,164)
   Development in process                         33,558          45,278
Investment in real estate, net                    609,060         481,341
Investment in unconsolidated entities             18,594          21,052
Cash and cash equivalents                         15,984          10,735
Restricted cash                                   4,371           2,495
Student receivables, net                          2,050           1,259
Cost and earnings in excess of construction       17,047          10,556
billings
Other assets, net                                 12,112          12,819
Total assets                                      $679,218        $540,257
                                                                  
Liabilities and equity
Liabilities:
   Mortgage and construction notes payable        $216,612        $186,914
   Line of credit and other debt                  59,874          82,052
   Accounts payable and accrued expenses          39,952          30,650
   Construction billings in excess of cost and    135             165
   earnings
   Other liabilities                              13,274          9,341
Total liabilities                                 329,847         309,122
Equity:
   Preferred stock                                $23             $0
   Common stock                                   386             307
   Additional common and preferred paid-in        376,795         248,599
   capital
   Accumulated deficit and distributions          (31,988)        (21,410)
   Accumulated other comprehensive loss           (168)           (387)
Total stockholders' equity                        345,048         227,109
Noncontrolling interests                          4,323           4,026
Total equity                                      349,371         231,135
Total liabilities and equity                      $679,218        $540,257

                                                                  
CAMPUS CREST
COMMUNITIES

                                                                           
CONDENSED
CONSOLIDATED
STATEMENTS OF
OPERATIONS
(unaudited)
(in $000s,
except per share
data)
                                                                           
                                                                           
                                                                           
                       Three Months Ended              Nine Months Ended September
                       September 30,                   30,
                  2012^1   2011     $         2012^1   2011     $
                                           Change                          Change
                                                                           
Revenues:
  Student              $21,449   $14,883   $6,566      $57,160   $41,054   $16,106
  housing rental
  Student
  housing              934       686       248         2,430     1,662     768
  services
  Development,
  construction         12,103    4,827     7,276       43,162    26,444    16,718
  and management
  services
Total revenues         34,486    20,396    14,090      102,752   69,160    33,592
Operating
expenses:
  Student
  housing              10,123    7,234     2,889       27,631    20,001    7,630
  operations
  Development,
  construction         11,374    4,393     6,981       40,260    24,229    16,031
  and management
  services
  General and          1,972     1,253     719         6,517     4,923     1,594
  administrative
  Ground leases        54        52        2           163       156       7
  Depreciation
  and                  5,799     4,873     926         17,528    15,239    2,289
  amortization
Total operating        29,322    17,805    11,517      92,099    64,548    27,551
expenses
Equity in
earnings (loss)
of                     86        (233)     319         283       (759)     1,042
unconsolidated
entities
Operating income       5,250     2,358     2,892       10,936    3,853     7,083
Nonoperating
income
(expense):
  Interest             (2,623)   (1,922)   (701)       (8,395)   (4,657)   (3,738)
  expense^2
  Change in fair
  value of             (57)      (22)      (35)        (160)     315       (475)
  interest rate
  derivatives
  Other income         6,554     42        6,512       6,479     87        6,392
  (expense)^3
Total
nonoperating           3,874     (1,902)   5,776       (2,076)   (4,255)   2,179
income (expense)
Net income
(loss) before          9,124     456       8,668       8,860     (402)     9,262
income tax
expense
Income tax             (74)      (42)      (32)        (330)     (299)     (31)
expense
Net income             9,050     414       8,636       8,530     (701)     9,231
(loss)
Net (income)
loss
attributable to        (61)      (6)       (55)        (38)      (1)       (37)
noncontrolling
interests
Dividends on           (1,150)   -         (1,150)     (2,964)   -         (2,964)
preferred stock
Net income
(loss)
attributable to        $7,839    $408      $7,431      $5,528    ($702)    $6,230
common
stockholders
                                                                           
Net income (loss) per
share attributable to  $0.20     $0.01                 $0.16     ($0.02)
common stockholders -
Basic and Diluted:
                                                                           
Weighted average
common shares
outstanding:
Basic                  38,479    30,724                33,514    30,717
Diluted             38,915   31,160            33,950   30,717   

^1 Includes consolidated results from the operations at The Grove at
Huntsville, The Grove at Statesboro, The Grove at Moscow and The Grove at
Valdosta which were included in equity in earnings (loss) of unconsolidated
entities prior to the Company's acquisition of its joint venture partner's
interest. The Grove at Huntsville and The Grove at Statesboro closed December
29, 2011, and The Grove at Moscow and The Grove at Valdosta closed July 6,
2012.
^2 Includes an approximate $960 non-cash charge for the nine months ended
September 30, 2012 related to the write-off of unamortized deferred financing
fees associated with construction debt paid-off using proceeds from the
February 2012 preferred equity offering.
^3 Includes a $6,554 gain from the purchase of our joint venture partner's
interest in The Grove at Valdosta and The Grove at Moscow for the three and
nine months ended September 30, 2012.

CAMPUS CREST                                                        
COMMUNITIES

                                                                          
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") and NET
OPERATING INCOME ("NOI") (unaudited)
(in $000s,
except per share
data)
                                                                          
                                                                          
                                                                          
                 Three Months Ended September 30,   Nine Months Ended September
                                                    30,
               2012^1    2011     $ Change    2012^1    2011      $
                                                                          Change
                                                                          
Net income
(loss)
attributable to  $7,839     $408      $7,431        $5,528     ($702)     $6,230
common
stockholders
Net income
(loss)
attributable to  61         6         55            38         1          37
noncontrolling
interests
Gain on purchase
of joint venture (6,554)    -         (6,554)       (6,554)    -          (6,554)
properties^3
Real estate
related          5,726      4,809     917           17,319     15,054     2,265
depreciation and
amortization
Real estate related
depreciation and
amortization -
  unconsolidated 366        627       (261)         1,353      1,786      (433)
  entities
FFO available to
common shares    $7,438     $5,850    $1,588        $17,684    $16,139    $1,545
and OP units^2
Elimination of the
non-cash portion of the
change
  in the fair
  value of       -          -         -             -          (337)      337
  unhedged
  derivatives
Elimination of non-cash
charge from the write-off
of
  unamortized
  deferred       -          -         -             960        -          960
  financing fees
Funds from operations adjusted
(FFOA) available to common
  shares and OP  $7,438     $5,850    $1,588        $18,644    $15,802    $2,842
  units
                                                                          
FFO per share -  $0.19      $0.19     $0.00         $0.52      $0.52      $0.00
diluted^2
FFOA per share - $0.19      $0.19     $0.00         $0.55      $0.51      $0.04
diluted
Weighted average
common shares
and OP units     38,915    31,160             33,950    31,152    
outstanding -
diluted
                                                                          
                                                                          
                                                                          
                                                                          
                 Three Months Ended September 30,   Nine Months Ended September
                                                    30,
               2012^1    2011               2012^1    2011      
                                                                          
Net income
(loss)
attributable to  $7,839     $408                    $5,528     ($702)
common
stockholders
Net income
(loss)
attributable to  61         6                       38         1
noncontrolling
interests
Preferred stock  1,150      -                       2,964      -
dividends
Income tax       74         42                      330        299
expense
Other (income)   (6,554)    (42)                    (6,479)    (87)
expense
Change in fair
value of         57         22                      160        (315)
interest rate
derivatives
Interest expense 2,623      1,922                   8,395      4,657
Equity in
(earnings) loss
of               (86)       233                     (283)      759
unconsolidated
entities
Depreciation and 5,799      4,873                   17,528     15,239
amortization
Ground lease     54         52                      163        156
expense
General and
administrative   1,972      1,253                   6,517      4,923
expense
Development,
construction and
management       11,374     4,393                   40,260     24,229
services
expenses
Development,
construction and
management       (12,103)   (4,827)                 (43,162)   (26,444)
services
revenues
Total NOI        $12,260    $8,335                  $31,959    $22,715
Same store       $7,517     $7,062                  $22,587    $21,418
properties NOI
New properties   $4,743    $1,273             $9,372    $1,297    
NOI

^1 Includes consolidated results from the operations at The Grove at
Huntsville, The Grove at Statesboro, The Grove at Moscow and The Grove at
Valdosta which were included in equity in earnings (loss) of unconsolidated
entities prior to the Company's acquisition of its joint venture partner's
interest. The Grove at Huntsville and The Grove at Statesboro closed December
29, 2011, and The Grove at Moscow and The Grove at Valdosta closed July 6,
2012.
^2 Includes an approximate $960 non-cash charge for the nine months ended
September 30, 2012 related to the write-off of unamortized deferred financing
fees associated with construction debt paid-off using proceeds from the
February 2012 preferred equity offering.
^3 Includes a $6,554 gain from the purchase of our joint venture partner's
interest in The Grove at Valdosta and The Grove at Moscow for the three and
nine months ended September 30, 2012.

Non-GAAP Financial Measures

FFO and FFOA

FFO is a non-GAAP financial measure. We calculate FFO in accordance with the
definition that was adopted by the Board of Governors of NAREIT. FFO, as
defined by NAREIT, represents net income (loss) determined in accordance with
U.S. GAAP, excluding extraordinary items as defined under GAAP and gains or
losses from sales of previously depreciated operating real estate assets, plus
specified non-cash items, such as real estate asset depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. In addition, in October 2011, NAREIT communicated to its members
that the exclusion of impairment write-downs of depreciable real estate is
consistent with the definition of FFO.

We use FFO as a supplemental performance measure because, in excluding real
estate-related depreciation and amortization and gains and losses from
property dispositions, it provides a performance measure that, when compared
year over year, captures trends in occupancy rates, rental rates and operating
expenses. We also believe that, as a widely recognized measure of the
performance of equity REITs, FFO will be used by investors as a basis to
compare our operating performance with that of other REITs. However, because
FFO excludes depreciation and amortization and captures neither the changes in
the value of our properties that result from use or market conditions nor the
level of capital expenditures necessary to maintain the operating performance
of our properties, all of which have real economic effects and could
materially and adversely impact our results of operations, the utility of FFO
as a measure of our performance is limited.

While FFO is a relevant and widely used measure of operating performance of
equity REITs, other equity REITs may use different methodologies for
calculating FFO and, accordingly, FFO as disclosed by such other REITs may not
be comparable to FFO published herein. Therefore, we believe that in order to
facilitate a clear understanding of our historical operating results, FFO
should be examined in conjunction with net income (loss) (computed in
accordance with U.S. GAAP) as presented in the consolidated financial
statements included elsewhere in this document. FFO should not be considered
as an alternative to net income (loss) (computed in accordance with U.S. GAAP)
as an indicator of our properties’ financial performance or to cash flow from
operating activities (computed in accordance with U.S. GAAP) as an indicator
of our liquidity, nor is it indicative of funds available to fund our cash
needs, including our ability to pay dividends or make distributions.

FFOA is a non-GAAP financial measure. In addition to FFO, we believe it is
also a meaningful measure of our performance to adjust FFO to exclude the
change in fair value of interest rate derivatives and non-cash charges from
the write-off of unamortized deferred financing fees. Excluding these two
items adjusts FFO to be more reflective of operating results prior to capital
replacement or expansion, debt service obligations or other commitments and
contingencies.

NOI

NOI is a non-GAAP financial measure. We calculate NOI by adding back (or
subtracting from) to net income (loss) the following expenses or charges:
income tax expense, interest expense, equity in earnings (loss) of
unconsolidated entities, preferred stock dividends, depreciation and
amortization, ground lease expense, general and administrative expense and
development, construction and management services expense. The following
income or gains are then deducted from net income (loss), adjusted for add
backs of expenses or charges: other income, change in fair value of interest
rate derivatives and development, construction and management services
revenue. We believe these adjustments help provide a performance measure, when
compared year over year, that illustrates the operating results of our
wholly-owned properties and captures trends in student housing rental and
services income and student housing operating expenses.

NOI excludes multiple components of net income (loss) (computed in accordance
with U.S. GAAP) and captures neither the changes in the value of our
properties that result from use or market conditions nor the level of capital
expenditures necessary to maintain the operating performance of our
properties, all of which have real economic effects and could materially and
adversely impact our results of operations. Therefore, the utility of NOI as a
measure of our performance is limited. Additionally, other companies,
including other equity REITs, may use different methodologies for calculating
NOI and, accordingly, NOI as disclosed by such other companies may not be
comparable to NOI published herein. Therefore, we believe that in order to
facilitate a clear understanding of our historical operating results, NOI
should be examined in conjunction with net income (loss) (computed in
accordance with U.S. GAAP) as presented in the consolidated financial
statements included elsewhere in this document. NOI should not be considered
as an alternative to net income (loss) (computed in accordance with U.S. GAAP)
as an indicator of our properties’ financial performance or to cash flow from
operating activities (computed in accordance with U.S. GAAP) as an indicator
of our liquidity, nor is it indicative of funds available to fund our cash
needs, including our ability to pay dividends or make distributions.

Contact:

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