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February 09, 2016 5:49 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Campus Crest Communities, Inc.

Company Overview

Campus Crest Communities, Inc., a real estate investment trust (REIT), engages in the ownership, development, building, and management of student housing properties under the Grove brand name in the United States. The company rents student housing properties; offers student housing services; and provides construction, development, and management services. As of July 06, 2012, it owned interests in 33 student housing properties containing approximately 6,324 apartment units and 17,064 beds. The company has elected to be treated as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income taxes, provided it distributes at least 90% of its taxable inco...

2100 Rexford Road

Charlotte, NC 28211

United States

Founded in 2004

632 Employees

Phone:

704-496-2500

Fax:

704-496-2599

Key Executives for Campus Crest Communities, Inc.

President and Chief Investment Officer
Total Annual Compensation: $121.5K
Chief Accounting Officer, Senior Vice President and Secretary
Total Annual Compensation: $190.9K
Compensation as of Fiscal Year 2014.

Campus Crest Communities, Inc. Key Developments

Campus Crest Communities, Inc. Approves the Appointment of Grant Thornton LLP as Independent Registered Public Accounting Firm for the Year Ending December 31, 2015

Campus Crest Communities, Inc. approved the proposal to ratify the selection by the company’s audit committee of Grant Thornton LLP as the company’s independent registered public accounting firm for the year ending December 31, 2015 at its annual meeting of stockholders held on January 26, 2016.

Campus Crest Agrees to Settle Merger-Related Lawsuits

Campus Crest Communities Inc. announced that it and several other defendants agreed to settle consolidated lawsuits related to a proposed merger with Harrison Street Real Estate Capital LLC. The company signed a memorandum of understanding Jan. 19 for the settlement of eight putative class-action lawsuits filed in the Circuit Court for Baltimore City in Maryland, while continuing to deny all allegations of wrongdoing, fault, liability or damage to the plaintiffs or Campus Crest's shareholders. The memorandum contemplates that involved parties in the legal cases will enter into a stipulation of settlement. This stipulation of settlement is subject to customary conditions, including court approval following notice to the shareholders of Campus Crest. Pursuant to the settlement, the company plans to release additional information related to the business combination, without admitting any liability or wrongdoing.

Campus Crest Communities Receives Non-Compliance Notice From NYSE

On January 4, 2016, Campus Crest Communities, Inc. received a letter from NYSE Regulation indicating that the New York Stock Exchange (the NYSE) had concluded that the Company failed to hold an annual meeting to elect directors for the fiscal year ended December 31, 2014 by December 31, 2015, as required by Section 302 of the NYSE Listed Company Manual. The Company previously advised the NYSE that it has set a meeting date of January 26, 2016 for its annual meeting. Holding such annual meeting will bring the Company into compliance with Section 302 of the Manual. The NYSE also notified the Company that, on January 5, 2016, the Company will be added to the list of noncompliant issuers on its website, and a below compliance (“.BC”) indicator will be added to the Company’s ticker symbol until the Company regains compliance with Section 302 of the Manual.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 16, 2015
--
Merger/Acquisition
September 29, 2015
The Grove at Fayetteville, Arkansas
Merger/Acquisition
June 18, 2015
Two evo Montreal Properties
 

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