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Campus Crest Communities Announces Final Leasing Results for 2011/2012 Academic Year

^{Published on 2011-10-11 06:02:12 - Market Wire}
 

CHARLOTTE, N.C.--([ BUSINESS WIRE ])--Campus Crest Communities, Inc. (NYSE:CCG), a leading developer, builder, owner and manager of high-quality, purpose-built student housing under The Grove® brand, today announced its final leasing results for the 2011/2012 academic year. The Company also announced that its six new developments were completed within budget and have opened for the 2011/2012 academic year.

As of September 30, 2011, the Companya™s portfolio leasing status was as follows:

¹ Average effective rate for 2011/2012 compared to the average rate achieved in 2010/2011

Campus Crest Co-Chairman and Chief Executive Officer Ted Rollins remarked, aI am pleased to announce that we have increased both rate and occupancy meaningfully year over year due to continued improvements in systems and people within our organization. Our rental rate increases were higher than we had previously expected and we continue to drive margin expansion as we achieve ongoing efficiencies. We are also proud to announce our six new properties have opened. With the start of the 2011/2012 academic year, our residents have moved in and are beginning to experience our amenities and proprietary SCORES residence life programming. Our Company continues to improve daily and our teams are dedicated to being the best in the business. We remain focused on delivering on our promise to provide a great product and service to our residents, to be a responsible partner to the communities we serve and to create long-term value for our shareholders.a

As previously announced, the new developments include four wholly-owned and two joint venture properties. The details of these properties are as follows:

Additionally, as previously announced, the Company has broken ground on two development properties under construction for delivery in the 2012/2013 academic year. The Company is developing wholly-owned properties at Auburn University in Auburn, Alabama and The University of Maine in Orono, Maine, with total estimated project costs of $51.6 million. The Auburn property will have 216 units with 600 beds and will be located adjacent to the on-campus Greek housing, and the Orono property will have 188 units with 620 beds and will be located 0.5 miles from the University. The Company will release information on the remainder of the planned developments for the 2012/2013 academic year during the fourth quarter.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. (NYSE: CCG) is a leading developer, builder, owner and manager of high-quality, purpose-built student housing properties located 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. Campus Crest Communities owns interests in 33 student housing properties containing approximately 6,324 apartment units and 17,064 beds. Since its inception, the Company has focused on customer service, privacy, on-site amenities and other lifestyle considerations to provide college students with a higher standard 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 purposed 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 amay,a awill,a ashould,a aexpects,a aintends,a aplans,a aanticipates,a abelieves,a aestimates,a apredictsa or apotentiala 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 outlook for FFO, growth opportunities and long term value creation. 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 Companya™s control that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Companya™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 Companya™s future results to differ materially from any forward-looking statements, see the risk factors discussed in the Companya™s most recent Annual Report on Form 10-K, as updated in the Companya™s Quarterly Reports on Form 10-Q.