CCG Declares 4Q14 $0.090/Share Common Dividend & $0.50/Share Preferred Series A Dividend

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Dec 19, 2014, 08:15 ET

CHARLOTTE, N.C., Dec. 19, 2014 /PRNewswire/ -- Campus Crest Communities, Inc. (NYSE: CCG) announced that its Board of Directors declared its fourth quarter of 2014 common stock dividend of $0.090 per share. Based on a closing price of $7.33 on December 18, 2014, the annualized dividend yield is 4.9%. The dividend is payable on January 29, 2015 to stockholders of record as of December 31, 2014.

The Board of Directors also declared a cash dividend of $0.50 per Series A Cumulative Redeemable Preferred Share for the fourth quarter of 2014. The preferred share dividend is payable on January 15, 2015 to stockholders of record as of December 31, 2014.

"As part of our previously announced plan to reduce the dividend, the Board of Directors has reset the common dividend to an annualized rate of $0.36 per share," said Richard Kahlbaugh, Executive Chairman and Interim CEO. "Our revised dividend policy is designed to strengthen our balance sheet, improve liquidity and enhance financial flexibility."

"The Board's decision to reduce the dividend is a prudent step in the Company's strategic repositioning," stated Aaron Halfacre, Chief Investment Officer. "The cash flow generated from a lower dividend, coupled with proceeds from select asset sales and our efforts to identify cost savings, will enable us to reduce leverage. When combined with the integration of the Copper Beech portfolio, the new dividend policy will allow the Company to work toward a targeted FFOA dividend payout ratio of 70%-80% over the course of 2015."

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 86 student housing properties with over 46,000 beds across North America. Additional information can be found on the Company's website at http://www.campuscrest.com.

Forward-Looking Statements

Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Campus Crest Communities, Inc. with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

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SOURCE Campus Crest Communities, Inc.