CCG Releases Second Quarter 2015 Results

- Portfolio Pre-Leasing Up 320 basis points -

- FFOA of $0.10 per share -

- Potential Sale Discussions Continue -

News provided by

Campus Crest Communities, Inc.

Sep 29, 2015, 07:00 ET

CHARLOTTE, N.C., Sept. 29, 2015 /PRNewswire/ -- Campus Crest Communities, Inc. (NYSE: CCG) (the "Company" or "Campus Crest"), an owner and manager of high-quality student housing properties, today announced results for the three months ended June 30, 2015.

"We have successfully concluded the pre-leasing for the 2015/2016 academic year with the total portfolio ending up 320 basis points over the 2014/2015 leasing results. The portfolio effective rental rates increased over 200 basis points," stated David Coles, Interim Chief Executive Officer. "As part of our continued efforts to simplify the balance sheet, we have successfully eliminated three additional joint venture investments including the dispositions of our JV properties in Norman, OK and San Angelo, TX as well as acquiring the full ownership interest in our former JV property in Fayetteville, AR. Despite the ongoing strategic review we have executed well against our pre-leasing goals as demonstrated in our year-over-year gains in occupancy and rate."

"As previously disclosed, the Board continues to pursue a potential sale of the Company, and our transaction committee remains engaged in discussions with the leading potential purchaser. Those discussions are ongoing and subject to reaching mutual agreement on terms and conditions, and there can be no assurance that those discussions will result in an agreement for the sale of the Company.  If an agreement is reached, it would be subject to customary and other negotiated closing conditions" noted Aaron Halfacre, President and Chief Investment Officer. "The Board has not eliminated any alternatives and will continue to consider and discuss with interested parties a range of potential strategic alternatives.  Until such time as that process has concluded, the Company does not anticipate providing any further updates."

Property Leasing Results for Academic Year 2015/2016

The following tables highlight the leasing activity for the 2015/2016 academic year as of September 29, 2015:

Preleasing Update















Preleasing1



Properties

Beds

AY '14/'15

AY '15/'16

Change











Same Store Properties by Occupancy2




















Tier 1 (98%+)

34

16,027

99.8%

96.7%

(3.1%)

Tier 2 (95% to 97.9%)

7

4,080

96.6%

85.0%

(11.6%)

Tier 3 (90% to 94.9%)

7

3,776

91.6%

95.2%

3.6%

Tier 4 (Below 90%)

20

10,931

80.6%

85.2%

4.6%











Total Same Store Properties

68

34,814

92.5%

91.5%

(1.0%)











Same Store Properties By Ownership




















Wholly Owned

61

28,995

92.7%

91.1%

(1.6%)

Joint Venture

7

5,819

91.5%

93.9%

2.4%











Total Same Store Properties

68

34,814

92.5%

91.5%

(1.0%)






















2014 Deliveries By Type




















Grove & Copper Beech

7

4,345

73.1%

81.4%

8.3%

evo Philadelphia

1

850

46.6%

98.8%

52.2%

evo Montreal

2

2,223

10.9%

50.7%

39.8%











Total 2014 Deliveries

10

7,418

51.4%

74.2%

22.8%











2014 Deliveries By Ownership




















Wholly Owned

5

3,105

78.6%

86.3%

7.7%

Joint Venture

5

4,313

31.8%

65.5%

33.7%











Total 2014 Deliveries

10

7,418

51.4%

74.2%

22.8%






















Total Portfolio By Ownership




















Wholly Owned

66

32,100

91.3%

90.6%

(0.7%)

Joint Venture

12

10,132

66.1%

81.8%

15.7%











Total Portfolio

78

42,232

85.3%

88.5%

3.2%






















Footnotes:









1) AY'14/'15 represents results through September 30, 2014; AY'15'/'16 represents results through September 24, 2015.

2) Tiers based on '14/'15 leasing




Financial Highlights for the Three Months Ended June 30, 2015

The second quarter 2015 results presented in the accompanying Supplemental Analyst Package reflect the consolidation of assets acquired via the Copper Beech transaction. For the three months ended June 30, 2015, revenue, revenue per occupied bed, net operating income ("NOI") and Funds From Operations Adjusted ("FFOA") are shown in the table below.

Financial Highlights













Three Months Ended June 30,

Six Months Ended June 30,

($'000, except per share/bed data)

2015

2014

Change

2015

2014

Change













Total Revenues

$45,679

$24,990

82.8%

$86,008

$49,701

73.1%

Total RevPoB (wholly owned Grove)

555

524

5.9%

551

525

5.0%













Total RevPoB (wholly owned Copper Beech)

491

489

0.4%

489

487

0.4%













NOI

25,524

13,916

83.4%

48,420

27,911

73.5%













FFOA

6,295

9,039

(30.4%)

12,607

18,954

(33.5%)

FFOA per Share 

$0.10

$0.14

(30.5%)

$0.19

$0.29

(32.8%)


























A reconciliation of the net income attributable to common stockholders to FFOA can be found at the end of this release.

Balance Sheet

As of June 30, 2015, the Company held cash and cash equivalents totaling $15.7 million and $17.4 million of restricted cash.

Dividends

As previously announced on April 1, 2015, the Company does not anticipate declaring any dividend payments for 2015, and the Company currently does not intend to make distributions to common stockholders in 2015 at this time.

Additionally, the Series A Cumulative Redeemable Preferred Shares dividend remains suspended. However, dividends on the Series A Preferred Stock will accrue at the effective annual rate of $2.00 per share until paid.

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 79 student housing properties with over 42,000 beds across North America. 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. 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) 
























June 30,

December 31,



2015

2014






Assets



Investment in real estate, net:




Student housing properties1

$1,553,782

$935,962

Accumulated depreciation

(150,912)

(128,121)

Land and properties held for sale2

15,019

37,163

Land held for investment3

7,413

7,413

Investment in real estate, net

1,425,302

852,417

Investment in unconsolidated entities1

87,730

259,740

Cash and cash equivalents

15,679

15,240

Restricted cash4

17,411

5,429

Student receivables, net

2,070

1,587

Cost and earnings in excess of construction billings

-

3,887

Intangible assets, net

9,315

-

Other assets 

32,823

35,742

Total assets

$1,590,330

$1,174,042






Liabilities and equity



Liabilities:




Mortgage and construction loans

$600,750

$300,673

Line of credit and other debt

367,680

317,746

Accounts payable and accrued expenses

28,621

53,816

Construction billings in excess of cost and earnings

-

481

Other liabilities

35,025

22,092

Total liabilities

1,032,076

694,808

Equity:




Preferred stock

$61

$61

Common stock

648

648

Additional common and preferred paid-in capital

781,280

773,998

Accumulated deficit and distributions

(301,776)

(301,566)

Accumulated other comprehensive loss

(3,090)

(2,616)

Total stockholders' equity

477,123

470,525

Noncontrolling interests

81,131

8,709

Total equity

558,254

479,234

Total liabilities and equity

$1,590,330

$1,174,042












1 As of June 30, 2015, the Company's 100% interest in 29 Copper Beech properties (and Copper Beech at Ames), pursuant to the closing of the Copper Beech transaction, is included in "Student housing properties." In prior periods, the Company's investment in these properties was included in "Investment in unconsolidated entities."

2 As of June 30, 2015, includes four land parcels and one property that the Company intends to divest.

3 As of June 30, 2015, includes six strategically held land parcels that could be used for the development of phase two properties, with an aggregate bed count ranging from approximately 1,000 to 1,500.

4 Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements.

CAMPUS CREST COMMUNITIES





























CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in $000s, except per share data)
























































Three Months Ended June 30,

Six Months Ended June 30,



2015

2014

$ Change

2015

2014

$ Change














Revenues:












Student housing rental

$43,722

$23,637

$20,085

$82,512

$47,272

$35,240

Student housing services

1,745

1,026

720

3,055

1,999

1,056

Property management services

212

327

(115)

441

430

11

Total revenues

45,679

24,990

20,690

86,008

49,701

36,307

Operating expenses:












Student housing operations

19,943

10,747

9,197

37,147

21,360

15,787

General and administrative

10,423

3,649

6,773

18,461

7,155

11,306

Severance1

62

-

62

570

-

570

Write-off of other assets

597

-

597

1,366

-

1,366

Transaction costs2

1,640

1,460

180

3,132

2,045

1,087

Ground leases

120

120

-

240

237

3

Depreciation and amortization

27,861

7,253

20,608

47,617

14,233

33,384

Total operating expenses

60,646

23,229

37,417

108,533

45,030

63,503

Equity in earnings (losses) of unconsolidated entities3,4

790

(891)

1,681

(1,359)

(572)

(787)

Operating (loss) income

(14,177)

870

(15,047)

(23,885)

4,099

(27,984)

Nonoperating income (expense):












Interest expense, net

(9,270)

(2,950)

(6,320)

(17,058)

(6,326)

(10,732)

Gain on purchase of Copper Beech5

6,393

-

6,393

28,035

-

28,035

Gain on sale of assets6

-

-

-

7,748

-

7,748

Other income (expense)

4

104

(100)

(51)

170

(221)

Total nonoperating (expense) income, net

(2,873)

(2,846)

(27)

18,674

(6,156)

24,830

Net loss before income tax benefit

(17,050)

(1,976)

(15,074)

(5,210)

(2,057)

(3,153)

Income tax benefit

-

210

(210)

-

400

(400)

Loss from continuing operations

(17,050)

(1,766)

(15,285)

(5,210)

(1,657)

(3,553)

Income (loss) from discontinued operations7

-

1,374

(1,374)

(1,157)

2,313

(3,470)

Net (loss) income

(17,050)

(392)

(16,658)

(6,367)

656

(7,023)

Less: Dividends on preferred stock

3,050

3,050

-

6,100

6,100

-

Less: Net loss attributable to noncontrolling interests

(4,000)

12

(4,012)

(6,157)

(3)

(6,154)

Net loss attributable to common stockholders

($16,100)

($3,454)

($12,645)

($6,310)

($5,441)

($869)














Per share data - basic and diluted












Loss from continuing operations attributable to common stockholders

($0.25)

($0.07)


($0.08)

($0.12)


Income (loss) from discontinued operations attributable to common stockholders

$0.00

$0.02


($0.02)

$0.04

Net loss per share attributable to common stockholders

($0.25)

($0.05)


($0.10)

($0.08)















Weighted average common shares outstanding:











Basic and diluted

64,741

64,681


64,737

64,588





























1For the three months ended June 30, 2015, severance includes termination benefits for former executives in connection with the Company's  strategic repositioning.

2Transaction costs were $1.6 million for the three months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $1.6 million related to the Copper Beech acquisition. Transaction costs were $3.1 million for the six months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $2.8 million related to the Copper Beech acquisition, with the remaining $0.3 million related to various other costs associated with the Montreal transaction and the Company's strategic alternative process.


3For the six months ended June 30, 2015 and 2014, includes results from the Company's investment in Copper Beech.  The Company made its initial investment in Copper Beech on March 18, 2013 and subsequently made additional investments.  On September 30, 2013, the Company entered into an amendment to the purchase and sale agreement that enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in 7 properties until the Company exercises future purchase options. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. On January 30, 2015, the Company completed the initial closing of the Copper Beech transaction. As of March 31, 2015, the Company held a 100% interest in 29 Copper Beech properties and partial interest in 5 Copper Beech properties.





4For the three months and six months ended June 30, 2015, $1.1 million and $2.6 million equity in losses of unconsolidated entities were contributed from the Montreal operations, respectively.


5For the three months ended June 30, 2015, a preliminary gain of $6.4 million was recognized in connection with the Second Copper Beech Closing, a business combination in which the Company acquired a 100% interest in two additional Copper Beech properties, with the transaction closing on April 30, 2015.

6In connection with the previously announced strategic repositioning, the Company recognized a $3.1 million gain from the sale of a portfolio of six undeveloped land parcels in 1Q 2015. The Company also recognized a $4.6 million gain from the sale of The Grove at Lawrence, Kansas and The Grove at Conway, Arkansas.

7For the six months ended June 30, 2015, the Company recorded expenses of $1.2 million due to the wind down of its construction and development operations.  No construction and development revenues were recorded during the three months ended June 30, 2015. For the three months ended June 30, 2014, the Company recorded revenue from its construction and development operations of $10.3 million and expenses of $8.9 million resulting in income of $1.4 million.

CAMPUS CREST COMMUNITIES




































RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO FUNDS FROM OPERATIONS ("FFO") & FUNDS FROM OPERATIONS ADJUSTED ("FFOA") (unaudited)

(in $000s, except per share data)



















































Three Months Ended June 30,

Six Months Ended June 30,


2015

2014

$ Change

2015

2014

$ Change













Net income (loss) attributable to common stockholders

($16,100)

($3,454)

($12,646)

($6,310)

($5,441)

($869)

Real estate related depreciation and amortization

26,942

6,908

20,034

46,196

13,585

32,611

Real estate related depreciation and amortization - unconsolidated entities

2,675

7,264

(4,589)

6,045

14,597

(8,552)

Gain on sale of assets1

-

-

-

(7,748)

-

(7,748)

Gain on purchase of Copper Beech2

(6,393)

-

(6,393)

(28,035)

-

(28,035)

FFO available to common shares

7,124

10,718

(3,594)

10,148

22,741

(12,593)

Elimination of the following:











Transaction costs3

1,640

1,460

180

3,132

2,045

1,087

Write-off of other assets

597

-

597

1,366

-

1,366

Severance

62

-

62

570

-

570

Discontinued operations4

-

(1,374)

1,374

1,157

(2,313)

3,470

FV adjustment of CB debt5

(3,128)

(1,765)

(1,364)

(3,766)

(3,519)

(247)

Funds from operations adjusted (FFOA) available to common shares

$6,295

$9,039

($2,743)

$12,607

$18,954

($6,345)













FFO per share - basic and diluted

$0.11

$0.17

($0.06)

$0.16

$0.35

($0.19)

FFOA per share - basic and diluted

$0.10

$0.14

($0.04)

$0.19

$0.29

($0.10)













Weighted average common shares - basic

64,741

64,681


64,737

64,588



























1In connection with the previously announced strategic repositioning the Company recognized a $3.1 million gain from the sale of a portfolio of six undeveloped land parcels in 1Q 2015. The Company also recognized a $4.6 million gain from the sale of The Grove at Lawrence, Kansas and The Grove at Conway, Arkansas.

2For the three months ended June 30, 2015, a preliminary gain of $6.4 million was recognized in connection with the Second CB Closing, a business combination in which the Company acquired a 100% interest in two additional Copper Beech properties, with the transaction closing on April 30, 2015.

3Transaction costs were $1.6 million for the three months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $1.6 million related to the Copper Beech acquisition. Transaction costs were $3.1 million for the six months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $2.8 million related to the Copper Beech acquisition, with the remaining $0.3 million related to various other costs associated with the Montreal transaction and the Company's strategic alternative process.


4For the six months ended June 30, 2015, the Company recorded expenses of $1.2 million due to the wind down of its construction and development operations.  No construction and development revenues were recorded during the three months ended June 30, 2015. For the three months ended June 30, 2014, the Company recorded revenue from its construction and development operations of $10.3 million and expenses of $8.9 million resulting in income of $1.4 million.

5Includes the Company's proportionate share of non-cash fair value debt and other purchase accounting adjustments in its investment in Copper Beech accounted for under the equity method, as well as the fair value of debt adjustments for those Copper Beech properties consolidated during the six months ended June 30, 2015.

CAMPUS CREST COMMUNITIES



























RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO NET OPERATING INCOME ("NOI") (unaudited)


(in $000s, except per share data)







































Three Months Ended June 30,

Six Months Ended June 30,


20151

20141

20151

20141










Net income (loss) attributable to common stockholders

($16,100)

($3,454)

($6,310)

($5,441)

Net loss attributable to noncontrolling interests

(4,000)

12

(6,157)

(3)

Preferred stock dividends

3,050

3,050

6,100

6,100

Income tax (benefit) expense

-

(210)

-

(400)

Other (income) expense

(4)

(104)

51

(170)

Gain on sale of assets

-

-

(7,748)

-

Severance

62

-

570

-

Gain on purchase of Copper Beech

(6,393)

-

(28,035)

-

(Income) loss on discontinued operations

-

(1,374)

1,157

(2,313)

Interest expense

9,270

2,950

17,058

6,326

Equity in losses of unconsolidated entities

(790)

891

1,359

572

Depreciation and amortization

27,861

7,253

47,617

14,233

Ground lease expense

120

120

240

237

General and administrative expense

10,423

3,649

18,461

7,155

Write-off of corporate other assets

597

-

1,366

-

Transaction costs

1,640

1,460

3,132

2,045

Property management services

(212)

(327)

(441)

(430)

Total NOI

$25,524

$13,916

$48,420

$27,911

Grove same store properties NOI2

$13,496

$12,633

$27,098

$25,447

Wholly owned Copper Beech properties NOI

$8,601

$ -

$14,485

$ -

New properties NOI3

$2,658

$530

$5,347

$952

Grove Pullman and Toledo NOI4

$769

$753

$1,490

$1,512




















1 "Same store" properties are the Company's wholly-owned operating properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company and remaining in service through the end of the latest period presented or period being analyzed. "New properties" are the Company's wholly-owned operating properties acquired or placed in service after the beginning of the earliest period presented or period being analyzed.

2 Includes NOI contribution from Copper Beech at Ames, which was a consolidated JV property until January 30, 2015, at which time the company purchased the remaining equity such that it is now 100% owned

3 For the six months ended June 30, 2015 and 2014, includes financial results for The Grove at Denton. The Company acquired its joint venture partner's interest in The Grove at Denton on January 21, 2014. The occupancy data and net operating income related to Denton are included in new properties. Of the $1,042 net operating income for the six months ended June 30, 2014, $952 relates to the Company's 100% ownership and the remaining amount relates to the Company's joint venture ownership.



4 Includes NOI contribution from the operations of The Grove at Pullman and the Toledo, OH redevelopment, as well as business interruption insurance proceeds from The Grove at Pullman.

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 write-off of unamortized deferred financing fees, transaction costs, impairments, severance, discontinued operations, the effect of not exercising the Copper Beech purchase option, the write-off of development cost and fair value debt adjustments on equity method investments. Excluding the write-off of unamortized deferred financing fees, transaction costs, impairments, severance, discontinued operations, the effect of not exercising the Copper Beech purchase option, the write-off of development cost, and fair value debt adjustments on equity method investments 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) attributable to common stockholders the following expenses or charges: income tax expense, interest expense, equity in loss of unconsolidated entities, preferred stock dividends, depreciation and amortization, transaction costs, 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) attributable to common stockholders, adjusted for add backs of expenses or charges: equity in earnings of unconsolidated entities, income tax benefit, other income, 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.

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SOURCE Campus Crest Communities, Inc.

Related Links

http://www.campuscrest.com

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