Key Developments: Campus Crest Communities Inc (CCG)
13.21USD
23 May 2013
$-0.11 (-0.83%)
$13.32
$13.24
$13.27
$13.04
65,671
866,628
$14.36
$10.02
Latest Key Developments (Source: Significant Developments)
Campus Crest Communities Inc Announces Common Dividend And Preferred Series A Dividend
Campus Crest Communities Inc announced that its Board of Directors declared its second quarter of 2013 common stock dividend of $0.165 per share. Based on a closing price of $13.87 on April 23, 2013, the annualized dividend yield is 4.8%. The dividend is payable on July 10, 2013 to stockholders of record as of June 26, 2013. The Board of Directors also declared a cash dividend of $0.50 per Series A Cumulative Redeemable Preferred Share for the second quarter of 2013. The preferred share dividend is payable on July 15, 2013 to stockholders of record as of June 26, 2013. Full Article
Campus Crest Communities Inc Announces Exercise Of Underwriters’ Option And Subsequent Closing Of Common Stock Offering
Campus Crest Communities Inc announced it closed its previously announced underwritten public offering of 25,530,000 shares of its common stock, including 3,330,000 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 $12.25 per share, for net proceeds of approximately $299.9 million, after deducting the underwriting discount and other net estimated offering costs. CCG intends to use the net proceeds from this offering to fund the investment in the Copper Beech Townhome Communities` portfolio and related transactional costs. Any remaining net proceeds will be used for general corporate purposes, including the repayment of debt. Raymond James, Barclays, Citigroup, BofA Merrill Lynch and RBC Capital Markets served as joint book-running managers for the offering. Baird and MLV & Co served as co-managers for the offering. Full Article
Campus Crest Communities Inc Announces Pricing Of Public Offering Of Common Stock
Campus Crest Communities Inc announced it has priced its previously announced underwritten public offering of 22,200,000 shares of its common stock at a public offering price of $12.25 per share, for net proceeds of approximately $260.8 million, after deducting the underwriting discount and other net estimated offering costs. CCG also granted the underwriters of the offering a 30-day option to purchase up to an additional 3,330,000 shares of common stock. The offering is expected to close on or about March 6, 2013, subject to customary closing conditions. CCG intends to use the net proceeds from this offering to fund the investment in the Copper Beech Townhome Communities’ portfolio and related transactional costs. Any remaining net proceeds will be used for general corporate purposes, including the repayment of debt. Raymond James, Barclays, Citigroup, BofA Merrill Lynch and RBC Capital Markets are serving as joint book-running managers for the offering. Baird and MLV & Co. are serving as co-managers for the offering. Full Article
Campus Crest Communities Inc Announces Staged Acquisition Of Copper Beech Townhome Communities, LLC
Campus Crest Communities Inc announced that it has signed a purchase and sale agreement to acquire Copper Beech Townhome Communities, LLC and affiliates (Copper Beech). The initial stage of the investment represents a 48% equity interest in a portfolio of 35 student housing properties. Pursuant to the purchase and sale agreement, CCG has the right, but not the obligation, to acquire the remaining 52% interest in the Copper Beech portfolio in stages over a period of up to three years at fixed prices. Total consideration for the initial stage of the investment includes $230.2 million to acquire equity interests and repay debt in Copper Beech and a $31.7 million loan to the existing investors. The loan carries an interest rate of 8.5% per annum, has a term of three years and is secured by the investors' remaining equity stakes in Copper Beech. CCG expects the initial stage of the acquisition to close during the first or second quarter of 2013, although there can be no assurance that the transaction will close or, if it does, when the closing will occur. Barclays and Raymond James served as exclusive financial advisors to CCG, and Hogan Lovells US LLP and Bradley Arant Boult Cummings LLP acted as CCG's legal advisors. Full Article
Campus Crest Communities Inc Announces Public Offering Of Common Stock
Campus Crest Communities Inc announced the commencement of an underwritten public offering of 22,200,000 shares of common stock. CCG intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 3,330,000 shares of common stock. CCG intends to use the net proceeds from this offering to fund the investment in the Copper Beech Townhome Communities' portfolio and related transactional costs. Any remaining net proceeds will be used for general corporate purposes, including the repayment of debt. Raymond James, Barclays, Citigroup, BofA Merrill Lynch and RBC Capital Markets will serve as joint book-running managers for the offering. Full Article
Campus Crest Communities Inc Issues FY 2013 FFO Guidance In Line With Analysts' Estimates
Campus Crest Communities Inc announced that for fiscal 2013, the Company is introducing its guidance for FFO per fully diluted share of $0.82 to $0.88. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.85 for fiscal 2013. Full Article
Campus Crest Communities Inc Announces Common Stock Dividend And Declares First Quarter 2013 Dividends
Campus Crest Communities Inc announced that the Board of Directors approved an increase in the Company's annual common stock dividend from the current annual rate of $0.64 per share to $0.66 per share, representing an annualized dividend yield of 5.4% based on the Company's closing price of $12.27 on January 28, 2013. This increased dividend, which represents a 3.1% annual increase, commences with the payment of the first quarter of 2013 common stock dividend, payable on April 10, 2013 to all stockholders of record on March 27, 2013, and will amount to $0.165 per share on a quarterly basis. The Board of Directors also declared a cash dividend of $0.50 per Series A Cumulative Redeemable Preferred Share for the first quarter of 2013. The preferred share dividend is payable on April 15, 2013 to stockholders of record on March 27, 2013. Full Article
Campus Crest Communities Inc Declares 4Q12 $0.16/Share Common Dividend & $0.50/Share Preferred Series A Dividend
Campus Crest Communities Inc announced that its Board of Directors declared its fourth quarter 2012 dividend of $0.16 per common share and operating partnership unit. Based on a closing price of $11.70 on December 12, 2012, the annualized dividend yield is 5.5%. The dividend is payable on January 9, 2013, to stockholders of record on December 26, 2012. The Board of Directors also declared a cash dividend of $0.50 per Series A Cumulative Redeemable Preferred Share for the fourth quarter of 2012. The preferred share dividend is payable on January 15, 2013, to stockholders of record on December 26, 2012. Full Article
Campus Crest Communities Inc Narrows FY 2012 FFO Guidance
Campus Crest Communities Inc narrowed fiscal 2012 funds from operations (FFO) guidance from $0.71 to $0.77 per fully diluted share to $0.73 to $0.75. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.73 for fiscal 2012. Full Article
Campus Crest Communities Inc Declares Dividend
Campus Crest Communities Inc announced that its Board of Directors maintained its third quarter 2012 dividend rate of $0.16 per common share and operating partnership unit. Based on a closing price of $11.00 on September 11, 2012, the annualized dividend yield is 5.8%. The dividend is payable on October 10, 2012, to stockholders of record on September 26, 2012. The Board of Directors also declared a cash dividend of $0.50 per Series A Cumulative Redeemable Preferred Share for the third quarter 2012. The preferred share dividend is payable on October 15, 2012, to stockholders of record on September 26, 2012. Full Article
Campus Crest to buy stake in student housing rival
- Student housing operator Campus Crest Communities Inc said it would take a 48 percent stake in rival Copper Beech Townhome Communities LLC for $261.9 million to create the second-largest public student housing operator in terms of beds.
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