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.
Logo - http://photos.prnewswire.com/prnh/20141205/162610LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ccg-declares-4q14-0090share-common-dividend--050share-preferred-series-a-dividend-300012441.html
SOURCE Campus Crest Communities, Inc.