CHARLOTTE, N.C., April 1, 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 an update to its anticipated dividend payments.
In connection with the filing of its Form 10-K for the fiscal
year ended December 31, 2014, the
Company noted that for 2015, the Company does not anticipate being
subject to any REIT-required minimum distributions. Therefore, the
Board of Directors does not anticipate declaring any dividend
payments for 2015, and the Company currently does not intend to
make distributions to common stockholders in 2015, unless it
successfully effects certain asset sales, raises additional
capital, refinances its existing credit facilities, and/or
experiences sufficient improvement in operating results.
Additionally, the Company is suspending dividend payment on its
Series A Cumulative Redeemable Preferred Shares. However, dividends
on the Series A Preferred Stock will accrue at the effective annual
rate of $2.00 per share until
paid.
"We remain extremely focused on pursuing Campus Crest's
strategic repositioning, and strengthening our financial and
liquidity position," said Richard
Kahlbaugh, Non-Executive Chairman. "The Board of Directors
feels that suspending the Company's dividend payment at this time
is a prudent step as we enhance our balance sheet and ensure
compliance with the covenants in our financial agreements. We
anticipate the changes we continue to make will result in improving
long term shareholder value."
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 84
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
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.
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SOURCE Campus Crest Communities, Inc.