CHARLOTTE—Student housing developerCampus Crest Communities has posted its firstquarter earnings report. Revenues totaled $32 million, a $2 millionnet income loss, compared to $33 million in revenues and $1 millionnet income loss in the year-ago period.
Campus Crest delivered same-store net operating income (NOI) of$11.5 million at
90.5% occupancy and a 55% margin. Leasing for all of its 69student housing properties was 69.4% compared to67.9% in the year-ago period, a 150 basis points increase.
The firm reports continued progress on eight studenthousing developments and two redevelopment projects. Theprojects will deliver 7,455 beds within about 0.3 miles of campusin time for the 2014/2015 academic year.
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