SlideShare ist ein Scribd-Unternehmen logo
1 von 19
Downloaden Sie, um offline zu lesen
March Investor Presentation
                                  August 2010

0
Forward Looking Statements


    This presentation contains certain forward-looking statements that are subject to risks and uncertainties.
    These forward-looking statements are based on certain assumptions, discuss future expectations,
    describe future plans and strategies, contain financial and operating projections or state other forward-
    looking information. The Company’s ability to predict results or the actual effect of future events, actions,
    plans or strategies is inherently uncertain. Although the Company believes that the expectations reflected
    in such forward-looking statements are based on reasonable assumptions, the Company’s actual results
    and performance could differ materially from those set forth in, or implied by, the forward-looking
    statements. You are cautioned not to place undue reliance on any of these forward-looking statements,
    which reflect the Company’s views on this date. Furthermore, except as required by law, the Company is
    under no duty to, and does not intend to, update any of our forward-looking statements after this date,
    whether as a result of new information, future events or otherwise.

    This presentation does not constitute, and may not be used in connection with, an offer or solicitation by
    anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person
    making the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make
    such offer or solicitation.




1
Investment Highlights
                                                    ®
                                          The Grove at Milledgeville, GA


     Compelling Market Dynamics




     Modern, Well-Located Portfolio in
     Solid Growth Markets



     Proven Track Record with
     Significant Growth Potential
                                                    ®
                                          The Grove at Nacogdoches, TX




     Experienced Team with
     Value-Maximizing Platform



     Conservative Capital Structure and
     Attractive Valuation



2
Compelling Market Dynamics


                 §   Echo Boom drives enrollment growth
                 §   Increasing percentage of high-school                       College Enrollments (1957-2012)
                                                                                                    (1957-
                     graduates attending college
Demand           §   Increasing foreign enrollments              (millions)                                                    Echo Boom
                                                                                                                            Enrolling in College
Drivers          §   Increasing percentage of full-time vs.         22
                     part-time students                             20
                 §   Students taking longer to graduate             18                   Baby Boom
                                                                                      Enrolling in College
                                                                    16
                                                                    14
                                                                    12
                 §   Budgets constrain on-campus housing            10
                     investment                                       8
                       §   38 states cut their educational            6

Supply                     budgets during the recession               4
                                                                      2
Factors          §   Existing on-campus housing stock
                     becoming increasingly obsolete                   0
                                                                         1950      1963       1973        1983       1993        2003    2013
                 §   Lack of construction financing is
                     restricting new entrants                 Source: Dept. of Education, National Center for Educational Statistics




          Enrollment expected to increase by ~1.5 million students over the next 8 years


3
Attractive Portfolio and Growth Platform




                                                                                                 Ø    Newest portfolio of student housing assets

                                                                                                       Ø   Amenity rich – bed/bath parity, resort-style activities

                                                                                                       Ø   Close proximity to campus

                                                                                                       Ø   Barriers to entry

                                                                                                       Ø   Lower cap-ex requirements




                               Portfolio Highlights                                              Ø    Proactive focus on medium-sized, high-growth markets

             Properties (1)                                                 27
                                                                                                       Ø   Markets have strong enrollment growth – 7.2%
                                                                                                           average growth (3)
             Total Units / Beds (1)                        5,048 / 13,580
                                                                                                       Ø   Less institutional competition & comparable product
             Weighted Average Age (2)                              2.5 years
                                                                                                       Ø   Stronger tuition value proposition

             Average Distance to Campus                            0.6 miles
                                                                                                           (3) Source: Reported enrollment statistics from university websites;
                                                                                                           Represents enrollment growth from the academic year 2006/2007 to
                                                                                                           the academic year 2009/2010
             Occupancy (2)                                                89%

4      (1)   Includes 6 joint venture properties in which Campus Crest owns a 49.9% member interest
       (2)   As of 2/23/2011
Why Our Markets



Stronger Enrollment
                           §   Our markets benefit from higher enrollment growth than primary markets
Growth



                           §   On-campus atmosphere with advantages of off-campus economics
Unique Relationships
                           §   Benefits from symbiotic relationships with universities
with Universities
                           §   Greater impact from marketing dollars



                           §   Well-established university markets with protective community councils

Higher Barriers to Entry   §   Superior land acquisition and entitlement capabilities

                           §   Lack of available financing for local operators




Construction Cost          §   We are able to build a superior product at a lower cost because of our captive
Advantage                      general contractor and wholesale purchaser




5
The Evolution of Student Housing – The Dormitory Era




         Traditional on-campus, “dormitory-style” housing alternatives have generally
        consisted of shared rooms, communal bathroom facilities and extremely limited
                                (if any) amenities and parking

6
The Evolution of Student Housing – Our Student Housing




         Purpose-built student housing is specifically designed to appeal to modern-
         day college students with broad on-site amenities, enhanced privacy and a
                           focus on the overall lifestyle experience

7
The Evolution of Student Housing – State of the Art Prototype
              ®
    The Grove at San Marcos, TX




                                                 ®
                                       The Grove at Statesboro, GA


              ®                                      ®                        ®
    The Grove at Huntsville, TX          The Grove at                The Grove at
                                         Nacogdoches, TX             Nacogdoches, TX




                                                 ®
                                       The Grove at Huntsville, TX


8
Our Properties are Attractive and Amenity-Rich

      Apartment Features:

      §   Private bedrooms with keyed locks

      §   En suite bathrooms

      §   Full furnishings and full kitchens

      §   Modern appliances and washers/dryers

      §   State-of-the-art technology

      §   Ample parking

      §   Gated entrances

      On-site Amenities:

      §   Resort-style swimming pools

      §   Basketball and volleyball courts

      §   Game rooms and coffee bars

      §   Fitness centers

      §   Community clubhouses


        All of our apartment communities offer bed-bath parity, attractively furnished
      units and a variety of on-site amenities designed to appeal to the college lifestyle

9
Our Properties are Universally Branded The Grove®




     At The Grove®, we offer a “fully-loaded college living” experience through our consistent
                                branding and operating philosophy

10
Intensive Asset Management Philosophy

                                      Ø   Regular property inspections and audits performed by asset
                                          management team using 800 point check list


                                      Ø   Field-focused executive management team


                                      Ø   Vertical integration and overlap of construction management and
                                          facilities management leads to superior asset performance


                                      Ø   Proprietary Residence Life Programming through SCORES:

                                             Ø   S – social

                                             Ø   C – cultural

                                             Ø   O – outreach

                                             Ø   R – recreational

                                             Ø   E – educational

                                             Ø   S – spiritual


                                      Ø   “The Grove Nation” culture drives excitement, customer focus
                                          and unmatched residence life experiences


     Intensive asset management philosophy employed throughout our organization


11
Identified Pipeline of Future Development Opportunities


                                                   Ø   Development site selection criteria

                                                        Ø   High enrollment growth colleges / universities

                                                        Ø   Limited competing product

                                                        Ø   Proximity to campus

                                                   Ø   Vertically integrated, highly scalable operating platform

                                                        Ø   Property & asset management

                                                        Ø   Development & construction

                                                        Ø   Wholesale supply

                                                   Ø   Prototypical roll-out

                                                        Ø   Reduces costs and shortens development period

                                                        Ø   Proven track record – developed ~$500 million of
                                                            student housing properties



     Identified 200+ potential markets & conducting due diligence on 80 sites as
                         potential development opportunities

12
2011 Development Projects (2011/2012 Academic Year Occupancy)

($ in thousands)
                                                                            Proposed Units /
 Project                                  Enrollment   Distance to Campus                      Estimated Cost
                                                                                  Beds

 Wholly-Owned Developments
 Ft. Wayne, IN                            Ø   13,675       Ø   1.1 miles      Ø   204 / 540      Ø   $19,926
 Indiana University / Purdue University
 Clarksville, TN                          Ø   10,188       Ø   1.3 miles      Ø   208 / 560      Ø   $21,203
 Austin Peay State University
 Ames, IA                                 Ø   27,945       Ø   0.3 miles      Ø   216 / 584      Ø   $21,411
 Iowa State University
 Columbia, MO                             Ø   32,415       Ø   0.9 miles      Ø   216 / 632      Ø   $24,931
 University of Missouri



 Joint Venture Developments
 Denton, TX                               Ø   36,123       Ø   0.8 miles      Ø   216 / 584      Ø   $24,953
 University of North Texas
 Valdosta, GA                             Ø   12,391       Ø   1.9 miles      Ø   216 / 584      Ø   $21,150
 Valdosta State University



          We utilize a proprietary underwriting model with over 60 inputs to evaluate the relative
         attractiveness of each market, which we then use to prioritize development opportunities
  13
Proven and Scalable Business Model

                                                                         Total Number of Beds (All Properties)
                        20,000                                                                                                              17,064
       Number of Beds




                        15,000                                                                                                     13,580
                                                                                                                         12,036
                                                                                                            9,520
                        10,000
                                                                                      4,966
                             5,000
                                                                 1,924
                                              448
                                      0
                                                                                                                                                     (1)
                                             2005                 2006                2007                  2008          2009     2010     2011E



                                                                          Number of Properties (All Properties)
                                     40
                                                                                                                                               6
                                     30                                                                                               3
                        Properties




                                                                                                                            5
                                     20                                                                       9
                                                                                        6                                            24       27
                                     10                             3                                                      19
                                                                                        4
                                                1                   1                                        10
                                     0
                                                                                                                                                       (1)
                                             2005                 2006                2007                  2008          2009      2010     2011E
                                                                               Existing Properties                  New Openings



       Campus Crest has grown to over 13,500 beds over the last five years by leveraging its
     platform and brand to deliver a uniform student housing product across multiple markets

14            (1)             2011E includes 4 wholly-owned developments and 2 joint venture developments
Increasing Occupancy and RevPOB

              Historical Weighted Average Occupancy (1)                                                           Historical Weighted Average RevPOB (2)

Openings                6             9               5             5               3                Openings            6                  9             5        3

     Total             10             19             24             24             27                   Total            10                19            24        27

                                                                                                        $490                                                     $486
 100.0%
                      88.0%
                                     87.0%                          88.0%         89.0%
     90.0%                                           83.0%                                              $480
                                                                                                                                          $472          $473
     80.0%
                                                                                                        $470
     70.0%

     60.0%                                                                                              $460

     50.0%                                                                                                             $448
                                                                                                        $450
     40.0%

     30.0%                                                                                              $440

     20.0%
                                                                                                        $430
     10.0%

     0.0%                                                                                               $420
                   CY2007          CY2008         CY2009        CY 2010          As of (3)                            CY2007             CY2008         CY2009   CY2010
                                                                               2/23/2011




                   Campus Crest has delivered occupancy and RevPOB growth while significantly
                                             expanding its portfolio


             (1)   Weighted average occupancy applies to properties that are open for the full calendar year
             (2)   Weighted average RevPOB applies to properties that are open for the full calendar year; RevPOB is defined as average total revenue
15                 per occupied bed (includes student housing leasing and student housing services revenue)
Prudent Capital Structure With Fully-Financed Growth

     Capital Structure (Including Pro Rata Share of Joint
                                                                                                                 In-
                                                                                                                 In-Place Financing for Developments
                         Venture Debt)
                                 Debt)
 ($ in millions)                                                                               ($ in millions)



     $700                                                                                                                                              Amount
                                               $573.1
                                                                                                 Revolving Credit Facility:                             $54(1)
     $600

                                                                                                 Construction Facilities:                               $53(2)
     $500

                                                                                                 HSRE Equity Commitment                                 $50
     $400

                                                                                                 JV Construction Financing                              $31
     $300

                                                                   7.7%
                                                                                                 Potential Leverage on Unencumbered Assets(3):          $70
     $200

                                                                                                 Total Potential Liquidity                              $258
     $100                                                          28.4%
                                                                       25.1%
                               15.6%
         -
                                            At 12/31/2010

                   Debt           Pro Rata Share of JV Debt             Equity


                                            Capitalized for growth with no maturities until 2014


             (1)    Revolving credit line for up to $125 million; As of 12/31/2010 the Company had drawn $42.5 million.
             (2)    Does not include construction financing for Columbia development
16           (3)    Assumes 70% LTV using the undepreciated cost of Ellensburg, Mobile-Phase I, Nacogdoches, Abilene and Greeley
Experienced And Proven Leadership

Ted W. Rollins
Co-Founder, Co-Chairman      • 25 years of real estate experience developing and operating service-enriched housing properties
of the Board & Chief
Executive Officer            • Founded Campus Crest in 2004




Michael S. Hartnett
Co-Founder, Co-Chairman      • 25 years of real estate experience developing and operating service-enriched housing properties
of the Board &
Chief Investment Officer     • Founded Campus Crest in 2004




Earl C. Howell
President & Chief            • Over 33 years of experience in service driven businesses; Colonel in U.S. Army Special Forces
Operating Officer
                             • Joined Campus Crest as a consultant in 2009




Donnie L. Bobbitt
Executive Vice President &   • Over 20 years in corporate accounting and senior financial positions at both private
Chief Financial Officer
                               and public companies and Deloitte & Touche LLP




17
Investment Highlights
                                                    ®
                                          The Grove at Milledgeville, GA
     Experienced Team with
     Value-Maximizing Platform




     Compelling Market Dynamics




     Modern, Well-Located Portfolio in
     Solid Growth Markets
                                                    ®
                                          The Grove at Mobile—Phase II, AL




     Proven Track Record with
     Significant Growth Potential



     Conservative Capital Structure and
     Attractive Valuation



18

Weitere ähnliche Inhalte

Andere mochten auch

Ted Rollins - Investor Presentation
Ted Rollins - Investor PresentationTed Rollins - Investor Presentation
Ted Rollins - Investor PresentationTed Rollins
 
Ted Rollins - Campus Crest Investor Presentation
Ted Rollins - Campus Crest Investor PresentationTed Rollins - Campus Crest Investor Presentation
Ted Rollins - Campus Crest Investor PresentationTed Rollins
 
2016 ww campus presentation
2016 ww campus presentation2016 ww campus presentation
2016 ww campus presentationL'Oréal Talent
 
Can We Assess Creativity?
Can We Assess Creativity?Can We Assess Creativity?
Can We Assess Creativity?John Spencer
 
Guided Reading: Making the Most of It
Guided Reading: Making the Most of ItGuided Reading: Making the Most of It
Guided Reading: Making the Most of ItJennifer Jones
 

Andere mochten auch (6)

Ted Rollins - Investor Presentation
Ted Rollins - Investor PresentationTed Rollins - Investor Presentation
Ted Rollins - Investor Presentation
 
Ted Rollins - Campus Crest Investor Presentation
Ted Rollins - Campus Crest Investor PresentationTed Rollins - Campus Crest Investor Presentation
Ted Rollins - Campus Crest Investor Presentation
 
2016 ww campus presentation
2016 ww campus presentation2016 ww campus presentation
2016 ww campus presentation
 
Can We Assess Creativity?
Can We Assess Creativity?Can We Assess Creativity?
Can We Assess Creativity?
 
Guided Reading: Making the Most of It
Guided Reading: Making the Most of ItGuided Reading: Making the Most of It
Guided Reading: Making the Most of It
 
Build Features, Not Apps
Build Features, Not AppsBuild Features, Not Apps
Build Features, Not Apps
 

Ähnlich wie Ted Rollins - March Investor Presentation

Townhall March 9 2009 Final Without Backup.Pptx
Townhall March 9 2009 Final Without Backup.PptxTownhall March 9 2009 Final Without Backup.Pptx
Townhall March 9 2009 Final Without Backup.Pptxfiunews
 
People Capital - Opportunity For Lenders
People Capital - Opportunity For LendersPeople Capital - Opportunity For Lenders
People Capital - Opportunity For Lendersjjtohme12
 
Archipelago Learning
Archipelago LearningArchipelago Learning
Archipelago Learningpassmmg
 
ChinaCast Education Investor Presentation
ChinaCast Education Investor PresentationChinaCast Education Investor Presentation
ChinaCast Education Investor Presentationmjsantos74
 
Newsletter Jan 2009
Newsletter Jan 2009Newsletter Jan 2009
Newsletter Jan 2009dudones
 
People Capital Introduction
People Capital IntroductionPeople Capital Introduction
People Capital Introductionjjtohme12
 
Undergraduate student mobility 2013
Undergraduate student mobility 2013Undergraduate student mobility 2013
Undergraduate student mobility 2013Alanbahia
 
Their Education Our Future (Singapore)
Their Education Our Future (Singapore)Their Education Our Future (Singapore)
Their Education Our Future (Singapore)CITIZEN ACT
 
Their Education Our Future (Singapore)
Their Education Our Future (Singapore)Their Education Our Future (Singapore)
Their Education Our Future (Singapore)CITIZEN ACT
 
MmpptB Plan New Achiever's Coaching Institute
MmpptB Plan New Achiever's Coaching InstituteMmpptB Plan New Achiever's Coaching Institute
MmpptB Plan New Achiever's Coaching Instituteswtnspicyaqua
 
Franklin Public Schools - PROgram
Franklin Public Schools - PROgramFranklin Public Schools - PROgram
Franklin Public Schools - PROgramFranklin Matters
 
Paying Less for College: Funding the Tab
Paying Less for College: Funding the TabPaying Less for College: Funding the Tab
Paying Less for College: Funding the TabSteve Stanganelli
 
Fairfax County Public Schools FY2012 Proposed Budget
Fairfax County Public Schools FY2012 Proposed BudgetFairfax County Public Schools FY2012 Proposed Budget
Fairfax County Public Schools FY2012 Proposed BudgetFairfax County Public Schools
 
Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...
Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...
Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...RedSeer
 
Preparing for a Global Creative Economy
Preparing for a Global Creative EconomyPreparing for a Global Creative Economy
Preparing for a Global Creative Economybegreatacademy
 
reTHINK PSU - Dr. George Mehaffy
reTHINK PSU - Dr. George MehaffyreTHINK PSU - Dr. George Mehaffy
reTHINK PSU - Dr. George MehaffyJacob Sherman
 

Ähnlich wie Ted Rollins - March Investor Presentation (20)

Townhall March 9 2009 Final Without Backup.Pptx
Townhall March 9 2009 Final Without Backup.PptxTownhall March 9 2009 Final Without Backup.Pptx
Townhall March 9 2009 Final Without Backup.Pptx
 
People Capital - Opportunity For Lenders
People Capital - Opportunity For LendersPeople Capital - Opportunity For Lenders
People Capital - Opportunity For Lenders
 
Archipelago Learning
Archipelago LearningArchipelago Learning
Archipelago Learning
 
ChinaCast Education Investor Presentation
ChinaCast Education Investor PresentationChinaCast Education Investor Presentation
ChinaCast Education Investor Presentation
 
Newsletter Jan 2009
Newsletter Jan 2009Newsletter Jan 2009
Newsletter Jan 2009
 
News release
News releaseNews release
News release
 
People Capital Introduction
People Capital IntroductionPeople Capital Introduction
People Capital Introduction
 
2011 DOE Budget Presentation
2011 DOE Budget Presentation2011 DOE Budget Presentation
2011 DOE Budget Presentation
 
Financial aid 101
Financial aid 101Financial aid 101
Financial aid 101
 
Undergraduate student mobility 2013
Undergraduate student mobility 2013Undergraduate student mobility 2013
Undergraduate student mobility 2013
 
Their Education Our Future (Singapore)
Their Education Our Future (Singapore)Their Education Our Future (Singapore)
Their Education Our Future (Singapore)
 
Their Education Our Future (Singapore)
Their Education Our Future (Singapore)Their Education Our Future (Singapore)
Their Education Our Future (Singapore)
 
MmpptB Plan New Achiever's Coaching Institute
MmpptB Plan New Achiever's Coaching InstituteMmpptB Plan New Achiever's Coaching Institute
MmpptB Plan New Achiever's Coaching Institute
 
Franklin Public Schools - PROgram
Franklin Public Schools - PROgramFranklin Public Schools - PROgram
Franklin Public Schools - PROgram
 
Paying Less for College: Funding the Tab
Paying Less for College: Funding the TabPaying Less for College: Funding the Tab
Paying Less for College: Funding the Tab
 
Fairfax County Public Schools FY2012 Proposed Budget
Fairfax County Public Schools FY2012 Proposed BudgetFairfax County Public Schools FY2012 Proposed Budget
Fairfax County Public Schools FY2012 Proposed Budget
 
Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...
Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...
Online Higher Education & Lifelong learning – 10x Growth Potential - A $5B Op...
 
Preparing for a Global Creative Economy
Preparing for a Global Creative EconomyPreparing for a Global Creative Economy
Preparing for a Global Creative Economy
 
reTHINK PSU - Dr. George Mehaffy
reTHINK PSU - Dr. George MehaffyreTHINK PSU - Dr. George Mehaffy
reTHINK PSU - Dr. George Mehaffy
 
Utrecht sa- svava bjarnason
Utrecht  sa- svava bjarnasonUtrecht  sa- svava bjarnason
Utrecht sa- svava bjarnason
 

Mehr von Ted Rollins

Rad Your Pad with Campus Crest and Ted Rollins
Rad Your Pad with Campus Crest and Ted RollinsRad Your Pad with Campus Crest and Ted Rollins
Rad Your Pad with Campus Crest and Ted RollinsTed Rollins
 
Campus Crest and Solar City Team Up by Ted Rollins
Campus Crest and Solar City Team Up by Ted RollinsCampus Crest and Solar City Team Up by Ted Rollins
Campus Crest and Solar City Team Up by Ted RollinsTed Rollins
 
Ted rollins ceo of campus crest globe st.com 05-09-12
Ted rollins ceo of campus crest   globe st.com 05-09-12Ted rollins ceo of campus crest   globe st.com 05-09-12
Ted rollins ceo of campus crest globe st.com 05-09-12Ted Rollins
 
Campus crest ted rollins arbor day press release
Campus crest ted rollins arbor day press releaseCampus crest ted rollins arbor day press release
Campus crest ted rollins arbor day press releaseTed Rollins
 
Ted rollins ceo of campus crest the missourian 05 08-12
Ted rollins ceo of campus crest the missourian 05 08-12Ted rollins ceo of campus crest the missourian 05 08-12
Ted rollins ceo of campus crest the missourian 05 08-12Ted Rollins
 
Ted Rollins - CEO of Campus Crest
Ted Rollins - CEO of Campus CrestTed Rollins - CEO of Campus Crest
Ted Rollins - CEO of Campus CrestTed Rollins
 
Ted Rollins - Horation Alger Scholars
Ted Rollins - Horation Alger ScholarsTed Rollins - Horation Alger Scholars
Ted Rollins - Horation Alger ScholarsTed Rollins
 
Ted Rollins - Great Bike Bonanza
Ted Rollins - Great Bike BonanzaTed Rollins - Great Bike Bonanza
Ted Rollins - Great Bike BonanzaTed Rollins
 
Ted Rollins - Save a Life, Starve a Vampire
Ted Rollins - Save a Life, Starve a VampireTed Rollins - Save a Life, Starve a Vampire
Ted Rollins - Save a Life, Starve a VampireTed Rollins
 

Mehr von Ted Rollins (9)

Rad Your Pad with Campus Crest and Ted Rollins
Rad Your Pad with Campus Crest and Ted RollinsRad Your Pad with Campus Crest and Ted Rollins
Rad Your Pad with Campus Crest and Ted Rollins
 
Campus Crest and Solar City Team Up by Ted Rollins
Campus Crest and Solar City Team Up by Ted RollinsCampus Crest and Solar City Team Up by Ted Rollins
Campus Crest and Solar City Team Up by Ted Rollins
 
Ted rollins ceo of campus crest globe st.com 05-09-12
Ted rollins ceo of campus crest   globe st.com 05-09-12Ted rollins ceo of campus crest   globe st.com 05-09-12
Ted rollins ceo of campus crest globe st.com 05-09-12
 
Campus crest ted rollins arbor day press release
Campus crest ted rollins arbor day press releaseCampus crest ted rollins arbor day press release
Campus crest ted rollins arbor day press release
 
Ted rollins ceo of campus crest the missourian 05 08-12
Ted rollins ceo of campus crest the missourian 05 08-12Ted rollins ceo of campus crest the missourian 05 08-12
Ted rollins ceo of campus crest the missourian 05 08-12
 
Ted Rollins - CEO of Campus Crest
Ted Rollins - CEO of Campus CrestTed Rollins - CEO of Campus Crest
Ted Rollins - CEO of Campus Crest
 
Ted Rollins - Horation Alger Scholars
Ted Rollins - Horation Alger ScholarsTed Rollins - Horation Alger Scholars
Ted Rollins - Horation Alger Scholars
 
Ted Rollins - Great Bike Bonanza
Ted Rollins - Great Bike BonanzaTed Rollins - Great Bike Bonanza
Ted Rollins - Great Bike Bonanza
 
Ted Rollins - Save a Life, Starve a Vampire
Ted Rollins - Save a Life, Starve a VampireTed Rollins - Save a Life, Starve a Vampire
Ted Rollins - Save a Life, Starve a Vampire
 

Kürzlich hochgeladen

Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAMZakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAMFaisal834049
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024Neil Day
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Guillaume Ⓥ Sarlat
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 

Kürzlich hochgeladen (20)

Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of GhanaMobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAMZakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
E-levy and Merchant Payment Exemption in Ghana
E-levy and Merchant Payment Exemption in GhanaE-levy and Merchant Payment Exemption in Ghana
E-levy and Merchant Payment Exemption in Ghana
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024
 
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 

Ted Rollins - March Investor Presentation

  • 2. Forward Looking Statements This presentation contains certain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward- looking information. The Company’s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company’s actual results and performance could differ materially from those set forth in, or implied by, the forward-looking statements. You are cautioned not to place undue reliance on any of these forward-looking statements, which reflect the Company’s views on this date. Furthermore, except as required by law, the Company is under no duty to, and does not intend to, update any of our forward-looking statements after this date, whether as a result of new information, future events or otherwise. This presentation does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. 1
  • 3. Investment Highlights ® The Grove at Milledgeville, GA Compelling Market Dynamics Modern, Well-Located Portfolio in Solid Growth Markets Proven Track Record with Significant Growth Potential ® The Grove at Nacogdoches, TX Experienced Team with Value-Maximizing Platform Conservative Capital Structure and Attractive Valuation 2
  • 4. Compelling Market Dynamics § Echo Boom drives enrollment growth § Increasing percentage of high-school College Enrollments (1957-2012) (1957- graduates attending college Demand § Increasing foreign enrollments (millions) Echo Boom Enrolling in College Drivers § Increasing percentage of full-time vs. 22 part-time students 20 § Students taking longer to graduate 18 Baby Boom Enrolling in College 16 14 12 § Budgets constrain on-campus housing 10 investment 8 § 38 states cut their educational 6 Supply budgets during the recession 4 2 Factors § Existing on-campus housing stock becoming increasingly obsolete 0 1950 1963 1973 1983 1993 2003 2013 § Lack of construction financing is restricting new entrants Source: Dept. of Education, National Center for Educational Statistics Enrollment expected to increase by ~1.5 million students over the next 8 years 3
  • 5. Attractive Portfolio and Growth Platform Ø Newest portfolio of student housing assets Ø Amenity rich – bed/bath parity, resort-style activities Ø Close proximity to campus Ø Barriers to entry Ø Lower cap-ex requirements Portfolio Highlights Ø Proactive focus on medium-sized, high-growth markets Properties (1) 27 Ø Markets have strong enrollment growth – 7.2% average growth (3) Total Units / Beds (1) 5,048 / 13,580 Ø Less institutional competition & comparable product Weighted Average Age (2) 2.5 years Ø Stronger tuition value proposition Average Distance to Campus 0.6 miles (3) Source: Reported enrollment statistics from university websites; Represents enrollment growth from the academic year 2006/2007 to the academic year 2009/2010 Occupancy (2) 89% 4 (1) Includes 6 joint venture properties in which Campus Crest owns a 49.9% member interest (2) As of 2/23/2011
  • 6. Why Our Markets Stronger Enrollment § Our markets benefit from higher enrollment growth than primary markets Growth § On-campus atmosphere with advantages of off-campus economics Unique Relationships § Benefits from symbiotic relationships with universities with Universities § Greater impact from marketing dollars § Well-established university markets with protective community councils Higher Barriers to Entry § Superior land acquisition and entitlement capabilities § Lack of available financing for local operators Construction Cost § We are able to build a superior product at a lower cost because of our captive Advantage general contractor and wholesale purchaser 5
  • 7. The Evolution of Student Housing – The Dormitory Era Traditional on-campus, “dormitory-style” housing alternatives have generally consisted of shared rooms, communal bathroom facilities and extremely limited (if any) amenities and parking 6
  • 8. The Evolution of Student Housing – Our Student Housing Purpose-built student housing is specifically designed to appeal to modern- day college students with broad on-site amenities, enhanced privacy and a focus on the overall lifestyle experience 7
  • 9. The Evolution of Student Housing – State of the Art Prototype ® The Grove at San Marcos, TX ® The Grove at Statesboro, GA ® ® ® The Grove at Huntsville, TX The Grove at The Grove at Nacogdoches, TX Nacogdoches, TX ® The Grove at Huntsville, TX 8
  • 10. Our Properties are Attractive and Amenity-Rich Apartment Features: § Private bedrooms with keyed locks § En suite bathrooms § Full furnishings and full kitchens § Modern appliances and washers/dryers § State-of-the-art technology § Ample parking § Gated entrances On-site Amenities: § Resort-style swimming pools § Basketball and volleyball courts § Game rooms and coffee bars § Fitness centers § Community clubhouses All of our apartment communities offer bed-bath parity, attractively furnished units and a variety of on-site amenities designed to appeal to the college lifestyle 9
  • 11. Our Properties are Universally Branded The Grove® At The Grove®, we offer a “fully-loaded college living” experience through our consistent branding and operating philosophy 10
  • 12. Intensive Asset Management Philosophy Ø Regular property inspections and audits performed by asset management team using 800 point check list Ø Field-focused executive management team Ø Vertical integration and overlap of construction management and facilities management leads to superior asset performance Ø Proprietary Residence Life Programming through SCORES: Ø S – social Ø C – cultural Ø O – outreach Ø R – recreational Ø E – educational Ø S – spiritual Ø “The Grove Nation” culture drives excitement, customer focus and unmatched residence life experiences Intensive asset management philosophy employed throughout our organization 11
  • 13. Identified Pipeline of Future Development Opportunities Ø Development site selection criteria Ø High enrollment growth colleges / universities Ø Limited competing product Ø Proximity to campus Ø Vertically integrated, highly scalable operating platform Ø Property & asset management Ø Development & construction Ø Wholesale supply Ø Prototypical roll-out Ø Reduces costs and shortens development period Ø Proven track record – developed ~$500 million of student housing properties Identified 200+ potential markets & conducting due diligence on 80 sites as potential development opportunities 12
  • 14. 2011 Development Projects (2011/2012 Academic Year Occupancy) ($ in thousands) Proposed Units / Project Enrollment Distance to Campus Estimated Cost Beds Wholly-Owned Developments Ft. Wayne, IN Ø 13,675 Ø 1.1 miles Ø 204 / 540 Ø $19,926 Indiana University / Purdue University Clarksville, TN Ø 10,188 Ø 1.3 miles Ø 208 / 560 Ø $21,203 Austin Peay State University Ames, IA Ø 27,945 Ø 0.3 miles Ø 216 / 584 Ø $21,411 Iowa State University Columbia, MO Ø 32,415 Ø 0.9 miles Ø 216 / 632 Ø $24,931 University of Missouri Joint Venture Developments Denton, TX Ø 36,123 Ø 0.8 miles Ø 216 / 584 Ø $24,953 University of North Texas Valdosta, GA Ø 12,391 Ø 1.9 miles Ø 216 / 584 Ø $21,150 Valdosta State University We utilize a proprietary underwriting model with over 60 inputs to evaluate the relative attractiveness of each market, which we then use to prioritize development opportunities 13
  • 15. Proven and Scalable Business Model Total Number of Beds (All Properties) 20,000 17,064 Number of Beds 15,000 13,580 12,036 9,520 10,000 4,966 5,000 1,924 448 0 (1) 2005 2006 2007 2008 2009 2010 2011E Number of Properties (All Properties) 40 6 30 3 Properties 5 20 9 6 24 27 10 3 19 4 1 1 10 0 (1) 2005 2006 2007 2008 2009 2010 2011E Existing Properties New Openings Campus Crest has grown to over 13,500 beds over the last five years by leveraging its platform and brand to deliver a uniform student housing product across multiple markets 14 (1) 2011E includes 4 wholly-owned developments and 2 joint venture developments
  • 16. Increasing Occupancy and RevPOB Historical Weighted Average Occupancy (1) Historical Weighted Average RevPOB (2) Openings 6 9 5 5 3 Openings 6 9 5 3 Total 10 19 24 24 27 Total 10 19 24 27 $490 $486 100.0% 88.0% 87.0% 88.0% 89.0% 90.0% 83.0% $480 $472 $473 80.0% $470 70.0% 60.0% $460 50.0% $448 $450 40.0% 30.0% $440 20.0% $430 10.0% 0.0% $420 CY2007 CY2008 CY2009 CY 2010 As of (3) CY2007 CY2008 CY2009 CY2010 2/23/2011 Campus Crest has delivered occupancy and RevPOB growth while significantly expanding its portfolio (1) Weighted average occupancy applies to properties that are open for the full calendar year (2) Weighted average RevPOB applies to properties that are open for the full calendar year; RevPOB is defined as average total revenue 15 per occupied bed (includes student housing leasing and student housing services revenue)
  • 17. Prudent Capital Structure With Fully-Financed Growth Capital Structure (Including Pro Rata Share of Joint In- In-Place Financing for Developments Venture Debt) Debt) ($ in millions) ($ in millions) $700 Amount $573.1 Revolving Credit Facility: $54(1) $600 Construction Facilities: $53(2) $500 HSRE Equity Commitment $50 $400 JV Construction Financing $31 $300 7.7% Potential Leverage on Unencumbered Assets(3): $70 $200 Total Potential Liquidity $258 $100 28.4% 25.1% 15.6% - At 12/31/2010 Debt Pro Rata Share of JV Debt Equity Capitalized for growth with no maturities until 2014 (1) Revolving credit line for up to $125 million; As of 12/31/2010 the Company had drawn $42.5 million. (2) Does not include construction financing for Columbia development 16 (3) Assumes 70% LTV using the undepreciated cost of Ellensburg, Mobile-Phase I, Nacogdoches, Abilene and Greeley
  • 18. Experienced And Proven Leadership Ted W. Rollins Co-Founder, Co-Chairman • 25 years of real estate experience developing and operating service-enriched housing properties of the Board & Chief Executive Officer • Founded Campus Crest in 2004 Michael S. Hartnett Co-Founder, Co-Chairman • 25 years of real estate experience developing and operating service-enriched housing properties of the Board & Chief Investment Officer • Founded Campus Crest in 2004 Earl C. Howell President & Chief • Over 33 years of experience in service driven businesses; Colonel in U.S. Army Special Forces Operating Officer • Joined Campus Crest as a consultant in 2009 Donnie L. Bobbitt Executive Vice President & • Over 20 years in corporate accounting and senior financial positions at both private Chief Financial Officer and public companies and Deloitte & Touche LLP 17
  • 19. Investment Highlights ® The Grove at Milledgeville, GA Experienced Team with Value-Maximizing Platform Compelling Market Dynamics Modern, Well-Located Portfolio in Solid Growth Markets ® The Grove at Mobile—Phase II, AL Proven Track Record with Significant Growth Potential Conservative Capital Structure and Attractive Valuation 18