CCG-Campus Crest Communities has not gotten much attention from us.Brad Foster has a lengthy discussion in his usual style on seeking alphahttp://seekingalpha.com/article/1199891-i-must-confess-there...I saw only one analyst report which rates it a hold.Debt and payout ratio do not appear to be red flagsNeither Fidelity nor Cohen and Steers are among the top ten holders, however Wellington management owns 6%.Its current yield is 5.1%.Its preferred stock trades well above par with a yield to call of very roughtly 5.4%.While I would not bet the farm on a small-cap student housing REIT I am thinking of taking a small position in its common stock.Does anyone here own or have an opinion on CCG?Martin
Martin,I took a look at CCG's 3rd Qtr report and saw no warts. They do report 4Q after the bell today. You may want to wait until after their report to buy shares. Here is a very brief summary of my investigation:* Issued 27% additional common shares since the beginning of 2011 but have grown their revenues in that same period by 49%. 3rd quarter of 2012 revenues were up 69% versus 3rd qtr 2011* debt/equity = 0.79 (quite reasonable and most of their debt is fixed rate mortgage debtdebt maturities - 2013: $31 million; 2014: $98 million; 2015: 3 million; 2016: $99 million* They have a revolving credit agreement enabling them to borrow up to $325 million with $56 million of that used to date; the agreement ends in 2014 with a 1 year extension available to them. Interest rate on therevolving credit is currently 2.49% which is pretty good.* Raymond James and Reuters recommend purchase of their stock.* They modestly raised their dividend recently from 16 cents per share quarterly to 16.5 cents per share. They apparently had some serious problems in 2006 and stopped paying common stock dividends until 2010. Stephen
Stephenthank you for your analysis of CCGI am going to take a small position in itMartin
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