Amyris (AMRS)
|
Campus Crest Communities (CCG), $384mm IPO at price mid-point of $13.5
Selling 99% on the IPO
Scheduled for Friday, Oct 1 |
|
SUMMARY |
|
Student housing REIT
. 4.7% expected annualized rate ($.64) based on price-point mid-point of $13.50
. But 25% of the expected income to pay for the 4.7% annualized return is from expected rent & management fee increases
. REITS in general have not fared well in the IPO after market |
|
VALUATION RATIOS |
IPO |
Price / |
Price / |
Price / |
Price / |
Dist |
|
Price |
Sales |
Earnings |
BookValue |
TangibleBV |
% payout |
|
Campuss Crest (CCG) |
$13.00 |
|
|
1.5 |
1.52 |
4.7% |
|
Student housing REIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whitestone REIT (WSR) |
$12.00 |
$11.95 |
-0.42% |
0.8 |
1.1 |
no target |
|
Retail Prop: IPO Aug 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson Pacific (HPP) |
$17.00 |
$16.41 |
-3.5% |
0.8 |
1.1 |
2.3% |
|
Office Prop: June 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excel Trust (EXL), REIT |
$14.00 |
$11.09 |
-19% |
0.9 |
1.1 |
2.9% |
|
Retail Prop: IPO April 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Piedmont Office REIT (PDM) |
$14.50 |
$18.20 |
24% |
1.1 |
1.2 |
6.9% |
|
IPO Feb 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesapeake Lodging (CHSP) |
$20.00 |
$17.02 |
-15% |
0.9 |
1.2 |
4.7% |
|
IPO Jan 21 |
|
|
|
|
|
|
|
BUSINESS |
|
Student housing up-REIT (IPO used to acquire properties) |
|
DISTRIBUTION POLICY |
|
. 4.7% annualized rate ($.64) based on price-point mid-point of $13.50
. 25% of the expected income to pay for the 4.7% annualized return is from expected rent & management fee increases
. Does not take into account the four wholly-owned and three joint venture properties that CCGexpects to commence building upon completion of this IPO with completion targeted for the 2011-2012 academic year |
|
OPERATIONS |
|
. CCG believes is is one of the largest vertically-integrated developers, builders, owners and managers of high-quality, purpose-built student housing properties in the United States based on beds owned and under management.
. Upon IPO completion will own interests in 27 recently built student housing properties. These properties are located in 11 states, contain approximately 5,048 apartment units and 13,580 beds, and had an average age of 1.7 years as of February 28, 2010.
. Twenty-one of these properties, containing approximately 3,920 apartment units and 10,528 beds, will be wholly-owned, and six of these properties, containing approximately 1,128 apartment units and 3,052 beds, will be owned through a joint venture with HSRE, in which CCG will have a 49.9% interest |
|
USE OF IPO PROCEEDS |
|
$349mm |
|
Repay debt, acquire and & properties |
|
