Campus Crest Communities cuts dividend by 45.5%

The quarterly dividend is cut from $0.165 to $0.09 per share.

"As part of our previously announced plan to reduce the dividend, the Board of Directors has reset the common dividend to an annualized rate of $0,36 per share," said Richard Kahlbaugh, Executive Chairman and Interim CEO. "Our revised dividend policy is designed to strengthen our balance sheet, improve liquidity and enhance financial flexibility."

"The Board's decision to reduce the dividend is a prudent step in the Company's strategic repositioning," stated Aaron Halfacre, Chief Investment Officer. "The cash flow generated from a lower dividend, coupled with proceeds from select asset sales and our efforts to identify cost savings, will enable us to reduce leverage. When combined with the integration of the Copper Beech portfolio, the new dividend policy will allow the Company to work toward a targeted FFOA dividend payout ratio of 70%-80% over the course of 2015."

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