Adjusted FFO of $10.4M or $0.16 per share vs. $12.2M and $0.19 a year ago.
Occupancy of 90.1% slips from 92.5%. Net operating income of $11.4M down 5.9%, and NOI margin of 54.8% declines from 56.3%.
While leasing on the 41-property Grove portfolio is performing well, progress on projects in Montreal and Philadelphia have "fallen below expectations." To sharpen focus on operations, the company is slowing forward development activity in 2015 to just four Grove projects - a 60% reduction from this year.
Full-year 2014 adjusted FFO guidance is lowered to $0.66-$0.68 per share. Q3 is expected at $0.16.
Wunderlich throws in the towel on its Buy call following the guidance cut.
Previously: Campus Crest misses by $0.01, beats on revenue