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CCG Reports 1Q13 FFOA of $0.18/Dil. Share

  CCG Reports 1Q13 FFOA of $0.18/Dil. Share

        - Same Store Average Quarterly Occupancy Up 170 Basis Points -

                     - Same Store Quarterly NOI Up 1.7% -

        - Leasing of 65.5% at All Grove and Copper Beech Properties -

 - Addition of 16,645 beds with Copper Beech Acquisition While Adding Second
  Brand and Becoming the 2^nd Largest Student Housing Platform in the U.S. -

                     - Provides Update to 2013 Outlook -

Business Wire

CHARLOTTE, N.C. -- April 30, 2013

Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), a leading
developer, builder, owner and manager of high-quality student housing
properties, today announced results for the three months ended March, 31 2013.

Highlights

  *$0.18 Funds From Operations Adjusted (“FFOA”) per diluted share for the
    first quarter
  *28.3% increase in year-over-year quarterly student housing rental and
    services revenue
  *Solid gains in wholly-owned same store results through continued
    operational focus:

       *1.7% increase in quarterly Net Operating Income (“NOI”)
       *170 basis point increase in average quarterly occupancy to 91.8%

  *3.1% annual common stock dividend increase in January 2013 from $0.64 to
    $0.66 per share
  *Announced a staged transaction to acquire Copper Beech Townhome
    Communities, LLC and affiliates (“Copper Beech”) with an initial 48%
    investment for $230.2 million plus a $31.7 million loan to existing
    investors

       *Successfully raised $312.7 million with a two-day marketed follow-on
         common stock offering to fund the transaction

            *Invested $153.1 million of the new proceeds prior to quarter end

  *65.5% pre-leased at all properties for the 2013/2014 academic year as of
    April 28, 2013

       *59.2% pre-leased across our Grove portfolio
       *35-property Copper Beech portfolio was 76.5% pre-leased

  *Six new Grove properties and a 192-bed phase II of The Grove at Flagstaff
    on-schedule for opening in 2013/2014 academic year for a total cost of
    $184.7 million ($101.5 million for wholly-owned and $83.3 million for
    joint ventures)
  *Commencement of two new Grove joint venture properties – The Grove at
    Greensboro and The Grove at Louisville – for 2014/2015 academic year
    delivery with a total cost of $65.6 million
  *New urban market concept added in January 2013 with construction
    commencement of a 33-story, 850-bed student housing tower, called The
    Grove at Cira Centre South, for 2014/2015 academic year delivery
  *Acquired for $13.8 million a 629-bed student housing redevelopment
    property adjacent to the campus of the University of Toledo from bank
    foreclosure
  *Increased size of unsecured credit facility from $200 million to $300
    million while lowering borrowing costs and setting the stage for further
    growth

Financial Results for the Three Months Ended March 31, 2013

For the three months ended March 31, 2013, Funds From Operations (“FFO”) and
FFOA are shown in the table below.

                                                         
FFO/FFOA
                              Three Months Ended March 31,
                                       Per share -                Per share -
($mm, except per share)     2013    diluted        2012   diluted
FFO                           $8.1      $0.17             $4.6     $0.15
Write-Off of Unamortized      -         -                 1.0      0.03
Deferred Financing Fees
Elimination of                0.4       0.00              -        -
transactions costs
Elimination of FV             (0.1)   (0.00)            -      -
adjustment of CB debt
FFOA                          $8.4    $0.18             $5.6   $0.18
                                                                   

A reconciliation of net income attributable to common shareholders to FFO and
FFOA can be found at the end of this release.

For the quarter ended March 31, 2013, the Company reported total revenues of
$35.3 million and net income attributable to common stockholders of $1.0
million, compared to $32.9 million and $(1.6) million, respectively, in the
same period in 2012.

“This quarter has been transformational for our business given the staged
acquisition of Copper Beech, but just as exciting is our team’s continued
growth of our core business and the results we are seeing across our portfolio
from the investments we are making in our people and systems,” commented Ted
W. Rollins, Co-Chairman and Chief Executive Officer of Campus Crest. “We can
now deploy a multi-brand and product approach to each of our markets that we
serve. In addition to this, we are excited about the opportunities to share
best practices with Copper Beech as we integrate our businesses. Our pipeline
of new properties remains strong, and we look forward to developing both The
Grove and Copper Beech brands across the U.S. while strengthening operations
and continuing to proactively manage our balance sheet.”

Operating Results

For the three months ended March 31, 2013, results for wholly-owned same store
properties were as follows:

Same Store Results 
                     Three Months Ended March 31,
($mm)               2013      2012     Change
                                        
Number of Assets     27        27
Number of Beds       13,884    13,884
Occupancy            91.8%     90.1%    170 bps
Total Revenues       $19.0     $18.6    2.2%
NOI                  $10.2     $10.0    1.7%
NOI Margin           53.6%     53.9%    -30 bps

The improvement in same-store NOI for three months was driven by higher
occupancy and rental rate.

NOI margin is calculated by dividing NOI for the period by total student
housing rental and services revenues for the period. A reconciliation of net
income attributable to common stockholders to NOI can be found at the end of
this release. In addition, details regarding same store NOI and calculations
thereof may be found in the Supplemental Analyst Package.

Portfolio & Leasing Update

As of March 31, 2013, the Company owned interests in 84 properties totaling
44,002 beds across the U.S. Approximately 61% of the beds are branded The
Grove, while 38% are branded Copper Beech. The remaining 1% of beds is a
629-bed redevelopment at the University of Toledo that will remain operational
for the 2012/2013 academic year, and the Company expects to begin renovations
during the 2013/2014 academic year.

The portfolio overview and 2012/2013 academic year occupancy status as of
March 31, 2013 is outlined in the table below. In addition, the table includes
2013/2014 academic year pre-leasing.

Portfolio                                                                   
Overview
                    # of                             Pre-leasing             Occupancy
Property         Properties  Units   Beds     04/29/13  04/29/12   03/31/13  03/31/12
                                                                                        
Wholly-Owned        27           5,156    13,884     59.6%      61.3%        91.3%      89.5%
- Operating
Wholly-Owned
- Operating         2            408      1,088      59.7%      64.0%        91.1%      98.2%
Acquisitions
in 2012
Wholly-Owned
- 2012              3           684     1,964    85.5%     78.4%      97.7%     n/a
Deliveries^1
Sub Total
Operating           32           6,248    16,936     62.6%      63.4%        92.0%      90.2%
Wholly-Owned
                                                                                        
Joint Venture       4            760      2,092      50.4%      44.8%        82.1%      80.5%
- Operating
Joint Venture
- 2012              3           662     1,856    46.8%     51.9%      77.2%     n/a
Deliveries
Sub Total
Operating           7            1,422    3,948      48.7%      48.2%        79.8%      80.5%
Joint Venture
                                                                                        
Wholly-Owned
- 2013              3            704      1,972      58.5%      n/a          n/a        n/a
Deliveries^2
Joint Venture
- 2013              3           664     1,784    50.7%     n/a        n/a       n/a
Deliveries
Sub Total
2013                6            1,368    3,756      54.8%      n/a          n/a        n/a
Deliveries
                                                                      
Total Grove
Leasing          45          9,038   24,640   59.2%     60.5%      89.7%     89.0%
Portfolio
                                                                                        
Toledo, OH          1            382      629        21.2%      n/a          74.2%      n/a
Redevelopment
                                                                                        
Copper Beech
Operating           33           6,041    16,127     78.2%      n/a          98.0%      n/a
Portfolio
Copper Beech
Development         2           201     518      23.7%     n/a        n/a       n/a
Portfolio
Sub Total           35           6,242    16,645     76.5%      n/a          98.0%      n/a
Copper Beech
                                                                      
Total Leasing    81          15,662  41,914   65.5%     60.5%      93.0%     89.0%
Portfolio
                                                                                        
The Grove at
Cira Centre         1            344      850        n/a        n/a          n/a        n/a
South
The Grove at        1            216      584        n/a        n/a          n/a        n/a
Greensboro
The Grove at        1            252      654        n/a        n/a          n/a        n/a
Louisville
                                                                      
Total            84          16,474  44,002   65.5%     60.5%      93.0%     89.0%
Portfolio
                                                                                        
^1 Includes
The Grove at
Nacogdoches -
Phase II.
^2 Includes
The Grove at
Flagstaff -
Phase II.

  *All 48 Grove properties were built, renovated or are being built by the
    Company or its predecessor. The median distance to campus of the portfolio
    is 0.5 miles with an average age of 3.0 years as of March 31, 2013.
  *The redevelopment property is located adjacent to the University of Toledo
    campus and was acquired by the Company in March 2013.
  *30 of 35 Copper Beech properties were built, renovated or are being built
    by Copper Beech. The median distance to campus of the portfolio is 1.2
    miles with an average age of 7.3 years as of March 31, 2013.

Development and Acquisition Activity

Wholly-Owned and Joint Venture Development

The Company continues to maintain an active pipeline of development
opportunities. It currently is conducting due diligence in approximately 80
markets, with land identified and under letter of intent or contract in 30 of
these markets for either a Grove or Copper Beech project. At an approximate
cost of $25 million per project, this represents a total pipeline under
control of approximately $750 million.

2013/2014 Academic Year Deliveries – The Grove

The Company is scheduled to deliver six 2013/2014 academic year Grove-branded
projects and an expansion at The Grove at Flagstaff in the third quarter of
2013. Total estimated costs for these developments are approximately $184.7
million. All of the projects have been bought-out and are on schedule to be
completed for a fall 2013 opening. This investment is split between
wholly-owned and joint ventures with Harrison Street Real Estate Capital
(“HSRE”) as follows:

  *3 wholly-owned projects and a Flagstaff phase II expansion with total
    estimated project costs of approximately $101.5 million
  *3 joint venture projects with total estimated project costs of $83.3
    million. The Company will own 20.0% of the joint venture projects being
    developed, with HSRE owning the balance

2014/2015 Academic Year Deliveries – The Grove

The Company’s joint venture partnership with Brandywine Realty Trust and HSRE
continues to make progress on the development of the 33-story, 850-bed student
housing tower, The Grove at Cira Centre South, on a site leased from the
University of Pennsylvania. Campus Crest and Brandywine each own 30.0% of the
joint venture, while HSRE owns 40.0%. Construction commenced in January with a
targeted completion date for fall 2014; leasing is expected to begin in fall
2013.

During the quarter ended March 31, 2013, the Company also commenced
construction of two joint venture projects with HSRE at University of North
Carolina at Greensboro and University of Louisville. The two projects are for
delivery for the 2014/2015 academic year and have total estimated project
costs of $65.6 million. The Company will own 30.0% of the two assets. Select
highlights for these projects include:

  *The Grove at Greensboro: Located a short walk from the University of North
    Carolina at Greensboro campus and adjacent to the Greensboro Greenway
    trail system, this site provides convenient access to the University and
    the surrounding city amenities. The proposed Grove community will consist
    of 584 beds using the Company’s 9^th generation apartment building
    prototype.
  *The Grove at Louisville: Situated adjacent to a visible gateway entrance
    to campus, on a 7-acre infill parcel, this site creates convenient,
    pedestrian friendly access to the University of Louisville. The proposed
    project will be a modified Grove prototype with a contiguous 4-story
    building and parking garage, featuring 654 beds.

Details of the Company’s Grove-branded developments are as follows:

2013/2014 Academic Year Deliveries                                           
                                                                                    
                           Primary          Total          Miles            Total   Est.
Project                  University     Enrollment^1  to      Units  Beds   Cost
                           Served                          Campus                   ($mm)
Wholly-Owned                                             On
                                                           Campus
The Grove at Ft.           Colorado
Collins                    State            26,769                  218     612     $32.9
                           University
                                                                                    
The Grove at Muncie        Ball State       17,851         0.1      216     584     25.3
                           University
                                                                                    
                           Washington
The Grove at Pullman       State            19,989         0.0      216     584     30.4
                           University
                                                                                    
The Grove at Flagstaff     Northern
- Phase II                 Arizona          18,292         0.2      54      192     12.8
                           University
                                                                      
Average/Median/Sub                          20,725         0.0      704     1,972   $101.5
Total^2
                                                                                    
Joint Venture^3
                           Indiana
The Grove at Indiana       University       15,379         0.6      224     600     $27.6
                           of
                           Pennsylvania
                                                                                    
The Grove at Norman        University       24,144         0.6      224     600     27.0
                           of Oklahoma
                                                                                    
The Grove at State         Penn State       44,679         0.8      216     584     28.6
College                    University
                                                                      
Average/Median/Sub                     28,067        0.6     664    1,784  $83.3
Total^2
                                                                                    
                                                                                    
Average/Median/Total^3                 23,872        0.2     1,368  3,756  $184.7
                                                                                    
^1 All data is from each school's website as of fall 2012.
^2 Total Enrollment is an average, Miles to Campus is the median, while others are totals.
^3 The Company owns a 20.0% interest in the joint venture projects, with Harrison Street
Real Estate owning the balance. Total gross fees to the Company for
the joint venture projects are approximately $8.1 million, of which $4.9 million has been
earned through March 31, 2013.
                                                                                    
                                                                                    
2014/2015 Academic
Year Deliveries
                           Primary          Total          Miles            Total   Est.
Project                  University     Enrollment^1  to      Units  Beds   Cost
                           Served                          Campus                   ($mm)
Joint Venture^3
                           University                      On
The Grove at Cira          of               24,725         Campus   344     850     $158.5
South                      Pennsylvania
                           Drexel           25,500         0.2
                           University
                                                                                    
                           University
The Grove at               of North         18,172         0.5      216     584     27.3
Greensboro                 Carolina
                           Greensboro
                                                                                    
The Grove at               University
Louisville                 of               22,293         0.1      252     654     38.3
                           Louisville
                                                                      
Average/Median/Total^2                 22,673        0.2     812    2,088  $224.1
                                                                                    
^1 All data is from each school's website as of fall 2012.
^2 Total Enrollment is an average, Miles to Campus is the median, while others are totals.
^3 The Company owns a 30.0% interest in the joint venture projects, with Harrison Street
Real Estate owning the balance. Total gross fees to the Company for the joint venture
projects are approximately $10.5 million, of which $1.1 million has been earned through
March 31, 2013.


2013/2014 Academic Year Deliveries – Copper Beech

Copper Beech is scheduled to deliver two 2013/2014 academic year phase II
projects in the third quarter of 2013. Development on these projects has
commenced and is progressing according to plan. The total investment in these
projects is approximately $23.3 million. Details of the developments are as
follows:

2014/2015 Academic Year Deliveries                                        
                           Primary      Total          Miles            Total   Est.
Project                  University  Enrollment^1  to      Units  Beds   Cost
                           Served                      Campus                   ($mm)
Copper Beech Joint      
Venture
                                                                                
Copper Beech at Mount      Central
Pleasant - Phase II        Michigan     20,504         0.7      119     256     $12.2
                           University
                                                                                
Copper Beech at            Georgia
Statesboro - Phase II    Southern    20,574        0.3     82     262    11.1
                           University
Average/Median/Total^2              20,539        0.5     201    518    $23.3
                                                                                
^1 All data is from each school's website as of fall 2012.
^2 Total Enrollment is an average, Miles to Campus is the median, while others are
totals.


2014/2015 Academic Year Deliveries – Redevelopments

Given its successful trial of renovating and converting an existing property
into a Grove in Stillwater, OK, the Company purchased a bank owned 629-bed
student housing property in Toledo, OH in March 2013. The Company will operate
the property as-is for the remaining 2012/2013 academic year and plans to
renovate the property during the 2013/2014 academic year. The 20-acre
property, adjacent to the University of Toledo, is situated in the heart of
the university’s social life and is surrounded by retail businesses. The
Company expects to provide further details on the renovation later in the
2013/2014 academic year.

Copper Beech Acquisition

On February 27, 2013, the Company announced that it signed a purchase and sale
agreement to acquire Copper Beech. The initial stage of the investment
represents a 48.0% equity interest in a portfolio of 35 student housing
properties. Pursuant to the purchase and sale agreement, the Company has the
right, but not the obligation, to acquire the remaining 52.0% interest in the
Copper Beech portfolio in stages over a period of up to three years at fixed
prices. Total consideration for the initial stage of the investment includes
$230.2 million to acquire equity interests and repay debt in Copper Beech and
a $31.7 million loan to the existing investors. The loan carries an interest
rate of 8.5% per annum, has a term of three years and is secured by the
investors’ remaining equity stakes in Copper Beech.

Copper Beech, which was founded in 1994, is the fifth largest student housing
operator in the United States, with a portfolio of approximately 16,645 beds.
For 20 years, it has been a vertically integrated developer, owner and
operator of a unique, market-tested, branded townhome student housing product.
The Copper Beech portfolio consists of 35 student housing properties,
including two phase II development properties scheduled to open in fall 2013,
plus one undeveloped land parcel in Charlotte, NC and Copper Beech’s corporate
office building in State College, PA. Copper Beech has utilized its vertically
integrated platform to develop 30 of its 35 student housing properties.

Following its successful $312.7 million equity offering that closed in early
March, the Company invested on March 18, 2013, approximately $121.4 million,
consisting of approximately $47.1 million for the acquisition of equity
interests and approximately $74.3 million for the repayment of debt, in
certain assets and provided the $31.7 million loan to the existing investors.
Following these acquisitions, the Company holds an effective 25.3% interest in
the Copper Beech portfolio.

The Company expects to complete the acquisition of additional properties at
such time as it obtains the requisite lender consent relating thereto. The
Company expects to obtain all such consents and to complete the acquisition of
the CB Portfolio on or before the end of the third quarter of 2013.

Balance Sheet and Capital Markets

The Company proactively manages its balance sheet and looks to
opportunistically access capital to fund growth and maintain a conservative
capital structure. Details of the capital structure and the outstanding debt
as of March 31, 2013 follow:

Capital
Structure and                                                 
Debt Summary
                                                                     
(in $000s,
except per                                                   
share data)
                                                                     
Closing common
stock price at                                     $13.90
March 28, 2013
                                                                     
Common stock                                       63,747
Operating
partnership                                        436
units
Restricted                                         682
stock
Total shares
and units                                          64,865
outstanding
                                                                     
Total equity                                       $901,621
market value
Total preferred
equity                                             57,500
outstanding
Total
consolidated                                       328,713
debt
outstanding
Total market                                       $1,287,834
capitalization
                                                                     
Debt to total
market                                             25.5%
capitalization
Debt to gross                                      28.9%
assets^1
                                                                     
Total Number of
Unencumbered                                       20
Operating
Properties
                                                                     
                                                   Weighted          Average
                Principal       % of Total         Average           Years to
Wholly-Owned    Outstanding    Principal        Interest        Maturity
Debt^2,3                        Outstanding        Rate
                                                                     
Fixed rate      $166,406        50.6%              4.95%             6.2
mortgage loans
Construction    46,732          14.2%              2.94%             1.4
loans
Variable rate   112,500         34.2%              2.09%             3.8
credit facility
Other debt,     3,075          0.9%             3.67%           14.0
fixed rate
Total/Weighted  $328,713       100.0%           3.67%           4.8
Average
                                                                     
^1 Gross assets is defined as total assets plus accumulated depreciation, as
reported in the Company's March 31, 2013 consolidated balance sheet.
^2 Excludes joint venture debt of $33.5 million, of which the Company is a
49.9% owner, $17.0 million, of which the Company is 20.0% owner, $45.7
million, of which the Company is a 10.0% owner, and $0.7 million, of which the
Company is a 20.0% owner. The Company is the guarantor of these loans.
^3 Excludes Copper Beech joint venture debt of $498.2 million, of which the
Company will be a 48.0% owner upon completion of the Copper Beech transaction
announced on February 27, 2013. The total pro forma debt upon completion is
expected to be $469.1 million, excluding the two construction loans for the
phase II development projects for delivery in fall 2013.


On March 6, 2013, the Company announced it closed its underwritten public
offering of 25,530,000 shares of its common stock, including 3,330,000 shares
issued and sold pursuant to the full exercise of the underwriters’ option to
purchase additional shares. The shares were issued at a public offering price
of $12.25 per share, resulting in gross proceeds of $312.7 million, and after
deducting the underwriting discount and other net estimated offering costs,
net proceeds of approximately $299.7 million. Net proceeds from this offering
have been used to fund an initial investment in certain assets of Copper Beech
for approximately $153.1 million, consisting of a $121.4 million initial
investment and providing the $31.7 million loan to the existing investors.
Additionally, the Company paid $9.7 million of transaction costs during the
quarter, of which $0.3 million were expensed. The Company intends to use the
remaining proceeds to further fund its investment in the Copper Beech
portfolio and pay related transactional costs, with any remaining net proceeds
to be used for general corporate purposes, including the repayment of CCG
debt.

On January 8, 2013, the Company amended and restated its unsecured credit
facility, which now comprises a $250 million revolving facility and a $50
million term loan. Highlights of the new facility are as follows:

  *Increase in facility size by 50% from $200 million to $300 million, with
    an accordion feature of up to $600 million, upon satisfaction of certain
    conditions
  *Extension of the initial three-year term to four years with a one-year
    extension option, upon satisfaction of certain conditions
  *Ability to fully fund development properties while receiving borrowing
    base credit, which will make the development financing process more cost
    and time efficient
  *Reduced pricing on the leverage-based grid
  *Increase in the number of assets in the unencumbered pool of the credit
    facility to 19 with the addition of The Grove at Huntsville, The Grove at
    Moscow and The Grove at Valdosta
  *Demonstrate support of existing bank group and adds four new participants

Dividends

Q1 2013

On January 29, 2013, the Company announced that the Company’s Board of
Directors approved an increase in the Company's annual common stock dividend
from the current annual rate of $0.64 per share to $0.66 per share,
representing an annualized dividend yield of 4.9% based on the Company's
closing pricing of $13.50 on April 29, 2013.

The $0.165 quarterly common stock dividend commenced with the payment of the
first quarter of 2013 dividend, paid on April 10, 2013 to stockholders of
record on March 27, 2013.

The Board of Directors also declared a cash dividend of $0.50 per share of
Series A Preferred stock for the first quarter of 2013. The preferred share
dividend was paid on April 15, 2013 to stockholders of record on March 27,
2013.

Q2 2013

On April 24, 2013, the Company announced that its Board of Directors declared
its second quarter of 2013 common stock dividend of $0.165 per share. The
dividend is payable on July 10, 2013 to stockholders of record as of June 26,
2013.

The Board of Directors also declared a cash dividend of $0.50 per Series A
Cumulative Redeemable Preferred Share for the second quarter of 2013. The
preferred share dividend is payable on July 15, 2013 to stockholders of record
as of June 26, 2013.

2013 Outlook Update

Based upon management’s current estimates, including the timing related to
obtaining lender consents for the Copper Beech transaction, the Company is
updating its guidance for full year 2013 FFOA per fully diluted share of $0.82
to $0.88 based on the following assumptions, which reflect a blend of
2012/2013 and 2013/2014 academic years:

Guidance Update                                            
                                                                 
                                          Original        Updated
                                                                 
Wholly-owned NOI for operating                  $51.2 - $53.4    $51.8 - $54.0
properties^1                                    million          million
Occupancy                                       91.0% - 93.0%    No Change
RevPOB                                          $508 - $513      No Change
                                                                 
Expected weighted average development           7.5% - 8.0%      No Change
yields on 2013/2014 AY
deliveries (wholly-owned and JVs)
                                                                 
FFOA contribution from JV properties            $2.4 - $2.7      No Change
(including 2013 deliveries)                     million
                                                                 
FFOA contribution from investment               n/a              $16.4 - $17.4
in Copper Beech^2                                                million
                                                                 
Net development, construction and               $4.8 - $5.3      No Change
management services fees                        million
                                                                 
General and administrative expense              $9.3 - $10.3     No Change
                                                million
                                                                 
Interest expense                                $12.7 - $13.7    $13.1 - $14.1
                                                million          million
                                                                 
Preferred dividends                             $4.6 million     No Change
                                                                 
Weighted average fully diluted                  39.1 million     60.4 million
shares/units outstanding
                                                                 
FFOA/Share                                      $0.82 - $0.88    No Change
                                                         
                                                                 
^1 Includes 32 wholly-owned Grove properties for "Original" and 32 plus the
Toledo, OH redevelopment for "Updated".
^2 Includes preferred payment, property cash flows and interest income;
excludes non-cash items related to transaction.


The guidance above excludes non-recurring and non-cash items, such as the
write-off of deferred financing costs as a result of early payoff of
financings, transaction costs associated with the Copper Beech investment or
other acquisitions and the mark-to-market adjustment of the Copper Beech debt.

Conference Call Details

The Company will host a conference call on Wednesday, May 1, 2013, at 9:00
a.m. (Eastern Time) to discuss the financial results.

The call can be accessed live over the phone by dialing 877-407-0789, or for
international callers, 201-689-8562. A replay will be available shortly after
the call and can be accessed by dialing 877-870-5176, or for international
callers, 858-384-5517. The pin number for the replay is 412521. The replay
will be available until May 8, 2013.

Interested parties may also listen to a simultaneous webcast of the conference
call by logging onto the Company's website at
http://investors.campuscrest.com/.

Supplemental Schedules

The Company has published a Supplemental Analyst Package in order to provide
additional disclosure and financial information for the benefit of the
Company’s stakeholders. These can be found under the “Earnings Center” tab in
the Investor Relations section of the Company’s web site at
http://investors.campuscrest.com/.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading developer, builder, owner and
manager of high-quality student housing properties located close to college
campuses in targeted U.S. markets. It has ownership interests in 84 student
housing properties and over 44,000 beds across the United States, of which 72
are operating and 12 are development or redevelopment properties. The Company
is an equity REIT that differentiates itself through its vertical integration
and consistent branding across the portfolio through two unique brands
targeting different segments of the college student population. The Grove®
brand offers more traditional apartment floor plans and focuses on customer
service, privacy, on-site amenities and a proprietary residence life program.
The Copper Beech brand and townhome product offers more residential-type
living to students looking for a larger floor plan with a front door and back
porch. Additional information can be found on the Company's website at
http://www.campuscrest.com.

Forward-Looking Statements

This press release, together with other statements and information publicly
disseminated by the Company, contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. The
Company intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this statement for
purposes of complying with these safe harbor provisions. Forward-looking
statements relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking terminology such as
“may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions of or
indicate future events or trends and which do not relate solely to historical
matters. Forward-looking statements in this press release include, among
others, the performance of properties in occupancy and yield targets, outlook
and guidance for full year 2013 FFO and the related underlying assumptions,
growth and development opportunities, leasing activities, financing
strategies, and development and construction projects. You should not rely on
forward-looking statements since they involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are beyond the
Company’s control that may cause actual results to differ significantly from
those expressed in any forward-looking statement. All forward-looking
statements reflect the Company’s good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance. Furthermore,
except as otherwise required by federal securities laws, the Company disclaims
any obligation to publicly update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion of these and
other factors that could cause the Company’s future results to differ
materially from any forward-looking statements, see the risk factors discussed
in the Company’s most recent Annual Report on Form 10-K, as updated in the
Company’s Quarterly Reports on Form 10-Q.

CAMPUS CREST COMMUNITIES                                  

                                                                  
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in $000s)
                                                                  
                                                                  
                                                                  
                                       March 31,                  December 31,
                                 2013                   2012
                                                                  
Assets
Investment in real estate,
net:
      Student housing                  $684,929                   $669,387
      properties
      Accumulated                      (104,019    )              (97,820   )
      depreciation
      Development in                   74,499                    50,781    
      process
Investment in real estate,             655,409                    622,348
net
Investment in                          165,688                    22,555
unconsolidated entities^1
Cash and cash equivalents              11,723                     5,970
Restricted cash ^2                     112,559                    3,902
Student receivables, net               1,895                      2,193
Notes receivable^3                     36,245                     -
Cost and earnings in excess            27,206                     23,077
of construction billings
Other assets, net                      21,800                    16,275    
Total assets                           $1,032,525                $696,320  
                                                                  
Liabilities and equity
Liabilities:
      Mortgage and                     $213,138                   $218,337
      construction loans
      Line of credit and               115,575                    75,375
      other debt
      Accounts payable and             53,886                     45,634
      accrued expenses
      Construction billings
      in excess of cost and            1,249                      49
      earnings
      Other liabilities                13,116                    12,023    
Total liabilities                      396,964                   351,418   
Equity:
      Preferred stock                  $23                        $23
      Common stock                     644                        386
      Additional common
      and preferred                    677,049                    377,180
      paid-in capital
      Accumulated deficit              (46,669     )              (37,047   )
      and distributions
      Accumulated other                -                         (58       )
      comprehensive loss
Total stockholders' equity             631,047                    340,484
Noncontrolling interests               4,514                     4,418     
Total equity                           635,561                   344,902   
Total liabilities and                  $1,032,525                $696,320  
equity
                                                       
                                                                  
^1 As of March 31, 2013, the Company’s investment in Copper Beech equates to
an effective 25.3% ownership interest.
^2 As of March 31, 2013, includes approximately $108.7 million of cash held in
escrow for the Copper Beech transaction.
^3 As of March 31, 2013, includes the Company’s $31.7 million loan made to
existing investors in Copper Beech.


CAMPUS CREST COMMUNITIES                                    

                                                                      
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
(in $000s, except per share
data)
                                                                      
                                                                      
                                                                      
                                      Three Months Ended March 31,
                                 2013^(1)     2012         $ Change
                                                                      
Revenues:
     Student housing rental           $22,982         $17,858         $5,124
     Student housing services         910             763             147
     Development, construction        11,427         14,256         (2,829 )
     and management services
Total revenues                        35,319          32,877          2,442
Operating expenses:
     Student housing operations       10,931          8,578           2,353
     Development, construction        10,658          13,458          (2,800 )
     and management services
     General and administrative       2,699           2,326           373
     Transaction costs^2              385             -               385
     Ground leases                    54              52              2
     Depreciation and                 6,439          5,856          583    
     amortization
Total operating expenses              31,166          30,270          896
Equity in earnings of                 410            96             314    
unconsolidated entities^3
Operating income                      4,563          2,703          1,860  
Nonoperating income (expense):
     Interest expense^4               (2,884  )       (3,573  )       689
     Change in fair value of          (54     )       (49     )       (5     )
     interest rate derivatives
     Other income^5                   90             2              88     
Total nonoperating expense, net       (2,848  )       (3,620  )       772    
Net income before income tax          1,715           (917    )       2,632
benefit (expense), net
Income tax benefit (expense)          452            (63     )       515    
Net income (loss)                     2,167           (980    )       3,147
Net income (loss) attributable        11              (9      )       20
to noncontrolling interests
Dividends on preferred stock          1,150          664            486    
Net income (loss) attributable        $1,006         ($1,635 )       $2,641 
to common stockholders
                                                                      
Net income (loss) per share
attributable to common                $0.02           ($0.05  )
stockholders - Basic and
Diluted:
                                                                      
Weighted average common shares
outstanding:
Basic                                 46,156          30,923
Diluted                               46,591          30,923
                                                                      

^1 Includes consolidated results from the operations at The Grove at Moscow
and The Grove at Valdosta, which were included in equity in earnings (loss) of
unconsolidated entities prior to the
Company's acquisition of its joint venture partner's interest in the
properties. The Company's acquisition of The Grove at Moscow and The Grove at
Valdosta was completed on July 6, 2012.
^2 For three months ended March 31, 2013, includes $334 of Copper
Beech-related transaction costs and $51 of Toledo, OH-related transaction
costs.
^3 For three months ended March 31, 2013, includes 14 days of results from the
Company’s initial investment in Copper Beech on March 18, 2013 and a $112 fair
value adjustment of Copper Beech’s
debt. The initial investment equates to an effective 25.3% ownership interest.
^4 For three months ended March 31, 2012, includes an approximate $960
non-cash charge primarily related to the write-off of unamortized deferred
financing fees associated with construction debt
paid-off using proceeds from the February 2012 preferred equity offering.
^5 For three months ended March 31, 2013, includes 14 days of interest income
from the 8.5%, $31.7 million loan made to existing investors in Copper Beech.


CAMPUS CREST                                                   
COMMUNITIES

                                                                      
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
TO FUNDS FROM OPERATIONS ("FFO") & NET OPERATING INCOME ("NOI")
(unaudited)
(in $000s, except per
share data)
                                                                      
                                                                      
                                                                      
                                    Three Months Ended March 31,
                              2013^(1)        2012          $ Change
                                                                      
Net income (loss)
attributable to common              $1,006            ($1,635  )      $2,641
stockholders
Net income (loss)
attributable to                     11                (9       )      20
noncontrolling interests
Real estate related
depreciation and                    6,296             5,789           507
amortization
Real estate related
depreciation and
amortization -
     unconsolidated                 807              493            314    
     entities
FFO available to common
shares and OP units^2, 3,           $8,120            $4,638          $3,482
4
                                                                      
Elimination of                      385               -               385
transactions costs
Elimination of FV                   (112     )        -               (112   )
adjustment of CB debt
Elimination of non-cash
charge from the write-off
of
     unamortized
     deferred financing             -                960            (960   )
     fees
Funds from operations
adjusted (FFOA) available
to common
     shares and OP                  $8,393           $5,598         $2,795 
     units
                                                                      
FFO per share -                     $0.17             $0.15           $0.02
diluted^2
FFOA per share -                    $0.18             $0.18           $0.00
diluted
Weighted average common
shares and OP units                 46,591            31,359
outstanding - diluted
                                                          
                                                                      
                                                                      
                                                                      
                                                                      
                                    Three Months Ended March 31,
                              2012(1   )      2012     
                                                                      
Net income attributable             $1,006            ($1,635  )
to common stockholders
Net income attributable
to noncontrolling                   11                (9       )
interests
Preferred stock                     1,150             664
dividends
Income tax (benefit)                (452     )        63
expense
Other (income) expense              (90      )        (2       )
Change in fair value of
interest rate                       54                49
derivatives
Interest expense                    2,884             3,573
Equity in earnings of               (410     )        (96      )
unconsolidated entities
Depreciation and                    6,439             5,856
amortization
Ground lease expense                54                52
General and                         2,699             2,326
administrative expense
Transaction costs                   385               -
Development, construction and       10,658            13,458
management services expenses
Development, construction and       (11,427  )        (14,256  )
management services revenues
Total NOI                           $12,961          $10,043  
Same store properties               $10,209           $10,043
NOI^5
New properties NOI^5                $2,752
                                                
                                                                      

^1 Includes consolidated results from the operations at The Grove at Moscow
and The Grove at Valdosta, which were included in equity in earnings (loss) of
unconsolidated entities prior to the Company's acquisition of its joint
venture partner's interest in the properties. The Company's acquisition of The
Grove at Moscow and The Grove at Valdosta was completed on July 6, 2012.
^2 For three months ended March 31, 2013, includes 14 days of results from the
Company’s initial investment in Copper Beech on March 18, 2013, which equates
to an effective 25.3% ownership interest.
^3 For three months ended March 31, 2013, includes $334 of Copper
Beech-related transaction costs, $51 of Toledo, OH-related transaction costs
and a $112 fair value adjustment of Copper Beech’s debt.
^4 For three months ended March 31, 2012, includes an approximate $960
non-cash charge primarily related to the write-off of unamortized deferred
financing fees associated with construction debt paid-off using proceeds
from the February 2012 preferred equity offering.
^5 "Same store" properties are our wholly-owned operating properties acquired
or placed in-service prior to the beginning of the earliest period presented
and owned by us and remaining in service through the end of the latest
period presented or period being analyzed. "New properties" are our
wholly-owned operating properties that we acquired or placed in service after
the beginning of the earliest period presented or period being analyzed.

Non-GAAP Financial Measures

FFO and FFOA

FFO is a non-GAAP financial measure. We calculate FFO in accordance with the
definition that was adopted by the Board of Governors of NAREIT. FFO, as
defined by NAREIT, represents net income (loss) determined in accordance with
U.S. GAAP, excluding extraordinary items as defined under GAAP and gains or
losses from sales of previously depreciated operating real estate assets, plus
specified non-cash items, such as real estate asset depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. In addition, in October 2011, NAREIT communicated to its members
that the exclusion of impairment write-downs of depreciable real estate is
consistent with the definition of FFO.

We use FFO as a supplemental performance measure because, in excluding real
estate-related depreciation and amortization and gains and losses from
property dispositions, it provides a performance measure that, when compared
year over year, captures trends in occupancy rates, rental rates and operating
expenses. We also believe that, as a widely recognized measure of the
performance of equity REITs, FFO will be used by investors as a basis to
compare our operating performance with that of other REITs. However, because
FFO excludes depreciation and amortization and captures neither the changes in
the value of our properties that result from use or market conditions nor the
level of capital expenditures necessary to maintain the operating performance
of our properties, all of which have real economic effects and could
materially and adversely impact our results of operations, the utility of FFO
as a measure of our performance is limited.

While FFO is a relevant and widely used measure of operating performance of
equity REITs, other equity REITs may use different methodologies for
calculating FFO and, accordingly, FFO as disclosed by such other REITs may not
be comparable to FFO published herein. Therefore, we believe that in order to
facilitate a clear understanding of our historical operating results, FFO
should be examined in conjunction with net income (loss) (computed in
accordance with U.S. GAAP) as presented in the consolidated financial
statements included elsewhere in this document. FFO should not be considered
as an alternative to net income (loss) (computed in accordance with U.S. GAAP)
as an indicator of our properties’ financial performance or to cash flow from
operating activities (computed in accordance with U.S. GAAP) as an indicator
of our liquidity, nor is it indicative of funds available to fund our cash
needs, including our ability to pay dividends or make distributions.

FFOA is a non-GAAP financial measure. In addition to FFO, we believe it is
also a meaningful measure of our performance to adjust FFO to exclude the
write-off of unamortized deferred financing fees, transaction costs and fair
value debt adjustments on equity method investments. Excluding the write-off
of unamortized deferred financing fees, transaction costs and fair value debt
adjustments on equity method investments adjusts FFO to be more reflective of
operating results prior to capital replacement or expansion, debt service
obligations or other commitments and contingencies.

NOI

NOI is a non-GAAP financial measure. We calculate NOI by adding back (or
subtracting from) to net income (loss) attributable to common stockholders the
following expenses or charges: income tax expense, interest expense, equity in
earnings (loss) of unconsolidated entities, preferred stock dividends,
depreciation and amortization, transaction costs, ground lease expense,
general and administrative expense and development, construction and
management services expense. The following income or gains are then deducted
from net income (loss) attributable to common stockholders, adjusted for add
backs of expenses or charges: other income, change in fair value of interest
rate derivatives and development, construction and management services
revenue. We believe these adjustments help provide a performance measure, when
compared year over year, that illustrates the operating results of our
wholly-owned properties and captures trends in student housing rental and
services income and student housing operating expenses.

NOI excludes multiple components of net income (loss) (computed in accordance
with U.S. GAAP) and captures neither the changes in the value of our
properties that result from use or market conditions nor the level of capital
expenditures necessary to maintain the operating performance of our
properties, all of which have real economic effects and could materially and
adversely impact our results of operations. Therefore, the utility of NOI as a
measure of our performance is limited. Additionally, other companies,
including other equity REITs, may use different methodologies for calculating
NOI and, accordingly, NOI as disclosed by such other companies may not be
comparable to NOI published herein. Therefore, we believe that in order to
facilitate a clear understanding of our historical operating results, NOI
should be examined in conjunction with net income (loss) (computed in
accordance with U.S. GAAP) as presented in the consolidated financial
statements included elsewhere in this document. NOI should not be considered
as an alternative to net income (loss) (computed in accordance with U.S. GAAP)
as an indicator of our properties’ financial performance or to cash flow from
operating activities (computed in accordance with U.S. GAAP) as an indicator
of our liquidity, nor is it indicative of funds available to fund our cash
needs, including our ability to pay dividends or make distributions.

Contact:

Campus Crest Communities, Inc.
Thomas Nielsen, 704-496-2571
Investor Relations
Investor.Relations@CampusCrest.com