CCG Reports 15.8% Increase in FFOA for 3Q and 7.3% YTD

  CCG Reports 15.8% Increase in FFOA for 3Q and 7.3% YTD

  - 3,756 Beds Added in Six^1 New Grove Properties and a Phase II Expansion
                       Using Unique Vertical Platform –

         - Provides Pipeline Update Showing Solid Growth Prospects –

Business Wire

CHARLOTTE, N.C. -- October 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 and nine months ended
September 30, 2013.

Highlights

Operations

  *15.8% increase in Funds From Operations Adjusted (“FFOA”) per diluted
    share, from $0.19 for the three months ended September 30, 2012 to $0.22
    for the three months ended September 30, 2013

       *7.3% increase for the nine months ended September 30, 2013

  *Same store net operating income (“NOI”) for the quarter was $9.4 million
    driven primarily by lower revenues as a result of the timing of a slower
    lease-up in August and September
  *92.1% leased at all 45 Grove and 28 Copper Beech student housing
    properties^2 for the 2013/2014 academic year as of September 30, 2013

Growth

  *Six new Grove properties and phase II of The Grove at Flagstaff were
    delivered on-schedule for opening in the 2013/2014 academic year^1

       *Based on in-place rate and occupancy, this group of developments is
         expected to achieve between a 7.5% and 8.0% weighted average yield

  *Continued progress on six previously announced developments/redevelopments
    for 2014/2015 academic year delivery
  *Announced two new developments for the 2014/2015 academic year:

       *One wholly-owned project – The Grove at Mt. Pleasant, MI
       *One Copper Beech joint venture project at Ames, IA

  *Entered into an amendment to the purchase and sale agreement to acquire
    Copper Beech

^1 On July 14, 2013, the Company experienced a fire at its development at The
Grove at Pullman, WA. The Company has reached a resolution with its insurance
provider and while no assurances can be given, after taking into account its
existing insurance coverage, it believes that the damages sustained as a
result of this fire will not have a material adverse effect on its financial
position or results of operations.

^2 The Company entered into an amendment to the purchase and sale agreement on
September 30, 2013 that, subject to receipt of required third-party lender
consents, will enable the Company to acquire a 67% ownership interest in 30
properties, while deferring ownership in 7 properties until the Company
exercises future purchase options. In conjunction with the amendment and
subsequent to quarter-end, the $31.7 million loan was repaid by Copper Beech
and Campus Crest subsequently reinvested $16.2 million into the 30 properties.

Capital

  *Subsequent to September 30, 2013, the Company raised approximately $95
    million through the re-opening of its 8.0% Series A cumulative redeemable
    preferred stock and approximately $100 million through an offering by its
    operating partnership of 4.75% senior exchangeable notes due 2018

Financial Results for the Three and Nine Months Ended September 30, 2013

For the three and nine months ended September 30, 2013, Funds From Operations
(“FFO”) and FFOA are shown in the table below.

FFO/FFOA                                          
                      Three Months Ended September 30,
                                Per share -                      Per share -
($mm, except per      2013                        2012          diluted
share)                          diluted
FFO                   $14.1     $0.22                   $7.4     $0.19
FFOA^1                $14.0     $0.22                   $7.4     $0.19
                                                           
                                                                 
                      Nine Months Ended September 30,
                                Per share -                      Per share -
($mm, except per      2013                            2012     diluted
share)                          diluted
FFO                   $35.0     $0.59                   $17.7    $0.52
FFOA^1                $34.6     $0.59                   $18.6    $0.55
                                                           
                                                                 
^1 Includes eliminations for the write-off of unamortized deferred financing
fees, transaction costs, and the fair value adjustments of Copper Beech debt
as reflected in the Q3 2013 supplemental analyst package.

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

For the three months ended September 30, 2013, the Company reported total
revenues of $40.2 million and net income attributable to common stockholders
of $3.7 million, compared to $34.5 million and $7.8 million, respectively, in
the same period in 2012. For the nine months ended September 30, 2013, the
Company reported total revenues of $114.5 million and net income attributable
to common stockholders of $7.5 million, compared to $102.8 million and $5.5
million, respectively, in the same period in 2012.

“As we begin our fourth year as a public REIT, we remain excited about the
opportunities ahead of us. We believe we have created significant value in our
vertically integrated platform and multi-brand strategy,” commented Ted W.
Rollins, Chairman and Chief Executive Officer of Campus Crest. “We believe we
can drive internal growth through our operational excellence initiative, while
development will continue to be our primary external growth driver as our
platform should continue to provide attractive returns. Once again, based on
our current occupancies, we expect to achieve our yield targets on our newest
deliveries.”

Operating Results

For the three and nine months ended September 30, 2013, results for
wholly-owned same store properties were as follows:

Same Store                                      
Results
                    Three Months Ended September   Nine Months Ended September
                    30,                            30,
($mm)              2013     2012     Change      2013      2012     Change
                                                                      
Number of Assets    27       27                    27        27
Number of Beds      13,884   13,884                13,884    13,884
Occupancy           90.1%    91.5%    -140 bps     90.9%     90.6%    30 bps
Total Revenues      $18.8    $19.1    -1.6%        $56.9     $56.2    1.3%
NOI                 $9.4     $9.8     -4.2%        $29.9     $29.5    1.3%
NOI Margin          50.3%    51.6%    -130 bps     52.5%     52.5%    0 bps

The decrease in same-store NOI for the three months ended September 30, 2013
was a result of the timing of slower lease-up in August and September.

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 located at 
http://investors.campuscrest.com/.

Portfolio Information

As of September 30, 2013, the Company owned interests in 89 properties
totaling ~47,000 beds across North America. However, on September 30, 2013,
the Company entered into an amendment to restructure the acquisition of Copper
Beech, which is described in detail later in this release. The table below
presents data for the Company's operating portfolio giving effect to the
amendment to the acquisition of the Copper Beech Portfolio. In addition, the
table below excludes nine developments and redevelopments.

Final Occupancy Summary                                                           
                                          2013-2014       2012-2013                    Rental
                                                                                       Rate
Property     Properties Unit    Beds    Signed^1 %      Signed^1 %        Change   Change^(2)
                                                                                       
Operating
Wholly-Owned 30         5,832    15,768   14,840   94.1 % 14,632   92.8  %   1.3   %   2.4     %
Columbia, MO
/            2          416     1,168   837      71.7 % 1,168    100.0 %  -28.3 %  -10.3   %
Statesboro,
GA
Total
Wholly-Owned 32         6,248    16,936   15,677   92.6 % 15,800   93.3  %   -0.7  %   1.7     %
Operating
                                                                                       
Total Joint
Venture      7          1,422    3,948    3,272    82.9 % 3,107    78.7  %   4.2   %   1.1     %
Operating
                                                                          
Total        39         7,670   20,884  18,949   90.7 % 18,907   90.5  %  0.2   %  1.6     %
Operating
                                                                                       
2013
Deliveries
Wholly-Owned 3          704      1,972    1,786    90.6 % n/a      n/a       n/a       n/a
Joint        3          664     1,784   1,436    80.5 % n/a      n/a     n/a     n/a     
Venture
Total 2013   6          1,368    3,756    3,222    85.8 % n/a      n/a       n/a       n/a
Deliveries
                                                                                       
Total Copper
Beech        28         5,047    13,177   12,666   96.1 % n/a      n/a       n/a       n/a
Portfolio^3
                                                                          
Total        73         14,085  37,817  34,837   92.1 % 18,907   90.5  %  1.6   %  n/a     
Portfolio
                                                                                       
^1 As of September 30, 2013 and September 30, 2012, respectively.
^2 Rental Rate change for the 2013-2014 academic year over the 2012-2013 academic year achieved
rental RevPOB.
^3 The Company entered into an amendment to the purchase and sale agreement on September 30, 2013
that, subject to receipt of required third-party lender consents, will enable the Company to
acquire a 67% ownership interest in 30 properties, while deferring ownership in 7 properties
until the Company exercises future purchase options. In conjunction with the amendment and
subsequent to quarter-end, the $31.7 million loan was repaid by Copper Beech and Campus Crest
subsequently reinvested $16.2 million into the 30 properties.

  *All 45 Grove properties were built, renovated or are being built by the
    Company or its predecessor. The median distance to campus of the Grove
    portfolio is 0.5 miles with an average age of 3.6 years as of September
    30, 2013.
  *The 28 Copper Beech student housing properties were built or renovated by
    Copper Beech. The median distance to campus of the Copper Beech portfolio
    is 1.2 miles with an average age of 8.6 years as of September 30, 2013.

On July 14, 2013, the Company experienced a fire at its development at The
Grove at Pullman, WA. The Company has reached a resolution with its insurance
provider and while no assurances can be given, after taking into account its
existing insurance coverage, it believes that the damages sustained as a
result of this fire will not have a material adverse effect on its financial
position or results of operations.

Development and Acquisition Activity

The Company continues to pursue development opportunities. It currently is
conducting due diligence in approximately 80 markets, with land identified and
under letter of intent or contract in approximately 30 of these markets for
either a Grove, Copper Beech, or evo project. In addition, the Company
believes that additional redevelopment opportunities in Montreal exist.

2013/2014 Academic Year Deliveries

The Company delivered 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 were approximately $184.7 million.
These investments are 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 $83.2
    million. The Company owns 20.0% of the joint venture projects, with HSRE
    owning the balance

2014/2015 Academic Year Deliveries

The Company will deliver eight new projects for the 2014/2015 academic year,
which now includes two additional projects that commenced construction during
the quarter ended September 30, 2013. Highlights for these two projects
include:

  *The Grove at Mt. Pleasant: Approximately 0.9 miles from Central Michigan
    University, with a total enrollment of over 20,000 students, this
    four-story prototypical Grove community will consist of 584 beds. Situated
    along Broomfield Street, residents will have easy access to campus and
    enjoy the amenities and lifestyle programming offered at this property,
    which will be the first resort style student housing community in Mount
    Pleasant.
  *Copper Beech at Ames: Located 0.3 miles from campus and in close proximity
    to the Grove at Ames, the property will be the first development in which
    the Company will complement the Company's existing Grove-branded property
    in the market.

Details of the Company’s 2014/2015 academic year deliveries are as follows:

2014/2015 Academic Year Deliveries
                                                                           
                                                                           CCG
                       Primary      Total        Miles        Total Est.   Share
Project      Ownership University   Enrollment^1 to     Units Beds  Cost   of
                       Served                    Campus             ($mm)  Total
                                                                           Cost
Wholly-Owned
The Grove at           Slippery
Slippery     100%      Rock         8,559        0.3    201   603   $29.9  $29.9
Rock                   University
                                                                           
The Grove at           University
Grand Forks  100%      of North     15,250       0.1    224   600   28.2   $28.2
                       Dakota
                                                                           
The Grove at           Central
Mt.          100%      Michigan     20,504       0.9    216   584   24.1   $24.1
Pleasant, MI           University
                                                                  
Average/Median/Sub Total^2          14,771       0.3    641   1,787 $82.2  $82.2
                                                                           
Joint
Venture
                       University
The Grove at 30%       of North     18,172       0.5    216   584   27.3   $8.2
Greensboro^3           Carolina
                       Greensboro
                                                                           
The Grove at           University
Louisville^3 30%       of           22,293       0.1    252   654   38.3   $11.5
                       Louisville
                                                                           
Copper Beech 67%       Iowa State   30,748       0.3    214   636   $30.2  $20.3
at Ames^4              University
                                                                           
evo at Cira            University
Centre       30%       of           24,725       OC     344   850   158.5  $47.6
South^5                Pennsylvania
                       Drexel       25,500       0.2
                       University
                                                                           
evo à Square           McGill
Victoria^6,  20%       University   38,779       0.6    711   1,200 90.0   $18.0
7
                       Concordia    37,835       0.8
                       University
                       L’École de
                       Technologie  6,160        0.3
                       Supérieure
                       (ÉTS)
                                                                  
Average/Median/Sub Total^2          25,527       0.3    1,737 3,924 $344.3 $105.6
                                                                  
Average/Median/Total^2             22,593       0.3    2,378 5,711 $426.5 $187.8
                                                                           
Note: OC denotes on campus
^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's joint venture partner on the subject project is Harrison Street
Real Estate Capital.
^4 The Company's joint venture partner on the subject project is Copper
Beech.
^5 The Company's joint venture partner on the subject project is Harrison Street
Real Estate Capital and Brandywine Realty Trust.
^6 The Company's joint venture partner on the subject project is Beaumont
Partners SA.
^7 Additional details of the redevelopment of the Delta Centre-Ville Hotel are
expected to be announced in 2014. Current figures are estimates.

Redevelopment

The Company expects to provide further details on the redevelopment of the
Toledo, OH and evo à Square Victoria property later in the 2013/2014 academic
year.

Copper Beech Acquisition

On September 30, 2013, the Company entered into an amendment to the purchase
and sale agreement to acquire Copper Beech. Highlights of the amendment
follow:

  *Provides Campus Crest the ability to defer the first purchase option until
    August 2014
  *Original planned investment of 48% in 37 properties is restructured to
    enable the Company to acquire 67% in 30 properties and eliminate ownership
    in seven lower leased properties

       *The Company has the option, but not the obligation, to purchase
         interests in the seven properties in the future
       *30 properties include 28 operating student housing properties, a land
         parcel and the Copper Beech corporate headquarters

  *Repayment by Copper Beech to the Company of $31.7 million loan originally
    made in March 2013

       *$16.2 million reinvested into Copper Beech; balance of $15.5 million
         increases the Company’s liquidity

  *Accelerates day-to-day management of Copper Beech operations to the
    Company in 2014 from 2015 if the Company exercises the first purchase
    option
  *No change in transaction economics, outside of the $4 million for
    consideration for the amendment

Summary of Copper Beech
Amendment
                        Investment Dollars
                                                       Cumulative
                        Investment  Debt    Total      Direct
($mm)        Timing                                               Cash Flow
                        Dollars     Paydown Investment Equity
                                                       Interest
                                                                            
Stage 1
30                                                                $13
Properties   n/a        $143.7  ^1  $106.7  $250.4     67%        preferred ^2
                                                                  & 67%
7 Properties n/a        $0.0       $0.0    $0.0       0%         0%        
Total                   $143.7      $106.7  $250.4     n/a        n/a
                                                                            
Purchase
Option 1
30           March 18 -
Properties   August 18, $93.5       $21.0   $114.5     85%        100%
             2014
7 Properties           $16.9      $0.0    $16.9      18%        33%       
Total                   $110.4      $21.0   $131.4     n/a        n/a
                                                                            
Purchase
Option 2
37           Through    $100.7  ^3  $19.0   $119.7     88.9%      100%
Properties   March 2015
                                                                            
Purchase
Option 3
37           Through    $53.4   ^4  $0.0    $53.4      100%       100%
Properties   March 2016
                                                                    
Total                  $408.2     $146.7  $554.9     100%       100%      
                                                                            
^1 Includes $16.2 million of loan repayment proceeds and $4 million as
consideration for entering into the amendment.
^2 Per original agreement, CCG entitled to first $13 million of cash flow in
year 1; per subject amendment, CCG is entitled to 67% of residual cash flow
after preferred.
^3 Includes $10.7 million originally part of the loan that will be repaid by
Copper Beech.
^4 Includes $4.8 million originally part of the loan that will be repaid by
Copper Beech.

Completion of the amendment is subject to receipt of required lender consents.
The Company expects to obtain such consents during the fourth quarter of 2013
or early 2014, although there can be no assurance as to the timing. As of
September 30, 2013, the Company held an effective 47.2% interest in the entire
Copper Beech portfolio.

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 September 30, 2013 follow:

Capital Structure and Debt Summary                
($000s)                                                         
                                                                     
Closing common stock
price at September                                    $10.80
30, 2013
                                                                     
Common stock                                          63,792
Operating partnership                                 435
units
Restricted stock                                      719
Total shares and                                      64,946
units outstanding
                                                                     
Total equity market                                   $701,412
value
Total preferred                                       57,500
equity outstanding
Total consolidated                                    487,759
debt outstanding
Total market                                          $1,246,671
capitalization
                                                                     
Debt to total market                                  39.1%
capitalization
Debt to gross                                         37.5%
assets^1
                                                                     
Total number of
unencumbered                                          20
operating
properties^2
                                                                     
                                                      Weighted       Average
                      Principal     % of Total        Average        Years to
Wholly Owned Debt^3,  Outstanding   Principal        Interest Rate  Maturity
4                                   Outstanding
                                                                     
Fixed rate mortgage   $165,846      34.0%             4.95%          5.7
loans
Construction loans    74,725        15.3%             2.67%          1.3
Variable rate credit  210,500       43.2%             2.38%          3.3
facility
Other debt^5          36,688        7.5%             3.03%         1.4
Total/Weighted        $487,759      100.0%           3.35%         3.6
Average
                                                                     
^1 Gross assets is defined as total assets plus accumulated depreciation, as
reported in the Company's September 30, 2013 consolidated balance sheet.
^2 Pro forma for the October 2013 capital raise and subsequent paydown of the
2012 wholly-owned deliveries, the number of unencumbered properties will be
23.
^3 Excludes $128.5 million of debt associated with HSRE joint ventures.The
Company is the guarantor of these loans.
^4 On September 30, 2013, the Company entered into an amendment to the
purchase and sale agreement with Copper Beech that, subject to receipt of
required third-party lender consents, will enable the Company to acquire a 67%
ownership interest in 30 properties, while deferring ownership in 7 properties
until the Company exercises future purchase options. In conjunction with the
amendment and subsequent to quarter-end, the $31,700 loan was repaid by Copper
Beech and Campus Crest subsequently reinvested $16,200 into the 30 properties.
Debt applicable to Copper Beech is excluded from above.
^5 Includes a $33,995 unsecured loan that helped facilitate the Company's
recent acquisition in Montreal, Canada. The Company and its joint venture
partner intend to obtain a secured acquisition and development loan in 2013 to
repay this note and fund the redevelopment of the Montreal project.

As of September 30, 2013, the Company had not sold any shares under its $100
million At-the-Market common equity offering program.

Subsequent to quarter-end, the Company raised approximately $100 million
through an issuance by its operating partnership of 4.75% exchangeable senior
notes due 2018 and approximately $95 million through the re-opening of the
Company's 8.0% Series A cumulative redeemable preferred stock. Both
transactions closed on October 9, 2013.

Dividends

Q3 2013

On July 22, 2013, the Company announced that its Board of Directors declared
its third quarter 2013 common stock dividend of $0.165 per share. The dividend
was paid on October 9, 2013 to stockholders of record as of September 25,
2013.

The Board of Directors also declared a cash dividend of $0.50 per Series A
Cumulative Redeemable Preferred Share for the third quarter of 2013. The
preferred share dividend was paid on October 15, 2013 to stockholders of
record as of September 25, 2013.

Q4 2013

On October 22, 2013, the Company announced that its Board of Directors
declared its fourth quarter 2013 common stock dividend of $0.165 per share.
The dividend is payable on January 8, 2014 to stockholders of record as of
December 23, 2013.

The Board of Directors also declared a cash dividend of $0.50 per Series A
Cumulative Redeemable Preferred Share for the fourth quarter of 2013. The
preferred share dividend is payable on January 15, 2014 to stockholders of
record as of December 23, 2013.

2013 Earnings Guidance and Outlook

The Company is tightening its guidance range for full year 2013 FFOA from
$0.82 to $0.88 per fully diluted share to $0.80 to $0.82 per fully diluted
share based on management’s current estimates for the fourth quarter,
including the impact of the preferred stock and exchangeable note offering in
October 2013 and subsequent debt repayment. The midpoint of FFOA guidance
represents an approximate 8% increase over 2012.

The Company's guidance 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 and
other acquisitions and the mark-to-market adjustment of the Copper Beech debt.
Additionally, it excludes the potential impact of any asset dispositions.

Conference Call Details

The Company will host a conference call on Thursday, October 31, 2013, at 9:00
a.m. (EST) 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 10000651. The replay
will be available until November 7, 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/. A recording of the call will also be
available on the Company's website following the call.

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 Investors section of the Company’s web site at
http://www.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 markets. Pro forma for the Copper Beech restructure, the
Company has ownership interests in 82 student housing properties and over
~44,000 beds across North America, of which 74 are operating and 8 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 three 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. The evo brand provides
urban students with a luxury student housing option with all the conveniences
of city living. 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 FFOA 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)
                                                               
                                                               
                                                               
                                   September 30,               December 31,
                               2013                      2012
                                                               
Assets
Investment in real estate,
net:
      Student housing              $   771,467                 $   669,387
      properties
      Accumulated                      (115,817    )               (97,820  )
      depreciation
      Development in                  69,023                    50,781   
      process
Investment in real estate,             724,673                     622,348
net
Investment in                          323,268                     22,555
unconsolidated entities^1
Cash and cash equivalents              22,835                      5,970
Restricted cash ^2                     8,169                       3,902
Student receivables, net               3,625                       2,193
Notes receivable^3                     31,700                      -
Cost and earnings in excess of         32,749                      23,077
construction billings
Other assets, net                     37,733                    16,275   
Total assets                       $   1,184,752              $   696,320  
                                                               
Liabilities and equity
Liabilities:
      Mortgage and                 $   240,571                 $   218,337
      construction loans
      Line of credit and               247,188                     75,375
      other debt
      Accounts payable and             57,297                      45,634
      accrued expenses
      Construction billings in
      excess of cost and               1,799                       49
      earnings
      Other liabilities               15,423                    12,023   
Total liabilities                     562,278                   351,418  
Equity:
      Preferred stock              $   23                      $   23
      Common stock                     645                         386
      Additional common and
      preferred paid-in                678,505                     377,180
      capital
      Accumulated deficit              (61,510     )               (37,047  )
      and distributions
      Accumulated other               88                        (58      )
      comprehensive loss
Total stockholders' equity             617,751                     340,484
Noncontrolling interests              4,723                     4,418    
Total equity                          622,474                   344,902  
Total liabilities and              $   1,184,752              $   696,320  
equity
                                                        
                                                               
^1 As of September 30, 2013, includes the Company’s investment in Copper Beech
equating to an effective 47.2% ownership interest.
^2 As of September 30, 2013, includes approximately $3,544 of cash held in
escrow for the Copper Beech transaction.
^3 As of September 30, 2013, includes the Company’s $31,700 loan made to
existing investors in Copper Beech. In conjunction with the amendment to the
purchase and sale agreement, the $31,700 loan was repaid subsequent to
quarter-end.

CAMPUS CREST                                                                       
COMMUNITIES

                                                                                         
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
(in $000s,
except per share
data)
                                                                                         
                                                                                         
                                                                                         
                   Three Months Ended September 30,          Nine Months Ended September 30,
                2013(1)     2012(1)     $ Change       2013(1)      2012(1)      $ Change
                                                                                         
Revenues:
  Student          $ 24,496     $ 21,449     $ 3,047         $ 70,960      $ 57,160      $ 13,800
  housing rental
  Student
  housing            972          934          38              2,934         2,430         504
  services
  Development,
  construction      14,778     12,103     2,675         40,573      43,162      (2,589 )
  and management
  services
Total revenues       40,246       34,486       5,760           114,467       102,752       11,715
Operating
expenses:
  Student
  housing            11,381       10,123       1,258           33,438        27,631        5,807
  operations
  Development,
  construction       14,028       11,374       2,654           38,343        40,260        (1,917 )
  and management
  services
  General and        2,424        1,972        452             8,076         6,517         1,559
  administrative
  Transaction        247          -            247             835           -             835
  costs^2
  Ground leases      54           54           -               162           163           (1     )
  Depreciation
  and               6,126      5,799      327           19,224      17,528      1,696  
  amortization
Total operating      34,260       29,322       4,938           100,078       92,099        7,979
expenses
Equity in
earnings of         1,302      86         1,216         3,608       283         3,325  
unconsolidated
entities^3, 4
Operating income    7,288      5,250      2,038         17,997      10,936      7,061  
Nonoperating
income
(expense):
  Interest           (3,091 )     (2,623 )     (468    )       (8,764  )     (8,395  )     (369   )
  expense, net^5
  Change in fair
  value of           -            (57    )     57              (73     )     (160    )     87
  interest rate
  derivatives
  Other income^6    696        6,554      (5,858  )      1,494       6,479       (4,985 )
Total
nonoperating        (2,395 )    3,874      (6,269  )      (7,343  )    (2,076  )    (5,267 )
expense, net
Net income
before income        4,893        9,124        (4,231  )       10,654        8,860         1,794
tax benefit
(expense)
Income tax
benefit             (40    )    (74    )    34            306         (330    )    636    
(expense)
Net income           4,853        9,050        (4,197  )       10,960        8,530         2,430
(loss)
Net income
(loss)
attributable to      26           61           (35     )       51            38            13
noncontrolling
interests
Dividends on        1,150      1,150      -             3,450       2,964       486    
preferred stock
Net income
(loss)
attributable to    $ 3,677     $ 7,839      ($4,162 )     $ 7,459      $ 5,528      $ 1,931  
common
stockholders
                                                                                         
Net income (loss)
per share
attributable to    $ 0.06       $ 0.20                       $ 0.13        $ 0.16
common
stockholders -
Basic and Diluted:
                                                                                         
Weighted average
common shares
outstanding:
Basic                64,518       38,479                       58,461        33,514
Diluted              64,953       38,915                       58,896        33,950
                                                                           
                                                                                         
^1 Includes consolidated results from the operations at The Grove at Moscow and The Grove at
Valdosta, which were included in equity in earnings 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 the three months ended September 30, 2013, includes $247 of Copper Beech-related transaction
costs. For nine months ended September 30, 2013, includes $784 of Copper Beech-related transaction
costs and $51 of Toledo, OH-related transaction costs.
^3 For the three and nine months ended September 30, 2013, includes results from the Company’s
investment in Copper Beech. The Company made its initial investment on March 18, 2013 and has
subsequently made additional investments, bringing its effective ownership interest as of September
30, 2013 to ~47.2%. The Company, however, entered into an amendment to the purchase and sale
agreement on September 30, 2013 that, subject to receipt of required third-party lender consents,
will enable the Company to acquire a 67% ownership interest in 30 properties, while deferring
ownership in 7 properties until the Company exercises future purchase options. In conjunction with
the amendment and subsequent to quarter-end, the $31,700 loan was repaid by Copper Beech and Campus
Crest subsequently reinvested $16,200 into the 30 properties.
^4 For the three months and nine months ended September 30, 2013, includes $906 in transaction
costs related to evo à Square Victoria.


^5 For the nine months ended September 30, 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.
^6 For the three and nine months ended September 30, 2013, includes interest income from the 8.5%,
$31,700 loan made to existing investors in Copper Beech on March 18, 2013. In conjunction with the
amendment to the purchase and sale agreement and subsequent to quarter-end, the $31,700 loan was
repaid by Copper Beech.

CAMPUS CREST COMMUNITIES                                                           

                                                                                         
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO FUNDS FROM OPERATIONS
("FFO") & NET OPERATING INCOME ("NOI") (unaudited)
(in $000s, except per share
data)
                                                                                         
                                                                                         
                                                                                         
                 Three Months Ended September 30,            Nine Months Ended September 30,
               2013(1)      2012(1)      $ Change       2013(1)      2012(1)      $ Change
                                                                                         
Net income
(loss)
attributable to  $ 3,677       $ 7,839         ($4,162 )     $ 7,459       $ 5,528       $ 1,931
common
stockholders
Net income
(loss)
attributable to    26            61            (35     )       51            38            13
noncontrolling
interests
Gain on purchase
of joint venture   -             (6,554  )     6,554           -             (6,554  )     6,554
properties^2
Real estate
related            5,886         5,726         160             18,593        17,319        1,274
depreciation and
amortization
Real estate
related
depreciation and
amortization -
  unconsolidated  4,487       366         4,121         8,917       1,353       7,564  
  entities
FFO available to
common shares      14,076        7,438         6,638           35,020        17,684        17,336
and OP units^3,
4, 5
Elimination of
transactions       1,153         -             1,153           1,741         -             1,741
costs
Elimination of
FV adjustment of   (1,220  )     -             (1,220  )       (2,165  )     -             (2,165 )
CB debt
Elimination of
non-cash charge
from the
write-off of
  unamortized
  deferred        -           -           -             -           960         (960   )
  financing fees
Funds from
operations
adjusted (FFOA)
available to
common
  shares and OP  $ 14,009     $ 7,438      $ 6,571        $ 34,596     $ 18,644     $ 15,952 
  units
                                                                                         
FFO per share -  $ 0.22        $ 0.19        $ 0.03          $ 0.59        $ 0.52        $ 0.07
diluted^3, 4, 5
FFOA per share - $ 0.22        $ 0.19        $ 0.03          $ 0.59        $ 0.55        $ 0.04
diluted
Weighted average
common shares
and OP units       64,953        38,915                        58,896        33,950
outstanding -
diluted
                                                                            
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                 Three Months Ended                          Nine Months Ended
                 September 30,                               September 30,
               2013(1)      2012(1)                   2013(1)      2012(1)      
                                                                                         
Net income
(Loss)
attributable to  $ 3,677       $ 7,839                       $ 7,459       $ 5,528
common
stockholders
Net income
(Loss)
attributable to    26            61                            51            38
noncontrolling
interests
Preferred stock    1,150         1,150                         3,450         2,964
dividends
Income tax
benefit            40            74                            (306    )     330
(expense)
Other income       (696    )     (6,554  )                     (1,494  )     (6,479  )
(expense)^2
Change in fair
value of           -             57                            73            160
interest rate
derivatives
Interest expense   3,091         2,623                         8,764         8,395
Equity in
earnings of        (1,302  )     (86     )                     (3,608  )     (283    )
unconsolidated
entities
Depreciation and   6,126         5,799                         19,224        17,528
amortization
Ground lease       54            54                            162           163
expense
General and
administrative     2,424         1,972                         8,076         6,517
expense
Transaction        247           -                             835           -
costs
Development,
construction and
management         14,028        11,374                        38,343        40,260
services
expenses
Development,
construction and
management        (14,778 )    (12,103 )                    (40,573 )    (43,162 )
services
revenues
Total NOI        $ 14,087     $ 12,260                     $ 40,456     $ 31,959  
Same store       $ 9,439       $ 9,849                       $ 29,868      $ 29,472
properties NOI^6
New properties   $ 4,142       $ 2,411                       $ 9,783       $ 2,487
NOI^6
The Grove at
Pullman & Toledo $ 506         $ 0                           $ 805         $ 0
NOI^7
                                                                            
                                                                                         
^1 Includes consolidated results from the operations at The Grove at Moscow and The Grove at
Valdosta, which were included in equity in earnings 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 the three and nine months ended September 30, 2012, includes a $6,554 gain from the purchase
of our joint venture partner's interest in The Grove at Valdosta and The Grove at Moscow.
^3 For the three and nine months ended September 30, 2013, includes results from the Company’s
investment in Copper Beech, including interest income from the 8.5%, $31,700 loan made to existing
investors in Copper Beech. The Company made its initial investment on March 18, 2013 and has
subsequently made additional investments, bringing its effective ownership interest as of September
30, 2013 to ~47.2%. The Company, however, entered into an amendment to the purchase and sale
agreement on September 30, 2013 that, subject to receipt of required third-party lender consents,
will enable the Company to acquire a 67% ownership interest in 30 properties, while deferring
ownership in 7 properties until the Company exercises future purchase options. In conjunction with
the amendment and subsequent to quarter-end, the $31,700 loan was repaid by Copper Beech and Campus
Crest subsequently reinvested $16,200 into the 30 properties.
^4 For the three months ended September 30, 2013, includes an $1,220 fair value adjustment of
Copper Beech’s debt. For nine months ended September 30, 2013, includes $784 of Copper
Beech-related transaction costs, $51 of Toledo, OH-related transaction costs and a $2,165 fair
value adjustment of Copper Beech’s debt.
^5 For the nine months ended September 30, 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.
^6 "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.
^7 For the three and nine months ended September 30, 2013, includes NOI contribution from the
operations of The Grove at Pullman and the Toledo, OH-redevelopment, as well as business
interruption insurance proceeds from The Grove at Pullman.

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
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: equity in earnings of unconsolidated entities, income tax benefit,
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, Investor Relations
704-496-2571
Investor.Relations@CampusCrest.com