Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8–K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 4, 2014

CAMPUS CREST COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction
of incorporation or organization)

001-34872

(Commission File Number)

27-2481988
(IRS Employer
Identification No.)

2100 Rexford Road, Suite 414
Charlotte, North Carolina

(Address of principal executive offices)

28211
(Zip Code)

Registrant’s telephone number, including area code: (704) 496-2500

_____________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.

Results of Operations and Financial Condition.

On November 4, 2014, Campus Crest Communities, Inc. (the “Company”) issued a press release announcing its results of operations for the three and nine months ended September 30, 2014. A copy of such press release is furnished as Exhibit 99.1 to this current report. A copy of the Company’s Third Quarter 2014 Supplemental Analyst Package referenced in such press release is furnished as Exhibit 99.2 to this current report.

The information contained in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933 (the “Securities Act”).

Item 2.06.

Material Impairments.

In connection with the preparation of its financial statements for the quarter ended September 30, 2014, the Company determined that it would record impairment charges in an aggregate amount of approximately $122.5 million. These impairment charges consist of approximately $50.9 million for impairment of certain joint ventures due to recognized impairments in investments held in underperforming properties within the Company's HSRE joint ventures that are being held for sale, as well as an impairment of the Company's Montreal joint venture as these assets have meaningfully underperformed in their first year of operations resulting in the carrying value of the investment likely not being recoverable. The Company also recorded impairments of approximately $29.8 million for pre-development projects that the Company has determined are no longer feasible upon exiting its construction and development business, approximately $34.0 million associated with the adjustment to the Company’s ownership interests in the Copper Beech portfolio resulting from the Company’s decision not to exercise the first purchase option to acquire additional interests in the portfolio and approximately $7.8 million for other various balance sheet items related to corporate infrastructure changes.

Item 7.01.

Regulation FD Disclosure.

On November 4, 2014, members of management of the Company will deliver a presentation in connection with the Company’s earnings release conference call. The presentation will include a slide presentation, a copy of which is furnished as Exhibit 99.3 to this Current Report on Form 8-K and shall not be deemed “filed” with the SEC for the purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such a filing. The Company will also make the presentation available on its website at http://investors.campuscrest.com.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed herewith:

Exhibit
Number	Description

99.1	Press release, dated November 4, 2014, issued by Campus Crest Communities, Inc., providing the results of operations for the three and nine months ended September 30, 2014

99.2	Campus Crest Communities, Inc. Second Quarter 2014 Supplemental Analyst Package

99.3	Management Presentation, dated November 4, 2014, by Campus Crest Communities, Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CAMPUS CREST COMMUNITIES, INC.

Date: November 4, 2014	/s/ Aaron Halfacre
	Aaron Halfacre
	Executive Vice President and Chief Investment Officer

Exhibit Index

Exhibit
Number	Description

99.1	Press release, dated November 4, 2014, issued by Campus Crest Communities, Inc., providing the results of operations for the three and nine months ended September 30, 2014

99.2	Campus Crest Communities, Inc. Second Quarter 2014 Supplemental Analyst Package

99.3	Management Presentation, dated November 4, 2014, by Campus Crest Communities, Inc.

Exhibit 99.1

CCG Announces Change in Management, Copper Beech Transaction and Strategic Repositioning

Charlotte, NC – November 4, 2014 – Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), an owner and manager of high-quality student housing properties, today announced additional changes in senior management, as well as its intent to acquire Copper Beech assets, discontinue its construction and development business, reduce joint venture exposure and sell non-core assets as part of the Company’s release of financial results for the three months ended September 30, 2014.

Highlights

Change in Management

Effective immediately, Ted W. Rollins, Chairman and Chief Executive Officer, has resigned and will no longer be actively involved with the Company. The Independent Directors of the Board of Directors of the Company have elected Richard Kahlbaugh, lead independent director, as Executive Chairman and Interim CEO. It is intended that Mr. Kahlbaugh will guide the Company through the completion of its strategic repositioning.

Effective immediately, Donnie Bobbitt has resigned and will no longer serve as the Company’s Chief Financial Officer. Mr. Bobbitt will remain as a transition advisor to the Company reporting to Mr. Kahlbaugh. Scott Rochon has been named acting Chief Financial Officer in addition to his duties as the Company’s Chief Accounting Officer.

Aaron Halfacre and Angel Herrera remain as the Company’s Chief Investment Officer and Chief Operating Officer, respectively.

Copper Beech Transaction

Entered into an amendment to the Copper Beech purchase agreement to acquire remaining equity interests in 32 properties in the Copper Beech portfolio; transaction expected to generate approximately $20 million of incremental net operating income (“NOI”) at an incremental purchase cap rate of 7.3% based on current share price

Total consideration of approximately $60.3 million cash, approximately $140.6 million of debt assumption and the issuance of approximately 12.4 million operating partnership units (“OP units”)

OP units to be issued at premium to the current share price and above consensus net asset value

Achieves full operational control while also providing scale, diversification and accretion

Target closing of December 31, 2014

Strategic Repositioning

Discontinuing all construction and development to simplify the business model and focus on organic growth

Identifying cost savings at the property and corporate level to enhance profitability

Reducing joint venture exposure through select asset dispositions to reduce indebtedness and increase liquidity

Exploring strategic options for our projects in Montreal, to include capital solutions to reduce exposure, concurrent with ongoing efforts to drive occupancy

Marketing development pipeline assets for sale to increase liquidity and simplify balance sheet

"Today’s announcement exemplifies our commitment to our investors. Not only are we completing the Copper Beech transaction on attractive terms, we have also taken the necessary actions to deliver change," declared the Independent Directors of the Board of Directors of the Company. "After a thorough and deliberate process, the Board of Directors of the Company have accepted the resignations of Mr. Rollins and Mr. Bobbitt. We thank them for their years of service and wish them the very best in their future endeavors.”

“The Board of Directors will be working closely with Aaron, Scott and Angel as we continue the strategic repositioning of Campus Crest,” noted Mr. Kahlbaugh. “As previously stated, our initiatives for change include a focus on operations to deliver organic growth, instilling a disciplined approach to capital allocation, manifesting meaningful cost savings across our organization and bringing about thoughtful balance sheet improvements. We look forward to providing more information in the weeks and months ahead.”

“We are proactively taking the steps necessary to restore investor confidence and are intently focused on improving shareholder value. We thank our investors for their continued support.” said Aaron Halfacre.

Financial Results for the Three and Nine Months Ended September 30, 2014

For the three and nine months ended September 30, 2014, Funds From Operations (“FFO”) and FFOA are shown in the table below.

FFO/FFOA
	Three Months Ended September 30,										Nine Months Ended September 30,
($mm, except per share)	2014			Per share - diluted			2013		Per share - diluted		2014			Per share - diluted			2013		Per share - diluted

FFO	($	118.9	)	($	1.84	)	$	14.1	$	0.22	($	96.2	)	($	1.49	)	$	35.0	$	0.60
FFOA¹	$	9.7		$	0.15		$	13.1	$	0.20	$	28.2		$	0.44		$	31.9	$	0.55

¹Includes eliminations for the write-off of transaction costs, the fair value adjustments of Copper Beech debt, restructuring related charges, asset impairments, and other charges as reflected in the Q3 2014 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, 2014, the Company reported total revenues of $28.3 million and net income (loss) attributable to common stockholders of ($130.0) million as a result of the Company’s strategic repositioning, compared to $23.3 million and $3.7 million, respectively, in the same period in 2013. Please see Balance Sheet Impairments and Condensed Consolidated Statement of Operations for further details below.

Operating Results

For the three and nine months ended September 30, 2014, results for wholly owned same store properties were as follows:

Same Store Results
	Three Months Ended September 30,									Nine Months Ended September 30,
($mm)	2014			2013			Change			2014			2013			Change

Number of Assets		28			28						28			28
Number of Beds		14,920			14,920						14,920			14,920
Occupancy		90.0	%		91.5	%		(150) bps			90.2	%		92.5	%		(230) bps
Total Revenues	$	20.9		$	21.1			(1.1	%)	$	62.7		$	64.1			(2.2	%)
NOI	$	10.5		$	11.4			(7.8	%)	$	33.5		$	35.4			(5.5	%)
NOI Margin		50.4	%		54.1	%		(370) bps			53.4	%		55.2	%		(180) bps

The year-over-year results reflect the Company’s improved tenant underwriting processes implemented for the 2014/2015 academic leasing year. These improvements are designed to better reflect in-place economic occupancy and minimize quarter-over-quarter volatility on a go-forward basis.

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, 2014, the Company owned interests in 86 properties totaling approximately 46,682 beds across North America. A summary of the leasing for the 2014/2015 academic year follows:

2014/2015 Academic Year Leasing Summary
					2013-2014										2014-2015								Rental Rate
Category	Properties		Beds		Signed¹		%			Actual²		%			Forecast³		%			Change⁴			Change⁵

Operating Properties By Ownership

Wholly Owned		32		17,476		16,048		91.8	%		15,861		90.8	%		16,100		92.1	%		1.3	%		2.0	%
Joint Venture		9		5,148		4,197		81.5	%		4,141		80.4	%		4,110		79.8	%		(0.6	%)		2.7	%
Copper Beech		35		16,647		15,082		90.6	%		15,080		90.6	%		15,592		93.7	%		3.1	%		0.2	%

Total Operating Properties		76		39,271		35,327		90.0	%		35,082		89.3	%		35,802		91.2	%		1.9	%		1.3	%

Total 2014 Deliveries		10		7,411		n/a		n/a			n/a		n/a			3,814		51.5	%		n/a			n/a

Footnotes:

1) Total signed leases as of September 30, 2013, as reported in October 1, 2013 press release

2) Actual physical occupancy during the 2013/2014 academic year

3) Forecast 2014/2105 physical occupancy based on leases signed as of September 30, 2014 and projected tenant attrition

4) Year over year change in occupancy based on actual 2013/2014 and forecast 2014/2015

5) Forecast rental rate change for the 2014-2015 academic year over the 2013-2014 academic achieved rental RevPOB

Balance Sheet Impairments

The Company’s strategic repositioning resulted in impairments to the balance sheet as of September 30, 2014, and can be broadly associated with the following three categories:

Discontinued development – The Company’s exit from the construction and development business triggered the write-off of unrecoverable pre-development costs and adjustments to the carrying values of land parcels now being held for sale. Other related charges include severance and corporate infrastructure changes.

Reduced joint venture exposure – The Company has recognized impairments to its investments held in underperforming properties within our HSRE joint ventures. Additionally, an impairment of our Montreal joint venture has been taken in recognition that the full value of the investment may not be recoverable.

Effects of not exercising Copper Beech purchase option – A one-time non-cash accounting charge associated with the third quarter 2014 shift in the Company’s pro-rata economic ownership interest in the Copper Beech assets.

A summary of all balance sheet impairments follows:

Balance Sheet Impairments
($mm)	Adjustment

Impairment of land & predevelopment costs	$	29,790
Write off of corporate other assets		7,765
Impairment of unconsolidated entities		50,866
Effect of not exercising Copper Beech purchase option		34,048

Total	$	122,469

Capital Markets Activity and Liquidity

As of September 30, 2014, the Company had not sold any shares under its $100.0 million At-the-Market common equity offering program. The Company had $18.3 million of cash, $6.2 million of restricted cash and net availability under its revolving credit facility of $70.8 million as of September 30, 2014.

2014 Earnings Guidance and Dividends

Based on the Copper Beech transaction and the strategic repositioning announced today, the Company has withdrawn 2014 earnings guidance to allow sufficient time to complete forecast revisions.

The Company announced that its Board of Directors has declared its intent to lower the common stock dividend upon final review of forecast revisions; the fourth quarter dividend will be announced in December.

Conference Call Details

The Company will host a conference call on Tuesday, November 4, 2014, 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 13594808. The replay will be available until November 11, 2014.

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 owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 86 student housing properties with over 46,000 beds across North America. 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 2014 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.

Contact:

Investor Relations

(704) 496-2571

Investor.Relations@CampusCrest.com

CAMPUS CREST COMMUNITIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in $000s)


	September 30,			December 31,
	2014			2013

Assets
Investment in real estate, net:
Student housing properties	$	923,531		$	716,285
Accumulated depreciation		(120,121	)		(102,356	)
Development in process		19,802			91,184
Investment in real estate, net		823,212			705,113
Investment in unconsolidated entities¹		275,040			324,838
Cash and cash equivalents		18,313			32,054
Restricted cash ²		6,207			32,636
Student receivables, net		2,802			2,825
Cost and earnings in excess of construction billings		24,449			42,803
Other assets, net		46,796			42,410
Total assets	$	1,196,819		$	1,182,679

Liabilities and equity
Liabilities:
Mortgage and construction loans	$	279,152		$	205,531
Line of credit and other debt		301,122			207,952
Accounts payable and accrued expenses		69,902			62,448
Construction billings in excess of cost and earnings		8			600
Other liabilities		18,768			11,167
Total liabilities		668,952			487,698
Equity:
Preferred stock	$	61		$	61
Common stock		648			645
Additional common and preferred paid-in capital		776,605			773,896
Accumulated deficit and distributions		(256,377	)		(84,143	)
Accumulated other comprehensive loss		(1,451	)		(71	)
Total stockholders' equity		519,486			690,388
Noncontrolling interests		8,381			4,593
Total equity		527,867			694,981
Total liabilities and equity	$	1,196,819		$	1,182,679

¹As of December 31, 2013, includes the Company’s investment in Copper Beech equating to a 67% effective ownership interest in 30 properties, of which 28 are operating and two are non-operating properties. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

²As of September 30, 2014 and December 31, 2013, includes approximately $0 and $28,200, respectively, of cash held in escrow from the sale of four wholly-owned Grove-branded student housing properties on December 27, 2013.

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,
	2014			2013			$ Change			2014			2013			$ Change

Revenues:
Student housing rental	$	26,985		$	22,165		$	4,820		$	74,256		$	64,118		$	10,138
Student housing services		1,043			867			176			3,043			2,645			398
Property management services		281			225			56			711			539			172
Total revenues		28,309			23,257			5,052			78,010			67,302			10,708
Operating expenses:
Student housing operations		12,368			9,923			2,445			33,728			29,341			4,387
General and administrative¹		4,043			2,424			1,619			11,198			8,076			3,122
Impairment of land & predevelopment costs		29,790			-			29,790			29,790			-			29,790
Write-off of corporate other assets		7,765			-			7,765			7,765			-			7,765
Transaction costs²		286			247			39			2,331			835			1,496
Ground leases		120			54			66			357			162			195
Depreciation and amortization		7,035			5,581			1,454			21,269			17,154			4,115
Total operating expenses		61,407			18,229			43,178			106,438			55,568			50,870
Equity in earnings (loss) of unconsolidated entities^3,4		635			1,302			(667	)		63			3,608			(3,545	)
Impairment of unconsolidated entities		(50,866	)		-			(50,866	)		(50,866	)		-			(50,866	)
Effect of not exercising Copper Beech purchase option		(34,048	)		-			(34,048	)		(34,048	)		-			(34,048	)
Operating income		(117,377	)		6,330			(123,707	)		(113,279	)		15,342			(128,621	)
Nonoperating income (expense):
Interest expense, net		(3,639	)		(3,091	)		(548	)		(9,965	)		(8,764	)		(1,201	)
Other income (expense)⁵		(41	)		696			(737	)		129			1,421			(1,292	)
Total nonoperating expense, net		(3,680	)		(2,395	)		(1,285	)		(9,836	)		(7,343	)		(2,493	)
Net income before income tax benefit (expense)		(121,057	)		3,935			(124,992	)		(123,115	)		7,999			(131,114	)
Income tax benefit (expense)		(1,131	)		(40	)		(1,091	)		(731	)		306			(1,037	)
Income from continuing operations		(122,188	)		3,895			(126,083	)		(123,846	)		8,305			(132,151	)
Income (loss) from discontinued operations		(5,506	)		958			(6,464	)		(3,191	)		2,655			(5,846	)
Net income (loss)		(127,694	)		4,853			(132,547	)		(127,037	)		10,960			(137,997	)
Dividends on preferred stock		3,050			1,150			1,900			9,150			3,450			5,700
Net income (loss) attributable to noncontrolling interests		(770	)		26			(796	)		(773	)		51			(824	)
Net income (loss) attributable to common stockholders	($	129,974	)	$	3,677		($	133,651	)	($	135,414	)	$	7,459		($	142,873	)

Per share data - basic and diluted:
Income (loss) from continuing operations attributable to common stockholders	($	1.92	)	$	0.05					($	2.04	)	$	0.08
Income (loss) from discontinued operations attributable to common stockholders	($	0.09	)	$	0.01					($	0.05	)	$	0.05
Net income (loss) per share attributable to common stockholders	($	2.01	)	$	0.06					($	2.09	)	$	0.13

Weighted average common shares outstanding:
Basic		64,770			64,518						64,650			58,461
Diluted		65,204			64,953						65,084			58,896

¹ For three and nine months ended September 30, 2014, includes $720 of severance costs.

² For the three and nine months ended September 30, 2014, includes $286 and $2,331, respectively, of transaction costs related to Copper Beech, the Montreal investments and other transaction costs. Additionally, for the three and nine months ended September 30, 2013, includes $247 and $835, respectively, of transaction costs related to Copper Beech.

³ For the three and nine months ended September 30, 2014 and the period from March 18, 2013 to September 30, 2013, includes results from the Company’s investment in Copper Beech. The Company made its initial investment on March 18, 2013 and subsequently made additional investments. On September 30, 2013, the Company entered into an amendment to the purchase and sale agreement that, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven properties until the Company exercises future purchase options. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

⁴ For the three and nine months ended September 30, 2014, includes $1,539 and $5,058, respectively, of fair value adjustment related to Copper Beech's debt. For the three and nine months ended September 30, 2013, includes $1,220 and $2,165, respectively, of fair value adjustment related to Copper Beech's debt.

⁵For 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 September 30, 2013 amendment to the purchase and sale agreement, 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"), FUNDS FROM OPERATIONS ADJUSTED ("FFOA") & NET OPERATING INCOME ("NOI") (unaudited)

(in $000s, except per share data)


	Three Months Ended September 30,									Nine Months Ended September 30,
	2014			2013			$ Change			2014			2013			$ Change

Net income (loss) attributable to common stockholders	($	129,974	)	$	3,677		($	133,651	)	($	135,414	)	$	7,459		($	142,873	)
Net income (loss) attributable to noncontrolling interests		(770	)		26			(796	)		(773	)		51			(824	)
Real estate related depreciation and amortization		6,590			5,341			1,249			20,175			16,523			3,652
Real estate related depreciation and amortization - discontinued operations		-			545			(545	)		-			2,070			(2,070	)
Real estate related depreciation and amortization - unconsolidated entities		5,259			4,487			772			19,856			8,917			10,939
FFO available to common shares and OP units^{1, 2, 3}		(118,895	)		14,076			(132,971	)		(96,156	)		35,020			(131,176	)
Elimination of the following:
Transaction costs		286			1,153			(867	)		2,331			1,741			590
Impairment of land & predevelopment costs		29,790			-			29,790			29,790			-			29,790
Write off of corporate other assets		7,765			-			7,765			7,765			-			7,765
Severance		720			-			720			720			-			720
Change in valuation allowance for deferred tax asset		1,131			-			1,131			731			-			731
Discontinued operations		5,506			(958	)		6,464			3,191			(2,655	)		5,846
Impairment of unconsolidated entities		50,866			-			50,866			50,866			-			50,866
Effect of not exercising Copper Beech purchase option		34,048			-			34,048			34,048			-			34,048
FV adjustment of CB debt		(1,539	)		(1,220	)		(319	)		(5,058	)		(2,165	)		(2,893	)

Funds from operations adjusted (FFOA) available to common shares and OP units	$	9,678		$	13,051		($	3,373	)	$	28,228		$	31,941		($	3,713	)

FFO per share - diluted^{1, 2, 3}	($	1.84	)	$	0.22		($	2.06	)	($	1.49	)	$	0.60		($	2.09	)
FFOA per share - diluted	$	0.15		$	0.20		($	0.05	)	$	0.44		$	0.55		($	0.11	)
Weighted average common shares and OP units outstanding - basic/dilutive⁴		64,770			64,518						64,650			58,461


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014¹			2013¹			2014¹			2013¹

Net income (Loss) attributable to common stockholders	($	129,974	)	$	3,677		($	135,414	)	$	7,459
Net income (Loss) attributable to noncontrolling interests		(770	)		26			(773	)		51
Preferred stock dividends		3,050			1,150			9,150			3,450
Income tax (benefit) expense		1,131			40			731			(306	)
Other (income) expense		41			(696	)		(129	)		(1,348	)
(Income) loss on discontinued operations		5,506			(958	)		3,191			(2,655	)
Interest expense		3,639			3,091			9,965			8,764
Equity in earnings of unconsolidated entities		(635	)		(1,302	)		(63	)		(3,608	)
Depreciation and amortization		7,035			5,581			21,269			17,154
Ground lease expense		120			54			357			162
General and administrative expense⁵		4,043			2,424			11,198			8,076
Impairment of unconsolidated entities		50,866			-			50,866			-
Effect of not exercising Copper Beech purchase option		34,048			-			34,048			-
Impairment of land & predevelopment costs		29,790			-			29,790			-
Write-off of corporate other assets		7,765			-			7,765			-
Transaction costs		286			247			2,331			835
Property management services		(281	)		(225	)		(711	)		(539	)
Total NOI	$	15,660		$	13,109		$	43,571		$	37,495
Same store properties NOI⁶	$	10,525		$	11,424		$	33,461		$	35,412
New properties NOI^6,7	$	4,259		$	1,224		$	7,743		$	1,255
The Grove at Pullman & Toledo NOI⁸	$	876		$	461		$	2,367		$	755

¹For the three and nine months ended September 30, 2014 and the period March 18, 2013 to June 30, 2013, includes results from the Company’s investment in Copper Beech. The Company made its initial investment on March 18, 2013 and subsequently made additional investments. On September 30, 2013, the Company entered into an amendment to the purchase and sale agreement that, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven properties until the Company exercises future purchase options. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

²For the three and nine months ended September 30, 2014, includes $286 and $2,331, respectively, of transaction costs related to Copper Beech, the Montreal investments and other transaction costs. Additionally, for the three and nine months ended September 30, 2013, includes $247 and $835, respectively, of transaction costs related to Copper Beech.

³For the three and nine months ended September 30, 2014, includes $1,539 and $5,058, respectively, of fair value adjustment related to Copper Beech's debt. For the three and nine months ended September 30, 2013, includes $1,220 and $2,165, respectively, of fair value adjustment related to Copper Beech's debt.

⁴For the three and nine months ended September 30, 2014, the basic shares were used to calculate FFO and FFOA as the dilutive shares would have been anti-dilutive. For the three and nine months ended September 30, 2013, the dilutive shares were used to calculate FFO and FFOA.

⁵For three and nine months ended September 30, 2014, includes $720 of severance costs.

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 Includes NOI contribution from Copper Beech at Ames. This is a consolidated joint venture.

⁸ 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, impairments, severance, discontinued operations, the effect of not exercising the Copper Beech purchase option, the write-off of development cost and fair value debt adjustments on equity method investments. Excluding the write-off of unamortized deferred financing fees, transaction costs, impairments, severance, discontinued operations, the effect of not exercising the Copper Beech purchase option, the write-off of development cost, 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, 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.

Exhibit 99.2

Third Quarter 2014

Supplemental Analyst Package

Contact:

Investor Relations

704-496-2571

Investor.Relations@CampusCrest.com

THIRD QUARTER 2014

SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENTS

Financial Highlights	3

Condensed Consolidated Balance Sheets	4

Condensed Consolidated Statements of Operations	5

Reconciliation of Net Income (Loss) Attributable to Common Stockholders to FFO, FFOA and Net Operating Income	6

Wholly Owned Property Results of Operations	7

LTM Wholly Owned Property Results of Operations	8

Same Store Wholly Owned Property Operating Expenses	9

HSRE, Beaumont and Copper Beech Joint Venture Property Results of Operations	10

Capital Structure as of September 30, 2014	11

Outstanding Debt and Maturity Schedule	12

HSRE & Beaumont Joint Venture Debt Summary	13

Copper Beech Joint Venture Debt Summary	14

Portfolio Overview and Occupancy	15 - 16

Copper Beech Portfolio Overview and Occupancy	17

Investor Information	18

Forward-Looking Statements	19

*CAMPUS CREST COMMUNITIES*

FINANCIAL HIGHLIGHTS (unaudited)
(in $000s, except per share and per bed data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014	2013	$ Change	% Change	2014	2013	$ Change	% Change

Total revenues	$28,309	$23,257	$5,052	21.7%	$78,010	$67,302	$10,708	15.9%
NOI	15,660	13,109	2,551	19.5%	$43,571	$37,422	6,149	16.4%
Operating income	(117,377)	6,330	(123,707)	NM	(113,279)	15,342	(128,621)	NM
Net income (loss) attributable to common stockholders¹	(129,974)	3,677	(133,651)	NM	(135,414)	7,459	(142,873)	NM
Net income (loss) per share - basic and diluted	($2.01)	$0.06	($2.07)	NM	($2.09)	$0.13	($2.22)	NM
FFO²	(118,895)	14,076	(132,971)	NM	(96,156)	35,020	(131,176)	NM
FFO per share - diluted^2,4	($1.84)	$0.22	($2.06)	NM	($1.49)	$0.60	($2.09)	NM
FFOA³	9,678	13,051	(3,373)	(25.8%)	28,228	31,941	(3,713)	(11.6%)
FFOA per share - diluted^3,4	$0.15	$0.20	($0.05)	(25.0%)	$0.44	$0.55	($0.11)	(20.0%)

Debt to total market capitalization	50.5%	33.9%	n/a	16.6%	50.5%	33.9%	n/a	16.6%

Operating Statistics (wholly-owned)
Total RevPOB⁵	$530	$518	$12	2.3%	$526	$517	$9	1.7%
Average Physical Occupancy⁶	89.2%	91.1%	n/a	(1.9%)	89.8%	92.3%	n/a	(2.5%)

¹For the three and nine months ended September 30, 2014 results include certain write-downs and impairments, primarily related to impairment of unconsolidated entities, impairments of land and predevelopment costs, effect of not exercising Copper Beech purchase option and write off of other corporate assets.

² For the three and nine months ended September 30, 2014 and the period March 18, 2013 to September 30, 2013, includes results from the Company’s investment in Copper Beech. The Company made its initial investment in Copper Beech on March 18, 2013 and subsequently made additional investments. On September 30, 2013, the Company entered into an amendment to the purchase and sale agreement that, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven properties until the Company exercises future purchase options. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

³Includes transaction costs and the fair value adjustment of Copper Beech's debt.

⁴Refer to page 6 for a reconciliation of FFO per share to FFOA per share.

⁵Total revenue per occupied bed includes rental and service revenues.

⁶ Average monthly occupancy.

*CAMPUS CREST COMMUNITIES*


CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in $000s)


	September 30,	December 31,
	2014	2013

Assets
Investment in real estate, net:
Student housing properties	$923,531	$716,285
Accumulated depreciation	(120,121)	(102,356)
Development in process	19,802	91,184
Investment in real estate, net	823,212	705,113
Investment in unconsolidated entities¹	275,040	324,838
Cash and cash equivalents	18,313	32,054
Restricted cash ²	6,207	32,636
Student receivables, net	2,802	2,825
Cost and earnings in excess of construction billings	24,449	42,803
Other assets, net	46,796	42,410
Total assets	$1,196,819	$1,182,679

Liabilities and equity
Liabilities:
Mortgage and construction loans	$279,152	$205,531
Line of credit and other debt	301,122	207,952
Accounts payable and accrued expenses	69,902	62,448
Construction billings in excess of cost and earnings	8	600
Other liabilities	18,768	11,167
Total liabilities	668,952	487,698
Equity:
Preferred stock	$61	$61
Common stock	648	645
Additional common and preferred paid-in capital	776,605	773,896
Accumulated deficit and distributions	(256,377)	(84,143)
Accumulated other comprehensive loss	(1,451)	(71)
Total stockholders' equity	519,486	690,388
Noncontrolling interests	8,381	4,593
Total equity	527,867	694,981
Total liabilities and equity	$1,196,819	$1,182,679

*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,
	2014	2013	$ Change	2014	2013	$ Change

Revenues:
Student housing rental	$26,985	$22,165	$4,820	$74,256	$64,118	$10,138
Student housing services	1,043	867	176	3,043	2,645	398
Property management services	281	225	56	711	539	172
Total revenues	28,309	23,257	5,052	78,010	67,302	10,708
Operating expenses:
Student housing operations	12,368	9,923	2,445	33,728	29,341	4,387
General and administrative¹	4,043	2,424	1,619	11,198	8,076	3,122
Impairment of land & predevelopment costs	29,790	-	29,790	29,790	-	29,790
Write-off of corporate other assets	7,765	-	7,765	7,765	-	7,765
Transaction costs²	286	247	39	2,331	835	1,496
Ground leases	120	54	66	357	162	195
Depreciation and amortization	7,035	5,581	1,454	21,269	17,154	4,115
Total operating expenses	61,407	18,229	43,178	106,438	55,568	50,870
Equity in earnings (loss) of unconsolidated entities^3,4	635	1,302	(667)	63	3,608	(3,545)
Impairment of unconsolidated entities	(50,866)	-	(50,866)	(50,866)	-	(50,866)
Effect of not exercising Copper Beech purchase option	(34,048)	-	(34,048)	(34,048)	-	(34,048)
Operating income	(117,377)	6,330	(123,707)	(113,279)	15,342	(128,621)
Nonoperating income (expense):
Interest expense, net	(3,639)	(3,091)	(548)	(9,965)	(8,764)	(1,201)
Other income (expense)⁵	(41)	696	(737)	129	1,421	(1,292)
Total nonoperating expense, net	(3,680)	(2,395)	(1,285)	(9,836)	(7,343)	(2,493)
Net income before income tax benefit (expense)	(121,057)	3,935	(124,992)	(123,115)	7,999	(131,114)
Income tax benefit (expense)	(1,131)	(40)	(1,091)	(731)	306	(1,037)
Income from continuing operations	(122,188)	3,895	(126,083)	(123,846)	8,305	(132,151)
Income (loss) from discontinued operations	(5,506)	958	(6,464)	(3,191)	2,655	(5,846)
Net income (loss)	(127,694)	4,853	(132,547)	(127,037)	10,960	(137,997)
Dividends on preferred stock	3,050	1,150	1,900	9,150	3,450	5,700
Net income (loss) attributable to noncontrolling interests	(770)	26	(796)	(773)	51	(824)
Net income (loss) attributable to common stockholders	($129,974)	$3,677	($133,651)	($135,414)	$7,459	($142,873)

Per share data - basic and diluted:
Income (loss) from continuing operations attributable to common stockholders	($1.92)	$0.05		($2.04)	$0.08
Income (loss) from discontinued operations attributable to common stockholders	($0.09)	$0.01		($0.05)	$0.05
Net income (loss) per share attributable to common stockholders	($2.01)	$0.06		($2.09)	$0.13

Weighted average common shares outstanding:
Basic	64,770	64,518		64,650	58,461
Diluted	64,770	64,953		64,650	58,896

¹ For three and nine months ended September 30, 2014, includes $720 of severance costs.

*CAMPUS CREST COMMUNITIES*


RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO FUNDS FROM OPERATIONS ("FFO"), FUNDS FROM OPERATIONS ADJUSTED ("FFOA") & NET OPERATING INCOME ("NOI") (unaudited)
(in $000s, except per share data)


	Three Months Ended September 30,			Nine Months Ended September 30,
	2014	2013	$ Change	2014	2013	$ Change

Net income (loss) attributable to common stockholders	($129,974)	$3,677	($133,651)	($135,414)	$7,459	($142,873)
Net income (loss) attributable to noncontrolling interests	(770)	26	(796)	(773)	51	(824)
Real estate related depreciation and amortization	6,590	5,341	1,249	20,175	16,523	3,652
Real estate related depreciation and amortization - discontinued operations	-	545	(545)	-	2,070	(2,070)
Real estate related depreciation and amortization - unconsolidated entities	5,259	4,487	772	19,856	8,917	10,939
FFO available to common shares and OP units^{1, 2, 3}	(118,895)	14,076	(132,971)	(96,156)	35,020	(131,176)
Elimination of the following:
Transaction costs	286	1,153	(867)	2,331	1,741	590
Impairment of land & predevelopment costs	29,790	-	29,790	29,790	-	29,790
Write off of corporate other assets	7,765	-	7,765	7,765	-	7,765
Severance	720	-	720	720	-	720
Change in valuation allowance for deferred tax asset	1,131	-	1,131	731	-	731
Discontinued operations	5,506	(958)	6,464	3,191	(2,655)	5,846
Impairment of unconsolidated entities	50,866	-	50,866	50,866	-	50,866
Effect of not exercising Copper Beech purchase option	34,048	-	34,048	34,048	-	34,048
FV adjustment of CB debt	(1,539)	(1,220)	(319)	(5,058)	(2,165)	(2,893)
Funds from operations adjusted (FFOA) available to common
shares and OP units	$9,678	$13,051	($3,373)	$28,228	$31,941	($3,713)

FFO per share - diluted^{1, 2, 3}	($1.84)	$0.22	($2.06)	($1.49)	$0.60	($2.09)
FFOA per share - diluted	$0.15	$0.20	($0.05)	$0.44	$0.55	($0.11)
Weighted average common shares and OP units outstanding - basic/dilutive⁴	64,770	64,518		64,650	58,461



	Three Months Ended September 30,			Nine Months Ended September 30,
	2014¹	2013¹		2014¹	2013¹

Net income (Loss) attributable to common stockholders	($129,974)	$3,677		($135,414)	$7,459
Net income (Loss) attributable to noncontrolling interests	(770)	26		(773)	51
Preferred stock dividends	3,050	1,150		9,150	3,450
Income tax (benefit) expense	1,131	40		731	(306)
Other (income) expense	41	(696)		(129)	(1,348)
(Income) loss on discontinued operations	5,506	(958)		3,191	(2,655)
Interest expense	3,639	3,091		9,965	8,764
Equity in earnings of unconsolidated entities	(635)	(1,302)		(63)	(3,608)
Depreciation and amortization	7,035	5,581		21,269	17,154
Ground lease expense	120	54		357	162
General and administrative expense⁵	4,043	2,424		11,198	8,076
Impairment of unconsolidated entities	50,866	-		50,866	-
Effect of not exercising Copper Beech purchase option	34,048	-		34,048	-
Impairment of land & predevelopment costs	29,790	-		29,790	-
Write-off of corporate other assets	7,765	-		7,765	-
Transaction costs	286	247		2,331	835
Property management services	(281)	(225)		(711)	(539)
Total NOI	$15,660	$13,109		$43,571	$37,495
Same store properties NOI⁶	$10,525	$11,424		$33,461	$35,412
New properties NOI^6,7	$4,259	$1,224		$7,743	$1,255
The Grove at Pullman & Toledo NOI⁸	$876	$461		$2,367	$755

²For the three and nine months ended September 30, 2014, includes $286 and $2,331, respectively, of transaction costs related to Copper Beech, the Montreal investments and other transaction costs. Additionally, for the three and nine months ended September 30, 2013, includes $247 and $835, respectively, of transaction costs related to Copper Beech.

⁵For three and nine months ended September 30, 2014, includes $720 of severance costs.

⁷ Includes NOI contribution from Copper Beech at Ames. This is a consolidated joint venture.

⁸ 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.

*CAMPUS CREST COMMUNITIES*

WHOLLY OWNED PROPERTY RESULTS OF OPERATIONS (unaudited)
(in $000s, except bed data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014	2013	Change	% Change	2014	2013	Change	% Change

Same store properties (Number of properties)	28	28			28	28
Revenue per occupied bed
Rental revenue per occupied bed per month	$498	$497	$1	0.2%	$497	$496	$1	0.2%
Services revenue per occupied bed per month	21	19	2	10.5%	21	20	1	5.0%
Total revenue per occupied bed	$519	$516	$3	0.6%	$518	$516	$2	0.4%

Average number of owned beds	14,920	14,920			14,920	14,920
Average physical occupancy	90.0%	91.5%		(1.5%)	90.2%	92.5%		(2.3%)

Total revenue	$20,890	$21,118	($228)	(1.1%)	$62,667	$64,110	($1,443)	(2.3%)
Property operating expenses	10,365	9,694	671	6.9%	29,206	28,698	508	1.8%
Net operating income	$10,525	$11,424	($899)	(7.9%)	$33,461	$35,412	($1,951)	(5.5%)
Operating margin¹	50.4%	54.1%		(3.7%)	53.4%	55.2%		(1.8%)

New properties (Number of properties)^{2, 3, 4, 5}	7	2	5		7	2	5
Revenue per occupied bed
Rental revenue per occupied bed per month	$563	$552	$11	1.9%	$565	$552	$13	2.2%
Services revenue per occupied bed per month	17	$6	11	66.7%	18	6	12	68.6%
Total revenue per occupied bed	$580	$558	$22	3.8%	$583	$558	$25	4.3%

Average number of owned beds	3,618	925			2,521	308
Average physical occupancy	86.0%	85.7%		0.3%	87.2%	85.7%		1.5%

Total revenue	$5,408	$1,327	$4,081	75.5%	$11,528	$1,327	$10,201	88.5%
Property operating expenses	1,149	103	1,046	91.0%	3,785	72	3,713	98.1%
Net operating income	$4,259	$1,224	$3,035	71.3%	$7,743	$1,255	$6,488	83.8%
Operating margin¹	78.8%	92.2%		(13.4%)	67.2%	94.6%		(27.4%)

ALL PROPERTIES (Number of properties)	35	30	5		35	30	5
Revenue per occupied bed
Rental revenue per occupied bed per month	$510	$500	$10	2.0%	$506	$497	$9	1.8%
Services revenue per occupied bed per month	20	18	2	11.1%	20	20	0	0.0%
Total revenue per occupied bed	$530	$518	$12	2.3%	$526	$517	$9	1.7%

Average number of owned beds	18,538	15,845			17,441	15,228
Average physical occupancy	89.2%	91.1%		(1.9%)	89.8%	92.3%		(2.5%)

Total revenue	$26,298	$22,445	$3,853	17.2%	$74,195	$65,437	$8,758	13.4%
Property operating expenses	11,514	9,797	1,717	17.5%	32,991	28,770	4,221	14.7%
Net operating income	$14,784	$12,648	$2,136	16.9%	$41,204	$36,667	$4,537	12.4%
Operating margin¹	56.2%	56.4%		(0.2%)	55.5%	56.0%		(0.5%)

The Grove at Pullman & Toledo NOI⁶	$876	$461			$2,367	$755

¹Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.

² For the three and nine months ended September 30, 2014, includes financial results for the 2013 wholly-owned deliveries (The Grove at Ft. Collins, The Grove at Muncie, and The Grove at Flagstaff - Phase II). The Grove at Flagstaff - Phase II is not included as an additional property, but increases the number of beds. Also includes financial results for The Grove at Denton. For the three months ended September 30, 2014 includes financial results for the 2014 wholly-owned deliveries (The Grove at Gainesville, The Grove at Grand Forks, The Grove at Slippery Rock and The Grove at Mt. Pleasant).

³ For the three and nine months ended September 30, 2014, excludes financial results from The Grove at Pullman, WA. On July 14, 2013, the Company experienced a fire at this development. The Company 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. As of September 2014, all 584 beds were in operation. For comparability of results, Pullman will continue to be excluded until year over year results are not impacted by the business interruption.

⁴ For the three and nine months ended September 30, 2014 and 2013, excludes financial results from the Toledo, OH redevelopment the Company acquired on March 15, 2013. The Company has begun a phased redevelopment of the property and has placed a portion of the project in service in August 2014.

⁵ For the nine months ended September 30, 2014, includes a partial period for The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014.

⁶ 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.

*CAMPUS CREST COMMUNITIES*

LTM WHOLLY OWNED PROPERTY RESULTS OF OPERATIONS (unaudited)
(in $000s, except bed data)


	Three Months Ended					Total/Weighted Average
	September 30, 2013	December 31, 2013	March 31, 2014	June 30, 2014	September 30, 2014	Last Twelve Months

Same store properties (Number of properties)	28	28	28	28	28	28
Revenue per occupied bed
Rental revenue per occupied bed per month	$497	$501	$498	$495	$498	$498
Services revenue per occupied bed per month	19	20	20	21	21	20
Total revenue per occupied bed	$516	$521	$518	$516	$519	$518

Average number of owned beds	14,920	14,920	14,920	14,920	14,920	14,920
Average physical occupancy	91.5%	92.4%	90.5%	90.1%	90.0%	90.8%

Total revenue	$21,118	$21,551	$20,980	$20,797	$20,890	$84,218
Property operating expenses	9,694	10,330	9,436	9,404	10,365	39,535
Net operating income	$11,424	$11,221	$11,544	$11,393	$10,525	$44,683
Operating margin¹	54.1%	52.1%	55.0%	54.8%	50.4%	53.1%

New properties (Number of properties)^{2, 3, 4}	2	2	3	3	7	NA
Revenue per occupied bed
Rental revenue per occupied bed per month	$547	$572	$567	$564	$563	$565
Services revenue per occupied bed per month	10	30	19	19	17	20
Total revenue per occupied bed	$557	$602	$586	$583	$580	$585

Average number of owned beds	925	1,388	1,846	1,972	3,618	2,206
Average physical occupancy	85.7%	87.4%	87.5%	89.3%	86.0%	87.3%

Total revenue	$1,343	$2,190	$2,839	$3,080	$5,408	$13,517
Property operating expenses	166	659	1,147	1,310	1,149	4,265
Net operating income	$1,177	$1,531	$1,692	$1,770	$4,259	$9,252
Operating margin¹	87.6%	69.9%	59.6%	57.5%	78.8%	68.4%

ALL PROPERTIES (Number of properties)	30	30	31	31	35	NA
Revenue per occupied bed
Rental revenue per occupied bed per month	$499	$507	$505	$503	$510	$506
Services revenue per occupied bed per month	19	21	20	21	20	20
Total revenue per occupied bed	$518	$528	$525	$524	$530	$526

Average number of owned beds	15,845	16,308	16,766	16,892	18,538	17,126
Average physical occupancy	91.1%	92.0%	90.2%	90.0%	89.2%	90.3%

Total revenue	$22,461	$23,741	$23,819	$23,877	$26,298	$97,735
Property operating expenses	9,860	10,989	10,583	10,714	11,514	43,800
Net operating income	$12,601	$12,752	$13,236	$13,163	$14,784	$53,935
Operating margin¹	56.1%	53.7%	55.6%	55.1%	56.2%	55.2%

The Grove at Pullman & Toledo NOI⁶	$506	$764	$759	$753	$876	$3,152

¹Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.

² For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014 includes financial results for the 2013 wholly-owned deliveries (The Grove at Ft. Collins, The Grove at Muncie, and The Grove at Flagstaff - Phase II). The Grove at Flagstaff - Phase II is not included as an additional property, but increases the number of beds. For the three months ended March 31, 2014, June 30, 2014, and September 30, 2014 includes financial results for The Grove at Denton. For the three months ended September 30, 2014 includes financial results for the 2014 wholly-owned deliveries (The Grove at Gainesville, The Grove at Grand Forks, The Grove at Slippery Rock and The Grove at Mt. Pleasant).

³ For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014 excludes financial results from the The Grove at Pullman, WA. On July 14, 2013, the Company experienced a fire at this development. The Company 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. As of September 2014, all 584 beds were in operation. For comparability of results, Pullman will continue to be excluded until year over year results are not impacted by the business interruption.

⁴ For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014, excludes financial results from the Toledo, OH redevelopment the Company acquired on March 15, 2013. The Company has begun a phased redevelopment of the property and has placed a portion of the project in service in August 2014.

⁵ For the three months ended March 31, 2014, includes a partial period for The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014.

⁶ For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014 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, WA.

*CAMPUS CREST COMMUNITIES*


SAME STORE WHOLLY OWNED OPERATING EXPENSES (unaudited)
(in $000s, except bed and property data)



	Three Months Ended September 30, 2014			Three Months Ended September 30, 2013			Y-o-Y Total Change
	Total	% of Total	Per Bed/Month	Total	% of Total	Per Bed/Month	$	%

Payroll	$2,244	21.6%	$50	$2,574	26.5%	$57	($330)	(12.8%)
Marketing	$494	4.8%	$11	$336	3.5%	$7	158	47.2%
Office, Administration & Other¹	$1,943	18.7%	$43	$1,144	11.8%	$26	799	69.8%
Utilites	$2,938	28.3%	$66	$3,010	31.0%	$67	(72)	(2.4%)
Repairs and Maintenance	$734	7.1%	$16	$785	8.1%	$18	(51)	(6.5%)
Taxes and Insurance	$2,012	19.4%	$45	$1,846	19.0%	$41	166	9.0%
Total	$10,365	100.0%	$231	$9,694	100.0%	$217	$670	6.9%

Same Store
Wholly Owned Beds	14,920			14,920
Wholly Owned Properties	28			28



	Nine Months Ended September 30, 2014			Nine Months Ended September 30, 2013			Y-o-Y Total Change
	Total	% of Total	Per Bed/Month	Total	% of Total	Per Bed/Month	$	%

Payroll	$6,501	22.3%	$73	$6,814	23.7%	$76	($313)	(4.6%)
Marketing	$1,245	4.3%	$14	$1,046	3.6%	$12	199	19.1%
Office, Administration & Other	$3,574	12.2%	$40	$3,244	11.3%	$36	330	10.2%
Utilites	$9,148	31.3%	$102	$9,154	31.9%	$102	(6)	(0.1%)
Repairs and Maintenance	$2,544	8.7%	$28	$2,676	9.3%	$30	(132)	(4.9%)
Taxes and Insurance	$6,194	21.2%	$69	$5,765	20.1%	$64	429	7.4%
Total	$29,206	100.0%	$326	$28,698	100.0%	$320	$507	1.8%

Same Store
Wholly Owned Beds	14,920			14,920
Wholly Owned Properties	28			28

¹ Includes bad debt expense of $1,500 and $609 for three months ended September 30, 2014 and September 30, 2013 respectively.

*CAMPUS CREST COMMUNITIES*

HSRE, BEAUMONT AND COPPER BEECH JOINT VENTURE PROPERTY RESULTS OF OPERATIONS (unaudited)
(in $000s, except per bed data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014	2013	Change	% Change	2014	2013	Change	% Change

HSRE AND BEAUMONT
Same store properties (Number of properties)¹	6	6			6	6
Revenue per occupied bed
Rental revenue per occupied bed per month	$455	$462	($7)	(1.5%)	$456	$469	($13)	(2.8%)
Services revenue per occupied bed per month	22	19	3	15.8%	20	21	(1)	(4.8%)
Total revenue per occupied bed	$477	$481	($4)	(0.8%)	$476	$490	($14)	(2.9%)

Average number of owned beds	3,364	3,364			3,364	3,364
Average physical occupancy	79.7%	79.1%		0.6%	80.1%	78.6%		1.5%

Total revenue	$3,834	$3,841	($7)	(0.2%)	$11,542	$11,667	($125)	(1.1%)
Property operating expenses	2,182	2,197	(15)	(0.7%)	6,421	6,473	(52)	(0.8%)
Net operating income	$1,652	$1,644	$8	0.5%	$5,121	$5,194	($73)	(1.4%)
Operating margin²	43.1%	42.8%		0.3%	44.4%	44.5%		(0.1%)

ALL PROPERTIES (Number of properties)^1,3	14	9			14	9
Revenue per occupied bed
Rental revenue per occupied bed per month	$540	$485	$55	11.3%	$522	$477	$45	9.4%
Services revenue per occupied bed per month	21	$19	2	10.5%	20	$21	(1)	(4.8%)
Total revenue per occupied bed	$561	$504	$57	11.3%	$542	$498	$44	8.8%

Average number of owned beds	7,282	4,553	2,729	59.9%	5,859	3,760	2,099	55.8%
Average physical occupancy	66.8%	79.1%		(12.3%)	73.0%	78.6%		(5.6%)

Total revenue	$8,227	$5,446	$2,781	51.1%	$20,901	$13,275	$7,626	57.4%
Property operating expenses	5,714	2,524	3,190	126.4%	12,770	6,801	5,969	87.8%
Net operating income	$2,513	$2,922	($409)	(14.0%)	$8,131	$6,474	$1,657	25.6%
Operating margin²	30.5%	53.7%		(23.2%)	38.9%	48.8%		(9.9%)

Preferred investments^{4, 5}	$7,322	$11,827	($4,505)		$7,322	$11,827	($4,505)
COPPER BEECH
ALL PROPERTIES (Number of properties)^{6, 7, 8}	36	35	1		36	35	1
Revenue per occupied bed
Rental revenue per occupied bed per month	$466	$459	$7	1.5%	$463	$448	$15	3.3%
Services revenue per occupied bed per month	52	41	11	28.4%	37	40	(3)	(7.5%)
Total revenue per occupied bed	$518	$500	$18	3.7%	$500	$488	$12	2.5%

Average number of owned beds	17,071	16,647			16,786	16,647
Average physical occupancy	91.1%	90.1%		1.0%	90.4%	92.3%		(1.9%)

Total revenue	$24,133	$22,499	$1,634	7.3%	$68,340	$49,400	$18,940	38.3%
Property operating expenses	9,248	9,684	(436)	(4.5%)	26,729	19,050	7,679	40.3%
Net operating income	$14,885	$12,815	$2,070	16.2%	$41,611	$30,350	$11,261	37.1%
Operating margin²	61.7%	57.0%		4.7%	60.9%	61.4%		(0.5%)

¹ For the three and nine months ended September 30, 2013, excludes The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014.

² Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period. Expenses include property management fees.

³ For the three and nine months ended September 30, 2014, includes financial results for the 2013 joint venture deliveries (The Grove at Indiana, The Grove at Norman, and The Grove at State College) as well as the 2014 joint venture deliveries (The Grove at Greensboro, The Grove at Louisville, evo at Cira Centre South, evo à Square Victoria and evo à Sherbrooke).

⁴As of September 30, 2014, the Company held preferred investment in The Grove at Indiana, The Grove at Greensboro and The Grove at Louisville of approximately $7,322. This preferred interest entitles the Company to a 9.0% return on the investment but otherwise does not change its effective ownership interest in these properties.

⁵ As of September 30, 2013, the Company held preferred investment in The Grove at San Angelo, The Grove at Conway and The Grove at Indiana of approximately $11,827. These preferred interests entitle the Company to a 9.0% return on the investment but otherwise do not change its effective ownership interest in these properties. In January 2014, the Company amended and restated the HSRE-Campus Crest I, LLC operating agreement, which related to The Grove at San Angelo and The Grove at Conway, which had the effect of exchanging its Class B member preferred interests for limited partnership units, effectively increasing its equity investment in the joint venture to 63.9% from 49.9%. In the event of a sale, the partners are to share equally in the net proceeds. There were no other material changes to the agreement.

⁶ For the three months ended September 30, 2014, results reflect operating results for the 36 operating properties. Results include Copper Beech at Ames, which is the only Copper Beech property included in our consolidated results.

⁷ For nine months ended September 30, 2013, includes 91 days of results from the Company’s initial investment in Copper Beech on March 18, 2013, which equates to an effective 29% ownership interest in 33 operating properties.

⁸ The Company made its initial investment in Copper Beech on March 18, 2013 and subsequently made additional investments. On September 30, 2013, the Company entered into an amendment to the purchase and sale agreement that, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven properties until the Company exercises future purchase options. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

*CAMPUS CREST COMMUNITIES*


CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2014
(in $000s, except per share data)


Closing common stock price at September 30, 2014				$6.40

Common stock				64,108
Operating partnership units				434
Restricted stock				671
Total shares and units outstanding				65,213

Total equity market value				$417,366
Total preferred equity outstanding				152,500
Total consolidated debt outstanding				580,274
Total market capitalization				$1,150,140

Debt to total market capitalization				50.5%
Debt to gross assets¹				44.1%

Total number of unencumbered wholly owned operating properties				19

			Weighted	Average
	Principal	% of Total	Average	Years to
Consolidated Debt^{2, 3}	Outstanding	Principal Outstanding	Interest Rate	Maturity

Fixed rate mortgage loans	163,909	28.2%	4.95%	4.7
Variable rate mortgage loan	16,677	2.9%	2.31%	2.4
Construction loans	98,566	17.0%	2.27%	1.5
Variable rate credit facility	201,000	34.6%	2.35%	2.3
Exchangeable Notes	97,244	16.8%	5.53%	4.0
Other debt	2,878	0.5%	4.92%	14.4
Total/Weighted Average	$580,274	100.0%	3.62%	3.2

¹ Gross assets is defined as total assets plus accumulated depreciation, as reported in the Company's September 30, 2014 consolidated balance sheet.

² Excludes $251,850 of debt associated with HSRE joint ventures and $77,993 associated with Beaumont joint ventures. See page 16 for this debt. The Company is the guarantor of these loans.

³ Excludes debt associated with the Company’s investment in Copper Beech. See page 17 for this debt.

CAMPUS CREST COMMUNITIES

OUTSTANDING DEBT AND MATURITY SCHEDULE

(in $000s)

	Principal Balance at	Interest Rate	Maturity	Years to
Consolidated Debt	9/30/2014	Interest Rate	Date	Maturity	Notes

Credit facility	$201,000	2.35%	1/8/2017	2.3

Exchangeable notes¹	97,244	5.53%	10/9/2018	4.1

Other debt
Microsoft 365 Capital Lease	570	4.62%	4/30/2017	2.6	Miscellaneous debt
Flagstaff Municiple Bond	2,308	5.00%	10/31/2031	17.3	Miscellaneous debt

Sub Total / Weighted Average	$2,878	4.92%		14.4

Construction loans
The Grove at Ft. Collins	19,073	2.06%	7/13/2015	0.8	Two twelve month extension options
The Grove at Muncie	13,892	2.41%	7/3/2015	0.8	Two twelve month extension options
The Grove at Pullman	10,866	2.36%	9/5/2015	0.9	Two twelve month extension options
The Grove at Slippery Rock	11,690	2.31%	6/21/2016	1.8	Two twelve month extension options
The Grove at Grand Forks	12,457	2.16%	2/5/2017	2.4	One eighteen month extension option
The Grove at Gainesville	16,225	2.31%	3/13/2017	2.5	Two twelve month extension options
Copper Beech at Ames, IA	14,363	2.40%	5/2/2017	2.6	Two twelve month extension options


Sub Total / Weighted Average	$98,566	2.27%		0.8

Mortgage loans
The Grove at Milledgeville	$15,694	6.12%	10/1/2016	2.0	Principal and interest
The Grove at Las Cruces	14,623	6.13%	10/11/2016	2.1	Principal and interest
The Grove at Carrollton	14,149	6.13%	10/11/2016	2.1	Principal and interest
The Grove at Denton	16,677	2.31%	3/1/2017	2.5	Principal and interest, floating rate
The Grove at Asheville	14,355	5.77%	4/11/2017	2.6	Principal and interest
The Grove at Nacogdoches	16,919	5.01%	9/1/2018	4.0	Principal and interest
The Grove at Ellensburg	15,903	5.10%	9/1/2018	4.0	Principal and interest
The Grove at Greeley	15,009	4.29%	10/1/2018	4.1	Principal and interest
The Grove at Columbia	22,851	3.83%	7/1/2022	7.9	Principal and interest
The Grove at Clarksville	16,307	4.03%	7/1/2022	7.9	Principal and interest
The Grove at Statesboro	18,100	4.01%	1/1/2023	8.4	Interest only until 1/2015

Sub Total / Weighted Average	$180,587	4.71%		4.5

Total / Weighted Average	$580,274	3.62%		3.1

¹ Face rate on note is 4.75%.

² Excludes principal amortization and extension options.

*CAMPUS CREST COMMUNITIES*


HSRE & BEAUMONT JOINT VENTURE DEBT SUMMARY
(in $000s)

		Principal Balance	Interest Rate	Maturity	Years to
Property	Ownership	9/30/2014	Interest Rate	Date	Maturity	Notes

The Grove at Fayetteville	10.0%	$ 19,078	2.90%	12/21/2014	0.2	Interest only
The Grove at Stillwater	10.0%	13,325	2.90%	12/20/2014	0.2	Interest only
The Grove at Laramie	10.0%	17,211	2.80%	1/5/2015	0.3	Interest only
The Grove at Lawrence	63.9%	11,492	2.66%	2/9/2015	0.4	Interest only
The Grove at San Angelo	63.9%	11,166	2.66%	2/9/2015	0.4	Interest only
The Grove at Conway	63.9%	9,827	2.66%	2/9/2015	0.4	Interest only
The Grove at Norman	20.0%	17,871	2.80%	5/8/2015	0.6	Interest only
The Grove at State College	20.0%	18,619	2.20%	9/30/2015	1.0	Interest only
The Grove at Indiana	20.0%	17,217	2.40%	12/19/2015	1.2	Interest only
evo à Square Victoria and evo à Sherbrooke¹	35.0%	77,993	6.38%	1/13/2016	1.3	Interest only
evo at Cira Centre South	30.0%	81,115	2.35%	7/25/2016	1.8	Interest only
The Grove at Louisville	30.0%	19,357	2.40%	9/6/2016	1.9	Interest only
The Grove at Greensboro	30.0%	15,572	2.25%	9/30/2018	4.0	Interest only

Total / Weighted Average		$329,843	3.43%		1.3

Note: The Company's pro rata share of HSRE and Beaumont joint venture debt as of June 30, 2014 was $98,571.

¹In January 2014, the joint venture repaid the bridge loan with a C$112,000 development loan for both evo à Square Victoria and evo à Sherbrooke.

*CAMPUS CREST COMMUNITIES*


COPPER BEECH JOINT VENTURE DEBT SUMMARY
(in $000s)

	Effective	Principal Balance	Interest Rate	Maturity	Years to
Property	Ownership¹	9/30/2014	Interest Rate	Date	Maturity	Notes

*Unconsolidated Properties: 48% Effective Ownership Interest*

Copper Beech at West Lafayette, IN – Baywater²	48.0%	$13,952	5.2%	10/11/2014	0.0	Principal and interest
Copper Beech at Statesboro, GA - Phase II²	48.0%	9,703	2.7%	11/1/2014	0.1	Principal and interest
Copper Beech at Mount Pleasant, MI - Phase II	48.0%	10,130	2.7%	2/1/2015	0.3	Principal and interest
Copper Beech at State College, PA - Parkway Plaza	48.0%	18,375	5.2%	10/1/2015	1.0	Principal and interest
Copper Beech at Indiana, PA - IUP II	48.0%	5,939	5.9%	10/1/2015	1.0	Principal and interest
Copper Beech at Mount Pleasant, MI - Phase I	48.0%	18,266	5.5%	10/1/2015	1.0	Principal and interest
Copper Beech at Bowling Green, OH - Phase I	48.0%	12,318	5.6%	10/1/2015	1.0	Principal and interest
Copper Beech at State College, PA - CB I	48.0%	4,998	5.6%	2/11/2016	1.4	Principal and interest
Copper Beech at Indiana, PA - IUP Buy	48.0%	2,345	5.5%	6/6/2016	1.7	Principal and interest
Copper Beech at Morgantown, WV	48.0%	34,885	5.5%	6/6/2016	1.7	Principal and interest
Copper Beech at Harrisonburg, VA	48.0%	53,785	5.5%	6/6/2016	1.7	Principal and interest
Copper Beech at San Marcos, TX - Phase I	48.0%	33,251	5.5%	6/6/2016	1.7	Principal and interest
Copper Beech at Bloomington, IN	48.0%	10,496	6.2%	10/1/2016	2.0	Principal and interest
Copper Beech at Allendale, MI - Phase I	48.0%	22,942	6.0%	10/1/2016	2.0	Principal and interest
Copper Beech at Columbia, MO	48.0%	23,694	6.2%	10/1/2016	2.0	Principal and interest
Copper Beech at Radford, VA	48.0%	11,976	6.0%	11/6/2016	2.1	Principal and interest
Copper Beech at Indiana, PA - IUP I	48.0%	6,500	2.2%	6/2/2017	2.7	Principal and interest
Copper Beech at Allendale, MI - Phase II	48.0%	11,631	6.3%	9/6/2017	2.9	Principal and interest
Copper Beech at Columbia, SC - Phase I	48.0%	36,113	6.3%	9/6/2017	2.9	Principal and interest
Copper Beech at Statesboro, GA - Phase I	48.0%	30,275	5.8%	10/6/2017	3.0	Principal and interest
Copper Beech at Kalamazoo, MI - Phase I	48.0%	29,738	5.8%	10/6/2017	3.0	Principal and interest
Copper Beech at State College, PA - CB II	48.0%	8,475	6.0%	8/1/2019	4.8	Principal and interest
Copper Beech at Columbia, SC - Phase II	48.0%	5,939	5.4%	8/1/2020	5.8	Principal and interest
Copper Beech at Greenville, NC	48.0%	46,900	5.3%	9/1/2020	5.9	Principal and interest
Copper Beech at State College, PA - Oakwood	48.0%	5,592	5.0%	10/1/2020	6.0	Principal and interest
Copper Beech at Kalamazoo, MI - Phase II	48.0%	7,869	5.7%	10/1/2020	6.0	Principal and interest

Sub-Total / Weighted Average		$476,084	5.50%		2.5

*Consolidated Property: 48% Ownership Interest*
Copper Beech at Ames, IA	48.0%	$14,363	2.4%	5/2/2017	2.6	Principal and interest

Total / Weighted Average		$490,447	5.41%		2.5

Note: The Company's pro rata share of Copper Beech debt as of September 30, 2014 was $238,144.

¹ The Company made its initial investment in Copper Beech on March 18, 2013 and subsequently made additional investments. On September 30, 2013, the Company entered into an amendment to the purchase and sale agreement that, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven properties until the Company exercises future purchase options. On August 18, 2014, the Company elected to not exercise the first purchase option and reverted to a 48% interest ownership interest in 35 operating properties. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

2 Extensions to the maturity dates for Copper Beech at West Lafyette, IN and Copper Beech at Statesboro, GA - Phase II properties are in process.

*CAMPUS CREST COMMUNITIES*


PORTFOLIO OVERVIEW AND OCCUPANCY


							Occupancy
							September 30,
Property	Grouping¹	Primary University	Year Opened/ Acquired	Properties	Units	Beds	2014	2013	Change	Rental Rate Change⁴

Wholly Owned Operating Properties
The Grove at Asheville, NC	^(A)	UNC - Asheville	2005		154	448	100.0%	98.4%	1.6%	4.1%
The Grove at Carrollton, GA	^(A)	University of West Georgia	2006		168	492	92.1%	98.2%	(6.2%)	0.9%
The Grove at Las Cruces, NM	^(A)	New Mexico State University	2006		168	492	82.3%	82.1%	0.2%	(0.0%)
The Grove at Milledgeville, GA	^(A)	Georgia College & State University	2006		168	492	100.0%	98.8%	1.2%	2.8%
The Grove at Abilene, TX	^(A)	Abilene Christian University	2007		192	504	90.5%	93.1%	(2.6%)	2.5%
The Grove at Ellensburg, WA	^(A)	Central Washington University	2007		192	504	99.4%	98.2%	1.2%	3.1%
The Grove at Greeley, CO	^(A)	University of Northern Colorado	2007		192	504	100.0%	99.1%	0.9%	2.8%
The Grove at Mobile, AL--Phase I & II²	^(A)	University of South Alabama	2007/2008		384	1,008	85.3%	79.2%	6.1%	0.5%
The Grove at Nacogdoches, TX--Phase I & II²	^(A)	Stephen F. Austin State Univ.	2007/2012		260	682	83.1%	85.8%	(2.7%)	(0.4%)
The Grove at Cheney, WA	^(A)	Eastern Washington University	2008		192	512	93.4%	94.4%	(1.1%)	0.2%
The Grove at Lubbock, TX	^(A)	Texas Tech University	2008		192	504	91.9%	91.8%	0.1%	2.5%
The Grove at Stephenville, TX	^(A)	Tarleton State University	2008		192	504	100.0%	89.4%	10.6%	(0.8%)
The Grove at Troy, AL	^(A)	Troy University	2008		192	514	97.5%	91.7%	5.8%	3.5%
The Grove at Waco, TX	^(A)	Baylor University	2008		192	504	90.1%	89.5%	0.6%	(1.6%)
The Grove at Murfreesboro, TN	^(A)	Middle Tennessee State University	2009		186	504	99.6%	95.7%	4.0%	3.0%
The Grove at San Marcos, TX	^(A)	Texas State University	2009		192	504	95.7%	98.9%	(3.2%)	0.1%
The Grove at Moscow, ID	^(A)	University of Idaho	2009		192	504	84.1%	97.0%	(12.9%)	(5.8%)
The Grove at Huntsville, TX	^(A)	Sam Houston State University	2010		192	504	100.0%	99.3%	0.7%	3.2%
The Grove at Statesboro, GA	^(A)	Georgia Southern University	2010		200	536	85.8%	72.9%	12.9%	(1.3%)
The Grove at Ames, IA	^(A)	Iowa State University	2011		216	584	100.0%	99.6%	0.4%	1.8%
The Grove at Clarksville, TN	^(A)	Austin Peay State University	2011		208	560	73.9%	82.7%	(8.8%)	2.7%
The Grove at Columbia, MO	^(A)	University of Missouri	2011		216	632	73.9%	66.0%	7.9%	2.5%
The Grove at Ft. Wayne, IN	^(A)	Indiana University-Purdue University Ft. Wayne	2011		204	540	74.8%	91.8%	(17.1%)	1.8%
The Grove at Valdosta, GA	^(A)	Valdosta State University	2011		216	584	86.5%	86.7%	(0.3%)	3.3%
The Grove at Denton, TX	^(A)	University of North Texas	2011		216	584	99.2%	91.4%	7.8%	2.4%
The Grove at Auburn, AL	^(A)	Auburn University	2012		216	600	100.0%	99.6%	0.4%	3.4%
The Grove at Flagstaff, AZ	^(A)	Northern Arizona University	2012		216	584	99.5%	99.0%	0.5%	5.0%
The Grove at Orono, ME	^(A)	University of Maine	2012		188	620	100.0%	91.1%	8.9%	2.8%
The Grove at Ft. Collins, CO	^(B)	Colorado State University	2013		218	612	100.0%	99.7%	0.3%	4.4%
The Grove at Muncie, IN	^(B)	Ball State University	2013		216	584	85.5%	68.1%	17.5%	2.4%
The Grove at Pullman, WA³	^(B)	Washington State University	2013		216	584	100.0%	100.0%	0.0%	5.3%
The Grove at Flagstaff, AZ - Phase II²	^(B)	Northern Arizona University	2013		54	192	100.0%	99.1%	0.9%	(0.0%)
The Grove at Gainesville, FL	^(C)	University of Florida	2014		256	682	54.1%	n/a	n/a	n/a
The Grove at Grand Forks, ND	^(C)	University of North Dakota	2014		224	600	99.7%	n/a	n/a	n/a
The Grove at Mt. Pleasant, MI	^(C)	Central Michigan University	2014		224	584	76.2%	n/a	n/a	n/a
The Grove at Slippery Rock, PA	^(C)	Slippery Rock University	2014		201	603	85.4%	n/a	n/a	n/a

Total - Wholly Owned Operating Properties				36	7,305	19,945	90.4%	90.8%	(0.4%)	2.0%

¹ Groupings detailed as follows: (A) reflects the same store properties as of June 30, 2014; (B) reflects the 2013 development deliveries; (C) reflects the 2014 development deliveries.

² The Grove at Mobile, AL--Phase I & II are counted as two properties in the Company's property count. The Grove at Nacogdoches, TX - Phase II and The Grove at Flagstaff, AZ - Phase II are not counted as a separate assets from Phase I of each respective asset.

³ On July 14, 2013, the Company experienced a fire at this development. 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. As of September 30, 2014, all 584 beds are in operation.

⁴ Rental rate for 2014/2015 academic year over 2013/2014 academic year achieved rental RevPOB.

*CAMPUS CREST COMMUNITIES*


PORTFOLIO OVERVIEW AND OCCUPANCY (cont'd)



							Occupancy
							September 30,			Rental Rate
Property	Grouping¹	Primary University	Year Opened/Acquired	Properties	Units	Beds	2014	2013	Change	Change²

Joint Venture Operating Properties
The Grove at Lawrence, KS	^(A)	University of Kansas	2009		172	500	73.2%	84.0%	(10.8%)	(2.1%)
The Grove at San Angelo, TX	^(A)	Angelo State University	2009		192	504	98.4%	96.6%	1.8%	2.1%
The Grove at Conway, AR	^(A)	University of Central Arkansas	2010		180	504	71.3%	69.5%	1.8%	1.6%
The Grove at Fayetteville, AR	^(A)	University of Arkansas	2012		232	632	66.0%	56.0%	10.1%	2.9%
The Grove at Laramie, WY	^(A)	University of Wyoming	2012		224	612	87.1%	83.2%	3.8%	1.5%
The Grove at Stillwater, OK	^(A)	Oklahoma State University	2012		206	612	87.2%	96.3%	(9.1%)	2.7%
The Grove at Indiana, PA	^(B)	Indiana University of Pennsylvania	2013		224	600	64.8%	89.5%	(24.7%)	0.2%
The Grove at Norman, OK	^(B)	University of Oklahoma	2013		224	600	71.9%	81.7%	(9.8%)	3.4%
The Grove at State College, PA	^(B)	Penn State University	2013		216	584	100.0%	69.2%	30.8%	4.5%
The Grove at Greensboro, NC	^(C)	University of North Carolina at Greensboro	2014		216	584	57.4%	n/a	n/a	n/a
The Grove at Louisville, KY	^(C)	University of Louisville	2014		252	656	61.0%	n/a	n/a	n/a
evo at Cira Centre South	^(C)	University of Pennsylvania / Drexel University	2014		344	819	48.4%	n/a	n/a	n/a
evo à Square Victoria	^(C)	Concordia University / McGill University / (ÉTS)	2014		715	1,294	13.0%	n/a	n/a	n/a
evo à Sherbrooke	^(C)	McGill University	2014		488	929	8.0%	n/a	n/a	n/a

Total - Joint Venture Operating Properties				14	3,885	9,430	58.1%	80.4%	(22.3%)	2.7%

Total Operating Properties³				50	11,190	29,375	80.0%	88.4%	(8.4%)	2.2%

Same Store Properties (A)
Wholly-Owned				29	5,696	15,504	91.7%	90.8%	0.9%	1.8%
Joint Venture				6	1,206	3,364	80.4%	80.5%	(0.1%)	1.9%
Total - Same Store				35	6,902	18,868	89.7%	89.0%	0.7%	1.8%

2013 Deliveries (B)
Wholly-Owned				3	704	1,972	95.7%	90.4%	5.3%	3.0%
Joint Venture				3	664	1,784	78.7%	80.2%	(1.5%)	4.3%
Total - 2013 Deliveries				6	1,368	3,756	87.7%	85.5%	2.2%	3.5%

2014 Deliveries (C)⁴
Wholly-Owned				4	905	2,469	78.0%	n/a	n/a	n/a
Joint Venture				5	2,015	4,282	32.1%	n/a	n/a	n/a
Total - 2014 Deliveries				9	2,920	6,751	48.9%	n/a	n/a	n/a

¹ Groupings detailed as follows: (A) reflects the same store properties as of June 30, 2014; (B) reflects the 2013 development deliveries; (C) reflects the 2014 development deliveries.

² Rental rate for 2014/2015 academic year over 2013/2014 academic year achieved rental RevPOB.

³ The redevelopment of the 100% owned property in Toledo, OH is excluded. The Grove at Denton is included for purposes of this presentation. The Company acquired its joint venture partner's interest in this property on January 21, 2014. The occupancy data related to Denton is included in Same Store.

⁴ Does not include the Copper Beech at Ames 2014 delivery. CB Ames is included on page 20.

CAMPUS CREST COMMUNITIES

COPPER BEECH PORTFOLIO OVERVIEW AND OCCUPANCY¹

						Occupancy
						September 30,
Property	Primary University	Year Opened/ Acquired	Properties	Units	Beds	2014	2013	Change	Rental Rate Change²

*Unconsolidated Properties: 48% Effective Ownership Interest*
Copper Beech at State College, PA - CB I	Penn State University	1996		59	177	100.0%	91.5%	8.5%	(4.3%)
Copper Beech at State College, PA - CB II	Penn State University	1998		87	257	100.0%	93.4%	6.6%	(2.2%)
Copper Beech at State College, PA - Oakwood	Penn State University	2000		48	144	99.3%	77.1%	22.2%	(3.9%)
Copper Beech at State College, PA - Northbrook Greens	Penn State University	2003		166	250	100.0%	100.0%	0.0%	0.9%
Copper Beech at State College, PA - Parkway Plaza	Penn State University	1967		429	633	98.7%	86.3%	12.5%	(4.0%)
Copper Beech at Indiana, PA - IUP I	Indiana University of Pennsylvania	1971		95	239	100.0%	100.0%	0.0%	4.2%
Copper Beech at Indiana, PA - IUP II	Indiana University of Pennsylvania	1973		72	172	100.0%	100.0%	0.0%	3.7%
Copper Beech at Indiana, PA - IUP Buy	Indiana University of Pennsylvania	1975		43	76	97.3%	97.4%	(0.1%)	(5.1%)
Copper Beech at Radford, VA	Radford University	2005		222	500	100.0%	100.0%	0.0%	3.0%
Copper Beech at West Lafayette, IN – Klondike	Purdue University	2003		219	486	86.6%	91.2%	(4.5%)	(1.7%)
Copper Beech at West Lafayette, IN – Baywater	Purdue University	2004		137	488	72.3%	99.4%	(27.0%)	(0.6%)
Copper Beech at Bloomington, IN	Indiana University	2005		107	297	71.0%	83.5%	(12.5%)	2.8%
Copper Beech at Mount Pleasant, MI - Phase I	Central Michigan University	2005		204	632	98.6%	100.0%	(1.4%)	(2.4%)
Copper Beech at Mount Pleasant, MI - Phase II	Central Michigan University	2013		119	256	100.0%	35.9%	64.1%	(7.2%)
Copper Beech at Fresno, CA	California State University at Fresno	2006		178	506	90.3%	86.2%	4.2%	(3.2%)
Copper Beech at Bowling Green, OH - Phase I	Bowling Green University	2005		128	400	99.8%	99.2%	0.5%	0.5%
Copper Beech at Bowling Green, OH - Phase II	Bowling Green University	2007		72	216	100.0%	98.1%	1.9%	(5.4%)
Copper Beech at Allendale, MI - Phase I	Grand Valley State University	2006		206	614	100.0%	100.0%	0.0%	(0.4%)
Copper Beech at Allendale, MI - Phase II	Grand Valley State University	2007		82	290	100.0%	100.0%	0.0%	(1.0%)
Copper Beech at Columbia, MO	University of Missouri	2006		214	654	89.0%	100.0%	(11.0%)	6.4%
Copper Beech at Bloomington, IN - Colonial Crest	Indiana University	1970		206	402	79.4%	82.6%	(3.2%)	(5.8%)
Copper Beech at Columbia, SC - Phase I	University of South Carolina	2007		278	824	97.3%	100.0%	(2.7%)	(0.7%)
Copper Beech at Columbia, SC - Phase II	University of South Carolina	2008		72	178	97.8%	100.0%	(2.2%)	(1.1%)
Copper Beech at Morgantown, WV	West Virginia University	2010		335	920	99.7%	100.0%	(0.3%)	(0.0%)
Copper Beech at Harrisonburg, VA	James Madison University	2008		414	1,218	100.0%	100.0%	0.0%	2.9%
Copper Beech at Greenville, NC	East Carolina University	2008		439	1,232	95.5%	97.8%	(2.4%)	2.2%
Copper Beech at San Marcos, TX - Phase I	Texas State University	2011		273	840	89.8%	92.7%	(3.0%)	7.6%
Copper Beech at San Marcos, TX - Phase II	Texas State University	2012		142	410	88.8%	92.4%	(3.7%)	4.2%
Copper Beech at Harrisonburg, VA - Grand Duke	James Madison University	2001		120	124	100.0%	100.0%	0.0%	3.5%
Copper Beech at State College, PA - Oak Hill	Penn State University	2003		106	318	100.0%	67.0%	33.0%	(8.5%)
Copper Beech at Statesboro, GA - Phase I	Georgia Southern University	2007		246	754	97.1%	65.5%	31.6%	(7.3%)
Copper Beech at Statesboro, GA - Phase II	Georgia Southern University	2013		82	262	98.5%	43.9%	54.6%	(16.3%)
Copper Beech at Kalamazoo, MI - Phase I	Western Michigan University	2007		256	784	82.0%	85.1%	(3.1%)	3.1%
Copper Beech at Kalamazoo, MI - Phase II	Western Michigan University	2008		115	340	69.1%	74.7%	(5.6%)	(0.8%)
Copper Beech at Auburn, AL	Auburn University	2009		271	754	92.7%	77.1%	15.6%	(6.6%)

Sub-Total / Weighted Average			35	6,242	16,647	93.7%	90.6%	3.1%	0.2%
			.
*Consolidated Property: 48% Ownership Interest²*
Copper Beech at Ames, IA	Iowa State University	2014	1	219	660	77.9%	n/a	n/a

Total - Copper Beech Portfolio			36	6,461	17,307	93.1%	90.6%	2.5%	0.2%

² Reflected as of September 30, 2014.

³ Rental rate for 2014/2015 academic year over 2013/2014 academic year achieved rental RevPOB.

*CAMPUS CREST COMMUNITIES*


INVESTOR INFORMATION

Executive Management

Ted W. Rollins	Chief Executive Officer
Donnie L. Bobbitt	Chief Financial Officer
Aaron Halfacre	Chief Investment Officer
Scott Rochon	Chief Accounting Officer
Angel Herrera	Chief Operating Officer

Corporate Headquarters		Investor Relations

2100 Rexford Road #414		(704) 496-2571
Charlotte, NC 28211		investor.relations@campuscrest.com
(704) 496-2500

Covering Analysts

Barclays Capital Inc.	Ross Smotrich	(212) 526-2306	ross.smotrich@barclays.com
Citigroup Global Markets Inc.	Michael Bilerman / Nick Joseph	(212) 816-1383 / (212) 816-1909	michael.bilerman@citi.com / nicholas.joseph@citi.com
Goldman Sachs & Co.	Andrew Rosivach	(212) 902-2796	andrew.rosivach@gs.com
MLV & Co LLC	Ryan Meliker / Michael Kodesch	(212) 542-5872 / (646) 556-9188	rmeliker@mlvco.com / mkodesch@mlvco.com
Raymond James & Associates	Paul D. Puryear / Buck Horne	(727) 567-2253 / (727) 567-2561	paul.puryear@raymondjames.com / buck.horne@raymondjames.com
RBC Capital Markets, LLC	Mike Salinsky	(440) 715-2648	mike.salinsky@rbccm.com
Bank of America Merrill Lynch	Jana Galan / Jane Wong	(646) 855-3081 / (646) 855-3378	jana.galan@baml.com / jane.wong1@baml.com
Wunderlich Securities	Craig Kucera	(540) 277-3366	ckucera@wundernet.com
Green Street Advisors, Inc.	Dave Bragg / Ryan Burke	(949) 640-8780	dbragg@greenstreetadvisors.com / rburke@greenstreetadvisors.com

*CAMPUS CREST COMMUNITIES*


FORWARD - LOOKING STATEMENTS

This document, 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 2014 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.

Exhibit 99.3

Tuesday , November 4, 2014 Strategic Repositioning

1 Table of Contents Topic Page Improving Capital Allocation & Accountability 2 Concluding Copper Beech 3 - 5 Discontinuing Construction and Development 6 Reducing JV Exposure and Exploring Options for Montreal 7 Reinforcing Investment Discipline 8 Simplifying the Balance Sheet 9 Near Term Next Steps 10

2 Improving Capital Allocation & Accountability • Certain capital allocation decisions have underperformed • Previously unresolved portfolio acquisitions • Disappointing new deliveries • Heavy reliance on joint ventures • Underperforming international redevelopments • We have instituted a strategic shift to: • E nhance ROI through accretive investment decisions • Deliver organic growth by focusing on our operating properties • Restore financial flexibility • R educe our cost of capital • We are taking immediate steps to bring about change • Implementing additional senior management changes • Completing Copper Beech acquisition at attractive terms • Discontinuing construction and development • Reducing joint venture exposure • Reinforcing investment discipline

3 Concluding Copper Beech Summary of Key Terms Acquisition Portfolio of 32 properties 2 representing ~$20M of additional NOI 3 Aggregate Copper Beech Portfolio Ownership 32 properties wholly owned 2 4 properties with CCG as manager holding a 48% economic interest 2 properties reverting to 0% ownership 4 Purchase Price Target Closing December 31, 2014 • ~7.3% cap rate on incremental purchase 1 • OP units to be issued at a premium to current share price and above consensus NAV • Full operational and investment control • Scale, diversification and accretion Footnotes : 1) Represents cap rate of NOI acquired based on incremental consideration and debt assumed; total cumulative cap rate including prior phases of the transaction and the remaining interest in CB Ames is approximately 6.4% 2) Includes 30 operating properties, a leasing office and a land parcel; CCG will own approximately 86% of two of the operating properties due to a remaining third party minority interest 3) Forward NOI contribution based on current leasing and rates 4) Kalamazoo, MI phase I and II 5) Based on share price of $6.34 as of October 31, 2014 A clear resolution at attractive financial terms Cash $60.3 OP Units 5 78.7 Total Consideration 138.9 Incremental Debt Assumed 140.6 Total Purchase Price $279.5

4 Concluding Copper Beech Cap Rate ~$20 million of NOI acquired at a ~7.3% cap rate 1 NOI & FFO Contribution Footnotes : 1) Represents cap rate of NOI acquired based on incremental consideration and debt assumed; total cumulative cap rate including prior phases of the transaction and the remaining interest in CB Ames is approximately 6.4% 2) Pro forma AY14/15 NOI and related expenses based on current in - place occupancy 3) Includes two properties that CCG will own approximately 86% of due to a remaining third party minority interest 4) Analysis conservatively assumes no G&A synergy savings in the first year of operations 5) Based on stock price as of October 31, 2014 of $6.34 ($ in millions) ($ in millions) Current Pro Forma Pro Rata Change Pro Rata NOI Contribution 2 100% Ownership Properties 3 $21 $21 $42 48% Ownership Properties 9 - 9 0% Ownership Properties 1 (1) - Total NOI 30 20 50 Interest Expense (13) (8) (21) General & Administrative 4 (1) (1) (1) FFO Contribution $16 $12 $28 Copper Beech Debt Pro Forma Pro Rata $384 Current Pro Rata ($244) Net Debt Assumed $141 Cash Paid $60 Equity Issued 5 $79 Total Purchase Price $280 Copper Beech NOI 2 Pro Forma Pro Rata $50 Current Pro Rata ($30) Net NOI Acquired $20 Cap Rate 1 7.3%

5 Concluding Copper Beech Pro Forma Capital Structure Footnotes : 1) Cash consideration of Copper Beech transaction 2) Represents consolidation of pro rata share of all Copper Beech debt 3) Equity consideration of Copper Beech transaction As of 9/30/2014 Change Pro Forma Line of Credit & Other $204 $60 1 $265 Exchangable Senior Notes 97 - 97 Wholly Owned Property Debt 265 384 2 649 Total Consolidated Debt $566 445 $1,011 Preferred Equity $153 - $153 Shares Outstanding (mm) 65.20 12.41 3 77.61 Stock Price at October 31, 2014 $6.34 $6.34 Total Market Equity Value $413 $492 Total Market Capitalization $1,132 $1,656 Number of Wholly Owned Operating Properties 36 30 66 Number of Unencumbered Operating Properties 19 9 28 ($ in millions) Significant e quity issuance at a premium to current market price and above consensus NAV

6 Discontinuing Construction and Development • A Focus On Organic Growth • Discontinuation of our construction and development operations • Simplification of our business model • Management focus on operating assets • Rationale • Development activity is economically dilutive at this time • Late deliveries and construction budget overruns • Capital and resource intensive • Benefits • Reduces overhead - 45 positions have been eliminated and additional cost savings are being identified • Simplifies income statement and balance sheet • Eliminates risk associated with development and construction model

7 Reducing JV Exposure & Exploring Options for Montreal Total Managed Revenue by Ownership 1 Wholly Owned JV Current Near - Term Target 2 Footnotes : 1) Projected relative revenue contribution for AY14/15 based on current in - place occupancy and rates 2) Pro forma for the consolidation of Copper Beech and sale of certain JV properties identified for near - term disposition • Working with our largest joint venture partner • Matching their goal to harvest capital with our goal to reduce exposure, delever and increase liquidity • Targeting 4 to 6 assets to sell near - term – and more over time • Eliminated 3 joint venture new deliveries scheduled for 2015 • Reviewing Strategic Alternatives for Montreal • Ongoing efforts to drive occupancy through leasing and resident life initiatives • Focused on our lender relationship and have active dialogue with our investment partners • Identifying capital solutions to reduce exposure 80% 20% 46% 54%

8 Reinforcing Investment Discipline • Improved i nvestment process • Heavy Board of Directors involvement in the creation of investment strategy • Reconstituted formal investment committee to analyze strategy and ensure accountability • Hired CIO to execute investment strategy, coordinate process and oversee all transactions • Focused on capital stewardship • Allocation decisions weigh best course of action to ensure effective capital deployment • Decision analysis looks at all options – debt retirement, asset sales/purchases, capital improvements, return of capital, share repurchases • Establishing a portfolio m anagement framework • Formal review process to evaluate portfolio performance and market exposure • Data - driven approach to analyze transaction cap rates, supply trends, university enrollment dynamics and market fundamentals • Dynamic hold/sell list that reflects operational input, market data, cap - ex analysis and projected return requirements

9 Simplifying the Balance Sheet Copper Beech Transaction Reduced JV Exposure Discontinued Development • $34 million non - cash charge in 3Q14 due to accounting treatment of the Company’s shift in pro - rata economic interest held • Consolidation of Copper Beech upon closing of transaction will provide enhanced transparency of balance sheet and operating results • $28 million impairment of the HSRE joint ventures primarily attributed to: • Impairments to the Company’s investments held in underperforming properties • Write - off of excess basis in properties caused by construction cost overruns • $23 million impairment of the Montreal joint venture to recognize that the Company may not be able to recover the full value of its investment • Exit from development and construction business triggers: • $19 million adjustment to the carrying values of land held for sale 1 • $10 million write - off of unrecoverable pre - development costs • $8 million of other charges and impairments related to G&A reduction and management changes • The Company’s strategic shift triggered significant charges in 3Q14 - resulting in a simplified, more transparent business • Eliminating development pipeline increases transparency and reduces risk exposure • Joint venture reduction will lower total indebtedness and debt guarantees • Assets held for sale provide a source of liquidity Footnote : 1) As of September 30, 2014, Development in Process balance comprises $ 6 million of land held for investment (related to potential Phase 2 developments) and $13 million of assets that are expected to be held for sale in 4Q14

10 Near Term Next Steps 1. Identify assets for disposition • Culling underperforming assets and creating liquidity following a thorough review process 2. Continue to reduce costs • Establish a lean operating model to capture meaningful cost savings in G&A and operations 3. Solidify earnings outlook • Overhaul financial planning and analysis process to provide reliable and credible forecasting 4. Adjust dividend payout • Announce a sustainable dividend policy based upon rigorous analysis of improved forecasts 5. Strengthen our balance sheet • Improve liquidity and reduce debt through asset sales, cost savings and a reduced dividend 6. Focus on operational excellence • Improve occupancy and expand profit margin through organizational and process enhancements 7. Enhance corporate governance • Addition of REIT - experienced independent directors, revamping executive compensation, increasing BoD meeting frequency and other necessary enhancements as determined by the Board and Management

11 Appendix: Copper Beech Portfolio Pro Forma Occupancy Property Primary University Ownership Beds 9/30/14 1)Copper Beech at State College, PA - CB I Penn State University 1996 100% 177 100.0% 2)Copper Beech at State College, PA - CB II Penn State University 1998 100% 257 100.0% 3)Copper Beech at State College, PA - Oakwood Penn State University 2000 100% 144 99.3% 4)Copper Beech at State College, PA - Northbrook Greens Penn State University 2003 86% 250 100.0% 5)Copper Beech at Indiana, PA - IUP I Indiana University of Pennsylvania 1971 100% 239 100.0% 6)Copper Beech at Indiana, PA - IUP II Indiana University of Pennsylvania 1973 100% 172 100.0% 7)Copper Beech at Indiana, PA - IUP Buy Indiana University of Pennsylvania 1975 100% 76 97.3% 8)Copper Beech at Radford, VA Radford University 2005 100% 500 100.0% 9)Copper Beech at West Lafayette, IN – Klondike Purdue University 2003 87% 486 86.6% 10)Copper Beech at West Lafayette, IN – Baywater Purdue University 2004 100% 488 72.3% 11)Copper Beech at Bloomington, IN Indiana University 2005 100% 297 71.0% 12)Copper Beech at Mount Pleasant, MI - Phase I Central Michigan University 2005 100% 632 98.6% 13)Copper Beech at Mount Pleasant, MI - Phase II Central Michigan University 2013 100% 256 100.0% 14)Copper Beech at Fresno, CA California State University at Fresno 2006 100% 506 90.3% 15)Copper Beech at Bowling Green, OH - Phase I Bowling Green University 2005 100% 400 99.8% 16)Copper Beech at Bowling Green, OH - Phase II Bowling Green University 2007 100% 216 100.0% 17)Copper Beech at Allendale, MI - Phase I Grand Valley State University 2006 100% 614 100.0% 18)Copper Beech at Allendale, MI - Phase II Grand Valley State University 2007 100% 290 100.0% 19)Copper Beech at Columbia, MO University of Missouri 2006 100% 654 89.0% 20)Copper Beech at Bloomington, IN - Colonial Crest Indiana University 1970 100% 402 79.4% 21)Copper Beech at Columbia, SC - Phase I University of South Carolina 2007 100% 824 97.3% 22)Copper Beech at Columbia, SC - Phase II University of South Carolina 2008 100% 178 97.8% 23)Copper Beech at San Marcos, TX - Phase I Texas State University 2011 100% 840 89.8% 24)Copper Beech at San Marcos, TX - Phase II Texas State University 2012 100% 410 88.8% 25)Copper Beech at Harrisonburg, VA - Grand Duke James Madison University 2001 100% 124 100.0% 26)Copper Beech at State College, PA - Oak Hill Penn State University 2003 100% 318 100.0% 27)Copper Beech at Statesboro, GA - Phase I Georgia Southern University 2007 100% 754 97.1% 28)Copper Beech at Statesboro, GA - Phase II Georgia Southern University 2013 100% 262 98.5% 29)Copper Beech at Auburn, AL Auburn University 2009 100% 754 92.7% 30)Copper Beech at Ames, IA Iowa State University 2014 100% 660 77.9% 31)Copper Beech at State College, PA - Parkway Plaza Penn State University 1967 48% 633 98.7% 32)Copper Beech at Morgantown, WV West Virginia University 2010 48% 920 99.7% 33)Copper Beech at Harrisonburg, VA James Madison University 2008 48% 1,218 100.0% 34)Copper Beech at Greenville, NC East Carolina University 2008 48% 1,232 95.5% Total - Copper Beech Portfolio 16,183 94.1% Excluded Properties 35)Copper Beech at Kalamazoo, MI - Phase I Western Michigan University 2007 0% 784 82.0% 36)Copper Beech at Kalamazoo, MI - Phase II Western Michigan University 2008 0% 340 69.1% Year Opened/ Acquired

12 Forward Looking Statements This presentation contains certain forward - looking statements that are subject to risks and uncertainties . These forward - looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward - looking information . The Company’s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain . Although the Company believes that the expectations reflected in such forward - looking statements are based on reasonable assumptions, the Company’s actual results and performance could differ materially from those set forth in, or implied by, the forward - looking statements . You are cautioned not to place undue reliance on any of these forward - looking statements, which reflect the Company’s views on this date . Furthermore, except as required by law, the Company is under no duty to, and does not intend to, update any of our forward - looking statements after this date, whether as a result of new information, future events or otherwise . This presentation does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation .

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