September 2011 Investor Presentation

August 2010
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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 forwardlooking information. The Companys 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 Companys 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 Companys 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.

Investment Highlights
The Grove at Greeley, CO

Compelling Market Dynamics

Modern, Well-Located Portfolio in Solid Growth Markets

Proven Track Record with Significant Growth Potential

The Grove at Nacogdoches, TX

Experienced Team with Value-Maximizing Platform

Conservative Capital Structure

Compelling Market Dynamics

Echo Boom drives enrollment growth Increasing percentage of high-school graduates attending college Increasing foreign enrollments
(millions)

College Enrollments (1957-2012)

Echo Boom Enrolling in College

Demand Drivers

Increasing percentage of full-time vs. part-time students

Students taking longer to graduate
Baby Boom Enrolling in College

Budgets constrain on-campus housing investment

Supply Factors

38 states cut their educational budgets during the recession

Existing on-campus housing stock becoming increasingly obsolete Lack of construction financing is restricting new entrants
Source: Dept. of Education, National Center for Educational Statistics

Enrollment expected to increase by ~1.5 million students over the next 8 years

Attractive Portfolio and Growth Platform

Newest portfolio of student housing assets

Amenity rich bed/bath parity, resort-style activities Close proximity to campus Barriers to entry Lower cap-ex requirements

Operating Portfolio Highlights

Properties (1) Total Units / Beds (1) Weighted Average Age (2) Average Distance to Campus (2) Occupancy (1), (2)
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(1) (2)

Proactive focus on medium-sized, high-growth markets

27 5,048 / 13,580

Markets have strong enrollment growth 9.5% average growth (3) Less institutional competition & comparable product

3.0 years

Stronger tuition value proposition

(3) Source: Reported enrollment statistics from university websites; Represents enrollment growth from the academic year 2006/2007 to the academic year 2010/2011

0.6 miles 90%

Includes 6 joint venture properties in which Campus Crest owns a 49.9% member interest As of 6/30/2011

Why Our Markets

Stronger Enrollment Growth

Our markets benefit from higher enrollment growth than primary markets

On-campus atmosphere with advantages of off-campus economics Benefits from symbiotic relationships with universities Greater impact from marketing dollars

Unique Relationships with Universities

Well-established university markets with protective community councils Superior land acquisition and entitlement capabilities Lack of available financing for local operators

Higher Barriers to Entry

Construction Cost Advantage

We are able to build a superior product at a lower cost because of our captive general contractor and wholesale purchaser

The Evolution of Student Housing The Dormitory Era

Traditional on-campus, dormitory-style housing alternatives have generally consisted of shared rooms, communal bathroom facilities and extremely limited (if any) amenities and parking
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The Evolution of Student Housing Our Student Housing

Purpose-built student housing is specifically designed to appeal to modernday college students with broad on-site amenities, enhanced privacy and a focus on the overall lifestyle experience
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The Evolution of Student Housing State of the Art Prototype

The Grove at Ellensburg, WA

The Grove at Moscow, ID

The Grove at Mobile, AL

The Grove at Nacogdoches, TX

The Grove at Nacogdoches, TX

The Grove at Ellensburg, WA

Our Properties are Attractive and Amenity-Rich

Apartment Features:

Private bedrooms with keyed locks En suite bathrooms Full furnishings and full kitchens Modern appliances and washers/dryers State-of-the-art technology Ample parking Gated entrances

On-site Amenities:

Resort-style swimming pools Basketball and volleyball courts Game rooms and coffee bars Fitness centers Community clubhouses

All of our apartment communities offer bed-bath parity, attractively furnished units and a variety of on-site amenities designed to appeal to the college lifestyle
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Our Properties are Universally Branded The Grove

At The Grove, we offer a fully-loaded college living experience through our consistent branding and operating philosophy
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Intensive Asset Management Philosophy

Regular property inspections and audits performed by asset management team using 800 point check list Field-focused executive management team Vertical integration and overlap of construction management and facilities management leads to superior asset performance

Proprietary Residence Life Programming through SCORES:

S social C cultural O outreach R recreational E educational S spiritual

The Grove Nation culture drives excitement, customer focus and unmatched residence life experiences

Intensive asset management philosophy employed throughout our organization

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Identified Pipeline of Future Development Opportunities

Development site selection criteria

High enrollment growth colleges / universities Limited competing product Proximity to campus

Vertically integrated, highly scalable operating platform

Property & asset management

Development & construction

Wholesale supply

Prototypical roll-out

Reduces costs and shortens development period Proven track record developed ~$500 million of student housing properties

Identified 200+ potential markets & conducting due diligence on 80 sites as potential development opportunities
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2011 Development Projects (2011/2012 Academic Year Occupancy)

($ in thousands)

Project Wholly-Owned Developments Ft. Wayne, IN Indiana University / Purdue University Clarksville, TN Austin Peay State University Ames, IA Iowa State University Columbia, MO University of Missouri

Enrollment

Distance to Campus

Units / Beds

Estimated Cost

13,675 10,188 27,945 32,415

1.1 miles 1.3 miles 0.3 miles 0.9 miles

204 / 540 208 / 560 216 / 584 216 / 632

$19,926 $21,203 $21,411 $24,931

Joint Venture Developments Denton, TX University of North Texas Valdosta, GA Valdosta State University

36,123 12,391

0.8 miles 1.9 miles

216 / 584 216 / 584

$24,953 $21,150

We utilize a proprietary underwriting model with over 60 inputs to evaluate the relative attractiveness of each market, which we then use to prioritize development opportunities
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Proven and Scalable Business Model

Total Number of Beds (All Properties)

(1)

Number of Properties (All Properties)

(1)

Existing Properties

New Openings

Campus Crest has grown to over 13,500 beds over the last five years by leveraging its platform and brand to deliver a uniform student housing product across multiple markets
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(1) 2011E includes 4 wholly-owned developments and 2 joint venture developments

Increasing Occupancy and RevPOB

Historical Weighted Average Occupancy (1)
Openings Total 6 10 9 19 5 24 3 27 n/a 27 Openings Total

Historical Weighted Average RevPOB (2)

6 10 9 19 5 24 3 27 n/a 27

100% 80% 60% 40% 20% 0%

88%

87%

83%

87%

89%

$500 $400 $300 $200 $100 $0

$448

$472

$473

$488

$477

CY07

CY08

CY09

CY10

1H11

CY07

CY08

CY09

CY10

1H11

Campus Crest has delivered occupancy and RevPOB growth while significantly expanding its portfolio

(1) (2)

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Weighted average occupancy applies to properties that are open for the full calendar year Weighted average RevPOB applies to properties that are open for the full calendar year; RevPOB is defined as average total revenue per occupied bed (includes student housing leasing and student housing services revenue)

Academic Year 2011/2012 Leasing Update

Portfolio Leasing Status for 2011/2012 Academic Year and Current Year Occupancy
2011-2012 Leases Property Wholly-Owned Joint Venture Properties Sub Total All Operating Properties New Developments (2011 Deliveries) Total Portfolio Units 3,920 1,128 5,048 1,276 6,324 Beds 10,528 3,052 13,580 3,484 17,064 Signed
(1)

2010-2011 Leases Signed

(1)

Fall 2010 Occupancy

(2)

Current Occupancy(3) 89.5% 91.8% 90.0% n/a 90.0%

% 87.0% 86.9% 87.0% 70.0% 83.5%

% 80.2% 84.9% 81.2% n/a 81.2%

9,161 2,653 11,814 2,439 14,253

8,440 2,591 11,031 n/a 11,031

88.5% 89.1% 88.6% n/a 88.6%

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(1) (2) (3)

As of August 1, 2010 and 2011 As of September 30, 2010 As of July 31, 2011

Prudent Capital Structure With Fully-Financed Growth

Capital Structure (Including Pro Rata Share of Joint Venture Debt)
($ in millions)

Ample Liquidity

In-place financing for developments

$700
$600 $500

$596.4

Received commitments to expand and convert credit facility (1) from secured to an unsecured facility

$400
$300

Potential leverage on unencumbered assets of ~$80 million (2)

$200
$100 At 6/30/2011

32.4%

Low leverage (32.4% debt/total market capitalization)

Capacity with existing joint venture partner

Debt

Pro Rata Share of JV Debt

Equity

Capitalized for growth with no maturities until 2014 (3)

(1) (2) (3) Existing revolving credit line for up to $125 million; as of 6/30//2011 the Company had drawn $74.5 million CCG estimate for Ellensburg, Mobile-Phase I & II, Nacogdoches and Greeley Assumes 1-year extension option on line of credit is exercised; excludes JV maturities and routine construction loan maturities

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Q2 2011 Performance

Same-store NOI

Increased 12.1%, from $6.0mm in Q2 2010 to $6.7mm in Q2 2011

Average Same-store Occupancy

88.4% for the 6-months ended June 30, 2011 compared to 88.3% the same period a year ago

Total RevPOB (whollyowned)

RevPOB of $482 compared to $482 the prior year, with increased rental rates being offset by lower service revenue

2011/2012 Pre-leasing (wholly-owned and JV)

Operating portfolio was 87.0% leased versus 81.2% leased at August 1, 2010 Development properties were 70.0% leased at August 1, 2011 FFO per diluted share of $0.17 Adjusted FFO (elimination of change in fair value of interest rate derivatives) per diluted share of $0.16

FFO

Reiterated FFO per fully diluted share guidance of $0.72 to $0.78

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Experienced And Proven Leadership

Ted W. Rollins
Co-Founder, Co-Chairman of the Board & Chief Executive Officer

25 years of real estate experience developing and operating service-enriched housing properties Founded Campus Crest in 2004

Michael S. Hartnett
Co-Founder, Co-Chairman of the Board & Chief Investment Officer

25 years of real estate experience developing and operating service-enriched housing properties Founded Campus Crest in 2004

Earl C. Howell
President & Chief Operating Officer

Over 33 years of experience in service driven businesses; Colonel in U.S. Army Special Forces Joined Campus Crest as a consultant in 2009

Donnie L. Bobbitt
Executive Vice President & Chief Financial Officer

Over 20 years in corporate accounting and senior financial positions at both private and public companies and Deloitte & Touche LLP

Robert M. Dann
Executive Vice President & President of CCREM & CCD

25-year industry veteran with significant experience in strategic planning, portfolio and asset management and operational execution Joined Campus Crest in 2011

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Investment Highlights
The Grove at San Angelo, TX

Experienced Team with Value-Maximizing Platform

Compelling Market Dynamics

Modern, Well-Located Portfolio in Solid Growth Markets

The Grove at MobilePhase II, AL

Proven Track Record with Significant Growth Potential

Conservative Capital Structure

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