EX-99.2 3 v421157_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Second Quarter 2015

Supplemental Analyst Package

	Contact:
	Investor Relations
	704-496-2571
	Investor.Relations@CampusCrest.com

Page 1

SECOND QUARTER 2015

SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENTS

Financial Highlights	3

Condensed Consolidated Balance Sheets	4

Condensed Consolidated Statements of	5

Reconciliation of Net Income (Loss) Attributable to Common Stockholders to FFO, FFOA and Net Operating Income	6 - 7

Wholly Owned Grove Property Results of Operations	8

Quarterly Wholly Owned Grove Property Results of Operations	9

Same Store Wholly Owned Property Operating Expenses	10

Copper Beech Property Results of Operations	11

HSRE and Beaumont Joint Venture Property Results of Operations	12

Capital Structure as of June 30, 2015	13

Outstanding Debt and Maturity Schedule	14

Outstanding Debt and Maturity Schedule - Joint Venture	15

Portfolio Overview and Occupancy	16 - 18

Investor Information	19

Forward-Looking Statements	20

Page 2

CAMPUS CREST COMMUNITIES

FINANCIAL HIGHLIGHTS (unaudited)

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

	Three Months Ended June 30,												Six Months Ended June 30,
	2015			2014			$ Change			% Change			2015			2014			$ Change			% Change

Total revenues	$	45,679		$	24,990		$	20,690			82.8	%	$	86,008		$	49,701		$	36,308			73.1	%
NOI	$	25,524		$	13,916		$	11,608			83.4	%	$	48,420		$	27,911		$	20,509			73.5	%
Net income (loss) attributable to common stockholders ^{1, 2}	$	(16,100	)	$	(3,454	)	$	(12,646	)		n/a		$	(6,310	)	$	(5,441	)	$	(868	)		n/a
Net income (loss) per share - basic³	$	(0.25	)	$	(0.05	)	$	(0.20	)		n/a		$	(0.10	)	$	(0.08	)	$	(0.02	)		n/a
FFO	$	7,124		$	10,718		$	(3,594	)		(33.5	)%	$	10,148		$	22,741		$	(12,593	)		(55.4	)%
FFO per share - basic³	$	0.11		$	0.17		$	(0.06	)		(35.3	)%	$	0.16		$	0.35		$	(0.19	)		(54.3	)%
FFOA	$	6,295		$	9,039		$	(2,744	)		(30.4	)%	$	12,607		$	18,954		$	(6,347	)		(33.5	)%
FFOA per share - basic³	$	0.10		$	0.14		$	(0.04	)		(30.5	)%	$	0.19		$	0.29		$	(0.10	)		(32.8	)%

Debt to total market capitalization		62.2	%		42.3	%		n/a			19.9	%		62.2	%		42.3	%		n/a			19.9	%

Operating Statistics

Wholly Owned - Grove
Total RevPOB ⁴	$	555		$	524		$	31			6.0	%	$	551		$	525		$	25			4.9	%
Average Physical Occupancy ⁵		88.2	%		90.0	%		n/a			(1.9	)%		88.7	%		90.1	%		n/a			(1.4	)%

Wholly Owned - Copper Beech
Total RevPOB ⁴	$	491		$	489		$	2			0.4	%	$	489		$	487		$	2			0.3	%
Average Physical Occupancy ⁵		92.0	%		89.2	%		n/a			2.7	%		3.9	%		0.0	%		n/a			3.9	%

¹For the three months ended June 30, 2015 and 2014, results include certain equity in earnings (losses) in unconsolidated entities, severance, transaction costs and write offs of other corporate assets.

²For the three months ended June 30, 2015 and 2014, 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 enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in 7 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% ownership interest in 35 operating properties. On January 30, 2015, the Company completed the initial closing of the Copper Beech transaction. As of June 30, 2015, the Company held a 100% interest in 29 Copper Beech properties and partial interest in 5 Copper Beech properties.




³For the period ended June 30, 2015, shares issuable upon settlement of the exchange feature of the Exchangeable Senior notes were anti-dilutive and were not included in the computation of earnings per share.

⁴Total revenue per occupied bed includes rental and service revenues.
⁵Average monthly occupancy.

Page 3

CAMPUS CREST COMMUNITIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in $000s)

	June 30,			December 31,
	2015			2014

Assets
Investment in real estate, net:
Student housing properties¹	$	1,553,782		$	935,962
Accumulated depreciation		(150,912	)		(128,121	)
Land and properties held for sale²		15,019			37,163
Land held for investment³		7,413			7,413
Investment in real estate, net		1,425,302			852,417
Investment in unconsolidated entities¹		87,730			259,740
Cash and cash equivalents		15,679			15,240
Restricted cash⁴		17,411			5,429
Student receivables, net		2,070			1,587
Cost and earnings in excess of construction billings		-			3,887
Intangible assets, net		9,315			-
Other assets		32,823			35,742
Total assets	$	1,590,330		$	1,174,042

Liabilities and equity
Liabilities:
Mortgage and construction loans	$	600,750		$	300,673
Line of credit and other debt		367,680			317,746
Accounts payable and accrued expenses		28,621			53,816
Construction billings in excess of cost and earnings		-			481
Other liabilities		35,025			22,092
Total liabilities		1,032,076			694,808
Equity:
Preferred stock	$	61		$	61
Common stock		648			648
Additional common and preferred paid-in capital		781,280			773,998
Accumulated deficit and distributions		(301,776	)		(301,566	)
Accumulated other comprehensive loss		(3,090	)		(2,616	)
Total stockholders' equity		477,123			470,525
Noncontrolling interests		81,131			8,709
Total equity		558,254			479,234
Total liabilities and equity	$	1,590,330		$	1,174,042

¹ As of June 30, 2015, the Company's 100% interest in 29 Copper Beech properties (and Copper Beech at Ames), pursuant to the closing of the Copper Beech transaction, is included in "Student housing properties." In prior periods, the Company's investment in these properties was included in "Investment in unconsolidated entities."

²As of June 30, 2015, includes four land parcels and one property that the Company intends to divest.
³As of June 30, 2015, includes six strategically held land parcels that could be used for the development of phase two properties, with an aggregate bed count ranging from approximately 1,000 to 1,500.
⁴Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements.

Page 4

CAMPUS CREST COMMUNITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in $000s, except per share data)

	Three Months Ended June 30,									Six Months Ended June 30,
	2015			2014			$ Change			2015			2014			$ Change

Revenues:
Student housing rental	$	43,722		$	23,637		$	20,085		$	82,512		$	47,272		$	35,240
Student housing services		1,745			1,026			720			3,055			1,999			1,056
Property management services		212			327			(115	)		441			430			12
Total revenues		45,679			24,990			20,690			86,008			49,701			36,308
Operating expenses:
Student housing operations		19,943			10,747			9,197			37,147			21,360			15,788
General and administrative		10,423			3,649			6,773			18,461			7,155			11,305
Severance¹		62			-			62			570			-			570
Write-off of other assets		597			-			597			1,366			-			1,366
Transaction costs²		1,640			1,460			180			3,132			2,045			1,087
Ground leases		120			120			(0	)		240			237			4
Depreciation and amortization		27,861			7,253			20,608			47,617			14,233			33,384
Total operating expenses		60,646			23,229			37,417			108,533			45,030			63,502
Equity in earnings (loss) of unconsolidated entities^3,4		790			(891	)		1,681			(1,359	)		(572	)		(787	)
Operating income (loss)		(14,177	)		870			(15,047	)		(23,884	)		4,099			(27,984	)
Nonoperating income (expense):
Interest expense, net		(9,270	)		(2,950	)		(6,320	)		(17,058	)		(6,326	)		(10,731	)
Gain on purchase of Copper Beech⁵		6,393			-			6,393			28,035			-			28,035
Gain on sale of assets⁶		-			-			-			7,748			-			7,748
Other income (expense)		4			104			(100	)		(51	)		170			(221	)
Total nonoperating expense, net		(2,873	)		(2,846	)		(27	)		18,674			(6,156	)		24,830
Net income (loss) before income tax benefit (expense)		(17,050	)		(1,976	)		(15,074	)		(5,210	)		(2,057	)		(3,153	)
Income tax benefit (expense)		0			210			(210	)		0			400			(400	)
Income (loss) from continuing operations		(17,050	)		(1,766	)		(15,286	)		(5,210	)		(1,657	)		(3,554	)
Income (loss) from discontinued operations⁷		-			1,374			(1,374	)		(1,157	)		2,313			(3,470	)
Net income (loss)		(17,050	)		(392	)		(16,659	)		(6,367	)		656			(7,023	)
Less: Dividends on preferred stock		3,050			3,050			-			6,100			6,100			-
Less: Net income or (loss) attributable to noncontrolling interests		(4,000	)		12			(4,012	)		(6,157	)		(3	)		(6,153	)
Net income (loss) attributable to common stockholders	$	(16,100	)	$	(3,454	)	$	(12,646	)	$	(6,310	)	$	(5,441	)	$	(868	)

Per share data - basic
Income (loss) from continuing operations attributable to common stockholders	$	(0.25	)	$	(0.07	)				$	(0.08	)	$	(0.12	)
Income (loss) from discontinued operations attributable to common stockholders		-		$	0.02					$	(0.02	)	$	0.04
Net income (loss) per share attributable to common stockholders	$	(0.25	)	$	(0.05	)				$	(0.10	)	$	(0.08	)

Weighted average common shares outstanding:
Basic and diluted		64,741			64,681						64,737			64,588

¹For the three months ended June 30, 2015, severance includes termination benefits for former executives in connection with the Company's strategic repositioning.
²Transaction costs were $1.6 million for the three months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $1.6 million related to the Copper Beech acquisition. Transaction costs were $3.1 million for the six months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $2.8 million related to the Copper Beech acquisition, with the remaining $0.3 million related to various other costs associated with the Montreal transaction and the Company's strategic alternative process.


³For the six months ended June 30, 2015 and 2014, 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 enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in 7 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. On January 30, 2015, the Company completed the initial closing of the Copper Beech transaction. As of March 31, 2015, the Company held a 100% interest in 29 Copper Beech properties and partial interest in 5 Copper Beech properties.



⁴For the three months and six months ended June 30, 2015, $1.1 million and $2.6 million equity in losses of unconsolidated entities were contributed from the Montreal operations, respectively.
⁵For the three months ended June 30, 2015, a preliminary gain of $6.4 million was recognized in connection with the Second Copper Beech Closing, a business combination in which the Company acquired a 100% interest in two additional Copper Beech properties, with the transaction closing on April 30, 2015.

⁶In connection with the previously announced strategic repositioning, the Company recognized a $3.1 million gain from the sale of a portfolio of six undeveloped land parcels in 1Q 2015. The Company also recognized a $4.6 million gain from the sale of The Grove at Lawrence, Kansas and The Grove at Conway, Arkansas.

⁷For the six months ended June 30, 2015, the Company recorded expenses of $1.2 million due to the wind down of its construction and development operations. No construction and development revenues were recorded during the three months ended June 30, 2015. For the three months ended June 30, 2014, the Company recorded revenue from its construction and development operations of $10.3 million and expenses of $8.9 million resulting in income of $1.4 million.

Page 5

CAMPUS CREST COMMUNITIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO FUNDS FROM OPERATIONS ("FFO") & FUNDS FROM OPERATIONS ADJUSTED ("FFOA") (unaudited)

(in $000s, except per share data)

	Three Months Ended June 30,									Six Months Ended June 30,
	2015			2014			$ Change			2015			2014			$ Change

Net income (loss) attributable to common stockholders	$	(16,100	)	$	(3,454	)	$	(12,646	)	$	(6,310	)	$	(5,441	)	$	(868	)
Real estate related depreciation and amortization		26,942			6,908			20,034			46,196			13,585			32,611
Real estate related depreciation and amortization - unconsolidated entities		2,675			7,264			(4,589	)		6,045			14,597			(8,552	)
Gain on sale of assets¹		-			-			-			(7,748	)		-			(7,748	)
Gain on purchase of Copper Beech²		(6,393	)		-			(6,393	)		(28,035	)		-			(28,035	)
FFO available to common shares		7,124			10,718			(3,596	)		10,148			22,741			(12,595	)
Elimination of the following:
Transaction costs³		1,640			1,460			180			3,132			2,045			1,087
Write-off of other assets		597			-			597			1,366			-			1,366
Severance		62			-			62			570			-			570
Discontinued operations⁴		-			(1,374	)		1,374			1,157			(2,313	)		3,470
FV adjustment of CB debt⁵		(3,128	)		(1,765	)		(1,364	)		(3,766	)		(3,519	)		(247	)
Funds from operations adjusted (FFOA) available to common shares	$	6,295		$	9,039		$	(2,745	)	$	12,607		$	18,954		$	(6,348	)

FFO per share - basic	$	0.11		$	0.17		$	(0.06	)	$	0.16		$	0.35		$	(0.19	)
FFOA per share - basic	$	0.10		$	0.14		$	(0.04	)	$	0.19		$	0.29		$	(0.10	)

Weighted average common shares - basic		64,741			64,681						64,737			64,588

¹In connection with the previously announced strategic repositioning the Company recognized a $3.1 million gain from the sale of a portfolio of six undeveloped land parcels in 1Q 2015. The Company also recognized a $4.6 million gain from the sale of The Grove at Lawrence, Kansas and The Grove at Conway, Arkansas.

²For the three months ended June 30, 2015, a preliminary gain of $6.4 million was recognized in connection with the Second CB Closing, a business combination in which the Company acquired a 100% interest in two additional Copper Beech properties, with the transaction closing on April 30, 2015.

³Transaction costs were $1.6 million for the three months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $1.6 million related to the Copper Beech acquisition. Transaction costs were $3.1 million for the six months ended June 30, 2015, primarily attributable to consents, professional fees and other related costs totaling $2.8 million related to the Copper Beech acquisition, with the remaining $0.3 million related to various other costs associated with the Montreal transaction and the Company's strategic alternative process.


⁴For the six months ended June 30, 2015, the Company recorded expenses of $1.2 million due to the wind down of its construction and development operations. No construction and development revenues were recorded during the three months ended June 30, 2015. For the three months ended June 30, 2014, the Company recorded revenue from its construction and development operations of $10.3 million and expenses of $8.9 million resulting in income of $1.4 million.

⁵Includes the Company's proportionate share of non-cash fair value debt and other purchase accounting adjustments in its investment in Copper Beech accounted for under the equity method, as well as the fair value of debt adjustments for those Copper Beech properties consolidated during the six months ended June 30, 2015.

Page 6

CAMPUS CREST COMMUNITIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO NET OPERATING INCOME ("NOI") (unaudited)

(in $000s, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015¹			2014¹			2015¹			2014¹

Net income (loss) attributable to common stockholders	$	(16,100	)	$	(3,454	)	$	(6,310	)	$	(5,441	)
Net loss attributable to noncontrolling interests		(4,000	)		12			(6,157	)		(3	)
Preferred stock dividends		3,050			3,050			6,100			6,100
Income tax (benefit) expense		-			(210	)		-			(400	)
Other (income) expense		(4	)		(104	)		51			(170	)
Gain on sale of assets		-			-			(7,748	)		-
Severance		62			-			570			-
Gain on purchase of Copper Beech		(6,393	)		-			(28,035	)		-
(Income) loss on discontinued operations		-			(1,374	)		1,157			(2,313	)
Interest expense		9,270			2,950			17,058			6,326
Equity in losses of unconsolidated entities		(790	)		891			1,359			572
Depreciation and amortization		27,861			7,253			47,617			14,233
Ground lease expense		120			120			240			237
General and administrative expense		10,423			3,649			18,461			7,155
Write-off of corporate other assets		597			-			1,366			-
Transaction costs		1,640			1,460			3,132			2,045
Property management services		(212	)		(327	)		(441	)		(430	)
Total NOI	$	25,524		$	13,916		$	48,420		$	27,911
Grove same store properties NOI²	$	13,496		$	12,633		$	27,098		$	25,447
Wholly owned Copper Beech properties NOI	$	8,601		$	-		$	14,485		$	-
New properties NOI³	$	2,658		$	530		$	5,347		$	952
Grove Pullman and Toledo NOI⁴	$	769		$	753		$	1,490		$	1,512

¹"Same store" properties are the Company's wholly-owned operating properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company and remaining in service through the end of the latest period presented or period being analyzed. "New properties" are the Company's wholly-owned operating properties acquired or placed in service after the beginning of the earliest period presented or period being analyzed.

²Includes NOI contribution from Copper Beech at Ames, which was a consolidated JV property until January 30, 2015, at which time the company purchased the remaining equity such that it is now 100% owned.
³For the six months ended June 30, 2015 and 2014, includes financial results for The Grove at Denton. The Company acquired its joint venture partner's interest in The Grove at Denton on January 21, 2014. The occupancy data and net operating income related to Denton are included in new properties. Of the $1,042 net operating income for the six months ended June 30, 2014, $952 relates to the Company's 100% ownership and the remaining amount relates to the Company's joint venture ownership.

⁴ 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.

Page 7

CAMPUS CREST COMMUNITIES

WHOLLY OWNED GROVE PROPERTY RESULTS OF OPERATIONS (unaudited)

(in $000s, except bed data)

	Three Months Ended June 30,												Six Months Ended June 30,
	2015			2014			Change			% Change			2015			2014			Change			% Change

Same store properties (Number of properties)^{1, 2}		30			30									30			30
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	529		$	500		$	28			5.7	%	$	525		$	502		$	23			4.7	%
Services revenue per occupied bed per month		20			21			(1	)		(5.1	)%		18			21			(2	)		(11.2	)%
Total revenue per occupied bed	$	549		$	521		$	27			5.2	%	$	544		$	523		$	21			4.0	%

Average number of owned beds		16,308			16,308									16,308			16,308
Average physical occupancy		89.2	%		89.8	%					(0.5	)%		90.0	%		89.9	%					0.0	%

Total revenue	$	23,871		$	22,902		$	969			4.2	%	$	47,945		$	45,991		$	1,954			4.2	%
Property operating expenses		10,375			10,269			106			1.0	%		20,848			20,544			304			1.5	%
Net operating income	$	13,496		$	12,633		$	863			6.8	%	$	27,098		$	25,447		$	1,651			6.5	%
Operating margin⁴		56.5	%		55.2	%					1.3	%		56.5	%		55.3	%					1.2	%

New properties (Number of properties)^{5, 6}		6			1			5						6			1			5
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	571		$	565		$	6			1.1	%	$	570		$	565		$	4			0.7	%
Services revenue per occupied bed per month		16			17			(2	)		(9.6	)%		15			16			(1	)		(3.5	)%
Total revenue per occupied bed	$	587		$	583		$	4			0.7	%	$	585		$	581		$	4			0.6	%

Average number of owned beds		3,689			584									3,689			584
Average physical occupancy		83.4	%		95.5	%					(12.2	)%		83.3	%		93.6	%					(10.3	)%

Total revenue	$	5,416		$	975		$	4,440			455.2	%	$	10,784		$	1,867		$	8,917			477.7	%
Property operating expenses		2,758			446			2,312			518.9	%		5,437			914			4,523			494.7	%
Net operating income	$	2,658		$	530		$	2,128			401.7	%	$	5,347		$	952		$	4,395			461.7	%
Operating margin⁴		49.1	%		54.3	%					(5.2	)%		49.6	%		51.0	%					(1.4	)%

ALL PROPERTIES (Number of properties)		36			31			5						36			31			5
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	536		$	503		$	33			6.7	%	$	533		$	504		$	29			5.7	%
Services revenue per occupied bed per month		19			21			(2	)		(8.1	)%		18			21			(3	)		(13.0	)%
Total revenue per occupied bed	$	555		$	524		$	32			6.1	%	$	551		$	525		$	26			5.0	%

Average number of owned beds		19,997			16,892									19,997			16,892
Average physical occupancy		88.2	%		90.0	%					(1.8	)%		88.7	%		90.1	%					(1.3	)%

Total revenue	$	29,286		$	23,877		$	5,409			22.7	%	$	58,730		$	47,858		$	10,872			22.7	%
Property operating expenses		13,133			10,714			2,418			22.6	%		26,285			21,458			4,826			22.5	%
Net operating income	$	16,154		$	13,163		$	2,991			22.7	%	$	32,445		$	26,399		$	6,046			22.9	%
Operating margin⁴		55.2	%		55.1	%					0.1	%		55.2	%		55.2	%					0.0	%

The Grove at Pullman & Toledo NOI⁷	$	769		$	753		$	16			2.2	%	$	1,490		$	1,512		$	(22	)		(1.5	)%

¹Excludes financial results from The Grove at Pullman. On July 14, 2013, the Company experienced a fire at this property during development. As of June 2015, 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.

²Excludes financial results from the Toledo, OH redevelopment property the Company acquired on March 15, 2013.
³Beginning with the ‘14/’15 academic year, the Company recognizes revenue for new leases over the term of the lease (typically 11.5 months) rather than in conjunction with the lease payments (typically 12 equal monthly payments). While this policy change will have no cash impact, and will have minimal year-over-year impact on a go-forward basis, the adjustment has the effect of higher reported revenue in three and six months ended June 30, 2015, as compared to prior year.

⁴Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.
⁵For the three and six months ended June 30, 2015 and 2014, includes financial results for The Grove at Denton. The Company acquired its joint venture partner's interest in The Grove at Denton on January 21, 2014. The occupancy data and net operating income related to Denton are included in new properties.

⁶For the three and six months ended June 30, 2015, includes financial results for the 2014 wholly-owned and consolidated deliveries (The Grove at Gainesville, The Grove at Grand Forks, The Grove at Slippery Rock, The Grove at Mt. Pleasant and Copper Beech at Ames).

⁷Includes NOI contribution from the operations of The Grove at Pullman and the Toledo, OH redevelopment property.

Page 8

CAMPUS CREST COMMUNITIES

QUARTERLY WHOLLY OWNED GROVE PROPERTY RESULTS OF OPERATIONS (unaudited)

(in $000s, except bed data)

	Three Months Ended
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Same store properties (Number of properties)^{1, 2}		30			30			30			30			30
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	500		$	505		$	512		$	525		$	529
Services revenue per occupied bed per month		21			21			15			17			20
Total revenue per occupied bed	$	521		$	526		$	527		$	542		$	549

Average number of owned beds		16,308			16,308			16,308			16,308			16,308
Average physical occupancy		89.8	%		90.1	%		91.6	%		90.7	%		89.2	%

Total revenue	$	22,901		$	23,171		$	24,120		$	24,075		$	23,871
Property operating expenses		10,269			10,940			10,388			10,473			10,375
Net operating income	$	12,632		$	12,231		$	13,732		$	13,602		$	13,496
Operating margin⁴		55.2	%		52.8	%		56.9	%		56.5	%		56.5	%

New properties (Number of properties)^{5, 6}		1			6			6			6			6
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	565		$	549		$	536		$	568		$	571
Services revenue per occupied bed per month		17			16			12			15			16
Total revenue per occupied bed	$	582		$	565		$	548		$	583		$	587

Average number of owned beds		584			2,654			3,689			3,689			3,689
Average physical occupancy		95.7	%		82.1	%		82.9	%		83.1	%		83.4	%

Total revenue	$	975		$	3,696		$	5,027		$	5,369		$	5,416
Property operating expenses		453			1,294			2,090			2,679			2,758
Net operating income	$	522		$	2,402		$	2,937		$	2,689		$	2,658
Operating margin⁴		53.5	%		65.0	%		58.4	%		50.1	%		49.1	%

ALL PROPERTIES (Number of properties)		31			36			36			36			36
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	503		$	511		$	516		$	533		$	536
Services revenue per occupied bed per month		21			20			14			17			19
Total revenue per occupied bed	$	524		$	531		$	530		$	549		$	555

Average number of owned beds		16,892			18,962			19,997			19,997			19,997
Average physical occupancy		90.0	%		89.0	%		90.0	%		89.3	%		88.2	%

Total revenue	$	23,876		$	26,867		$	29,148		$	29,443		$	29,286
Property operating expenses		10,721			12,234			12,478			13,152			13,133
Net operating income	$	13,155		$	14,633		$	16,670		$	16,291		$	16,154
Operating margin⁴		55.1	%		54.5	%		57.2	%		55.3	%		55.2	%

The Grove at Pullman & Toledo NOI⁷	$	753		$	876		$	910		$	721		$	769

¹Excludes financial results from The Grove at Pullman. On July 14, 2013, the Company experienced a fire at this property during development. As of June 2015, 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.

²Excludes financial results from the Toledo, OH redevelopment property the Company acquired on March 15, 2013.

³Beginning with the ‘14/’15 academic year, the Company recognizes revenue for new leases over the term of the lease (typically 11.5 months) rather than in conjunction with the lease payments (typically 12 equal monthly payments). While this policy change will have no cash impact, and will have minimal year-over-year impact on a go-forward basis, the adjustment has the effect of higher reported revenue in the three and six months ended June 30, 2015, as compared to prior year.

⁴Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.

⁵For all periods except June 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, The Grove at Mt. Pleasant and Copper Beech at Ames).

⁶For all periods, includes financial results for The Grove at Denton. The Company acquired its joint venture partner's interest in the Grove at Denton on January 21, 2014.

⁷Includes NOI contribution from the operations of The Grove at Pullman and the Toledo, OH redevelopment property.

Page 9

CAMPUS CREST COMMUNITIES

SAME STORE WHOLLY OWNED GROVE PROPERTY OPERATING EXPENSES (unaudited)

(in $000s, except bed data)

	Three Months Ended June 30, 2015							Three Months Ended June 30, 2014							Y-o-Y Total Change
	Total		% of Total			Per Bed/Month		Total		% of Total			Per Bed/Month		$			%

Payroll	$	2,604		25.1	%	$	53	$	2,169		21.1	%	$	44	$	435			20.1	%
Marketing		338		3.3	%		7		303		2.9	%		6		35			11.5	%
Office, Administration & Other		567		5.5	%		12		654		6.4	%		13		(87	)		(13.3	)%
Bad Debt		518		5.0	%		11		358		3.5	%		7		160			44.7	%
Utilities		3,139		30.3	%		64		3,611		35.2	%		74		(473	)		(13.1	)%
Repairs and Maintenance¹		769		7.4	%		16		973		9.5	%		20		(204	)		(21.0	)%
Taxes and Insurance		2,440		23.5	%		50		2,201		21.4	%		45		239			10.9	%
Total	$	10,375		100.0	%	$	212	$	10,269		100.0	%	$	210	$	106			1.0	%

Same Store
Wholly Owned Beds		16,308							16,308
Wholly Owned Properties		30							30

	Six Months Ended June 30, 2015							Six Months Ended June 30, 2014							Y-o-Y Total Change
	Total		% of Total			Per Bed/Month		Total		% of Total			Per Bed/Month		$			%

Payroll	$	4,938		23.7	%	$	50	$	4,338		21.1	%	$	44	$	600			13.8	%
Marketing		599		2.9	%		6		606		2.9	%		6		(6	)		(1.1	)%
Office, Administration & Other		1,291		6.2	%		13		1,308		6.4	%		13		(17	)		(1.3	)%
Bad Debt		1,033		5.0	%		11		716		3.5	%		7		318			44.4	%
Utilities		6,693		32.1	%		68		7,228		35.2	%		74		(536	)		(7.4	)%
Repairs and Maintenance¹		1,448		6.9	%		15		1,947		9.5	%		20		(499	)		(25.6	)%
Taxes and Insurance		4,845		23.2	%		50		4,401		21.4	%		45		444			10.1	%
Total	$	20,848		100.0	%	$	213	$	20,544		100.0	%	$	210	$	303			1.5	%

Same Store
Wholly Owned Beds		16,308							16,308
Wholly Owned Properties		30							30

¹During the '14/'15 academic year, the Company changed its accounting policy in connection with turn expenses to recognize costs in the period in which they are incurred as compared to its previous policy of accounting for the costs of turn ratably over the twelve month academic year. As a result, on a going forward basis, expenses related to turn will be predominantly recognized during the third quarter of the year.

Page 10

CAMPUS CREST COMMUNITIES

COPPER BEECH PROPERTY RESULTS OF OPERATIONS (unaudited)

(in $000s, except bed data)

	Three Months Ended June 30,												Six Months Ended June 30,
	2015			2014			Change			% Change			2015			2014			Change			% Change

Wholly owned same store properties (Number of properties)^{1, 2}		29			29			-						29			29			-
Revenue per occupied bed
Rental revenue per occupied bed per month	$	455		$	455		$	1			0.1	%	$	453		$	456		$	(2	)		(0.5	)%
Services revenue per occupied bed per month		35			34			1			3.3	%		36			32			4			12.7	%
Total revenue per occupied bed	$	491		$	489		$	2			0.4	%	$	489		$	487		$	2			0.3	%

Average number of owned beds		11,520			11,520									11,520			11,520
Average physical occupancy		92.0	%		89.2	%					2.7	%		92.7	%		88.8	%					3.9	%

Total revenue	$	15,594		$	15,080		$	514			3.4	%	$	31,326		$	29,912		$	1,414			4.7	%
Property operating expenses		6,338			5,713			625			10.9	%		12,151			11,357			795			7.0	%
Net operating income³	$	9,256		$	9,367		$	(110	)		(1.2	)%	$	19,175		$	18,556		$	620			3.3	%
Operating margin⁴		59.4	%		62.1	%					(2.7	)%		61.2	%		62.0	%					(0.8	)%

Joint venture same store properties (Number of properties)⁵		5			5			-						5			5			-
Revenue per occupied bed
Rental revenue per occupied bed per month	$	498		$	489		$	9			1.8	%	$	497		$	489		$	8			1.6	%
Services revenue per occupied bed per month		34			33			1			4.2	%		34			34			0			0.2	%
Total revenue per occupied bed	$	532		$	522		$	10			1.9	%	$	531		$	524		$	8			1.5	%

Average number of owned beds		4,343			4,343									4,343			4,343
Average physical occupancy		94.6	%		95.6	%					(1.0	)%		95.1	%		95.0	%					0.1	%

Total revenue	$	6,561		$	6,503		$	58			0.9	%	$	13,166		$	12,963		$	203			1.6	%
Property operating expenses		2,244			2,213			32			1.4	%		4,188			4,399			(211	)		(4.8	)%
Net operating income	$	4,317		$	4,289		$	26			0.6	%	$	8,978		$	8,563		$	415			4.8	%
Operating margin⁴		65.8	%		66.0	%					(0.2	)%		68.2	%		66.1	%					2.1	%

ALL PROPERTIES (Number of properties)		34			34			-						34			34			-
Revenue per occupied bed
Rental revenue per occupied bed per month³	$	467		$	465		$	3			0.6	%	$	465		$	465		$	0			0.0	%
Services revenue per occupied bed per month		35			34			1			3.6	%		35			32			3			8.9	%
Total revenue per occupied bed	$	502		$	499		$	4			0.8	%	$	501		$	498		$	3			0.6	%

Average number of owned beds		15,863			15,863									15,863			15,863
Average physical occupancy		92.7	%		91.0	%					1.7	%		93.4	%		90.5	%					2.9	%

Total revenue	$	22,155		$	21,583		$	572			2.7	%	$	44,492		$	42,875		$	1,617			3.8	%
Property operating expenses		8,582			7,925			657			8.3	%		16,339			15,756			584			3.7	%
Net operating income	$	13,573		$	13,657		$	(85	)		(0.6	)%	$	28,153		$	27,119		$	1,033			3.8	%
Operating margin⁴		61.3	%		63.3	%					(2.0	)%		63.3	%		63.3	%					0.0	%

¹On January 30, 2015, the Company completed the initial closing of the Copper Beech transaction and acquired the sellers' remaining interest in 25 student housing properties of a portfolio consisting of 36 student housing properties. During Q2 2015, the Company acquired the seller's' remaining interest in 4 additional properties. Remaining interest in Copper Beech at Ames was also acquired pursuant to the second amendment and has been included in the wholly owned Grove results of operations as it was historically a consolidated property.

²Excludes financial results from Copper Beech at Kalamazoo- Phase I. Pursuant to the initial closing of the Copper Beech transaction on January 30, 2015, the Company had no ownership interest in the property as of June 30, 2015.

³For the three months ended June 30, 2015, $8,601 and $655 were recorded as consolidated net operating income and investment in unconsolidated entities, respectively. For the six months ended June 30, 2015, $14,485 and $4,690 were recorded as consolidated net operating income and investment in unconsolidated entities, respectively.

⁴Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.

⁵Includes financial results for Copper Beech at Morgantown, Copper Beech at Harrisonburg, Copper Beech at State College - Parkway Plaza, Copper Beech at Greenville and Copper Beech at Kalamazoo - Phase II.

Page 11

CAMPUS CREST COMMUNITIES

HSRE AND BEAUMONT JOINT VENTURE AND OTHER PROPERTY RESULTS OF OPERATIONS (unaudited)

(in $000s, except per bed data)

	Three Months Ended June 30,												Six Months Ended June 30,
	2015			2014			Change			% Change			2015			2014			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 month²	$	548		$	524		$	24			4.7	%	$	550		$	523		$	27			5.2	%
Services revenue per occupied bed per month		18			21			(3	)		(14.4	)%		17			20			(3	)		(15.5	)%
Total revenue per occupied bed	$	566		$	544		$	21			3.9	%	$	566		$	543		$	23			4.2	%

Average number of owned beds		3,532			3,532									3,532			3,532
Average physical occupancy		79.8	%		78.9	%					0.9	%		79.6	%		78.1	%					1.5	%

Total revenue	$	4,783		$	4,549		$	234			5.1	%	$	9,547		$	8,977		$	571			6.4	%
Property operating expenses		2,327			2,310			17			0.7	%		4,747			4,576			171			3.7	%
Net operating income	$	2,456		$	2,239		$	217			9.7	%	$	4,801		$	4,401		$	400			9.1	%
Operating margin³		51.3	%		49.2	%					2.1	%		50.3	%		49.0	%					1.3	%

NEW PROPERTIES (Number of properties)⁴		5			0			5						5			0			5
Revenue per occupied bed
Rental revenue per occupied bed per month²	$	872		$	0		$	872			100.0	%	$	884		$	0		$	884			100.0	%
Services revenue per occupied bed per month		131			0			131			100.0	%		118			0			118			100.0	%
Total revenue per occupied bed	$	1,003		$	0		$	1,003			100.0	%	$	1,002		$	0		$	1,002			100.0	%

Average number of owned beds		4,277			0									4,277			0
Average physical occupancy		38.3	%		0.0	%					38.3	%		35.8	%		0.0	%					35.8	%

Total revenue	$	4,925		$	0		$	4,925			100.0	%	$	9,219		$	0		$	9,219			100.0	%
Property operating expenses		3,740			0			3,740			100.0	%		7,517			0			7,517			100.0	%
Net operating income	$	1,185		$	0		$	1,185			100.0	%	$	1,701		$	0		$	1,701			100.0	%
Operating margin³		24.1	%		0.0	%					24.1	%		18.5	%		0.0	%					18.5	%

ALL PROPERTIES (Number of properties)^1,4		11			6			5						11			6			5
Revenue per occupied bed
Rental revenue per occupied bed per month²	$	667		$	524		$	143			27.4	%	$	668		$	523		$	145			27.7	%
Services revenue per occupied bed per month		59			21			39			188.6	%		53			20			33			167.1	%
Total revenue per occupied bed	$	727		$	544		$	182			33.5	%	$	720		$	542		$	178			32.8	%

Average number of owned beds		7,809			3,532									7,809			3,532
Average physical occupancy		57.0	%		78.9	%					(21.8	)%		55.6	%		78.1	%					(22.5	)%

Total revenue	$	9,708		$	4,549		$	5,159			113.4	%	$	18,766		$	8,977		$	9,789			109.1	%
Property operating expenses		6,067			2,310			3,757			162.7	%		12,264			4,576			7,688			168.0	%
Net operating income	$	3,641		$	2,239		$	1,402			62.6	%	$	6,502		$	4,401		$	2,101			47.7	%
Operating margin³		37.5	%		49.2	%					(11.7	)%		34.6	%		49.0	%					(14.4	)%

Preferred investments^{5, 6}	$	7,323		$	2,682		$	4,640					$	7,323		$	2,682		$	4,640

¹Excludes The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014. Also excludes financial results from The Grove at Stillwater, The Grove at Conway and The Grove at Lawrence. The properties were sold during 1Q 2015.

²Beginning with the ‘14/’15 academic year, the Company recognizes revenue for new leases over the term of the lease (typically 11.5 months) rather than in conjunction with the lease payments (typically 12 equal monthly payments). While this policy change will have no cash impact, and will have minimal year-over-year impact on a go-forward basis, the adjustment related to changing the policy has the effect of higher reported revenue in the three months and six months ended June 30, 2015, as compared to prior year.

³Operating 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 as compared to prior year.

⁴For the three and six months endedJune 30, 2015, includes financial results for the 2014 joint venture deliveries (The Grove at Greensboro, The Grove at Louisville, evo at Cira Centre South, evo Centre-Ville and evo Vieux-Montreal).

⁵As of June 30, 2015, the Company held preferred investments in The Grove at Indiana, The Grove at Greensboro and The Grove at Louisville of approximately $7,323. 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.

⁶As of June 30, 2014, the Company held preferred investment in The Grove at Indiana of approximately $2,682. This preferred interest entitles the Company to a 9.0% return on the investment but otherwise does not change its effective ownership interest in this property.

Page 12

CAMPUS CREST COMMUNITIES

CAPITAL STRUCTURE AS OF JUNE 30, 2015

(in $000s, except per share data)

Closing common stock price at June 30, 2015	$	5.54

Common stock		64,542
Operating partnership units		12,809
Restricted stock		234
Total shares and units outstanding		77,585

Total equity market value	$	429,820
Total preferred equity outstanding¹		152,500
Total consolidated debt outstanding		958,043
Total market capitalization	$	1,540,363

Debt to total market capitalization^{3, 4}		62.2	%
Debt to gross assets^{2, 3, 4}		55.0	%

Total number of unencumbered operating properties		30

						Weighted			Average
	Principal		% of Total			Average			Years to
Wholly Owned Debt^{3, 4}	Outstanding		Principal Outstanding			Interest Rate			Maturity

Fixed rate mortgage loans	$	410,109		42.8	%		5.4	%		2.6
Variable rate mortgage loan		16,484		1.7	%		2.3	%		1.7
Construction loans		163,128		17.0	%		2.3	%		1.5
Variable rate credit facility		263,500		27.5	%		2.2	%		1.6
Exchangeable notes⁵		97,757		10.2	%		5.5	%		3.3
Other debt⁶		7,065		0.7	%		3.39	%		6.0
Total/Weighted Average	$	958,043		100.0	%		3.97	%		2.2

¹8.00% Series A cumulative redeemable preferred stock redeemable February 2017.

²Gross assets is defined as total assets plus accumulated depreciation, as reported in the Company's June 30, 2015 consolidated balance sheet.

³Excludes debt associated with Copper Beech, HSRE and Beaumont joint ventures. See page 15 for details related to this debt. The Company is the guarantor of certain of these loans.

⁴Wholly owned debt reflects principal balance, excluding impact of fair value debt and purchase accounting adjustments as reflected on the consolidated balance sheet.

⁵Senior unsecured exchangeable notes, maturity in October 2018.

⁶Includes $4,342 Line of Credit assumed as part of the Copper Beech transaction and $2,308 bond assumed as a part of the purchase of the Flagstaff, AZ property.

Page 13

CAMPUS CREST COMMUNITIES

OUTSTANDING DEBT AND MATURITY SCHEDULE

(in $000s)

	Principal Balance at					Maturity	Years to
Consolidated Debt	6/30/2015		Interest Rate			Date	Maturity		Notes

Corporate debt

Citi Credit facility & Term Loan	$	263,500		2.22	%	1/8/2017		1.6	One twelve month extension option

Exchangeable Notes¹		97,757		5.53	%	10/9/2018		3.3

Other debt²		7,065		3.39	%	6/12/2021		6.0

Wholly Owned Construction loans - Grove

The Grove at Pullman, WA	$	10,886		2.39	%	9/5/2016		1.2	Two twelve month extension option
The Grove at Slippery Rock, PA		17,738		2.34	%	6/21/2016		1.0	Two twelve month extension option
The Grove at Muncie, IN		13,892		2.44	%	7/3/2016		1.0	Two twelve month extension option
The Grove at Ft. Collins, CO		19,073		2.09	%	7/13/2016		1.1	Two twelve month extension option
The Grove at Grand Forks, ND		15,414		2.19	%	2/5/2017		1.6	One eighteen month extension option
The Grove at Gainesville, FL		25,593		2.34	%	3/13/2017		1.7	Sixty to one hundred twenty days extension option
Copper Beech at Ames, IA		22,051		2.44	%	5/2/2017		1.9	Two twelve month extension option
Vivo at Toledo, OH		4,377		2.34	%	11/25/2017		2.4	Thirty to ninety days extension option

Wholly Owned Construction loans - Copper Beech

Statesboro, GA Phase II	$	9,255		2.69	%	11/1/2016		1.4
CMU Phase II—Mount Pleasant, MI		9,101		2.69	%	2/1/2017		1.6
Auburn, AL		15,750		2.19	%	2/6/2017		1.6

Sub Total³	$	163,128		2.34	%			1.5

Wholly Owned Mortgage loans - Grove

The Grove at Milledgeville, GA	$	15,531		6.12	%	10/1/2016		1.3	Principal and interest
The Grove at Carrollton, GA		14,002		6.13	%	10/11/2016		1.3	Principal and interest
The Grove at Las Cruces, NM		14,471		6.13	%	10/11/2016		1.3	Principal and interest
The Grove at Denton, TX		16,484		2.34	%	3/1/2017		1.7	Principal and interest, floating rate
The Grove at Asheville, NC		14,201		5.77	%	4/11/2017		1.8	Principal and interest
The Grove at Ellensburg, WA		15,727		5.10	%	9/1/2018		3.2	Principal and interest
The Grove at Nacogdoches, TX		16,729		5.01	%	9/1/2018		3.2	Principal and interest
The Grove at Greeley, CO		14,817		4.29	%	10/1/2018		3.3	Principal and interest
The Grove at Clarksville, TN		16,097		4.03	%	7/1/2022		7.1	Principal and interest
The Grove at Columbia, MO		22,509		3.83	%	7/1/2022		7.1	Principal and interest
The Grove at Statesboro, GA		17,971		4.01	%	1/1/2023		7.6	Principal and interest

Wholly Owned Mortgage loans - Copper Beech

IUP Phase II - Indiana	$	5,870		5.90	%	10/1/2015		0.3	Principal and interest
CMU Phase I - Mount Pleasant, MI		18,000		5.47	%	10/1/2015		0.3	Principal and interest
Bowling Green Phase I		12,167		5.63	%	10/1/2015		0.3	Principal and interest
Copper Beech I - State College		4,938		5.61	%	2/11/2016		0.6	Principal and interest
IUP Buy - Indiana		2,316		5.45	%	6/6/2016		1.0	Principal and interest
San Marcos, TX Phase I		32,851		5.45	%	6/6/2016		1.0	Principal and interest
Bloomington		10,389		6.22	%	10/1/2016		1.3	Principal and interest
Allendale Phase I		22,697		5.98	%	10/1/2016		1.3	Principal and interest
Columbia, MO		23,452		6.22	%	10/1/2016		1.3	Principal and interest
Radford		11,849		5.99	%	11/6/2016		1.4	Principal and interest
IUP Phase I - Indiana		6,500		2.15	%	6/2/2017		2.0	Principal and interest
Allendale Phase II		11,521		6.27	%	9/6/2017		2.2	Principal and interest
Columbia, SC Phase I		35,772		6.27	%	9/6/2017		2.2	Principal and interest
Statesboro, GA Phase I		29,964		5.81	%	10/6/2017		2.3	Principal and interest
Copper Beech II - State College		8,383		5.97	%	8/1/2019		4.1	Principal and interest
Columbia, SC Phase II		5,863		5.41	%	8/1/2020		5.2	Principal and interest
Oakwood - State College		5,524		4.99	%	10/1/2020		5.3	Principal and interest

Sub Total³	$	426,593		5.33	%			2.6

Total / Weighted Average³	$	958,043		3.97	%			2.2

¹Senior unsecured exchangeable notes, maturity in October 2018.

²Includes $4,342 Line of Credit assumed as part of the Copper Beech transaction and $2,308 bond assumed as a part of the purchase of the Flagstaff, AZ property.

³Wholly owned debt reflects principal balance, excluding impact of fair value debt and purchase accounting adjustments as reflected on the consolidated balance sheet.

Page 14

CAMPUS CREST COMMUNITIES

OUTSTANDING DEBT AND MATURITY SCHEDULE - JOINT VENTURE

(in $000s)

				Principal Balance					Maturity	Years to
Property	Ownership			6/30/2015		Interest Rate			Date	Maturity		Notes

The Grove at Fayetteville, AR¹		10.0	%		19,015		2.94	%	7/20/2015		0.1	Interest only
The Grove at Norman, OK¹		20.0	%		15,371		2.84	%	8/7/2015		0.1	Interest only
The Grove at Laramie, WY^1,2		10.0	%		17,211		2.84	%	9/30/2015		0.3	Interest only
The Grove at San Angelo, TX^1,2		50.0	%		11,166		2.69	%	9/30/2015		0.3	Interest only
The Grove at State College, PA²		20.0	%		18,619		2.24	%	9/30/2016		0.3	Interest only
Copper Beech at State College, PA - Parkway Plaza³		48.0	%		18,097		5.24	%	10/1/2015		0.3	Principal and interest
The Grove at Indiana, PA²		20.0	%		17,217		2.44	%	12/19/2015		0.5	Interest only
evo Centre-Ville and evo Vieux-Montreal²		47.0	%		87,848		5.68	%	1/13/2016		0.5	Interest only
Copper Beech at Morgantown, WV		48.0	%		34,465		5.45	%	6/6/2016		0.9	Principal and interest
Copper Beech at Harrisonburg, VA		48.0	%		53,136		5.45	%	6/6/2016		0.9	Principal and interest
evo at Cira Centre South²		30.0	%		96,187		2.39	%	7/25/2016		1.1	Interest only
The Grove at Louisville, KY²		30.0	%		26,264		2.44	%	9/6/2016		1.2	Interest only
The Grove at Greensboro, NC²		30.0	%		18,428		2.29	%	9/30/2018		3.3	Interest only
Copper Beech at Greenville, NC		48.0	%		46,370		5.34	%	9/1/2020		5.2	Principal and interest
Copper Beech at Kalamazoo, MI - Phase II		48.0	%		7,773		5.68	%	10/1/2020		5.3	Principal and interest

Total / Weighted Average				$	487,169		4.02	%			1.3

Note: The Company's pro rata share of HSRE and Beaumont joint venture debt as of June 30, 2015 was $103,000. Pro rata share of Copper Beech joint venture debt as of June 30, 2015 was $76,724.

¹TheFayetteville loan was refinanced in conjunction with the Company's purchase of its JV partner's interest in August 2015. The Norman loan was repaid in conjunction with the Company's sale of its interest to its JV partner in August 2015. The San Angelo loan was repaid in conjunction with the JV's sale of the property in September 2015. The Laramie loan was repaid in conjunction with the Company's sale of its interest to its JV partner in September 2015.

²Footnote indicates the Company is a guarantor of the loan.

Page 15

CAMPUS CREST COMMUNITIES

GROVE PORTFOLIO OVERVIEW AND OCCUPANCY

										Occupancy, as of
			Year Opened/							June 30,
Property	Grouping¹	Primary University	Acquired	Properties		Units		Beds		2015			2014			Change

Wholly Owned Operating Properties - Grove
The Grove at Asheville, NC	(A)	UNC - Asheville	2005				154		448		97.8	%		98.4	%		(0.6	)%
The Grove at Carrollton, GA	(A)	University of West Georgia	2006				168		492		90.2	%		97.4	%		(7.1	)%
The Grove at Las Cruces, NM	(A)	New Mexico State University	2006				168		492		84.3	%		81.7	%		2.6	%
The Grove at Milledgeville, GA	(A)	Georgia College & State University	2006				168		492		99.4	%		98.4	%		1.0	%
The Grove at Abilene, TX	(A)	Abilene Christian University	2007				192		504		91.7	%		97.2	%		(5.6	)%
The Grove at Ellensburg, WA	(A)	Central Washington University	2007				192		504		93.5	%		97.8	%		(4.4	)%
The Grove at Greeley, CO	(A)	University of Northern Colorado	2007				192		504		93.8	%		99.2	%		(5.4	)%
The Grove at Mobile, AL--Phase I & II²	(A)	University of South Alabama	2007/2008				384		1,008		82.9	%		84.5	%		(1.6	)%
The Grove at Nacogdoches, TX--Phase I & II²	(A)	Stephen F. Austin State Univ.	2007/2012				260		682		83.1	%		89.3	%		(6.2	)%
The Grove at Cheney, WA	(A)	Eastern Washington University	2008				192		512		95.3	%		93.8	%		1.6	%
The Grove at Lubbock, TX	(A)	Texas Tech University	2008				192		504		93.5	%		93.1	%		0.4	%
The Grove at Stephenville, TX	(A)	Tarleton State University	2008				192		504		52.4	%		59.1	%		(6.7	)%
The Grove at Troy, AL	(A)	Troy University	2008				192		514		92.2	%		93.0	%		(0.8	)%
The Grove at Waco, TX	(A)	Baylor University	2008				192		504		89.1	%		89.1	%		0.0	%
The Grove at Murfreesboro, TN	(A)	Middle Tennessee State University	2009				186		504		92.3	%		96.4	%		(4.2	)%
The Grove at San Marcos, TX	(A)	Texas State University	2009				192		504		100.0	%		98.4	%		1.6	%
The Grove at Moscow, ID	(A)	University of Idaho	2009				192		504		88.5	%		95.4	%		(6.9	)%
The Grove at Huntsville, TX	(A)	Sam Houston State University	2010				192		504		99.0	%		99.4	%		(0.4	)%
The Grove at Statesboro, GA	(A)	Georgia Southern University	2010				200		536		81.5	%		74.6	%		6.9	%
The Grove at Ames, IA	(A)	Iowa State University	2011				216		584		95.5	%		99.7	%		(4.1	)%
The Grove at Clarksville, TN	(A)	Austin Peay State University	2011				208		560		69.1	%		83.4	%		(14.3	)%
The Grove at Columbia, MO	(A)	University of Missouri	2011				216		632		69.8	%		62.3	%		7.4	%
The Grove at Ft. Wayne, IN	(A)	Indiana University-Purdue University Ft. Wayne	2011				204		540		85.2	%		93.9	%		(8.7	)%
The Grove at Valdosta, GA	(A)	Valdosta State University	2011				216		584		91.4	%		92.3	%		(0.9	)%
The Grove at Denton, TX	(A)	University of North Texas	2011				216		584		100.0	%		95.7	%		4.3	%
The Grove at Auburn, AL	(A)	Auburn University	2012				216		600		98.3	%		99.7	%		(1.3	)%
The Grove at Flagstaff, AZ	(A)	Northern Arizona University	2012				216		584		95.4	%		97.4	%		(2.1	)%
The Grove at Orono, ME	(A)	University of Maine	2012				188		620		98.7	%		90.0	%		8.7	%
The Grove at Ft. Collins, CO	(A)	Colorado State University	2013				218		612		100.0	%		99.3	%		0.7	%
The Grove at Muncie, IN	(A)	Ball State University	2013				216		584		76.5	%		70.2	%		6.4	%
The Grove at Pullman, WA³	(A)	Washington State University	2013				216		584		98.1	%		48.1	%		49.9	%
The Grove at Flagstaff, AZ - Phase II²	(A)	Northern Arizona University	2013				54		192		94.3	%		99.0	%		(4.7	)%
The Grove at Gainesville, FL	(B)	University of Florida	2014				256		682		57.8	%		n/a			n/a
The Grove at Grand Forks, ND	(B)	University of North Dakota	2014				224		600		99.5	%		n/a			n/a
The Grove at Mt. Pleasant, MI	(B)	Central Michigan University	2014				224		584		74.3	%		n/a			n/a
The Grove at Slippery Rock, PA	(B)	Slippery Rock University	2014				201		603		84.4	%		n/a			n/a
Total - Wholly Owned Operating Properties - Grove					36		7,305		19,945		88.1	%		89.0	%		(0.9	)%

¹ Groupings detailed as follows: (A) reflects the same store properties as of June 30, 2015; (B) reflects the 2014 development deliveries.

²The Grove at Flagstaff, AZ - 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 Mobile, AL--Phase II are not counted as separate assets from Phase I of each respective asset.

³ On July 14, 2013, the Company experienced a fire at this development property. As of June 30, 2015, all 584 beds are in operation.

Page 16

CAMPUS CREST COMMUNITIES

COPPER BEECH PORTFOLIO OVERVIEW AND OCCUPANCY¹

										Occupancy, as of
			Year Opened/							June 30,
Property	Grouping	Primary University	Acquired	Properties		Units		Beds		2015			2014			Change

*Wholly Owned Operating Properties - Copper Beech*
Copper Beech at Bloomington, IN - Colonial Crest	(A)	Indiana University	1970				206		402		86.1	%		80.6	%		5.5	%
Copper Beech at Indiana, PA - IUP I	(A)	Indiana University of Pennsylvania	1971				95		239		95.4	%		95.4	%		0.0	%
Copper Beech at Indiana, PA - IUP II	(A)	Indiana University of Pennsylvania	1973				72		172		100.0	%		91.3	%		8.7	%
Copper Beech at Indiana, PA - IUP Buy	(A)	Indiana University of Pennsylvania	1975				43		76		92.1	%		92.1	%		0.0	%
Copper Beech at State College, PA - CB I	(A)	Penn State University	1996				59		177		98.3	%		90.4	%		7.9	%
Copper Beech at State College, PA - CB II	(A)	Penn State University	1998				87		257		95.7	%		93.8	%		1.9	%
Copper Beech at State College, PA - Oakwood	(A)	Penn State University	2000				48		144		100.0	%		81.3	%		18.8	%
Copper Beech at Harrisonburg, VA - Grand Duke	(A)	James Madison University	2001				120		124		96.0	%		96.8	%		(0.8	)%
Copper Beech at State College, PA - Oak Hill	(A)	Penn State University	2003				106		318		97.2	%		79.6	%		17.6	%
Copper Beech at State College, PA - Northbrook Greens	(A)	Penn State University	2003				166		250		99.6	%		98.4	%		1.2	%
Copper Beech at West Lafayette, IN – Klondike	(A)	Purdue University	2003				219		486		83.7	%		85.8	%		(2.1	)%
Copper Beech at West Lafayette, IN – Baywater	(A)	Purdue University	2004				137		488		69.5	%		97.3	%		(27.9	)%
Copper Beech at Radford, VA	(A)	Radford University	2005				222		500		99.6	%		94.0	%		5.6	%
Copper Beech at Bloomington, IN	(A)	Indiana University	2005				107		297		78.1	%		75.4	%		2.7	%
Copper Beech at Mount Pleasant, MI - Phase I	(A)	Central Michigan University	2005				204		632		91.0	%		100.0	%		(9.0	)%
Copper Beech at Bowling Green, OH - Phase I	(A)	Bowling Green University	2005				128		400		97.8	%		97.3	%		0.5	%
Copper Beech at Fresno, CA	(A)	California State University at Fresno	2006				178		506		94.3	%		94.9	%		(0.6	)%
Copper Beech at Allendale, MI - Phase I	(A)	Grand Valley State University	2006				206		614		99.5	%		99.7	%		(0.2	)%
Copper Beech at Columbia, MO	(A)	University of Missouri	2006				214		654		86.9	%		96.6	%		(9.8	)%
Copper Beech at Bowling Green, OH - Phase II	(A)	Bowling Green University	2007				72		216		98.6	%		95.4	%		3.2	%
Copper Beech at Allendale, MI - Phase II	(A)	Grand Valley State University	2007				82		290		100.0	%		99.7	%		0.3	%
Copper Beech at Columbia, SC - Phase I	(A)	University of South Carolina	2007				278		824		88.1	%		95.8	%		(7.6	)%
Copper Beech at Statesboro, GA - Phase I	(A)	Georgia Southern University	2007				246		754		91.6	%		64.3	%		27.3	%
Copper Beech at Columbia, SC - Phase II	(A)	University of South Carolina	2008				72		178		94.9	%		96.6	%		(1.7	)%
Copper Beech at Auburn, AL	(A)	Auburn University	2009				271		754		87.3	%		79.4	%		7.8	%
Copper Beech at San Marcos, TX - Phase I	(A)	Texas State University	2011				273		840		87.4	%		89.3	%		(1.9	)%
Copper Beech at San Marcos, TX - Phase II	(A)	Texas State University	2012				142		410		88.8	%		91.2	%		(2.4	)%
Copper Beech at Mount Pleasant, MI - Phase II	(A)	Central Michigan University	2013				119		256		99.2	%		36.3	%		62.9	%
Copper Beech at Statesboro, GA - Phase II	(A)	Georgia Southern University	2013				82		262		97.3	%		43.9	%		53.4	%
Copper Beech at Ames, IA	(B)	Iowa State University	2014				219		636		85.4	%		n/a			n/a

Sub-Total / Weighted Average					30		4,473		12,156		90.9	%		87.8	%		3.1	%

*Joint Venture Operating Properties - Copper Beech*
Copper Beech at State College, PA - Parkway Plaza	(A)	Penn State University	1967				429		633		97.5	%		90.0	%		7.4	%
Copper Beech at Harrisonburg, VA	(A)	James Madison University	2008				414		1,218		97.7	%		99.1	%		(1.4	)%
Copper Beech at Greenville, NC	(A)	East Carolina University	2008				439		1,232		91.8	%		94.2	%		(2.4	)%
Copper Beech at Kalamazoo, MI - Phase II	(A)	Western Michigan University	2008				115		340		68.5	%		71.8	%		(3.2	)%
Copper Beech at Morgantown, WV	(A)	West Virginia University	2010				335		920		96.8	%		98.7	%		(1.8	)%

Total - Copper Beech Portfolio					35		6,205		16,499		91.6	%		89.6	%		2.0	%

Page 17

CAMPUS CREST COMMUNITIES

HSRE AND BEAUMONT PORTFOLIO OVERVIEW AND OCCUPANCY (cont'd)

										Occupancy, as of
			Year Opened/							June 30,
Property	Grouping¹	Primary University	Acquired	Properties		Units		Beds		2015			2014			Change

HSRE and Beaumont Joint Venture Operating Properties
The Grove at San Angelo, TX	(A)	Angelo State University	2009				192		504		96.0	%		99.8	%		(3.8	)%
The Grove at Fayetteville, AR	(A)	University of Arkansas	2012				232		632		71.5	%		56.5	%		15.0	%
The Grove at Laramie, WY	(A)	University of Wyoming	2012				224		612		79.2	%		84.8	%		(5.6	)%
The Grove at Indiana, PA	(A)	Indiana University of Pennsylvania	2013				224		600		63.7	%		87.2	%		(23.5	)%
The Grove at Norman, OK	(A)	University of Oklahoma	2013				224		600		79.0	%		83.7	%		(4.7	)%
The Grove at State College, PA	(A)	Penn State University	2013				216		584		99.0	%		74.0	%		25.0	%
The Grove at Greensboro, NC	(B)	University of North Carolina at Greensboro	2014				216		584		57.4	%		n/a			n/a
The Grove at Louisville, KY	(B)	University of Louisville	2014				252		656		69.5	%		n/a			n/a
evo at Cira Centre South	(B)	University of Pennsylvania / Drexel University	2014				344		850		60.4	%		n/a			n/a
evo Centre-Ville	(B)	Concordia University / McGill University / (ÉTS)	2014				715		1,294		13.7	%		n/a			n/a
evo Vieux-Montreal	(B)	McGill University	2014				488		929		16.2	%		n/a			n/a

Total - Joint Venture Operating Properties					11		3,327		7,845		57.2	%		80.3	%		(23.1	)%

Total Operating Properties²					82		16,837		44,289		83.9	%		88.4	%		(4.5	)%

Same Store Properties (A)
Wholly-Owned					61		10,654		28,996		90.1	%		88.5	%		1.6	%
Joint Venture					11		3,044		7,875		87.8	%		87.9	%		(0.1	)%
Total - Same Store					72		13,698		36,871		89.6	%		88.4	%		1.2	%

2014 Deliveries (B)
Wholly-Owned					5		1,124		3,105		79.8	%		0.0	%		79.8	%
Joint Venture					5		2,015		4,313		37.8	%		0.0	%		37.8	%
Total - 2014 Deliveries					10		3,139		7,418		55.4	%		0.0	%		55.4	%

¹ Groupings detailed as follows: (A) reflects the same store properties as of June 30, 2015; (B) reflects the 2014 development deliveries.

² 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 the Grove at Denton on January 21, 2014. The occupancy data related to Denton is included in 2014 deliveries.

Page 18

CAMPUS CREST COMMUNITIES

INVESTOR INFORMATION

Executive Management

David Coles	Interim Chief Executive Officer
Aaron Halfacre	President and Chief Investment Officer
John Makuch	Interim Chief Financial Officer
Scott Rochon	Chief Accounting 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
Raymond James & Associates	Paul D. Puryear / Buck Horne	(727) 567-2253 / (727) 567-2561	paul.puryear@raymondjames.com / buck.horne@raymondjames.com
Sidoti & Company, LLC	Jeff Lau	(212) 453-7029	jlau@sidoti.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

Page 19

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 2013 FFO and the related underlying assumptions, growth and development opportunities, leasing activities, financing strategies, and development and construction projects. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, except as otherwise required by federal securities laws, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the risk factors discussed in the Company’s most recent Annual Report on Form 10-K, as updated in the Company’s Quarterly Reports on Form 10-Q.

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