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Campus Crest Communities, Inc. Announces Pricing Of Public Offering Of Common Stock

Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”) today announced it has priced an underwritten public offering of 6,500,000 shares of its common stock at a public offering price of $10.10 per share, for net proceeds of approximately $62.7 million, after deducting the underwriting discount and other net estimated offering costs. The Company also granted the underwriters of the offering a 30-day option to purchase up to an additional 975,000 shares of common stock. The offering is expected to close on or about July 2, 2012, subject to customary closing conditions.

The Company intends to use the net proceeds from this offering to: (1) acquire the remaining 50.1% ownership interest in The Grove at Moscow, Idaho and the remaining 80.0% ownership interest in The Grove at Valdosta, Georgia that the Company does not already own, for an aggregate purchase price of $16.2 million and to repay approximately $27.3 million of mortgage debt secured by these properties; and (2) to reduce borrowings outstanding under the Company’s revolving credit facility, and any remaining net proceeds will be used for general corporate purposes.

Raymond James, Citigroup and Barclays are serving as joint book-running managers for the offering. RBC Capital Markets is serving as lead manager. Baird and Janney Montgomery Scott are serving as co-managers.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the related base prospectus may be obtained by contacting: (a) Raymond James, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling toll-free at 1-800-248-8863, or emailing prospectus@raymondjames.com; (b) Citigroup, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, Brooklyn, New York 11220, or by calling 1-800-831-9146, or emailing batprospectusdept@citi.com; (c) Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-888-603-5847 or emailing barclaysprospectus@broadridge.com; or (d) or the Internet site of the Securities and Exchange Commission at www.sec.gov.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading developer, builder, owner and manager of high-quality, purpose-built student housing properties located close to college campuses in targeted U.S. markets. The Company is a self-managed, self-administered and vertically-integrated real estate investment trust which operates all of its properties under The Grove® brand. The Company owns interests in 33 operating student housing properties containing approximately 6,324 apartment units and 17,064 beds. Since its inception, the Company has focused on customer service, privacy, on-site amenities and its proprietary residence life programs to provide college students across the United States with a higher quality of living.

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