Campus Crest Communities, Inc. Announces Partial Exercise Of Underwriters’ Option And Subsequent Closing Of 8.00% Series A Cumulative Redeemable Preferred Stock

Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”) today announced it closed its previously announced underwritten public offering, a reopening of 3,800,000 shares of its 8.00% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), including 400,000 shares issued and sold pursuant to the partial exercise of the underwriters’ option to purchase additional shares of the Series A Preferred Stock.

The shares of Series A Preferred Stock were issued at a public offering price of $25.0611 per share, for net proceeds of approximately $91.7 million, after deducting the underwriting discount and other estimated offering expenses. The Company intends to use the net proceeds from the offering for the repayment of debt, future development or for other general corporate and working capital purposes.

BofA Merrill Lynch, Raymond James, Barclays, Citigroup and RBC Capital Markets are serving as joint book-running managers for the offering. Baird, MLV & Co. LLC, BBVA, Capital One Securities, and PNC Capital Markets LLC are serving as co-managers.

An automatic shelf registration statement relating to these securities has been filed with 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.

Copies of the final prospectus supplement and base prospectus relating to these securities may be obtained by contacting: (a) Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, Email: dg.prospectus_requests@baml.com; (b) Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling toll-free at 1-800-248-8863, or emailing prospectus@raymondjames.com; (c) Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling toll-free (888) 603-5847 or emailing Barclaysprospectus@broadridge.com; (d) Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Tel: 800-831-9146 or e-mail batprospectusdept@citi.com; or (e) RBC Capital Markets, LLC, Attention: Syndicate Operations Department, Three World Financial Center, 200 Vesey Street 8th Floor, New York, New York 10281, or by calling toll free 1-866-375-6829, or emailing rbcnyfixedincomeprospectus@rbccm.com.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading developer, builder, owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 80 student housing properties and ~43,000 beds across North America, of which 73 are operating and 7 are development or redevelopment properties. The Company is an equity REIT that differentiates itself through its vertical integration and consistent branding across the portfolio through three unique brands targeting different segments of the college student population. The Grove® brand offers more traditional apartment floor plans and focuses on customer service, privacy, on-site amenities and a proprietary residence life program. The Copper Beech brand and townhome product offers more residential-type living to students looking for a larger floor plan with a front door and back porch.

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. 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.

Copyright Business Wire 2010

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