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August 2010

September 2011 Investor Presentation

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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.

Forward Looking Statements

2

Investment Highlights

The Grove®

at Greeley, CO

Experienced Team with

Value-Maximizing Platform

Compelling Market Dynamics

Modern, Well-Located Portfolio in

Solid Growth Markets

Proven Track Record with

Significant Growth Potential

Conservative Capital Structure

The Grove®

at Nacogdoches, TX

3

Echo Boom drives enrollment growth

Increasing percentage of high-school

graduates attending college

Increasing foreign enrollments

Increasing percentage of full-time vs.

part-time students

Students taking longer to graduate

College Enrollments (1957-2012)

Budgets constrain on-campus

housing investment

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

Compelling Market Dynamics

Demand

Drivers

Supply

Factors

Echo Boom

Enrolling in College

Baby Boom

Enrolling in College

Source: Dept. of Education, National Center for Educational Statistics

(millions)

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

4

Attractive Portfolio and Growth Platform

Operating Portfolio Highlights

Properties (1)

Total Units / Beds (1)

Weighted Average Age (2)

Average Distance to Campus (2)

Occupancy (1), (2)

27

5,048 / 13,580

3.0 years

0.6 miles

90%

(1) Includes 6 joint venture properties in which Campus Crest owns a 49.9% member interest

(2) As of 6/30/2011

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

Proactive focus on medium-sized, high-growth markets

Markets have strong enrollment growth – 9.5%

average growth (3)

Less institutional competition & comparable product

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

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Why Our Markets

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

On-campus atmosphere with advantages of off-campus economics

Benefits from symbiotic relationships with universities

Greater impact from marketing dollars

Unique Relationships

with Universities

We are able to build a superior product at a lower cost because of our captive

general contractor and wholesale purchaser

Construction Cost

Advantage

Our markets benefit from higher enrollment growth than primary markets Stronger Enrollment

Growth

6

Traditional on-campus, ―dormitory-style‖ housing alternatives have generally

consisted of shared rooms, communal bathroom facilities and extremely limited

(if any) amenities and parking

The Evolution of Student Housing – The Dormitory Era

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The Evolution of Student Housing – Our Student Housing

Purpose-built student housing is specifically designed to appeal to modern-

day 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 Mobile, AL

The Grove®

at Moscow, ID

The Grove®

at

Nacogdoches, TX

The Grove®

at

Nacogdoches, TX

The Grove®

at Ellensburg, WA

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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

Our Properties are Attractive and Amenity-Rich

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At The Grove®, we offer a ―fully-loaded college living‖ experience through our consistent

branding and operating philosophy

Our Properties are Universally Branded The Grove®

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Intensive asset management philosophy employed throughout our organization

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

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Identified 200+ potential markets & conducting due diligence on 80 sites as

potential development opportunities

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

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2011 Development Projects (2011/2012 Academic Year Occupancy)

Project Enrollment Distance to Campus Units / Beds Estimated Cost

Wholly-Owned Developments

Ft. Wayne, IN

Indiana University / Purdue University

13,675 1.1 miles 204 / 540 $19,926

Clarksville, TN

Austin Peay State University

10,188 1.3 miles 208 / 560 $21,203

Ames, IA

Iowa State University

27,945 0.3 miles 216 / 584 $21,411

Columbia, MO

University of Missouri

32,415 0.9 miles 216 / 632 $24,931

Joint Venture Developments

Denton, TX

University of North Texas

36,123 0.8 miles 216 / 584 $24,953

Valdosta, GA

Valdosta State University

12,391 1.9 miles 216 / 584 $21,150

($ in thousands)

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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Total Number of Beds (All Properties)

Number of Properties (All Properties)

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

Proven and Scalable Business Model

(1)

(1) 2011E includes 4 wholly-owned developments and 2 joint venture developments

(1)

Existing Properties New Openings

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Historical Weighted Average Occupancy (1) Historical Weighted Average RevPOB (2)

88% 87%83%

87% 89%

0%

20%

40%

60%

80%

100%

CY07 CY08 CY09 CY10 1H11

$448$472 $473 $488 $477

$0

$100

$200

$300

$400

$500

CY07 CY08 CY09 CY10 1H11

Increasing Occupancy and RevPOB

Campus Crest has delivered occupancy and RevPOB growth while significantly

expanding its portfolio

(1) Weighted average occupancy applies to properties that are open for the full calendar year

(2) 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)

6

10

9

19

5

24

3

27

n/a

27

Openings

Total

Openings

Total

6

10

9

19

5

24

3

27

n/a

27

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Academic Year 2011/2012 Leasing Update

(1) As of August 1, 2010 and 2011

(2) As of September 30, 2010

(3) As of July 31, 2011

Portfolio Leasing Status for 2011/2012 Academic Year and Current Year Occupancy

2011-2012 Leases 2010-2011 Leases Fall 2010 Current

Property Units Beds Signed(1)

% Signed(1)

% Occupancy(2)

Occupancy(3)

Wholly-Owned 3,920 10,528 9,161 87.0% 8,440 80.2% 88.5% 89.5%

Joint Venture Properties 1,128 3,052 2,653 86.9% 2,591 84.9% 89.1% 91.8%

Sub Total All Operating Properties 5,048 13,580 11,814 87.0% 11,031 81.2% 88.6% 90.0%

New Developments (2011 Deliveries) 1,276 3,484 2,439 70.0% n/a n/a n/a n/a

Total Portfolio 6,324 17,064 14,253 83.5% 11,031 81.2% 88.6% 90.0%

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-

$100

$200

$300

$400

$500

$600

$700

At 6/30/2011

Capitalized for growth with no maturities until 2014 (3)

Capital Structure (Including Pro Rata Share of Joint

Venture Debt)

($ in millions)

Prudent Capital Structure With Fully-Financed Growth

EquityPro Rata Share of JV DebtDebt

$596.4

(1) Existing revolving credit line for up to $125 million; as of 6/30//2011 the Company had drawn $74.5 million

(2) CCG estimate for Ellensburg, Mobile-Phase I & II, Nacogdoches and Greeley

(3) Assumes 1-year extension option on line of credit is exercised; excludes JV maturities and routine construction loan maturities

32.4%

Ample Liquidity

In-place financing for developments

Received commitments to expand and convert credit

facility (1) from secured to an unsecured facility

Potential leverage on unencumbered assets of ~$80

million (2)

Low leverage (32.4% debt/total market capitalization)

Capacity with existing joint venture partner

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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

Q2 2011 Performance

RevPOB of $482 compared to $482 the prior year, with increased rental

rates being offset by lower service revenue

Total RevPOB (wholly-

owned)

88.4% for the 6-months ended June 30, 2011 compared to 88.3% the

same period a year ago

Average Same-store

Occupancy

Operating portfolio was 87.0% leased versus 81.2% leased at August 1,

2010

Development properties were 70.0% leased at August 1, 2011

2011/2012 Pre-leasing

(wholly-owned and JV)

Increased 12.1%, from $6.0mm in Q2 2010 to $6.7mm in Q2 2011 Same-store NOI

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

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• Over 20 years in corporate accounting and senior financial positions at both private

and public companies and Deloitte & Touche LLP

• Over 33 years of experience in service driven businesses; Colonel in U.S. Army Special Forces

• Joined Campus Crest as a consultant in 2009

Experienced And Proven Leadership

Ted W. RollinsCo-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. HartnettCo-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. HowellPresident & Chief

Operating Officer

Donnie L. BobbittExecutive Vice President &

Chief Financial Officer

Robert M. DannExecutive 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

The Grove®

at Mobile—Phase II, AL

Experienced Team with

Value-Maximizing Platform

Compelling Market Dynamics

Modern, Well-Located Portfolio in

Solid Growth Markets

Proven Track Record with

Significant Growth Potential

Conservative Capital Structure