Form 8-K Campus Crest Communities For: Nov 04

November 4, 2014 8:04 AM

�

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

�

FORM 8–K

�

CURRENT REPORT

�

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

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Date of Report (Date of earliest event reported): November 4, 2014

CAMPUS CREST COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

�

Maryland

(State or other jurisdiction
of incorporation or organization)

001-34872

(Commission File Number)

27-2481988
(IRS Employer
Identification No.)

2100 Rexford Road, Suite 414
Charlotte, North Carolina

(Address of principal executive offices)

�

28211
(Zip Code)

Registrant’s telephone number, including area code: (704) 496-2500

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_____________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02.

Results of Operations and Financial Condition.

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On November 4, 2014, Campus Crest Communities, Inc. (the “Company”) issued a press release announcing its results of operations for the three and nine months ended September 30, 2014. A copy of such press release is furnished as Exhibit 99.1 to this current report. A copy of the Company’s Third Quarter 2014 Supplemental Analyst Package referenced in such press release is furnished as Exhibit 99.2 to this current report.

�

The information contained in Item�2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, is furnished pursuant to Item�2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section�18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Furthermore, the information in Item�2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933 (the “Securities Act”).

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Item 2.06.

Material Impairments.

�

In connection with the preparation of its financial statements for the quarter ended September 30, 2014, the Company determined that it would record impairment charges in an aggregate amount of approximately $122.5 million. These impairment charges consist of approximately $50.9 million for impairment of certain joint ventures due to recognized impairments in investments held in underperforming properties within the Company's HSRE joint ventures that are being held for sale, as well as an impairment of the Company's Montreal joint venture as these assets have meaningfully underperformed in their first year of operations resulting in the carrying value of the investment likely not being recoverable. The Company also recorded impairments of approximately $29.8 million for pre-development projects that the Company has determined are no longer feasible upon exiting its construction and development business, approximately $34.0 million associated with the adjustment to the Company’s ownership interests in the Copper Beech portfolio resulting from the Company’s decision not to exercise the first purchase option to acquire additional interests in the portfolio and approximately $7.8 million for other various balance sheet items related to corporate infrastructure changes.

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Item 7.01.

Regulation FD Disclosure.

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On November 4, 2014, members of management of the Company will deliver a presentation in connection with the Company’s earnings release conference call. The presentation will include a slide presentation, a copy of which is furnished as Exhibit 99.3 to this Current Report on Form 8-K and shall not be deemed “filed” with the SEC for the purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such a filing.�The Company will also make the presentation available on its website at http://investors.campuscrest.com.�

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Item 9.01.

Financial Statements and Exhibits.

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(d) Exhibits. The following exhibits are filed herewith:

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Exhibit	�
Number	Description
�	�
99.1	Press release, dated November 4, 2014, issued by Campus Crest Communities, Inc., providing the results of operations for the three and nine months ended September 30, 2014
�	�
99.2	Campus Crest Communities, Inc. Second Quarter 2014 Supplemental Analyst Package
�	�
99.3	Management Presentation, dated November 4, 2014, by Campus Crest Communities, Inc.

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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�	CAMPUS CREST COMMUNITIES, INC.
�	�
Date: November 4, 2014	/s/ Aaron Halfacre
�	Aaron Halfacre
�	Executive Vice President and Chief Investment Officer

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Exhibit Index

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Exhibit	�
Number	Description
�	�
99.1	Press release, dated November 4, 2014, issued by Campus Crest Communities, Inc., providing the results of operations for the three and nine months ended September 30, 2014
�	�
99.2	Campus Crest Communities, Inc. Second Quarter 2014 Supplemental Analyst Package
�	�
99.3	Management Presentation, dated November 4, 2014, by Campus Crest Communities, Inc.

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Exhibit 99.1

�

CCG Announces Change in Management, Copper Beech Transaction and Strategic Repositioning

�

Charlotte, NC – November 4, 2014 – Campus Crest Communities, Inc. (NYSE: CCG) (the “Company”), an owner and manager of high-quality student housing properties, today announced additional changes in senior management, as well as its intent to acquire Copper Beech assets, discontinue its construction and development business, reduce joint venture exposure and sell non-core assets as part of the Company’s release of financial results for the three months ended September 30, 2014.

�

Highlights

�

Change in Management

�

Effective immediately, Ted W. Rollins, Chairman and Chief Executive Officer, has resigned and will no longer be actively involved with the Company. The Independent Directors of the Board of Directors of the Company have elected Richard Kahlbaugh, lead independent director, as Executive Chairman and Interim CEO. It is intended that Mr. Kahlbaugh will guide the Company through the completion of its strategic repositioning.

�

Effective immediately, Donnie Bobbitt has resigned and will no longer serve as the Company’s Chief Financial Officer. Mr. Bobbitt will remain as a transition advisor to the Company reporting to Mr. Kahlbaugh. Scott Rochon has been named acting Chief Financial Officer in addition to his duties as the Company’s Chief Accounting Officer.

�

Aaron Halfacre and Angel Herrera remain as the Company’s Chief Investment Officer and Chief Operating Officer, respectively.

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Copper Beech Transaction

�

Entered into an amendment to the Copper Beech purchase agreement to acquire remaining equity interests in 32 properties in the Copper Beech portfolio; transaction expected to generate approximately $20 million of incremental net operating income (“NOI”) at an incremental purchase cap rate of 7.3% based on current share price

�

Total consideration of approximately $60.3 million cash, approximately $140.6 million of debt assumption and the issuance of approximately 12.4 million operating partnership units (“OP units”)

�

OP units to be issued at premium to the current share price and above consensus net asset value

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Achieves full operational control while also providing scale, diversification and accretion

�

Target closing of December 31, 2014

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Strategic Repositioning

�

Discontinuing all construction and development to simplify the business model and focus on organic growth

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Identifying cost savings at the property and corporate level to enhance profitability

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Reducing joint venture exposure through select asset dispositions to reduce indebtedness and increase liquidity

�

Exploring strategic options for our projects in Montreal, to include capital solutions to reduce exposure, concurrent with ongoing efforts to drive occupancy

�

Marketing development pipeline assets for sale to increase liquidity and simplify balance sheet

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"Today’s announcement exemplifies our commitment to our investors. Not only are we completing the Copper Beech transaction on attractive terms, we have also taken the necessary actions to deliver change," declared the Independent Directors of the Board of Directors of the Company. "After a thorough and deliberate process, the Board of Directors of the Company have accepted the resignations of Mr. Rollins and Mr. Bobbitt. We thank them for their years of service and wish them the very best in their future endeavors.”

�

“The Board of Directors will be working closely with Aaron, Scott and Angel as we continue the strategic repositioning of Campus Crest,” noted Mr. Kahlbaugh. “As previously stated, our initiatives for change include a focus on operations to deliver organic growth, instilling a disciplined approach to capital allocation, manifesting meaningful cost savings across our organization and bringing about thoughtful balance sheet improvements. We look forward to providing more information in the weeks and months ahead.”

�

“We are proactively taking the steps necessary to restore investor confidence and are intently focused on improving shareholder value. We thank our investors for their continued support.” said Aaron Halfacre.

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Financial Results for the Three and Nine Months Ended September 30, 2014

For the three and nine months ended September 30, 2014, Funds From Operations (“FFO”) and FFOA are shown in the table below.

�

FFO/FFOA

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

($mm, except per share)

�

2014

�

Per share -
diluted

�

2013

�

Per share -
diluted

�

2014

�

Per share -
diluted

�

2013

�

Per share -
diluted

�

FFO

�

118.9

)

�

1.84

)

�

14.1

�

0.22

�

96.2

)

�

1.49

)

�

35.0

�

0.60

�

FFOA¹

�

9.7

�

0.15

�

13.1

�

0.20

�

28.2

�

0.44

�

31.9

�

0.55

�

¹Includes eliminations for the write-off of transaction costs, the fair value adjustments of Copper Beech debt, restructuring related charges, asset impairments, and other charges as reflected in the Q3 2014 Supplemental Analyst Package.

�

A reconciliation of net income attributable to common stockholders to FFO and to FFOA can be found at the end of this release.

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For the three months ended September 30, 2014, the Company reported total revenues of $28.3 million and net income (loss) attributable to common stockholders of ($130.0) million as a result of the Company’s strategic repositioning, compared to $23.3 million and $3.7 million, respectively, in the same period in 2013. Please see Balance Sheet Impairments and Condensed Consolidated Statement of Operations for further details below.

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Operating Results

�

For the three and nine months ended September 30, 2014, results for wholly owned same store properties were as follows:

�

Same Store Results

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

($mm)

�

2014

�

2013

�

Change

�

2014

�

2013

�

Change

�

Number of Assets

�

Number of Beds

�

14,920

�

14,920

�

14,920

�

14,920

�

Occupancy

�

90.0

�

91.5

�

(150) bps

�

90.2

�

92.5

�

(230) bps

�

Total Revenues

�

20.9

�

21.1

�

(1.1

�

62.7

�

64.1

�

(2.2

NOI

�

10.5

�

11.4

�

(7.8

�

33.5

�

35.4

�

(5.5

NOI Margin

�

50.4

�

54.1

�

(370) bps

�

53.4

�

55.2

�

(180) bps

�

The year-over-year results reflect the Company’s improved tenant underwriting processes implemented for the 2014/2015 academic leasing year. These improvements are designed to better reflect in-place economic occupancy and minimize quarter-over-quarter volatility on a go-forward basis.

�

NOI margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period. A reconciliation of net income attributable to common stockholders to NOI can be found at the end of this release. In addition, details regarding same store NOI and calculations thereof may be found in the Supplemental Analyst Package located at http://investors.campuscrest.com/.

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Portfolio Information

�

As of September 30, 2014, the Company owned interests in 86 properties totaling approximately 46,682 beds across North America. A summary of the leasing for the 2014/2015 academic year follows:

�

2014/2015 Academic Year Leasing Summary

�

2013-2014

�

2014-2015

�

Rental Rate

�

Category

�

Properties

�

Beds

�

Signed¹

�

Actual²

�

Forecast³

�

Change⁴

�

Change⁵

�

Operating Properties By Ownership

�

Wholly Owned

�

17,476

�

16,048

�

91.8

�

15,861

�

90.8

�

16,100

�

92.1

�

1.3

�

2.0

Joint Venture

�

5,148

�

4,197

�

81.5

�

4,141

�

80.4

�

4,110

�

79.8

�

(0.6

�

2.7

Copper Beech

�

16,647

�

15,082

�

90.6

�

15,080

�

90.6

�

15,592

�

93.7

�

3.1

�

0.2

�

Total Operating Properties

�

39,271

�

35,327

�

90.0

�

35,082

�

89.3

�

35,802

�

91.2

�

1.9

�

1.3

�

Total 2014 Deliveries

�

7,411

�

n/a

�

n/a

�

n/a

�

n/a

�

3,814

�

51.5

�

n/a

�

n/a

�

Footnotes:

1) Total signed leases as of September 30, 2013, as reported in October 1, 2013 press release

2) Actual physical occupancy during the 2013/2014 academic year

3) Forecast 2014/2105 physical occupancy based on leases signed as of September 30, 2014 and projected tenant attrition

4) Year over year change in occupancy based on actual 2013/2014 and forecast 2014/2015

5) Forecast rental rate change for the 2014-2015 academic year over the 2013-2014 academic achieved rental RevPOB

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Balance Sheet Impairments

�

The Company’s strategic repositioning resulted in impairments to the balance sheet as of September 30, 2014, and can be broadly associated with the following three categories:

�

Discontinued development – The Company’s exit from the construction and development business triggered the write-off of unrecoverable pre-development costs and adjustments to the carrying values of land parcels now being held for sale. Other related charges include severance and corporate infrastructure changes.

�

Reduced joint venture exposure – The Company has recognized impairments to its investments held in underperforming properties within our HSRE joint ventures. Additionally, an impairment of our Montreal joint venture has been taken in recognition that the full value of the investment may not be recoverable.

�

Effects of not exercising Copper Beech purchase option – A one-time non-cash accounting charge associated with the third quarter 2014 shift in the Company’s pro-rata economic ownership interest in the Copper Beech assets.

�

A summary of all balance sheet impairments follows:

�

Balance Sheet Impairments	�	�		�
($mm)	�	Adjustment		�
�	�	�		�
Impairment of land & predevelopment costs	�	$	29,790	�
Write off of corporate other assets	�	�	7,765	�
Impairment of unconsolidated entities	�	�	50,866	�
Effect of not exercising Copper Beech purchase option	�	�	34,048	�
�	�	�	�	�
Total	�	$	122,469	�
�	�	�	�	�

�

Capital Markets Activity and Liquidity

�

As of September 30, 2014, the Company had not sold any shares under its $100.0 million At-the-Market common equity offering program. The Company had $18.3 million of cash, $6.2 million of restricted cash and net availability under its revolving credit facility of $70.8 million as of September 30, 2014.

�

2014 Earnings Guidance and Dividends

�

Based on the Copper Beech transaction and the strategic repositioning announced today, the Company has withdrawn 2014 earnings guidance to allow sufficient time to complete forecast revisions.

�

The Company announced that its Board of Directors has declared its intent to lower the common stock dividend upon final review of forecast revisions; the fourth quarter dividend will be announced in December.

�

Conference Call Details

�

The Company will host a conference call on Tuesday, November 4, 2014, at 9:00 a.m. (EST) to discuss the financial results.

The call can be accessed live over the phone by dialing 877-407-0789, or for international callers, 201-689-8562. A replay will be available shortly after the call and can be accessed by dialing 877-870-5176, or for international callers, 858-384-5517. The pin number for the replay is 13594808. The replay will be available until November 11, 2014.

�

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at http://investors.campuscrest.com/. A recording of the call will also be available on the Company's website following the call.

�

Supplemental Schedules

�

The Company has published a Supplemental Analyst Package in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. These can be found under the “Earnings Center” tab in the Investors section of the Company’s web site at http://www.campuscrest.com/.

�

About Campus Crest Communities, Inc.

�

Campus Crest Communities, Inc. is a leading owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 86 student housing properties with over 46,000 beds across North America. Additional information can be found on the Company's website at http://www.campuscrest.com.

�

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. 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 2014 FFOA 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.

�

Contact:

�

Investor Relations

(704) 496-2571

[email protected]

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CAMPUS CREST COMMUNITIES

�

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in $000s)

�

�	�	�		�	�	�		�
�	�	September 30,		�	�	December 31,		�
�	�	2014		�	�	2013		�
�	�	�		�	�	�		�
Assets	�	�	�	�	�	�	�	�
Investment in real estate, net:	�	�	�	�	�	�	�	�
Student housing properties	�	$	923,531	�	�	$	716,285	�
Accumulated depreciation	�	�	(120,121	)	�	�	(102,356	)
Development in process	�	�	19,802	�	�	�	91,184	�
Investment in real estate, net	�	�	823,212	�	�	�	705,113	�
Investment in unconsolidated entities¹	�	�	275,040	�	�	�	324,838	�
Cash and cash equivalents	�	�	18,313	�	�	�	32,054	�
Restricted cash ²	�	�	6,207	�	�	�	32,636	�
Student receivables, net	�	�	2,802	�	�	�	2,825	�
Cost and earnings in excess of construction billings	�	�	24,449	�	�	�	42,803	�
Other assets, net	�	�	46,796	�	�	�	42,410	�
Total assets	�	$	1,196,819	�	�	$	1,182,679	�
�	�	�	�	�	�	�	�	�
Liabilities and equity	�	�	�	�	�	�	�	�
Liabilities:	�	�	�	�	�	�	�	�
Mortgage and construction loans	�	$	279,152	�	�	$	205,531	�
Line of credit and other debt	�	�	301,122	�	�	�	207,952	�
Accounts payable and accrued expenses	�	�	69,902	�	�	�	62,448	�
Construction billings in excess of cost and earnings	�	�	8	�	�	�	600	�
Other liabilities	�	�	18,768	�	�	�	11,167	�
Total liabilities	�	�	668,952	�	�	�	487,698	�
Equity:	�	�	�	�	�	�	�	�
Preferred stock	�	$	61	�	�	$	61	�
Common stock	�	�	648	�	�	�	645	�
Additional common and preferred paid-in capital	�	�	776,605	�	�	�	773,896	�
Accumulated deficit and distributions	�	�	(256,377	)	�	�	(84,143	)
Accumulated other comprehensive loss	�	�	(1,451	)	�	�	(71	)
Total stockholders' equity	�	�	519,486	�	�	�	690,388	�
Noncontrolling interests	�	�	8,381	�	�	�	4,593	�
Total equity	�	�	527,867	�	�	�	694,981	�
Total liabilities and equity	�	$	1,196,819	�	�	$	1,182,679	�
�	�	�	�	�	�	�	�	�

�

¹As of December 31, 2013, includes the Company’s investment in Copper Beech equating to a 67% effective ownership interest in 30 properties, of which 28 are operating and two are non-operating properties. 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. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

²As of September 30, 2014 and December 31, 2013, includes approximately $0 and $28,200, respectively, of cash held in escrow from the sale of four wholly-owned Grove-branded student housing properties on December 27, 2013.

�

CAMPUS CREST COMMUNITIES

�

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in $000s, except per share data)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

$ Change

�

2014

�

2013

�

$ Change

�

Revenues:

�

Student housing rental

�

26,985

�

22,165

�

4,820

�

74,256

�

64,118

�

10,138

�

Student housing services

�

1,043

�

867

�

176

�

3,043

�

2,645

�

398

�

Property management services

�

281

�

225

�

711

�

539

�

172

�

Total revenues

�

28,309

�

23,257

�

5,052

�

78,010

�

67,302

�

10,708

�

Operating expenses:

�

Student housing operations

�

12,368

�

9,923

�

2,445

�

33,728

�

29,341

�

4,387

�

General and administrative¹

�

4,043

�

2,424

�

1,619

�

11,198

�

8,076

�

3,122

�

Impairment of land & predevelopment costs

�

29,790

�

29,790

�

29,790

�

29,790

�

Write-off of corporate other assets

�

7,765

�

7,765

�

7,765

�

7,765

�

Transaction costs²

�

286

�

247

�

2,331

�

835

�

1,496

�

Ground leases

�

120

�

357

�

162

�

195

�

Depreciation and amortization

�

7,035

�

5,581

�

1,454

�

21,269

�

17,154

�

4,115

�

Total operating expenses

�

61,407

�

18,229

�

43,178

�

106,438

�

55,568

�

50,870

�

Equity in earnings (loss) of unconsolidated entities^3,4

�

635

�

1,302

�

(667

)

�

3,608

�

(3,545

)

Impairment of unconsolidated entities

�

(50,866

)

�

(50,866

)

�

(50,866

)

�

(50,866

)

Effect of not exercising Copper Beech purchase option

�

(34,048

)

�

(34,048

)

�

(34,048

)

�

(34,048

)

Operating income

�

(117,377

)

�

6,330

�

(123,707

)

�

(113,279

)

�

15,342

�

(128,621

)

Nonoperating income (expense):

�

Interest expense, net

�

(3,639

)

�

(3,091

)

�

(548

)

�

(9,965

)

�

(8,764

)

�

(1,201

)

Other income (expense)⁵

�

(41

)

�

696

�

(737

)

�

129

�

1,421

�

(1,292

)

Total nonoperating expense, net

�

(3,680

)

�

(2,395

)

�

(1,285

)

�

(9,836

)

�

(7,343

)

�

(2,493

)

Net income before income tax benefit (expense)

�

(121,057

)

�

3,935

�

(124,992

)

�

(123,115

)

�

7,999

�

(131,114

)

Income tax benefit (expense)

�

(1,131

)

�

(40

)

�

(1,091

)

�

(731

)

�

306

�

(1,037

)

Income from continuing operations

�

(122,188

)

�

3,895

�

(126,083

)

�

(123,846

)

�

8,305

�

(132,151

)

Income (loss) from discontinued operations

�

(5,506

)

�

958

�

(6,464

)

�

(3,191

)

�

2,655

�

(5,846

)

Net income (loss)

�

(127,694

)

�

4,853

�

(132,547

)

�

(127,037

)

�

10,960

�

(137,997

)

Dividends on preferred stock

�

3,050

�

1,150

�

1,900

�

9,150

�

3,450

�

5,700

�

Net income (loss) attributable to noncontrolling interests

�

(770

)

�

(796

)

�

(773

)

�

(824

)

Net income (loss) attributable to common stockholders

�

129,974

)

�

3,677

�

133,651

)

�

135,414

)

�

7,459

�

142,873

)

�

Per share data - basic and diluted:

�

Income (loss) from continuing operations attributable to common stockholders

�

1.92

)

�

0.05

�

2.04

)

�

0.08

�

Income (loss) from discontinued operations attributable to common stockholders

�

0.09

)

�

0.01

�

0.05

)

�

0.05

�

Net income (loss) per share attributable to common stockholders

�

2.01

)

�

0.06

�

2.09

)

�

0.13

�

Weighted average common shares outstanding:

�

Basic

�

64,770

�

64,518

�

64,650

�

58,461

�

Diluted

�

65,204

�

64,953

�

65,084

�

58,896

�

¹ For three and nine months ended September 30, 2014, includes $720 of severance costs.

² For the three and nine months ended September 30, 2014, includes $286 and $2,331, respectively, of transaction costs related to Copper Beech, the Montreal investments and other transaction costs. Additionally, for the three and nine months ended September 30, 2013, includes $247 and $835, respectively, of transaction costs related to Copper Beech.

³ For the three and nine months ended September 30, 2014 and the period from March 18, 2013 to September 30, 2013, includes results from the Company’s investment in Copper Beech. The Company made its initial investment 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, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven 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. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

⁴ For the three and nine months ended September 30, 2014, includes $1,539 and $5,058, respectively, of fair value adjustment related to Copper Beech's debt. For the three and nine months ended September 30, 2013, includes $1,220 and $2,165, respectively, of fair value adjustment related to Copper Beech's debt.

⁵For the three and nine months ended September 30, 2013, includes interest income from the 8.5%, $31,700 loan made to existing investors in Copper Beech on March 18, 2013. In conjunction with the September 30, 2013 amendment to the purchase and sale agreement, the $31,700 loan was repaid by Copper Beech.

�

CAMPUS CREST COMMUNITIES

�

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

(in $000s, except per share data)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

$ Change

�

2014

�

2013

�

$ Change

�

Net income (loss) attributable to common stockholders

�

129,974

)

�

3,677

�

133,651

)

�

135,414

)

�

7,459

�

142,873

)

Net income (loss) attributable to noncontrolling interests

�

(770

)

�

(796

)

�

(773

)

�

(824

)

Real estate related depreciation and amortization

�

6,590

�

5,341

�

1,249

�

20,175

�

16,523

�

3,652

�

Real estate related depreciation and amortization - discontinued operations

�

545

�

(545

)

�

2,070

�

(2,070

)

Real estate related depreciation and amortization - unconsolidated entities

�

5,259

�

4,487

�

772

�

19,856

�

8,917

�

10,939

�

FFO available to common shares and OP units^{1, 2, 3}

�

(118,895

)

�

14,076

�

(132,971

)

�

(96,156

)

�

35,020

�

(131,176

)

Elimination of the following:

�

Transaction costs

�

286

�

1,153

�

(867

)

�

2,331

�

1,741

�

590

�

Impairment of land & predevelopment costs

�

29,790

�

29,790

�

29,790

�

29,790

�

Write off of corporate other assets

�

7,765

�

7,765

�

7,765

�

7,765

�

Severance

�

720

�

720

�

720

�

720

�

Change in valuation allowance for deferred tax asset

�

1,131

�

1,131

�

731

�

731

�

Discontinued operations

�

5,506

�

(958

)

�

6,464

�

3,191

�

(2,655

)

�

5,846

�

Impairment of unconsolidated entities

�

50,866

�

50,866

�

50,866

�

50,866

�

Effect of not exercising Copper Beech purchase option

�

34,048

�

34,048

�

34,048

�

34,048

�

FV adjustment of CB debt

�

(1,539

)

�

(1,220

)

�

(319

)

�

(5,058

)

�

(2,165

)

�

(2,893

)

�

Funds from operations adjusted (FFOA) available to common shares and OP units

�

9,678

�

13,051

�

3,373

)

�

28,228

�

31,941

�

3,713

)

�

FFO per share - diluted^{1, 2, 3}

�

1.84

)

�

0.22

�

2.06

)

�

1.49

)

�

0.60

�

2.09

)

FFOA per share - diluted

�

0.15

�

0.20

�

0.05

)

�

0.44

�

0.55

�

0.11

)

Weighted average common shares and OP units outstanding - basic/dilutive⁴

�

64,770

�

64,518

�

64,650

�

58,461

�

Three Months Ended
September 30,

�

Nine Months Ended
September 30,

�

2014¹

�

2013¹

�

2014¹

�

2013¹

�

Net income (Loss) attributable to common stockholders

�

129,974

)

�

3,677

�

135,414

)

�

7,459

�

Net income (Loss) attributable to noncontrolling interests

�

(770

)

�

(773

)

�

Preferred stock dividends

�

3,050

�

1,150

�

9,150

�

3,450

�

Income tax (benefit) expense

�

1,131

�

731

�

(306

)

Other (income) expense

�

(696

)

�

(129

)

�

(1,348

)

(Income) loss on discontinued operations

�

5,506

�

(958

)

�

3,191

�

(2,655

)

Interest expense

�

3,639

�

3,091

�

9,965

�

8,764

�

Equity in earnings of unconsolidated entities

�

(635

)

�

(1,302

)

�

(63

)

�

(3,608

)

Depreciation and amortization

�

7,035

�

5,581

�

21,269

�

17,154

�

Ground lease expense

�

120

�

357

�

162

�

General and administrative expense⁵

�

4,043

�

2,424

�

11,198

�

8,076

�

Impairment of unconsolidated entities

�

50,866

�

50,866

�

Effect of not exercising Copper Beech purchase option

�

34,048

�

34,048

�

Impairment of land & predevelopment costs

�

29,790

�

29,790

�

Write-off of corporate other assets

�

7,765

�

7,765

�

Transaction costs

�

286

�

247

�

2,331

�

835

�

Property management services

�

(281

)

�

(225

)

�

(711

)

�

(539

)

Total NOI

�

15,660

�

13,109

�

43,571

�

37,495

�

Same store properties NOI⁶

�

10,525

�

11,424

�

33,461

�

35,412

�

New properties NOI^6,7

�

4,259

�

1,224

�

7,743

�

1,255

�

The Grove at Pullman & Toledo NOI⁸

�

876

�

461

�

2,367

�

755

�

¹For the three and nine months ended September 30, 2014 and the period March 18, 2013 to June 30, 2013, includes results from the Company’s investment in Copper Beech. The Company made its initial investment 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, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven 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. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

²For the three and nine months ended September 30, 2014, includes $286 and $2,331, respectively, of transaction costs related to Copper Beech, the Montreal investments and other transaction costs. Additionally, for the three and nine months ended September 30, 2013, includes $247 and $835, respectively, of transaction costs related to Copper Beech.

³For the three and nine months ended September 30, 2014, includes $1,539 and $5,058, respectively, of fair value adjustment related to Copper Beech's debt. For the three and nine months ended September 30, 2013, includes $1,220 and $2,165, respectively, of fair value adjustment related to Copper Beech's debt.

⁴For the three and nine months ended September 30, 2014, the basic shares were used to calculate FFO and FFOA as the dilutive shares would have been anti-dilutive. For the three and nine months ended September 30, 2013, the dilutive shares were used to calculate FFO and FFOA.

⁵For three and nine months ended September 30, 2014, includes $720 of severance costs.

⁶"Same store" properties are our wholly-owned operating properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us and remaining in service through the end of the latest period presented or period being analyzed. "New properties" are our wholly-owned operating properties that we acquired or placed in service after the beginning of the earliest period presented or period being analyzed.

⁷ Includes NOI contribution from Copper Beech at Ames. This is a consolidated joint venture.

⁸ 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.

�

Non-GAAP Financial Measures

�

FFO and FFOA

�

FFO is a non-GAAP financial measure. We calculate FFO in accordance with the definition that was adopted by the Board of Governors of NAREIT. FFO, as defined by NAREIT, represents net income (loss) determined in accordance with U.S. GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, in October 2011, NAREIT communicated to its members that the exclusion of impairment write-downs of depreciable real estate is consistent with the definition of FFO.

�

We use FFO as a supplemental performance measure because, in excluding real estate-related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating expenses. We also believe that, as a widely recognized measure of the performance of equity REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially and adversely impact our results of operations, the utility of FFO as a measure of our performance is limited.

�

While FFO is a relevant and widely used measure of operating performance of equity REITs, other equity REITs may use different methodologies for calculating FFO and, accordingly, FFO as disclosed by such other REITs may not be comparable to FFO published herein. Therefore, we believe that in order to facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (loss) (computed in accordance with U.S. GAAP) as presented in the consolidated financial statements included elsewhere in this document. FFO should not be considered as an alternative to net income (loss) (computed in accordance with U.S. GAAP) as an indicator of our properties’ financial performance or to cash flow from operating activities (computed in accordance with U.S. GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

�

FFOA is a non-GAAP financial measure. In addition to FFO, we believe it is also a meaningful measure of our performance to adjust FFO to exclude the write-off of unamortized deferred financing fees, transaction costs, impairments, severance, discontinued operations, the effect of not exercising the Copper Beech purchase option, the write-off of development cost and fair value debt adjustments on equity method investments. Excluding the write-off of unamortized deferred financing fees, transaction costs, impairments, severance, discontinued operations, the effect of not exercising the Copper Beech purchase option, the write-off of development cost, and fair value debt adjustments on equity method investments adjusts FFO to be more reflective of operating results prior to capital replacement or expansion, debt service obligations or other commitments and contingencies.

�

NOI

�

NOI is a non-GAAP financial measure. We calculate NOI by adding back (or subtracting from) to net income (loss) attributable to common stockholders the following expenses or charges: income tax expense, interest expense, equity in loss of unconsolidated entities, preferred stock dividends, depreciation and amortization, transaction costs, ground lease expense, general and administrative expense and development, construction and management services expense. The following income or gains are then deducted from net income (loss) attributable to common stockholders, adjusted for add backs of expenses or charges: equity in earnings of unconsolidated entities, income tax benefit, other income, and development, construction and management services revenue. We believe these adjustments help provide a performance measure, when compared year over year, that illustrates the operating results of our wholly-owned properties and captures trends in student housing rental and services income and student housing operating expenses.

�

NOI excludes multiple components of net income (loss) (computed in accordance with U.S. GAAP) and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially and adversely impact our results of operations. Therefore, the utility of NOI as a measure of our performance is limited. Additionally, other companies, including other equity REITs, may use different methodologies for calculating NOI and, accordingly, NOI as disclosed by such other companies may not be comparable to NOI published herein. Therefore, we believe that in order to facilitate a clear understanding of our historical operating results, NOI should be examined in conjunction with net income (loss) (computed in accordance with U.S. GAAP) as presented in the consolidated financial statements included elsewhere in this document. NOI should not be considered as an alternative to net income (loss) (computed in accordance with U.S. GAAP) as an indicator of our properties’ financial performance or to cash flow from operating activities (computed in accordance with U.S. GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

�

Exhibit 99.2

�

Third Quarter 2014

Supplemental Analyst Package

�

Contact:

Investor Relations

704-496-2571�

[email protected]�

�

THIRD QUARTER 2014

SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENTS

��

Financial Highlights	3
�	�
Condensed Consolidated Balance Sheets	4
�	�
Condensed Consolidated Statements of Operations	5
�	�
Reconciliation of Net Income (Loss) Attributable to Common Stockholders to FFO, FFOA and Net Operating Income	6
�	�
Wholly Owned Property Results of Operations	7
�	�
LTM Wholly Owned Property Results of Operations	8
�	�
Same Store Wholly Owned Property Operating Expenses	9
�	�
HSRE, Beaumont and Copper Beech Joint Venture Property Results of Operations	10
�	�
Capital Structure as of September 30, 2014	11
�	�
Outstanding Debt and Maturity Schedule	12
�	�
HSRE & Beaumont Joint Venture Debt Summary	13
�	�
Copper Beech Joint Venture Debt Summary	14
�	�
Portfolio Overview and Occupancy	15 - 16
�	�
Copper Beech Portfolio Overview and Occupancy	17
�	�
Investor Information	18
�	�
Forward-Looking Statements	19

��

�

��

CAMPUS CREST COMMUNITIES

�

FINANCIAL HIGHLIGHTS (unaudited)

�

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

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

$ Change

�

% Change

�

2014

�

2013

�

$ Change

�

% Change

�

Total revenues

$28,309

�

$23,257

�

$5,052

�

21.7%

�

$78,010

�

$67,302

�

$10,708

�

15.9%

NOI

�15,660

�

�13,109

�

2,551

�

19.5%

�

$43,571

�

$37,422

�

6,149

�

16.4%

Operating income

(117,377)

�

6,330

�

(123,707)

�

(113,279)

�

15,342

�

(128,621)

�

Net income (loss) attributable to common stockholders¹

(129,974)

�

3,677

�

(133,651)

�

(135,414)

�

7,459

�

(142,873)

�

Net income (loss) per share - basic and diluted

($2.01)

�

$0.06

�

($2.07)

�

($2.09)

�

$0.13

�

($2.22)

�

FFO²

(118,895)

�

14,076

�

(132,971)

�

(96,156)

�

35,020

�

(131,176)

�

FFO per share - diluted^2,4

($1.84)

�

$0.22

�

($2.06)

�

($1.49)

�

$0.60

�

($2.09)

�

FFOA³

9,678

�

13,051

�

(3,373)

�

(25.8%)

�

28,228

�

31,941

�

(3,713)

�

(11.6%)

FFOA per share - diluted^3,4

$0.15

�

$0.20

�

($0.05)

�

(25.0%)

�

$0.44

�

$0.55

�

($0.11)

�

(20.0%)

�

Debt to total market capitalization

50.5%

�

33.9%

�

n/a

�

16.6%

�

50.5%

�

33.9%

�

n/a

�

16.6%

�

Operating Statistics (wholly-owned)

�

Total RevPOB⁵

$530

�

$518

�

$12

�

2.3%

�

$526

�

$517

�

1.7%

Average Physical Occupancy⁶

89.2%

�

91.1%

�

n/a

�

(1.9%)

�

89.8%

�

92.3%

�

n/a

�

(2.5%)

�

¹For the three and nine months ended September 30, 2014 results include certain write-downs and impairments, primarily related to impairment of unconsolidated entities, impairments of land and predevelopment costs, effect of not exercising Copper Beech purchase option and write off of other corporate assets.

² For the three and nine months ended September 30, 2014 and the period March 18, 2013 to September 30, 2013, 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, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven 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. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

³Includes transaction costs and the fair value adjustment of Copper Beech's debt.

⁴Refer to page 6 for a reconciliation of FFO per share to FFOA per share.

⁵Total revenue per occupied bed includes rental and service revenues.

⁶ Average monthly occupancy.

�

��

*CAMPUS CREST COMMUNITIES*	�	�	�	�
�	�	�	�	�
�	�	�	�	�
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)		�	�	�
(in $000s)	�	�	�	�
�	�	�	�	�
�	�	�	�	�
�	�	September 30,	�	December 31,
�	�	2014	�	2013
�	�	�	�	�
Assets	�	�	�	�
Investment in real estate, net:	�	�	�	�
Student housing properties	�	$923,531	�	$716,285
Accumulated depreciation	�	(120,121)	�	(102,356)
Development in process	�	19,802	�	91,184
Investment in real estate, net	�	823,212	�	705,113
Investment in unconsolidated entities¹	�	275,040	�	324,838
Cash and cash equivalents	�	18,313	�	32,054
Restricted cash ²	�	6,207	�	32,636
Student receivables, net	�	2,802	�	2,825
Cost and earnings in excess of construction billings	�	24,449	�	42,803
Other assets, net	�	46,796	�	42,410
Total assets	�	$1,196,819	�	$1,182,679
�	�	�	�	�
Liabilities and equity	�	�	�	�
Liabilities:	�	�	�	�
Mortgage and construction loans	�	$279,152	�	$205,531
Line of credit and other debt	�	301,122	�	207,952
Accounts payable and accrued expenses	�	69,902	�	62,448
Construction billings in excess of cost and earnings	�	8	�	600
Other liabilities	�	18,768	�	11,167
Total liabilities	�	668,952	�	487,698
Equity:	�	�	�	�
Preferred stock	�	$61	�	$61
Common stock	�	648	�	645
Additional common and preferred paid-in capital	�	776,605	�	773,896
Accumulated deficit and distributions	�	(256,377)	�	(84,143)
Accumulated other comprehensive loss	�	�(1,451)	�	�(71)
Total stockholders' equity	�	519,486	�	690,388
Noncontrolling interests	�	8,381	�	4,593
Total equity	�	527,867	�	694,981
Total liabilities and equity	�	$1,196,819	�	$1,182,679
�	�	�	�	�

�

��

CAMPUS CREST COMMUNITIES

�

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

�

(in $000s, except per share data)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

$ Change

�

2014

�

2013

�

$ Change

�

Revenues:

�

Student housing rental

�

$26,985

�

$22,165

�

$4,820

�

$74,256

�

$64,118

�

$10,138

Student housing services

�

�1,043

�

�867

�

�176

�

�3,043

�

�2,645

�

�398

Property management services

�

�281

�

�225

�

�56

�

�711

�

�539

�

�172

Total revenues

�

28,309

�

23,257

�

5,052

�

78,010

�

67,302

�

10,708

Operating expenses:

�

Student housing operations

�

12,368

�

9,923

�

2,445

�

33,728

�

29,341

�

4,387

General and administrative¹

�

4,043

�

2,424

�

1,619

�

11,198

�

8,076

�

3,122

Impairment of land & predevelopment costs

�

29,790

�

�-

�

29,790

�

29,790

�

�-

�

29,790

Write-off of corporate other assets

�

7,765

�

�-

�

7,765

�

7,765

�

�-

�

7,765

Transaction costs²

�

286

�

247

�

2,331

�

835

�

1,496

Ground leases

�

120

�

�66

�

357

�

162

�

�195

Depreciation and amortization

�

7,035

�

5,581

�

1,454

�

21,269

�

17,154

�

4,115

Total operating expenses

�

61,407

�

18,229

�

43,178

�

106,438

�

55,568

�

50,870

Equity in earnings (loss) of unconsolidated entities^3,4

�

�635

�

�1,302

�

�(667)

�

�63

�

�3,608

�

�(3,545)

Impairment of unconsolidated entities

�

(50,866)

�

�-

�

(50,866)

�

(50,866)

�

�-

�

(50,866)

Effect of not exercising Copper Beech purchase option

�

�(34,048)

�

�-

�

�(34,048)

�

�(34,048)

�

�-

�

�(34,048)

Operating income

�

(117,377)

�

6,330

�

(123,707)

�

(113,279)

�

15,342

�

(128,621)

Nonoperating income (expense):

�

Interest expense, net

�

�(3,639)

�

�(3,091)

�

�(548)

�

�(9,965)

�

�(8,764)

�

�(1,201)

Other income (expense)⁵

�

�(41)

�

�696

�

�(737)

�

�129

�

�1,421

�

�(1,292)

Total nonoperating expense, net

�

(3,680)

�

(2,395)

�

(1,285)

�

(9,836)

�

(7,343)

�

(2,493)

Net income before income tax benefit (expense)

�

(121,057)

�

3,935

�

(124,992)

�

(123,115)

�

7,999

�

(131,114)

Income tax benefit (expense)

�

�(1,131)

�

�(40)

�

�(1,091)

�

�(731)

�

�306

�

�(1,037)

Income from continuing operations

�

(122,188)

�

3,895

�

(126,083)

�

(123,846)

�

8,305

�

(132,151)

Income (loss) from discontinued operations

�

�(5,506)

�

958

�

�(6,464)

�

�(3,191)

�

2,655

�

�(5,846)

Net income (loss)

�

(127,694)

�

4,853

�

(132,547)

�

(127,037)

�

10,960

�

(137,997)

Dividends on preferred stock

�

�3,050

�

�1,150

�

�1,900

�

�9,150

�

�3,450

�

�5,700

Net income (loss) attributable to noncontrolling interests

�

(770)

�

�26

�

(796)

�

(773)

�

�51

�

(824)

Net income (loss) attributable to common stockholders

�

($129,974)

�

$3,677

�

($133,651)

�

($135,414)

�

$7,459

�

($142,873)

�

Per share data - basic and diluted:

�

Income (loss) from continuing operations attributable to common stockholders

�

($1.92)

�

$0.05

�

($2.04)

�

$0.08

�

Income (loss) from discontinued operations attributable to common stockholders

�

($0.09)

�

$0.01

�

($0.05)

�

$0.05

�

Net income (loss) per share attributable to common stockholders

�

($2.01)

�

$0.06

�

($2.09)

�

$0.13

�

Weighted average common shares outstanding:

�

Basic

�

�64,770

�

�64,518

�

�64,650

�

�58,461

�

Diluted

�

�64,770

�

�64,953

�

�64,650

�

�58,896

�

¹ For three and nine months ended September 30, 2014, includes $720 of severance costs.

��

�

��

*CAMPUS CREST COMMUNITIES*	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS TO FUNDS FROM OPERATIONS ("FFO"), FUNDS FROM OPERATIONS ADJUSTED ("FFOA") & NET OPERATING INCOME ("NOI") (unaudited)						�	�	�	�	�	�
(in $000s, except per share data)	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	Three Months Ended September 30,					�	Nine Months Ended September 30,
�	2014	�	2013	�	$ Change	�	2014	�	2013	�	$ Change
�	�	�	�	�	�	�	�	�	�	�	�
Net income (loss) attributable to common stockholders �	($129,974)	�	$3,677	�	($133,651)	�	($135,414)	�	$7,459	�	($142,873)
Net income (loss) attributable to noncontrolling interests	�(770)	�	�26	�	�(796)	�	�(773)	�	�51	�	�(824)
Real estate related depreciation and amortization	�6,590	�	�5,341	�	�1,249	�	�20,175	�	�16,523	�	�3,652
Real estate related depreciation and amortization - discontinued operations	�-	�	�545	�	�(545)	�	�-	�	�2,070	�	�(2,070)
Real estate related depreciation and amortization - unconsolidated entities	�5,259	�	�4,487	�	�772	�	�19,856	�	�8,917	�	�10,939
FFO available to common shares and OP units^{1, 2, 3}	�(118,895)	�	�14,076	�	�(132,971)	�	�(96,156)	�	�35,020	�	�(131,176)
Elimination of the following:	�	�	�	�	�	�	�	�	�	�	�
Transaction costs	�286	�	�1,153	�	�(867)	�	�2,331	�	�1,741	�	�590
Impairment of land & predevelopment costs	�29,790	�	�-	�	�29,790	�	�29,790	�	�-	�	�29,790
Write off of corporate other assets	�7,765	�	�-	�	�7,765	�	�7,765	�	�-	�	�7,765
Severance	�720	�	�-	�	�720	�	�720	�	�-	�	�720
Change in valuation allowance for deferred tax asset	�1,131	�	�-	�	�1,131	�	�731	�	�-	�	�731
Discontinued operations	�5,506	�	�(958)	�	�6,464	�	�3,191	�	�(2,655)	�	�5,846
Impairment of unconsolidated entities	�50,866	�	�-	�	�50,866	�	�50,866	�	�-	�	�50,866
Effect of not exercising Copper Beech purchase option	�34,048	�	�-	�	�34,048	�	�34,048	�	�-	�	�34,048
FV adjustment of CB debt	�(1,539)	�	�(1,220)	�	�(319)	�	�(5,058)	�	�(2,165)	�	�(2,893)
Funds from operations adjusted (FFOA) available to common	�	�	�	�	�	�	�	�	�	�	�
shares and OP units	$9,678	�	$13,051	�	($3,373)	�	$28,228	�	$31,941	�	($3,713)
�	�	�	�	�	�	�	�	�	�	�	�
FFO per share - diluted^{1, 2, 3}	($1.84)	�	$0.22	�	($2.06)	�	($1.49)	�	$0.60	�	($2.09)
FFOA per share - diluted	$0.15	�	$0.20	�	($0.05)	�	$0.44	�	$0.55	�	($0.11)
Weighted average common shares and OP units outstanding - basic/dilutive⁴	�64,770	�	�64,518	�	�	�	�64,650	�	�58,461	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	Three Months Ended September 30,			�	�	�	Nine Months Ended September 30,			�	�
�	2014¹	�	2013¹	�	�	�	2014¹	�	2013¹	�	�
�	�	�	�	�	�	�	�	�	�	�	�
Net income (Loss) attributable to common stockholders	($129,974)	�	$3,677	�	�	�	($135,414)	�	$7,459	�	�
Net income (Loss) attributable to noncontrolling interests	(770)	�	26	�	�	�	(773)	�	51	�	�
Preferred stock dividends	3,050	�	1,150	�	�	�	9,150	�	3,450	�	�
Income tax (benefit) expense	1,131	�	40	�	�	�	731	�	(306)	�	�
Other (income) expense	41	�	(696)	�	�	�	(129)	�	(1,348)	�	�
(Income) loss on discontinued operations	�5,506	�	(958)	�	�	�	�3,191	�	(2,655)	�	�
Interest expense	3,639	�	3,091	�	�	�	9,965	�	8,764	�	�
Equity in earnings of unconsolidated entities	(635)	�	(1,302)	�	�	�	(63)	�	(3,608)	�	�
Depreciation and amortization	7,035	�	5,581	�	�	�	21,269	�	17,154	�	�
Ground lease expense	120	�	54	�	�	�	357	�	162	�	�
General and administrative expense⁵	4,043	�	2,424	�	�	�	11,198	�	8,076	�	�
Impairment of unconsolidated entities	50,866	�	�-	�	�	�	50,866	�	�-	�	�
Effect of not exercising Copper Beech purchase option	34,048	�	�-	�	�	�	34,048	�	�-	�	�
Impairment of land & predevelopment costs	29,790	�	�-	�	�	�	29,790	�	�-	�	�
Write-off of corporate other assets	7,765	�	�-	�	�	�	7,765	�	�-	�	�
Transaction costs	286	�	247	�	�	�	2,331	�	835	�	�
Property management services	(281)	�	(225)	�	�	�	(711)	�	(539)	�	�
Total NOI	$15,660	�	$13,109	�	�	�	$43,571	�	$37,495	�	�
Same store properties NOI⁶	$10,525	�	$11,424	�	�	�	$33,461	�	$35,412	�	�
New properties NOI^6,7	$4,259	�	$1,224	�	�	�	$7,743	�	$1,255	�	�
The Grove at Pullman & Toledo NOI⁸	$876	�	$461	�	�	�	$2,367	�	$755	�	�
�	�	�	�	�	�	�	�	�	�	�	�

�

²For the three and nine months ended September 30, 2014, includes $286 and $2,331, respectively, of transaction costs related to Copper Beech, the Montreal investments and other transaction costs. Additionally, for the three and nine months ended September 30, 2013, includes $247 and $835, respectively, of transaction costs related to Copper Beech.

⁵For three and nine months ended September 30, 2014, includes $720 of severance costs.

⁷ Includes NOI contribution from Copper Beech at Ames. This is a consolidated joint venture.

⁸ 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.

��

�

��

CAMPUS CREST COMMUNITIES

�

WHOLLY OWNED PROPERTY RESULTS OF OPERATIONS (unaudited)

�

(in $000s, except bed data)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

Change

�

% Change

�

2014

�

2013

�

Change

�

% Change

�

Same store properties (Number of properties)

�

Revenue per occupied bed

�

Rental revenue per occupied bed per month

$498

�

$497

�

0.2%

�

$497

�

$496

�

0.2%

Services revenue per occupied bed per month

�

10.5%

�

5.0%

Total revenue per occupied bed

$519

�

$516

�

0.6%

�

$518

�

$516

�

0.4%

�

Average number of owned beds

14,920

�

14,920

�

14,920

�

14,920

�

Average physical occupancy

90.0%

�

91.5%

�

(1.5%)

�

90.2%

�

92.5%

�

(2.3%)

�

Total revenue

$20,890

�

$21,118

�

($228)

�

(1.1%)

�

$62,667

�

$64,110

�

($1,443)

�

(2.3%)

Property operating expenses

10,365

�

9,694

�

671

�

6.9%

�

29,206

�

28,698

�

508

�

1.8%

Net operating income

$10,525

�

$11,424

�

($899)

�

(7.9%)

�

$33,461

�

$35,412

�

($1,951)

�

(5.5%)

Operating margin¹

50.4%

�

54.1%

�

(3.7%)

�

53.4%

�

55.2%

�

(1.8%)

�

New properties (Number of properties)^{2, 3, 4, 5}

�

Revenue per occupied bed

�

Rental revenue per occupied bed per month

$563

�

$552

�

$11

�

1.9%

�

$565

�

$552

�

$13

�

2.2%

Services revenue per occupied bed per month

�

66.7%

�

68.6%

Total revenue per occupied bed

$580

�

$558

�

$22

�

3.8%

�

$583

�

$558

�

$25

�

4.3%

�

Average number of owned beds

3,618

�

925

�

2,521

�

308

�

Average physical occupancy

86.0%

�

85.7%

�

0.3%

�

87.2%

�

85.7%

�

1.5%

�

Total revenue

$5,408

�

$1,327

�

$4,081

�

75.5%

�

$11,528

�

$1,327

�

$10,201

�

88.5%

Property operating expenses

1,149

�

103

�

1,046

�

91.0%

�

3,785

�

3,713

�

98.1%

Net operating income

$4,259

�

$1,224

�

$3,035

�

71.3%

�

$7,743

�

$1,255

�

$6,488

�

83.8%

Operating margin¹

78.8%

�

92.2%

�

(13.4%)

�

67.2%

�

94.6%

�

(27.4%)

�

ALL PROPERTIES (Number of properties)

�

Revenue per occupied bed

�

Rental revenue per occupied bed per month

$510

�

$500

�

$10

�

2.0%

�

$506

�

$497

�

1.8%

Services revenue per occupied bed per month

�

11.1%

�

0.0%

Total revenue per occupied bed

$530

�

$518

�

$12

�

2.3%

�

$526

�

$517

�

1.7%

�

Average number of owned beds

18,538

�

15,845

�

17,441

�

15,228

�

Average physical occupancy

89.2%

�

91.1%

�

(1.9%)

�

89.8%

�

92.3%

�

(2.5%)

�

Total revenue

$26,298

�

$22,445

�

$3,853

�

17.2%

�

$74,195

�

$65,437

�

$8,758

�

13.4%

Property operating expenses

11,514

�

9,797

�

1,717

�

17.5%

�

32,991

�

28,770

�

4,221

�

14.7%

Net operating income

$14,784

�

$12,648

�

$2,136

�

16.9%

�

$41,204

�

$36,667

�

$4,537

�

12.4%

Operating margin¹

56.2%

�

56.4%

�

(0.2%)

�

55.5%

�

56.0%

�

(0.5%)

�

The Grove at Pullman & Toledo NOI⁶

$876

�

$461

�

$2,367

�

$755

�

��

¹Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.

² For the three and nine months ended September 30, 2014, includes financial results for the 2013 wholly-owned deliveries (The Grove at Ft. Collins, The Grove at Muncie, and The Grove at Flagstaff - Phase II). The Grove at Flagstaff - Phase II is not included as an additional property, but increases the number of beds. Also includes financial results for The Grove at Denton. For the three months ended September 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 and The Grove at Mt. Pleasant).

³ For the three and nine months ended September 30, 2014, excludes financial results from The Grove at Pullman, WA. On July 14, 2013, the Company experienced a fire at this development. The Company reached a resolution with its insurance provider and while no assurances can be given, after taking into account its existing insurance coverage, it believes that the damages sustained as a result of this fire will not have a material adverse effect on its financial position or results of operations. As of September 2014, 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.

⁴ For the three and nine months ended September 30, 2014 and 2013, excludes financial results from the Toledo, OH redevelopment the Company acquired on March 15, 2013. The Company has begun a phased redevelopment of the property and has placed a portion of the project in service in August 2014.

⁵ For the nine months ended September 30, 2014, includes a partial period for The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014.

⁶ 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.

��

�

��

*CAMPUS CREST COMMUNITIES*	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
LTM WHOLLY OWNED PROPERTY RESULTS OF OPERATIONS (unaudited)					�	�	�	�	�	�	�
(in $000s, except bed data) �	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�	�
�	Three Months Ended									�	Total/Weighted Average
�	September 30, 2013	�	December 31, 2013	�	March 31, 2014	�	June 30, 2014	�	September 30, 2014	�	Last Twelve Months
�	�	�	�	�	�	�	�	�	�	�	�
Same store properties (Number of properties) �	28	�	28	�	28	�	28	�	28	�	28
Revenue per occupied bed �	�	�	�	�	�	�	�	�	�	�	�
Rental revenue per occupied bed per month �	$497	�	$501	�	$498	�	$495	�	$498	�	$498
Services revenue per occupied bed per month �	19	�	20	�	20	�	21	�	21	�	20
Total revenue per occupied bed �	$516	�	$521	�	$518	�	$516	�	$519	�	$518
�	�	�	�	�	�	�	�	�	�	�	�
Average number of owned beds �	14,920	�	14,920	�	14,920	�	14,920	�	14,920	�	14,920
Average physical occupancy �	91.5%	�	92.4%	�	90.5%	�	90.1%	�	90.0%	�	90.8%
�	�	�	�	�	�	�	�	�	�	�	�
Total revenue �	$21,118	�	$21,551	�	$20,980	�	$20,797	�	$20,890	�	$84,218
Property operating expenses �	9,694	�	10,330	�	9,436	�	9,404	�	10,365	�	39,535
Net operating income �	$11,424	�	$11,221	�	$11,544	�	$11,393	�	$10,525	�	$44,683
Operating margin¹ �	54.1%	�	52.1%	�	55.0%	�	54.8%	�	50.4%	�	53.1%
�	�	�	�	�	�	�	�	�	�	�	�
New properties (Number of properties)^{2, 3, 4} �	2	�	2	�	3	�	3	�	7	�	NA
Revenue per occupied bed �	�	�	�	�	�	�	�	�	�	�	�
Rental revenue per occupied bed per month �	$547	�	$572	�	$567	�	$564	�	$563	�	$565
Services revenue per occupied bed per month �	10	�	30	�	19	�	19	�	17	�	20
Total revenue per occupied bed �	$557	�	$602	�	$586	�	$583	�	$580	�	$585
�	�	�	�	�	�	�	�	�	�	�	�
Average number of owned beds �	925	�	1,388	�	1,846	�	1,972	�	3,618	�	2,206
Average physical occupancy �	85.7%	�	87.4%	�	87.5%	�	89.3%	�	86.0%	�	87.3%
�	�	�	�	�	�	�	�	�	�	�	�
Total revenue �	$1,343	�	$2,190	�	$2,839	�	$3,080	�	$5,408	�	$13,517
Property operating expenses �	166	�	659	�	1,147	�	1,310	�	1,149	�	4,265
Net operating income �	$1,177	�	$1,531	�	$1,692	�	$1,770	�	$4,259	�	$9,252
Operating margin¹ �	87.6%	�	69.9%	�	59.6%	�	57.5%	�	78.8%	�	68.4%
�	�	�	�	�	�	�	�	�	�	�	�
ALL PROPERTIES (Number of properties) �	30	�	30	�	31	�	31	�	35	�	NA
Revenue per occupied bed �	�	�	�	�	�	�	�	�	�	�	�
Rental revenue per occupied bed per month �	$499	�	$507	�	$505	�	$503	�	$510	�	$506
Services revenue per occupied bed per month �	19	�	21	�	20	�	21	�	20	�	20
Total revenue per occupied bed �	$518	�	$528	�	$525	�	$524	�	$530	�	$526
�	�	�	�	�	�	�	�	�	�	�	�
Average number of owned beds �	15,845	�	16,308	�	16,766	�	16,892	�	18,538	�	17,126
Average physical occupancy �	91.1%	�	92.0%	�	90.2%	�	90.0%	�	89.2%	�	90.3%
�	�	�	�	�	�	�	�	�	�	�	�
Total revenue �	$22,461	�	$23,741	�	$23,819	�	$23,877	�	$26,298	�	$97,735
Property operating expenses �	9,860	�	10,989	�	10,583	�	10,714	�	11,514	�	43,800
Net operating income �	$12,601	�	$12,752	�	$13,236	�	$13,163	�	$14,784	�	$53,935
Operating margin¹ �	56.1%	�	53.7%	�	55.6%	�	55.1%	�	56.2%	�	55.2%
�	�	�	�	�	�	�	�	�	�	�	�
The Grove at Pullman & Toledo NOI⁶ �	$506	�	$764	�	$759	�	$753	�	$876	�	$3,152
�	�	�	�	�	�	�	�	�	�	�	�

�

¹Operating margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period.

² For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014 includes financial results for the 2013 wholly-owned deliveries (The Grove at Ft. Collins, The Grove at Muncie, and The Grove at Flagstaff - Phase II). The Grove at Flagstaff - Phase II is not included as an additional property, but increases the number of beds. For the three months ended March 31, 2014, June 30, 2014, and September 30, 2014 includes financial results for The Grove at Denton. For the three months ended September 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 and The Grove at Mt. Pleasant).�

³ For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014 excludes financial results from the The Grove at Pullman, WA. On July 14, 2013, the Company experienced a fire at this development. The Company reached a resolution with its insurance provider and while no assurances can be given, after taking into account its existing insurance coverage, it believes that the damages sustained as a result of this fire will not have a material adverse effect on its financial position or results of operations. As of September 2014, 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.�

⁴ For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014, excludes financial results from the Toledo, OH redevelopment the Company acquired on March 15, 2013. The Company has begun a phased redevelopment of the property and has placed a portion of the project in service in August 2014.�

⁵ For the three months ended March 31, 2014, includes a partial period for The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014.

⁶ For the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014 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, WA.�

�

��

CAMPUS CREST COMMUNITIES

�

SAME STORE WHOLLY OWNED OPERATING EXPENSES (unaudited)

�

(in $000s, except bed and property data)

�

Three Months Ended September 30, 2014

�

Three Months Ended September 30, 2013

�

Y-o-Y Total Change

�

Total

�

% of Total

�

Per Bed/Month

�

Total

�

% of Total

�

Per Bed/Month

�

Payroll

�

$2,244

�

21.6%

�

$50

�

$2,574

�

26.5%

�

$57

�

($330)

�

(12.8%)

Marketing

�

$494

�

4.8%

�

$11

�

$336

�

3.5%

�

�158

�

47.2%

Office, Administration & Other¹

�

$1,943

�

18.7%

�

$43

�

$1,144

�

11.8%

�

$26

�

�799

�

69.8%

Utilites

�

$2,938

�

28.3%

�

$66

�

$3,010

�

31.0%

�

$67

�

�(72)

�

(2.4%)

Repairs and Maintenance

�

$734

�

7.1%

�

$16

�

$785

�

8.1%

�

$18

�

�(51)

�

(6.5%)

Taxes and Insurance

�

$2,012

�

19.4%

�

$45

�

$1,846

�

19.0%

�

$41

�

�166

�

9.0%

Total

�

$10,365

�

100.0%

�

$231

�

$9,694

�

100.0%

�

$217

�

$670

�

6.9%

�

Same Store

�

Wholly Owned Beds

�

�14,920

�

�14,920

�

Wholly Owned Properties

�

�28

�

�28

�

Nine Months Ended September 30, 2014

�

Nine Months Ended September 30, 2013

�

Y-o-Y Total Change

�

Total

�

% of Total

�

Per Bed/Month

�

Total

�

% of Total

�

Per Bed/Month

�

Payroll

�

$6,501

�

22.3%

�

$73

�

$6,814

�

23.7%

�

$76

�

($313)

�

(4.6%)

Marketing

�

$1,245

�

4.3%

�

$14

�

$1,046

�

3.6%

�

$12

�

�199

�

19.1%

Office, Administration & Other

�

$3,574

�

12.2%

�

$40

�

$3,244

�

11.3%

�

$36

�

�330

�

10.2%

Utilites

�

$9,148

�

31.3%

�

$102

�

$9,154

�

31.9%

�

$102

�

�(6)

�

(0.1%)

Repairs and Maintenance

�

$2,544

�

8.7%

�

$28

�

$2,676

�

9.3%

�

$30

�

�(132)

�

(4.9%)

Taxes and Insurance

�

$6,194

�

21.2%

�

$69

�

$5,765

�

20.1%

�

$64

�

�429

�

7.4%

Total

�

$29,206

�

100.0%

�

$326

�

$28,698

�

100.0%

�

$320

�

$507

�

1.8%

�

Same Store

�

Wholly Owned Beds

�

�14,920

�

�14,920

�

Wholly Owned Properties

�

�28

�

�28

�

¹ Includes bad debt expense of $1,500 and $609 for three months ended September 30, 2014 and September 30, 2013 respectively. �

�

CAMPUS CREST COMMUNITIES �

�

HSRE, BEAUMONT AND COPPER BEECH JOINT VENTURE PROPERTY RESULTS OF OPERATIONS (unaudited)

�

(in $000s, except per bed data)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

Change

�

% Change

�

2014

�

2013

�

Change

�

% Change

�

HSRE AND BEAUMONT

�

Same store properties (Number of properties)¹

�

Revenue per occupied bed

�

Rental revenue per occupied bed per month

$455

�

$462

�

($7)

�

(1.5%)

�

$456

�

$469

�

($13)

�

(2.8%)

Services revenue per occupied bed per month

�

15.8%

�

(1)

�

(4.8%)

Total revenue per occupied bed

$477

�

$481

�

($4)

�

(0.8%)

�

$476

�

$490

�

($14)

�

(2.9%)

�

Average number of owned beds

3,364

�

3,364

�

3,364

�

3,364

�

Average physical occupancy

79.7%

�

79.1%

�

0.6%

�

80.1%

�

78.6%

�

1.5%

�

Total revenue

$3,834

�

$3,841

�

($7)

�

(0.2%)

�

$11,542

�

$11,667

�

($125)

�

(1.1%)

Property operating expenses

2,182

�

2,197

�

(15)

�

(0.7%)

�

6,421

�

6,473

�

(52)

�

(0.8%)

Net operating income

$1,652

�

$1,644

�

0.5%

�

$5,121

�

$5,194

�

($73)

�

(1.4%)

Operating margin²

43.1%

�

42.8%

�

0.3%

�

44.4%

�

44.5%

�

(0.1%)

�

ALL PROPERTIES (Number of properties)^1,3

�

Revenue per occupied bed

�

Rental revenue per occupied bed per month

$540

�

$485

�

$55

�

11.3%

�

$522

�

$477

�

$45

�

9.4%

Services revenue per occupied bed per month

�

$19

�

10.5%

�

$21

�

(1)

�

(4.8%)

Total revenue per occupied bed

$561

�

$504

�

$57

�

11.3%

�

$542

�

$498

�

$44

�

8.8%

�

Average number of owned beds

7,282

�

4,553

�

2,729

�

59.9%

�

5,859

�

3,760

�

2,099

�

55.8%

Average physical occupancy

66.8%

�

79.1%

�

(12.3%)

�

73.0%

�

78.6%

�

(5.6%)

�

Total revenue

$8,227

�

$5,446

�

$2,781

�

51.1%

�

$20,901

�

$13,275

�

$7,626

�

57.4%

Property operating expenses

5,714

�

2,524

�

3,190

�

126.4%

�

12,770

�

6,801

�

5,969

�

87.8%

Net operating income

$2,513

�

$2,922

�

($409)

�

(14.0%)

�

$8,131

�

$6,474

�

$1,657

�

25.6%

Operating margin²

30.5%

�

53.7%

�

(23.2%)

�

38.9%

�

48.8%

�

(9.9%)

�

Preferred investments^{4, 5}

$7,322

�

$11,827

�

($4,505)

�

$7,322

�

$11,827

�

($4,505)

�

COPPER BEECH

�

ALL PROPERTIES (Number of properties)^{6, 7, 8}

�

Revenue per occupied bed

�

Rental revenue per occupied bed per month

$466

�

$459

�

1.5%

�

$463

�

$448

�

$15

�

3.3%

Services revenue per occupied bed per month

�

28.4%

�

(3)

�

(7.5%)

Total revenue per occupied bed

$518

�

$500

�

$18

�

3.7%

�

$500

�

$488

�

$12

�

2.5%

�

Average number of owned beds

17,071

�

16,647

�

16,786

�

16,647

�

Average physical occupancy

91.1%

�

90.1%

�

1.0%

�

90.4%

�

92.3%

�

(1.9%)

�

Total revenue

$24,133

�

$22,499

�

$1,634

�

7.3%

�

$68,340

�

$49,400

�

$18,940

�

38.3%

Property operating expenses

9,248

�

9,684

�

(436)

�

(4.5%)

�

26,729

�

19,050

�

7,679

�

40.3%

Net operating income

$14,885

�

$12,815

�

$2,070

�

16.2%

�

$41,611

�

$30,350

�

$11,261

�

37.1%

Operating margin²

61.7%

�

57.0%

�

4.7%

�

60.9%

�

61.4%

�

(0.5%)

�

¹ For the three and nine months ended September 30, 2013, excludes The Grove at Denton; the Company acquired its joint venture partner's interest in this property on January 21, 2014.

² Operating 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.

³ For the three and nine months ended September 30, 2014, includes financial results for the 2013 joint venture deliveries (The Grove at Indiana, The Grove at Norman, and The Grove at State College) as well as the 2014 joint venture deliveries (The Grove at Greensboro, The Grove at Louisville, evo at Cira Centre South, evo � Square Victoria and evo � Sherbrooke).

⁴As of September 30, 2014, the Company held preferred investment in The Grove at Indiana, The Grove at Greensboro and The Grove at Louisville of approximately $7,322. This preferred interest entitles the Company to a 9.0% return on the investment but otherwise does not change its effective ownership interest in these properties.�

⁵ As of September 30, 2013, the Company held preferred investment in The Grove at San Angelo, The Grove at Conway and The Grove at Indiana of approximately $11,827. 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. In January 2014, the Company amended and restated the HSRE-Campus Crest I, LLC operating agreement, which related to The Grove at San Angelo and The Grove at Conway, which had the effect of exchanging its Class B member preferred interests for limited partnership units, effectively increasing its equity investment in the joint venture to 63.9% from 49.9%. In the event of a sale, the partners are to share equally in the net proceeds. There were no other material changes to the agreement.�

⁶ For the three months ended September 30, 2014, results reflect operating results for the 36 operating properties. Results include Copper Beech at Ames, which is the only Copper Beech property included in our consolidated results.

⁷ For nine months ended September 30, 2013, includes 91 days of results from the Company’s initial investment in Copper Beech on March 18, 2013, which equates to an effective 29% ownership interest in 33 operating properties.

⁸ 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, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven 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. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

�

��

*CAMPUS CREST COMMUNITIES*	�	�	�	�	�	�
�	�	�	�	�	�	�
�	�	�	�	�	�	�
CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2014	�	�	�	�	�	�
(in $000s, except per share data)	�	�	�	�	�	�
�	�	�	�	�	�	�
�	�	�	�	�	�	�
�	�	�	�	�	�	�
�	�	�	�	�	�	�

�

�	�	�	�	�	�	�
Closing common stock price at September 30, 2014	�	�	�	$6.40	�	�
�	�	�	�	�	�	�
Common stock	�	�	�	64,108	�	�
Operating partnership units	�	�	�	434	�	�
Restricted stock	�	�	�	671	�	�
Total shares and units outstanding	�	�	�	65,213	�	�
�	�	�	�	�	�	�
Total equity market value	�	�	�	$417,366	�	�
Total preferred equity outstanding	�	�	�	152,500	�	�
Total consolidated debt outstanding	�	�	�	580,274	�	�
Total market capitalization	�	�	�	$1,150,140	�	�
�	�	�	�		�	�
Debt to total market capitalization	�	�	�	50.5%	�	�
Debt to gross assets¹	�	�	�	44.1%	�	�
�	�	�	�	�	�	�
Total number of unencumbered wholly owned operating properties	�	�	�	19	�	�

�

�	�	�	�	Weighted	�	Average
�	Principal	�% of Total	�	Average	�	Years to
Consolidated Debt^{2, 3}	Outstanding	Principal Outstanding	�	Interest Rate	�	Maturity
�	�	�	�	�	�	�
Fixed rate mortgage loans	163,909	28.2%	�	4.95%	�	4.7
Variable rate mortgage loan	16,677	2.9%	�	2.31%	�	2.4
Construction loans	98,566	17.0%	�	2.27%	�	1.5
Variable rate credit facility	201,000	34.6%	�	2.35%	�	2.3
Exchangeable Notes	97,244	16.8%	�	5.53%	�	4.0
Other debt	2,878	0.5%	�	4.92%	�	14.4
Total/Weighted Average	$580,274	100.0%	�	3.62%	�	3.2

�

¹ Gross assets is defined as total assets plus accumulated depreciation, as reported in the Company's September 30, 2014 consolidated balance sheet.

² Excludes $251,850 of debt associated with HSRE joint ventures and $77,993 associated with Beaumont joint ventures. See page 16 for this debt. The Company is the guarantor of these loans.

³ Excludes debt associated with the Company’s investment in Copper Beech. See page 17 for this debt.

�

CAMPUS CREST COMMUNITIES

�

OUTSTANDING DEBT AND MATURITY SCHEDULE

�

(in $000s)

�

Principal Balance at

�

Interest Rate

�

Maturity

�

Years to

�

Consolidated Debt

�

9/30/2014

�

Date

�

Maturity

�

Notes

�

Credit facility

�

$201,000

�

2.35%

�

1/8/2017

�

2.3

�

Exchangeable notes¹

�

97,244

�

5.53%

�

10/9/2018

�

4.1

�

Other debt

�

Microsoft 365 Capital Lease

�

570

�

4.62%

�

4/30/2017

�

2.6

�

Miscellaneous debt

Flagstaff Municiple Bond

�

2,308

�

5.00%

�

10/31/2031

�

17.3

�

Miscellaneous debt

�

Sub Total / Weighted Average

�

$2,878

�

4.92%

�

14.4

�

Construction loans

�

The Grove at Ft. Collins

�

19,073

�

2.06%

�

7/13/2015

�

0.8

�

Two twelve month extension options

The Grove at Muncie

�

13,892

�

2.41%

�

7/3/2015

�

0.8

�

Two twelve month extension options

The Grove at Pullman

�

10,866

�

2.36%

�

9/5/2015

�

0.9

�

Two twelve month extension options

The Grove at Slippery Rock

�

11,690

�

2.31%

�

6/21/2016

�

1.8

�

Two twelve month extension options

The Grove at Grand Forks

�

12,457

�

2.16%

�

2/5/2017

�

2.4

�

One eighteen month extension option

The Grove at Gainesville

�

16,225

�

2.31%

�

3/13/2017

�

2.5

�

Two twelve month extension options

Copper Beech at Ames, IA

�

14,363

�

2.40%

�

5/2/2017

�

2.6

�

Two twelve month extension options

�

Sub Total / Weighted Average

�

$98,566

�

2.27%

�

0.8

�

Mortgage loans

�

The Grove at Milledgeville

�

$15,694

�

6.12%

�

10/1/2016

�

2.0

�

Principal and interest

The Grove at Las Cruces

�

14,623

�

6.13%

�

10/11/2016

�

2.1

�

Principal and interest

The Grove at Carrollton

�

14,149

�

6.13%

�

10/11/2016

�

2.1

�

Principal and interest

The Grove at Denton

�

16,677

�

2.31%

�

3/1/2017

�

2.5

�

Principal and interest, floating rate

The Grove at Asheville

�

14,355

�

5.77%

�

4/11/2017

�

2.6

�

Principal and interest

The Grove at Nacogdoches

�

16,919

�

5.01%

�

9/1/2018

�

4.0

�

Principal and interest

The Grove at Ellensburg

�

15,903

�

5.10%

�

9/1/2018

�

4.0

�

Principal and interest

The Grove at Greeley

�

15,009

�

4.29%

�

10/1/2018

�

4.1

�

Principal and interest

The Grove at Columbia

�

22,851

�

3.83%

�

7/1/2022

�

7.9

�

Principal and interest

The Grove at Clarksville

�

16,307

�

4.03%

�

7/1/2022

�

7.9

�

Principal and interest

The Grove at Statesboro

�

18,100

�

4.01%

�

1/1/2023

�

8.4

�

Interest only until 1/2015

�

Sub Total / Weighted Average

�

$180,587

�

4.71%

�

4.5

�

Total / Weighted Average

�

$580,274

�

3.62%

�

3.1

�

¹ Face rate on note is 4.75%.

² Excludes principal amortization and extension options.

�

*CAMPUS CREST COMMUNITIES*	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
HSRE & BEAUMONT JOINT VENTURE DEBT SUMMARY		�	�	�	�	�	�	�
(in $000s)	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�

�

�	�	�	Principal Balance	Interest Rate	Maturity	Years to	�	�
Property	Ownership	�	9/30/2014	Interest Rate	Date	Maturity	�	Notes
�	�	�	�	�	�	�	�	�
The Grove at Fayetteville	10.0%	�	�$��19,078	2.90%	12/21/2014	0.2	�	Interest only
The Grove at Stillwater	10.0%	�	13,325	2.90%	12/20/2014	0.2	�	Interest only
The Grove at Laramie	10.0%	�	17,211	2.80%	1/5/2015	0.3	�	Interest only
The Grove at Lawrence	63.9%	�	11,492	2.66%	2/9/2015	0.4	�	Interest only
The Grove at San Angelo	63.9%	�	��11,166	2.66%	2/9/2015	0.4	�	Interest only
The Grove at Conway	63.9%	�	9,827	2.66%	2/9/2015	0.4	�	Interest only
The Grove at Norman	20.0%	�	17,871	2.80%	5/8/2015	0.6	�	Interest only
The Grove at State College	20.0%	�	18,619	2.20%	9/30/2015	1.0	�	Interest only
The Grove at Indiana	20.0%	�	17,217	2.40%	12/19/2015	1.2	�	Interest only
evo � Square Victoria and evo � Sherbrooke¹	35.0%	�	77,993	6.38%	1/13/2016	1.3	�	Interest only
evo at Cira Centre South	30.0%	�	81,115	2.35%	7/25/2016	1.8	�	Interest only
The Grove at Louisville	30.0%	�	19,357	2.40%	9/6/2016	1.9	�	Interest only
The Grove at Greensboro	30.0%	�	15,572	2.25%	9/30/2018	4.0	�	Interest only
�	�	�	�	�	�	�	�	�
Total / Weighted Average	�	�	$329,843	3.43%	�	1.3	�	�
�	�	�	�	�	�	�	�	�

�

Note: The Company's pro rata share of HSRE and Beaumont joint venture debt as of June 30, 2014 was $98,571.

¹In January 2014, the joint venture repaid the bridge loan with a C$112,000 development loan for both evo � Square Victoria and evo � Sherbrooke.

�

*CAMPUS CREST COMMUNITIES*	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
COPPER BEECH JOINT VENTURE DEBT SUMMARY	�	�	�	�	�	�	�	�
(in $000s)	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�

�	Effective	�	Principal Balance	Interest Rate	Maturity	Years to	�	�
Property	Ownership¹	�	9/30/2014	Interest Rate	Date	Maturity	�	Notes
�	�	�	�	�	�	�	�	�
*Unconsolidated Properties: 48% Effective Ownership Interest*	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
Copper Beech at West Lafayette, IN – Baywater²	48.0%	�	$13,952	5.2%	10/11/2014	0.0	�	Principal and interest
Copper Beech at Statesboro, GA - Phase II²	48.0%	�	9,703	2.7%	11/1/2014	0.1	�	Principal and interest
Copper Beech at Mount Pleasant, MI - Phase II	48.0%	�	10,130	2.7%	2/1/2015	0.3	�	Principal and interest
Copper Beech at State College, PA - Parkway Plaza	48.0%	�	18,375	5.2%	10/1/2015	1.0	�	Principal and interest
Copper Beech at Indiana, PA - IUP II	48.0%	�	5,939	5.9%	10/1/2015	1.0	�	Principal and interest
Copper Beech at Mount Pleasant, MI - Phase I	48.0%	�	18,266	5.5%	10/1/2015	1.0	�	Principal and interest
Copper Beech at Bowling Green, OH - Phase I	48.0%	�	12,318	5.6%	10/1/2015	1.0	�	Principal and interest
Copper Beech at State College, PA - CB I	48.0%	�	4,998	5.6%	2/11/2016	1.4	�	Principal and interest
Copper Beech at Indiana, PA - IUP Buy	48.0%	�	2,345	5.5%	6/6/2016	1.7	�	Principal and interest
Copper Beech at Morgantown, WV	48.0%	�	34,885	5.5%	6/6/2016	1.7	�	Principal and interest
Copper Beech at Harrisonburg, VA	48.0%	�	53,785	5.5%	6/6/2016	1.7	�	Principal and interest
Copper Beech at San Marcos, TX - Phase I	48.0%	�	33,251	5.5%	6/6/2016	1.7	�	Principal and interest
Copper Beech at Bloomington, IN	48.0%	�	10,496	6.2%	10/1/2016	2.0	�	Principal and interest
Copper Beech at Allendale, MI - Phase I	48.0%	�	22,942	6.0%	10/1/2016	2.0	�	Principal and interest
Copper Beech at Columbia, MO	48.0%	�	23,694	6.2%	10/1/2016	2.0	�	Principal and interest
Copper Beech at Radford, VA	48.0%	�	11,976	6.0%	11/6/2016	2.1	�	Principal and interest
Copper Beech at Indiana, PA - IUP I	48.0%	�	6,500	2.2%	6/2/2017	2.7	�	Principal and interest
Copper Beech at Allendale, MI - Phase II	48.0%	�	11,631	6.3%	9/6/2017	2.9	�	Principal and interest
Copper Beech at Columbia, SC - Phase I	48.0%	�	36,113	6.3%	9/6/2017	2.9	�	Principal and interest
Copper Beech at Statesboro, GA - Phase I	48.0%	�	30,275	5.8%	10/6/2017	3.0	�	Principal and interest
Copper Beech at Kalamazoo, MI - Phase I	48.0%	�	29,738	5.8%	10/6/2017	3.0	�	Principal and interest
Copper Beech at State College, PA - CB II	48.0%	�	8,475	6.0%	8/1/2019	4.8	�	Principal and interest
Copper Beech at Columbia, SC - Phase II	48.0%	�	5,939	5.4%	8/1/2020	5.8	�	Principal and interest
Copper Beech at Greenville, NC	48.0%	�	46,900	5.3%	9/1/2020	5.9	�	Principal and interest
Copper Beech at State College, PA - Oakwood	48.0%	�	5,592	5.0%	10/1/2020	6.0	�	Principal and interest
Copper Beech at Kalamazoo, MI - Phase II	48.0%	�	7,869	5.7%	10/1/2020	6.0	�	Principal and interest
�	�	�	�	�	�	�	�	�
Sub-Total / Weighted Average	�	�	$476,084	5.50%	�	2.5	�	�
�	�	�	�	�	�	�	�	�
*Consolidated Property: 48% Ownership Interest*	�	�	�	�	�	�	�	�
Copper Beech at Ames, IA	48.0%	�	$14,363	2.4%	5/2/2017	2.6	�	Principal and interest
�	�	�	�	�	�	�	�	�
Total / Weighted Average	�	�	$490,447	5.41%	�	2.5	�	�
�	�	�	�	�	�	�	�	�

�

Note: The Company's pro rata share of Copper Beech debt as of September 30, 2014 was $238,144.

¹ 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, subject to receipt of required third-party lender consents, enabled the Company to acquire a 67% ownership interest in 28 operating properties, while deferring ownership in seven 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. As of September 30, 2014, the Company held a 48% effective interest in 35 operating and two non-operating properties which are unconsolidated and a 48% interest in one consolidated operating property.

�

2 Extensions to the maturity dates for Copper Beech at West Lafyette, IN and Copper Beech at Statesboro, GA - Phase II properties are in process.

�

CAMPUS CREST COMMUNITIES

�

PORTFOLIO OVERVIEW AND OCCUPANCY

�

Occupancy �

�

September 30,

Property

Grouping¹

�

Primary University

Year�Opened/
Acquired

Properties

�Units

�Beds

2014

2013

Change

Rental Rate
Change⁴

�

Wholly Owned Operating Properties

�

The Grove at Asheville, NC

^(A)

�

UNC - Asheville

2005

�

��154

��448

100.0%

98.4%

1.6%

�

4.1%

The Grove at Carrollton, GA

^(A)

�

University of West Georgia

2006

�

��168

��492

92.1%

98.2%

(6.2%)

�

0.9%

The Grove at Las Cruces, NM

^(A)

�

New Mexico State University

2006

�

��168

��492

82.3%

82.1%

0.2%

�

(0.0%)

The Grove at Milledgeville, GA

^(A)

�

Georgia College & State University

2006

�

��168

��492

100.0%

98.8%

1.2%

�

2.8%

The Grove at Abilene, TX

^(A)

�

Abilene Christian University

2007

�

��192

��504

90.5%

93.1%

(2.6%)

�

2.5%

The Grove at Ellensburg, WA

^(A)

�

Central Washington University

2007

�

��192

��504

99.4%

98.2%

1.2%

�

3.1%

The Grove at Greeley, CO

^(A)

�

University of Northern Colorado

2007

�

��192

��504

100.0%

99.1%

0.9%

�

2.8%

The Grove at Mobile, AL--Phase I & II²

^(A)

�

University of South Alabama

2007/2008

�

��384

��1,008

85.3%

79.2%

6.1%

�

0.5%

The Grove at Nacogdoches, TX--Phase I & II²

^(A)

�

Stephen F. Austin State Univ.

2007/2012

�

��260

��682

83.1%

85.8%

(2.7%)

�

(0.4%)

The Grove at Cheney, WA

^(A)

�

Eastern Washington University

2008

�

��192

��512

93.4%

94.4%

(1.1%)

�

0.2%

The Grove at Lubbock, TX

^(A)

�

Texas Tech University

2008

�

��192

��504

91.9%

91.8%

0.1%

�

2.5%

The Grove at Stephenville, TX

^(A)

�

Tarleton State University

2008

�

��192

��504

100.0%

89.4%

10.6%

�

(0.8%)

The Grove at Troy, AL

^(A)

�

Troy University

2008

�

��192

��514

97.5%

91.7%

5.8%

�

3.5%

The Grove at Waco, TX

^(A)

�

Baylor University

2008

�

��192

��504

90.1%

89.5%

0.6%

�

(1.6%)

The Grove at Murfreesboro, TN

^(A)

�

Middle Tennessee State University

2009

�

��186

��504

99.6%

95.7%

4.0%

�

3.0%

The Grove at San Marcos, TX

^(A)

�

Texas State University

2009

�

��192

��504

95.7%

98.9%

(3.2%)

�

0.1%

The Grove at Moscow, ID

^(A)

�

University of Idaho

2009

�

��192

��504

84.1%

97.0%

(12.9%)

�

(5.8%)

The Grove at Huntsville, TX

^(A)

�

Sam Houston State University

2010

�

��192

��504

100.0%

99.3%

0.7%

�

3.2%

The Grove at Statesboro, GA

^(A)

�

Georgia Southern University

2010

�

��200

��536

85.8%

72.9%

12.9%

�

(1.3%)

The Grove at Ames, IA

^(A)

�

Iowa State University

2011

�

��216

��584

100.0%

99.6%

0.4%

�

1.8%

The Grove at Clarksville, TN

^(A)

�

Austin Peay State University

2011

�

��208

��560

73.9%

82.7%

(8.8%)

�

2.7%

The Grove at Columbia, MO

^(A)

�

University of Missouri

2011

�

��216

��632

73.9%

66.0%

7.9%

�

2.5%

The Grove at Ft. Wayne, IN

^(A)

�

Indiana University-Purdue University Ft. Wayne

2011

�

��204

��540

74.8%

91.8%

(17.1%)

�

1.8%

The Grove at Valdosta, GA

^(A)

�

Valdosta State University

2011

�

��216

��584

86.5%

86.7%

(0.3%)

�

3.3%

The Grove at Denton, TX

^(A)

�

University of North Texas

2011

�

��216

��584

99.2%

91.4%

7.8%

�

2.4%

The Grove at Auburn, AL

^(A)

�

Auburn University

2012

�

��216

��600

100.0%

99.6%

0.4%

�

3.4%

The Grove at Flagstaff, AZ

^(A)

�

Northern Arizona University

2012

�

��216

��584

99.5%

99.0%

0.5%

�

5.0%

The Grove at Orono, ME

^(A)

�

University of Maine

2012

�

��188

��620

100.0%

91.1%

8.9%

�

2.8%

The Grove at Ft. Collins, CO

^(B)

�

Colorado State University

2013

�

��218

��612

100.0%

99.7%

0.3%

�

4.4%

The Grove at Muncie, IN

^(B)

�

Ball State University

2013

�

��216

��584

85.5%

68.1%

17.5%

�

2.4%

The Grove at Pullman, WA³

^(B)

�

Washington State University

2013

�

��216

��584

100.0%

0.0%

�

5.3%

The Grove at Flagstaff, AZ - Phase II²

^(B)

�

Northern Arizona University

2013

�

��54

��192

100.0%

99.1%

0.9%

�

(0.0%)

The Grove at Gainesville, FL

^(C)

�

University of Florida

2014

�

��256

��682

54.1%

n/a

�

n/a

The Grove at Grand Forks, ND

^(C)

�

University of North Dakota

2014

�

��224

��600

99.7%

n/a

�

n/a

The Grove at Mt. Pleasant, MI

^(C)

�

Central Michigan University

2014

�

��224

��584

76.2%

n/a

�

n/a

The Grove at Slippery Rock, PA

^(C)

�

Slippery Rock University

2014

�

��201

��603

85.4%

n/a

�

n/a

�

Total - Wholly Owned Operating Properties

�

7,305

19,945

90.4%

90.8%

(0.4%)

�

2.0%

�

¹ Groupings detailed as follows: (A) reflects the same store properties as of June 30, 2014; (B) reflects the 2013 development deliveries; (C) reflects the 2014 development deliveries.

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

³ On July 14, 2013, the Company experienced a fire at this development. The Company has reached a resolution with its insurance provider and while no assurances can be given, after taking into account its existing insurance coverage, it believes that the damages sustained as a result of this fire will not have a material adverse effect on its financial position or results of operations. As of September 30, 2014, all 584 beds are in operation.

�

⁴ Rental rate for 2014/2015 academic year over 2013/2014 academic year achieved rental RevPOB.

�

CAMPUS CREST COMMUNITIES

�

PORTFOLIO OVERVIEW AND OCCUPANCY (cont'd)

�

Occupancy

�

September 30,

�

Rental�Rate

Property

Grouping¹

�

Primary University

Year Opened/Acquired

Properties

�Units

�Beds

2014

2013

Change

�

Change²

�

Joint Venture Operating Properties

�

The Grove at Lawrence, KS

^(A)

�

University of Kansas

2009

�

172

��500

73.2%

84.0%

(10.8%)

�

(2.1%)

The Grove at San Angelo, TX

^(A)

�

Angelo State University

2009

�

192

��504

98.4%

96.6%

1.8%

�

2.1%

The Grove at Conway, AR

^(A)

�

University of Central Arkansas

2010

�

180

��504

71.3%

69.5%

1.8%

�

1.6%

The Grove at Fayetteville, AR

^(A)

�

University of Arkansas

2012

�

232

��632

66.0%

56.0%

10.1%

�

2.9%

The Grove at Laramie, WY

^(A)

�

University of Wyoming

2012

�

224

��612

87.1%

83.2%

3.8%

�

1.5%

The Grove at Stillwater, OK

^(A)

�

Oklahoma State University

2012

�

206

��612

87.2%

96.3%

(9.1%)

�

2.7%

The Grove at Indiana, PA

^(B)

�

Indiana University of Pennsylvania

2013

�

224

��600

64.8%

89.5%

(24.7%)

�

0.2%

The Grove at Norman, OK

^(B)

�

University of Oklahoma

2013

�

224

��600

71.9%

81.7%

(9.8%)

�

3.4%

The Grove at State College, PA

^(B)

�

Penn State University

2013

�

216

��584

100.0%

69.2%

30.8%

�

4.5%

The Grove at Greensboro, NC

^(C)

�

University of North Carolina at Greensboro

2014

�

216

��584

57.4%

n/a

�

n/a

The Grove at Louisville, KY

^(C)

�

University of Louisville

2014

�

252

��656

61.0%

n/a

�

n/a

evo at Cira Centre South

^(C)

�

University of Pennsylvania / Drexel University

2014

�

344

��819

48.4%

n/a

�

n/a

evo � Square Victoria

^(C)

�

Concordia University / McGill University / (�TS)

2014

�

715

��1,294

13.0%

n/a

�

n/a

evo � Sherbrooke

^(C)

�

McGill University

2014

�

488

��929

8.0%

n/a

�

n/a

�

Total - Joint Venture Operating Properties

�

3,885

9,430

58.1%

80.4%

(22.3%)

�

2.7%

�

Total Operating��Properties³

�

11,190

29,375

80.0%

88.4%

(8.4%)

�

2.2%

�

Same Store Properties (A)

�

Wholly-Owned

�

��29

��5,696

��15,504

91.7%

90.8%

0.9%

�

1.8%

Joint Venture

�

��6

��1,206

��3,364

80.4%

80.5%

(0.1%)

�

1.9%

Total - Same Store

�

6,902

18,868

89.7%

89.0%

0.7%

�

1.8%

�

2013 Deliveries (B)

�

Wholly-Owned

�

��3

��704

��1,972

95.7%

90.4%

5.3%

�

3.0%

Joint Venture

�

��3

��664

��1,784

78.7%

80.2%

(1.5%)

�

4.3%

Total - 2013 Deliveries

�

1,368

3,756

87.7%

85.5%

2.2%

�

3.5%

�

2014 Deliveries (C)⁴

�

Wholly-Owned

�

��4

��905

��2,469

78.0%

n/a

�

n/a

Joint Venture

�

��5

��2,015

��4,282

32.1%

n/a

�

n/a

Total - 2014 Deliveries

�

2,920

6,751

48.9%

n/a

�

n/a

�

¹ Groupings detailed as follows: (A) reflects the same store properties as of June 30, 2014; (B) reflects the 2013 development deliveries; (C) reflects the 2014 development deliveries.

² Rental rate for 2014/2015 academic year over 2013/2014 academic year achieved rental RevPOB.

³ 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 this property on January 21, 2014. The occupancy data related to Denton is included in Same Store.

⁴ Does not include the Copper Beech at Ames 2014 delivery. CB Ames is included on page 20.

�

CAMPUS CREST COMMUNITIES

�

COPPER BEECH PORTFOLIO OVERVIEW AND OCCUPANCY¹

�

�Occupancy

�

September 30,

Property

�

Primary University

Year�Opened/
Acquired

�

Properties

�Units

�Beds

�

2014

�

2013

Change

Rental Rate
Change²

�

Unconsolidated Properties: 48% Effective Ownership Interest

�

Copper Beech at State College, PA - CB I

�

Penn State University

1996

�

177

�

100.0%

�

91.5%

8.5%

(4.3%)

Copper Beech at State College, PA - CB II

�

Penn State University

1998

�

257

�

100.0%

�

93.4%

6.6%

(2.2%)

Copper Beech at State College, PA - Oakwood

�

Penn State University

2000

�

144

�

99.3%

�

77.1%

22.2%

(3.9%)

Copper Beech at State College, PA - Northbrook Greens

�

Penn State University

2003

�

166

250

�

100.0%

�

100.0%

0.0%

0.9%

Copper Beech at State College, PA - Parkway Plaza

�

Penn State University

1967

�

429

633

�

98.7%

�

86.3%

12.5%

(4.0%)

Copper Beech at Indiana, PA - IUP I

�

Indiana University of Pennsylvania

1971

�

239

�

100.0%

�

100.0%

0.0%

4.2%

Copper Beech at Indiana, PA - IUP II

�

Indiana University of Pennsylvania

1973

�

172

�

100.0%

�

100.0%

0.0%

3.7%

Copper Beech at Indiana, PA - IUP Buy

�

Indiana University of Pennsylvania

1975

�

97.3%

�

97.4%

(0.1%)

(5.1%)

Copper Beech at Radford, VA

�

Radford University

2005

�

222

500

�

100.0%

�

100.0%

0.0%

3.0%

Copper Beech at West Lafayette, IN – Klondike

�

Purdue University

2003

�

219

486

�

86.6%

�

91.2%

(4.5%)

(1.7%)

Copper Beech at West Lafayette, IN – Baywater

�

Purdue University

2004

�

137

488

�

72.3%

�

99.4%

(27.0%)

(0.6%)

Copper Beech at Bloomington, IN

�

Indiana University

2005

�

107

297

�

71.0%

�

83.5%

(12.5%)

2.8%

Copper Beech at Mount Pleasant, MI - Phase I

�

Central Michigan University

2005

�

204

632

�

98.6%

�

100.0%

(1.4%)

(2.4%)

Copper Beech at Mount Pleasant, MI - Phase II

�

Central Michigan University

2013

�

119

256

�

100.0%

�

35.9%

64.1%

(7.2%)

Copper Beech at Fresno, CA

�

California State University at Fresno

2006

�

178

506

�

90.3%

�

86.2%

4.2%

(3.2%)

Copper Beech at Bowling Green, OH - Phase I

�

Bowling Green University

2005

�

128

400

�

99.8%

�

99.2%

0.5%

Copper Beech at Bowling Green, OH - Phase II

�

Bowling Green University

2007

�

216

�

100.0%

�

98.1%

1.9%

(5.4%)

Copper Beech at Allendale, MI - Phase I

�

Grand Valley State University

2006

�

206

614

�

100.0%

�

100.0%

0.0%

(0.4%)

Copper Beech at Allendale, MI - Phase II

�

Grand Valley State University

2007

�

290

�

100.0%

�

100.0%

0.0%

(1.0%)

Copper Beech at Columbia, MO

�

University��of Missouri

2006

�

214

654

�

89.0%

�

100.0%

(11.0%)

6.4%

Copper Beech at Bloomington, IN - Colonial Crest

�

Indiana University

1970

�

206

402

�

79.4%

�

82.6%

(3.2%)

(5.8%)

Copper Beech at Columbia, SC - Phase I

�

University of South Carolina

2007

�

278

824

�

97.3%

�

100.0%

(2.7%)

(0.7%)

Copper Beech at Columbia, SC - Phase II

�

University of South Carolina

2008

�

178

�

97.8%

�

100.0%

(2.2%)

(1.1%)

Copper Beech at Morgantown, WV

�

West Virginia University

2010

�

335

920

�

99.7%

�

100.0%

(0.3%)

(0.0%)

Copper Beech at Harrisonburg, VA

�

James Madison University

2008

�

414

1,218

�

100.0%

�

100.0%

0.0%

2.9%

Copper Beech at Greenville, NC

�

East Carolina University

2008

�

439

1,232

�

95.5%

�

97.8%

(2.4%)

2.2%

Copper Beech at San Marcos, TX - Phase I

�

Texas State University

2011

�

273

840

�

89.8%

�

92.7%

(3.0%)

7.6%

Copper Beech at San Marcos, TX - Phase II

�

Texas State University

2012

�

142

410

�

88.8%

�

92.4%

(3.7%)

4.2%

Copper Beech at Harrisonburg, VA - Grand Duke

�

James Madison University

2001

�

120

124

�

100.0%

�

100.0%

0.0%

3.5%

Copper Beech at State College, PA - Oak Hill

�

Penn State University

2003

�

106

318

�

100.0%

�

67.0%

33.0%

(8.5%)

Copper Beech at Statesboro, GA - Phase I

�

Georgia Southern University

2007

�

246

754

�

97.1%

�

65.5%

31.6%

(7.3%)

Copper Beech at Statesboro, GA - Phase II

�

Georgia Southern University

2013

�

262

�

98.5%

�

43.9%

54.6%

(16.3%)

Copper Beech at Kalamazoo, MI - Phase I

�

Western Michigan University

2007

�

256

784

�

82.0%

�

85.1%

(3.1%)

3.1%

Copper Beech at Kalamazoo, MI - Phase II

�

Western Michigan University

2008

�

115

340

�

69.1%

�

74.7%

(5.6%)

(0.8%)

Copper Beech at Auburn, AL

�

Auburn University

2009

�

271

754

�

92.7%

�

77.1%

15.6%

(6.6%)

�

Sub-Total / Weighted Average

�

6,242

16,647

�

93.7%

�

90.6%

3.1%

0.2%

�

Consolidated Property: 48% Ownership Interest²

�

Copper Beech at Ames, IA

�

Iowa State University

2014

�

219

660

�

77.9%

�

n/a

�

Total - Copper Beech Portfolio

�

6,461

17,307

�

93.1%

�

90.6%

2.5%

0.2%

�

² Reflected as of September 30, 2014.

³ Rental rate for 2014/2015 academic year over 2013/2014 academic year achieved rental RevPOB.

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*CAMPUS CREST COMMUNITIES*		�	�	�	�
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INVESTOR INFORMATION	�	�	�	�	�
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Executive Management	�	�	�	�	�
�	�	�	�	�	�
Ted W. Rollins	Chief Executive Officer	�	�	�	�
Donnie L. Bobbitt	Chief Financial Officer	�	�	�	�
Aaron Halfacre	Chief Investment Officer	�	�	�	�
Scott Rochon	Chief Accounting Officer	�	�	�	�
Angel Herrera	Chief Operating Officer	�	�	�	�
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Corporate Headquarters	�	�	Investor Relations	�	�
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2100 Rexford Road �#414	�	�	(704) 496-2571	�	�
Charlotte, NC 28211	�	�	[email protected]	�	�
(704) 496-2500	�	�	�	�	�
�	�	�	�	�	�
Covering Analysts	�	�	�	�	�
�	�	�	�	�	�
Barclays Capital Inc.	Ross Smotrich	�	(212) 526-2306	�	[email protected]
Citigroup Global Markets Inc.	Michael Bilerman / Nick Joseph	�	(212) 816-1383 / (212) 816-1909	�	[email protected] / [email protected]
Goldman Sachs & Co.	Andrew Rosivach	�	(212) 902-2796	�	[email protected]
MLV & Co LLC	Ryan Meliker / Michael Kodesch	�	(212) 542-5872 / (646) 556-9188	�	[email protected] / [email protected]
Raymond James & Associates	Paul D. Puryear / Buck Horne	�	(727) 567-2253 / (727) 567-2561	�	[email protected] / [email protected]
RBC Capital Markets, LLC	Mike Salinsky	�	(440) 715-2648	�	[email protected]
Bank of America Merrill Lynch	Jana Galan / Jane Wong	�	(646) 855-3081 / (646) 855-3378	�	[email protected] / [email protected]
Wunderlich Securities	Craig Kucera	�	(540) 277-3366	�	[email protected]
Green Street Advisors, Inc.	Dave Bragg / Ryan Burke	�	(949) 640-8780	�	[email protected] / [email protected]

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*CAMPUS CREST COMMUNITIES*		�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�	�	�
FORWARD - LOOKING STATEMENTS	�	�	�	�	�	�	�	�	�	�

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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 2014 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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�

Exhibit 99.3

�

Tuesday , November 4, 2014 Strategic Repositioning

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1 Table of Contents Topic Page Improving Capital Allocation & Accountability 2 Concluding Copper Beech 3 - 5 Discontinuing Construction and Development 6 Reducing JV Exposure and Exploring Options for Montreal 7 Reinforcing Investment Discipline 8 Simplifying the Balance Sheet 9 Near Term Next Steps 10

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2 Improving Capital Allocation & Accountability " Certain capital allocation decisions have underperformed " Previously unresolved portfolio acquisitions " Disappointing new deliveries " Heavy reliance on joint ventures " Underperforming international redevelopments " We have instituted a strategic shift to: " E nhance ROI through accretive investment decisions " Deliver organic growth by focusing on our operating properties " Restore financial flexibility " R educe our cost of capital " We are taking immediate steps to bring about change " Implementing additional senior management changes " Completing Copper Beech acquisition at attractive terms " Discontinuing construction and development " Reducing joint venture exposure " Reinforcing investment discipline

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3 Concluding Copper Beech Summary of Key Terms Acquisition Portfolio of 32 properties 2 representing ~$20M of additional NOI 3 Aggregate Copper Beech Portfolio Ownership 32 properties wholly owned 2 4 properties with CCG as manager holding a 48% economic interest 2 properties reverting to 0% ownership 4 Purchase Price Target Closing December 31, 2014 " ~7.3% cap rate on incremental purchase 1 " OP units to be issued at a premium to current share price and above consensus NAV " Full operational and investment control " Scale, diversification and accretion Footnotes : 1) Represents cap rate of NOI acquired based on incremental consideration and debt assumed; total cumulative cap rate including prior phases of the transaction and the remaining interest in CB Ames is approximately 6.4% 2) Includes 30 operating properties, a leasing office and a land parcel; CCG will own approximately 86% of two of the operating properties due to a remaining third party minority interest 3) Forward NOI contribution based on current leasing and rates 4) Kalamazoo, MI phase I and II 5) Based on share price of $6.34 as of October 31, 2014 A clear resolution at attractive financial terms Cash $60.3 OP Units 5 78.7 Total Consideration 138.9 Incremental Debt Assumed 140.6 Total Purchase Price $279.5

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4 Concluding Copper Beech Cap Rate ~$20 million of NOI acquired at a ~7.3% cap rate 1 NOI & FFO Contribution Footnotes : 1) Represents cap rate of NOI acquired based on incremental consideration and debt assumed; total cumulative cap rate including prior phases of the transaction and the remaining interest in CB Ames is approximately 6.4% 2) Pro forma AY14/15 NOI and related expenses based on current in - place occupancy 3) Includes two properties that CCG will own approximately 86% of due to a remaining third party minority interest 4) Analysis conservatively assumes no G&A synergy savings in the first year of operations 5) Based on stock price as of October 31, 2014 of $6.34 ($ in millions) ($ in millions) Current Pro Forma Pro Rata Change Pro Rata NOI Contribution 2 100% Ownership Properties 3 $21 $21 $42 48% Ownership Properties 9 - 9 0% Ownership Properties 1 (1) - Total NOI 30 20 50 Interest Expense (13) (8) (21) General & Administrative 4 (1) (1) (1) FFO Contribution $16 $12 $28 Copper Beech Debt Pro Forma Pro Rata $384 Current Pro Rata ($244) Net Debt Assumed $141 Cash Paid $60 Equity Issued 5 $79 Total Purchase Price $280 Copper Beech NOI 2 Pro Forma Pro Rata $50 Current Pro Rata ($30) Net NOI Acquired $20 Cap Rate 1 7.3%

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5 Concluding Copper Beech Pro Forma Capital Structure Footnotes : 1) Cash consideration of Copper Beech transaction 2) Represents consolidation of pro rata share of all Copper Beech debt 3) Equity consideration of Copper Beech transaction As of 9/30/2014 Change Pro Forma Line of Credit & Other $204 $60 1 $265 Exchangable Senior Notes 97 - 97 Wholly Owned Property Debt 265 384 2 649 Total Consolidated Debt $566 445 $1,011 Preferred Equity $153 - $153 Shares Outstanding (mm) 65.20 12.41 3 77.61 Stock Price at October 31, 2014 $6.34 $6.34 Total Market Equity Value $413 $492 Total Market Capitalization $1,132 $1,656 Number of Wholly Owned Operating Properties 36 30 66 Number of Unencumbered Operating Properties 19 9 28 ($ in millions) Significant e quity issuance at a premium to current market price and above consensus NAV

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6 Discontinuing Construction and Development " A Focus On Organic Growth " Discontinuation of our construction and development operations " Simplification of our business model " Management focus on operating assets " Rationale " Development activity is economically dilutive at this time " Late deliveries and construction budget overruns " Capital and resource intensive " Benefits " Reduces overhead - 45 positions have been eliminated and additional cost savings are being identified " Simplifies income statement and balance sheet " Eliminates risk associated with development and construction model

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7 Reducing JV Exposure & Exploring Options for Montreal Total Managed Revenue by Ownership 1 Wholly Owned JV Current Near - Term Target 2 Footnotes : 1) Projected relative revenue contribution for AY14/15 based on current in - place occupancy and rates 2) Pro forma for the consolidation of Copper Beech and sale of certain JV properties identified for near - term disposition " Working with our largest joint venture partner " Matching their goal to harvest capital with our goal to reduce exposure, delever and increase liquidity " Targeting 4 to 6 assets to sell near - term and more over time " Eliminated 3 joint venture new deliveries scheduled for 2015 " Reviewing Strategic Alternatives for Montreal " Ongoing efforts to drive occupancy through leasing and resident life initiatives " Focused on our lender relationship and have active dialogue with our investment partners " Identifying capital solutions to reduce exposure 80% 20% 46% 54%

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8 Reinforcing Investment Discipline " Improved i nvestment process " Heavy Board of Directors involvement in the creation of investment strategy " Reconstituted formal investment committee to analyze strategy and ensure accountability " Hired CIO to execute investment strategy, coordinate process and oversee all transactions " Focused on capital stewardship " Allocation decisions weigh best course of action to ensure effective capital deployment " Decision analysis looks at all options debt retirement, asset sales/purchases, capital improvements, return of capital, share repurchases " Establishing a portfolio m anagement framework " Formal review process to evaluate portfolio performance and market exposure " Data - driven approach to analyze transaction cap rates, supply trends, university enrollment dynamics and market fundamentals " Dynamic hold/sell list that reflects operational input, market data, cap - ex analysis and projected return requirements

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9 Simplifying the Balance Sheet Copper Beech Transaction Reduced JV Exposure Discontinued Development " $34 million non - cash charge in 3Q14 due to accounting treatment of the Companys shift in pro - rata economic interest held " Consolidation of Copper Beech upon closing of transaction will provide enhanced transparency of balance sheet and operating results " $28 million impairment of the HSRE joint ventures primarily attributed to: " Impairments to the Companys investments held in underperforming properties " Write - off of excess basis in properties caused by construction cost overruns " $23 million impairment of the Montreal joint venture to recognize that the Company may not be able to recover the full value of its investment " Exit from development and construction business triggers: " $19 million adjustment to the carrying values of land held for sale 1 " $10 million write - off of unrecoverable pre - development costs " $8 million of other charges and impairments related to G&A reduction and management changes " The Companys strategic shift triggered significant charges in 3Q14 - resulting in a simplified, more transparent business " Eliminating development pipeline increases transparency and reduces risk exposure " Joint venture reduction will lower total indebtedness and debt guarantees " Assets held for sale provide a source of liquidity Footnote : 1) As of September 30, 2014, Development in Process balance comprises $ 6 million of land held for investment (related to potential Phase 2 developments) and $13 million of assets that are expected to be held for sale in 4Q14

�

10 Near Term Next Steps 1. Identify assets for disposition " Culling underperforming assets and creating liquidity following a thorough review process 2. Continue to reduce costs " Establish a lean operating model to capture meaningful cost savings in G&A and operations 3. Solidify earnings outlook " Overhaul financial planning and analysis process to provide reliable and credible forecasting 4. Adjust dividend payout " Announce a sustainable dividend policy based upon rigorous analysis of improved forecasts 5. Strengthen our balance sheet " Improve liquidity and reduce debt through asset sales, cost savings and a reduced dividend 6. Focus on operational excellence " Improve occupancy and expand profit margin through organizational and process enhancements 7. Enhance corporate governance " Addition of REIT - experienced independent directors, revamping executive compensation, increasing BoD meeting frequency and other necessary enhancements as determined by the Board and Management

�

11 Appendix: Copper Beech Portfolio Pro Forma Occupancy Property Primary University Ownership Beds 9/30/14 1)Copper Beech at State College, PA - CB I Penn State University 1996 100% 177 100.0% 2)Copper Beech at State College, PA - CB II Penn State University 1998 100% 257 100.0% 3)Copper Beech at State College, PA - Oakwood Penn State University 2000 100% 144 99.3% 4)Copper Beech at State College, PA - Northbrook Greens Penn State University 2003 86% 250 100.0% 5)Copper Beech at Indiana, PA - IUP I Indiana University of Pennsylvania 1971 100% 239 100.0% 6)Copper Beech at Indiana, PA - IUP II Indiana University of Pennsylvania 1973 100% 172 100.0% 7)Copper Beech at Indiana, PA - IUP Buy Indiana University of Pennsylvania 1975 100% 76 97.3% 8)Copper Beech at Radford, VA Radford University 2005 100% 500 100.0% 9)Copper Beech at West Lafayette, IN Klondike Purdue University 2003 87% 486 86.6% 10)Copper Beech at West Lafayette, IN Baywater Purdue University 2004 100% 488 72.3% 11)Copper Beech at Bloomington, IN Indiana University 2005 100% 297 71.0% 12)Copper Beech at Mount Pleasant, MI - Phase I Central Michigan University 2005 100% 632 98.6% 13)Copper Beech at Mount Pleasant, MI - Phase II Central Michigan University 2013 100% 256 100.0% 14)Copper Beech at Fresno, CA California State University at Fresno 2006 100% 506 90.3% 15)Copper Beech at Bowling Green, OH - Phase I Bowling Green University 2005 100% 400 99.8% 16)Copper Beech at Bowling Green, OH - Phase II Bowling Green University 2007 100% 216 100.0% 17)Copper Beech at Allendale, MI - Phase I Grand Valley State University 2006 100% 614 100.0% 18)Copper Beech at Allendale, MI - Phase II Grand Valley State University 2007 100% 290 100.0% 19)Copper Beech at Columbia, MO University of Missouri 2006 100% 654 89.0% 20)Copper Beech at Bloomington, IN - Colonial Crest Indiana University 1970 100% 402 79.4% 21)Copper Beech at Columbia, SC - Phase I University of South Carolina 2007 100% 824 97.3% 22)Copper Beech at Columbia, SC - Phase II University of South Carolina 2008 100% 178 97.8% 23)Copper Beech at San Marcos, TX - Phase I Texas State University 2011 100% 840 89.8% 24)Copper Beech at San Marcos, TX - Phase II Texas State University 2012 100% 410 88.8% 25)Copper Beech at Harrisonburg, VA - Grand Duke James Madison University 2001 100% 124 100.0% 26)Copper Beech at State College, PA - Oak Hill Penn State University 2003 100% 318 100.0% 27)Copper Beech at Statesboro, GA - Phase I Georgia Southern University 2007 100% 754 97.1% 28)Copper Beech at Statesboro, GA - Phase II Georgia Southern University 2013 100% 262 98.5% 29)Copper Beech at Auburn, AL Auburn University 2009 100% 754 92.7% 30)Copper Beech at Ames, IA Iowa State University 2014 100% 660 77.9% 31)Copper Beech at State College, PA - Parkway Plaza Penn State University 1967 48% 633 98.7% 32)Copper Beech at Morgantown, WV West Virginia University 2010 48% 920 99.7% 33)Copper Beech at Harrisonburg, VA James Madison University 2008 48% 1,218 100.0% 34)Copper Beech at Greenville, NC East Carolina University 2008 48% 1,232 95.5% Total - Copper Beech Portfolio 16,183 94.1% Excluded Properties 35)Copper Beech at Kalamazoo, MI - Phase I Western Michigan University 2007 0% 784 82.0% 36)Copper Beech at Kalamazoo, MI - Phase II Western Michigan University 2008 0% 340 69.1% Year Opened/ Acquired

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12 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 forward - looking 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 .

�

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