Campus Crest provides a 3-sentence summary of their 2011 NAREIT investor presentation: They operate a portfolio of modern student housing properties located near universities experiencing strong enrollment growth. Campus Crest has a track record of expanding their portfolio while increasing occupancy and revenue. They outlined future development opportunities and have financing in place to continue growing their student housing platform.

1. 2011 NAREIT Investor Presentation
August 2010
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2. 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 Company’s ability to predict results or the actual effect of future events, actions,
plans or strategies is inherently uncertain. Although the Company believes that the expectations reflected
in such forward-looking statements are based on reasonable assumptions, the Company’s actual results
and performance could differ materially from those set forth in, or implied by, the forward-looking
statements. You are cautioned not to place undue reliance on any of these forward-looking statements,
which reflect the Company’s views on this date. Furthermore, except as required by law, the Company is
under no duty to, and does not intend to, update any of our forward-looking statements after this date,
whether as a result of new information, future events or otherwise.
This presentation does not constitute, and may not be used in connection with, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person
making the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make
such offer or solicitation.
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3. Investment Highlights
®
The Grove at Greeley, CO
Compelling Market Dynamics
Modern, Well-Located Portfolio in
Solid Growth Markets
Proven Track Record with
Significant Growth Potential ®
The Grove at Nacogdoches, TX
Experienced Team with
Value-Maximizing Platform
Conservative Capital Structure
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4. Compelling Market Dynamics
§ Echo Boom drives enrollment growth
§ Increasing percentage of high-school College Enrollments (1957-2012)
(1957-
graduates attending college
Demand § Increasing foreign enrollments (millions) Echo Boom
Enrolling in College
Drivers § Increasing percentage of full-time vs.
part-time students
§ Students taking longer to graduate Baby Boom
Enrolling in College
§ Budgets constrain on-campus
housing investment
§ 38 states cut their educational
Supply budgets during the recession
Factors § Existing on-campus housing stock
becoming increasingly obsolete
§ Lack of construction financing is
restricting new entrants Source: Dept. of Education, National Center for Educational Statistics
Enrollment expected to increase by ~1.5 million students over the next 8 years
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5. Attractive Portfolio and Growth Platform
Ø Newest portfolio of student housing assets
Ø Amenity rich – bed/bath parity, resort-style activities
Ø Close proximity to campus
Ø Barriers to entry
Ø Lower cap-ex requirements
Portfolio Highlights Ø Proactive focus on medium-sized, high-growth markets
Properties (1) 27 Ø Markets have strong enrollment growth – 9.5%
average growth (3)
Total Units / Beds (1) 5,048 / 13,580
Ø Less institutional competition & comparable product
Weighted Average Age (2) 2.5 years
Ø Stronger tuition value proposition
Average Distance to Campus 0.6 miles
(3) Source: Reported enrollment statistics from university websites;
Represents enrollment growth from the academic year 2006/2007 to
the academic year 2010/2011
Occupancy (2) 89%
4 (1) Includes 6 joint venture properties in which Campus Crest owns a 49.9% member interest
(2) As of 6/6/2011

6. Why Our Markets
Stronger Enrollment
§ Our markets benefit from higher enrollment growth than primary markets
Growth
§ On-campus atmosphere with advantages of off-campus economics
Unique Relationships
§ Benefits from symbiotic relationships with universities
with Universities
§ Greater impact from marketing dollars
§ Well-established university markets with protective community councils
Higher Barriers to Entry § Superior land acquisition and entitlement capabilities
§ Lack of available financing for local operators
Construction Cost § We are able to build a superior product at a lower cost because of our captive
Advantage general contractor and wholesale purchaser
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7. The Evolution of Student Housing – The Dormitory Era
Traditional on-campus, “dormitory-style” housing alternatives have generally
consisted of shared rooms, communal bathroom facilities and extremely limited
(if any) amenities and parking
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8. The Evolution of Student Housing – Our Student Housing
Purpose-built student housing is specifically designed to appeal to modern-
day college students with broad on-site amenities, enhanced privacy and a
focus on the overall lifestyle experience
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9. The Evolution of Student Housing – State of the Art Prototype
®
The Grove at Ellensburg, WA
®
The Grove at Moscow, ID
® ® ®
The Grove at Mobile, AL The Grove at The Grove at
Nacogdoches, TX Nacogdoches, TX
®
The Grove at Ellensburg, WA
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10. Our Properties are Attractive and Amenity-Rich
Apartment Features:
Ø Private bedrooms with keyed locks
Ø En suite bathrooms
Ø Full furnishings and full kitchens
Ø Modern appliances and washers/dryers
Ø State-of-the-art technology
Ø Ample parking
Ø Gated entrances
On-site Amenities:
Ø Resort-style swimming pools
Ø Basketball and volleyball courts
Ø Game rooms and coffee bars
Ø Fitness centers
Ø Community clubhouses
All of our apartment communities offer bed-bath parity, attractively furnished units
and a variety of on-site amenities designed to appeal to the college lifestyle
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11. Our Properties are Universally Branded The Grove®
At The Grove®, we offer a “fully-loaded college living” experience through our consistent
branding and operating philosophy
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12. Intensive Asset Management Philosophy
Ø Regular property inspections and audits performed by asset
management team using 800 point check list
Ø Field-focused executive management team
Ø Vertical integration and overlap of construction management and
facilities management leads to superior asset performance
Ø Proprietary Residence Life Programming through SCORES:
Ø S – social
Ø C – cultural
Ø O – outreach
Ø R – recreational
Ø E – educational
Ø S – spiritual
Ø “The Grove Nation” culture drives excitement, customer focus
and unmatched residence life experiences
Intensive asset management philosophy employed throughout our organization
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13. Identified Pipeline of Future Development Opportunities
Ø Development site selection criteria
Ø High enrollment growth colleges / universities
Ø Limited competing product
Ø Proximity to campus
Ø Vertically integrated, highly scalable operating platform
Ø Property & asset management
Ø Development & construction
Ø Wholesale supply
Ø Prototypical roll-out
Ø Reduces costs and shortens development period
Ø Proven track record – developed ~$500 million of
student housing properties
Identified 200+ potential markets & conducting due diligence on 80 sites as
potential development opportunities
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14. 2011 Development Projects (2011/2012 Academic Year Occupancy)
($ in thousands)
Project Enrollment Distance to Campus Units / Beds Estimated Cost
Wholly-Owned Developments
Ft. Wayne, IN Ø 13,675 Ø 1.1 miles Ø 204 / 540 Ø $19,926
Indiana University / Purdue University
Clarksville, TN Ø 10,188 Ø 1.3 miles Ø 208 / 560 Ø $21,203
Austin Peay State University
Ames, IA Ø 27,945 Ø 0.3 miles Ø 216 / 584 Ø $21,411
Iowa State University
Columbia, MO Ø 32,415 Ø 0.9 miles Ø 216 / 632 Ø $24,931
University of Missouri
Joint Venture Developments
Denton, TX Ø 36,123 Ø 0.8 miles Ø 216 / 584 Ø $24,953
University of North Texas
Valdosta, GA Ø 12,391 Ø 1.9 miles Ø 216 / 584 Ø $21,150
Valdosta State University
We utilize a proprietary underwriting model with over 60 inputs to evaluate the relative
attractiveness of each market, which we then use to prioritize development opportunities
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15. Proven and Scalable Business Model
Total Number of Beds (All Properties)
(1)
Number of Properties (All Properties)
(1)
Existing Properties New Openings
Campus Crest has grown to over 13,500 beds over the last five years by leveraging its
platform and brand to deliver a uniform student housing product across multiple markets
14 (1) 2011E includes 4 wholly-owned developments and 2 joint venture developments

16. Increasing Occupancy and RevPOB
Historical Weighted Average Occupancy (1) Historical Weighted Average RevPOB (2)
Openings 6 9 5 3 n/a Openings 6 9 5 3 n/a
Total 10 19 24 27 27 Total 10 19 24 27 27
$550
100% $482
88% 87% 89% $500 $448 $472 $473 $476
90% 83% 86%
$450
80%
$400
70%
$350
60% $300
50% $250
40% $200
30% $150
20% $100
10% $50
0% $0
CY2007 CY2008 CY2009 CY 2010 Q1 2011 CY2007 CY2008 CY2009 CY2010 Q1 2011
Campus Crest has delivered occupancy and RevPOB growth while significantly
expanding its portfolio
(1) Weighted average occupancy applies to properties that are open for the full calendar year
(2) Weighted average RevPOB applies to properties that are open for the full calendar year (or portion being reported); RevPOB is
15 defined as average total revenue per occupied bed (includes student housing leasing and student housing services revenue)

17. Academic Year 2011/2012 Leasing Update
Portfolio Leasing Status for 2011/2012 Academic Year and Current Year Occupancy
2011-2012 Leases 2010-2011 Leases Fall 2010 Current
(1) (1) (2) (3)
Property Units Beds Signed % Signed % Occupancy Occupancy
Wholly-Owned 3,920 10,528 7,447 70.7% 6,139 58.3% 88.5% 88.6%
Joint Venture Properties 1,128 3,052 2,185 71.6% 2,100 68.8% 89.1% 90.8%
Sub Total - All Operating Properties 5,048 13,580 9,632 70.9% 8,239 60.7% 88.6% 89.1%
New Developments (2011 Deliveries) 1,276 3,484 1,855 53.2% n/a n/a n/a n/a
Total Portfolio 6,324 17,064 11,487 67.3% 8,239 60.7% 88.6% 89.1%
(1) As of June 6, 2010 and 2011
(2) As of September 30, 2010
16 (3) As of June 6, 2011

18. Prudent Capital Structure With Fully-Financed Growth
Capital Structure (Including Pro Rata Share of Joint
In-
In-Place Financing for Developments
Venture Debt)
($ in millions) ($ in millions)
$600 Amount
$529.1
Revolving Credit Facility $38(1)
$500
Construction Facilities $70
$400
HSRE Equity Commitment $50
$300
JV Construction Financing $31
$200
Potential Leverage on Unencumbered Assets(2) $80
$100 30.4% Total Potential Liquidity $269
-
At 3/31/2011
Debt Pro Rata Share of JV Debt Equity
Capitalized for growth with no maturities until 2014 (3)
(1) Revolving credit line for up to $125 million; As of 3/31/2011 the Company had drawn $57.0 million
(2) CCG estimate for Ellensburg, Mobile-Phase I & II, Nacogdoches and Greeley
17 (3) Assumes 1-year extension option on line of credit is exercised

19. Q1 2011 Performance
Same-store NOI § Increased 5.1%, from $6.3mm in Q1 2010 to $6.6mm in Q1 2011
Average Same-store § Increased 100bps to 88.6% in Q1 2011 compared to the same period a
Occupancy year ago
§ RevPOB of $482 compared to $482 the prior year, with increased rental
Total RevPOB
rates being offset by lower service revenue
§ Operating portfolio was 61.5% leased versus 50.6% leased at April 29,
2011/2012 Pre-leasing 2010
(wholly-owned and JV)
§ Development properties were 43.1% leased at April 29, 2011
§ FFO per diluted share of $0.17
FFO § Adjusted FFO (elimination of change in fair value of interest rate
derivatives) per diluted share of $0.16
Reiterated FFO per fully diluted share guidance of $0.72 to $0.78
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20. Experienced And Proven Leadership
Ted W. Rollins
Co-Founder, Co-Chairman • 25 years of real estate experience developing and operating service-enriched housing properties
of the Board & Chief
Executive Officer • Founded Campus Crest in 2004
Michael S. Hartnett
Co-Founder, Co-Chairman • 25 years of real estate experience developing and operating service-enriched housing properties
of the Board &
Chief Investment Officer • Founded Campus Crest in 2004
Earl C. Howell
President & Chief • Over 33 years of experience in service driven businesses; Colonel in U.S. Army Special Forces
Operating Officer
• Joined Campus Crest as a consultant in 2009
Donnie L. Bobbitt
Executive Vice President & • Over 20 years in corporate accounting and senior financial positions at both private
Chief Financial Officer
and public companies and Deloitte & Touche LLP
Robert M. Dann • 25-year industry veteran with significant experience in strategic planning, portfolio and asset
Executive Vice President & management and operational execution
President of CCREM &
CCD • Joined Campus Crest in 2011
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21. Investment Highlights
®
The Grove at San Angelo, TX
Experienced Team with
Value-Maximizing Platform
Compelling Market Dynamics
Modern, Well-Located Portfolio in
Solid Growth Markets ®
The Grove at Mobile—Phase II, AL
Proven Track Record with
Significant Growth Potential
Conservative Capital Structure
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