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August 2010

2011 NAREIT Investor Presentation

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This presentation contains certain forward-looking statements that are subject to risks and uncertainties.These forward-looking statements are based on certain assumptions, discuss future expectations,describe future plans and strategies, contain financial and operating projections or state other forward-looking information. The Company’s ability to predict results or the actual effect of future events, actions,plans or strategies is inherently uncertain. Although the Company believes that the expectations reflectedin such forward-looking statements are based on reasonable assumptions, the Company’s actual resultsand performance could differ materially from those set forth in, or implied by, the forward-lookingstatements. 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 isunder 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 byanyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the personmaking the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to makesuch offer or solicitation.

Forward Looking Statements

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Investment Highlights

The Grove ® at Greeley, CO

Experienced Team with Value-Maximizing Platform

Compelling Market Dynamics

Modern, Well-Located Portfolio in Solid Growth Markets

Proven Track Record with Significant Growth Potential

Conservative Capital Structure

The Grove ® at Nacogdoches, TX

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§ Echo Boom drives enrollment growth

§ Increasing percentage of high-school graduates attending college

§ Increasing foreign enrollments

§ Increasing percentage of full-time vs. part-time students

§ Students taking longer to graduate

College Enrollments (1957College Enrollments (1957--2012)2012)

§ Budgets constrain on-campus housing investment

§ 38 states cut their educational budgets during the recession

§ Existing on-campus housing stock becoming increasingly obsolete

§ Lack of construction financing is restricting new entrants

Compelling Market Dynamics

Demand DriversDemand Drivers

Supply FactorsSupply Factors

Echo BoomEnrolling in College

Baby BoomEnrolling in College

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

(millions)

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

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Attractive Portfolio and Growth Platform

Portfolio HighlightsPortfolio Highlights

Properties (1)

Total Units / Beds (1)

Weighted Average Age (2)

Average Distance to Campus

Occupancy (2)

27

5,048 / 13,580

2.5 years

0.6 miles

89%

(1) Includes 6 joint venture properties in which Campus Crest owns a 49.9% member interest(2) As of 6/6/2011

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

Ø Proactive focus on medium-sized, high-growth markets

Ø Markets have strong enrollment growth – 9.5% average growth (3)

Ø Less institutional competition & comparable product

Ø Stronger tuition value proposition

(3) Source: Reported enrollment statistics from university websites; Represents enrollment growth from the academic year 2006/2007 to the academic year 2010/2011

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Why Our Markets

§ Well-established university markets with protective community councils

§ Superior land acquisition and entitlement capabilities

§ Lack of available financing for local operators

Higher Barriers to EntryHigher Barriers to Entry

§ On-campus atmosphere with advantages of off-campus economics

§ Benefits from symbiotic relationships with universities

§ Greater impact from marketing dollars

Unique Relationships with UniversitiesUnique Relationships with Universities

§ We are able to build a superior product at a lower cost because of our captive general contractor and wholesale purchaser

Construction Cost AdvantageConstruction Cost Advantage

§ Our markets benefit from higher enrollment growth than primary markets Stronger Enrollment GrowthStronger Enrollment Growth

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Traditional on-campus, “dormitory-style” housing alternatives have generally consisted of shared rooms, communal bathroom facilities and extremely limited

(if any) amenities and parking

Traditional on-campus, “dormitory-style” housing alternatives have generally consisted of shared rooms, communal bathroom facilities and extremely limited

(if any) amenities and parking

The Evolution of Student Housing – The Dormitory Era

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The Evolution of Student Housing – Our Student Housing

Purpose-built student housing is specifically designed to appeal to modern-day college students with broad on-site amenities, enhanced privacy and a

focus on the overall lifestyle experience

Purpose-built student housing is specifically designed to appeal to modern-day college students with broad on-site amenities, enhanced privacy and a

focus on the overall lifestyle experience

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The Evolution of Student Housing – State of the Art Prototype

The Grove ® at Ellensburg, WA

The Grove ® at Mobile, AL

The Grove ® at Moscow, ID

The Grove ® at Nacogdoches, TX

The Grove ® at Nacogdoches, TX

The Grove ® at Ellensburg, WA

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Apartment Features:

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

All of our apartment communities offer bed-bath parity, attractively furnished units and a variety of on-site amenities designed to appeal to the college lifestyle

Our Properties are Attractive and Amenity-Rich

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At The Grove®, we offer a “fully-loaded college living” experience through our consistent branding and operating philosophy

At The Grove®, we offer a “fully-loaded college living” experience through our consistent branding and operating philosophy

Our Properties are Universally Branded The Grove®

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Intensive asset management philosophy employed throughout our organizationIntensive asset management philosophy employed throughout our organization

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

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

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

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

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2011 Development Projects (2011/2012 Academic Year Occupancy)

ProjectProject EnrollmentEnrollment Distance toDistance to CampusCampus UnitsUnits / Beds/ Beds EstimatedEstimated CostCost

Wholly-Owned Developments

Ft. Wayne, INIndiana University / Purdue University

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

Clarksville, TNAustin Peay State University

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

Ames, IAIowa State University

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

Columbia, MOUniversity of Missouri

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

Joint Venture Developments

Denton, TXUniversity of North Texas

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

Valdosta, GAValdosta State University

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

($ in thousands)($ in thousands)

We utilize a proprietary underwriting model with over 60 inputs to evaluate the relative attractiveness of each market, which we then use to prioritize development opportunities

We utilize a proprietary underwriting model with over 60 inputs to evaluate the relative attractiveness of each market, which we then use to prioritize development opportunities

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Total Number of Beds (All Properties)Total Number of Beds (All Properties)

Number of Properties (All Properties)Number of Properties (All Properties)

Campus Crest has grown to over 13,500 beds over the last five years by leveraging its platform and brand to deliver a uniform student housing product across multiple markets

Campus Crest has grown to over 13,500 beds over the last five years by leveraging its platform and brand to deliver a uniform student housing product across multiple markets

Proven and Scalable Business Model

(1)

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

(1)

Existing Properties New Openings

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Increasing Occupancy and RevPOB

Campus Crest has delivered occupancy and RevPOB growth while significantly expanding its portfolio

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

defined as average total revenue per occupied bed (includes student housing leasing and student housing services revenue)

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

$448 $472 $473 $482 $476

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

CY2007 CY2008 CY2009 CY2010 Q1 2011

88% 87% 83% 86% 89%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CY2007 CY2008 CY2009 CY 2010 Q1 2011

66

1010

99

1919

55

2424

33

2727

n/an/a

2727

OpeningsOpenings

TotalTotal

OpeningsOpenings

TotalTotal

66

1010

99

1919

55

2424

33

2727

n/an/a

2727

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Academic Year 2011/2012 Leasing Update

(1) As of June 6, 2010 and 2011(2) As of September 30, 2010(3) As of June 6, 2011

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

2011-2012 Leases 2010-2011 Leases Fall 2010 CurrentProperty Units Beds Signed(1) % Signed(1) % Occupancy(2) Occupancy(3)

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%

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-

$100

$200

$300

$400

$500

$600

At 3/31/2011

Capitalized for growth with no maturities until 2014 (3)Capitalized for growth with no maturities until 2014 (3)

Capital Structure (Including Pro Rata Share of Joint Capital Structure (Including Pro Rata Share of Joint Venture Debt)Venture Debt)

Capital Structure (Including Pro Rata Share of Joint Capital Structure (Including Pro Rata Share of Joint Venture Debt)Venture Debt)

($ in millions)

Prudent Capital Structure With Fully-Financed Growth

EquityPro Rata Share of JV DebtDebt

$529.1

(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(3) Assumes 1-year extension option on line of credit is exercised

30.4%

InIn--Place Financing for DevelopmentsPlace Financing for DevelopmentsInIn--Place Financing for DevelopmentsPlace Financing for Developments

Amount

Revolving Credit Facility $38(1)

Construction Facilities $70

HSRE Equity Commitment $50

JV Construction Financing $31

Potential Leverage on Unencumbered Assets(2) $80

Total Potential Liquidity $269

($ in millions)

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§ FFO per diluted share of $0.17

§ Adjusted FFO (elimination of change in fair value of interest rate derivatives) per diluted share of $0.16

FFOFFO

Q1 2011 Performance

§ RevPOB of $482 compared to $482 the prior year, with increased rental rates being offset by lower service revenueTotal RevPOBTotal RevPOB

§ Increased 100bps to 88.6% in Q1 2011 compared to the same period a year ago

Average Same-store OccupancyAverage Same-store Occupancy

§ Operating portfolio was 61.5% leased versus 50.6% leased at April 29, 2010

§ Development properties were 43.1% leased at April 29, 2011

2011/2012 Pre-leasing (wholly-owned and JV)2011/2012 Pre-leasing (wholly-owned and JV)

§ Increased 5.1%, from $6.3mm in Q1 2010 to $6.6mm in Q1 2011 Same-store NOISame-store NOI

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

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• Over 20 years in corporate accounting and senior financial positions at both private and public companies and Deloitte & Touche LLP

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

• Joined Campus Crest as a consultant in 2009

Experienced And Proven Leadership

Ted W. RollinsCo-Founder, Co-Chairman of the Board & Chief Executive Officer

• 25 years of real estate experience developing and operating service-enriched housing properties

• Founded Campus Crest in 2004

Michael S. HartnettCo-Founder, Co-Chairman of the Board &Chief Investment Officer

• 25 years of real estate experience developing and operating service-enriched housing properties

• Founded Campus Crest in 2004

Earl C. HowellPresident & Chief Operating Officer

Donnie L. BobbittExecutive Vice President & Chief Financial Officer

Robert M. DannExecutive Vice President & President of CCREM & CCD

• 25-year industry veteran with significant experience in strategic planning, portfolio and asset management and operational execution

• Joined Campus Crest in 2011

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Investment Highlights

The Grove ® at San Angelo, TX

The Grove ® at Mobile—Phase II, AL

Experienced Team with Value-Maximizing Platform

Compelling Market Dynamics

Modern, Well-Located Portfolio in Solid Growth Markets

Proven Track Record with Significant Growth Potential

Conservative Capital Structure