CHARLOTTE, NC—Campus Crest Communities recentlypriced an underwritten public offering of 6.5 million shares ofcommon stock at an offering price of $10.10 per share. According toan announcement made by the student housing REIT,the public offering's net proceeds will be approximately $62.7million after deducting underwriting discounts and additional netestimated offering costs.

The company plans to use net proceeds, scheduled for an earlyJuly closing, for the following:

• Acquisition of the remaining 50.1% ownership interest in Groveat Moscow in Idaho.
• Acquisition of the remaining 80% ownership interest in Grove atValdosta in Georgia.
• To repay approximately $27.3 million of mortgage debt securedby both properties.
• To reduce outanding borrowings under the company's revolvingcredit facility.
• For general corporate purposes.

Raymond James, Citigroup andBarclays are serving as joint book-runningmanagers for the offering. RBC Capital Markets isserving as lead manager. Baird and Janney MontgomeryScott are serving as co-managers.