CCG Announces Exploration of Strategic Alternatives

CHARLOTTE, N.C., Feb. 16, 2015 /PRNewswire/ -- Campus Crest Communities, Inc. CCG (the "Company" or "Campus Crest"), an owner and manager of high-quality student housing properties, today announced that its Board of Directors authorized the Company to explore a broad range of strategic, operational and financial alternatives to further enhance shareholder value. Additionally, the Board of Directors appointed Aaron Halfacre, CCG's Chief Investment Officer, to the role of President. In his new role, Mr. Halfacre will continue to oversee day-to-day management of the Company's strategic repositioning and aid the Board in the evaluation of potential strategic alternatives.

The Company has recently received multiple inquiries from a number of qualified parties that expressed interest in discussing a potential transaction with Campus Crest.  Moelis & Company LLC ("Moelis") and Kilpatrick Townsend & Stockton LLP ("Kilpatrick"), the Company's financial and legal advisors, respectively, are assisting Campus Crest in a comprehensive and thorough analysis of all potential alternatives. The advisors have been working with Campus Crest since the start of the Company's strategic repositioning in 2014.

The Company noted that there can be no assurance that the exploration process will result in the Company pursuing a particular transaction or completing any such transaction. The Company has not set a definitive timetable for completion of the process and does not intend to disclose further developments until its Board of Directors approves a specific action or otherwise concludes the review of the strategic alternatives.

"After receiving several unsolicited inquiries by highly-qualified institutions, the Board of Directors instructed Moelis and Kilpatrick to formally undertake the exploration of a variety of strategic alternatives proposed by inbound interested parties," stated Richard Kahlbaugh, Non-Executive Chairman. "The process, which is already underway, aligns with the Company's strategic repositioning and goal of maximizing shareholder value."

Richard Kahlbaugh, continued, "The Board is pleased to announce the appointment of Aaron Halfacre as the Company's President. As evidenced by his leadership in the successful closing of the Copper Beech transaction and his overseeing of all day-to-day operations, the Board is pleased to formally recognize Aaron's role in advancing shareholder interests. We are confident in his abilities to lead the entire Campus Crest team as we continue to execute upon our commitment for positive change. We expect to have additional announcements in the near to intermediate term as we conclude our dialogue with potential Board members and continue to evaluate several senior executives to join the management team."

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. 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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SOURCE Campus Crest Communities, Inc.