Campus Crest Communities, Inc. was incorporated in the State of Maryland on 1 March 2010. On October 19, 2010, it completed its initial public offering of common stock. The Company is a self-managed, self-administered and vertically-integrated REIT engaged in developing, building, owning and managing a diversified portfolio of high-quality, residence life student housing properties. As of 31 December 2013 it owned interests in 41 operating student housing properties containing approximately 8151 apartment units and 22,303 beds. Thirty-two of its properties are wholly-owned and 10 properties are owned through joint ventures with Harrison Street Real Estate Capital. The average occupancy of 41 properties was approximately 90.1% and the average monthly total revenue per occupied bed was approximately $519. The Company's operating properties are located in 19 states, contain modern apartment units with many resort-style amenities, and have an average age of approximately 3.7 years. All of the company's properties operate under The Grove brand. The Company's projects include properties such as The Grove at Ft. Collins, The Grove at Muncie, The Grove at Pullman, The Grove at Indiana, The Grove at Norman, The Grove at State College and The Grove at Cira Centre South. The Company is subject to competition for student-tenants from on-campus housing owned by universities and colleges and also competes with other regional and national owner-operators of off-campus student housing in a number of markets as well as with smaller local owner-operators.