Organization and Description of Business

9 Months Ended

Sep. 30, 2011

Organization and Description of Business [Abstract]

Organization and Description of Business

1. Organization and Description of Business

     Campus Crest Communities, Inc. (along with its subsidiaries, the “Company,” “we,” “us” or “our”) is engaged in the business of developing, constructing, owning and managing high-quality, purpose-built student housing properties in the United States. The Company was incorporated in the State of Maryland on March 1, 2010. Campus Crest Communities Predecessor (the “Predecessor”) is not a legal entity, but rather a combination of certain vertically integrated operating companies under common ownership. The Predecessor reflects the historical combination of all facets of the vertically integrated business operations of the student housing related entities of the Company prior to its ownership of these entities.

     On October 19, 2010, the Company completed an initial public offering (the “Offering”) of 28,333,333 shares of its common stock. On November 18, 2010, underwriters of the Offering closed on their option to purchase an additional 2,250,000 shares of common stock to cover the overallotment option granted by the Company to its underwriters. Total Offering-related proceeds to the Company as a result of both of these transactions totaled approximately $382.3 million. Total Offering-related expenses were approximately $31.9 million and consisted of the underwriting discount and other expenses payable by the Company.

     As a result of the Offering and certain formation transactions entered into in connection therewith (the “Formation Transactions”), the Company currently owns the sole general partner interest and limited partner interests in Campus Crest Communities Operating Partnership, LP (the “Operating Partnership”). As part of the Formation Transactions, the owner of the Predecessor and certain third-party investors were granted limited partnership interests in the Operating Partnership (“OP units”). The exchange of entities or interests therein for OP units was accounted for as a reorganization of entities under common control. As a result, the Company’s assets and liabilities are reflected at their historical cost basis.

     The Company elected and qualified to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2010. As a REIT, the Company generally is not subject to U.S. federal income tax on taxable income that it distributes currently to its stockholders.

     The following tables illustrate the number of properties in which the Company has interests, both operating and under construction, at September 30, 2011 and December 31, 2010:

	September 30, 2011
	Properties		Properties		Effective ownership
	in operation		under construction		percentage
Consolidated entities		25		6		100	%
Unconsolidated entities		8		—		20 — 49.9	%
Total		33		6
	December 31, 2010
	Properties		Properties		Effective ownership
	in operation		under construction(1)		percentage
Consolidated entities		21		6		100	%
Unconsolidated entities		6		—		49.9	%
Total		27		6

(1) Subsequent to December 31, 2010, two wholly owned properties that were under construction as of December 31, 2010 were contributed to an unconsolidated entity.