Organization and Description of Business

6 Months Ended

Jun. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Organization and Description of Business

Campus Crest Communities, Inc., together with its subsidiaries, is a self-managed, self-administered and vertically-integrated real estate investment trust (“REIT”) focused on developing, building, owning and managing high-quality, resident like focused student housing properties in the United States. We operate our business through Campus Crest Communities Operating Partnership, LP (the “Operating Partnership”) and our subsidiaries. All references to “we,” “us,” our,” the “Company” and “Campus Crest” refer to Campus Crest Communities, Inc. and our consolidated subsidiaries, including the Operating Partnership.

We have made an election to qualify, and we believe we are operating so as to qualify, as a REIT under Sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a REIT, we generally will not be subject to U.S. federal income tax to the extent that we meet the organizational and operational requirements and our distributions equal or exceed taxable income. For all periods subsequent to the REIT election, we have met the organizational and operational requirements and distributions have exceeded net taxable income.

We have made the election to treat Campus Crest TRS Holdings, Inc. (“TRS Holdings”), our wholly-owned subsidiary which holds our development, construction and management companies which provide services to entities in which we do not own 100% of the equity interests, as a taxable REIT subsidiary (“TRS”). As a TRS, the operations of TRS Holdings and its subsidiaries are generally subject to federal, state and local income and franchise taxes.

At June 30, 2012, we had an ownership interest in 33 operating properties comprising approximately 17,064 beds. Our portfolio consists of the following:

	Properties in Operation		Properties under Construction
Consolidated entities		27		5	(1)
Unconsolidated entities		6		4	(2)
Total		33		9

⁽¹⁾ Includes three student housing properties with completion targeted for the 2012-2013 academic year and two student housing properties with completion targeted for the 2013-2014 academic year, The Grove at Fort Collins, located in Colorado, and The Grove at Muncie, located in Indiana. Additionally, we are undergoing an expansion of an existing property, The Grove at Nacogdoches, by 64 units inclusive of 160 beds to be delivered for the 2012-2013 academic year.

⁽²⁾ Includes The Grove at Norman, a new student housing property located in Oklahoma with completion targeted for the 2013-2014 academic year (see Note 4).