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

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

• Acquisition of the remaining 50.1% ownership interest in Grove at Moscow in Idaho.
• Acquisition of the remaining 80% ownership interest in Grove at Valdosta in Georgia.
• To repay approximately $27.3 million of mortgage debt secured by both properties.
• To reduce outanding borrowings under the company's revolving credit facility.
• For general corporate purposes.

Raymond James, Citigroup and Barclays are serving as joint book-running managers for the offering. RBC Capital Markets is serving as lead manager. Baird and Janney Montgomery Scott are serving as co-managers.