Exhibit 99.1

Campus Crest Communities, Inc. Reports First Quarter 2012 Results

– Same Store Net Operating Income Up 8.6% –

– Same Store Net Operating Income Margin Up 200 Basis Points –

– Pre-Leasing For 2012/2013 Academic Year in Wholly-Owned Operating Portfolio Up 330 Basis Points To 61.3% –

Charlotte, NC – April 30, 2012 – Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”), a leading developer, builder, owner and manager of high-quality, purpose-built student housing, today announced results for the three months ended March 31, 2012.

Highlights

Financial Results for the Three Months Ended March 31, 2012

For the three months ended March 31, 2012, FFO and FFOA are shown in the table below. The Company retired debt and incurred a non-cash charge from the write-off of unamortized deferred financing fees in the amount of approximately $960,000, or $0.03 per diluted share. FFOA adjusts for this non-cash item, which was previously disclosed and excluded from the Company’s 2012 FFO guidance.

FFO/FFOA

A reconciliation of net loss to FFO and FFOA can be found at the end of this release.

For the quarter ended March 31, 2012, the Company reported total revenues of $32.9 million and net loss attributable to common stockholders of $(1.6) million, compared to $23.9 million and $(0.5) million, respectively, in the same period in 2011.

“Our teams in the field continue to make solid progress, while our teams in our Charlotte headquarters continue to refine our proprietary systems that provide real time data to help make the best decisions possible,” commented Ted W. Rollins, Co-Chairman and Chief Executive Officer of Campus Crest. “Our people-focused investments and initiatives are bearing fruit, and we are redoubling efforts in all areas of the Company to drive operational excellence. Our training, recruiting and roving teams, in particular, have made outstanding progress, and our development and construction teams continue to source and build attractive projects. With the success of our preferred offering, we begin the second quarter of 2012 well-capitalized with the financial capacity to commence the 2013 deliveries. We continue to be excited by our progress on portfolio leasing, operations, and construction at our properties that deliver in the third quarter of this year.”

Operating Results

For the three months ended March 31, 2012, results for wholly-owned same store properties were as follows:

Same Store Results

The improvement in same-store NOI was driven by higher occupancy, increased rental rates and service revenue and ongoing improvements in expense management. NOI margin is calculated by dividing NOI for the period by total student housing rental and services revenues for the period. A reconciliation of net loss to NOI can be found at the end of this release. In addition, details regarding same store NOI and calculations thereof may be found in the supplemental earnings schedule.

Portfolio & Leasing Update

As of March 31, 2012, the Company owned interests in 33 operating properties and 17,064 beds. The portfolio overview and leasing status for the 2011/2012 academic year is outlined in the table below:

Portfolio & 2011/2012 Academic Year Leasing Update

All properties were built by the Company or its predecessor and are, on average, within 0.7 miles from campus with an average age of 3.2 years as of March 31, 2012.

As of April 29, 2012 and 2011, pre-leasing at the Company’s portfolio for the 2012/2013 academic year was as follows:

2012/2013 Academic Year Pre-Leasing

Development Activity

The Company continued work on its 2012/2013 academic year projects for delivery in the third quarter. The total construction program is approximately $156.8 million, consisting of three wholly-owned and three joint-venture communities, with total expected construction costs of $84.7 million and $72.1 million, respectively. Details of these developments are as follows:

2012/2013 Academic Year Developments

Balance Sheet and Capital Markets

The Company actively manages its balance sheet. Details of the current capital structure and the outstanding debt follow:

Capital Structure and Debt Summary

In February, the Company completed its inaugural public offering of preferred stock raising $55.4 million of net proceeds. The Company sold 2,300,000 shares of its 8% Series A Cumulative Redeemable Preferred Stock (inclusive of the underwriter’s over allotment) at $25.00 per share. The net proceeds were used to repay $48.9 million of indebtedness outstanding under construction loans used to fund four wholly-owned properties delivered for the 2011/2012 academic year, and the remaining proceeds were for general corporate purposes, including funding properties currently under development. The Company is currently evaluating financing options – including contributing assets to the unencumbered pool of the revolving line of credit and long-term, fixed rate debt – for the four unencumbered properties.

Dividend

On March 14, 2012, the Company declared a first quarter dividend of $0.16 per common share and operating partnership unit, equating to $0.64 per common share and operating partnership unit on an annualized basis. The dividend was paid on April 11, 2012 to shareholders of record as of March 28, 2012.

The Company also declared a first quarter dividend of $0.3722 per share of Series A Preferred stock. The dividend was paid on April 16, 2012, to shareholders of record as of March 28, 2012. The dividend represents the pro-rated dividend for the period from the issuance date of the Series A Preferred Stock through April 15, 2012, and is based on a quarterly dividend of $0.50 per share.

2012 Outlook

Based upon management’s current estimates, the Company is reiterating its guidance for full year 2012 of FFO per fully diluted share of $0.75 to $0.81.

The Company’s guidance excludes a non-cash charge of approximately $960,000 related to the write-off of unamortized deferred financing fees associated with construction debt paid-off in connection with the February 2012 preferred equity offering.

Conference Call Details

The Company will host a conference call on Tuesday, May 1, 2012, at 9:00 a.m. (Eastern Time) to discuss the financial results.

The call can be accessed live over the phone by dialing 877-407-3982, or for international callers, 201-493-6780. A replay will be available shortly after the call and can be accessed by dialing 877-870-5176, or for international callers, 858-384-5517. The passcode for the replay is 392243. The replay will be available until May 8, 2012.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company’s website at http://investors.campuscrest.com/. The on-line replay will be available for a limited time beginning immediately following the call.

Supplemental Schedules

The Company has published supplemental earnings schedules in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. These can be found under the “Earnings Center” tab in the Investor Relations section of the Company’s web site at http://investors.campuscrest.com/.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. (NYSE: CCG) is a leading developer, builder, owner and manager of high-quality, purpose-built student housing properties located close to campuses in targeted U.S. markets. The Company is a self-managed, self-administered and vertically-integrated real estate investment trust which operates all of its properties under The Grove® brand. Campus Crest Communities owns interests in 33 operating student housing properties

containing approximately 6,324 apartment units and 17,064 beds and boasts the youngest standardized portfolio in the industry. Since its inception, the Company has focused on customer service, privacy, on-site amenities and its proprietary residence life programs to provide college students across the USA with a higher quality of living. 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. Forward-looking statements in this press release include, among others, statements about outlook for FFO, growth and development opportunities, leasing activities, financing strategies, development and construction projects and long term value creation. 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.

Contact:

Investor Relations

(704) 496-2581

Investor.Relations@CampusCrest.com

CAMPUS CREST COMMUNITIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in $000s)

CAMPUS CREST COMMUNITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in $000s, except per share data)

CAMPUS CREST COMMUNITIES

RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS (“FFO”) and NET OPERATING INCOME (“NOI”) (unaudited)

(in $000s, except per share data)

Non-GAAP Financial Measures

FFO and FFOA

FFO is a non-GAAP financial measure. We calculate FFO in accordance with the definition that was adopted by the Board of Governors of NAREIT. FFO, as defined by NAREIT, represents net income (loss) determined in accordance with U.S. GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, in October 2011, NAREIT communicated to its members that the exclusion of impairment write-downs of depreciable real estate is consistent with the definition of FFO.

We use FFO as a supplemental performance measure because, in excluding real estate-related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating expenses. We also believe that, as a widely recognized measure of the performance of equity REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially and adversely impact our results of operations, the utility of FFO as a measure of our performance is limited.

While FFO is a relevant and widely used measure of operating performance of equity REITs, other equity REITs may use different methodologies for calculating FFO and, accordingly, FFO as disclosed by such other REITs may not be comparable to FFO published herein. Therefore, we believe that in order to facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (loss) (computed in accordance with U.S. GAAP) as presented in the consolidated financial statements included elsewhere in this document. FFO should not be considered as an alternative to net income (loss) (computed in accordance with U.S. GAAP) as an indicator of our properties’ financial performance or to cash flow from operating activities (computed in accordance with U.S. GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

FFOA is a non-GAAP financial measure. In addition to FFO, we believe it is also a meaningful measure of our performance to adjust FFO to exclude the change in fair value of interest rate derivatives and non-cash charges from the write-off of unamortized deferred financing fees. Excluding these two items adjusts FFO to be more reflective of operating results prior to capital replacement or expansion, debt service obligations or other commitments and contingencies.

NOI

NOI is a non-GAAP financial measure. We calculate NOI by adding back to net income (loss) the following expenses or charges: income tax expense, interest expense, equity in earnings (loss) of unconsolidated entities, preferred stock dividends, depreciation and amortization, ground lease expense, general and administrative expense and development, construction and management services expense. The following income or gains are then deducted from net income (loss), adjusted for add backs of expenses or charges: other income, change in fair value of interest rate derivatives and development, construction and management services revenue. We believe these adjustments help provide a performance measure, when compared year over year, that illustrates the operating results of our wholly-owned properties and captures trends in student housing rental and services income and student housing operating expenses.

NOI excludes multiple components of net loss (computed in accordance with U.S. GAAP) and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially and adversely impact our results of operations. Therefore, the utility of NOI as a measure of our performance is limited. Additionally, other companies, including other equity REITs, may use different methodologies for calculating NOI and, accordingly, NOI as disclosed by such other companies may not be comparable to NOI published herein. Therefore, we believe that in order to facilitate a clear understanding of our historical operating results, NOI should be examined in conjunction with net loss (computed in accordance with U.S. GAAP) as presented in the consolidated financial statements included elsewhere in this document. NOI should not be considered as an alternative to net income (loss) (computed in accordance with U.S. GAAP) as an indicator of our properties’ financial performance or to cash flow from operating activities (computed in accordance with U.S. GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.