Segments

6 Months Ended

Jun. 30, 2011

Segments [Abstract]

Segments

12. Segments

          The operating segments in which management assesses performance and allocates resources are student housing operations and development, construction and management services. Our segments reflect management’s resource allocation and performance assessment in making decisions regarding the Company. Our student housing rental and student housing services revenues are aggregated within the student housing operations segment and our third-party services of development, construction and management are aggregated within the development, construction and management services segment.

          The following tables set forth our segment information as of and for the three and six months ended June 30, 2011 and 2010 (amounts in thousands):

	Three Months Ended							Six Months Ended
	June 30,						June 30,
	2011			2010				2011			2010
Student Housing Operations:
Revenues from external customers	$	13,557			12,892				27,147			25,589
Operating expenses		11,441			12,110				23,174			23,738
Operating income		2,116			782				3,973			1,851
Nonoperating expenses		(640	)		(3,897	)			(1,540	)		(7,718	)
Net income (loss)		1,476			(3,115	)			2,433			(5,867	)
Net income (loss) attributable to noncontrolling interests		14			(2,273	)			24			(4,385	)
Net income (loss) attributable to stockholders and owner	$	1,462			(842	)			2,409			(1,482	)
Depreciation and amortization	$	5,148			4,592				10,245			9,280
Total segment assets at end of period	$	408,661							408,661
Development, Construction and Management Services:
Revenues from external customers	$	11,333		$	15,081			$	21,617		$	30,864
Intersegment revenues		35,348			2,371				51,915			4,647
Total revenues		46,681			17,452				73,532			35,511
Operating expenses		42,738			15,815				68,078			32,090
Operating income		3,943			1,637				5,454			3,421
Nonoperating expenses		(223	)		(10	)			(235	)		(31	)
Net income		3,720			1,627				5,219			3,390
Net income attributable to noncontrolling interests		37			—				52			—
Net income attributable to stockholders and owner	$	3,683			1,627				5,167			3,390
Depreciation and amortization	$	22			23				46			46
Total segment assets at end of period	$	13,140							13,140
Reconciliations:
Total segment revenues	$	60,238		$	30,344				100,679		$	61,100
Elimination of intersegment revenues		(35,348	)		(2,371	)			(51,915	)		(4,647	)
Total combined revenues	$	24,890		$	27,973				48,764		$	56,453
Segment operating income	$	6,059			2,419				9,427			5,272
Interest expense		(1,360	)		(6,217	)			(2,735	)		(10,686	)
Change in fair value of interest rate derivatives		141			155				337			178
Net unallocated expenses and eliminations		(5,119	)		(1,330	)			(7,463	)		(2,905	)
Equity in loss of unconsolidated entities		(340	)		(114	)			(635	)		(194	)
Other income		55			12				154			45
Income tax provision		(77	)		—				(200	)		—
Net loss	$	(641	)		(5,075	)			(1,115	)		(8,290	)
Total segment assets	$	421,801							421,801
Unallocated corporate assets and eliminations		3,125							3,125
Total assets	$	424,926							424,926