Segments

9 Months Ended

Sep. 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 nine months ended September 30, 2011 and 2010 (amounts in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Student Housing Operations:
Revenues from external customers	$	15,569			12,623			42,716			38,211
Operating expenses		12,323			11,609			35,497			35,347
Operating income		3,246			1,014			7,219			2,864
Nonoperating expenses		(1,503	)		(3,973	)		(3,043	)		(11,691	)
Net income (loss)		1,743			(2,959	)		4,176			(8,827	)
Net income (loss) attributable to noncontrolling interests		18			(2,264	)		42			(7,290	)
Net income (loss) attributable to stockholders and owner	$	1,725			(695	)		4,134			(1,537	)
Depreciation and amortization	$	4,809			4,442			15,054			13,722
Total segment assets at end of period	$	436,280						436,280
Development, Construction and Management Services:
Revenues from external customers	$	4,827		$	4,256		$	26,444		$	35,121
Intersegment revenues		28,330			1,075			80,245			5,722
Total revenues		33,157			5,331			106,689			40,843
Operating expenses		31,055			4,818			99,133			36,907
Operating income		2,102			513			7,556			3,936

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Nonoperating expenses		(15	)		17			(250	)		(14	)
Net income		2,087			530			7,306			3,922
Net income attributable to noncontrolling interests		21			—			73			—
Net income attributable to stockholders and owner	$	2,066			530			7,233			3,922
Depreciation and amortization	$	21			98			67			67
Total segment assets at end of period	$	13,954						13,954
Reconciliations:
Total segment revenues	$	48,726		$	17,954			149,405		$	79,054
Elimination of intersegment revenues		(28,330	)		(1,075	)		(80,245	)		(5,722	)
Total combined revenues	$	20,396		$	16,879			69,160		$	73,332
Segment operating income	$	5,348			1,527			14,775			6,800
Interest expense		(1,922	)		(6,708	)		(4,657	)		(17,395	)
Change in fair value of interest rate derivatives		(22	)		178			315			356
Net unallocated expenses and eliminations		(2,785	)		(1,251	)		(10,248	)		(4,156	)
Equity in loss of unconsolidated entities		(309	)		(49	)		(944	)		(243	)
Other income		118			1			272			45
Income tax provision		(14	)		—			(214	)		—
Net loss	$	414			(6,302	)		(701	)		(14,593	)
Total segment assets	$	450,234						450,234
Unallocated corporate assets and eliminations		16,610						16,610
Total assets	$	466,844						466,844