Segments (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables set forth our segment information for the periods presented (amounts in thousands):

	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Student Housing Operations
Revenues from external customers	$	18,586		$	13,557		$	37,207		$	27,147
Operating expenses		14,877			11,410			29,385			23,115
Operating income		3,709			2,147			7,822			4,032
Nonoperating expenses		(1,879	)		(639	)		(5,129	)		(1,539	)
Net income (loss)		1,830			1,508			2,693			2,493
Net (income) loss attributable to noncontrolling interests		(18	)		(15	)		(26	)		(24	)
Net income (loss) attributable to stockholders	$	1,812		$	1,493		$	2,667		$	2,469
Depreciation and amortization	$	5,803		$	5,148		$	11,592		$	10,245
Total segment assets at end of period	$	555,142		$	408,661		$	555,142		$	408,661
Development, Construction and Management Services
Revenues from external customers	$	16,803		$	11,333		$	31,059		$	21,617
Intersegment revenue		26,214			35,348			45,524			51,915
Total revenues		43,017			46,681			76,583			73,532
Operating expenses		41,362			42,738			73,346			68,078
Operating income		1,655			3,943			3,237			5,454
Nonoperating expenses		-			(223	)		-			(235	)
Net income (loss)		1,655			3,720			3,237			5,219
Net (income) loss attributable to noncontrolling interests		(16	)		(37	)		(31	)		(52	)
Net income (loss) attributable to stockholders	$	1,639		$	3,683		$	3,206		$	5,167
Depreciation and amortization	$	23		$	22		$	45		$	46
Total segment assets at end of period	$	31,934		$	13,140		$	31,934		$	13,140
Reconciliations
Total segment revenues	$	61,603		$	60,238		$	113,790		$	100,679
Elimination of intersegment revenues		(26,214	)		(35,348	)		(45,524	)		(51,915	)
Total consolidated revenues	$	35,389		$	24,890		$	68,266		$	48,764
Segment operating income (loss)	$	5,364		$	6,090		$	11,059		$	9,486
Interest expense		(2,201	)		(1,360	)		(5,774	)		(2,735	)
Change in fair value of interest rate derivatives		(55	)		141			(104	)		337
Net unallocated expenses and eliminations		(2,481	)		(5,119	)		(5,569	)		(7,463	)
Equity in earnings (loss) of unconsolidated entities		102			(284	)		198			(526	)
Other income (expense)		(76	)		(2	)		(74	)		44
Income tax expense		(193	)		(107	)		(256	)		(258	)
Net income (loss)	$	460		$	(641	)	$	(520	)	$	(1,115	)
Total segment assets at end of period	$	587,076		$	421,801		$	587,076		$	421,801
Unallocated corporate assets and eliminations		17,131			3,125			17,131			3,125
Total assets at end of period	$	604,207		$	424,926		$	604,207		$	424,926