CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues:
Student housing rental	$ 17,854	$ 13,019	$ 35,712	$ 26,171
Student housing services	732	538	1,495	976
Development, Construction and Management Services	16,803	11,333	31,059	21,617
Total revenues	35,389	24,890	68,266	48,764
Operating expenses:
Student housing operations	8,930	6,325	17,508	12,765
Development, construction and management services	15,427	10,611	28,885	19,836
General and administrative	2,219	1,722	4,545	3,670
Ground leases	56	52	108	104
Depreciation and amortization	5,874	5,209	11,730	10,366
Total operating expenses	32,506	23,919	62,776	46,741
Equity in earnings (loss) of unconsolidated entities	102	(284)	198	(526)
Operating income (loss)	2,985	687	5,688	1,497
Nonoperating income (expense):
Interest expense	(2,201)	(1,360)	(5,774)	(2,735)
Change in fair value of interest rate derivatives	(55)	141	(104)	337
Other income (expense)	(76)	(2)	(74)	44
Total nonoperating income (expense)	(2,332)	(1,221)	(5,952)	(2,354)
Net income (loss) before income tax expense	653	(534)	(264)	(857)
Income tax expense	(193)	(107)	(256)	(258)
Net income (loss)	460	(641)	(520)	(1,115)
Net (income) loss attributable to noncontrolling interests	14	3	23	5
Dividends on preferred stock	(1,150)	0	(1,814)	0
Net income (loss) attributable to common stockholders	(676)	(638)	(2,311)	(1,110)
Net income (loss) per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.07)	$ (0.04)
Weighted-average common shares outstanding, basic and diluted (in shares)	31,084	30,721	31,004	30,712
Distributions per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Condensed consolidated statements of comprehensive income (loss):
Net income (loss)	460	(641)	(520)	(1,115)
Change in fair value of interest rate derivatives	100	(215)	121	(220)
Comprehensive income (loss)	560	(856)	(399)	(1,335)
Comprehensive (income) loss attributable to noncontrolling interests	13	3	22	5
Dividends on preferred stock	(1,150)	0	(1,814)	0
Comprehensive income (loss) attributable to common stockholders	$ (577)	$ (853)	$ (2,191)	$ (1,330)