Segments

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

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 for the periods presented (in thousands):

	The Company									Predecessor
							October 19, 2010			January 1, 2010
	Year Ended			Year Ended			Through			Through
	December 31,			December 31,			December 31,			October 18,
	2012			2011			2010			2010
Student Housing Operations:
Revenues from external customers	$	83,084		$	59,709		$	10,786		$	40,736
Operating expenses		61,804			48,442			9,312			38,455
Operating income		21,280			11,267			1,474			2,281
Nonoperating expenses		(10,246	)		(5,176	)		(1,982	)		(13,104	)
Net income (loss)		11,034			6,091			(508	)		(10,823	)
Net income (loss) attributable to noncontrolling interest		106			61			(5	)		(7,609	)
Net income (loss) attributable to Company and Predecessor	$	10,928		$	6,030		$	(503	)	$	(3,214	)
Depreciation and amortization	$	23,521		$	19,832		$	3,911		$	14,660
Total segment assets at end of period	$	640,530		$	511,934		$	361,942
Development, Construction and Management Services:
Revenues from external customers	$	54,295		$	35,084		$	74		$	35,687
Intersegment revenues		77,937			88,443			553			6,813
Total revenues		132,232			123,527			627			42,500
Operating expenses		128,291			115,629			1,731			38,585
Operating income (loss)		3,941			7,898			(1,104	)		3,915
Nonoperating expenses		(12	)		(499	)		(1	)		(31	)
Net income (loss)		3,929			7,399			(1,105	)		3,884
Net income (loss) attributable to noncontrolling interest		38			74			(11	)		-
Net income (loss) attributable to Company and Predecessor	$	3,891		$	7,325		$	(1,094	)	$	3,884
Depreciation and amortization	$	103		$	90		$	17		$	70
Total segment assets at end of period	$	51,141		$	22,818		$	9,758
Reconciliations:
Total segment revenues	$	215,316		$	183,236		$	11,413		$	83,236
Elimination of intersegment revenues		(77,937	)		(88,443	)		(553	)		(6,813	)
Total consolidated and combined revenues	$	137,379		$	94,793		$	10,860		$	76,423
Segment operating income	$	25,221		$	19,165		$	370		$	6,196
Interest expense		(11,545	)		(6,888	)		(2,519	)		(20,836	)
Change in fair value of interest rate derivatives		(216	)		259			146			871
Net unallocated expenses and eliminations		(9,027	)		(10,747	)		(60	)		(6,667	)
Equity in earnings (loss) of unconsolidated entities		361			(1,164	)		(163	)		(259	)
Other income (expense)		(194	)		461			44			43
Gain on purchase of previously unconsolidated entities		6,554			3,159			577			-
Income tax expense		(356	)		(464	)		-			-
Net income (loss)	$	10,798		$	3,781		$	(1,605	)	$	(20,652	)
Total segment assets	$	691,671		$	534,752		$	371,700
Unallocated corporate assets and eliminations		4,649			5,505			(443	)
Total assets at end of period	$	696,320		$	540,257		$	371,257