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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2012

										Total Costs
						2012 Costs
						Capitalized								Student
		Initial				Subsequent to								Housing								Accum.				Encum-				Year				Depreciable
Student Housing Properties		Cost				Development				Land				Properties				Total ⁽¹⁾				Depr.				brances				Built				Lives⁽¹⁾

The Grove at Asheville, NC		$	12,604			$	502			$	51			$	13,055			$	13,106			$	(4,495	)		$	(14,684	)			2005				40
The Grove at Carrollton, GA			13,294				887				1,104				13,077				14,181				(4,268	)			(14,462	)			2006				40
The Grove at Las Cruces, NM			16,025				1,245				1,098				16,172				17,270				(4,650	)			(14,946	)			2006				40
The Grove at Milledgeville, GA			14,543				945				942				14,546				15,488				(4,692	)			(16,041	)			2006				40
The Grove at Abilene, TX			16,962				431				1,361				16,032				17,393				(4,810	)			-				2007				40
The Grove at Ellensburg, WA			20,827				331				1,483				19,675				21,158				(5,200	)			(16,125	)			2007				40
The Grove at Greeley, CO			19,971				1,151				1,454				19,668				21,122				(4,775	)			(15,233	)			2007				40
The Grove at Jacksonville, AL			17,567				569				892				17,244				18,136				(4,912	)			-				2007				40
The Grove at Mobile, AL—Phase I			15,823				250				98				15,975				16,073				(4,695	)			-				2007				40
The Grove at Nacogdoches, TX			18,604				461				1,188				17,877				19,065				(4,887	)			(17,160	)			2007				40
The Grove at Cheney, WA			18,788				277				1,347				17,718				19,065				(4,288	)			-				2008				40
The Grove at Jonesboro, AR			17,761				382				2,156				15,987				18,143				(4,128	)			-				2008				40
The Grove at Lubbock, TX			18,229				231				1,520				16,940				18,460				(4,219	)			-				2008				40
The Grove at Mobile, AL—Phase II			17,271				267				52				17,486				17,538				(3,970	)			-				2008				40
The Grove at Stephenville, TX			17,100				245				1,250				16,095				17,345				(4,255	)			-				2008				40
The Grove at Troy, AL			18,248				435				1,433				17,250				18,683				(4,380	)			-				2008				40
The Grove at Waco, TX			17,566				288				1,094				16,760				17,854				(4,355	)			-				2008				40
The Grove at Wichita, KS			16,951				173				911				16,213				17,124				(4,220	)			-				2008				40
The Grove at Wichita Falls, TX			17,955				335				2,065				16,225				18,290				(4,116	)			-				2008				40
The Grove at Murfreesboro, TN			19,994				372				2,678				17,688				20,366				(3,161	)			-				2009				40
The Grove at San Marcos, TX			24,126				102				1,791				22,437				24,228				(1,887	)			-				2009				40
The Grove at Moscow, ID			25,731				48				1,839				23,940				25,779				(336	)			-				2009				40
The Grove at Huntsville, TX			23,444				110				2,157				21,397				23,554				(735	)			(12,636	)			2010				40
The Grove at Statesboro, GA			25,349				44				1,621				23,772				25,393				(814	)			(18,100	)			2010				40
The Grove at Clarksville, TN			21,805				58				1,296				20,567				21,863				(1,028	)			(16,350	)			2011				40
The Grove at Ames, IA			22,834				57				1,919				20,972				22,891				(1,051	)			-				2011				40
The Grove at Fort Wayne, IN			18,889				39				844				18,084				18,928				(944	)			-				2011				40
The Grove at Columbia, MO			24,551				43				3,611				20,983				24,594				(1,058	)			(23,605	)			2011				40
The Grove at Valdosta, GA			29,381				49				1,562				27,868				29,430				(466	)			-				2011				40
The Grove at Auburn, AL			26,525				-				4,423				22,102				26,525				(308	)			(13,157	)			2012				40
The Grove at Flagstaff, AZ			34,125				-				6,970				27,155				34,125				(321	)			(15,331	)			2012				40
The Grove at Nacogdoches, TX - Phase II			7,718				-				401				7,317				7,718				(90	)			-				2012				40
The Grove at Orono, ME			28,499				-				1,373				27,126				28,499				(306	)			(10,507	)			2012				40

Total-student housing properties		$	659,060			$	10,327			$	53,984			$	615,403			$	669,387			$	(97,820	)		$	(218,337	)

(1)

The life to compute depreciation on buildings is 40 years. Furniture, fixtures, equipment and building improvements are depreciated over periods of up to 20 years.

The changes in our investment in real estate and related accumulated depreciation for each of the years ended December 31, 2012, 2011 and 2010 are as follows (in thousands):

		December 31,
		2012				2011				2010
Investment in real estate:
Balance, beginning of year		$	512,227			$	372,746				347,157
Acquisitions, improvements and development expenditures			158,175				140,866				25,937
Disposition of properties			(1,015	)			(710	)			(71	)
Other reclassifications			-				(675	)			(277	)
Balance, end of year		$	669,387			$	512,227				372,746
Accumulated depreciation:
Balance, beginning of year		$	76,164			$	57,463				38,999
Depreciation for the year			22,472				18,943				18,299
Disposition of properties			(865	)			(242	)			(21	)
Other reclassifications			49				-				186
Balance, end of year			97,820				76,164				57,463
Development in process			50,781				45,278				24,232
Investment in real estate, net		$	622,348			$	481,341				339,515

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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