Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Unconsolidated Investments and Debt [Table Text Block]

Detail of our unconsolidated investments at December 31, 2012 is presented in the following table (in thousands):

												Debt
														Weighted
						Number of Properties								Average
	Our			Year		In		Under		Our Total		Amount		Interest
Unconsolidated Entities	Ownership			Founded		Operations		Development		Investment		Outstanding		Rate			Maturity Date / Range
HSRE-Campus Crest I, LLC		49.9	%		2009		3		-	$	11,125	$	33,828		2.71	%(1)	11/09/2013 – 1/09/2014
HSRE-Campus Crest IV, LLC		20.0	%		2011		1		-		2,372		16,979		5.75	%(2)	12/1/2013
HSRE-Campus Crest V, LLC		10.0	%		2011		3		-		3,393		40,960		2.95	%(1)	12/20/2014 – 01/05/2015
HSRE-Campus Crest VI, LLC		20.0	%		2012		-		3		5,665		689		2.86	%(1)	5/08/2015 – 12/19/2015
Total Unconsolidated Entities							7		3	$	22,555	$	92,456		3.38	%

(1) Variable interest rates.

(2) Comprised of one fixed rate loan.

Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block]

The following is a summary of the financial position of our unconsolidated entities in their entirety, not only our interest in the entities, for the periods presented (in thousands):

	As of December 31,
	2012			2011
Assets
Student housing properties, net	$	143,108		$	123,552
Other assets		40,154			20,939
Total assets	$	183,262		$	144,491
Liabilities and Equity
Mortgage and construction loans	$	92,456		$	82,719
Other liabilities		30,402			14,402
Owner’s equity		60,404			47,370
Total liabilities and owner’s equity	$	183,262		$	144,491
Company's share of historical owner’s equity	$	14,078		$	11,101
Preferred investment(1)		11,828			13,231
Net difference in carrying value of investment versus net book
value of underlying net assets(2)		(3,351	)		(3,280	)
Carrying value of investment in unconsolidated entities	$	22,555		$	21,052

(1) As of December 31, 2012, we had a Class B member interest in The Grove at San Angelo, The Grove at Indiana, and The Grove at Conway of approximately $2.7 million, $2.7 million and $6.4 million, respectively. As of December 31, 2011, we had a Class B member interest in The Grove at San Angelo, The Grove at Moscow, The Grove at Valdosta and The Grove at Conway of approximately $2.7 million, $3.0 million, $1.1 million and $6.4 million, respectively. These preferred interests entitle us to a 9.0% return on our investment and do not change our effective ownership interest in these properties.

(2) This amount represents the aggregate difference between our historical cost basis and the basis reflected at the entity level, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the difference between the allocated value to acquired entity interests and the venture’s basis in those interests, the capitalization of additional investment in the unconsolidated entity and the elimination of service related revenue to the extent of our percentage ownership.

Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block]

The following is a summary of the operating results for our unconsolidated entities in their entirety, not only our interest in the entities, for the periods presented (in thousands):

							October 19,			January 1,
	Year Ended			Year Ended			2010 Through			2010 Through
	December 31, 2012			December 31, 2011			December 31, 2010			October 18, 2010
Revenues	$	17,934		$	18,089		$	3,009		$	8,796
Expenses:
Operating expenses		9,665			9,585			1,570			4,956
Interest expense		4,962			6,671			1,046			3,427
Depreciation and amortization		4,807			5,056			909			3,399
Total expenses		19,434			21,312			3,525			11,782
Net loss		(1,500	)		(3,223	)		(516	)		(2,986	)
Company’s and Predecessor’s share of net loss(1)	$	361		$	(1,164	)	$	(163	)	$	(259	)

(1) Amount differs from net loss multiplied by our ownership percentage due to the amortization of the aggregate difference between our historical cost basis and our basis reflected at the entity level, elimination of management fees, and income on preferred investments.