Segments

3 Months Ended

Mar. 31, 2013

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):

	Three Months Ended
	March 31,
	2013			2012
Student Housing Operations:
Revenues from external customers	$	23,892		$	18,621
Operating expenses		17,338			14,508
Operating income		6,554			4,113
Nonoperating expenses		(2,563	)		(3,250	)
Net income		3,991			863
Net income attributable to noncontrolling interest		38			8
Net income attributable to common stockholders	$	3,953		$	855
Depreciation and amortization	$	6,297		$	5,789
Total segment assets at end of period	$	969,272		$	533,862
Development, Construction and Management Services:
Revenues from external customers	$	11,427		$	14,256
Intersegment revenues		19,193			19,310
Total revenues		30,620			33,566
Operating expenses		29,486			31,984
Operating income		1,134			1,582
Nonoperating expenses		-			-
Net income		1,134			1,582
Net income attributable to noncontrolling interest		11			15
Net income attributable to common stockholders	$	1,123		$	1,567
Depreciation and amortization	$	50		$	22
Total segment assets at end of period	$	57,072		$	31,552
Reconciliations:
Total segment revenues	$	54,512		$	52,187
Elimination of intersegment revenues		(19,193	)		(19,310	)
Total consolidated revenues	$	35,319		$	32,877
Segment operating income	$	7,688		$	5,695
Interest expense, net		(2,884	)		(3,573	)
Change in fair value of interest rate derivatives		(54	)		(49	)
Net unallocated expenses and eliminations		(3,535	)		(3,088	)
Equity in earnings of unconsolidated entities		410			96
Other income		90			2
Income tax benefit (expense)		452			(63	)
Net income (loss)	$	2,167		$	(980	)
Total segment assets	$	1,026,344		$	565,414
Unallocated corporate assets and eliminations		6,181			1,258
Total assets at end of period	$	1,032,525		$	566,672