Segments (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

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