CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
Student housing rental	$ 22,982	$ 17,858
Student housing services	910	763
Development, construction and management services	11,427	14,256
Total revenues	35,319	32,877
Operating expenses:
Student housing operations	10,931	8,578
Development, construction and management services	10,658	13,458
General and administrative	2,699	2,326
Transaction costs	385	0
Ground leases	54	52
Depreciation and amortization	6,439	5,856
Total operating expenses	31,166	30,270
Equity in earnings of unconsolidated entities	410	96
Operating income	4,563	2,703
Nonoperating income (expense):
Interest expense, net	(2,884)	(3,573)
Change in fair value of interest rate derivatives	(54)	(49)
Other income	90	2
Total nonoperating expense, net	(2,848)	(3,620)
Net income (loss) before income tax benefit (expense)	1,715	(917)
Income tax benefit (expense)	452	(63)
Net income (loss)	2,167	(980)
Net income (loss) attributable to noncontrolling interests	11	(9)
Dividends on preferred stock	1,150	664
Net income (loss) attributable to common stockholders	1,006	(1,635)
Net income (loss) per share attributable to common stockholders - basic and diluted:	$ 0.02	$ (0.05)
Weighted-average common shares outstanding:
Basic	46,156	30,923
Diluted	46,591	30,923
Distributions per common share	$ 0.165	$ 0.160
Consolidated statements of comprehensive income (loss):
Net income (loss)	2,167	(980)
Change in fair value of interest rate derivatives	59	21
Comprehensive income (loss)	2,226	(959)
Comprehensive income (loss) attributable to noncontrolling interests	12	(9)
Dividends on preferred stock	1,150	664
Comprehensive income (loss) attributable to common stockholders	$ 1,064	$ (1,614)