Segments (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Student Housing Operations:
Revenues from external customers	$	25,468	$	22,383	$	73,894	$	59,590
Operating expenses		17,508		15,921		52,446		45,306
Operating income		7,960		6,462		21,448		14,284
Nonoperating expenses		(2,636)		(2,466)		(7,716)		(7,595)
Net income		5,324		3,996		13,732		6,689
Net income attributable to noncontrolling interest		36		38		116		64
Net income attributable to common stockholders	$	5,288	$	3,958	$	13,616	$	6,625
Depreciation and amortization	$	5,887	$	5,727	$	18,593	$	17,319
Total segment assets at end of period	$	1,114,089	$	636,911	$	1,114,089	$	636,911
Development, Construction and Management Services:
Revenues from external customers	$	14,778	$	12,103	$	40,573	$	43,162
Intersegment revenues		27,670		19,844		80,243		65,368
Total revenues		42,448		31,947		120,816		108,530
Operating expenses		41,335		32,015		116,131		105,361
Operating income		1,113		(68)		4,685		3,169
Nonoperating (income) expenses		-		(10)		-		(10)
Net income		1,113		(78)		4,685		3,159
Net income (loss) attributable to noncontrolling interest		7		(1)		38		30
Net income attributable to common stockholders	$	1,106	$	(77)	$	4,647	$	3,129
Depreciation and amortization	$	1	$	22	$	110	$	67
Total segment assets at end of period	$	41,363	$	36,525	$	41,363	$	36,525
Reconciliations:
Total segment revenues	$	67,916	$	54,330	$	194,710	$	168,120
Elimination of intersegment revenues		(27,670)		(19,844)		(80,243)		(65,368)
Total consolidated revenues	$	40,246	$	34,486	$	114,467	$	102,752
Segment operating income	$	9,073	$	6,394	$	26,133	$	17,453
Interest expense		(3,091)		(2,623)		(8,764)		(8,395)
Change in fair value of interest rate derivatives		-		(57)		(73)		(160)
Net unallocated expenses and eliminations		(3,087)		(1,230)		(11,744)		(6,800)
Equity in earnings of unconsolidated entities		1,302		86		3,608		283
Other income (expense)		696		6,554		1,494		6,479
Income tax (expense) / benefit		(40)		(74)		306		(330)
Net income (loss)	$	4,853	$	9,050	$	10,960	$	8,530
Total segment assets	$	1,155,452	$	673,436	$	1,155,452	$	673,436
Unallocated corporate assets and eliminations		29,300		5,782		29,300		5,782
Total assets at end of period	$	1,184,752	$	679,218	$	1,184,752	$	679,218