CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Student housing rental	$ 24,496	$ 21,449	$ 70,960	$ 57,160
Student housing services	972	934	2,934	2,430
Development, construction and management services	14,778	12,103	40,573	43,162
Total revenues	40,246	34,486	114,467	102,752
Operating expenses:
Student housing operations	11,381	10,123	33,438	27,631
Development, construction and management services	14,028	11,374	38,343	40,260
General and administrative	2,424	1,972	8,076	6,517
Transaction costs	247	0	835	0
Ground leases	54	54	162	163
Depreciation and amortization	6,126	5,799	19,224	17,528
Total operating expenses	34,260	29,322	100,078	92,099
Equity in earnings of unconsolidated entities	1,302	86	3,608	283
Operating income	7,288	5,250	17,997	10,936
Nonoperating income (expense):
Interest expense, net	(3,091)	(2,623)	(8,764)	(8,395)
Change in fair value of interest rate derivatives	0	(57)	(73)	(160)
Other income (expense)	696	0	1,494	(75)
Gain on purchase of previously unconsolidated entities	0	6,554	0	6,554
Total nonoperating income (expense), net	(2,395)	3,874	(7,343)	(2,076)
Net income before income taxes	4,893	9,124	10,654	8,860
Income tax (expense) benefit	(40)	(74)	306	(330)
Net income	4,853	9,050	10,960	8,530
Net income attributable to noncontrolling interests	26	61	51	38
Dividends on preferred stock	1,150	1,150	3,450	2,964
Net income attributable to common stockholders	3,677	7,839	7,459	5,528
Net income per share attributable to common stockholders - basic and diluted:	$ 0.06	$ 0.20	$ 0.13	$ 0.16
Weighted-average common shares outstanding:
Basic	64,518	38,479	58,461	33,514
Diluted	64,953	38,915	58,896	33,950
Distributions per common share	$ 0.165	$ 0.16	$ 0.495	$ 0.48
Condensed consolidated statements of comprehensive income :
Net income	4,853	9,050	10,960	8,530
Foreign currency translation	88	0	88	0
Change in fair value of interest rate derivatives	0	100	59	221
Comprehensive income	4,941	9,150	11,107	8,751
Comprehensive income attributable to noncontrolling interests	26	61	51	40
Dividends on preferred stock	1,150	1,150	3,450	2,964
Comprehensive income attributable to common stockholders	$ 3,765	$ 7,939	$ 7,606	$ 5,747