Student Housing Properties

9 Months Ended

Sep. 30, 2013

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

3. Student Housing Properties

The following is a summary of our student housing properties, net for the periods presented (in thousands):

	September 30,			December 31,
	2013			2012
Land	$	64,302	$	53,984
Buildings and improvements		641,796		552,984
Furniture, fixtures and equipment		65,369		62,419
		771,467		669,387
Less: accumulated depreciation		(115,817)		(97,820)
	$	655,650	$	571,567

In March 2013, we acquired a 100% ownership in Campus Crest at Toledo, Ohio resulting in an increase to our student housing properties (see Note 4).

In July 2013, we experienced a fire at The Grove at Pullman, Washington, a property under construction, which resulted in a partial loss of the property. While no assurances can be given, after taking into account our existing insurance coverage, we believe that the damages sustained as a result of this fire will not have a material adverse effect on our financial position or results of operations.