Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Equity Method Investments [Line Items]

Schedule Of Unconsolidated Investments and Debt [Table Text Block]

We are the guarantor of the construction and mortgage debt or credit facilities of our joint ventures with HSRE and Beaumont. Details of our unconsolidated investments at March 31, 2014 are presented in the following table (dollars in thousands):

												Debt
														Weighted
						Number of Properties								Average
	Our			Year		In		Under		Our Total		Amount		Interest
Unconsolidated Entities	Ownership			Founded		Operation		Development		Investment		Outstanding		Rate			Maturity Date / Range
HSRE-Campus Crest I, LLC		63.9	%		2009		3		-	$	10,578	$	32,485		2.65	%(1)	2/9/2015
HSRE-Campus Crest V, LLC		10.0	%		2011		3		-		3,426		49,614		2.87	%(1)	12/20/2014 – 01/05/2015
HSRE-Campus Crest VI, LLC		20.0	%		2012		3		-		13,527		32,998		2.52	%(1)	5/08/2015 – 12/19/2015
HSRE-Campus Crest IX, LLC		30.0	%		2013		-		1		18,573		23,795		2.35	%(1)	7/25/2016
HSRE-Campus Crest X, LLC		30.0	%		2013		-		2		9,389		9,224		2.33	%(1)	9/06/2016-9/30/2018
CB Portfolio		67.0	%(3)		2013		28		-		254,252		390,936		5.65	%(1)	6/01/2014 – 10/01/2020
CB Ames		67.0	%		2013		-		1		11,758		-		n/a		n/a
CSH Montreal LP		35.0	%(4)		2013		-		2		36,238		61,831		6.37	%(1)	1/13/2016
Other		20.0	%		2013		-		-		1,560		-		n/a		n/a
Total Unconsolidated Entities							37		6	$	359,301	$	600,883		4.98	%

⁽¹⁾

Variable interest rates.

⁽²⁾

Comprised of fixed rate debt.

⁽³⁾

As of March 31, 2014, we had a 67.0% effective interest in the CB Portfolio.

⁽⁴⁾

As of March 31, 2014, we had CAD 16.0 million ($14.4 million) of preferred bridge equity in CSH Montreal. See discussion above.

HSRE and DCV Holdings [Member]

Schedule of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block]

The following is a summary of the combined financial position of our unconsolidated entities with HSRE and CSH Montreal in their entirety, not only our interest in the entities, including provisional fair value balances that are subject to our allocation analyses and appraisals, for the periods presented (amounts in thousands):

	March 31,		December 31,
	2014		2013
Assets
Student housing properties, net	$	321,644	$	289,797
Development in process		120,444		81,994
Other assets		18,249		15,341
Total assets	$	460,337	$	387,132

Liabilities and Equity
Mortgage and construction loans	$	210,325	$	165,445
Other liabilities		58,800		58,948
Owners' equity		191,212		162,739
Total liabilities and owners' equity	$	460,337	$	387,132

Company's share of historical owners' equity	$	67,446	$	41,390
Preferred investment⁽¹⁾		21,799		16,468
Net difference in carrying value of investment versus net book value of underlying net assets⁽²⁾		4,046		5,388
Carrying value of investment in unconsolidated entities	$	93,291	$	63,246

⁽¹⁾

As of March 31, 2014, we had Class B member interest in The Grove at Indiana, Pennsylvania, The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, of approximately $2.7 million, $2.7 million and $1.9 million, respectively, entitling us to a 9.0% return on our investment upon the respective property being operational. We also had a CAD 16 million ($14.4 million) Class A interest in CSH Holdings entitling us to a commitment fee of 1.0% of the Class A interest each quarter and 10.0% annual return on our investment. As of December 31, 2013, we had Class B member interest in The Grove at San Angelo, Texas, The Grove at Conway, Arkansas, The Grove at Indiana, Pennsylvania, The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, of approximately $2.8 million, $6.4 million, $2.7 million, $2.7 million and $1.9 million, respectively, entitling us to a 9.0% return on our investment upon the respective property being operational.

⁽²⁾

This amount represents the aggregate excess of our carrying amount above our underlying equity in the net assets of our investments, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the difference between the allocated value to acquired entity interests and the venture’s basis in those interests, the capitalization of additional investment in the unconsolidated entity and the elimination of service related revenue to the extent of our percentage ownership.

Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block]

The following is a summary of the combined operating results for our unconsolidated entities with HSRE in their entirety, not only our interest in the entities, for the periods presented (in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013

Revenues	$	6,456	$	4,762
Expenses:
Operating expenses		3,561		2,577
Interest expense		1,051		1,140
Depreciation and amortization		2,030		1,360
Other (income) expense		(53)		24
Total expenses		6,589		5,101
Net loss	$	(133)	$	(339)

Copper Beech [Member]

Schedule of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block]

The following is a summary of the financial position reflecting the cost basis of our investments in the Copper Beech entities in their entirety for the 30 properties in the CB Portfolio as of March 31, 2014 and December 31, 2013 (amounts in thousands):

	March 31,		December 31,
	2014		2013
Assets
Student housing properties, net	$	742,530	$	748,280
Intangible assets		23,340		37,100
Other assets		4,948		5,201
Total assets	$	770,818	$	790,581

Liabilities and Equity
Mortgage and construction loans	$	417,096	$	421,239
Other liabilities		6,896		13,112
Owners' equity		346,826		356,230
Total liabilities and owners' equity	$	770,818	$	790,581

Company's share of historical owners' equity	$	247,688	$	244,964
Net difference in carrying value of investment versus net book value of underlying net assets⁽¹⁾		18,322		16,628
Carrying value of investment in unconsolidated entity	$	266,010	$	261,592

⁽¹⁾

This amount represents the aggregate difference between our historical cost basis and the basis reflected at the entity level, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the capitalization of transaction costs incurred to acquire the Company's interest in the entity.

Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block]

The following is a summary of the operating results for our unconsolidated Copper Beech entities in their entirety, not only our interest in the entities. The summary includes the results for 37 properties from March 18, 2013 (the date of the transaction) through March 31, 2013, and the results for 30 properties from January 1, 2014 through March 31, 2014 (in thousands):

	Three Months		Period from
	Ended		March 18, 2013 to
	March 31, 2014		March 31, 2013

Revenues	$	19,265	$	3,591
Expenses:
Operating expenses		7,300		1,310
Interest expense		2,940		799
Depreciation and amortization		9,777		1,723
Other expenses		339		48
Total expenses		20,356		3,880
Net loss	$	(1,091)	$	(289)