Segments (Tables)

3 Months Ended

Mar. 31, 2014

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
	March 31,		March 31,
	2014		2013
Student Housing Operations:
Revenues from external customers	$	24,608	$	21,572
Operating expenses		17,500		15,288
Income from wholly-owned student housing operations		7,108		6,284
Equity in earnings of unconsolidated earnings		319		410
Operating income		7,427		6,694
Nonoperating expenses		(3,941)		(2,563)
Net income		3,486		4,131
Net income attributable to noncontrolling interest		34		38
Net income attributable to common stockholders	$	3,452	$	4,093
Depreciation and amortization	$	6,770	$	5,536
Capital expenditures	$	30,218	$	25,695
Investment in unconsolidated entities	$	359,301	$	165,688
Total segment assets at end of period	$	1,136,343	$	1,134,960
Development, Construction and Management Services:
Revenues from external customers	$	7,436	$	11,427
Intersegment revenues		26,834		19,193
Total revenues		34,270		30,620
Operating expenses		31,420		29,486
Net income		2,850		1,134
Net income attributable to noncontrolling interest		27		11
Net income attributable to common stockholders	$	2,823	$	1,123
Depreciation and amortization	$	1	$	50
Total segment assets at end of period	$	102,127	$	57,072
Reconciliations:
Total segment revenues	$	58,878	$	52,192
Elimination of intersegment revenues		(26,834)		(19,193)
Total consolidated revenues	$	32,044	$	32,999
Segment operating income	$	10,277	$	7,828
Interest expense		(3,376)		(2,884)
Net unallocated expenses related to corporate overhead		(6,109)		(3,535)
Other income		66		36
Net income before income tax benefit	$	858	$	1,445
Total segment assets	$	1,238,470	$	1,192,032
Unallocated corporate assets and eliminations		12,430		6,181
Total assets at end of period	$	1,250,900	$	1,198,213