CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues:
Student housing rental	$ 23,635	$ 20,748
Student housing services	973	824
Development, construction and management services	7,436	11,427
Total revenues	32,044	32,999
Operating expenses:
Student housing operations	10,613	9,690
Development, construction and management services	6,394	10,658
General and administrative	3,506	2,651
Transaction costs	585	385
Ground leases	117	54
Depreciation and amortization	6,980	5,678
Total operating expenses	28,195	29,116
Equity in earnings of unconsolidated entities	319	410
Operating income	4,168	4,293
Nonoperating income (expense):
Interest expense	(3,376)	(2,884)
Other income	66	36
Total nonoperating expense, net	(3,310)	(2,848)
Net income before income tax benefit	858	1,445
Income tax benefit	190	452
Income from continuing operations	1,048	1,897
Income from discontinued operations	0	270
Net income	1,048	2,167
Dividends on preferred stock	3,050	1,150
Net income (loss) attributable to noncontrolling interests	(15)	11
Net income (loss) attributable to common stockholders	(1,987)	1,006
Per share data - basic and diluted
Income (loss) from continuing operations attributable to common stockholders	$ (0.03)	$ 0.01
Income from discontinued operations attributable to common shareholders	$ 0	$ 0.01
Net income (loss) per share attributable to common stockholders	$ (0.03)	$ 0.02
Weighted-average common shares outstanding:
Basic	64,495	46,156
Diluted	64,929	46,591
Condensed consolidated statements of comprehensive income (loss):
Net income	1,048	2,167
Foreign currency translation	(992)	0
Change in fair value of interest rate derivatives	0	59
Comprehensive income attributable to common stockholders	56	2,226
Net income (loss) attributable to noncontrolling interests	(15)	11
Foreign currency translation and change in fair value of interest rate derivatives attributable to noncontrolling interest	7	0
Dividends on preferred stock	3,050	1,150
Comprehensive income (loss) attributable to common stockholders	$ (2,986)	$ 1,065