CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities:
Net income	$ 1,048	$ 2,167
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,980	5,678
Depreciation included in discontinued operations	0	761
Amortization of deferred financing costs and debt discount	665	358
Provision for bad debts	403	343
Proceeds received for business interruption insurance	725	0
Equity in earnings of unconsolidated entities	(319)	(410)
Distributions of accumulated earnings from unconsolidated entities	0	85
Share-based compensation expense	677	576
Changes in operating assets and liabilities:
Restricted cash	(216)	452
Student receivables	(396)	(48)
Construction billings	1,730	(2,929)
Accounts payable and accrued expenses	(6,657)	514
Other	(2,356)	(4,080)
Net cash provided by operating activities	2,284	3,467
Investing activities:
Investments in development in process	(29,016)	(23,718)
Investments in student housing properties	(1,295)	(1,977)
Acquisition of student housing properties	0	(13,801)
Acquisition of previously unconsolidated entity, net of cash acquired	(7,661)	0
Investments in unconsolidated entities	(41,382)	(139,051)
Insurance proceeds received for damaged assets	590	0
Issuance of notes receivable	0	(36,245)
Capital distributions from unconsolidated entities	4,333	389
Purchase of corporate fixed assets	(1,912)	(1,265)
Change in restricted cash	12,084	(109,109)
Net cash used in investing activities	(64,259)	(324,777)
Financing activities:
Proceeds from mortgage and construction loans	2,001	7,736
Repayments of mortgage and construction loans	(608)	(12,935)
Proceeds from line of credit and other debt	72,500	58,000
Repayments of line of credit and other debt	(15,300)	(17,800)
Debt issuance costs	(575)	(256)
Dividends paid to preferred stockholders	(3,050)	(1,150)
Dividends paid to common stockholders	(10,643)	(6,167)
Dividends to noncontrolling interests	(72)	(72)
Proceeds from sale of common stock	0	312,743
Payment of offering costs	0	(13,036)
Net cash provided by financing activities	44,253	327,063
Net change in cash and cash equivalents	(17,722)	5,753
Cash and cash equivalents at beginning of period	32,054	5,970
Cash and cash equivalents at end of period	14,332	11,723
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	3,357	1,909
Cash paid for income taxes	376	93
Non-cash investing and financing activity:
Common and preferred stock dividends declared but not paid	13,763	11,850
Change in payables related to dividends to common and preferred stockholders and noncontrolling interest	(2)	4,461
Insurance proceeds receivable related to damaged assets	485	0
Change in payables related to capital expenditures	9,112	(2,040)
Assumption of mortgage debt related to purchase of previously unconsolidated entities	16,822	0
Change in payables related to investment in unconsolidated entities	$ 0	$ 4,146