Debt (Tables)

12 Months Ended

Dec. 31, 2013

Schedule Of Mortgage Loans Construction Loans and Line Of Credit [Table Text Block]

The following is a summary of our mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands):

	December 31,		December 31,
	2013		2012
Fixed-rate mortgage loans	$	165,393	$	166,706
Variable-rate mortgage loans		-		12,635
Construction loans		40,138		38,996
Line of credit		108,500		72,000
Exchangeable senior notes		96,758		-
Other debt		2,694		3,375
	$	413,483	$	293,712

Schedule Of Debt Instrument [Table Text Block]

Mortgage and construction loans for the periods presented consisted of the following (in thousands):

			Principal		Principal
			Outstanding		Outstanding			Interest
	Face		at		at		Stated Interest	Rate at		Maturity
	Amount		12/31/2013		12/31/2012		Rate	12/31/2013		Date ⁽¹⁾	Amortization
Construction loans
The Grove at Muncie	$	14,567	$	12,237	$	1	LIBOR + 225 bps	2.42	%	7/3/2015	Interest only
The Grove at Fort Collins		19,073		17,228		1	LIBOR + 190 bps	2.07	%	7/13/2015	Interest Only
The Grove at Pullman		16,016		10,673		-	LIBOR + 220 bps	2.37	%	9/5/2015	Interest Only
The Grove at Slippery Rock		17,961		-		-	Base Rate + 115 bps / LIBOR + 215 bps	2.32	%	6/21/2016	Interest only
The Grove at Grand Forks		16,916		-		-	LIBOR + 200 bps	2.17	%	2/5/2017	Interest only
The Grove at Orono		-		-		10,506	LIBOR + 250 bps	-		-	Interest only	²
The Grove at Auburn		-		-		13,157	LIBOR + 295 bps	-		-	Interest only	²
The Grove at Flagstaff		-		-		15,331	Prime + 25 bps / LIBOR + 250 bps	-		-	Interest only	²
Mortgage loans
The Grove at Milledgeville		16,250		15,847		16,041	6.12%	6.12	%	10/1/2016	30 years	³
The Grove at Carrollton and The Grove at Las Cruces		29,790		29,052		29,408	6.13%	6.13	%	10/11/2016	30 years	³
The Grove at Asheville		14,800		14,500		14,684	5.77%	5.77	%	4/11/2017	30 years	³
The Grove at Ellensburg		16,125		16,070		16,125	5.10%	5.10	%	9/1/2018	30 years	³
The Grove at Nacogdoches		17,160		17,100		17,160	5.01%	5.01	%	9/1/2018	30 years	⁴
The Grove at Greeley		15,233		15,194		15,233	4.29%	4.29	%	10/1/2018	30 years	³
The Grove at Clarksville		16,350		16,350		16,350	4.03%	4.03	%	7/1/2022	30 years	^{4 5}
The Grove at Columbia		23,775		23,180		23,605	3.83%	3.83	%	7/1/2022	30 years	⁶
The Grove at Statesboro		18,100		18,100		18,100	4.01%	4.01	%	1/1/2023	30 years	³
The Grove at Huntsville		-		-		12,635	LIBOR + 250 bps	-		-	Interest only	²
			$	205,531	$	218,337

⁽¹⁾

For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan.

⁽²⁾

Loan was repaid in full during the year ended December 31, 2013.

⁽³⁾

Loans require interest only payments, plus certain reserves and escrows, that are payable monthly for a period of five years. Monthly payments of principal and interest, plus certain reserve and escrow amounts, are due thereafter until maturity when all principal is due.

⁽⁴⁾

Interest only for the first two years, followed by 30 year amortization.

⁽⁵⁾

Loan requires interest only payments, plus certain reserves and escrows payable monthly through August 2014, thereafter, principal and interest, plus certain reserves and escrows that are payable monthly until maturity.

⁽⁶⁾

Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due.

Schedule of Maturities of Long-term Debt [Table Text Block]

Scheduled debt maturities for each of the five years subsequent to December 31, 2013 and thereafter, are as follows (in thousands):

2014	$	2,437
2015		42,845
2016		45,883
2017		124,455
2018		146,584
Thereafter		54,521
		416,725
Debt discount		(3,242)
Outstanding as of December 31, 2013, net of debt discount	$	413,483