Segments (Tables)

12 Months Ended

Dec. 31, 2013

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):

	Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,
	2013		2012		2011
Student Housing Operations:
Revenues from external customers	$	91,250	$	74,091	$	51,110
Operating expenses		62,971		53,476		39,916
Income from wholly-owned student housing operations		28,279		20,615		11,194
Equity in earnings (losses) of unconsolidated earnings		(3,727)		361		(1,164)
Operating income		24,552		20,976		10,030
Nonoperating expenses		(10,529)		(10,246)		(5,176)
Net income		14,023		10,730		4,854
Net income attributable to noncontrolling interest		136		106		61
Net income attributable to common stockholders	$	13,887	$	10,624	$	4,793
Depreciation and amortization	$	22,356	$	20,377	$	16,266
Capital expenditures	$	142,167	$	111,167	$	111,135
Investment in unconsolidated entities	$	324,838	$	22,555	$	21,052
Total segment assets at end of period	$	719,018	$	617,975	$	490,882
Development, Construction and Management Services:
Revenues from external customers	$	51,069	$	54,295	$	35,084
Intersegment revenues		102,073		77,937		88,443
Total revenues		153,142		132,232		123,527
Operating expenses		146,458		128,291		115,629
Operating income		6,684		3,941		7,898
Nonoperating expenses		-		(12)		(499)
Net income		6,684		3,929		7,399
Net income attributable to noncontrolling interest		64		38		74
Net income attributable to common stockholders	$	6,620	$	3,891	$	7,325
Depreciation and amortization	$	234	$	103	$	90
Total segment assets at end of period	$	88,515	$	51,141	$	22,818
Reconciliations:
Total segment revenues	$	244,392	$	206,323	$	174,637
Elimination of intersegment revenues		(102,073)		(77,937)		(88,443)
Total consolidated revenues	$	142,319	$	128,386	$	86,194
Segment operating income	$	31,236	$	24,917	$	17,928
Interest expense		(12,969)		(11,545)		(6,888)
Net unallocated expenses related to corporate overhead		(15,789)		(9,027)		(10,747)
Other income (expense)		1,414		(410)		720
Gain on purchase of previously unconsolidated entities		-		6,554		3,159
Net income before income tax benefit (expense)	$	3,892	$	10,489	$	4,172
Total segment assets	$	1,132,371	$	691,671	$	534,752
Unallocated corporate assets and eliminations		50,308		4,649		5,505
Total assets at end of period	$	1,182,679	$	696,320	$	540,257