CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities:
Net income	$ 1,618	$ 10,798	$ 3,781
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,700	20,693	16,524
Depreciation included in discontinued operations	2,672	3,144	3,566
Impairment of disposed assets and investment in unconsolidated entity	5,041	0	0
Amortization of deferred financing costs and debt discount	1,969	2,838	1,338
Gain on purchase of previously unconsolidated entities	0	(6,554)	(3,159)
Loss on disposal of assets	350	154	66
Provision for bad debts	3,432	1,728	1,566
Proceeds received for business interruption insurance	400	0	0
Change in non-cash portion of fair value of unhedged derivatives	0	0	(337)
Changes in operating assets and liabilities:
Restricted cash	(533)	(736)	810
Student receivables	(4,067)	(2,492)	(1,776)
Construction billings	(19,175)	(10,967)	(8,765)
Accounts payable and accrued expenses	4,604	11,868	6,529
Other	(12,667)	(2,603)	1,198
Equity in (earnings) loss of unconsolidated entities	3,727	(361)	1,164
Distributions of accumulated earnings from unconsolidated entities	17	766	0
Share-based compensation expense	3,300	1,194	265
Net cash provided by operating activities	14,388	29,470	22,770
Investing activities:
Investments in development in process	(126,242)	(104,051)	(107,328)
Investments in student housing properties	(15,925)	(7,116)	(3,807)
Acquisition of student housing properties	(13,801)	0	0
Acquisition of previously unconsolidated entities	0	(15,352)	(13,510)
Investments in unconsolidated entities	(348,831)	(7,363)	(12,395)
Proceeds from the disposition of student housing properties	48,577	0	0
Insurance proceeds received for damaged assets	2,500	0	0
Issuance of notes receivable	(31,700)	0	0
Repayment of notes receivable	31,700	0	0
Capital distributions from unconsolidated entities	7,286	3,355	10,499
Purchase of corporate fixed assets	(15,036)	(1,855)	(375)
Change in restricted cash	(28,201)	(671)	0
Net cash used in investing activities	(489,673)	(133,053)	(126,916)
Financing activities:
Proceeds from mortgage and construction loans	47,924	97,220	126,156
Repayments of mortgage and construction loans	(60,730)	(93,096)	(28,846)
Proceeds from line of credit and other debt	167,274	59,400	83,000
Repayments of line of credit and other debt	(96,681)	(66,077)	(46,000)
Proceeds from exchangeable senior notes	100,000	0	0
Debt issuance costs	(4,273)	(1,219)	(2,404)
Dividends paid to preferred stockholders	(4,600)	(3,156)	0
Dividends paid to common stockholders	(38,089)	(21,028)	(18,636)
Dividends to noncontrolling interests	(287)	(281)	(265)
Proceeds from sale of preferred stock	95,282	57,500	0
Proceeds from sale of common stock	312,742	75,573	0
Payment of offering costs	(17,193)	(6,018)	(451)
Net cash provided by financing activities	501,369	98,818	112,554
Net change in cash and cash equivalents	26,084	(4,765)	8,408
Cash and cash equivalents at beginning of period	5,970	10,735	2,327
Cash and cash equivalents at end of period	32,054	5,970	10,735
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	12,900	8,617	7,247
Cash paid for income taxes	173	571	44
Non-cash investing and financing activity:
Other debt assumed by investment in unconsolidated entity	34,774	0	0
Contribution of land to investment in unconsolidated entities	16,900	3,347	11,730
Common and preferred stock dividends declared but not paid	13,765	7,197	4,983
Change in payables related to dividends to common and preferred stockholders and noncontrolling interest	6,059	2,205	1,028
Insurance proceeds receivable related to damaged assets	1,029	0	0
Change in payables related to capital expenditures	5,278	637	8,276
Assumption of mortgage debt related to purchase of previously unconsolidated entities	0	27,299	28,764
Assumption of bonds related to land purchase	0	0	2,552
Conversion of costs and earnings in excess of construction billings to investment in unconsolidated entities	$ 0	$ 898	$ 0