Student Housing Properties

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

3.    Student Housing Properties

The following is a summary of our student housing properties, net for the periods presented (in thousands):

	As of December 31,
	2013		2012
Land	$	58,439	$	53,984
Buildings and improvements		597,141		552,984
Furniture, fixtures and equipment		60,705		62,419
		716,285		669,387
Less: accumulated depreciation		(102,356)		(97,820)
	$	613,929	$	571,567

In December 2013, we sold four wholly-owned student housing properties: The Grove at Jacksonville, Alabama, The Grove at Jonesboro, Arkansas, The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas (see Note 6).

In July 2013, we experienced a fire at The Grove at Pullman, Washington, a property under construction, which resulted in a partial loss of the property. We have estimated the loss to be approximately $3.0 million. While no assurances can be given, after taking into account our existing insurance coverage, we believe that the damages sustained as a result of this fire will not have a material adverse effect on our financial position or results of operations.

In March 2013, we acquired a 100% ownership in Campus Crest at Toledo, Ohio resulting in an increase to our student housing properties (see Note 5).

In July 2012, we acquired the remaining ownership interests in The Grove at Moscow, Idaho, and The Grove at Valdosta, Georgia (see Note 5.)