CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:
Student housing rental	$ 23,637	$ 21,205	$ 47,272	$ 41,953
Student housing services	1,026	953	1,999	1,777
Development, construction and management services	10,622	14,368	18,058	25,795
Total revenues	35,285	36,526	67,329	69,525
Operating expenses:
Student housing operations	10,747	9,822	21,360	19,512
Development, construction and management services	8,920	13,657	15,315	24,315
General and administrative	3,649	2,908	7,155	5,559
Transaction costs	1,460	203	2,045	588
Ground leases	120	54	237	108
Depreciation and amortization	7,254	5,894	14,233	11,572
Total operating expenses	32,150	32,538	60,345	61,654
Equity in earnings (losses) of unconsolidated entities	(891)	1,896	(572)	2,306
Operating income	2,244	5,884	6,412	10,177
Nonoperating income (expense):
Interest expense	(2,950)	(2,789)	(6,326)	(5,673)
Other income	104	689	170	725
Total nonoperating expense, net	(2,846)	(2,100)	(6,156)	(4,948)
Net income (loss) before income tax benefit (expense)	(602)	3,784	256	5,229
Income tax benefit (expense)	210	(106)	400	346
Income (loss) from continuing operations	(392)	3,678	656	5,575
Income from discontinued operations	0	262	0	532
Net income (loss)	(392)	3,940	656	6,107
Dividends on preferred stock	3,050	1,150	6,100	2,300
Net income (loss) attributable to noncontrolling interests	12	19	(3)	30
Net income (loss) attributable to common stockholders	(3,454)	2,771	(5,441)	3,777
Per share data - basic and diluted
Income (loss) from continuing operations attributable to common stockholders	$ (0.05)	$ 0.04	$ (0.08)	$ 0.06
Income from discontinued operations attributable to common shareholders	$ 0	$ 0	$ 0	$ 0.01
Net income (loss) per share attributable to common stockholders	$ (0.05)	$ 0.04	$ (0.08)	$ 0.07
Weighted-average common shares outstanding:
Basic	64,681	64,512	64,588	55,382
Diluted	65,115	64,948	65,022	55,818
Condensed consolidated statements of comprehensive income (loss):
Net income (loss)	(392)	3,940	656	6,107
Foreign currency translation	1,216	0	224	0
Change in fair value of interest rate derivatives	0	0	0	59
Comprehensive income	824	3,940	880	6,166
Dividends on preferred stock	3,050	1,150	6,100	2,300
Net income (loss) attributable to noncontrolling interests	12	19	(3)	30
Foreign currency translation and change in fair value of interest rate derivatives attributable to noncontrolling interest	9	0	1	1
Comprehensive income (loss) attributable to common stockholders	$ (2,247)	$ 2,771	$ (5,218)	$ 3,835