CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities:
Net income	$ 656	$ 6,107
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,233	11,572
Depreciation included in discontinued operations	0	1,525
Amortization of deferred financing costs and debt discount	1,364	716
Provision for bad debts	844	813
Proceeds received for business interruption insurance	1,325	0
Equity in earnings of unconsolidated entities	572	(2,306)
Distributions of accumulated earnings from unconsolidated entities	390	104
Share-based compensation expense	800	1,452
Changes in operating assets and liabilities:
Restricted cash	(732)	(182)
Student receivables	(1,010)	(867)
Construction billings	18,710	(4,094)
Accounts payable and accrued expenses	(1,175)	6,159
Other	(12,559)	(4,083)
Net cash provided by operating activities	23,418	16,917
Investing activities:
Investments in development in process	(77,996)	(60,297)
Investments in student housing properties	(3,309)	(3,440)
Acquisition of student housing properties	(7,661)	(13,801)
Acquisition of previously unconsolidated entity, net of cash acquired	0	0
Investments in unconsolidated entities	(46,791)	(170,600)
Insurance proceeds received for damaged assets	590	0
Issuance of notes receivable	0	(36,245)
Capital distributions from unconsolidated entities	6,926	3,922
Purchase of corporate fixed assets	(3,350)	(9,931)
Change in restricted cash	27,716	(124,435)
Net cash used in investing activities	(103,875)	(414,827)
Financing activities:
Proceeds from mortgage and construction loans	19,921	19,984
Repayments of mortgage and construction loans	(1,140)	(13,213)
Proceeds from line of credit and other debt	91,500	131,876
Repayments of line of credit and other debt	(15,300)	(17,881)
Debt issuance costs	(580)	(873)
Dividends paid to preferred stockholders	(6,100)	(2,300)
Dividends paid to common stockholders	(21,337)	(16,795)
Dividends to noncontrolling interests	(143)	(144)
Proceeds from sale of common stock	0	312,736
Payment of offering costs	(817)	(13,035)
Net cash provided by financing activities	66,004	400,355
Net change in cash and cash equivalents	(14,453)	2,445
Cash and cash equivalents at beginning of period	32,054	5,970
Cash and cash equivalents at end of period	17,601	8,415
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	6,309	4,051
Cash paid for income taxes	601	145
Non-cash investing and financing activities:
Common and preferred stock dividends declared but not paid	13,297	11,680
Change in payables related to dividends to common and preferred stockholders and noncontrolling interest	(151)	4,482
Insurance proceeds receivable related to damaged assets	485	0
Payables at period-end related to capital expenditures	16,668	12,722
Change in payables related to capital expenditures	802	1,194
Equipment acquired under capital lease obligations	561	0
Share-based compensation capitalized to development in process	829	580
Land contributed to investment in unconsolidated entities	8,487	0
The Company acquired the remaining ownership in HSRE IV for approximately $7.7 million In conjunction with the acquisition liabilities were assumed as follows:
Fair value of assets acquired	26,854	0
Cash paid for 80% interest	(7,661)	0
Fair value of Company's 20% interest owned prior to the acquisition	(1,915)	0
Liabilities assumed	$ 17,278	$ 0