16. Segments

The operating segments in which management assesses performance and allocates resources are student housing operations and property management services. The Company’s segments reflect management’s resource allocation and performance assessment in making decisions regarding the Company. The Company’s student housing rental and student housing services revenues are aggregated within the student housing operations segment. Upon discontinuation of the construction and development operations of the business, the Company identified its two segments as student housing operations and property management services. All construction and development activities are reported in discontinued operations at December 31, 2014.

The following tables set forth the Company’s segment information for the periods presented (in thousands):

	For the Year Ended December 31,
	2014		2013		2012

Student Housing Operations:
Revenues from external customers	$	105,492	$	91,250	$	74,091
Operating expenses		75,904		63,351		53,856
Income from wholly-owned student housing operations		29,588		27,899		20,235
Severance expense		(700)		-		-
Impairment of unconsolidated entities		(57,789)		-		-
Effect of not exercising Copper Beech purchase option		(33,375)		-		-
Equity in earnings (losses) of unconsolidated enitites		(5,510)		(3,727)		361
Operating income (loss)		(67,786)		24,172		20,596
Nonoperating expenses		(10,200)		(10,529)		(10,246)
Net income (loss)		(77,986)		13,643		10,350
Net income (loss) attributable to noncontrolling interest		(750)		136		106
Net income (loss) attributable to common stockholders	$	(77,236)	$	13,507	$	10,244
Depreciation and amortization	$	28,273	$	22,356	$	20,377
Capital expenditures	$	188,495	$	142,167	$	111,167
Investment in unconsolidated entities	$	259,740	$	324,838	$	22,555
Total segment assets at end of period	$	1,165,523	$	1,132,371	$	691,671

Property Management Services:
Revenues from external customers	$	1,249	$	820	$	559
Intersegment revenues		153		272		256
Total revenues		1,402		1,092		815
Operating expenses		3,983		2,638		2,107
Operating loss		(2,581)		(1,546)		(1,292)
Nonoperating expenses		-		-		-
Net loss		(2,581)		(1,546)		(1,292)
Net income (loss) attributable to noncontrolling interest		(25)		(15)		(12)
Net loss attributable to common stockholders	$	(2,556)	$	(1,531)	$	(1,280)
Depreciation and amortization	$	96	$	234	$	14
Total segment assets at end of period	$	-	$	-	$	-
Reconciliations:
Total segment revenues	$	106,894	$	92,342	$	74,906
Elimination of intersegment revenues		(153)		(272)		(256)
Total consolidated revenues	$	106,741	$	92,070	$	74,650

Segment operating income (loss)	$	(70,367)	$	22,626	$	19,304
Interest expense		(16,156)		(12,969)		(11,545)
Impairment of land & pre-development costs		(31,927)		-		-
Write-off of corporate other assets		(15,110)		-		-
Severance expense		(5,459)		-		-
Corporate depreciation and amortization		(1,057)		-		-
Net unallocated expenses related to corporate overhead		(13,615)		(11,049)		(7,037)
Other income (expense)		42		1,414		6,144
Income (loss) from continuing operations, before income tax benefit (expense)	$	(153,649)	$	22	$	6,866

Total segment assets	$	1,165,523	$	1,132,371	$	691,671
Unallocated corporate assets and eliminations		11,288		50,308		4,649
Total assets at end of period	$	1,176,811	$	1,182,679	$	696,320