Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2014

Amounts below are presented in thousands.

					Total Costs
			Costs
			Capitalized
			Subsequent to					Student										Year Placed
			Development					Housing				Accum.					Year	into Service
	Initial Cost		or Acquisition		Land			Properties		Total^(1) (5)		Depr.		Encumbrances			Constructed	or Acquired
Student Housing Properties
The Grove at Asheville, NC	$	12,604	$	1,240	$	51		$	13,793	$	13,844	$	(5,349)	$	(14,304)		2005	2005
The Grove at Carrollton, GA		13,294		1,200		1,104			13,390		14,494		(5,305)		(14,101)		2006	2006
The Grove at Las Cruces, NM		16,025		5,648		1,098			20,575		21,673		(6,019)		(14,573)		2006	2006
The Grove at Milledgeville, GA		14,543		1,484		942			15,085		16,027		(5,808)		(15,640)		2006	2006
The Grove at Abilene, TX		16,962		785		1,361			16,386		17,747		(6,006)			⁽²⁾	2007	2007
The Grove at Ellensburg, WA		20,827		532		1,483			19,876		21,359		(6,463)		(15,845)		2007	2007
The Grove at Greeley, CO		19,971		3,078		1,454			21,595		23,049		(5,993)		(14,945)		2007	2007
The Grove at Mobile I & II		33,094		1,608		150	⁽³⁾		34,552		34,702		(10,754)			⁽²⁾	2007	2007
The Grove at Nacogdoches, TX		18,604		1,317		1,188			18,733		19,921		(6,146)		(16,857)		2007	2007
The Grove at Cheney, WA		18,788		383		1,347			17,824		19,171		(5,443)			⁽²⁾	2008	2008
The Grove at Lubbock, TX		18,229		640		1,520			17,349		18,869		(5,361)			⁽²⁾	2008	2008
The Grove at Stephenville, TX		17,100		411		1,250			16,261		17,511		(5,355)			⁽²⁾	2008	2008
The Grove at Troy, AL		18,248		850		1,433			17,665		19,098		(5,637)			⁽²⁾	2008	2008
The Grove at Waco, TX		17,566		692		1,094			17,164		18,258		(5,549)			⁽²⁾	2008	2008
The Grove at Murfreesboro, TN		19,994		865		2,678			18,181		20,859		(4,938)			⁽²⁾	2009	2009
The Grove at San Marcos, TX		24,126		622		1,791			22,957		24,748		(3,687)			⁽²⁾	2009	2009
The Grove at Moscow, ID		25,731		269		1,839			24,161		26,000		(1,932)			⁽²⁾	2009	2012
The Grove at Huntsville, TX		23,444		370		2,157			21,657		23,814		(2,233)			⁽²⁾	2010	2011
The Grove at Statesboro, GA		25,349		770		1,621			24,498		26,119		(2,492)		(18,100)		2010	2011
The Grove at Clarksville, TN		21,805		761		1,296			21,270		22,566		(2,626)		(16,238)		2011	2011
The Grove at Ames, IA		22,834		417		1,919			21,332		23,251		(2,669)			⁽²⁾	2011	2011
The Grove at Fort Wayne, IN		18,889		324		844			18,369		19,213		(2,387)			⁽²⁾	2011	2011
The Grove at Columbia, MO		24,551		303		3,611			21,243		24,854		(2,694)		(22,738)		2011	2011
The Grove at Valdosta, GA		29,381		427		1,562			28,246		29,808		(2,385)			⁽²⁾	2011	2012
The Grove at Denton, TX		25,624		-		4,756			20,868		25,624		(843)		(16,613)		2011	2014
The Grove at Auburn, AL		26,267		249		4,423			22,093		26,516		(1,987)			⁽²⁾	2012	2012
The Grove at Flagstaff, AZ		34,125		3,613		6,970			30,768		37,738		(2,616)			⁽²⁾	2012	2012
The Grove at Nacogdoches, TX - Phase II		7,718		163		401			7,480		7,881		(617)		-		2012	2012
The Grove at Orono, ME		28,499		1,577		1,373			28,703		30,076		(2,199)			⁽²⁾	2012	2012
The Grove at Toledo, OH ⁽⁴⁾		11,564		2,212		2,855			10,921		13,776		(923)		(4,357)		2013	2013
The Grove at Fort Collins, CO		35,496		(51)		75	⁽³⁾		35,370		35,445		(1,575)		(19,073)		2013	2013
The Grove at Muncie, IN		24,708		160		2,458			22,410		24,868		(1,125)		(13,892)		2013	2013
The Grove at Pullman, WA		15,622		21,983		1,842			35,763		37,605		(805)		(10,886)		2013	2013
The Grove at Flagstaff II, AZ		15,407		(190)		3,322			11,895		15,217		(481)			⁽²⁾	2013	2013
The Grove at Grand Forks, ND		34,476		-		2,196			32,280		34,476		(359)		(12,474)		2014	2014
The Grove at Mt. Pleasant, MI		26,838		-		473			26,365		26,838		(311)			⁽²⁾	2014	2014
The Grove at Slippery Rock, PA		30,448		-		1,097			29,351		30,448		(330)		(16,031)		2014	2014
The Grove at Gainesville, FL		41,293		-		5,918			35,375		41,293		(401)		(22,836)		2014	2014
Copper Beach at Ames, IA		31,206		-		3,091			28,115		31,206		(318)		(21,170)		2014	2014
Total - student housing properties	$	881,250	$	54,712	$	76,043		$	859,919	$	935,962	$	(128,121)	$	(300,673)

(1)

Depreciable lives range from 5-40 years.

(2)

Property is collateral for the Company’s Amended Credit Facility.

(3)

Property encumbered by a ground lease.

(4)

Property is under re-development. See Note 6 to the accompanying consolidated financial statements.

(5)

Total aggregate cost for federal income tax purposes is approximately $994.1 million.

The changes in the Company’s investment in real estate and related accumulated depreciation for each of the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):

	December 31,
	2014		2013		2012

Investment in real estate:
Balance, beginning of year	$	716,285	$	669,387	$	512,227
Acquisitions		25,642		13,801		-
Improvements and development expenditures		194,795		106,806		158,175
Asset disposals		(760)		(1,283)		(1,015)
Disposition of student housing properties		-		(67,702)		-
Impairment of student housing properties		-		(4,724)		-
Balance, end of year	$	935,962	$	716,285	$	669,387

Accumulated depreciation:
Balance, beginning of year	$	102,356	$	97,820	$	76,164
Depreciation for the year		26,387		25,183		22,472
Asset disposals		(622)		(933)		(865)
Disposition of student housing properties		-		(19,714)		-
Other Reclassifications		-		-		49
Balance, end of year	$	128,121	$	102,356	$	97,820
Development in process		-		91,184		50,781
Land held for sale		38,105		-		-
Land held for investment		7,413		-		-
Investment in real estate, net	$	853,359	$	705,113	$	622,348