Debt (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of Mortgage Loans Construction Loans and Line Of Credit [Table Text Block]

The following is a summary of the Company’s mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands):

	Year Ended December 31,
	2014		2013
Fixed-rate mortgage loans	$	163,341	$	165,393
Variable-rate mortgage loans		16,613		-
Construction loans		120,719		40,138
Line of credit		217,500		108,500
Exchangeable senior notes		97,419		96,758
Other debt		2,827		2,694
	$	618,419	$	413,483

Schedule Of Debt Instrument [Table Text Block]

Mortgage and construction loans for the periods presented consisted of the following (in thousands):

	Face Amount		Principal Outstanding at 12/31/2014		Principal Outstanding at 12/31/2013		Stated Interest Rate	Interest Rate at 12/31/2014			Maturity Date ⁽¹⁾	Amortization
Construction loans
The Grove at Muncie	$	14,567	$	13,892	$	12,237	LIBOR + 225 BPS		2.42	%	7/3/2015	Interest only
The Grove at Slippery Rock		17,961		16,031		-	LIBOR + 215 BPS		2.32	%	6/21/2016	Interest only
The Grove at Fort Collins		19,073		19,073		17,228	LIBOR + 190 BPS		2.07	%	7/13/2015	Interest only
The Grove at Pullman		16,016		10,886		10,673	LIBOR + 220 BPS		2.37	%	9/5/2015	Interest only
The Grove at Grand Forks		16,916		12,474		-	LIBOR + 200 BPS		2.17	%	2/5/2017	Interest only
The Grove at Gainesville		30,069		22,836		-	LIBOR + 215 BPS		2.32	%	3/13/2017	Interest only
Copper Beech at Ames		23,551		21,170		-	LIBOR + 225 BPS		2.42	%	5/2/2017	Interest only
Toledo Vivo		9,404		4,357		-	LIBOR + 215 BPS		2.32	%	11/25/2017	Interest only
Mortgage loans
The Grove at Denton		17,167		16,613		-	LIBOR + 215 BPS		2.32	%	3/1/2017	30 years	⁽²⁾
The Grove at Milledgeville		16,250		15,640		15,847	6.12%		6.12	%	10/1/2016	30 years	⁽²⁾
The Grove at Carrollton and The Grove at Las Cruces		29,790		28,674		29,052	6.13%		6.13	%	10/11/2016	30 years	⁽²⁾
The Grove at Asheville		14,800		14,304		14,500	5.77%		5.77	%	4/11/2017	30 years	⁽²⁾
The Grove at Ellensburg		16,125		15,845		16,070	5.10%		5.10	%	9/1/2018	30 years	⁽³⁾
The Grove at Nacogdoches		17,160		16,857		17,100	5.01%		5.01	%	9/1/2018	30 years	⁽³⁾
The Grove at Greeley		15,233		14,945		15,194	4.29%		4.29	%	10/1/2018	30 years	⁽³⁾
The Grove at Clarksville		16,350		16,238		16,350	4.03%		4.03	%	7/1/2022	30 years	⁽⁴⁾
The Grove at Columbia		23,775		22,738		23,180	3.83%		3.83	%	7/1/2022	30 years	⁽²⁾
The Grove at Statesboro		18,100		18,100		18,100	4.01%		4.01	%	1/1/2023	30 years	⁽⁵⁾
			$	300,673	$	205,531

⁽¹⁾

For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan.

⁽²⁾

Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due.

⁽³⁾

Loan requires interest only payments plus certain reserves and escrows, payable monthly through September 2013. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity.

⁽⁴⁾

Loan requires interest only payments plus certain reserves and escrows, payable monthly through August 2014. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity.

⁽⁵⁾

Loan requires interest only payments plus certain reserves and escrows, payable monthly through January 2015. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity.

Schedule of Maturities of Long-term Debt [Table Text Block]

Scheduled debt maturities for each of the five years subsequent to December 31, 2014 and thereafter, are as follows (in thousands):

2015	$	47,022
2016		62,379
2017		310,493
2018		146,583
2019		1,353
Thereafter		53,170
		621,000
Debt discount		(2,581)
Outstanding as of December 31, 2014, net of debt discount	$	618,419