CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Student housing rental	$ 101,724	$ 87,635	$ 71,211
Student housing services	3,768	3,615	2,880
Property management services	1,249	820	559
Total revenues	106,741	92,070	74,650
Operating expenses:
Student housing operations	47,154	40,726	33,013
General and administrative	14,303	10,658	8,821
Severance	6,159	0	0
Impairment of land and pre-development costs	31,927	0	0
Write-off of corporate other assets	15,110	0	0
Transaction costs	3,046	1,121	0
Ground leases	477	249	217
Depreciation and amortization	29,426	23,700	20,693
Total operating expenses	147,602	76,454	62,744
Equity in earnings (loss) of unconsolidated entities	(5,510)	(3,727)	361
Impairment of unconsolidated entities	(57,789)	(312)	0
Effect of not exercising Copper Beech purchase option	(33,375)	0	0
Operating income (loss)	(137,535)	11,577	12,267
Nonoperating income (expense):
Interest expense, net	(16,156)	(12,969)	(11,545)
Other income	42	1,414	6,144
Total nonoperating expense, net	(16,114)	(11,555)	(5,401)
Net income (loss) before income tax benefit (expense)	(153,649)	22	6,866
Income tax benefit (expense)	(731)	727	(356)
Income (loss) from continuing operations	(154,380)	749	6,510
Income (loss) from discontinued operations	(9,576)	489	3,908
Net income (loss)	(163,956)	1,238	10,418
Net income (loss) attributable to noncontrolling interests	(1,233)	(34)	46
Dividends on preferred stock	12,200	6,183	4,114
Net income (loss) attributable to common stockholders	(174,923)	(4,911)	6,258
Per share data - basic and diluted
Income (loss) from continuing operations attributable to common stockholders	$ (2.54)	$ (0.08)	$ 0.07
Income (loss) from discontinued operations attributable to common shareholders	$ (0.15)	$ 0	$ 0.11
Net income (loss) per share attributable to common stockholders	$ (2.69)	$ (0.08)	$ 0.18
Weighted-average common shares and OP units outstanding:
Basic	65,102	59,984	34,781
Diluted	65,102	60,418	35,217
Consolidated statements of comprehensive income (loss):
Net income (Loss)	(163,956)	1,238	10,418
Foreign currency translation	(2,564)	(71)	0
Change in fair value of interest rate derivatives	0	59	332
Comprehensive income (loss)	(166,520)	1,226	10,750
Net income (loss) attributable to noncontrolling interests	(1,233)	(34)	46
Change in fair value of interest rate derivatives attributable to noncontrolling interest	0	1	3
Foreign currency translation attributable to noncontrolling interest	(19)	0	0
Dividends on preferred stock	12,200	6,183	4,114
Comprehensive income (loss) attributable to common stockholders	$ (177,468)	$ (4,924)	$ 6,587