CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities:
Net (loss) income	$ (163,956)	$ 1,238	$ 10,418
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	29,426	23,700	20,693
Depreciation included in discontinued operations	0	2,672	3,144
Impairment of damaged assets	0	5,041	0
Impairment of land and pre-development costs	31,927	0	0
Write-off of corporate other assets	15,110	0	0
Amortization of deferred financing costs and debt discount	2,270	1,969	2,838
Gain on purchase of previously unconsolidated entities	0	0	(6,554)
Loss on disposal of assets	138	350	154
Proceeds received for business interruption insurance	0	400	0
Provision for bad debts	3,249	3,432	1,728
Deferred income tax expense (benefit)	731	(927)	0
Severance expense	6,159	0	0
Severance expense included in discontinued operations	2,959	0	0
Impairment of unconsolidated entities	57,789	0	0
Equity in (earnings) loss of unconsolidated entities	5,510	3,727	(361)
Effect of not exercising Copper Beech purchase option	33,375	0	0
Distributions of earnings from unconsolidated entities	502	17	766
Share based compensation expense	1,729	3,300	1,194
Changes in operating assets and liabilities:
Restricted cash	505	(533)	(736)
Student receivables	(2,174)	(4,067)	(2,492)
Construction billings	38,797	(19,175)	(10,967)
Accounts payable and accrued expenses	(3,470)	4,984	12,248
Other	5,746	(11,740)	(2,603)
Net cash provided by operating activities	66,322	14,388	29,470
Investing activities:
Investments in development in process	(179,218)	(126,242)	(104,051)
Insurance proceeds received for damaged assets	590	2,500	0
Investments in student housing properties	(9,277)	(15,925)	(7,116)
Acquisition of student housing properties	0	(13,801)	0
Investments in unconsolidated entities	(45,765)	(348,831)	(7,363)
Acquisition of previously unconsolidated entities	(7,661)	0	(15,352)
Proceeds from the disposition of student housing properties	0	48,577	0
Issuance of notes receivable	0	(31,700)	0
Repayment of notes receivable	0	31,700	0
Capital distributions from unconsolidated entities	7,455	7,286	3,355
Corporate capital expenditures	(6,126)	(15,036)	(1,855)
Change in restricted cash	26,702	(28,201)	(671)
Net cash used in investing activities	(213,300)	(489,673)	(133,053)
Financing activities:
Proceeds from mortgage and construction loans	80,656	47,924	97,220
Repayments of mortgage and construction loans	(2,353)	(60,730)	(93,096)
Proceeds from line of credit and other debt	124,000	267,274	59,400
Repayments of line of credit and other debt	(15,435)	(96,681)	(66,077)
Debt issuance costs	(735)	(4,273)	(1,219)
Payment of offering costs	(817)	(17,193)	(6,018)
Dividends paid to common stockholders	(42,665)	(38,089)	(21,028)
Dividends paid to preferred stockholders	(12,200)	(4,600)	(3,156)
Dividends paid to noncontrolling interest	(287)	(287)	(281)
Proceeds from sale of common stock	0	312,742	75,573
Proceeds from sale of preferred stock	0	95,282	57,500
Net cash provided by financing activities	130,164	501,369	98,818
Net change in cash and cash equivalents	(16,814)	26,084	(4,765)
Cash and cash equivalents at beginning of period	32,054	5,970	10,735
Cash and cash equivalents at end of period	15,240	32,054	5,970
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest of $6.3 million, $3.3 million and $2.4 million	6,959	7,794	6,235
Cash paid for income taxes	163	173	571
Non-cash investing and financing activity:
Other debt assumed by investment in unconsolidated entity	0	34,774	0
Contribution of land to investment in unconsolidated entities	0	16,900	3,347
Common and preferred stock dividends declared but not paid	8,916	13,765	7,197
Assumption of mortgage debt related to purchase of previously unconsolidated entities	16,901	0	27,299
Insurance proceeds receivable related to damaged assets	5,529	1,029	0
Accounts payable related to capital expenditures	6,930	25,107	10,588
Conversion of costs and earnings in excess of construction billings to investment in unconsolidated entities	0	0	898
Equipment acquired under capital lease obligations	568	0	0
Share-based compensation capitalized to development in process	1,307	900	600
The Company acquired the remaining ownership in HSRE IV for approximately $7.7 million in conjunction with the acquisition liabilities assumed were as follows:
Fair value of assets acquired	26,854	0	0
Cash paid for 80% interest	(7,661)	0	0
Fair value of Company's 20% interest owned prior to the acquisition	(1,915)	0	0
Liabilities assumed	$ 17,278	$ 0	$ 0