Student Housing Properties

3 Months Ended

Mar. 31, 2015

3. Student Housing Properties

The following is a summary of the Company’s student housing properties, net for the periods presented (in thousands):

	March 31,		December 31,
	2015		2014

Land	$	117,352	$	76,043
Buildings and improvements		1,291,153		781,739
Furniture, fixtures and equipment		97,792		78,180
		1,506,297		935,962

Less: accumulated depreciation		(138,830)		(128,121)
	$	1,367,467	$	807,841

In January 2015, the Company exercised its option to acquire the remaining interests in 28 Copper Beech properties (26 at 100%, one at 85%, and one at 84%), thereby increasing its student housing properties (see Note 6).

In July 2013, the Company experienced a fire at The Grove at Pullman, Washington, a property under construction, which resulted in a partial loss of the property. The Company has settled with its insurance company on a loss of $6.8 million, of which the Company received $2.5 million in insurance proceeds in 2013 and has received the remaining $4.3 million during the third quarter of 2015. This settlement resulted in the write off of $0.3 million to reduce the receivable to the settled amount. This is included in write off of other assets in the consolidated statements of operations and comprehensive income (loss).