Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Equity Method Investments [Line Items]

Schedule of Unconsolidated Investments and Debt [Table Text Block]

The Company is the guarantor of the construction and mortgage debt or credit facilities of its joint ventures with HSRE, Brandywine and Beaumont (see Note 17). Details of the Company’s unconsolidated investments at March 31, 2015 are presented in the following table (dollars in thousands):

								Debt
											Weighted
					Number of						Average
	Our			Year	Properties In	Total		Amount			Interest
Unconsolidated Entities	Ownership			Founded	Operation	Investment		Outstanding			Rate				Maturity Date / Range
HSRE-Campus Crest I, LLC		63.9	%	2009	1	$	3,719	$	11,166	⁽⁴⁾		2.68	%	⁽¹⁾	5/09/2015	⁽³⁾
HSRE-Campus Crest V, LLC		10.0	%	2011	2		-		36,289	⁽⁴⁾		2.88	%	⁽¹⁾	5/05/2015 – 7/20/2015	⁽³⁾
HSRE-Campus Crest VI, LLC		20.0	%	2012	3		6,645		53,706	⁽⁴⁾		2.49	%	⁽¹⁾	5/08/2015 – 12/19/2015	⁽³⁾
HSRE-Campus Crest IX, LLC		30.0	%	2013	1		19,394		90,081	⁽⁴⁾		2.38	%	⁽¹⁾	7/25/2016
HSRE-Campus Crest X, LLC		30.0	%	2013	2		7,836		42,579	⁽⁴⁾		2.36	%	⁽¹⁾	9/06/2016 – 9/30/2018
CB Portfolio		48.0	%	2013	7		50,674		195,791	⁽⁴⁾		5.41	%	⁽¹⁾	10/01/2015 – 10/01/2020
CSH Montreal		47.0	%	2013	2		5,515		82,113	⁽⁴⁾		5.69	%	⁽¹⁾	1/13/2016
Total unconsolidated entities					18	$	93,783	$	511,725			4.12	%

⁽¹⁾

Variable interest rates.

⁽²⁾

Comprised of fixed rate debt.

⁽³⁾

Certain loans which matured in May 2015 and are scheduled to mature during July 2015 are in the process of being refinanced as of the date of this filing.

⁽⁴⁾

The amount outstanding for debt represents 100% of the debt outstanding at each of the respective joint ventures in which the Company has varying ownership percentages. See Note 17 for a discussion of amounts of the outstanding debt in which the Company guarantees on behalf of certain of these joint ventures.

Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block]

The following is a summary of the combined financial position of the Company’s unconsolidated entities with HSRE, Brandywine and Beaumont in their entirety, not only the Company’s interest in the entities, for the periods presented (in thousands):

	March 31,		December 31,
	2015		2014
Assets
Student housing properties, net	$	489,075	$	437,108
Development in process		-		7,429
Other assets		12,321		12,947
Total assets	$	501,396	$	457,484

Liabilities and Equity
Mortgage and construction loans	$	315,935	$	354,759
Other liabilities		19,237		29,364
Owners' equity		166,224		73,361
Total liabilities and owners' equity	$	501,396	$	457,484

Company's share of historical owners' equity	$	52,860	$	30,481
Preferred investment⁽¹⁾		7,322		7,322
Net difference in carrying value of investment versus net book value of underlying net assets⁽²⁾		(17,073)		3,219
Carrying value of investment in HSRE and other non-Copper Beech entities	$	43,109	$	41,022

	⁽¹⁾	As of March 31, 2015, the Company had Class B membership interests in The Grove at Indiana, Pennsylvania, The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, of $2.7 million, $2.7 million and $1.9 million, respectively, entitling the Company to a 9.0% return on its investment upon the respective property being operational.
	⁽²⁾	This amount represents the aggregate difference between the Company’s carrying amount and its underlying equity in the net assets of its investments, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the other than temporary impairments recorded during 2014, the difference between the allocated value to acquired entity interests and the venture’s basis in those interests, the capitalization of additional investment in the unconsolidated entities, and the elimination of service related revenue to the extent of the Company’s percentage ownership.

Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block]

The following is a summary of the operating results for the Company’s unconsolidated Copper Beech entities in their entirety, not only the Company’s interest in the entities. For the three months ended March 31, 2015 and 2014, this summary includes results for 7 unconsolidated properties and 28 unconsolidated properties, respectively (in thousands):

	Three Months Ended March 31,
	2015		2014

Revenues	$	7,628	$	19,265
Expenses:
Operating expenses		2,571		7,300
Interest expense		2,445		2,940
Depreciation and amortization		1,263		9,777
Other expenses		182		339
Total expenses		6,461		20,356
Net income (loss)	$	1,167	$	(1,091)

HSRE and DCV Holdings [Member]

Schedule of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block]

The following is a summary of the combined operating results for the Company’s unconsolidated entities with HSRE, Brandywine and Beaumont in their entirety, not only the Company’s interest in the entities. For the three months ended March 31, 2015 and 2014, this summary includes results for 11 unconsolidated properties and 14 unconsolidated properties, respectively (in thousands):

	Three Months Ended March 31,
	2015		2014

Revenues	$	9,055	$	6,456
Expenses:
Operating expenses		6,968		3,561
Interest expense		2,894		1,051
Depreciation and amortization		3,856		2,030
Other (income) expense		16		(53)
Total expenses		13,734		6,589
Net loss	$	(4,679)	$	(133)

Copper Beech [Member]

Schedule of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block]

The following is a summary of the financial position of the Copper Beech entities at 100% basis for the seven and thirty five properties in which the Company held a 48% interest as of March 31, 2015 and December 31, 2014, respectively (in thousands):

	March 31,		December 31,
	2015		2014
Assets
Student housing properties, net	$	306,139	$	906,614
Intangible assets		2,283		7,212
Other assets		14,178		14,293
Total assets	$	322,600	$	928,119

Liabilities and Equity
Mortgage and construction loans	$	206,122	$	476,985
Other liabilities		4,533		15,541
Owners' equity		111,945		435,593
Total liabilities and owners' equity	$	322,600	$	928,119

Company's share of historical owners' equity	$	53,734	$	199,281
Net difference in carrying value of investment versus net book value of underlying net assets⁽¹⁾		(3,060)		19,437
Carrying value of investment in unconsolidated entity	$	50,674	$	218,718

⁽¹⁾

This amount represents the aggregate difference between the historical cost basis and the basis reflected at the entity level, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the impairment recognized during the year ended December 31, 2014 in connection with not exercising the Copper Beech purchase option, offset by the capitalization of transaction costs incurred to acquire the Company's interests in the Copper Beech entities.