Segments (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables set forth the Company’s segment information for the periods presented (in thousands):

	Three Months Ended March 31,
	2015		2014
Grove and evo Operations:
Revenues from external customers	$	30,901	$	24,608
Operating expenses		21,727		17,500
Income from wholly-owned student housing operations		9,174		7,108
Severance expense		(508)		-
Equity in earnings (losses) of unconsolidated entities		(1,372)		251
Operating income	$	7,294	$	7,359
Depreciation and amortization	$	7,717	$	6,770
Capital expenditures	$	1,376	$	30,218
Investment in unconsolidated entities	$	43,109	$	93,291
Total segment assets at end of period	$	927,097	$	972,460
Copper Beech Operations:
Revenues from external customers	$	9,199	$	-
Operating expenses (excluding amortization of in place leases)		6,187		-
Intangible amortization of in place leases		8,661		-
Loss from wholly-owned student housing operations		(5,649)		-
Equity in earnings (losses) of unconsolidated entities		(777)		68
Operating income (loss)	$	(6,426)	$	68
Depreciation and amortization	$	11,534	$	-
Capital expenditures	$	338	$	-
Investment in unconsolidated entities	$	50,674	$	266,010
Total segment assets at end of period	$	652,609	$	266,010
Property Management Services:
Revenues from external customers	$	229	$	103
Intersegment revenues		122		58
Total revenues		351		161
Operating expenses		233		365
Operating income (loss)	$	118	$	(204)
Depreciation and amortization	$	188	$	1
Total segment assets at end of period	$	-	$	-
Reconciliations:
Total segment revenues	$	40,451	$	24,769
Elimination of intersegment revenues		(122)		(58)
Total consolidated revenues	$	40,329	$	24,711
Segment operating income	$	986	$	7,223
Interest expense		(7,788)		(3,376)
Transaction costs		(1,492)		-
Gain on purchase of Copper Beech		21,642		-
Gain on sale of land and unconsolidated joint ventures		7,748		-
Corporate depreciation and amortization		(317)		(209)
Net unallocated expenses related to corporate overhead		(8,115)		(3,785)
Write off of other assets		(769)		-
Other income (expense)		(55)		66
Income (loss) from continuing operations, before income tax benefit	$	11,840	$	(81)
Total segment assets	$	1,579,706	$	1,238,470
Unallocated corporate assets and eliminations		4,505		12,430
Total assets at end of period	$	1,584,211	$	1,250,900