CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income	$ 10,683	$ 1,048
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,756	6,980
Amortization of fair value of debt adjustments	(1,015)	0
Write-off of other assets	769	0
Amortization of deferred financing costs and debt discount	788	665
Gain on sale of land and unconsolidated entities	(7,748)	0
Loss on disposal of assets	7	0
Proceeds received for business interruption insurance	0	725
Provision for bad debts	741	403
Gain on purchase of Copper Beech	(21,642)	0
Equity in (earnings) losses of unconsolidated entities	2,149	(319)
Distributions of earnings from unconsolidated entities	360	0
Share based compensation expense	1,014	677
Changes in operating assets and liabilities:
Restricted cash	(283)	(216)
Student receivables	(830)	(396)
Construction billings	2,788	1,730
Accounts payable and accrued expenses	(2,925)	(6,657)
Other	7,917	(2,356)
Net cash provided by operating activities	12,529	2,284
Investing activities:
Investments in developed properties	(12,587)	(29,016)
Proceeds received from sales of land	28,334	0
Insurance proceeds received for damaged assets	375	590
Investments in student housing properties	(1,339)	(1,295)
Acquisition of Copper Beech, net of cash acquired of $5,074	(53,814)	0
Investments in unconsolidated entities	(1,199)	(41,382)
Acquisition of previously unconsolidated entities	0	(7,661)
Proceeds received from sales of previously unconsolidated entities	978	0
Capital distributions from unconsolidated entities	154	4,333
Corporate capital expenditures	(647)	(1,912)
Proceeds received from the sale of corporate aircraft	3,811	0
Change in restricted cash	442	12,084
Net cash used in investing activities	(35,492)	(64,259)
Financing activities:
Proceeds from mortgage and construction loans	23,825	2,001
Repayments of mortgage and construction loans	(16,559)	(608)
Proceeds from line of credit and other debt	46,000	72,500
Repayments of line of credit and other debt	(154)	(15,300)
Debt issuance costs	(1,213)	(575)
Dividends paid to common stockholders	(5,830)	(10,643)
Dividends paid to preferred stockholders	(3,050)	(3,050)
Dividends paid to noncontrolling interest	(36)	(72)
Net cash provided by financing activities	42,983	44,253
Net change in cash and cash equivalents	20,020	(17,722)
Cash and cash equivalents at beginning of period	15,240	32,054
Cash and cash equivalents at end of period	35,260	14,332
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	9,336	3,357
Cash paid for income taxes	0	376
Non-cash investing and financing activity:
Common and preferred stock dividends declared but not paid	0	13,763
Assumption of mortgage, construction loans and other debt related to purchase of previously unconsolidated entities	263,786	16,822
Change in non-controlling interests resulting from ownership change	5,653	0
Change in receivables related to sales of previously unconsolidated entities	1,256	0
Change in insurance proceeds receivable related to damaged assets	(375)	181
Accounts payable related to capital expenditures	66	9,112
Increase in other assets and other liabilities for fair value of guarantee obligation and corresponding indemnity related to CBTC 23	3,950	0
Share-based compensation capitalized to development in process	0	383
Copper Beech Properties [Member]
Non-cash investing and financing activity:
Change in non-controlling interests resulting from ownership change	(75,827)	0
The Company acquired substantially all of the remaining ownership, In conjunction with the acquisition liabilities assumed were as follows:
Fair value of assets acquired	597,961	0
Cash paid, net of cash acquired	(53,814)	0
Company's ownership interest prior to the acquisition	(167,208)	0
Gain recognized on transaction	(21,642)	0
Deferred gain	(6,306)	0
Liabilities assumed	273,164	0
HSRE IV [Member]
The Company acquired substantially all of the remaining ownership, In conjunction with the acquisition liabilities assumed were as follows:
Fair value of assets acquired	0	26,854
Cash paid, net of cash acquired	0	(7,661)
Company's ownership interest prior to the acquisition	0	(1,915)
Liabilities assumed	$ 0	$ 17,278