Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	3,862	$	11,166	⁽⁴⁾		2.69	%⁽¹⁾	9/30/2015
HSRE-Campus Crest V, LLC		10.0	%	2011	2		-		36,226	⁽⁴⁾		2.89	%⁽¹⁾	7/20/2015 – 9/30/2015	⁽³⁾
HSRE-Campus Crest VI, LLC		20.0	%	2012	3		7,153		51,206	⁽⁴⁾		2.49	%⁽¹⁾	8/07/2015 – 12/19/2015	⁽³⁾
HSRE-Campus Crest IX, LLC		30.0	%	2013	1		19,341		96,187	⁽⁴⁾		2.39	%⁽¹⁾	7/25/2016
HSRE-Campus Crest X, LLC		30.0	%	2013	2		7,701		44,692	⁽⁴⁾		2.37	%⁽¹⁾	9/06/2016 – 9/30/2018
CB Portfolio		48.0	%	2013	5		45,017		159,842	⁽⁴⁾		5.41	%⁽²⁾	10/01/2015 – 10/01/2020
CSH Montreal		47.0	%	2013	2		4,656		87,848	⁽⁴⁾		5.68	%⁽¹⁾	1/13/2016
Total unconsolidated entities					16	$	87,730	$	487,167			4.03	%

⁽¹⁾	Variable interest rates.

⁽²⁾	Comprised of fixed rate debt.

⁽³⁾	Loans maturing in July and August of 2015 relate to properties that are part of the property swap detailed in Note 18.

⁽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):

	June 30,		December 31,
	2015		2014
Assets
Student housing properties, net	$	489,881	$	437,108
Development in process		47		7,429
Other assets		15,909		12,947
Total assets	$	505,837	$	457,484

Liabilities and Equity
Mortgage and construction loans	$	326,435	$	354,759
Other liabilities		14,065		29,364
Owners' equity		165,337		73,361
Total liabilities and owners' equity	$	505,837	$	457,484

Company's share of historical owners' equity	$	60,102	$	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⁾		(24,711)		3,219
Carrying value of investment in HSRE and other non-Copper Beech entities	$	42,713	$	41,022

⁽¹⁾

As of June 30, 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 and six months ended June 30, 2015 and the three and six months ended June 30, 2014, this summary includes results for 5 unconsolidated properties and 28 unconsolidated properties, respectively (in thousands):

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2015		2014		2015		2014
Revenues
Expenses:	$	6,576	$	19,028	$	12,803	$	38,293
Operating expenses
Interest expense		2,376		7,271		4,396		14,571
Depreciation and amortization		2,214		3,012		4,127		5,952
Other expenses		1,127		9,859		2,168		19,636
Total expenses		108		287		301		626
Net income (loss)		5,825		20,429		10,992		40,785
	$	751	$	(1,401)	$	1,811	$	(2,492)

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 and six months ended June 30, 2015 and the three and six months ended June 30, 2014, this summary includes results for 11 unconsolidated properties and 14 unconsolidated properties, respectively (in thousands):

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2015		2014		2015		2014

Revenues	$	9,448	$	6,422	$	18,503	$	12,878
Expenses:
Operating expenses		5,791		3,734		12,759		7,195
Interest expense		3,254		1,189		6,148		2,240
Depreciation and amortization		3,870		1,835		7,726		3,865
Other expense		49		-		65		46
Total expenses		12,964		6,758		26,698		13,346
Net loss	$	(3,516)	$	(336)	$	(8,195)	$	(468)

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 five and 35 student housing properties in which the Company held a 48% interest as of June 30, 2015 and December 31, 2014, respectively (in thousands):

	June 30,		December 31,
	2015		2014
Assets
Student housing properties, net	$	256,895	$	906,614
Intangible assets		1,866		7,212
Other assets		13,675		14,293
Total assets	$	272,436	$	928,119

Liabilities and Equity
Mortgage and construction loans	$	167,930	$	476,985
Other liabilities		3,080		15,541
Owners' equity		101,426		435,593
Total liabilities and owners' equity	$	272,436	$	928,119

Company's share of historical owners' equity	$	48,684	$	199,281
Net difference in carrying value of investment versus net book value of underlying net assets⁽¹⁾		(3,667)		19,437
Carrying value of investment in unconsolidated entity	$	45,017	$	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.