Debt (Tables)

6 Months Ended

Jun. 30, 2015

Schedule Of Mortgage Loans Construction Loans and Line Of Credit [Table Text Block]

The following is a summary of the Company’s mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands):

	June 30, 2015		December 31, 2014
Fixed-rate mortgage loans ⁽¹⁾	$	421,113	$	163,341
Variable-rate mortgage loans		16,484		16,613
Construction loans ⁽¹⁾		163,153		120,719
Total mortgage and construction loans		600,750		300,673

Line of credit ⁽¹⁾		263,500		217,500
Exchangeable senior notes		97,757		97,419
Other debt		6,423		2,827
Total lines of credit and other debt		367,680		317,746

Total debt	$	968,430	$	618,419

⁽¹⁾

As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing.

Schedule Of Debt Instrument [Table Text Block]

Mortgage and construction loans for the periods presented consisted of the following (in thousands):

	Face Amount		Carrying Value at 6/30/2015		Carrying Value at 12/31/2014			Stated Interest Rate	Interest Rate at 6/30/2015			Maturity Date ⁽¹⁾	Amortization
Construction loans
The Grove at Grand Forks	$	16,916	$	15,414	$	12,474		LIBOR + 200 BPS		2.18	%	2/5/2016	Interest only
The Grove at Slippery Rock		17,961		17,738		16,031		LIBOR + 215 BPS		2.33	%	6/21/2016	Interest only
The Grove at Muncie		14,567		13,892		13,892		LIBOR + 225 BPS		2.43	%	7/3/2016	Interest only
The Grove at Fort Collins		19,073		19,073		19,073		LIBOR + 190 BPS		2.08	%	7/13/2016	Interest only
The Grove at Pullman		16,016		10,886		10,886		LIBOR + 220 BPS		2.38	%	9/5/2016	Interest only
Statesboro, GA Phase II		9,703		9,255		-	⁽³⁾	LIBOR + 250 BPS		2.68	%	11/1/2016	30 years	⁽⁴⁾
CMU Phase II—Mount Pleasant, MI		10,130		9,101		-	⁽³⁾	LIBOR + 250 BPS		2.68	%	2/1/2017	30 years	⁽⁴⁾
Auburn, AL		15,750		15,750		-	⁽³⁾	LIBOR + 200 BPS		2.18	%	2/6/2017	Interest only
The Grove at Gainesville		30,069		25,616		22,836		LIBOR + 215 BPS		2.33	%	3/13/2017	Interest only
Copper Beech at Ames		23,551		22,051		21,170		LIBOR + 225 BPS		2.43	%	5/2/2017	Interest only
Toledo Vivo		9,404		4,377		4,357		LIBOR + 215 BPS		2.33	%	11/25/2017	Interest only
Mortgage loans
IUP Phase II - Indiana		6,250		5,937		-	⁽³⁾	5.90%		5.90	%	10/1/2015	30 years	⁽²⁾
CMU Phase I - Mount Pleasant, MI		20,000		18,183		-	⁽³⁾	5.47%		5.47	%	10/1/2015	30 years	⁽²⁾
Bowling Green Phase I		13,000		12,227		-	⁽³⁾	5.63%		5.63	%	10/1/2015	30 years	⁽²⁾
Copper Beech I - State College		5,250		5,062		-	⁽³⁾	5.61%		5.61	%	2/11/2016	30 years	⁽²⁾
IUP Buy - Indiana		2,453		2,414		-	⁽³⁾	5.45%		5.45	%	6/6/2016	30 years	⁽²⁾
San Marcos, TX Phase I		34,786		34,232		-	⁽³⁾	5.45%		5.45	%	6/6/2016	30 years	⁽²⁾
The Grove at Milledgeville		16,250		15,531		15,640		6.12%		6.12	%	10/1/2016	30 years	⁽²⁾
Bloomington		10,860		8,466		-	⁽³⁾	6.22%		6.22	%	10/1/2016	30 years	⁽²⁾
Allendale Phase I		23,780		23,803		-	⁽³⁾	5.98%		5.98	%	10/1/2016	30 years	⁽²⁾
Columbia, MO		24,516		24,669		-	⁽³⁾	6.22%		6.22	%	10/1/2016	30 years	⁽²⁾
The Grove at Carrollton and The Grove at Las Cruces		29,790		28,472		28,674		6.13%		6.13	%	10/11/2016	30 years	⁽²⁾
Radford		12,400		12,464		-	⁽³⁾	5.99%		5.99	%	11/6/2016	30 years	⁽²⁾
The Grove at Denton		17,167		16,484		16,613		LIBOR + 215 BPS		2.33	%	3/1/2017	30 years	⁽²⁾
The Grove at Asheville		14,800		14,201		14,304		5.77%		5.77	%	4/11/2017	30 years	⁽²⁾
IUP Phase I - Indiana		6,500		6,500		-	⁽³⁾	2.15%		2.15	%	6/2/2017	Interest only
Allendale Phase II		11,896		12,473		-	⁽³⁾	6.27%		6.27	%	9/6/2017	30 years	⁽²⁾
Columbia, SC Phase I		36,936		38,545		-	⁽³⁾	6.27%		6.27	%	9/6/2017	30 years	⁽²⁾
Statesboro, GA Phase I		31,000		32,102		-	⁽³⁾	5.81%		5.81	%	10/6/2017	30 years	⁽²⁾
The Grove at Ellensburg		16,125		15,727		15,845		5.10%		5.10	%	9/1/2018	30 years	⁽²⁾
The Grove at Nacogdoches		17,160		16,729		16,857		5.01%		5.01	%	9/1/2018	30 years	⁽²⁾
The Grove at Greeley		15,233		14,817		14,945		4.29%		4.29	%	10/1/2018	30 years	⁽²⁾
Copper Beech II - State College		8,805		9,355		-	⁽³⁾	5.97%		5.97	%	8/1/2019	30 years	⁽²⁾
Columbia, SC Phase II		6,300		6,557		-	⁽³⁾	5.41%		5.41	%	8/1/2020	30 years	⁽²⁾
Oakwood - State College		5,750		6,070		-	⁽³⁾	4.99%		4.99	%	10/1/2020	30 years	⁽²⁾
The Grove at Clarksville		16,350		16,097		16,238		4.03%		4.03	%	7/1/2022	30 years	⁽²⁾
The Grove at Columbia		23,775		22,509		22,738		3.83%		3.83	%	7/1/2022	30 years	⁽²⁾
The Grove at Statesboro		18,100		17,971		18,100		4.01%		4.01	%	1/1/2023	30 years	⁽²⁾
			$	600,750	$	300,673

⁽¹⁾

For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, some of which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. For the loans that will mature during 2015, the Company is actively pursuing an extension or refinancing of those loans.

⁽²⁾	Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due.
⁽³⁾	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in 28 of the Copper Beech properties. Accordingly, these balances were not recognized by the Company as of December 31, 2014. As part of recording the mortgage loans from the First CB Closing at fair value, the outstanding amount, after giving effect for each loan’s respective provisional fair value adjustment, could result in an outstanding balance greater than the face amount of the mortgage loan. These fair value adjustments are amortized to interest expense over the term of the respective mortgage loans. As of April 30, 2015 (the "Second CB Closing"), the Company completed the acquisition of the Sellers’ interests in two of the properties in the Copper Beech Portfolio in which the Company previously held a 48% interest – Copper Beech San Marcos Phase 1 and Copper Beech IUP Buy (See Note 6).
⁽⁴⁾	Loan required interest only payments until the loan was extended in March of 2015. Thereafter, principal and interest, plus certain reserves, are payable monthly until maturity.

Schedule of Maturities of Long-term Debt [Table Text Block]

Scheduled debt maturities for the remainder of 2015 and each of the four years subsequent to December 31, 2015 and thereafter, are as follows (in thousands):

2015	$	85,620
2016		179,899
2017		456,440
2018		164,684
2019		9,470
Thereafter		63,556
Total outstanding debt		959,669

Convertible note discount		(2,243)
Copper Beech debt fair value adjustment		11,004
Outstanding as of June 30, 2015, net of discount and fair value adjustment	$	968,430