CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Student housing rental	$ 43,722	$ 23,637	$ 82,512	$ 47,272
Student housing services	1,745	1,026	3,055	1,999
Property management services	212	327	441	430
Total revenues	45,679	24,990	86,008	49,701
Operating expenses:
Student housing operations	19,943	10,747	37,147	21,360
General and administrative	10,423	3,649	18,461	7,155
Severance	62	0	570	0
Write-off of other assets	597	0	1,366	0
Transaction costs	1,640	1,460	3,132	2,045
Ground leases	120	120	240	237
Depreciation and amortization	27,861	7,253	47,617	14,233
Total operating expenses	60,646	23,229	108,533	45,030
Equity in earnings (losses) of unconsolidated entities	790	(891)	(1,359)	(572)
Operating (loss) income	(14,177)	870	(23,884)	4,099
Nonoperating income (expense):
Interest expense, net	(9,270)	(2,950)	(17,058)	(6,326)
Gain on purchase of Copper Beech	6,393	0	28,035	0
Gain on sale of land and unconsolidated entities	0	0	7,748	0
Other (expense) income	4	104	(51)	170
Total nonoperating (expense) income, net	(2,873)	(2,846)	18,674	(6,156)
Net loss before income tax benefit	(17,050)	(1,976)	(5,210)	(2,057)
Income tax benefit	0	210	0	400
Loss from continuing operations	(17,050)	(1,766)	(5,210)	(1,657)
Income (loss) from discontinued operations	0	1,374	(1,157)	2,313
Net (loss) income	(17,050)	(392)	(6,367)	656
Net (loss) income attributable to noncontrolling interests	(4,000)	12	(6,157)	(3)
Dividends on preferred stock	3,050	3,050	6,100	6,100
Net loss attributable to common stockholders	$ (16,100)	$ (3,454)	$ (6,310)	$ (5,441)
Per share data - basic and diluted
Loss from continuing operations attributable to common stockholders	$ (0.25)	$ (0.07)	$ (0.08)	$ (0.12)
Income (loss) from discontinued operations attributable to common shareholders	0	0.02	(0.02)	0.04
Net loss per share attributable to common stockholders	$ (0.25)	$ (0.05)	$ (0.10)	$ (0.08)
Weighted-average common shares outstanding:
Basic and diluted	64,741	64,681	64,737	64,588
Consolidated statements of comprehensive income (loss):
Net (loss) income	$ (17,050)	$ (392)	$ (6,367)	$ 656
Foreign currency translation	98	1,216	(553)	224
Comprehensive (loss) income	(16,952)	824	(6,920)	880
Net (loss) income attributable to noncontrolling interests	(4,000)	12	(6,157)	(3)
Foreign currency translation attributable to noncontrolling interest	14	9	(79)	1
Dividends on preferred stock	3,050	3,050	6,100	6,100
Comprehensive loss attributable to common stockholders	$ (16,016)	$ (2,247)	$ (6,784)	$ (5,218)