Segments (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Grove and evo Operations:
Revenues from external customers	$	30,706	$	24,663	$	61,607	$	49,271
Operating expenses		21,422		17,841		43,149		35,341
Income from wholly-owned student housing operations		9,284		6,822		18,458		13,930
Severance expense		(62)		-		(570)		-
Equity in earnings (losses) of unconsolidated entities		(1,069)		168		(2,441)		419
Operating income	$	8,153	$	6,990	$	15,447	$	14,349
Depreciation and amortization	$	7,520	$	6,974	$	15,237	$	13,744
Capital expenditures	$	12,812	$	51,087	$	14,188	$	81,305
Investment in unconsolidated entities	$	42,713	$	104,714	$	42,713	$	104,714
Total segment assets at end of period	$	895,568	$	963,666	$	895,568	$	963,666
Copper Beech Operations:
Revenues from external customers	$	14,761	$	-	$	23,960	$	-
Operating expenses (excluding amortization of in place leases)		10,866		-		17,053		-
Intangible amortization of in place leases		14,864		-		23,525		-
Income from wholly-owned student housing operations		(10,969)		-		(16,618)		-
Equity in earnings (losses) of unconsolidated entities		1,859		(1,059)		1,082		(991)
Operating loss	$	(9,110)	$	(1,059)	$	(15,536)	$	(991)
Depreciation and amortization	$	19,569	$	-	$	31,103	$	-
Capital expenditures	$	700	$	-	$	1,038	$	-
Investment in unconsolidated entities	$	45,017	$	265,824	$	45,017	$	265,824
Total segment assets at end of period	$	688,560	$	265,824	$	688,560	$	265,824
Property Management Services:
Revenues from external customers	$	212	$	327	$	441	$	430
Intersegment revenues		93		105		215		163
Total revenues		305		432		656		593
Operating expenses		449		617		682		982
Operating loss	$	(144)	$	(185)	$	(26)	$	(389)
Depreciation and amortization	$	449	$	24	$	637	$	25
Total segment assets at end of period	$	-	$	-	$	-	$	-
Reconciliations:
Total segment revenues	$	45,772	$	25,095	$	86,223	$	49,864
Elimination of intersegment revenues		(93)		(105)		(215)		(163)
Total consolidated revenues	$	45,679	$	24,990	$	86,008	$	49,701
Segment operating income (loss)	$	(1,101)	$	5,746	$	(115)	$	12,969
Interest expense , net		(9,270)		(2,950)		(17,058)		(6,326)
Transaction costs		(1,640)		(1,460)		(3,132)		(2,045)
Gain on purchase of Copper Beech		6,393		-		28,035		-
Gain on sale of land and unconsolidated joint ventures		-		-		7,748		-
Corporate depreciation and amortization		(323)		(255)		(640)		(464)
Net unallocated expenses related to corporate overhead(1)		(10,516)		(3,161)		(18,631)		(6,361)
Write off of other assets		(597)		-		(1,366)		-
Other income (expense)		4		104		(51)		170
Loss from continuing operations, before income tax benefit	$	(17,050)	$	(1,976)	$	(5,210)	$	(2,057)
Total segment assets	$	1,584,128	$	1,229,490	$	1,584,128	$	1,229,490
Unallocated corporate assets and eliminations		6,202		43,146		6,202		43,146
Total assets at end of period	$	1,590,330	$	1,272,636	$	1,590,330	$	1,272,636

⁽¹⁾ The net unallocated expenses related to corporate overhead primarily consists of $10.4 million and $18.5 million of general and administrative costs for the three and six months ended June 30, 2015 respectively. For the three and six months ended June 30, 2015, these amounts include $2.4 million of costs associated with the ongoing strategic repositioning and restructuring initiatives.