CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net (loss) income	$ (6,367)	$ 656
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,617	14,233
Amortization of fair value of debt adjustments	(2,298)	0
Write-off of other assets	1,366	0
Amortization of deferred financing costs and debt discount	1,799	1,364
Gain on sale of land and unconsolidated entities	(7,748)	0
Loss on disposal of assets	52	0
Proceeds received for business interruption insurance	0	1,325
Provision for bad debts	1,781	844
Gain on purchase of Copper Beech	(28,035)	0
Equity in losses of unconsolidated entities	1,359	572
Distributions of earnings from unconsolidated entities	196	390
Share based compensation expense	1,629	800
Changes in operating assets and liabilities:
Restricted cash	(1,441)	(732)
Student receivables	(953)	(1,010)
Construction billings	2,788	18,710
Accounts payable and accrued expenses	(5,474)	(1,175)
Other	(85)	(12,559)
Net cash provided by operating activities	6,186	23,418
Investing activities:
Investments in developed properties	(9,701)	(77,996)
Proceeds received from sales of land	28,334	0
Insurance proceeds received for damaged assets	474	590
Investments in student housing properties	(5,525)	(3,309)
Acquisition of Copper Beech, net of cash acquired of $5,802	(56,746)	0
Investments in unconsolidated entities	(2,404)	(46,791)
Acquisition of previously unconsolidated entities	0	(7,661)
Proceeds received from sales of previously unconsolidated entities	978	0
Capital distributions from unconsolidated entities	1,042	6,926
Corporate capital expenditures	(174)	(3,350)
Proceeds received from the sale of corporate aircraft	3,811	0
Change in restricted cash	(38)	27,716
Net cash used in investing activities	(39,949)	(103,875)
Financing activities:
Proceeds from mortgage and construction loans	24,079	19,921
Repayments of mortgage and construction loans	(18,127)	(1,140)
Proceeds from line of credit and other debt	46,000	91,500
Repayments of line of credit and other debt	(619)	(15,300)
Debt issuance costs	(1,213)	(580)
Payment of offering costs	0	(817)
Change in restricted cash	(7,002)	0
Dividends paid to common stockholders	(5,830)	(21,337)
Dividends paid to preferred stockholders	(3,050)	(6,100)
Dividends paid to noncontrolling interest	(36)	(143)
Net cash provided by financing activities	34,202	66,004
Net change in cash and cash equivalents	439	(14,453)
Cash and cash equivalents at beginning of period	15,240	32,054
Cash and cash equivalents at end of period	15,679	17,601
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	15,215	3,357
Cash paid for income taxes	292	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	300,706	16,822
Change in non-controlling interests resulting from ownership change in Copper Beech at Ames	5,653	0
Change in insurance proceeds receivable related to damaged assets	161	781
Accounts payable related to capital expenditures	2,117	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
The Company acquired substantially all of the remaining ownership, In conjunction with the acquisition liabilities assumed were as follows:
Outstanding liability for purchase of CBTC 8 and CBTC 9 minority interest	(2,275)	0
Copper Beech Properties [Member]
Non-cash investing and financing activity:
Change in non-controlling interests resulting from ownership change in Copper Beech at Ames	(84,311)	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	659,097	0
Cash paid, net of cash acquired	(56,746)	0
Company's ownership interest prior to the acquisition	(174,821)	0
Gain recognized on transaction	(28,035)	0
Liabilities assumed	312,909	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