Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 26, 2014 | Jun. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'CCG | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 64,491,814 | ' |
Entity Registrant Name | 'Campus Crest Communities, Inc. | ' | ' |
Entity Central Index Key | '0001490983 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $744.80 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in real estate, net: | ' | ' |
Student housing properties | $716,285 | $669,387 |
Accumulated depreciation | -102,356 | -97,820 |
Development in process | 91,184 | 50,781 |
Investment in real estate, net | 705,113 | 622,348 |
Investment in unconsolidated entities | 324,838 | 22,555 |
Cash and cash equivalents | 32,054 | 5,970 |
Restricted cash | 32,636 | 3,902 |
Student receivables, net of allowance for doubtful accounts of $539 and $121, respectively | 2,825 | 2,193 |
Cost and earnings in excess of construction billings | 42,803 | 23,077 |
Other assets, net | 42,410 | 16,275 |
Total assets | 1,182,679 | 696,320 |
Liabilities: | ' | ' |
Mortgage and construction loans | 205,531 | 218,337 |
Line of credit and other debt | 207,952 | 75,375 |
Accounts payable and accrued expenses | 62,448 | 45,634 |
Construction billings in excess of cost and earnings | 600 | 49 |
Other liabilities | 11,167 | 12,023 |
Total liabilities | 487,698 | 351,418 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 and 10,000,000 shares authorized: 8.00% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 6,100,000 and 2,300,000 shares issued and outstanding at December 31, 2013 and 2012, respectively | 61 | 23 |
Common stock, $0.01 par value, 500,000,000 and 90,000,000 shares authorized, 64,502,430 and 38,558,048 shares issued and outstanding in 2013 and 2012, respectively | 645 | 386 |
Additional common and preferred paid-in capital | 773,896 | 377,180 |
Accumulated deficit and distributions | -84,143 | -37,047 |
Accumulated other comprehensive loss | -71 | -58 |
Total Campus Crest Communities, Inc. stockholders' equity | 690,388 | 340,484 |
Noncontrolling interests | 4,593 | 4,418 |
Total equity | 694,981 | 344,902 |
Total liabilities and equity | $1,182,679 | $696,320 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts receivable (in dollars) | $539 | $121 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 10,000,000 |
Preferred Stock Dividend Rate Percentage | 8.00% | 8.00% |
Preferred stock, liquidation preference per share | $25 | $25 |
Preferred stock, shares issued | 6,100,000 | 2,300,000 |
Preferred stock, shares outstanding | 6,100,000 | 2,300,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 90,000,000 |
Common stock, shares issued | 64,502,430 | 38,558,048 |
Common stock, shares outstanding | 64,502,430 | 38,558,048 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Student housing rental | $87,635 | $71,211 | $49,048 |
Student housing services | 3,615 | 2,880 | 2,062 |
Development, construction and management services | 51,069 | 54,295 | 35,084 |
Total revenues | 142,319 | 128,386 | 86,194 |
Operating expenses: | ' | ' | ' |
Student housing operations | 40,346 | 32,633 | 23,316 |
Development, construction and management services | 46,759 | 50,493 | 31,051 |
General and administrative | 10,658 | 8,821 | 6,749 |
Transaction costs | 1,121 | 0 | 0 |
Ground leases | 249 | 217 | 209 |
Impairment of unconsolidated entity | 312 | 0 | 0 |
Depreciation and amortization | 23,700 | 20,693 | 16,524 |
Total operating expenses | 123,145 | 112,857 | 77,849 |
Equity in earnings (loss) of unconsolidated entities | -3,727 | 361 | -1,164 |
Operating income | 15,447 | 15,890 | 7,181 |
Nonoperating income (expense): | ' | ' | ' |
Interest expense | -12,969 | -11,545 | -6,888 |
Other income (expense) | 1,414 | -410 | 720 |
Gain on purchase of previously unconsolidated entities | 0 | 6,554 | 3,159 |
Total nonoperating expense, net | -11,555 | -5,401 | -3,009 |
Net income before income tax benefit (expense) | 3,892 | 10,489 | 4,172 |
Income tax benefit (expense) | 727 | -356 | -464 |
Income from continuing operations | 4,619 | 10,133 | 3,708 |
Income (loss) from discontinued operations | -3,001 | 665 | 73 |
Net income | 1,618 | 10,798 | 3,781 |
Net income (loss) attributable to noncontrolling interests | -34 | 46 | 51 |
Dividends on preferred stock | 6,183 | 4,114 | 0 |
Net income (loss) attributable to common stockholders | -4,531 | 6,638 | 3,730 |
Per share data - basic and diluted | ' | ' | ' |
Income (loss) from continuing operations attributable to common stockholders | ($0.03) | $0.17 | $0.12 |
Income (loss) from discontinued operations attributable to common shareholders | ($0.05) | $0.02 | $0 |
Net income (loss) per share attributable to common stockholders | ($0.08) | $0.19 | $0.12 |
Weighted-average common shares outstanding: | ' | ' | ' |
Basic | 59,984 | 34,781 | 30,717 |
Diluted | 60,418 | 35,217 | 31,153 |
Consolidated statements of comprehensive income (loss): | ' | ' | ' |
Net income | 1,618 | 10,798 | 3,781 |
Foreign currency translation | -71 | 0 | 0 |
Change in fair value of interest rate derivatives | 58 | 332 | -215 |
Comprehensive income | 1,605 | 11,130 | 3,566 |
Net income (loss) attributable to noncontrolling interests | -34 | 46 | 51 |
Change in fair value of interest rate derivatives attributable to noncontrolling interest | 1 | 3 | 0 |
Dividends on preferred stock | 6,183 | 4,114 | 0 |
Comprehensive income (loss) attributable to common stockholders | ($4,545) | $6,967 | $3,515 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Series A Cumulative Redeemable Preferred Stock [Member] | Common Stock [Member] | Additional Common and Preferred Paid-in Capital [Member] | Accumulated Deficit and Distributions [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Stockholders Equity [Member] | Noncontrolling Interests [Member] |
In Thousands | ||||||||
Balance at Dec. 31, 2010 | $246,790 | $0 | $307 | $248,515 | ($5,491) | ($172) | $243,159 | $3,631 |
Net proceeds of sale of preferred stock | 0 | ' | ' | ' | ' | ' | ' | ' |
Amortization of restricted stock awards and operating partnership units | 842 | 0 | 0 | 218 | 0 | 0 | 218 | 624 |
Dividends on common stock | -19,649 | 0 | 0 | 0 | -19,649 | 0 | -19,649 | 0 |
Dividends to noncontrolling interests | -265 | 0 | 0 | 0 | 0 | 0 | 0 | -280 |
Transaction Cost | 0 | 0 | 0 | -134 | 0 | 0 | -134 | 0 |
Change in fair value of interest rate derivatives | -215 | 0 | 0 | 0 | 0 | -215 | -215 | 0 |
Foreign currency translation | 0 | ' | ' | ' | ' | ' | ' | ' |
Net income | 3,781 | 0 | 0 | 0 | 3,730 | 0 | 3,730 | 51 |
Balance at Dec. 31, 2011 | 231,135 | 0 | 307 | 248,599 | -21,410 | -387 | 227,109 | 4,026 |
Net proceeds of sale of preferred stock | 57,500 | 23 | 0 | 54,870 | 0 | 0 | 54,893 | 0 |
Net proceeds of sale of common stock | 72,162 | 0 | 75 | 72,087 | 0 | 0 | 72,162 | 0 |
Issuance of restricted stock | 0 | 0 | 4 | -4 | 0 | 0 | 0 | 0 |
Amortization of restricted stock awards and operating partnership units | 2,252 | 0 | 0 | 1,628 | 0 | 0 | 1,628 | 624 |
Dividends on preferred stock | -4,114 | 0 | 0 | 0 | -4,114 | 0 | -4,114 | 0 |
Dividends on common stock | -22,275 | 0 | 0 | 0 | -22,275 | 0 | -22,275 | 0 |
Dividends to noncontrolling interests | -281 | 0 | 0 | 0 | 0 | 0 | 0 | -281 |
Transaction Cost | 0 | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of interest rate derivatives | 332 | 0 | 0 | 0 | 0 | 329 | 329 | 3 |
Foreign currency translation | 0 | ' | ' | ' | ' | ' | ' | ' |
Net income | 10,798 | 0 | 0 | 0 | 10,752 | 0 | 10,752 | 46 |
Balance at Dec. 31, 2012 | 344,902 | 23 | 386 | 377,180 | -37,047 | -58 | 340,484 | 4,418 |
Net proceeds of sale of preferred stock | 95,282 | 38 | 0 | 91,244 | 0 | 0 | 91,282 | 0 |
Net proceeds of sale of common stock | 299,719 | 0 | 255 | 299,464 | 0 | 0 | 299,719 | 0 |
Equity portion of issuance ofconvertible notes | 3,207 | 0 | 0 | 3,207 | 0 | 0 | 3,207 | 0 |
Issuance of restricted stock | 0 | 0 | 4 | -4 | 0 | 0 | 0 | 0 |
Amortization of restricted stock awards and operating partnership units | 3,300 | 0 | 0 | 2,805 | 0 | 0 | 2,805 | 495 |
Dividends on preferred stock | -6,183 | 0 | 0 | 0 | -6,183 | 0 | -6,183 | 0 |
Dividends on common stock | -42,565 | 0 | 0 | 0 | -42,565 | 0 | -42,565 | 0 |
Dividends to noncontrolling interests | -287 | 0 | 0 | 0 | 0 | 0 | 0 | -287 |
Transaction Cost | 1,121 | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of interest rate derivatives | 58 | 0 | 0 | 0 | 0 | 58 | 58 | 1 |
Foreign currency translation | -71 | 0 | 0 | 0 | 0 | -71 | -71 | 0 |
Net income | 1,618 | 0 | 0 | 0 | 1,652 | 0 | 1,652 | -34 |
Balance at Dec. 31, 2013 | $694,981 | $61 | $645 | $773,896 | ($84,143) | ($71) | $690,388 | $4,593 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $1,618 | $10,798 | $3,781 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 23,700 | 20,693 | 16,524 |
Depreciation included in discontinued operations | 2,672 | 3,144 | 3,566 |
Impairment of disposed assets and investment in unconsolidated entity | 5,041 | 0 | 0 |
Amortization of deferred financing costs and debt discount | 1,969 | 2,838 | 1,338 |
Gain on purchase of previously unconsolidated entities | 0 | -6,554 | -3,159 |
Loss on disposal of assets | 350 | 154 | 66 |
Provision for bad debts | 3,432 | 1,728 | 1,566 |
Proceeds received for business interruption insurance | 400 | 0 | 0 |
Change in non-cash portion of fair value of unhedged derivatives | 0 | 0 | -337 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | -533 | -736 | 810 |
Student receivables | -4,067 | -2,492 | -1,776 |
Construction billings | -19,175 | -10,967 | -8,765 |
Accounts payable and accrued expenses | 4,604 | 11,868 | 6,529 |
Other | -12,667 | -2,603 | 1,198 |
Equity in (earnings) loss of unconsolidated entities | 3,727 | -361 | 1,164 |
Distributions of accumulated earnings from unconsolidated entities | 17 | 766 | 0 |
Share-based compensation expense | 3,300 | 1,194 | 265 |
Net cash provided by operating activities | 14,388 | 29,470 | 22,770 |
Investing activities: | ' | ' | ' |
Investments in development in process | -126,242 | -104,051 | -107,328 |
Investments in student housing properties | -15,925 | -7,116 | -3,807 |
Acquisition of student housing properties | -13,801 | 0 | 0 |
Acquisition of previously unconsolidated entities | 0 | -15,352 | -13,510 |
Investments in unconsolidated entities | -348,831 | -7,363 | -12,395 |
Proceeds from the disposition of student housing properties | 48,577 | 0 | 0 |
Insurance proceeds received for damaged assets | 2,500 | 0 | 0 |
Issuance of notes receivable | -31,700 | 0 | 0 |
Repayment of notes receivable | 31,700 | 0 | 0 |
Capital distributions from unconsolidated entities | 7,286 | 3,355 | 10,499 |
Purchase of corporate fixed assets | -15,036 | -1,855 | -375 |
Change in restricted cash | -28,201 | -671 | 0 |
Net cash used in investing activities | -489,673 | -133,053 | -126,916 |
Financing activities: | ' | ' | ' |
Proceeds from mortgage and construction loans | 47,924 | 97,220 | 126,156 |
Repayments of mortgage and construction loans | -60,730 | -93,096 | -28,846 |
Proceeds from line of credit and other debt | 167,274 | 59,400 | 83,000 |
Repayments of line of credit and other debt | -96,681 | -66,077 | -46,000 |
Proceeds from exchangeable senior notes | 100,000 | 0 | 0 |
Debt issuance costs | -4,273 | -1,219 | -2,404 |
Dividends paid to common stockholders | -38,089 | -21,028 | -18,636 |
Dividends paid to preferred stockholders | -4,600 | -3,156 | 0 |
Dividends to noncontrolling interests | -287 | -281 | -265 |
Proceeds from sale of preferred stock | 95,282 | 57,500 | 0 |
Proceeds from sale of common stock | 312,742 | 75,573 | 0 |
Payment of offering costs | -17,193 | -6,018 | -451 |
Net cash provided by financing activities | 501,369 | 98,818 | 112,554 |
Net change in cash and cash equivalents | 26,084 | -4,765 | 8,408 |
Cash and cash equivalents at beginning of period | 5,970 | 10,735 | 2,327 |
Cash and cash equivalents at end of period | 32,054 | 5,970 | 10,735 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest, net of amounts capitalized | 12,900 | 8,617 | 7,247 |
Cash paid for income taxes | 173 | 571 | 44 |
Non-cash investing and financing activity: | ' | ' | ' |
Other debt assumed by investment in unconsolidated entity | 34,774 | 0 | 0 |
Contribution of land to investment in unconsolidated entities | 16,900 | 3,347 | 11,730 |
Common and preferred stock dividends declared but not paid | 13,765 | 7,197 | 4,983 |
Change in payables related to dividends to common and preferredstockholders and noncontrolling interest | 6,059 | 2,205 | 1,028 |
Insurance proceeds receivable related to damaged assets | 1,029 | 0 | 0 |
Change in payables related to capital expenditures | 5,278 | 637 | 8,276 |
Assumption of mortgage debt related to purchase of previously unconsolidated entities | 0 | 27,299 | 28,764 |
Assumption of bonds related to land purchase | 0 | 0 | 2,552 |
Conversion of costs and earnings in excess of construction billings to investment in unconsolidated entities | $0 | $898 | $0 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||||||
1. Organization and Description of Business | ||||||||
Campus Crest Communities, Inc., together with its subsidiaries, referred to herein as the “Company,” “we,” “us,” “our,” and “Campus Crest,” is a self-managed, self-administered and vertically-integrated real estate investment trust (“REIT”) focused on developing, building, owning and managing a diversified portfolio of high-quality, residence life focused student housing properties. We currently own the sole general partner interest and own limited partner interests in Campus Crest Communities Operating Partnership, LP (the “Operating Partnership”). We hold substantially all of our assets, and conduct substantially all of our business, through the Operating Partnership. | ||||||||
We have made an election to qualify, and we believe we are operating so as to qualify, as a REIT under Sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a REIT, we generally will not be subject to U.S. federal income tax to the extent that we meet the organizational and operational requirements and our distributions equal or exceed 90.0% of REIT taxable income. For all periods subsequent to the REIT election, we have met the organizational and operational requirements and distributions have exceeded net taxable income. | ||||||||
We have made an election to treat Campus Crest TRS Holdings, Inc. (“TRS Holdings”), our wholly-owned subsidiary, as a taxable REIT subsidiary (“TRS”). TRS Holdings holds the development, construction and management companies that provide services to entities in which we do not own 100% of the equity interests. As a TRS, the operations of TRS Holdings and its subsidiaries are generally subject to federal, state and local income and franchise taxes. | ||||||||
As of December 31, 2013, we had ownership interests in 41 operating student housing Grove properties comprising approximately 8,151 apartment units and 22,303 beds. Thirty-one of our operating Grove properties are wholly-owned and ten of our operating Grove properties are owned through joint ventures with Harrison Street Real Estate Capital ("HSRE") or with HSRE and Brandywine Realty Trust (“Brandywine”). As of December 31, 2013, we also owned interests in 28 operating student housing Copper Beech (see Note 5) properties, containing approximately 5,047 units and 13,177 beds, and one wholly-owned redevelopment property containing approximately 382 units and 629 beds. Our portfolio consists of the following: | ||||||||
Student Housing | Student Housing | |||||||
Properties in | Properties Under | |||||||
Operation | Construction (1) | |||||||
Wholly owned Grove properties | 31 | 4 | ||||||
Joint Venture Grove properties | 10 | 2 | ||||||
Total Grove Properties | 41 | 6 | ||||||
Joint Venture evo properties (2) | - | 3 | ||||||
CB Portfolio | 28 | 1 | ||||||
Total Portfolio(3) | 69 | 10 | ||||||
-1 | For delivery in the 2014-2015 academic year, consolidated entities under construction include The Grove at Slippery Rock, Pennsylvania, The Grove at Grand Forks, North Dakota, The Grove at Gainesville, Florida, and The Grove at Mt. Pleasant, Michigan. For delivery in the 2014-2015 academic year, joint venture properties under construction include evo at Cira Centre South, Pennsylvania, The Grove at Louisville, Kentucky, The Grove at Greensboro, North Carolina, evo à Square Victoria, Montreal, and evo à Sherbrooke, Montreal. We also have an interest in a Copper Beech property under construction, Copper Beech at Ames. | |||||||
-2 | Renovation work began on evo à Sherbrooke in January 2014. | |||||||
-3 | The re-development of our 100% owned property in Toledo, OH, which was acquired in March 2013, is excluded. We expect to announce more details on the redevelopment in 2014. See Note 5. | |||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Basis of Presentation | |||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and represent our financial position, results of operations and cash flows. Third-party equity interests in the Operating Partnership are reflected as noncontrolling interests in the consolidated financial statements. The Company also has interests in unconsolidated real estate ventures which have ownership in several property owning entities that are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation, primarily related to discontinued operations associated with the asset dispositions discussed in Note 6. | |||||||||||
Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant assumptions and estimates are used by management in recognizing construction and development revenue under the percentage of completion method, useful lives of student housing properties, valuation of investment in real estate and investments in unconsolidated entities, initial valuation and underlying allocation of purchase price to newly acquired student housing properties, valuation allowance on deferred tax assets, determination of fair value for impairment assessments, allowance for doubtful accounts, fair value of the debt and equity components of the exchangeable notes at the date of issuances and the fair value of financial assets and liabilities, including derivatives. Actual results may differ from previously estimated amounts and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected prospectively in the periods in which they occur. | |||||||||||
Investment in Real Estate | |||||||||||
Investment in real estate is recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over a period equal to the shorter of the life of the improvement or the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||||
Land improvements | 15 years | ||||||||||
Buildings and leasehold improvements | 10-40 years | ||||||||||
Furniture, fixtures and equipment | 2-15 years | ||||||||||
The cost of buildings and improvements includes all pre-development, entitlement and project costs directly associated with the development and construction of a real estate project, which include interest, property taxes and the amortization of deferred financing costs recognized while the project is under construction, as well as certain internal costs related to the development and construction of our student housing properties. All costs are capitalized as development in process until the asset is ready for its intended use, which is typically at the completion of the project. Upon completion, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.3 million, $2.4 million, and $2.0 million was capitalized during the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
We capitalize costs during the development of assets beginning with the determination that development of a future asset is probable until the asset, or a portion of the asset, is delivered and is ready for its intended use. During development efforts we capitalize all direct costs and indirect costs that have been incurred as a result of the development. These costs include interest and related loan fees, property taxes as well as other direct and indirect costs. We capitalize interest costs for debt incurred for project specific financing and for capital contributions to equity method investees who utilize such funds for construction-related activities. Indirect project costs, which include personnel and office and administrative costs that are clearly associated with our development and redevelopment efforts, are capitalized. Indirect costs not clearly related to the acquisition, development, redevelopment and construction activity, including general and administrative expenses, are expensed in the period incurred. Capitalized indirect costs associated with our development activities were $9.0 million, $7.4 million, and $6.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. All such costs are capitalized as development in process until the asset is delivered and ready for its intended use, which is typically at the completion of the project. Upon completion, costs are transferred into the applicable asset category and depreciation commences. | |||||||||||
Pre-development costs are capitalized when they are directly identifiable with the specific property and would be capitalized if the property were already acquired and acquisition of the property or an option to acquire the property is probable. Capitalized pre-development costs are expensed when management believes it is no longer probable that a contract will be executed and/or construction will commence. Because we frequently incur these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, we bear the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or we are unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of projects where we have not yet acquired the target property or where we have not yet commenced construction on a periodic basis and write-off any pre-development costs related to projects whose current status indicates the acquisition or commencement of construction is not probable. Such write-offs are included within development, construction, and management services in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2013 and 2012, we have deferred approximately $10.5 million and $8.1 million, respectively, in pre-development costs related to development projects for which construction has not commenced. Included within the December 31, 2013 balance were seven land parcels that could be used for the development of seven properties (within either our wholly-owned portfolio or as contributions to joint venture projects) with an aggregate bed count ranging from approximately 3,000 to 3,500. Such costs are included in development in process on the accompanying consolidated balance sheets. | |||||||||||
Management assesses whether there has been impairment in the value of our investment in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of investment in real estate is measured by a comparison of the carrying amount of a student housing property to the estimated future undiscounted cash flows expected to be generated by the property. Impairment is recognized when estimated future undiscounted cash flows, including proceeds from disposition, are less than the carrying value of the property. The estimation of future undiscounted cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment reducing the carrying value of our long-lived assets could occur in the future period in which conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is recorded as an impairment charge. Fair value is determined based upon the discounted cash flows of the property, quoted market prices or independent appraisals, as considered necessary. As of December 31, 2013, we recorded an impairment of approximately $3.5 million related to damage from fire at The Grove at Pullman, Washington (see Note 3) and damage at The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas. As of December 31, 2013, we had collected $2.5 million in proceeds and have a receivable of $1.0 million which is presented in other assets in the accompanying consolidated balance sheets. As of December 31, 2013, we also recorded an impairment of approximately $4.7 million related to the disposition of The Grove at Jacksonville, Alabama, The Grove at Jonesboro, Arkansas, The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas (see Note 6), which is classified within discontinued operations in the accompanying statements of operations and comprehensive income (loss). | |||||||||||
Property Acquisitions | |||||||||||
We allocate the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on the fair values of these assets and liabilities. Fair value estimates are based on information obtained from independent appraisals, market data, information obtained during due diligence and information related to the marketing and leasing at the specific property. The value of in-place leases is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, net of variable operating expenses. The value of in-place leases is amortized on a straight-line basis over the remaining initial term of the respective leases, generally less than one year. The purchase price of property acquisitions is not expected to be allocated to tenant relationships, considering the terms of the leases and the expected levels of renewals. Acquisition-related costs such as due diligence, legal, accounting and advisory fees are either expensed as incurred for acquisitions that are consolidated or capitalized for acquisitions accounted for under the equity method of accounting. | |||||||||||
Ground Leases | |||||||||||
Ground lease expense is recognized on a straight-line basis over the term of the related lease. | |||||||||||
Cash, Cash Equivalents, and Restricted Cash | |||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is excluded from cash for the purpose of preparing the consolidated statements of cash flows. We maintain cash balances in various banks. At times our balances may exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). We do not believe this presents significant exposure for our business. | |||||||||||
Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements. In certain instances, restricted cash consists of funds, required by a counter-party to our derivative contracts, to serve as collateral for future settlements of those derivative contracts. At December 31, 2013, we held approximately $28.2 million with a qualified intermediary to facilitate a tax deferred Section 1031 like-kind exchange in conjunction with the disposition of four properties (see Note 6). Our funds in escrow are typically held in interest bearing accounts covered under FDIC insurance with applicable limits. | |||||||||||
Deferred Financing Costs | |||||||||||
We defer costs incurred in obtaining financing and amortize the costs using the straight-line method, which approximates the effective interest method, over the expected terms of the related loans. Upon repayment of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred financing costs, net of accumulated amortization, are included in other assets, net in the accompanying consolidated balance sheets. | |||||||||||
Noncontrolling Interests | |||||||||||
Noncontrolling interests represent the portion of equity in our consolidated subsidiaries which are not attributable to the stockholders. Accordingly, noncontrolling interests are reported as a component of equity, separate from stockholders’ equity, in the accompanying consolidated balance sheets. On the consolidated statements of operations and comprehensive income (loss), operating results are reported at their consolidated amounts, including both the amount attributable to us and to noncontrolling interests (see Note 12). | |||||||||||
Real Estate Ventures | |||||||||||
We hold interests in our properties, both under development and in operation, through interests in both consolidated and unconsolidated real estate ventures. We assess our investments in real estate ventures to determine if a venture is a variable interest entity (“VIE”). Generally, an entity is determined to be a VIE when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with disproportionately small voting interest. We consolidate entities that are VIEs and for which we are determined to be the primary beneficiary. In instances where we are not the primary beneficiary, we do not consolidate the entity for financial reporting purposes. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Entities that are not defined as VIEs are consolidated where we are the general partner (or the equivalent) and the limited partners (or the equivalent) in such investments do not have rights which would preclude control. | |||||||||||
For entities where we are the general partner (or the equivalent) but do not control the real estate venture, as the other partners (or the equivalent) hold substantive participating rights, we use the equity method of accounting. For entities where we are a limited partner (or the equivalent), management considers factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners (or the equivalent) to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate we control the entity, we consolidate the entity; otherwise we record our investment using the equity method of accounting. | |||||||||||
Under the equity method of accounting, investments are initially recognized in the consolidated balance sheet at cost and are subsequently adjusted to reflect our proportionate share of net earnings or losses of the entity, distributions received, contributions and certain other adjustments, as appropriate. Any difference between the carrying amount of these investments on our balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings (loss) of unconsolidated entities. When circumstances indicate there may have been a loss in value of an equity method investment, and we determine the loss in value is other than temporary, we recognize an impairment charge to reflect the investment at fair value. As of December 31, 2013, we recorded an impairment of approximately $0.3 million related to The Grove at Denton, Texas, of which we acquired the outstanding ownership interests in January 2014. | |||||||||||
Segments | |||||||||||
We define business segments by their distinct customer base and services provided. We have identified two reportable business segments: (i) student housing operations and (ii) development, construction and management services. We evaluate the performance of our operating segments based on operating income (loss). All inter-segment sales pricing is based on current market conditions. Unallocated corporate amounts include general expenses associated with managing our two reportable operating segments. | |||||||||||
Student Housing Revenue | |||||||||||
Students are required to execute lease contracts with payment schedules that vary from annual to monthly payments. We recognize revenues on a straight-line basis over the term of the lease contracts. Generally, each executed contract is required to be accompanied by a signed parental guaranty. Amounts received in advance of the occupancy period or prior to the contractual due date are recorded as deferred revenues and included in other liabilities on the accompanying consolidated balance sheets. Service revenue is recognized when earned. | |||||||||||
Development, Construction and Management Services | |||||||||||
Development and construction service revenue is recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. For the purpose of applying this method, significant estimates are necessary to determine the percentage of completion as of the balance sheet date. This method is used because management considers total cost to be the best measure of progress toward completion of the contract. Any changes in significant judgments and/or estimates used in determining construction and development revenue could significantly change the timing or amount of construction and development revenue recognized. | |||||||||||
Development and construction service revenue is recognized for contracts with entities we do not consolidate. For projects where revenue is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net profit ultimately recognized on those projects. Profit derived from these projects is eliminated to the extent of our interest in the unconsolidated entity. When total development or construction costs at completion exceed the fixed price set forth within the related contract, such cost overruns are recorded as additional investment in the unconsolidated entity to the extent these amounts are determined to be realizable. Entitlement fees, where applicable, are recognized when earned based on the terms of the related contracts. | |||||||||||
Costs and estimated earnings in excess of billings represents the excess of construction costs and profits recognized to date using the percentage of completion method over billings to date on certain contracts. Billings in excess of costs and estimated earnings represents the excess of billings to date over the amount of contract costs and profits recognized to date using the percentage of completion method on certain contracts. Total billings to date on such contracts totaled $51.3 million and $44.4 million as of December 31, 2013 and 2012, respectively. The Company expects to bill the cost and estimated earnings in excess of billings in 2014. | |||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria are met. | |||||||||||
Allowance for Doubtful Accounts | |||||||||||
Allowances for student receivables are maintained to reduce our receivables to the amount that management estimates to be collectible, which approximates fair value. The allowance is estimated based on past due balances not received on contractual terms, as well as historical collections experience and current economic and business conditions. When management has determined that receivables are uncollectible, they are written off against the allowance for doubtful accounts. Recoveries of accounts previously written off are recorded when received. | |||||||||||
The allowance for doubtful accounts is summarized as follows (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance at beginning of period | $ | 121 | $ | 246 | $ | 431 | |||||
Charged to expense | 3,432 | 1,728 | 1,566 | ||||||||
Write-offs | -2,433 | -1,853 | -1,751 | ||||||||
Sale of properties | -581 | - | - | ||||||||
Balance at end of period | $ | 539 | $ | 121 | $ | 246 | |||||
Marketing and Advertising Costs | |||||||||||
Marketing and advertising costs are expensed during the period incurred and included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Marketing and advertising expenses were $1.5 million, $1.3 million and $0.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Derivative Instruments and Hedging Activities | |||||||||||
We enter into interest rate cap and interest rate swap agreements to manage floating interest rate exposure with respect to amounts borrowed, or forecasted to be borrowed, under credit facilities. These contracts effectively exchange existing or forecasted obligations to pay interest based on floating rates for obligations to pay interest based on fixed rates. We do not enter into or hold derivatives for trading or speculative purposes. | |||||||||||
All derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at their respective fair values. Changes in fair value are recognized either in earnings or as accumulated other comprehensive income (loss), depending on whether the derivative has been designated as a cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged and how effective the derivative is at offsetting movements in underlying exposure. We discontinue hedge accounting when: (i) we determine that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In situations in which hedge accounting is not initially designated, or is discontinued and a derivative remains outstanding, gains and losses related to changes in the fair value of the derivative instrument are recorded in current-period earnings as a component of the change in fair value of interest rate derivatives line item on the accompanying consolidated statements of operations and comprehensive income (loss). Also included within this line item are any required monthly settlements on the swaps as well as all cash settlements paid. | |||||||||||
Commitments and Contingencies | |||||||||||
Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, penalties and other sources, are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |||||||||||
Income Taxes | |||||||||||
We have made an election to qualify, and believe we are operating so as to qualify, as a REIT under Sections 856 through 859 of the Internal Revenue Code. Our qualification as a REIT depends upon our ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the diversity of ownership of our stock. We believe that we are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code and that our intended manner of operation will enable us to meet the requirements for qualification and taxation as a REIT. | |||||||||||
As a REIT, we generally will not be subject to U.S. federal and state income tax on taxable income that we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax at regular corporate rates and generally will be precluded from qualifying as a REIT for the subsequent four taxable years following the year during which we lost our REIT qualification. Accordingly, our failure to qualify as a REIT could materially and adversely affect us, including our ability to make distributions to our stockholders in the future. | |||||||||||
We have made an election to treat TRS Holdings, our wholly-owned subsidiary, as a TRS. TRS Holdings holds the development, construction and management companies that provide services to entities in which we do not own 100% of the equity interests, as a TRS. As a TRS, the operations of TRS Holdings and its subsidiaries are generally subject to federal, state and local income and franchise taxes. Our TRS accounts for its income taxes in accordance with U.S. GAAP, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. Deferred tax assets and liabilities of the TRS entities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. | |||||||||||
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when we conclude that a tax position, based solely on its technical merits, is more-likely-than-not (a likelihood of more than 50 percent) to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when we subsequently determined that a tax position no longer met the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. | |||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss), which consists of unrealized gains (losses) on derivative instruments and foreign currency translation adjustments. Comprehensive income (loss) is presented in the accompanying consolidated statements of operations and comprehensive income (loss), and accumulated other comprehensive income (loss) is displayed as a separate component of stockholders’ equity. | |||||||||||
Stock-Based Compensation | |||||||||||
We grant restricted stock and restricted OP Unit awards that typically vest over either a three or five year period. A restricted stock or OP Unit award is an award of shares of our common stock or OP Units that are subject to restrictions on transferability and other restrictions determined by our compensation committee at the date of grant. A grant date is established for a restricted stock award or restricted OP Unit award upon approval from our compensation committee and Board of Directors. The restrictions may lapse over a specified period of employment or the satisfaction of pre-established criteria as our compensation committee may determine. Except to the extent restricted under the award agreement, a participant awarded restricted stock or OP Units has all the rights of a stockholder or OP Unit holder as to these shares or units, including the right to vote and the right to receive dividends or distributions on the shares or units. The fair value of the award is determined based on the market value of our common stock on the grant date and is recognized on a straight-line basis over the applicable vesting period for the entire award with cost recognized at the end of any period being at least equal to the shares that were then vested. | |||||||||||
Foreign Currency | |||||||||||
Transactions denominated in foreign currencies are recorded in local currency at actual exchange rates at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet dates are reported at the rates of exchange prevailing at those dates. Any gains or losses arising on monetary assets and liabilities from a change in exchange rates subsequent to the date of the transaction have been included in expenses in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2013, we were exposed to only one foreign currency, the Canadian dollar. The aggregate transaction gains and losses included in the accompanying consolidated statements of operations for the year ended December 31, 2013 was not significant. | |||||||||||
The financial statements of certain equity method investees and certain foreign subsidiaries are translated from their respective local currencies into U.S. dollars using current and historical exchange rates. Translation adjustments resulting from this process are reported separately and accumulated as a component of accumulated other comprehensive income (loss) in stockholders' equity in the accompanying consolidated balance sheets. Upon sale or liquidation of our investments, the translation adjustment would be reported as part of the gain or loss on sale or liquidation. | |||||||||||
Insurance Recoveries | |||||||||||
Insurance recoveries are amounts due or received under our applicable insurance policies for asset damage and business interruption relating to the fire at The Grove at Pullman, Washington (see Note 3) and to the damage at The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas. We have received $2.5 million of insurance proceeds and have recorded insurance recovery receivables of approximately $1.0 million, which is included in other assets within the consolidated balance sheets, in connection with asset damages based on preliminary estimates, offsetting the recognized $3.5 million impairment. Business interruption recovery is recorded when realized and included as a reduction within student housing operations expenses within the consolidated statements of operations. For the year ended December 31, 2013, we recognized $1.4 million of business interruption recovery. | |||||||||||
Recent Accounting Pronouncements | |||||||||||
The FASB issued ASU 2013-04, Liabilities (Topic 405); Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, in February 2013. ASU 2013-04 (“Update”) requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as the sum of the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. The new standard is effective for fiscal years ending after December 15, 2014 and interim and annual periods thereafter. ASU 2013-04 is to be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the Update’s scope that exist at the beginning of an entity’s fiscal year of adoption. The Company will implement the provisions of the Update as of January 1, 2014. We believe that the adaption of this guidance will not have a material affect on our consolidated financial statements. | |||||||||||
Student_Housing_Properties
Student Housing Properties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate Disclosure [Text Block] | ' | |||||||
3. Student Housing Properties | ||||||||
The following is a summary of our student housing properties, net for the periods presented (in thousands): | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 58,439 | $ | 53,984 | ||||
Buildings and improvements | 597,141 | 552,984 | ||||||
Furniture, fixtures and equipment | 60,705 | 62,419 | ||||||
716,285 | 669,387 | |||||||
Less: accumulated depreciation | -102,356 | -97,820 | ||||||
$ | 613,929 | $ | 571,567 | |||||
In December 2013, we sold four wholly-owned student housing properties: The Grove at Jacksonville, Alabama, The Grove at Jonesboro, Arkansas, The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas (see Note 6). | ||||||||
In July 2013, we experienced a fire at The Grove at Pullman, Washington, a property under construction, which resulted in a partial loss of the property. We have estimated the loss to be approximately $3.0 million. While no assurances can be given, after taking into account our existing insurance coverage, we believe that the damages sustained as a result of this fire will not have a material adverse effect on our financial position or results of operations. | ||||||||
In March 2013, we acquired a 100% ownership in Campus Crest at Toledo, Ohio resulting in an increase to our student housing properties (see Note 5). | ||||||||
In July 2012, we acquired the remaining ownership interests in The Grove at Moscow, Idaho, and The Grove at Valdosta, Georgia (see Note 5.) | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
4. Income Taxes | |||||||||||
The Company qualifies as a REIT under the Internal Revenue Code. Therefore we are not subject to federal income tax as long as we distribute at least 90% of our REIT taxable income to our stockholders each year. As a result, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If we fail to qualify as a REIT, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income and to federal income and excise taxes on our undistributed income. | |||||||||||
Our TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Significant components of the deferred tax assets and liabilities of the TRSs are as follows: | |||||||||||
December 31, | |||||||||||
2013 | |||||||||||
Deferred tax assets: | |||||||||||
Solar investment tax credit (net of valuation allowance of $484) | $ | 1,441 | |||||||||
Other | 101 | ||||||||||
Total deferred tax assets | 1,542 | ||||||||||
Deferred tax liabilities: | |||||||||||
Deferred revenue | -260 | ||||||||||
Depreciation and amortization | -355 | ||||||||||
Total deferred tax liabilities | -615 | ||||||||||
Net deferred tax assets | $ | 927 | |||||||||
Significant components of our income tax provision are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current: | |||||||||||
Federal | $ | - | $ | 150 | $ | 393 | |||||
State | 200 | 206 | 71 | ||||||||
Current expense | 200 | 356 | 464 | ||||||||
Deferred: | |||||||||||
Federal | -885 | - | - | ||||||||
State | -42 | - | - | ||||||||
Deferred benefit | -927 | - | - | ||||||||
Income tax expense (benefit) | $ | -727 | $ | 356 | $ | 464 | |||||
We believe it is more likely than not that we will realize the value of our net deferred tax asset. The Company has no unrecognized tax benefits as of December 31, 2013 and 2012 | |||||||||||
Business_Acquisitions
Business Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
5. Business Acquisitions | |||||
Copper Beech Acquisition | |||||
In February 2013, we entered into purchase and sale agreements to acquire a 48.0% interest in a portfolio of 35 student housing properties, one undeveloped land parcel and a corporate office building held by the members of Copper Beech Townhome Communities, LLC (“CBTC”) and Copper Beech Townhome Communities (PA), LLC (“CBTC PA”, together with CBTC, “Copper Beech” or the “Sellers”) (the “CB Portfolio”), and a fully integrated platform and brand with a management team, for an initial purchase price of approximately $230.2 million, including the repayment of $106.7 million of debt, with the remaining 52.0% interest in the CB Portfolio to be held by certain of the current members of CBTC and CBTC PA, (the “CB Investors”). To effect the acquisition of our 48.0% interest in the CB Portfolio, we entered into a purchase and sale agreement (the “Purchase Agreement”), and related transactions, with the members of CBTC and CBTC PA, to acquire in steps a 36.3% interest in the CB Portfolio. We also entered into a purchase and sale agreement with certain investors in the CB Portfolio who are not members of Copper Beech (the “Non-Member Investors”) to acquire the interests in the CB Portfolio held by such Non-Member Investors (the “Non-Member Purchase Agreement”). Pursuant to the Non-Member Purchase Agreement, we acquired approximately an 11.7% interest in the CB Portfolio from the Non-Member Investors. We refer to this transaction as the “CB Portfolio Acquisition.” | |||||
The CB Portfolio consists of 35 student housing properties, one undeveloped land parcel, and Copper Beech’s corporate office building in State College, Pennsylvania. The CB Portfolio consists primarily of townhouse units located in eighteen geographic markets in the United States across thirteen states, with 30 of the 35 student housing properties having been developed by Copper Beech. As of the date of the CB Portfolio Acquisition, the CB Portfolio comprised approximately 6,242 rentable units with approximately 16,645 rentable beds. As of the date of the CB Portfolio Acquisition, the student housing properties had an average age of approximately 7.2 years. | |||||
Our investment in the CB Portfolio entitles us to a preferred payment of $13.0 million for the first year of our investment and 48% of remaining operating cash flows. In connection with the CB Portfolio Acquisition, we loaned approximately $31.7 million to the CB Investors, which was repaid in connection with the Amendment to the Purchase Agreement (as described below). The loan had an interest rate of 8.5% per annum and a term of three years, and was secured by the CB Investors’ interests in six unencumbered properties in the CB Portfolio (see Amendment to Copper Beech Purchase Agreement below for further discussion). | |||||
We recognized approximately $(3.8) million in equity in losses of Copper Beech as well as approximately $1.4 million in interest income from the loan to the CB Investors for the year ended December 31, 2013. Additionally, we recognized approximately $1.1 million of transaction expenses related to the CB Portfolio Acquisition and incurred $16.9 million of costs which were included in our investment basis in Copper Beech for the year ended December 31, 2013. | |||||
The following summary of selected unaudited proforma results of operations presents information as if our 48.0% ownership interest in 37 properties was held from January 1, 2013, through September 30, 2013, and our 67% ownership interest in 30 properties was held from October 1 2013, through December 31, 2013, and the issuance of 25.5 million shares of common stock required to execute the acquisition had occurred as of January 1, 2013. Included in these proforma results is approximately $16.6 million of amortization expense related to in place lease intangible assets from January 1, 2013 through December 31, 2013. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future (in thousands, except per share amounts): | |||||
(Unaudited) | |||||
Year Ended | |||||
December 31, | |||||
2013 | |||||
Revenues | $ | 142,319 | |||
Net income | 1,802 | ||||
Net income (loss) attributable to common stockholders | -4,347 | ||||
Net income (loss) per share attributable to common stockholders - basic and diluted: | $ | -0.07 | |||
Weighted-average common shares outstanding: | |||||
Basic | 64,099 | ||||
Diluted | 64,535 | ||||
Amendment to Copper Beech Purchase Agreement | |||||
On September 30, 2013 and effective subject to the receipt of required third party consents, we entered into an Amendment (the “Amendment”) to the Purchase Agreement. As consideration for entering into the Amendment, we paid the CB Investors $4.0 million. | |||||
Pursuant to the terms of the Amendment, following receipt of required third party consents, we will transfer our 48.0% interest in five properties in the Copper Beech Portfolio (Copper Beech Auburn, Copper Beech Kalamazoo Phase 1, Copper Beech Kalamazoo Phase 2, Copper Beech Oak Hill and Copper Beech Statesboro Phase 1) back to the CB Investors and defer the acquisition of the two Phase II development properties (Cooper Beech Mt. Pleasant Phase 2 and Cooper Beech Statesboro Phase 2) until August 18, 2014 as consideration for an additional 19.0% interest in each of the remaining 30 properties in the Copper Beech Portfolio (the “Initial Copper Beech Properties”). Following the transfer of such properties, we will hold a 67.0% interest in each of 30 properties in the Copper Beech Portfolio, with the CB Investors holding the remaining 33.0% interest. | |||||
In addition, under the terms of the Amendment, we have the option, exercisable from March 18, 2014 through August 18, 2014, to acquire an 18.0% interest in each of the seven properties whose acquisition is being deferred (collectively, the “Deferred Copper Beech Properties”), which will entitle us to 33.0% of the operating cash flows of such Deferred Copper Beech Properties. The purchase price for the exercise of this option is approximately $16.9 million. In order to exercise this option, we must also exercise the option to acquire an additional 18.0% interest in the Initial Copper Beech Properties, which is described below. | |||||
The Amendment was accounted for as a nonmonetary exchange. The interests in the five properties transferred were accounted for by the Company as investments under the equity method prior to the exchange. No gain or loss was recognized as a result of the transaction. | |||||
The Amendment also amends our options to acquire additional interests in the Copper Beech Portfolio as follows: | |||||
⋅ Beginning March 18, 2014 through August 18, 2014, we have the option to acquire an additional 18.0% interest in the Initial Copper Beech Properties, increasing our aggregate interest in such properties to 85.0%, which will entitle us to 100% of the operating cash flows of the Initial Copper Beech Properties. The aggregate purchase price for the exercise of this purchase option is approximately $93.5 million plus debt repayment of approximately $21.0 million. | |||||
⋅ Through May 2015, we have the option to acquire an additional 3.9% interest in the Initial Copper Beech Properties and an additional 70.9% interest in the Deferred Copper Beech Properties, increasing our aggregate interest in all 37 properties in the Copper Beech Portfolio to 88.9%, which will entitle us to 100% of the operating cash flows of the Initial Copper Beech Properties and the Deferred Copper Beech Properties. The aggregate purchase price for the exercise of this purchase option is approximately $100.7 million plus debt repayment of approximately $19.0 million. | |||||
⋅ Through May 2016, we have the option to acquire an additional 11.1% interest in the Copper Beech Portfolio, increasing our aggregate interest to 100%. The aggregate purchase price for the exercise of this purchase option is approximately $53.4 million. | |||||
We do not have any obligation to exercise any of these purchase options. If we elect to exercise any of the purchase options, we are not obligated to exercise any subsequent purchase options. In the event we do not elect to exercise a purchase option, we will lose the right to exercise future purchase options. If the first purchase option is not exercised, we will be entitled to a 48.0% interest in all 37 properties in the CB Portfolio and will be entitled to 48.0% of operating cash flows and 45.0% of the proceeds of any sale of any portion of the CB Portfolio. If the first purchase option is exercised but the second purchase option is not exercised, we will be entitled to a 75.0% interest in all 37 properties in the CB Portfolio and will be entitled to 75.0% of operating cash flows and 70.0% of the proceeds of any sale of any portion of the CB Portfolio. If the second purchase option is exercised but the third purchase option is not exercised, we will retain our 88.9% interest in the CB Portfolio and will be entitled to 88.9% of both operating cash flows and the proceeds of any sale of any portion of the CB Portfolio. | |||||
In connection with the Amendment, in October 2013, the Sellers repaid the entire principal balance of $31.7 million outstanding under the loans previously provided by us. | |||||
Both we and the CB Investors hold joint approval rights for major decisions, including those regarding property acquisition and disposition as well as property operation. As such, we hold a noncontrolling interest in the CB Portfolio and accordingly apply the equity method of accounting. As of December 31, 2013, we held a 67% effective interest in 28 operating properties and two non-operating properties in the CB Portfolio. | |||||
Toledo, OhioAcquisition | |||||
In March 2013, we acquired 100% of the ownership interests in Campus Crest at Toledo, Ohio, a 382 unit and 629 bed property on the campus of the University of Toledo for approximately $13.8 million. The following table is an allocation of the purchase price (in thousands): | |||||
Land | $ | 2,237 | |||
In-place leases | 469 | ||||
Buildings and improvements | 10,114 | ||||
Furniture and fixtures | 102 | ||||
Other | 879 | ||||
$ | 13,801 | ||||
Montreal, QuebecAcquisitions | |||||
In July 2013, we entered into a joint venture, DCV Holdings, LP (“DCV Holdings”) with Beaumont Partners SA (“Beaumont”) to acquire a 711 room, 33-story hotel in downtown Montreal, Quebec, Canada, for approximately CAD 60.0 million. The joint venture intends to convert the property into an upscale student housing tower featuring a mix of single and double units serving McGill University, Concordia University and L’Ecole de Technologie. In January 2014, DCV Holdings completed the acquisition of another hotel property, which is planned to be converted into an upscale student housing property serving McGill University. | |||||
In December 2013, we and Beaumont formed a holding company, CSH Montreal LP (“CSH Montreal”), and DCV Holdings was subsequently contributed to CSH Montreal LP, such that CSH Montreal LP became the sole limited partner in DCV Holdings. In addition, following the insertion of CSH Montreal LP as the holding company in the joint venture arrangement, CSH Montreal LP acquired ownership of HIM Holdings LP (“HIM Holdings”), an entity formed to facilitate the acquisition of the Holiday Inn property in Canada (see Note 18). As of December 31, 2013, we owned a 20.0% interest in CSH Montreal, the holding company of DCV Holdings. | |||||
Operating Property Acquisitions | |||||
In July 2012, we acquired the remaining ownership interests in The Grove at Moscow, Idaho, and The Grove at Valdosta, Georgia, for approximately $16.8 million, and repaid the mortgage debt secured by these properties. Prior to this transaction, The Grove at Moscow, Idaho, was owned by HSRE-Campus Crest I, LLC, of which we owned 49.9% and HSRE owned the remaining 50.1%, and The Grove at Valdosta, Georgia, was owned by HSRE-Campus Crest IV, LLC, of which we owned 20.0% and HSRE owned the remaining 80.0%. Prior to this transaction, we accounted for our ownership interest in the two properties under the equity method. In connection with recording our purchase of the remaining interests in the properties, we recognized a net gain of approximately $6.6 million related to the re-measurement of our previously held equity interests in the properties at the acquisition date. The gain is included in the gain on purchase of previously unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||
The following table is an allocation of the purchase price for The Grove at Moscow and The Grove at Valdosta (in thousands): | |||||
Land | $ | 3,401 | |||
In-place leases | 388 | ||||
Buildings and improvements | 49,911 | ||||
Furniture and fixtures | 1,708 | ||||
Other | 974 | ||||
Debt repaid at time of purchase | -27,299 | ||||
29,083 | |||||
Less estimated fair value of interest owned prior to acquisition | -12,320 | ||||
$ | 16,763 | ||||
In-place lease intangible assets are amortized on a straight-line basis over the average remaining term of the underlying leases, generally one year or less. Amortization expense was approximately $0.5 million, $1.0 million and $0.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. The amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||
Acquisition of Properties Under Development | |||||
During the year ended December 31, 2013, we acquired land at nine project sites. The purchase price for these nine sites totaled approximately $32.4 million and were located in Philadelphia, Pennsylvania; Louisville, Kentucky; Greensboro, North Carolina; Ames, Iowa as well as other locations in the United States. During 2013, we contributed our investment in the land, development and construction in the Philadelphia, Pennsylvania project to a joint venture with Brandywine and HSRE. The project sites in Louisville, Kentucky, and Greensboro, North Carolina, were contributed in to a joint venture with HSRE during 2013. The investment in Ames, Iowa is a development project in conjunction with Copper Beech. | |||||
During the year ended December 31, 2012, we acquired land at three project sites. The purchase price for these three sites totaled approximately $6.3 million. The project sites are located in Muncie, Indiana, Pullman, Washington and Indiana, Pennsylvania. During 2012, we contributed our investment in the land, development and construction in the Indiana, Pennsylvania project to a joint venture with HSRE (see Note 7). | |||||
Asset_Dispositions
Asset Dispositions | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||
6. Asset Dispositions | |||||||||||
In December 2013, we sold to a third party four unencumbered, wholly-owned properties: The Grove at Jacksonville, Alabama, The Grove at Jonesboro, Arkansas, The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas, for a combined sales price of $51.0 million resulting in net proceeds of approximately $48.6 million after adjusting for credits, prorations, and transaction costs. In connection with the disposition of these properties, we recorded an impairment of $4.7 million which is presented in discontinued operations in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2013. These properties were included in our student housing properties segment. | |||||||||||
Below is a summary of the results of operations for the properties through the date of disposition for all periods presented (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 9,754 | $ | 8,993 | $ | 8,599 | |||||
Operating expenses | 5,354 | 5,184 | 4,960 | ||||||||
Operating income | 4,400 | 3,809 | 3,639 | ||||||||
Depreciation and amortization | 2,672 | 3,144 | 3,566 | ||||||||
Net income | $ | 1,728 | $ | 665 | $ | 73 | |||||
Impairment on discontinued operations | -4,729 | - | - | ||||||||
Income (loss) from discontinued operations | $ | -3,001 | $ | 665 | $ | 73 | |||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||||||||||||||
7. Investments in Unconsolidated Entities | ||||||||||||||||||||
We have investments in real estate ventures with Copper Beech, HSRE, Beaumont, and other joint venture partners that we do not consolidate. These joint ventures are engaged primarily in developing, constructing, owning and managing student housing properties. Both we and our joint venture partners hold joint approval rights for major decisions, including those regarding property acquisition and disposition as well as property operation. As such, we hold noncontrolling interests in these joint ventures and account for them under the equity method of accounting. | ||||||||||||||||||||
We act as the operating member and day-to-day manager for our joint ventures with HSRE and are entitled to receive fees for providing development and construction services (as applicable) and management services. We recognized revenues of approximately $51.1 million, $54.3 million, and $35.1 million in fees for the years ended December 31, 2013, 2012 and 2011, respectively, for services provided to the ventures, which are reflected in development, construction and management services revenue in the accompanying consolidated statements of operations. | ||||||||||||||||||||
In July 2013, we entered into a joint venture, DCV Holdings, with Beaumont to acquire a 711 room, 33-story hotel in downtown Montreal, Quebec, Canada, for approximately CAD 60.0 million. The joint venture intends to convert the property into an upscale student housing tower featuring a mix of single and double units serving McGill University, Concordia University and L’Ecole de Technologie. In January 2014, DCV Holdings closed on another hotel property which is planned to be converted in to an upscale student housing property serving McGill University. Both of these projects are expected to be delivered for the 2014-2015 academic year. | ||||||||||||||||||||
In March 2013, we entered into a joint venture agreement with HSRE, HSRE-Campus Crest X, LLC (“HSRE X”), to develop and operate additional purpose-built student housing properties. HSRE X is currently building two new student housing properties with completion targeted for the 2014-2015 academic year. The properties, located in Louisville, Kentucky and Greensboro, North Carolina are expected to have approximately 1,200 beds and have an estimated cost of $65.6 million. We own a 30% interest in this joint venture and affiliates of HSRE own the balance. | ||||||||||||||||||||
We are the guarantor of the construction and mortgage debt of our joint ventures with HSRE and DCV Holdings. Detail of our unconsolidated investments at December 31, 2013 is presented in the following table (dollars in thousands): | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Weighted | ||||||||||||||||||||
Number of Properties | Average | |||||||||||||||||||
Our | Year | In | Under | Our Total | Amount | Interest | ||||||||||||||
Unconsolidated Entities | Ownership | Founded | Operation | Development | Investment | Outstanding | Rate | Maturity Date / Range | ||||||||||||
HSRE-Campus Crest I, LLC | 49.9 | % | 2009 | 3 | _ | $ | 10,584 | $ | 32,704 | 2.67 | -1% | 2/9/15 | ||||||||
HSRE-Campus Crest IV, LLC | 20 | % | 2011 | 1 | _ | 1,915 | 16,839 | 5.75 | -2% | 3/1/14 | ||||||||||
HSRE-Campus Crest V, LLC | 10 | % | 2011 | 3 | _ | 3,990 | 49,058 | 2.88 | -1% | 12/20/2014 – 01/05/2015 | ||||||||||
HSRE-Campus Crest VI, LLC | 20 | % | 2012 | 3 | _ | 13,562 | 32,998 | 2.53 | -1% | 5/08/2015 – 12/19/2015 | ||||||||||
HSRE-Campus Crest IX, LLC | 30 | % | 2013 | _ | 1 | 18,540 | 966 | 2.37 | -1% | 7/25/16 | ||||||||||
HSRE-Campus Crest X, LLC | 30 | % | 2013 | _ | 2 | 7,783 | - | n/a | n/a | |||||||||||
CB Portfolio | 67 | % | 2013 | 28 | 1 | 261,592 | 392,458 | 5.65 | -3% | 6/01/2014 – 10/01/2020 | ||||||||||
DCV Holdings, LP (4) | 20 | % | 2013 | _ | 2 | 5,337 | 32,881 | 3.72 | % | 1/31/14 | ||||||||||
Other | 20 | % | 2013 | _ | _ | 1,535 | - | n/a | n/a | |||||||||||
Total Unconsolidated Entities | 38 | 6 | $ | 324,838 | $ | 557,904 | 4.93 | % | ||||||||||||
-1 | Variable interest rates. | |||||||||||||||||||
-2 | Comprised of one fixed rate loan. In January 2014, we acquired the outstanding ownership of The Grove at Denton, Texas. | |||||||||||||||||||
-3 | Comprised of fixed rate debt. | |||||||||||||||||||
-4 | In January 2014, DCV Holdings completed the acquisition of an additional re-development property in Montreal, Canada, evo à Sherbrooke, at which time our ownership percentage in CSH Montreal, the holding company that owns DCV Holdings, increased to 35% (see Note 18). Effective December 31, 2013, the debt previously held by the Company was assumed by an affiliate of the joint venture and refinanced in January 2014. | |||||||||||||||||||
We recorded equity in earnings (losses) from these joint ventures for the years ended December 31, 2013, 2012, and 2011 of approximately $(3.7) million, $0.4 million, and $(1.2) million, respectively. | ||||||||||||||||||||
The following is a summary of the combined financial position of our unconsolidated entities with HSRE and other non-Copper Beech joint venture partners in their entirety, not only our interest in the entities, for the periods presented (in thousands): | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Student housing properties, net | $ | 289,797 | $ | 143,108 | ||||||||||||||||
Development in process | 81,994 | 31,940 | ||||||||||||||||||
Other assets | 15,341 | 8,214 | ||||||||||||||||||
Total assets | $ | 387,132 | $ | 183,262 | ||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||
Mortgage and construction loans | $ | 165,445 | $ | 92,456 | ||||||||||||||||
Other liabilities | 58,948 | 30,402 | ||||||||||||||||||
Owners' equity | 162,739 | 60,404 | ||||||||||||||||||
Total liabilities and owners' equity | $ | 387,132 | $ | 183,262 | ||||||||||||||||
Company's share of historical owners' equity | $ | 41,390 | $ | 14,078 | ||||||||||||||||
Preferred investment(1) | 16,468 | 11,828 | ||||||||||||||||||
Net difference in carrying value of investment versus net book | ||||||||||||||||||||
value of underlying net assets(2) | 5,568 | -3,351 | ||||||||||||||||||
Carrying value of investment in HSRE and other non-Copper Beech entities | $ | 63,426 | $ | 22,555 | ||||||||||||||||
-1 | As of December 31, 2013, we had a Class B member interest in The Grove at San Angelo, Texas, The Grove at Indiana, Pennsylvania, and The Grove at Conway, Arkansas, of approximately $2.7 million, $2.7 million and $6.4 million, respectively. In 2013, we acquired additional Class B member interests in two joint venture properties with HSRE that are under construction with anticipated delivery for the 2014-2015 academic year. As of December 31, 2013, our interest in The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, were approximately $2.7 million and $1.9 million, respectively. As of December 31, 2012, we had a Class B member interest in The Grove at San Angelo, Texas, The Grove at Indiana, Pennsylvania, and The Grove at Conway, Arkansas of approximately $2.7 million, $2.7 million and $6.4 million, respectively. These preferred interests entitle us to a 9.0% return on our investment and do not change our effective ownership interest in these properties. | |||||||||||||||||||
-2 | This amount represents the aggregate difference between our 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 difference between the allocated value to acquired entity interests and the venture’s basis in those interests and the capitalization of additional investment in the unconsolidated entity. | |||||||||||||||||||
ASC 323 Investments – Equity Method and Joint Ventures and Article 4.08(g) of Regulation S-X requires summarized financial information of material investments accounted for under the equity method be provided of the investee’s financial position and results of operations including assets, liabilities and results of operations under the investee’s historical cost basis of accounting. Notwithstanding the extensive efforts of the Company and Copper Beech to compile the necessary financial information, we have determined that the information needed for the preparation of historical financial statements of the CB Portfolio to satisfy these requirements is not available or otherwise sufficiently reliable. As a result, we have elected to present financial information on our investment in Copper Beech on a fair value basis as of December 31, 2013 as we believe this information is reliable and relevant to the users of our financial statements. Further, although we acknowledge that the information provided does not comply with all of the provisions of ASC 323 or Article 4.08(g) of Regulation S-X, we do not believe that the lack of the omitted disclosures, or the fair value information provided results in a material omission or misstatement of the Company’s consolidated financial statements taken as a whole. | ||||||||||||||||||||
The following is a summary of the financial position of our investment in Copper Beech in its entirety for the 30 properties in the CB Portfolio, at fair value as of December 31, 2013 (in thousands): | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Student housing properties, net | $ | 748,280 | ||||||||||||||||||
Intangible assets | 37,100 | |||||||||||||||||||
Other assets | 5,201 | |||||||||||||||||||
Total assets | $ | 790,581 | ||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||
Mortgage and construction loans | $ | 421,239 | ||||||||||||||||||
Other liabilities | 13,112 | |||||||||||||||||||
Owners' equity | 356,230 | |||||||||||||||||||
Total liabilities and owners' equity | $ | 790,581 | ||||||||||||||||||
Company's share of owners' equity | $ | 244,964 | ||||||||||||||||||
Net difference in carrying value of investment versus net book | ||||||||||||||||||||
value of underlying net assets(1) | 16,628 | |||||||||||||||||||
Carrying value of investment in Copper Beech | $ | 261,592 | ||||||||||||||||||
-1 | This amount represents the aggregate difference between our 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 difference between the allocated value to acquired entity interests and the venture’s basis in those interests and the capitalization of additional investment in the unconsolidated entity. | |||||||||||||||||||
The following is a summary of the combined operating results for our unconsolidated entities with HSRE and other non-Copper Beech joint venture entities in their entirety, not only our interest in the entities, for the periods presented (in thousands): | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Revenues | $ | 23,422 | $ | 17,934 | $ | 18,089 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Operating expenses | 17,434 | 9,665 | 9,585 | |||||||||||||||||
Interest expense | 5,025 | 4,962 | 6,671 | |||||||||||||||||
Depreciation and amortization | 6,304 | 4,807 | 5,056 | |||||||||||||||||
Total expenses | 28,763 | 19,434 | 21,312 | |||||||||||||||||
Net loss | $ | -5,341 | $ | -1,500 | $ | -3,223 | ||||||||||||||
The following is a summary of the operating results for our unconsolidated entity, Copper Beech, in its entirety, not only our interest in the entity. The summary includes the results for 37 properties from March 18, 2013 through September 30, 2013, and the results for 30 properties from October 1, 2013 through December 31, 2013. Included in the results are adjustments related to purchase accounting. | ||||||||||||||||||||
Period from | ||||||||||||||||||||
18-Mar-13 | ||||||||||||||||||||
to December 31, 2013 | ||||||||||||||||||||
Revenues | $ | 67,545 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating expenses | 28,316 | |||||||||||||||||||
Interest expense | 11,852 | |||||||||||||||||||
Depreciation and amortization | 56,106 | |||||||||||||||||||
Total expenses | 96,274 | |||||||||||||||||||
Net loss | $ | -28,729 | ||||||||||||||||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||||||
8. Debt | ||||||||||||||||||||
The following is a summary of our mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands): | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Fixed-rate mortgage loans | $ | 165,393 | $ | 166,706 | ||||||||||||||||
Variable-rate mortgage loans | - | 12,635 | ||||||||||||||||||
Construction loans | 40,138 | 38,996 | ||||||||||||||||||
Line of credit | 108,500 | 72,000 | ||||||||||||||||||
Exchangeable senior notes | 96,758 | - | ||||||||||||||||||
Other debt | 2,694 | 3,375 | ||||||||||||||||||
$ | 413,483 | $ | 293,712 | |||||||||||||||||
Mortgage and Construction Loans | ||||||||||||||||||||
Mortgage and construction loans are collateralized by properties and their related revenue streams. Mortgage loans are not cross-defaulted or cross-collateralized with any other indebtedness. Our mortgage loans generally may not be prepaid prior to maturity; however, in certain cases, prepayment is allowed subject to prepayment penalties. Our construction note agreements contain representations, warranties, covenants (including financial covenants upon commencement of operations) and other terms that are customary for construction financing. Construction loans are generally secured by a first deed of trust or mortgage on each property, primary UCC filings, and an assignment of rents, leases and profits from the respective property. Mortgage and construction loans for the periods presented consisted of the following (in thousands): | ||||||||||||||||||||
Principal | Principal | |||||||||||||||||||
Outstanding | Outstanding | Interest | ||||||||||||||||||
Face | at | at | Stated Interest | Rate at | Maturity | |||||||||||||||
Amount | 12/31/13 | 12/31/12 | Rate | 12/31/13 | Date (1) | Amortization | ||||||||||||||
Construction loans | ||||||||||||||||||||
The Grove at Muncie | $ | 14,567 | $ | 12,237 | $ | 1 | LIBOR + 225 bps | 2.42 | % | 7/3/15 | Interest only | |||||||||
The Grove at Fort Collins | 19,073 | 17,228 | 1 | LIBOR + 190 bps | 2.07 | % | 7/13/15 | Interest Only | ||||||||||||
The Grove at Pullman | 16,016 | 10,673 | - | LIBOR + 220 bps | 2.37 | % | 9/5/15 | Interest Only | ||||||||||||
The Grove at Slippery Rock | 17,961 | - | - | Base Rate + 115 bps / LIBOR + 215 bps | 2.32 | % | 6/21/16 | Interest only | ||||||||||||
The Grove at Grand Forks | 16,916 | - | - | LIBOR + 200 bps | 2.17 | % | 2/5/17 | Interest only | ||||||||||||
The Grove at Orono | - | - | 10,506 | LIBOR + 250 bps | - | - | Interest only | 2 | ||||||||||||
The Grove at Auburn | - | - | 13,157 | LIBOR + 295 bps | - | - | Interest only | 2 | ||||||||||||
The Grove at Flagstaff | - | - | 15,331 | Prime + 25 bps / LIBOR + 250 bps | - | - | Interest only | 2 | ||||||||||||
Mortgage loans | ||||||||||||||||||||
The Grove at Milledgeville | 16,250 | 15,847 | 16,041 | 6.12% | 6.12 | % | 10/1/16 | 30 years | 3 | |||||||||||
The Grove at Carrollton and The Grove at Las Cruces | 29,790 | 29,052 | 29,408 | 6.13% | 6.13 | % | 10/11/16 | 30 years | 3 | |||||||||||
The Grove at Asheville | 14,800 | 14,500 | 14,684 | 5.77% | 5.77 | % | 4/11/17 | 30 years | 3 | |||||||||||
The Grove at Ellensburg | 16,125 | 16,070 | 16,125 | 5.10% | 5.1 | % | 9/1/18 | 30 years | 3 | |||||||||||
The Grove at Nacogdoches | 17,160 | 17,100 | 17,160 | 5.01% | 5.01 | % | 9/1/18 | 30 years | 4 | |||||||||||
The Grove at Greeley | 15,233 | 15,194 | 15,233 | 4.29% | 4.29 | % | 10/1/18 | 30 years | 3 | |||||||||||
The Grove at Clarksville | 16,350 | 16,350 | 16,350 | 4.03% | 4.03 | % | 7/1/22 | 30 years | 4 5 | |||||||||||
The Grove at Columbia | 23,775 | 23,180 | 23,605 | 3.83% | 3.83 | % | 7/1/22 | 30 years | 6 | |||||||||||
The Grove at Statesboro | 18,100 | 18,100 | 18,100 | 4.01% | 4.01 | % | 1/1/23 | 30 years | 3 | |||||||||||
The Grove at Huntsville | - | - | 12,635 | LIBOR + 250 bps | - | - | Interest only | 2 | ||||||||||||
$ | 205,531 | $ | 218,337 | |||||||||||||||||
-1 | For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. | |||||||||||||||||||
-2 | Loan was repaid in full during the year ended December 31, 2013. | |||||||||||||||||||
-3 | Loans require interest only payments, plus certain reserves and escrows, that are payable monthly for a period of five years. Monthly payments of principal and interest, plus certain reserve and escrow amounts, are due thereafter until maturity when all principal is due. | |||||||||||||||||||
-4 | Interest only for the first two years, followed by 30 year amortization. | |||||||||||||||||||
-5 | Loan requires interest only payments, plus certain reserves and escrows payable monthly through August 2014, thereafter, principal and interest, plus certain reserves and escrows that are payable monthly until maturity. | |||||||||||||||||||
-6 | Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. | |||||||||||||||||||
Line of Credit | ||||||||||||||||||||
In January 2013, we entered into the second amended and restated credit agreement (the "Second Amended and Restated Credit Agreement"), which provides for a $250 million senior unsecured revolving credit facility (the "Revolving Credit Facility") and a $50 million term loan (the “Term Loan”, together with the “Revolving Credit Facility”, the “Amended Credit Facility”). Additionally, under certain circumstances, there is an accordion feature that allows us to request an increase in the total commitments of an additional $300.0 million to a total commitment of $600.0 million. The Second Amended and Restated Credit Facility will mature in January 2017 and contains a one-year extension option, subject to certain terms and conditions. Amounts outstanding under the Second Amended and Restated Credit Facility bore interest at a floating rate equal to, at our election, the Eurodollar Rate or the Base Rate (each as defined in the Amended Credit Facility) plus a spread. The spread for borrowings Revolving Credit Facility ranges from 1.75% to 2.50% for Eurodollar Rate based borrowings and from 0.75% to 1.50% for Base Rate based borrowings, and the spread for the Term Loan ranges from 1.70% to 2.45% for Eurodollar Rate based borrowings and from 0.70% to 1.45% for Base Rate based borrowings. At December 31, 2013, the interest rate on the Revolving Credit Facility borrowings and Term Loan was 2.68% and 2.63%. | ||||||||||||||||||||
We incur an unused fee on the balance between the amount available under the Revolving Credit Facility and the amount outstanding under the Revolving Credit Facility (i) of 0.30% per annum if our average borrowing is less than 50.0% of the total amount available or (ii) 0.25% per annum if our average borrowing is greater than 50.0% of the total amount available. | ||||||||||||||||||||
The amount available for us to borrow under the Amended Credit Facility is based on the sum of (a) the lesser of (i) 60.0% of the “as-is” appraised value of our properties that form the borrowing base of the Amended Credit Facility and (ii) the amount that would create a debt service coverage ratio of not less than 1.5, and (b) 50% of the aggregate of the lesser of (i) the book value of each of our development assets (as such term is defined in the Second Amended and Restated Credit Agreement) and (ii) the “as-is” appraised value of each of our development assets, subject to certain limitations in the Second Amended and Restated Credit Agreement. | ||||||||||||||||||||
Our ability to borrow under the Amended Credit Facility is subject to its ongoing compliance with a number of customary financial covenants, including: | ||||||||||||||||||||
· | a maximum leverage ratio of not greater than 0.60:1.00; | |||||||||||||||||||
· | a minimum fixed charge coverage ratio of not less than 1.50:1.00; | |||||||||||||||||||
· | a minimum ratio of fixed rate debt and debt subject to hedge agreements to total debt of not less than 66.67%; | |||||||||||||||||||
· | a maximum secured recourse debt ratio of not greater than 20%; | |||||||||||||||||||
· | a minimum tangible net worth of not less than the sum of $330,788,250 plus an amount equal to 75% of the net proceeds of any additional equity issuances; and | |||||||||||||||||||
· | a maximum secured debt ratio of not greater than 50% through February 17, 2013 and not greater than 45% on any date thereafter. | |||||||||||||||||||
Pursuant to the terms of the Amended Credit Facility, we may not pay distributions that exceed the greater of (i) 95.0% of our funds from operations, or (ii) the minimum amount required for us to qualify and maintain our status as a REIT. If a default or event of default occurs and is continuing, we also may be precluded from making certain distributions (other than those required to allow us to qualify and maintain our status as a REIT). | ||||||||||||||||||||
During 2013, we had several amendments to the Second Amended and Restated Credit Agreement. In February 2013, we amended the Second Amended Credit Facility to provide for certain exclusions related to our investments in joint ventures as well as the treatment of certain other investments within the compliance calculation of our secured debt ratio and certain negative covenants. | ||||||||||||||||||||
In April 2013, as a result of the CB Portfolio Acquisition, we received a waiver from our lender group allowing for distributions up to, and not to exceed, 110.0% of our funds from operations for the remainder of 2013. | ||||||||||||||||||||
In June 2013, in connection with our investment in our joint venture with Beaumont to acquire a property in Montreal, Quebec, Canada (see Note 16), we received a waiver from our lender group allowing us to guarantee debt incurred by our subsidiary, Campus Crest at Montreal I, LLC, to fund such investment. | ||||||||||||||||||||
We and certain of our subsidiaries guarantee the obligations under the Amended Credit Facility and we and certain of our subsidiaries have provided a negative pledge against specified assets (including real property), stock and other interests. | ||||||||||||||||||||
As of December 31, 2013, we had approximately $58.5 million outstanding under our Revolving Credit Facility and $50.0 million outstanding under the Term Loan. The amounts outstanding under our Revolving Credit Facility and Term Loan, as well as outstanding letters of credit of $5.2 million, will reduce the amount that we may be able to borrow under this facility for other purposes. As of December 31, 2013, we had approximately $154.1 million in borrowing capacity under our Revolving Credit Facility, and amounts borrowed under the facility will be due at its maturity on January 8, 2017, subject to a one-year extension, which we may exercise at our option, pursuant to certain terms and conditions, including the payment of an extension fee. | ||||||||||||||||||||
Exchangeable Senior Notes | ||||||||||||||||||||
In October 2013, the Operating Partnership issued $100.0 million of Exchangeable Senior Notes (the “Exchangeable Senior Notes”) which bear interest at 4.75% per annum. Interest is payable on April 15 and October 15 of each year beginning April 15, 2014 until the maturity date of October 15, 2018. The Operating Partnership’s obligations under the Exchangeable Senior Notes are fully and unconditionally guaranteed by the Company. The Exchangeable Senior Notes are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the Operating Partnership. | ||||||||||||||||||||
The Exchangeable Senior Notes contain an exchange settlement feature which allows the holder, under certain circumstances, to exchange its Exchangeable Senior Notes for cash, shares of the Company’s common stock or a combination of cash and shares of common stock, at the option of the Operating Partnership, based on an initial exchange rate of 79.602 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes. At the initial exchange rate, the Exchangeable Senior Notes are exchangeable for common stock at an exchange price of approximately $12.56 per share of common stock. | ||||||||||||||||||||
The Exchangeable Senior Notes will be exchangeable by the holder under the following circumstances on or prior to July 15, 2018: i) during any calendar quarter beginning after December 31, 2013 (and only during such quarter) if the closing sale price of the common stock, $0.01 par value per share, of Campus Crest Communities, Inc., or Campus Crest, is more than 130% of the then-current exchange price for at least 20 trading days (whether or not consecutive) in the period of the 30 consecutive trading days ending on the last trading day of the previous calendar quarter; ii) during the five consecutive business-day period following any five consecutive trading-day period in which the trading price per $1,000 principal amount of notes for each trading day during such five trading-day period was less than 98% of the closing sale price of the common stock of Campus Crest, or Campus Crest common stock, for each trading day during such five trading-day period multiplied by the then current exchange rate; or iii) upon the occurrence of specified corporate transactions described in this offering memorandum. On or after July 15, 2018, and on or prior to the second scheduled trading day immediately preceding the maturity date, the holder may exchange their notes without regard to the foregoing conditions. Following certain corporate transactions that occur prior to maturity of the notes and that also constitute a make-whole fundamental change, the Operating Partnership will increase the exchange rate for holders who elect to exchange notes in connection with such make-whole fundamental change in certain circumstances. If specified fundamental changes involving us or Campus Crest occur, holders may require the operating partnership to repurchase the notes for cash at a price equal to 100% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the repurchase date. | ||||||||||||||||||||
The Operating Partnership may not redeem the Exchangeable Senior Notes prior to the maturity date. At any time prior to July 15, 2018, we may irrevocably elect, in our sole discretion without the consent of the holders of the Exchangeable Senior Notes, to settle all of the future exchange obligation entirely in shares of our common stock. On or after July 15, 2018, the Notes will be exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date. | ||||||||||||||||||||
In connection with the issuance of the Exchangeable Senior Notes, we recorded approximately $96.6 million within line of credit and other debt on the accompanying consolidated balance sheet, based on the fair value of the instrument at the time of issuance, and approximately $3.3 million in additional paid-in-capital, net of offering costs, in the accompanying consolidated statements of changes in equity. The difference between the $100.0 million face amount and the $96.6 million will be amortized over the five year period ended October 15, 2018. | ||||||||||||||||||||
Other Debt | ||||||||||||||||||||
In June 2013, we entered into a $33.4 million (CAD 35.0 million) unsecured note payable in connection with our acquisition of a hotel in Montreal, Quebec, Canada. The note payable provided for interest-only payments at a variable interest rate equal to the Canadian Dealer Offered Rate (“CDOR”), which was 1.22% at December 31, 2013, plus a spread of 2.50%. As of December 31, 2013, this facility was assigned to and assumed by CSH Montreal LP, an affiliate of DCV Holdings LP. We remain the guarantor on the facility. | ||||||||||||||||||||
Schedule of Debt Maturities | ||||||||||||||||||||
Scheduled debt maturities for each of the five years subsequent to December 31, 2013 and thereafter, are as follows (in thousands): | ||||||||||||||||||||
2014 | $ | 2,437 | ||||||||||||||||||
2015 | 42,845 | |||||||||||||||||||
2016 | 45,883 | |||||||||||||||||||
2017 | 124,455 | |||||||||||||||||||
2018 | 146,584 | |||||||||||||||||||
Thereafter | 54,521 | |||||||||||||||||||
416,725 | ||||||||||||||||||||
Debt discount | -3,242 | |||||||||||||||||||
Outstanding as of December 31, 2013, net of debt discount | $ | 413,483 | ||||||||||||||||||
Amortization of deferred financing costs was approximately $1.8 million, $2.8 million, and $1.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||||||
9. Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We use variable rate debt to finance our construction of student housing properties. These debt obligations expose us to variability in cash flows due to fluctuations in interest rates. We use derivative instruments to limit variability for a portion of our interest payments and to manage exposure to interest rate risk. | |||||||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, the fair value of derivative contracts is recorded within other assets and other liabilities in the accompanying consolidated balance sheets. The effective portion of changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified to earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in earnings. If a derivative is either not designated as a hedge or if hedge accounting is discontinued, all changes in fair value of the derivative are recorded in earnings. | |||||||||||||||||||||||||
The following is a summary of the derivative instruments we entered into for the periods presented (in thousands): | |||||||||||||||||||||||||
As of December 31, 2013 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Derivative | Notional | Receive | Pay or | Maturity | |||||||||||||||||||||
Agreement | Amount | Rate | Strike Rate | Date | Asset | Liability | Asset | Liability | |||||||||||||||||
Interest rate cap | 100,000 | 1 Month LIBOR | 2.5 | % | January 2014 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Interest rate cap | 50,000 | 1 Month LIBOR | 2.5 | % | Jan-14 | - | - | - | - | ||||||||||||||||
Interest rate cap | 50,000 | 1 Month LIBOR | 2.5 | % | Jan-14 | - | - | - | - | ||||||||||||||||
Interest rate cap | 18,762 | 1 Month LIBOR | 1.25 | % | Apr-13 | - | - | - | - | ||||||||||||||||
Interest rate swap | 18,762 | 1 Month LIBOR | 1.39 | % | Apr-13 | - | - | - | -73 | ||||||||||||||||
$ | - | $ | - | $ | - | $ | -73 | ||||||||||||||||||
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for years ended December 31, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) | $ | - | $ | 154 | |||||||||||||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | $ | -58 | $ | -216 | |||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. We recorded an insignificant loss related to derivatives not designated in hedging relationships in earnings for both of the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||
10. Fair Value Disclosures | ||||||||||||||
Fair value guidance for financial assets and liabilities that are recognized and disclosed in the consolidated financial statements on a recurring basis and nonfinancial assets on a nonrecurring basis establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: | ||||||||||||||
Level 1 — Observable inputs, such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||
Level 2 — Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||
Level 3 — Unobservable inputs for which there is little or no market data and which we make our own assumptions about how market participants would price the asset or liability. | ||||||||||||||
As of December 31, 2013 and 2012, our financial assets and liabilities carried at fair value on a recurring basis consisted of our interest rate caps and interest rate swaps. The fair value of interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. | ||||||||||||||
Interest rate caps and interest rate swaps measured at fair value for the periods presented are as follows (in thousands): | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | ||||||||||||||
for Identical | Significant Other | Significant | ||||||||||||
Assets and | Observable | Unobservable | ||||||||||||
Liabilities | Inputs | Inputs | Balance at end of | |||||||||||
(Level 1) | (Level 2) | (Level 3) | Period | |||||||||||
31-Dec-13 | $ | - | $ | - | $ | - | $ | - | ||||||
Other assets - Interest rate caps | ||||||||||||||
31-Dec-13 | ||||||||||||||
Other liabilities - Interest rate swaps | $ | - | -73 | - | -73 | |||||||||
Fair Value of Financial Instruments | ||||||||||||||
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between market participants at the measurement date (exit price), other than in a forced sale or liquidation. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the asset or liability. | ||||||||||||||
Financial instruments consist primarily of cash, cash equivalents, restricted cash, student receivables, interest rate caps, interest rate swaps, accounts payable, mortgages, construction loans, Exchangeable Senior Notes, the line of credit and other debt. The carrying value of cash, cash equivalents, restricted cash, student receivables and accounts payable are representative of their respective fair values due to the short-term nature of these instruments. The estimated fair value of our revolving line of credit approximates the outstanding balance due to the frequent market based re-pricing of the underlying variable rate index. The estimated fair values of our mortgages, construction loans and Exchangeable Senior Notes were determined by comparing current borrowing rates and risk spreads to the stated interest rates and risk spreads and considering the underlying collateral, when relevant. The weighted average interest rate for all borrowings was 4.23% and 3.99% at December 31, 2013 and 2012, respectively. | ||||||||||||||
The following is a summary of the fair value of our mortgages, construction loans payable, other debt and Exchangeable Senior Notes aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||
Estimated Fair Value | ||||||||||||||
December 31, 2013 | Quoted Prices in | Significant Other | Significant | Carrying Value | ||||||||||
Active Markets | Observable | Unobservable | ||||||||||||
for Identical | Inputs | Inputs | ||||||||||||
Assets and | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||
(Level 1) | ||||||||||||||
Fixed-rate mortgage loans | $ | - | $ | 161,379 | $ | - | $ | 165,393 | ||||||
Variable-rate mortgage loans | - | - | - | - | ||||||||||
Construction loans | - | 40,258 | - | 40,138 | ||||||||||
Exchangeable senior notes | - | 98,547 | - | 96,758 | ||||||||||
Other Debt | - | 2,671 | - | 2,694 | ||||||||||
31-Dec-12 | ||||||||||||||
Fixed-rate mortgage loans | - | 172,228 | - | 166,706 | ||||||||||
Variable-rate mortgage loans | - | 12,620 | - | 12,635 | ||||||||||
Construction loans | - | 39,494 | - | 38,996 | ||||||||||
Other Debt | - | 2,684 | - | 3,375 | ||||||||||
All of our nonrecurring valuations made in connection with property acquisitions in Note 5 and impairments in Notes 6 and 18 used significant unobservable inputs and, therefore, fall under Level 3 of the fair value hierarchy. | ||||||||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||
11. Earnings per Share | |||||||||||
Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of our common stock outstanding during the period. All unvested stock-based payment awards are included in the computation of basic earnings per share. The computation of diluted earnings per share includes OP Units and restricted OP Units in the weighted average shares. The conversion of Exchangeable Senior Notes was not included in the computation of diluted earnings per share because the conversion is anti-dilutive. Net income (loss) attributable to these noncontrolling interests is added back to net income (loss) available to common stockholders in the computation of diluted earnings per share unless the effect of their conversion is anti-dilutive in nature. | |||||||||||
Computations of basic and diluted income (loss) per share for the periods presented are as follows (in thousands, except per share data): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Basic earnings: | |||||||||||
Income from continuing operations | $ | 4,619 | $ | 10,133 | $ | 3,708 | |||||
Preferred stock dividends | -6,183 | -4,114 | - | ||||||||
Income from continuing operations attributable to noncontrolling | -12 | 41 | 50 | ||||||||
interests | |||||||||||
Income from continuing operations attributable to common | -1,552 | 5,978 | 3,658 | ||||||||
stockholders - basic | |||||||||||
Income (loss) from discontinued operations | -3,001 | 665 | 73 | ||||||||
Income (loss) from discontinued operations attributable to | -22 | 5 | 1 | ||||||||
noncontrolling interests | |||||||||||
Income from discontinued operations attributable to common | -2,979 | 660 | 72 | ||||||||
stockholders - basic | |||||||||||
Net income (loss) attributable to common stockholders | $ | -4,531 | $ | 6,638 | $ | 3,730 | |||||
Weighted average common shares outstanding: | |||||||||||
Basic | 59,984 | 34,781 | 30,717 | ||||||||
Incremental shares from assumed conversion — OP units | 434 | 436 | 436 | ||||||||
Diluted | 60,418 | 35,217 | 31,153 | ||||||||
Basic and diluted earnings per share: | |||||||||||
Income (loss) from continuing operations attributable to | $ | -0.03 | $ | 0.17 | $ | 0.12 | |||||
common stockholders - basic and diluted | |||||||||||
Income (loss) from discontinued operations attributable to | $ | -0.05 | $ | 0.02 | $ | - | |||||
common stockholders - basic and diluted | |||||||||||
Net income (loss) attributable to common stockholders - basic | $ | -0.08 | $ | 0.19 | $ | 0.12 | |||||
and diluted | |||||||||||
Equity
Equity | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||||
12. Equity | ||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||
Our 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) ranks senior to our common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of our affairs. We pay cumulative dividends on the Series A Preferred Stock from the date of original issue at a rate of 8.00% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual rate of $2.00 per share). Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. | ||||||||||||||||||||||
We may not redeem the Series A Preferred Stock prior to February 9, 2017, except in limited circumstances relating to our ability to qualify as a REIT. On or after February 9, 2017, we may, at our option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock to, but not including, the date of redemption. The Series A Preferred Stock has no maturity date and is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series A Preferred Stock will generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. | ||||||||||||||||||||||
In February 2012, we completed an underwritten public offering of approximately 2,300,000 shares of our Series A Preferred Stock, including approximately 300,000 shares issued and sold pursuant to the exercise of the underwriters’ overallotment option in full to purchase additional shares of the Series A Preferred Stock. The shares of Series A Preferred Stock were issued at a public offering price of $25.00 per share, resulting in net proceeds of approximately $54.9 million, after deducting the underwriting discount and other estimated offering expenses of approximately $2.6 million. We used the net proceeds to repay approximately $48.9 million of indebtedness outstanding under two construction loans which had been used as partial funding for the four properties that were delivered for the 2011-2012 academic year. We used the remaining proceeds for general corporate purposes, including funding properties currently under development. | ||||||||||||||||||||||
In October 2013, we reopened our Series A Preferred Stock in an underwritten public offering of 3,800,000 shares, including 400,000 shares issued and sold pursuant to the partial exercise of the underwriters’ option to purchase additional shares of the Series A Preferred Stock. The shares of Series A Preferred Stock were issued at a public offering price of $25.0611 per share, resulting in net proceeds of approximately $91.3 million, after deducting the underwriting discount and other estimated offering expenses of approximately $4.0 million. We used the net proceeds, as well as the net proceeds from our issuance of Exchangeable Senior Notes (see Note 8), to repay approximately $46.8 million of indebtedness outstanding under three construction loans, to pay down the Credit Facility and for general corporate purposes. | ||||||||||||||||||||||
Common Shares and OP Units | ||||||||||||||||||||||
An OP Unit and a share of our common stock have essentially the same economic characteristics as they share equally in the net income (loss) and distributions of the Operating Partnership. An OP Unit may be tendered for redemption for cash or share of common stock; however, we have sole discretion and must have a sufficient amount of authorized common stock to exchange OP Units for shares of common stock on a one-for-one basis. | ||||||||||||||||||||||
In March 2013, we completed an underwritten public offering of approximately 25.5 million shares of common stock, including approximately 3.3 million shares issued and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, resulting in net proceeds of approximately $299.7 million. The net proceeds were used: (1) to fund our investment in the CB Portfolio and related transactional costs, including investment banking advisory fees (see Note 5); and (2) for general corporate purposes, including the repayment of debt. | ||||||||||||||||||||||
In April 2013, the Board of Directors of the Company approved Articles of Amendment to the Company’s Articles of Amendment and Restatement to increase the number of authorized shares of the Company to 550,000,000 shares of stock, consisting of 500,000,000 shares of common stock, $0.01 par value per share, and 50,000,000 shares of preferred stock, $0.01 par value per share. | ||||||||||||||||||||||
In June 2013, we implemented an At-The-Market offering program under which we may sell at market price up to $100.0 million in shares of the Company’s common stock over the term of the program. At December 31, 2013, we had not issued and sold any shares under this program. | ||||||||||||||||||||||
In July 2012, we completed an underwritten public offering of approximately 7.5 million shares of common stock, including approximately 1.0 million shares issued and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, resulting in net proceeds of approximately $72.2 million. The net proceeds were used to: (1) acquire the remaining ownership interests in The Grove at Moscow, Idaho and The Grove at Valdosta, Georgia that we did not already own, and to repay the mortgage debt secured by these properties; and (2) to reduce borrowings outstanding under the Credit Facility. Remaining net proceeds were used for general corporate purposes. | ||||||||||||||||||||||
As of December 31, 2013, there were approximately 64.9 million OP Units outstanding, of which approximately 64.5 million, or 99.3%, were owned by us and approximately 0.4 million, or 0.7%, were owned by other partners, including certain of our executive officers. As of December 31, 2013, the fair market value of the OP Units not owned by us was $4.1 million, based on a market value of $9.41 per unit, which was the closing price per share of our common stock on the New York Stock Exchange on December 31, 2013. | ||||||||||||||||||||||
The following is a summary of changes in the shares of our common stock for the periods shown (in thousands): | ||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
Common shares at beginning of period | 38,558 | 30,710 | ||||||||||||||||||||
Issuance of common shares | 25,530 | 7,475 | ||||||||||||||||||||
Issuance of restricted shares | 496 | 376 | ||||||||||||||||||||
Forfeiture of restricted shares | -82 | -3 | ||||||||||||||||||||
Common shares at end of period | 64,502 | 38,558 | ||||||||||||||||||||
The following is a summary of changes in the number of OP Units for the periods shown (in thousands): | ||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
OP Units at beginning of period | 436 | 436 | ||||||||||||||||||||
Redemption of OP Units | -2 | - | ||||||||||||||||||||
OP Units at end of period | 434 | 436 | ||||||||||||||||||||
Dividends and Distributions | ||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we declared dividends per common share and OP Unit of $0.66 totaling approximately $42.9 million, $0.64 totaling approximately $22.6 million, and $0.61 totaling approximately $19.9 million, respectively. | ||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, we declared dividends per share of Series A Preferred Stock of $2.00 totaling approximately $6.5 million and $2.00 totaling approximately $4.3 million. | ||||||||||||||||||||||
On October 22, 2013, we announced that our Board of Directors declared a fourth quarter 2013 dividend of $0.165 per common share and OP Unit. The dividend was paid on January 8, 2014, to stockholders of record on December 23, 2013. At December 31, 2013, we accrued approximately $10.7 million related to our common dividend in accounts payable and accrued expenses in the accompanying consolidated balance sheets. | ||||||||||||||||||||||
On October 22, 2013, the Board of Directors also declared a cash dividend of $0.50 per share of Series A Preferred Stock for the fourth quarter of 2013. The preferred share dividend was paid on January 15, 2013, to stockholders of record on December 23, 2013. At December 31, 2013, we accrued approximately $3.1 million related to our preferred dividend in accounts payable and accrued expenses in the accompanying consolidated balance sheets. | ||||||||||||||||||||||
The following is a summary of the taxable nature of our dividends for the periods shown: | ||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||
Common Stock: | ||||||||||||||||||||||
Ordinary Dividend | $ | 0.097 | 14.8 | % | $ | 0.018 | 2.8 | % | $ | 0.093 | 15.3 | % | ||||||||||
Qualified Dividend | 0.008 | 1.2 | % | 0.001 | 0.2 | % | - | 0 | % | |||||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||||
Unrecaptured Sec. 1250 | 0.019 | 2.9 | % | - | 0 | % | - | 0 | % | |||||||||||||
Return of Capital | 0.531 | 81.1 | % | 0.621 | 97 | % | 0.514 | 84.7 | % | |||||||||||||
Total | $ | 0.655 | 100 | % | $ | 0.64 | 100 | % | $ | 0.607 | 100 | % | ||||||||||
Preferred Stock: | ||||||||||||||||||||||
Ordinary Dividend | $ | 1.565 | 78.3 | % | $ | 1.272 | 92.7 | % | $ | - | 0 | % | ||||||||||
Qualified Dividend | 0.128 | 6.4 | % | 0.1 | 7.3 | % | - | 0 | % | |||||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||||
Unrecaptured Sec. 1250 | 0.307 | 15.3 | % | - | 0 | % | - | 0 | % | |||||||||||||
Return of Capital | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||||
Total | $ | 2 | 100 | % | $ | 1.372 | 100 | % | $ | - | 0 | % | ||||||||||
Incentive_Plans
Incentive Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule Of Nonvested Share Activity [Text Block] | ' | |||||||||||||
13. Incentive Plans | ||||||||||||||
We have adopted the Amended and Restated Equity Incentive Compensation Plan (the “Incentive Plan”) which permits the grant of incentive awards to executive officers, employees, consultants and non-employee directors. The aggregate number of awards approved under the Incentive Plan is 2.5 million. As of December 31, 2013, and December 31, 2012, approximately 0.3 million and 1.2 million shares, respectively, were available for issuance under the Incentive Plan. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
Awards to executive officers and employees vest over a three year period and are subject to restriction based upon employment in good standing with the Company. Awards to non-employee directors vest over a three or five year period and are subject to restriction based upon continued service on our Board of Directors. | ||||||||||||||
At December 31, 2013, total unrecognized compensation cost related to restricted stock awards was approximately $6.9 million and is expected to be recognized over a remaining weighted average period of 1.3 years. During the year ended December 31, 2013, we recognized stock compensation expense of approximately $1.9 million (net of vesting forfeitures of approximately $0.5 million) and capitalized stock compensation expense of approximately $0.9 million. During the year ended December 31, 2012, we recognized stock compensation expense of approximately $1.0 million (net of vesting forfeitures of approximately $0.1 million) and capitalized stock compensation expense of approximately $0.6 million. During the year ended December 31, 2011, we recognized stock compensation expense of approximately $0.2 million (net of vesting forfeitures of approximately $0.1 million). | ||||||||||||||
Restricted OP Units | ||||||||||||||
At December 31, 2013, we had no remaining unrecognized compensation cost related to restricted OP Units. During the year ended December 31, 2013, we recognized stock compensation expense related to the vesting of restricted OP Units of approximately $0.2 million and capitalized stock compensation expense of approximately $0.3 million. During the year ended December 31, 2012, we recognized stock compensation expense related to the vesting of restricted OP Units of approximately $0.2 million and capitalized stock compensation expense of approximately $0.4 million. During the year ended December 31, 2011, we recognized stock compensation expense related to the vesting of restricted OP units of approximately $0.1 million and capitalized stock compensation expense of approximately $0.5 million.There were no vesting forfeitures related to restricted OP Units during 2013, 2012, and 2011. | ||||||||||||||
The following is a summary of our plan activity for the periods shown (in thousands, except weighted average grant price): | ||||||||||||||
Restricted | Restricted | Weighted | ||||||||||||
Common | Restricted OP | Average | ||||||||||||
Stock | Units | Total | Grant Price | |||||||||||
Unvested balances at December 31, 2012 | 438 | 50 | 488 | $ | 11.07 | |||||||||
Granted | 497 | - | 497 | 12.65 | ||||||||||
Vested | -205 | -50 | -255 | 11.39 | ||||||||||
Forfeited | -82 | - | -82 | 12.53 | ||||||||||
Unvested balances at December 31, 2013 | 648 | - | 648 | $ | 11.97 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
14. Related Party Transactions | |
We lease aircraft from entities in which two of our executive officers have an ownership interest. For each of the years ended December 31, 2013, 2012 and 2011, we incurred travel costs to these entities of approximately $0.2 million. | |
We are party to an agreement with an initial term of five years with a subsidiary of an entity affiliated with one of our directors pursuant to which we offer our tenants a program of insurance services and products. Pursuant to the agreement, we received an upfront payment of $100,000 and will receive fees for each tenant we refer that enrolls in the program. The related party receives monthly fees with respect to each tenant referred by us during the tenant’s enrollment in the program which amounted to $0.9 million for the year ended December 31, 2013. | |
In 2011, we engaged an entity affiliated with one of our board members to perform certain information technology services. The total contract value was approximately $0.4 million (of which approximately $0.3 million was paid as of December 31, 2012), and the remaining $0.1 million was paid in February 2014. There are no additional amounts outstanding under the terms of the agreement. | |
Segments
Segments | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||
15. Segments | |||||||||||
The operating segments in which management assesses performance and allocates resources are student housing operations and development, construction and management services. Our segments reflect management’s resource allocation and performance assessment in making decisions regarding the Company. Our student housing rental and student housing services revenues are aggregated within the student housing operations segment and our third-party services of development, construction and management are aggregated within the development, construction and management services segment. | |||||||||||
The following tables set forth our segment information for the periods presented (in thousands): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Student Housing Operations: | |||||||||||
Revenues from external customers | $ | 91,250 | $ | 74,091 | $ | 51,110 | |||||
Operating expenses | 62,971 | 53,476 | 39,916 | ||||||||
Income from wholly-owned student housing operations | 28,279 | 20,615 | 11,194 | ||||||||
Equity in earnings (losses) of unconsolidated earnings | -3,727 | 361 | -1,164 | ||||||||
Operating income | 24,552 | 20,976 | 10,030 | ||||||||
Nonoperating expenses | -10,529 | -10,246 | -5,176 | ||||||||
Net income | 14,023 | 10,730 | 4,854 | ||||||||
Net income attributable to noncontrolling interest | 136 | 106 | 61 | ||||||||
Net income attributable to common stockholders | $ | 13,887 | $ | 10,624 | $ | 4,793 | |||||
Depreciation and amortization | $ | 22,356 | $ | 20,377 | $ | 16,266 | |||||
Capital expenditures | $ | 142,167 | $ | 111,167 | $ | 111,135 | |||||
Investment in unconsolidated entities | $ | 324,838 | $ | 22,555 | $ | 21,052 | |||||
Total segment assets at end of period | $ | 719,018 | $ | 617,975 | $ | 490,882 | |||||
Development, Construction and Management Services: | |||||||||||
Revenues from external customers | $ | 51,069 | $ | 54,295 | $ | 35,084 | |||||
Intersegment revenues | 102,073 | 77,937 | 88,443 | ||||||||
Total revenues | 153,142 | 132,232 | 123,527 | ||||||||
Operating expenses | 146,458 | 128,291 | 115,629 | ||||||||
Operating income | 6,684 | 3,941 | 7,898 | ||||||||
Nonoperating expenses | - | -12 | -499 | ||||||||
Net income | 6,684 | 3,929 | 7,399 | ||||||||
Net income attributable to noncontrolling interest | 64 | 38 | 74 | ||||||||
Net income attributable to common stockholders | $ | 6,620 | $ | 3,891 | $ | 7,325 | |||||
Depreciation and amortization | $ | 234 | $ | 103 | $ | 90 | |||||
Total segment assets at end of period | $ | 88,515 | $ | 51,141 | $ | 22,818 | |||||
Reconciliations: | |||||||||||
Total segment revenues | $ | 244,392 | $ | 206,323 | $ | 174,637 | |||||
Elimination of intersegment revenues | -102,073 | -77,937 | -88,443 | ||||||||
Total consolidated revenues | $ | 142,319 | $ | 128,386 | $ | 86,194 | |||||
Segment operating income | $ | 31,236 | $ | 24,917 | $ | 17,928 | |||||
Interest expense | -12,969 | -11,545 | -6,888 | ||||||||
Net unallocated expenses related to corporate overhead | -15,789 | -9,027 | -10,747 | ||||||||
Other income (expense) | 1,414 | -410 | 720 | ||||||||
Gain on purchase of previously unconsolidated entities | - | 6,554 | 3,159 | ||||||||
Net income before income tax benefit (expense) | $ | 3,892 | $ | 10,489 | $ | 4,172 | |||||
Total segment assets | $ | 1,132,371 | $ | 691,671 | $ | 534,752 | |||||
Unallocated corporate assets and eliminations | 50,308 | 4,649 | 5,505 | ||||||||
Total assets at end of period | $ | 1,182,679 | $ | 696,320 | $ | 540,257 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
16. Commitments and Contingencies | |||||
Commitments | |||||
In the normal course of business, we enter into various development and construction related purchase commitments with parties that provide development and construction related goods and services. In the event we were to terminate development or construction services prior to the completion of projects, we could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. At December 31, 2013, management did not anticipate any material deviations from schedule or budget and did not anticipate having to terminate services for the development projects currently in progress. | |||||
In the ordinary course of business, certain liens related to the construction of the student housing real estate property may be attached to our assets by contractors or suppliers. Campus Crest Construction, LLC is responsible as the general contractor for resolving these liens. There can be no assurance that we will not be required to pay amounts greater than currently recorded liabilities to settle these claims. | |||||
We have properties that are subject to long-term ground leases. Typically, these properties are located on the campuses of colleges or universities. We have the right to encumber our leasehold interests with specific property mortgages for the purposes of constructing, remodeling or making improvements on or to these properties. Title to all improvements paid for and constructed on the land remains with us until the earlier of termination or expiration of the lease at which time the title of any buildings constructed on the land will revert to the landlord. Should we decide to sell our leasehold interests during the initial or any renewal terms, the landlord has a right of first refusal to purchase the interests for the same purchase price under the same terms and conditions as contained in our offer to sell our leasehold interests. | |||||
We lease space for our corporate headquarters office. Rent expense is recognized on a straight-line basis. Future minimum payments over the life of our corporate office lease and long-term ground leases subsequent to December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 1,238 | |||
2015 | 1,293 | ||||
2016 | 1,304 | ||||
2017 | 1,320 | ||||
2018 | 1,309 | ||||
Thereafter | 28,148 | ||||
Total future minimum lease payments | $ | 34,612 | |||
We guarantee certain mortgage notes related to our unconsolidated entities (see Note 7). The Company has estimated the fair value of the guarantees to be immaterial. The Company does not expect that it will have to perform under the guarantees. | |||||
Contingencies | |||||
In the normal course of business, we are subject to claims, lawsuits and legal proceedings. In addition to the matter described below, we are involved in various routine legal proceedings arising in the ordinary course of business. Although the outcomes of such routine legal proceedings cannot be predicted with certainty, in the opinion of management, the ultimate resolution of such routine matters will not have a material adverse effect on our financial position or results of operations. | |||||
On July 3, 2012, we and certain of our subsidiaries were named in a state lawsuit filed with the 250th Judicial District Court of Travis County in Austin, Texas. The case arose from an accident at The Grove at Denton, located in Denton, Texas, in which a balcony of one of the units broke and three people were seriously injured. Also named as co-defendants in the case were the architect, the structural engineer and certain of our subcontractors. The plaintiffs allege, among other things, negligence on the part of the defendants in the design, construction, planning, operation and management of The Grove at Denton and seek actual and exemplary damages. The plaintiffs’ initial complaint did not specify the amount of damages sought; however, in a recent filing the plaintiffs demanded $20 million in damages. The parties have participated in settlement discussions, including mediation on two occasions but no resolution has been reached. The trial is currently scheduled to begin on May 5, 2014. Although it is not possible to predict the outcome of the lawsuit, we will continue to defend the case vigorously. Based on the totality of the circumstances, including the existence of insurance coverage, we do not believe that the lawsuit, if adversely determined, would have a material adverse effect on our financial position or results of operations. No amounts have been accrued as of December 31, 2013. | |||||
We are not aware of any environmental liability with respect to the properties that could have a material adverse effect on our business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on our financial position or results of operations and cash flows. | |||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
17. Quarterly Financial Information (Unaudited) | ||||||||||||||
The information presented below represents the consolidated financial results for the periods presented. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented. The sum of the quarterly income (loss) per share amounts may not equal the annual income per share amounts due primarily to changes in the number of common shares outstanding from quarter to quarter (in thousands, except per share data): | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 32,998 | $ | 36,526 | $ | 37,811 | $ | 34,984 | ||||||
Operating income | 4,292 | 5,884 | 6,856 | -1,585 | ||||||||||
Net income (loss) | 2,167 | 3,940 | 4,853 | -9,342 | ||||||||||
Net income (loss) attributable to common stockholders | 1,006 | 2,771 | 3,677 | -11,985 | -1 | |||||||||
Net income (loss) attributable to common stockholders per | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | -0.18 | ||||||
share - basic and diluted | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
Total revenues | $ | 30,716 | $ | 33,186 | $ | 32,146 | $ | 32,338 | ||||||
Operating income | 2,601 | 2,968 | 5,014 | 5,307 | ||||||||||
Net income (loss) | -980 | 460 | 9,050 | 2,268 | ||||||||||
Net income (loss) attributable to common stockholders | -1,635 | -676 | 7,839 | 1,110 | ||||||||||
Net income (loss) attributable to common stockholders per | $ | -0.05 | $ | -0.02 | $ | 0.2 | $ | 0.03 | ||||||
share - basic and diluted | ||||||||||||||
(1) The purchase price allocation for our Copper Beech acquisition was finalized and all required adjustments are reflected in our fourth quarter information. | ||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
18. Subsequent Events | |
Events occurring subsequent to the date of our consolidated balance sheet have been evaluated for potential recognition or disclosure in our consolidated financial statements through the date our consolidated financial statements were available to be issued. | |
In January 2014, we acquired from HSRE their 80% ownership interest in HSRE IV, which we previously held a 20% interest and which owned The Grove at Denton, Texas, for approximately $7.7 million. Prior to the acquisition of this interest, we accounted for our ownership interest in the property under the equity method. The acquisition date fair value of the Company’s equity interest in HSRE IV immediately before the acquisition of the remaining interest in HSRE IV was $1.9 million. In connection with evaluating our investment in HSRE IV for impairment as of December 31, 2013, we recognized a loss of approximately $0.3 million for the other than temporary decline in value of our previously held equity interest in the properties at the acquisition date. Subsequent to our acquisition of this interest, we consolidated the results of operations of The Grove at Denton, Texas. | |
As of the date the financial statements were available to be issued, the initial accounting and the related purchase price allocation has not yet been completed. Therefore, the Company has not disclosed the amounts recognized as of the acquisition date for each major class of asset acquired and liability assumed or an estimate of the financial effect on the Company’s consolidated financial statements. | |
On January 15, 2014, through the newly formed HIM Holdings, the joint venture partnership acquired the 488-room, 22-story Holiday Inn Midtown in Montréal, Québec for approximately CAD 65 million. The joint venture intends to convert the property it into an upscale evo student housing tower near McGill University. In connection with the acquisition of the Holiday Inn property, we increased our ownership interest from 20.0% to 35.0% in CSH Montreal, the joint venture that holds the newest evo property and the previously announced evo à Square Victoria. In addition, we provided CAD 16.0 million of preferred equity in connection with the acquisition of the Holiday Inn property. If our preferred interest is not repaid in full on or prior to September 2, 2014, it will effectively convert to a common interest in the joint venture partnership. | |
In conjunction with the Holiday Inn acquisition, CSH Montreal completed a CAD 112.0 million note payable to help fund the conversion of both hotels into upscale student housing towers. The note payable provides for interest-only payments at a variable interest rate equal to the Canadian Dealer Offered Rate ("CDOR"), which was 1.22% at December 31, 2013, plus a spread of 3.50% through its maturity date on January 13, 2016. This facility has one twelve-month extension option, subject to lender approval. | |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||
Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2013 | ||||||||||||||||||||||||||||
Total Costs | ||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||
Subsequent to | Student | Year Placed | ||||||||||||||||||||||||||
Development | Housing | Accum. | Year | into Service | ||||||||||||||||||||||||
Initial Cost | or Acquisition | Land | Properties | Total (1) | Depr. | Encumbrances | Constructed | or Acquired | ||||||||||||||||||||
Student Housing Properties | ||||||||||||||||||||||||||||
The Grove at Asheville, NC | $ | 12,604 | $ | 708 | $ | 51 | $ | 13,261 | $ | 13,312 | $ | -4,904 | $ | -14,500 | 2005 | 2005 | ||||||||||||
The Grove at Carrollton, GA | 13,294 | 1,092 | 1,104 | 13,282 | 14,386 | -4,814 | -14,288 | 2006 | 2006 | |||||||||||||||||||
The Grove at Las Cruces, NM | 16,025 | 5,522 | 1,098 | 20,449 | 21,547 | -5,215 | -14,764 | 2006 | 2006 | |||||||||||||||||||
The Grove at Milledgeville, GA | 14,543 | 1,250 | 942 | 14,851 | 15,793 | -5,284 | -15,847 | 2006 | 2006 | |||||||||||||||||||
The Grove at Abilene, TX | 16,962 | 619 | 1,361 | 16,220 | 17,581 | -5,437 | -2 | 2007 | 2007 | |||||||||||||||||||
The Grove at Ellensburg, WA | 20,827 | 430 | 1,483 | 19,774 | 21,257 | -5,814 | -16,070 | 2007 | 2007 | |||||||||||||||||||
The Grove at Greeley, CO | 19,971 | 1,279 | 1,454 | 19,796 | 21,250 | -5,335 | -15,193 | 2007 | 2007 | |||||||||||||||||||
The Grove at Mobile I & II | 33,094 | 957 | 150 | -3 | 33,901 | 34,051 | -9,686 | -2 | 2007 | 2007 | ||||||||||||||||||
The Grove at Nacogdoches, TX | 18,604 | 1,253 | 1,188 | 18,669 | 19,857 | -5,527 | -17,100 | 2007 | 2007 | |||||||||||||||||||
The Grove at Cheney, WA | 18,788 | 320 | 1,347 | 17,761 | 19,108 | -4,925 | -2 | 2008 | 2008 | |||||||||||||||||||
The Grove at Lubbock, TX | 18,229 | 453 | 1,520 | 17,162 | 18,682 | -4,908 | -2 | 2008 | 2008 | |||||||||||||||||||
The Grove at Stephenville, TX | 17,100 | 321 | 1,250 | 16,171 | 17,421 | -4,888 | -2 | 2008 | 2008 | |||||||||||||||||||
The Grove at Troy, AL | 18,248 | 635 | 1,433 | 17,450 | 18,883 | -5,101 | -2 | 2008 | 2008 | |||||||||||||||||||
The Grove at Waco, TX | 17,566 | 589 | 1,094 | 17,061 | 18,155 | -5,028 | -2 | 2008 | 2008 | |||||||||||||||||||
The Grove at Murfreesboro, TN | 19,994 | 585 | 2,678 | 17,901 | 20,579 | -4,166 | -2 | 2009 | 2009 | |||||||||||||||||||
The Grove at San Marcos, TX | 24,126 | 399 | 1,791 | 22,734 | 24,525 | -2,769 | -2 | 2009 | 2009 | |||||||||||||||||||
The Grove at Moscow, ID | 25,731 | 143 | 1,839 | 24,035 | 25,874 | -1,128 | -2 | 2009 | 2012 | |||||||||||||||||||
The Grove at Huntsville, TX | 23,444 | 249 | 2,157 | 21,536 | 23,693 | -1,484 | -2 | 2010 | 2011 | |||||||||||||||||||
The Grove at Statesboro, GA | 25,349 | 255 | 1,621 | 23,983 | 25,604 | -1,640 | -18,101 | 2010 | 2011 | |||||||||||||||||||
The Grove at Clarksville, TN | 21,805 | 338 | 1,296 | 20,847 | 22,143 | -1,800 | -16,350 | 2011 | 2011 | |||||||||||||||||||
The Grove at Ames, IA | 22,834 | 278 | 1,919 | 21,193 | 23,112 | -1,849 | -2 | 2011 | 2011 | |||||||||||||||||||
The Grove at Fort Wayne, IN | 18,889 | 161 | 844 | 18,206 | 19,050 | -1,663 | -2 | 2011 | 2011 | |||||||||||||||||||
The Grove at Columbia, MO | 24,551 | 136 | 3,611 | 21,076 | 24,687 | -1,873 | -23,180 | 2011 | 2011 | |||||||||||||||||||
The Grove at Valdosta, GA | 29,381 | 253 | 1,562 | 28,072 | 29,634 | -1,414 | -2 | 2011 | 2012 | |||||||||||||||||||
The Grove at Auburn, AL | 26,267 | 147 | 4,423 | 21,991 | 26,414 | -1,142 | -2 | 2012 | 2012 | |||||||||||||||||||
The Grove at Flagstaff, AZ | 34,125 | 2,991 | 6,970 | 30,146 | 37,116 | -1,372 | -2 | 2012 | 2012 | |||||||||||||||||||
The Grove at Nacogdoches, TX - Phase II | 7,718 | 94 | 401 | 7,411 | 7,812 | -355 | - | 2012 | 2012 | |||||||||||||||||||
The Grove at Orono, ME | 28,499 | 870 | 1,373 | 27,996 | 29,369 | -1,217 | -2 | 2012 | 2012 | |||||||||||||||||||
The Grove at Toledo (4) | 11,564 | 2,705 | 2,237 | 12,032 | 14,269 | -728 | -2 | 2013 | 2013 | |||||||||||||||||||
The Grove at Fort Collins, CO | 35,496 | -67 | 75 | -3 | 35,354 | 35,429 | -394 | -17,228 | 2013 | 2013 | ||||||||||||||||||
The Grove at Muncie, IN | 24,708 | -22 | 2,458 | 22,228 | 24,686 | -281 | -12,237 | 2013 | 2013 | |||||||||||||||||||
The Grove at Pullman, WA (5) | 15,622 | -20 | 1,842 | 13,760 | 15,602 | -118 | -10,673 | 2013 | 2013 | |||||||||||||||||||
The Grove at Flagstaff II | 15,407 | -3 | 3,249 | 12,155 | 15,404 | -97 | -2 | 2013 | 2013 | |||||||||||||||||||
Total - student housing properties | $ | 691,365 | $ | 24,920 | $ | 57,821 | $ | 658,464 | $ | 716,285 | $ | -102,356 | $ | -205,531 | ||||||||||||||
-1 | Depreciable lives range from 2-40 years. | |||||||||||||||||||||||||||
-2 | Property is collateral for our Amended Credit Facility. | |||||||||||||||||||||||||||
-3 | Property encumbered by a ground lease. | |||||||||||||||||||||||||||
-4 | Property is under re-development. See Note 5 to the accompanying consolidated financial statements. | |||||||||||||||||||||||||||
-5 | At December 31, 2013, The Grove at Pullman, Washington, was partially operational due to the occurrence of a July 2013 fire at the property while it was under construction. See Note 5 to the accompanying consolidated financial statements. | |||||||||||||||||||||||||||
The changes in our investment in real estate and related accumulated depreciation for each of the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Investment in real estate: | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 669,387 | $ | 512,227 | $ | 372,746 | ||||||||||||||||||||||
Acquisitions | 13,801 | - | - | |||||||||||||||||||||||||
Improvements and development expenditures | 106,806 | 158,175 | 140,866 | |||||||||||||||||||||||||
Asset disposals | -1,283 | -1,015 | -710 | |||||||||||||||||||||||||
Disposition of student housing properties | -67,702 | - | - | |||||||||||||||||||||||||
Impairment of student housing properties | -4,724 | - | - | |||||||||||||||||||||||||
Other Reclassifications | - | - | -675 | |||||||||||||||||||||||||
Balance, end of year | $ | 716,285 | $ | 669,387 | $ | 512,227 | ||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 97,820 | $ | 76,164 | $ | 57,463 | ||||||||||||||||||||||
Depreciation for the year | 25,183 | 22,472 | 18,943 | |||||||||||||||||||||||||
Asset disposals | -933 | -865 | -242 | |||||||||||||||||||||||||
Disposition of student housing properties | -19,714 | - | - | |||||||||||||||||||||||||
Other Reclassifications | - | 49 | - | |||||||||||||||||||||||||
Balance, end of year | $ | 102,356 | $ | 97,820 | $ | 76,164 | ||||||||||||||||||||||
Development in process | 91,184 | 50,781 | 45,278 | |||||||||||||||||||||||||
Investment in real estate, net | $ | 705,113 | $ | 622,348 | $ | 481,341 | ||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||
Basis of Presentation | |||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and represent our financial position, results of operations and cash flows. Third-party equity interests in the Operating Partnership are reflected as noncontrolling interests in the consolidated financial statements. The Company also has interests in unconsolidated real estate ventures which have ownership in several property owning entities that are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation, primarily related to discontinued operations associated with the asset dispositions discussed in Note 6. | |||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant assumptions and estimates are used by management in recognizing construction and development revenue under the percentage of completion method, useful lives of student housing properties, valuation of investment in real estate and investments in unconsolidated entities, initial valuation and underlying allocation of purchase price to newly acquired student housing properties, valuation allowance on deferred tax assets, determination of fair value for impairment assessments, allowance for doubtful accounts, fair value of the debt and equity components of the exchangeable notes at the date of issuances and the fair value of financial assets and liabilities, including derivatives. Actual results may differ from previously estimated amounts and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected prospectively in the periods in which they occur. | |||||||||||
Investment In Real Estate [Policy Text Block] | ' | ||||||||||
Investment in Real Estate | |||||||||||
Investment in real estate is recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over a period equal to the shorter of the life of the improvement or the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||||
Land improvements | 15 years | ||||||||||
Buildings and leasehold improvements | 10-40 years | ||||||||||
Furniture, fixtures and equipment | 2-15 years | ||||||||||
The cost of buildings and improvements includes all pre-development, entitlement and project costs directly associated with the development and construction of a real estate project, which include interest, property taxes and the amortization of deferred financing costs recognized while the project is under construction, as well as certain internal costs related to the development and construction of our student housing properties. All costs are capitalized as development in process until the asset is ready for its intended use, which is typically at the completion of the project. Upon completion, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.3 million, $2.4 million, and $2.0 million was capitalized during the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
We capitalize costs during the development of assets beginning with the determination that development of a future asset is probable until the asset, or a portion of the asset, is delivered and is ready for its intended use. During development efforts we capitalize all direct costs and indirect costs that have been incurred as a result of the development. These costs include interest and related loan fees, property taxes as well as other direct and indirect costs. We capitalize interest costs for debt incurred for project specific financing and for capital contributions to equity method investees who utilize such funds for construction-related activities. Indirect project costs, which include personnel and office and administrative costs that are clearly associated with our development and redevelopment efforts, are capitalized. Indirect costs not clearly related to the acquisition, development, redevelopment and construction activity, including general and administrative expenses, are expensed in the period incurred. Capitalized indirect costs associated with our development activities were $9.0 million, $7.4 million, and $6.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. All such costs are capitalized as development in process until the asset is delivered and ready for its intended use, which is typically at the completion of the project. Upon completion, costs are transferred into the applicable asset category and depreciation commences. | |||||||||||
Pre-development costs are capitalized when they are directly identifiable with the specific property and would be capitalized if the property were already acquired and acquisition of the property or an option to acquire the property is probable. Capitalized pre-development costs are expensed when management believes it is no longer probable that a contract will be executed and/or construction will commence. Because we frequently incur these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, we bear the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or we are unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of projects where we have not yet acquired the target property or where we have not yet commenced construction on a periodic basis and write-off any pre-development costs related to projects whose current status indicates the acquisition or commencement of construction is not probable. Such write-offs are included within development, construction, and management services in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2013 and 2012, we have deferred approximately $10.5 million and $8.1 million, respectively, in pre-development costs related to development projects for which construction has not commenced. Included within the December 31, 2013 balance were seven land parcels that could be used for the development of seven properties (within either our wholly-owned portfolio or as contributions to joint venture projects) with an aggregate bed count ranging from approximately 3,000 to 3,500. Such costs are included in development in process on the accompanying consolidated balance sheets. | |||||||||||
Management assesses whether there has been impairment in the value of our investment in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of investment in real estate is measured by a comparison of the carrying amount of a student housing property to the estimated future undiscounted cash flows expected to be generated by the property. Impairment is recognized when estimated future undiscounted cash flows, including proceeds from disposition, are less than the carrying value of the property. The estimation of future undiscounted cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment reducing the carrying value of our long-lived assets could occur in the future period in which conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is recorded as an impairment charge. Fair value is determined based upon the discounted cash flows of the property, quoted market prices or independent appraisals, as considered necessary. As of December 31, 2013, we recorded an impairment of approximately $3.5 million related to damage from fire at The Grove at Pullman, Washington (see Note 3) and damage at The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas. As of December 31, 2013, we had collected $2.5 million in proceeds and have a receivable of $1.0 million which is presented in other assets in the accompanying consolidated balance sheets. As of December 31, 2013, we also recorded an impairment of approximately $4.7 million related to the disposition of The Grove at Jacksonville, Alabama, The Grove at Jonesboro, Arkansas, The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas (see Note 6), which is classified within discontinued operations in the accompanying statements of operations and comprehensive income (loss). | |||||||||||
Property Acquisition [Policy Text Block] | ' | ||||||||||
Property Acquisitions | |||||||||||
We allocate the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on the fair values of these assets and liabilities. Fair value estimates are based on information obtained from independent appraisals, market data, information obtained during due diligence and information related to the marketing and leasing at the specific property. The value of in-place leases is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, net of variable operating expenses. The value of in-place leases is amortized on a straight-line basis over the remaining initial term of the respective leases, generally less than one year. The purchase price of property acquisitions is not expected to be allocated to tenant relationships, considering the terms of the leases and the expected levels of renewals. Acquisition-related costs such as due diligence, legal, accounting and advisory fees are either expensed as incurred for acquisitions that are consolidated or capitalized for acquisitions accounted for under the equity method of accounting. | |||||||||||
Ground Leases [Policy Text Block] | ' | ||||||||||
Ground Leases | |||||||||||
Ground lease expense is recognized on a straight-line basis over the term of the related lease. | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||
Cash, Cash Equivalents, and Restricted Cash | |||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is excluded from cash for the purpose of preparing the consolidated statements of cash flows. We maintain cash balances in various banks. At times our balances may exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). We do not believe this presents significant exposure for our business. | |||||||||||
Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements. In certain instances, restricted cash consists of funds, required by a counter-party to our derivative contracts, to serve as collateral for future settlements of those derivative contracts. At December 31, 2013, we held approximately $28.2 million with a qualified intermediary to facilitate a tax deferred Section 1031 like-kind exchange in conjunction with the disposition of four properties (see Note 6). Our funds in escrow are typically held in interest bearing accounts covered under FDIC insurance with applicable limits. | |||||||||||
Deferred Financing Costs [Policy Text Block] | ' | ||||||||||
Deferred Financing Costs | |||||||||||
We defer costs incurred in obtaining financing and amortize the costs using the straight-line method, which approximates the effective interest method, over the expected terms of the related loans. Upon repayment of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred financing costs, net of accumulated amortization, are included in other assets, net in the accompanying consolidated balance sheets. | |||||||||||
Noncontrolling Interests [Policy Text Block] | ' | ||||||||||
Noncontrolling Interests | |||||||||||
Noncontrolling interests represent the portion of equity in our consolidated subsidiaries which are not attributable to the stockholders. Accordingly, noncontrolling interests are reported as a component of equity, separate from stockholders’ equity, in the accompanying consolidated balance sheets. On the consolidated statements of operations and comprehensive income (loss), operating results are reported at their consolidated amounts, including both the amount attributable to us and to noncontrolling interests (see Note 12). | |||||||||||
Real Estate, Policy [Policy Text Block] | ' | ||||||||||
Real Estate Ventures | |||||||||||
We hold interests in our properties, both under development and in operation, through interests in both consolidated and unconsolidated real estate ventures. We assess our investments in real estate ventures to determine if a venture is a variable interest entity (“VIE”). Generally, an entity is determined to be a VIE when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with disproportionately small voting interest. We consolidate entities that are VIEs and for which we are determined to be the primary beneficiary. In instances where we are not the primary beneficiary, we do not consolidate the entity for financial reporting purposes. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Entities that are not defined as VIEs are consolidated where we are the general partner (or the equivalent) and the limited partners (or the equivalent) in such investments do not have rights which would preclude control. | |||||||||||
For entities where we are the general partner (or the equivalent) but do not control the real estate venture, as the other partners (or the equivalent) hold substantive participating rights, we use the equity method of accounting. For entities where we are a limited partner (or the equivalent), management considers factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners (or the equivalent) to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate we control the entity, we consolidate the entity; otherwise we record our investment using the equity method of accounting. | |||||||||||
Under the equity method of accounting, investments are initially recognized in the consolidated balance sheet at cost and are subsequently adjusted to reflect our proportionate share of net earnings or losses of the entity, distributions received, contributions and certain other adjustments, as appropriate. Any difference between the carrying amount of these investments on our balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings (loss) of unconsolidated entities. When circumstances indicate there may have been a loss in value of an equity method investment, and we determine the loss in value is other than temporary, we recognize an impairment charge to reflect the investment at fair value. As of December 31, 2013, we recorded an impairment of approximately $0.3 million related to The Grove at Denton, Texas, of which we acquired the outstanding ownership interests in January 2014. | |||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||
Segments | |||||||||||
We define business segments by their distinct customer base and services provided. We have identified two reportable business segments: (i) student housing operations and (ii) development, construction and management services. We evaluate the performance of our operating segments based on operating income (loss). All inter-segment sales pricing is based on current market conditions. Unallocated corporate amounts include general expenses associated with managing our two reportable operating segments. | |||||||||||
Student Housing Revenue [Policy Text Block] | ' | ||||||||||
Student Housing Revenue | |||||||||||
Students are required to execute lease contracts with payment schedules that vary from annual to monthly payments. We recognize revenues on a straight-line basis over the term of the lease contracts. Generally, each executed contract is required to be accompanied by a signed parental guaranty. Amounts received in advance of the occupancy period or prior to the contractual due date are recorded as deferred revenues and included in other liabilities on the accompanying consolidated balance sheets. Service revenue is recognized when earned. | |||||||||||
Development Construction And Management Services [Policy Text Block] | ' | ||||||||||
Development, Construction and Management Services | |||||||||||
Development and construction service revenue is recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. For the purpose of applying this method, significant estimates are necessary to determine the percentage of completion as of the balance sheet date. This method is used because management considers total cost to be the best measure of progress toward completion of the contract. Any changes in significant judgments and/or estimates used in determining construction and development revenue could significantly change the timing or amount of construction and development revenue recognized. | |||||||||||
Development and construction service revenue is recognized for contracts with entities we do not consolidate. For projects where revenue is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net profit ultimately recognized on those projects. Profit derived from these projects is eliminated to the extent of our interest in the unconsolidated entity. When total development or construction costs at completion exceed the fixed price set forth within the related contract, such cost overruns are recorded as additional investment in the unconsolidated entity to the extent these amounts are determined to be realizable. Entitlement fees, where applicable, are recognized when earned based on the terms of the related contracts. | |||||||||||
Costs and estimated earnings in excess of billings represents the excess of construction costs and profits recognized to date using the percentage of completion method over billings to date on certain contracts. Billings in excess of costs and estimated earnings represents the excess of billings to date over the amount of contract costs and profits recognized to date using the percentage of completion method on certain contracts. Total billings to date on such contracts totaled $51.3 million and $44.4 million as of December 31, 2013 and 2012, respectively. The Company expects to bill the cost and estimated earnings in excess of billings in 2014. | |||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria are met. | |||||||||||
Allowance For Doubtful Accounts [Policy Text Block] | ' | ||||||||||
Allowance for Doubtful Accounts | |||||||||||
Allowances for student receivables are maintained to reduce our receivables to the amount that management estimates to be collectible, which approximates fair value. The allowance is estimated based on past due balances not received on contractual terms, as well as historical collections experience and current economic and business conditions. When management has determined that receivables are uncollectible, they are written off against the allowance for doubtful accounts. Recoveries of accounts previously written off are recorded when received. | |||||||||||
The allowance for doubtful accounts is summarized as follows (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance at beginning of period | $ | 121 | $ | 246 | $ | 431 | |||||
Charged to expense | 3,432 | 1,728 | 1,566 | ||||||||
Write-offs | -2,433 | -1,853 | -1,751 | ||||||||
Sale of properties | -581 | - | - | ||||||||
Balance at end of period | $ | 539 | $ | 121 | $ | 246 | |||||
Marketing and Advertising Costs [Policy Text Block] | ' | ||||||||||
Marketing and Advertising Costs | |||||||||||
Marketing and advertising costs are expensed during the period incurred and included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Marketing and advertising expenses were $1.5 million, $1.3 million and $0.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||
Derivative Instruments and Hedging Activities | |||||||||||
We enter into interest rate cap and interest rate swap agreements to manage floating interest rate exposure with respect to amounts borrowed, or forecasted to be borrowed, under credit facilities. These contracts effectively exchange existing or forecasted obligations to pay interest based on floating rates for obligations to pay interest based on fixed rates. We do not enter into or hold derivatives for trading or speculative purposes. | |||||||||||
All derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at their respective fair values. Changes in fair value are recognized either in earnings or as accumulated other comprehensive income (loss), depending on whether the derivative has been designated as a cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged and how effective the derivative is at offsetting movements in underlying exposure. We discontinue hedge accounting when: (i) we determine that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In situations in which hedge accounting is not initially designated, or is discontinued and a derivative remains outstanding, gains and losses related to changes in the fair value of the derivative instrument are recorded in current-period earnings as a component of the change in fair value of interest rate derivatives line item on the accompanying consolidated statements of operations and comprehensive income (loss). Also included within this line item are any required monthly settlements on the swaps as well as all cash settlements paid. | |||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||||
Commitments and Contingencies | |||||||||||
Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, penalties and other sources, are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||
Income Taxes | |||||||||||
We have made an election to qualify, and believe we are operating so as to qualify, as a REIT under Sections 856 through 859 of the Internal Revenue Code. Our qualification as a REIT depends upon our ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the diversity of ownership of our stock. We believe that we are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code and that our intended manner of operation will enable us to meet the requirements for qualification and taxation as a REIT. | |||||||||||
As a REIT, we generally will not be subject to U.S. federal and state income tax on taxable income that we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax at regular corporate rates and generally will be precluded from qualifying as a REIT for the subsequent four taxable years following the year during which we lost our REIT qualification. Accordingly, our failure to qualify as a REIT could materially and adversely affect us, including our ability to make distributions to our stockholders in the future. | |||||||||||
We have made an election to treat TRS Holdings, our wholly-owned subsidiary, as a TRS. TRS Holdings holds the development, construction and management companies that provide services to entities in which we do not own 100% of the equity interests, as a TRS. As a TRS, the operations of TRS Holdings and its subsidiaries are generally subject to federal, state and local income and franchise taxes. Our TRS accounts for its income taxes in accordance with U.S. GAAP, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. Deferred tax assets and liabilities of the TRS entities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. | |||||||||||
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when we conclude that a tax position, based solely on its technical merits, is more-likely-than-not (a likelihood of more than 50 percent) to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when we subsequently determined that a tax position no longer met the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. | |||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss), which consists of unrealized gains (losses) on derivative instruments and foreign currency translation adjustments. Comprehensive income (loss) is presented in the accompanying consolidated statements of operations and comprehensive income (loss), and accumulated other comprehensive income (loss) is displayed as a separate component of stockholders’ equity. | |||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||
Stock-Based Compensation | |||||||||||
We grant restricted stock and restricted OP Unit awards that typically vest over either a three or five year period. A restricted stock or OP Unit award is an award of shares of our common stock or OP Units that are subject to restrictions on transferability and other restrictions determined by our compensation committee at the date of grant. A grant date is established for a restricted stock award or restricted OP Unit award upon approval from our compensation committee and Board of Directors. The restrictions may lapse over a specified period of employment or the satisfaction of pre-established criteria as our compensation committee may determine. Except to the extent restricted under the award agreement, a participant awarded restricted stock or OP Units has all the rights of a stockholder or OP Unit holder as to these shares or units, including the right to vote and the right to receive dividends or distributions on the shares or units. The fair value of the award is determined based on the market value of our common stock on the grant date and is recognized on a straight-line basis over the applicable vesting period for the entire award with cost recognized at the end of any period being at least equal to the shares that were then vested. | |||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||
Foreign Currency | |||||||||||
Transactions denominated in foreign currencies are recorded in local currency at actual exchange rates at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet dates are reported at the rates of exchange prevailing at those dates. Any gains or losses arising on monetary assets and liabilities from a change in exchange rates subsequent to the date of the transaction have been included in expenses in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2013, we were exposed to only one foreign currency, the Canadian dollar. The aggregate transaction gains and losses included in the accompanying consolidated statements of operations for the year ended December 31, 2013 was not significant. | |||||||||||
The financial statements of certain equity method investees and certain foreign subsidiaries are translated from their respective local currencies into U.S. dollars using current and historical exchange rates. Translation adjustments resulting from this process are reported separately and accumulated as a component of accumulated other comprehensive income (loss) in stockholders' equity in the accompanying consolidated balance sheets. Upon sale or liquidation of our investments, the translation adjustment would be reported as part of the gain or loss on sale or liquidation. | |||||||||||
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||
Insurance Recoveries | |||||||||||
Insurance recoveries are amounts due or received under our applicable insurance policies for asset damage and business interruption relating to the fire at The Grove at Pullman, Washington (see Note 3) and to the damage at The Grove at Wichita, Kansas, and The Grove at Wichita Falls, Texas. We have received $2.5 million of insurance proceeds and have recorded insurance recovery receivables of approximately $1.0 million, which is included in other assets within the consolidated balance sheets, in connection with asset damages based on preliminary estimates, offsetting the recognized $3.5 million impairment. Business interruption recovery is recorded when realized and included as a reduction within student housing operations expenses within the consolidated statements of operations. For the year ended December 31, 2013, we recognized $1.4 million of business interruption recovery. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||
Recent Accounting Pronouncements | |||||||||||
The FASB issued ASU 2013-04, Liabilities (Topic 405); Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, in February 2013. ASU 2013-04 (“Update”) requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as the sum of the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. The new standard is effective for fiscal years ending after December 15, 2014 and interim and annual periods thereafter. ASU 2013-04 is to be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the Update’s scope that exist at the beginning of an entity’s fiscal year of adoption. The Company will implement the provisions of the Update as of January 1, 2014. We believe that the adaption of this guidance will not have a material affect on our consolidated financial statements. | |||||||||||
Organization_and_Description_o1
Organization and Description of Business (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Schedule Of Properties In Which Company Has Operating and Under Construction Interest [Table Text Block] | ' | |||||||
Our portfolio consists of the following: | ||||||||
Student Housing | Student Housing | |||||||
Properties in | Properties Under | |||||||
Operation | Construction (1) | |||||||
Wholly owned Grove properties | 31 | 4 | ||||||
Joint Venture Grove properties | 10 | 2 | ||||||
Total Grove Properties | 41 | 6 | ||||||
Joint Venture evo properties (2) | - | 3 | ||||||
CB Portfolio | 28 | 1 | ||||||
Total Portfolio(3) | 69 | 10 | ||||||
-1 | For delivery in the 2014-2015 academic year, consolidated entities under construction include The Grove at Slippery Rock, Pennsylvania, The Grove at Grand Forks, North Dakota, The Grove at Gainesville, Florida, and The Grove at Mt. Pleasant, Michigan. For delivery in the 2014-2015 academic year, joint venture properties under construction include evo at Cira Centre South, Pennsylvania, The Grove at Louisville, Kentucky, The Grove at Greensboro, North Carolina, evo à Square Victoria, Montreal, and evo à Sherbrooke, Montreal. We also have an interest in a Copper Beech property under construction, Copper Beech at Ames. | |||||||
-2 | Renovation work began on evo à Sherbrooke in January 2014. | |||||||
-3 | The re-development of our 100% owned property in Toledo, OH, which was acquired in March 2013, is excluded. We expect to announce more details on the redevelopment in 2014. See Note 5. | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Schedule Of Estimated Useful Lives Of Assets [Table Text Block] | ' | ||||||||||
Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||||
Land improvements | 15 years | ||||||||||
Buildings and leasehold improvements | 10-40 years | ||||||||||
Furniture, fixtures and equipment | 2-15 years | ||||||||||
Schedule Of Allowance For Doubtful Accounts Receivable [Table Text Block] | ' | ||||||||||
The allowance for doubtful accounts is summarized as follows (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance at beginning of period | $ | 121 | $ | 246 | $ | 431 | |||||
Charged to expense | 3,432 | 1,728 | 1,566 | ||||||||
Write-offs | -2,433 | -1,853 | -1,751 | ||||||||
Sale of properties | -581 | - | - | ||||||||
Balance at end of period | $ | 539 | $ | 121 | $ | 246 | |||||
Student_Housing_Properties_Tab
Student Housing Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule Of Student Housing Properties Net [Table Text Block] | ' | |||||||
The following is a summary of our student housing properties, net for the periods presented (in thousands): | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 58,439 | $ | 53,984 | ||||
Buildings and improvements | 597,141 | 552,984 | ||||||
Furniture, fixtures and equipment | 60,705 | 62,419 | ||||||
716,285 | 669,387 | |||||||
Less: accumulated depreciation | -102,356 | -97,820 | ||||||
$ | 613,929 | $ | 571,567 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Table Text Block Supplement [Abstract] | ' | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
Significant components of the deferred tax assets and liabilities of the TRSs are as follows: | |||||||||||
December 31, | |||||||||||
2013 | |||||||||||
Deferred tax assets: | |||||||||||
Solar investment tax credit (net of valuation allowance of $484) | $ | 1,441 | |||||||||
Other | 101 | ||||||||||
Total deferred tax assets | 1,542 | ||||||||||
Deferred tax liabilities: | |||||||||||
Deferred revenue | -260 | ||||||||||
Depreciation and amortization | -355 | ||||||||||
Total deferred tax liabilities | -615 | ||||||||||
Net deferred tax assets | $ | 927 | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
Significant components of our income tax provision are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current: | |||||||||||
Federal | $ | - | $ | 150 | $ | 393 | |||||
State | 200 | 206 | 71 | ||||||||
Current expense | 200 | 356 | 464 | ||||||||
Deferred: | |||||||||||
Federal | -885 | - | - | ||||||||
State | -42 | - | - | ||||||||
Deferred benefit | -927 | - | - | ||||||||
Income tax expense (benefit) | $ | -727 | $ | 356 | $ | 464 | |||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||
The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future (in thousands, except per share amounts): | |||||
(Unaudited) | |||||
Year Ended | |||||
December 31, | |||||
2013 | |||||
Revenues | $ | 142,319 | |||
Net income | 1,802 | ||||
Net income (loss) attributable to common stockholders | -4,347 | ||||
Net income (loss) per share attributable to common stockholders - basic and diluted: | $ | -0.07 | |||
Weighted-average common shares outstanding: | |||||
Basic | 64,099 | ||||
Diluted | 64,535 | ||||
Schedule Of Purchase Price Allocations [Table Text Block] | ' | ||||
The following table is an allocation of the purchase price (in thousands): | |||||
Land | $ | 2,237 | |||
In-place leases | 469 | ||||
Buildings and improvements | 10,114 | ||||
Furniture and fixtures | 102 | ||||
Other | 879 | ||||
$ | 13,801 | ||||
The following table is an allocation of the purchase price for The Grove at Moscow and The Grove at Valdosta (in thousands): | |||||
Land | $ | 3,401 | |||
In-place leases | 388 | ||||
Buildings and improvements | 49,911 | ||||
Furniture and fixtures | 1,708 | ||||
Other | 974 | ||||
Debt repaid at time of purchase | -27,299 | ||||
29,083 | |||||
Less estimated fair value of interest owned prior to acquisition | -12,320 | ||||
$ | 16,763 | ||||
Asset_Dispositions_Tables
Asset Dispositions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||
Below is a summary of the results of operations for the properties through the date of disposition for all periods presented (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 9,754 | $ | 8,993 | $ | 8,599 | |||||
Operating expenses | 5,354 | 5,184 | 4,960 | ||||||||
Operating income | 4,400 | 3,809 | 3,639 | ||||||||
Depreciation and amortization | 2,672 | 3,144 | 3,566 | ||||||||
Net income | $ | 1,728 | $ | 665 | $ | 73 | |||||
Impairment on discontinued operations | -4,729 | - | - | ||||||||
Income (loss) from discontinued operations | $ | -3,001 | $ | 665 | $ | 73 | |||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||
Schedule Of Unconsolidated Investments and Debt [Table Text Block] | ' | |||||||||||||||||||
We are the guarantor of the construction and mortgage debt of our joint ventures with HSRE and DCV Holdings. Detail of our unconsolidated investments at December 31, 2013 is presented in the following table (dollars in thousands): | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Weighted | ||||||||||||||||||||
Number of Properties | Average | |||||||||||||||||||
Our | Year | In | Under | Our Total | Amount | Interest | ||||||||||||||
Unconsolidated Entities | Ownership | Founded | Operation | Development | Investment | Outstanding | Rate | Maturity Date / Range | ||||||||||||
HSRE-Campus Crest I, LLC | 49.9 | % | 2009 | 3 | _ | $ | 10,584 | $ | 32,704 | 2.67 | -1% | 2/9/15 | ||||||||
HSRE-Campus Crest IV, LLC | 20 | % | 2011 | 1 | _ | 1,915 | 16,839 | 5.75 | -2% | 3/1/14 | ||||||||||
HSRE-Campus Crest V, LLC | 10 | % | 2011 | 3 | _ | 3,990 | 49,058 | 2.88 | -1% | 12/20/2014 – 01/05/2015 | ||||||||||
HSRE-Campus Crest VI, LLC | 20 | % | 2012 | 3 | _ | 13,562 | 32,998 | 2.53 | -1% | 5/08/2015 – 12/19/2015 | ||||||||||
HSRE-Campus Crest IX, LLC | 30 | % | 2013 | _ | 1 | 18,540 | 966 | 2.37 | -1% | 7/25/16 | ||||||||||
HSRE-Campus Crest X, LLC | 30 | % | 2013 | _ | 2 | 7,783 | - | n/a | n/a | |||||||||||
CB Portfolio | 67 | % | 2013 | 28 | 1 | 261,592 | 392,458 | 5.65 | -3% | 6/01/2014 – 10/01/2020 | ||||||||||
DCV Holdings, LP (4) | 20 | % | 2013 | _ | 2 | 5,337 | 32,881 | 3.72 | % | 1/31/14 | ||||||||||
Other | 20 | % | 2013 | _ | _ | 1,535 | - | n/a | n/a | |||||||||||
Total Unconsolidated Entities | 38 | 6 | $ | 324,838 | $ | 557,904 | 4.93 | % | ||||||||||||
-1 | Variable interest rates. | |||||||||||||||||||
-2 | Comprised of one fixed rate loan. In January 2014, we acquired the outstanding ownership of The Grove at Denton, Texas. | |||||||||||||||||||
-3 | Comprised of fixed rate debt. | |||||||||||||||||||
-4 | In January 2014, DCV Holdings completed the acquisition of an additional re-development property in Montreal, Canada, evo à Sherbrooke, at which time our ownership percentage in CSH Montreal, the holding company that owns DCV Holdings, increased to 35% (see Note 18). Effective December 31, 2013, the debt previously held by the Company was assumed by an affiliate of the joint venture and refinanced in January 2014. | |||||||||||||||||||
Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block] | ' | |||||||||||||||||||
The following is a summary of the combined financial position of our unconsolidated entities with HSRE and other non-Copper Beech joint venture partners in their entirety, not only our interest in the entities, for the periods presented (in thousands): | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Student housing properties, net | $ | 289,797 | $ | 143,108 | ||||||||||||||||
Development in process | 81,994 | 31,940 | ||||||||||||||||||
Other assets | 15,341 | 8,214 | ||||||||||||||||||
Total assets | $ | 387,132 | $ | 183,262 | ||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||
Mortgage and construction loans | $ | 165,445 | $ | 92,456 | ||||||||||||||||
Other liabilities | 58,948 | 30,402 | ||||||||||||||||||
Owners' equity | 162,739 | 60,404 | ||||||||||||||||||
Total liabilities and owners' equity | $ | 387,132 | $ | 183,262 | ||||||||||||||||
Company's share of historical owners' equity | $ | 41,390 | $ | 14,078 | ||||||||||||||||
Preferred investment(1) | 16,468 | 11,828 | ||||||||||||||||||
Net difference in carrying value of investment versus net book | ||||||||||||||||||||
value of underlying net assets(2) | 5,568 | -3,351 | ||||||||||||||||||
Carrying value of investment in HSRE and other non-Copper Beech entities | $ | 63,426 | $ | 22,555 | ||||||||||||||||
-1 | As of December 31, 2013, we had a Class B member interest in The Grove at San Angelo, Texas, The Grove at Indiana, Pennsylvania, and The Grove at Conway, Arkansas, of approximately $2.7 million, $2.7 million and $6.4 million, respectively. In 2013, we acquired additional Class B member interests in two joint venture properties with HSRE that are under construction with anticipated delivery for the 2014-2015 academic year. As of December 31, 2013, our interest in The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, were approximately $2.7 million and $1.9 million, respectively. As of December 31, 2012, we had a Class B member interest in The Grove at San Angelo, Texas, The Grove at Indiana, Pennsylvania, and The Grove at Conway, Arkansas of approximately $2.7 million, $2.7 million and $6.4 million, respectively. These preferred interests entitle us to a 9.0% return on our investment and do not change our effective ownership interest in these properties. | |||||||||||||||||||
-2 | This amount represents the aggregate difference between our 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 difference between the allocated value to acquired entity interests and the venture’s basis in those interests and the capitalization of additional investment in the unconsolidated entity. | |||||||||||||||||||
HSRE and DCV Holdings [Member] | ' | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||
Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block] | ' | |||||||||||||||||||
The following is a summary of the financial position of our investment in Copper Beech in its entirety for the 30 properties in the CB Portfolio, at fair value as of December 31, 2013 (in thousands): | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Student housing properties, net | $ | 748,280 | ||||||||||||||||||
Intangible assets | 37,100 | |||||||||||||||||||
Other assets | 5,201 | |||||||||||||||||||
Total assets | $ | 790,581 | ||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||
Mortgage and construction loans | $ | 421,239 | ||||||||||||||||||
Other liabilities | 13,112 | |||||||||||||||||||
Owners' equity | 356,230 | |||||||||||||||||||
Total liabilities and owners' equity | $ | 790,581 | ||||||||||||||||||
Company's share of owners' equity | $ | 244,964 | ||||||||||||||||||
Net difference in carrying value of investment versus net book | ||||||||||||||||||||
value of underlying net assets(1) | 16,628 | |||||||||||||||||||
Carrying value of investment in Copper Beech | $ | 261,592 | ||||||||||||||||||
-1 | This amount represents the aggregate difference between our 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 difference between the allocated value to acquired entity interests and the venture’s basis in those interests and the capitalization of additional investment in the unconsolidated entity. | |||||||||||||||||||
Copper Beech [Member] | ' | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||
Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block] | ' | |||||||||||||||||||
The following is a summary of the combined operating results for our unconsolidated entities with HSRE and other non-Copper Beech joint venture entities in their entirety, not only our interest in the entities, for the periods presented (in thousands): | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Revenues | $ | 23,422 | $ | 17,934 | $ | 18,089 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Operating expenses | 17,434 | 9,665 | 9,585 | |||||||||||||||||
Interest expense | 5,025 | 4,962 | 6,671 | |||||||||||||||||
Depreciation and amortization | 6,304 | 4,807 | 5,056 | |||||||||||||||||
Total expenses | 28,763 | 19,434 | 21,312 | |||||||||||||||||
Net loss | $ | -5,341 | $ | -1,500 | $ | -3,223 | ||||||||||||||
Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block] | ' | |||||||||||||||||||
The following is a summary of the operating results for our unconsolidated entity, Copper Beech, in its entirety, not only our interest in the entity. The summary includes the results for 37 properties from March 18, 2013 through September 30, 2013, and the results for 30 properties from October 1, 2013 through December 31, 2013. Included in the results are adjustments related to purchase accounting. | ||||||||||||||||||||
Period from | ||||||||||||||||||||
18-Mar-13 | ||||||||||||||||||||
to December 31, 2013 | ||||||||||||||||||||
Revenues | $ | 67,545 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating expenses | 28,316 | |||||||||||||||||||
Interest expense | 11,852 | |||||||||||||||||||
Depreciation and amortization | 56,106 | |||||||||||||||||||
Total expenses | 96,274 | |||||||||||||||||||
Net loss | $ | -28,729 | ||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule Of Mortgage Loans Construction Loans and Line Of Credit [Table Text Block] | ' | |||||||||||||||||||
The following is a summary of our mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands): | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Fixed-rate mortgage loans | $ | 165,393 | $ | 166,706 | ||||||||||||||||
Variable-rate mortgage loans | - | 12,635 | ||||||||||||||||||
Construction loans | 40,138 | 38,996 | ||||||||||||||||||
Line of credit | 108,500 | 72,000 | ||||||||||||||||||
Exchangeable senior notes | 96,758 | - | ||||||||||||||||||
Other debt | 2,694 | 3,375 | ||||||||||||||||||
$ | 413,483 | $ | 293,712 | |||||||||||||||||
Schedule Of Debt Instrument [Table Text Block] | ' | |||||||||||||||||||
Mortgage and construction loans for the periods presented consisted of the following (in thousands): | ||||||||||||||||||||
Principal | Principal | |||||||||||||||||||
Outstanding | Outstanding | Interest | ||||||||||||||||||
Face | at | at | Stated Interest | Rate at | Maturity | |||||||||||||||
Amount | 12/31/13 | 12/31/12 | Rate | 12/31/13 | Date (1) | Amortization | ||||||||||||||
Construction loans | ||||||||||||||||||||
The Grove at Muncie | $ | 14,567 | $ | 12,237 | $ | 1 | LIBOR + 225 bps | 2.42 | % | 7/3/15 | Interest only | |||||||||
The Grove at Fort Collins | 19,073 | 17,228 | 1 | LIBOR + 190 bps | 2.07 | % | 7/13/15 | Interest Only | ||||||||||||
The Grove at Pullman | 16,016 | 10,673 | - | LIBOR + 220 bps | 2.37 | % | 9/5/15 | Interest Only | ||||||||||||
The Grove at Slippery Rock | 17,961 | - | - | Base Rate + 115 bps / LIBOR + 215 bps | 2.32 | % | 6/21/16 | Interest only | ||||||||||||
The Grove at Grand Forks | 16,916 | - | - | LIBOR + 200 bps | 2.17 | % | 2/5/17 | Interest only | ||||||||||||
The Grove at Orono | - | - | 10,506 | LIBOR + 250 bps | - | - | Interest only | 2 | ||||||||||||
The Grove at Auburn | - | - | 13,157 | LIBOR + 295 bps | - | - | Interest only | 2 | ||||||||||||
The Grove at Flagstaff | - | - | 15,331 | Prime + 25 bps / LIBOR + 250 bps | - | - | Interest only | 2 | ||||||||||||
Mortgage loans | ||||||||||||||||||||
The Grove at Milledgeville | 16,250 | 15,847 | 16,041 | 6.12% | 6.12 | % | 10/1/16 | 30 years | 3 | |||||||||||
The Grove at Carrollton and The Grove at Las Cruces | 29,790 | 29,052 | 29,408 | 6.13% | 6.13 | % | 10/11/16 | 30 years | 3 | |||||||||||
The Grove at Asheville | 14,800 | 14,500 | 14,684 | 5.77% | 5.77 | % | 4/11/17 | 30 years | 3 | |||||||||||
The Grove at Ellensburg | 16,125 | 16,070 | 16,125 | 5.10% | 5.1 | % | 9/1/18 | 30 years | 3 | |||||||||||
The Grove at Nacogdoches | 17,160 | 17,100 | 17,160 | 5.01% | 5.01 | % | 9/1/18 | 30 years | 4 | |||||||||||
The Grove at Greeley | 15,233 | 15,194 | 15,233 | 4.29% | 4.29 | % | 10/1/18 | 30 years | 3 | |||||||||||
The Grove at Clarksville | 16,350 | 16,350 | 16,350 | 4.03% | 4.03 | % | 7/1/22 | 30 years | 4 5 | |||||||||||
The Grove at Columbia | 23,775 | 23,180 | 23,605 | 3.83% | 3.83 | % | 7/1/22 | 30 years | 6 | |||||||||||
The Grove at Statesboro | 18,100 | 18,100 | 18,100 | 4.01% | 4.01 | % | 1/1/23 | 30 years | 3 | |||||||||||
The Grove at Huntsville | - | - | 12,635 | LIBOR + 250 bps | - | - | Interest only | 2 | ||||||||||||
$ | 205,531 | $ | 218,337 | |||||||||||||||||
-1 | For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. | |||||||||||||||||||
-2 | Loan was repaid in full during the year ended December 31, 2013. | |||||||||||||||||||
-3 | Loans require interest only payments, plus certain reserves and escrows, that are payable monthly for a period of five years. Monthly payments of principal and interest, plus certain reserve and escrow amounts, are due thereafter until maturity when all principal is due. | |||||||||||||||||||
-4 | Interest only for the first two years, followed by 30 year amortization. | |||||||||||||||||||
-5 | Loan requires interest only payments, plus certain reserves and escrows payable monthly through August 2014, thereafter, principal and interest, plus certain reserves and escrows that are payable monthly until maturity. | |||||||||||||||||||
-6 | Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. | |||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||||||||
Scheduled debt maturities for each of the five years subsequent to December 31, 2013 and thereafter, are as follows (in thousands): | ||||||||||||||||||||
2014 | $ | 2,437 | ||||||||||||||||||
2015 | 42,845 | |||||||||||||||||||
2016 | 45,883 | |||||||||||||||||||
2017 | 124,455 | |||||||||||||||||||
2018 | 146,584 | |||||||||||||||||||
Thereafter | 54,521 | |||||||||||||||||||
416,725 | ||||||||||||||||||||
Debt discount | -3,242 | |||||||||||||||||||
Outstanding as of December 31, 2013, net of debt discount | $ | 413,483 | ||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | ||||||||||||||||||||||||
The following is a summary of the derivative instruments we entered into for the periods presented (in thousands): | |||||||||||||||||||||||||
As of December 31, 2013 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Derivative | Notional | Receive | Pay or | Maturity | |||||||||||||||||||||
Agreement | Amount | Rate | Strike Rate | Date | Asset | Liability | Asset | Liability | |||||||||||||||||
Interest rate cap | 100,000 | 1 Month LIBOR | 2.5 | % | January 2014 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Interest rate cap | 50,000 | 1 Month LIBOR | 2.5 | % | Jan-14 | - | - | - | - | ||||||||||||||||
Interest rate cap | 50,000 | 1 Month LIBOR | 2.5 | % | Jan-14 | - | - | - | - | ||||||||||||||||
Interest rate cap | 18,762 | 1 Month LIBOR | 1.25 | % | Apr-13 | - | - | - | - | ||||||||||||||||
Interest rate swap | 18,762 | 1 Month LIBOR | 1.39 | % | Apr-13 | - | - | - | -73 | ||||||||||||||||
$ | - | $ | - | $ | - | $ | -73 | ||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for years ended December 31, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) | $ | - | $ | 154 | |||||||||||||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | $ | -58 | $ | -216 | |||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | |||||||||||||
Interest rate caps and interest rate swaps measured at fair value for the periods presented are as follows (in thousands): | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | ||||||||||||||
for Identical | Significant Other | Significant | ||||||||||||
Assets and | Observable | Unobservable | ||||||||||||
Liabilities | Inputs | Inputs | Balance at end of | |||||||||||
(Level 1) | (Level 2) | (Level 3) | Period | |||||||||||
31-Dec-13 | $ | - | $ | - | $ | - | $ | - | ||||||
Other assets - Interest rate caps | ||||||||||||||
31-Dec-13 | ||||||||||||||
Other liabilities - Interest rate swaps | $ | - | -73 | - | -73 | |||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||
The following is a summary of the fair value of our mortgages, construction loans payable, other debt and Exchangeable Senior Notes aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||
Estimated Fair Value | ||||||||||||||
December 31, 2013 | Quoted Prices in | Significant Other | Significant | Carrying Value | ||||||||||
Active Markets | Observable | Unobservable | ||||||||||||
for Identical | Inputs | Inputs | ||||||||||||
Assets and | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||
(Level 1) | ||||||||||||||
Fixed-rate mortgage loans | $ | - | $ | 161,379 | $ | - | $ | 165,393 | ||||||
Variable-rate mortgage loans | - | - | - | - | ||||||||||
Construction loans | - | 40,258 | - | 40,138 | ||||||||||
Exchangeable senior notes | - | 98,547 | - | 96,758 | ||||||||||
Other Debt | - | 2,671 | - | 2,694 | ||||||||||
31-Dec-12 | ||||||||||||||
Fixed-rate mortgage loans | - | 172,228 | - | 166,706 | ||||||||||
Variable-rate mortgage loans | - | 12,620 | - | 12,635 | ||||||||||
Construction loans | - | 39,494 | - | 38,996 | ||||||||||
Other Debt | - | 2,684 | - | 3,375 | ||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
Computations of basic and diluted income (loss) per share for the periods presented are as follows (in thousands, except per share data): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Basic earnings: | |||||||||||
Income from continuing operations | $ | 4,619 | $ | 10,133 | $ | 3,708 | |||||
Preferred stock dividends | -6,183 | -4,114 | - | ||||||||
Income from continuing operations attributable to noncontrolling | -12 | 41 | 50 | ||||||||
interests | |||||||||||
Income from continuing operations attributable to common | -1,552 | 5,978 | 3,658 | ||||||||
stockholders - basic | |||||||||||
Income (loss) from discontinued operations | -3,001 | 665 | 73 | ||||||||
Income (loss) from discontinued operations attributable to | -22 | 5 | 1 | ||||||||
noncontrolling interests | |||||||||||
Income from discontinued operations attributable to common | -2,979 | 660 | 72 | ||||||||
stockholders - basic | |||||||||||
Net income (loss) attributable to common stockholders | $ | -4,531 | $ | 6,638 | $ | 3,730 | |||||
Weighted average common shares outstanding: | |||||||||||
Basic | 59,984 | 34,781 | 30,717 | ||||||||
Incremental shares from assumed conversion — OP units | 434 | 436 | 436 | ||||||||
Diluted | 60,418 | 35,217 | 31,153 | ||||||||
Basic and diluted earnings per share: | |||||||||||
Income (loss) from continuing operations attributable to | $ | -0.03 | $ | 0.17 | $ | 0.12 | |||||
common stockholders - basic and diluted | |||||||||||
Income (loss) from discontinued operations attributable to | $ | -0.05 | $ | 0.02 | $ | - | |||||
common stockholders - basic and diluted | |||||||||||
Net income (loss) attributable to common stockholders - basic | $ | -0.08 | $ | 0.19 | $ | 0.12 | |||||
and diluted | |||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | |||||||||||||||||||||
The following is a summary of changes in the shares of our common stock for the periods shown (in thousands): | ||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
Common shares at beginning of period | 38,558 | 30,710 | ||||||||||||||||||||
Issuance of common shares | 25,530 | 7,475 | ||||||||||||||||||||
Issuance of restricted shares | 496 | 376 | ||||||||||||||||||||
Forfeiture of restricted shares | -82 | -3 | ||||||||||||||||||||
Common shares at end of period | 64,502 | 38,558 | ||||||||||||||||||||
Changes In Shares of Operating Partnership Units [Table Text Block] | ' | |||||||||||||||||||||
The following is a summary of changes in the number of OP Units for the periods shown (in thousands): | ||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
OP Units at beginning of period | 436 | 436 | ||||||||||||||||||||
Redemption of OP Units | -2 | - | ||||||||||||||||||||
OP Units at end of period | 434 | 436 | ||||||||||||||||||||
Schedule of Dividends Payable [Table Text Block] | ' | |||||||||||||||||||||
The following is a summary of the taxable nature of our dividends for the periods shown: | ||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||
Common Stock: | ||||||||||||||||||||||
Ordinary Dividend | $ | 0.097 | 14.8 | % | $ | 0.018 | 2.8 | % | $ | 0.093 | 15.3 | % | ||||||||||
Qualified Dividend | 0.008 | 1.2 | % | 0.001 | 0.2 | % | - | 0 | % | |||||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||||
Unrecaptured Sec. 1250 | 0.019 | 2.9 | % | - | 0 | % | - | 0 | % | |||||||||||||
Return of Capital | 0.531 | 81.1 | % | 0.621 | 97 | % | 0.514 | 84.7 | % | |||||||||||||
Total | $ | 0.655 | 100 | % | $ | 0.64 | 100 | % | $ | 0.607 | 100 | % | ||||||||||
Preferred Stock: | ||||||||||||||||||||||
Ordinary Dividend | $ | 1.565 | 78.3 | % | $ | 1.272 | 92.7 | % | $ | - | 0 | % | ||||||||||
Qualified Dividend | 0.128 | 6.4 | % | 0.1 | 7.3 | % | - | 0 | % | |||||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||||
Unrecaptured Sec. 1250 | 0.307 | 15.3 | % | - | 0 | % | - | 0 | % | |||||||||||||
Return of Capital | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||||
Total | $ | 2 | 100 | % | $ | 1.372 | 100 | % | $ | - | 0 | % | ||||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | |||||||||||||
The following is a summary of our plan activity for the periods shown (in thousands, except weighted average grant price): | ||||||||||||||
Restricted | Restricted | Weighted | ||||||||||||
Common | Restricted OP | Average | ||||||||||||
Stock | Units | Total | Grant Price | |||||||||||
Unvested balances at December 31, 2012 | 438 | 50 | 488 | $ | 11.07 | |||||||||
Granted | 497 | - | 497 | 12.65 | ||||||||||
Vested | -205 | -50 | -255 | 11.39 | ||||||||||
Forfeited | -82 | - | -82 | 12.53 | ||||||||||
Unvested balances at December 31, 2013 | 648 | - | 648 | $ | 11.97 | |||||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||
The following tables set forth our segment information for the periods presented (in thousands): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Student Housing Operations: | |||||||||||
Revenues from external customers | $ | 91,250 | $ | 74,091 | $ | 51,110 | |||||
Operating expenses | 62,971 | 53,476 | 39,916 | ||||||||
Income from wholly-owned student housing operations | 28,279 | 20,615 | 11,194 | ||||||||
Equity in earnings (losses) of unconsolidated earnings | -3,727 | 361 | -1,164 | ||||||||
Operating income | 24,552 | 20,976 | 10,030 | ||||||||
Nonoperating expenses | -10,529 | -10,246 | -5,176 | ||||||||
Net income | 14,023 | 10,730 | 4,854 | ||||||||
Net income attributable to noncontrolling interest | 136 | 106 | 61 | ||||||||
Net income attributable to common stockholders | $ | 13,887 | $ | 10,624 | $ | 4,793 | |||||
Depreciation and amortization | $ | 22,356 | $ | 20,377 | $ | 16,266 | |||||
Capital expenditures | $ | 142,167 | $ | 111,167 | $ | 111,135 | |||||
Investment in unconsolidated entities | $ | 324,838 | $ | 22,555 | $ | 21,052 | |||||
Total segment assets at end of period | $ | 719,018 | $ | 617,975 | $ | 490,882 | |||||
Development, Construction and Management Services: | |||||||||||
Revenues from external customers | $ | 51,069 | $ | 54,295 | $ | 35,084 | |||||
Intersegment revenues | 102,073 | 77,937 | 88,443 | ||||||||
Total revenues | 153,142 | 132,232 | 123,527 | ||||||||
Operating expenses | 146,458 | 128,291 | 115,629 | ||||||||
Operating income | 6,684 | 3,941 | 7,898 | ||||||||
Nonoperating expenses | - | -12 | -499 | ||||||||
Net income | 6,684 | 3,929 | 7,399 | ||||||||
Net income attributable to noncontrolling interest | 64 | 38 | 74 | ||||||||
Net income attributable to common stockholders | $ | 6,620 | $ | 3,891 | $ | 7,325 | |||||
Depreciation and amortization | $ | 234 | $ | 103 | $ | 90 | |||||
Total segment assets at end of period | $ | 88,515 | $ | 51,141 | $ | 22,818 | |||||
Reconciliations: | |||||||||||
Total segment revenues | $ | 244,392 | $ | 206,323 | $ | 174,637 | |||||
Elimination of intersegment revenues | -102,073 | -77,937 | -88,443 | ||||||||
Total consolidated revenues | $ | 142,319 | $ | 128,386 | $ | 86,194 | |||||
Segment operating income | $ | 31,236 | $ | 24,917 | $ | 17,928 | |||||
Interest expense | -12,969 | -11,545 | -6,888 | ||||||||
Net unallocated expenses related to corporate overhead | -15,789 | -9,027 | -10,747 | ||||||||
Other income (expense) | 1,414 | -410 | 720 | ||||||||
Gain on purchase of previously unconsolidated entities | - | 6,554 | 3,159 | ||||||||
Net income before income tax benefit (expense) | $ | 3,892 | $ | 10,489 | $ | 4,172 | |||||
Total segment assets | $ | 1,132,371 | $ | 691,671 | $ | 534,752 | |||||
Unallocated corporate assets and eliminations | 50,308 | 4,649 | 5,505 | ||||||||
Total assets at end of period | $ | 1,182,679 | $ | 696,320 | $ | 540,257 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Future minimum payments over the life of our corporate office lease and long-term ground leases subsequent to December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 1,238 | |||
2015 | 1,293 | ||||
2016 | 1,304 | ||||
2017 | 1,320 | ||||
2018 | 1,309 | ||||
Thereafter | 28,148 | ||||
Total future minimum lease payments | $ | 34,612 | |||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The sum of the quarterly income (loss) per share amounts may not equal the annual income per share amounts due primarily to changes in the number of common shares outstanding from quarter to quarter (in thousands, except per share data): | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 32,998 | $ | 36,526 | $ | 37,811 | $ | 34,984 | ||||||
Operating income | 4,292 | 5,884 | 6,856 | -1,585 | ||||||||||
Net income (loss) | 2,167 | 3,940 | 4,853 | -9,342 | ||||||||||
Net income (loss) attributable to common stockholders | 1,006 | 2,771 | 3,677 | -11,985 | -1 | |||||||||
Net income (loss) attributable to common stockholders per | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | -0.18 | ||||||
share - basic and diluted | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
Total revenues | $ | 30,716 | $ | 33,186 | $ | 32,146 | $ | 32,338 | ||||||
Operating income | 2,601 | 2,968 | 5,014 | 5,307 | ||||||||||
Net income (loss) | -980 | 460 | 9,050 | 2,268 | ||||||||||
Net income (loss) attributable to common stockholders | -1,635 | -676 | 7,839 | 1,110 | ||||||||||
Net income (loss) attributable to common stockholders per | $ | -0.05 | $ | -0.02 | $ | 0.2 | $ | 0.03 | ||||||
share - basic and diluted | ||||||||||||||
(1) The purchase price allocation for our Copper Beech acquisition was finalized and all required adjustments are reflected in our fourth quarter information. | ||||||||||||||
Organization_and_Description_o2
Organization and Description of Business (Details) | Dec. 31, 2013 | |
Properties in Operation | 41 | |
Properties Under Construction | 6 | [1] |
Total Portfolio [Member] | ' | |
Properties in Operation | 69 | [2] |
Properties Under Construction | 10 | [1],[2] |
Wholly owned Grove properties [Member] | ' | |
Properties in Operation | 31 | |
Properties Under Construction | 4 | [1] |
Joint Venture Grove properties [Member] | ' | |
Properties in Operation | 10 | |
Properties Under Construction | 2 | [1] |
Joint Venture evo properties [Member] | ' | |
Properties in Operation | 0 | [3] |
Properties Under Construction | 3 | [3] |
CB Portfolio [Member] | ' | |
Properties in Operation | 28 | |
Properties Under Construction | 1 | [1] |
[1] | For delivery in the 2014-2015 academic year, consolidated entities under construction include The Grove at Slippery Rock, Pennsylvania, The Grove at Grand Forks, North Dakota, The Grove at Gainesville, Florida, and The Grove at Mt. Pleasant, Michigan. For delivery in the 2014-2015 academic year, joint venture properties under construction include evo at Cira Centre South, Pennsylvania, The Grove at Louisville, Kentucky, The Grove at Greensboro, North Carolina, evo C Square Victoria, Montreal, and evo C Sherbrooke, Montreal. We also have an interest in a Copper Beech property under construction, Copper Beech at Ames. | |
[2] | The re-development of our 100% owned property in Toledo, OH, which was acquired in March 2013, is excluded. We expect to announce more details on the redevelopment in 2014. See Note 5. | |
[3] | Renovation work began on evo C Sherbrooke in January 2014. |
Organization_and_Description_o3
Organization and Description of Business (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Number of Units in Real Estate Property | 3 |
Real Estate Investment Trust ,Percentage Of Distribute Of Income,Minimum | 90.00% |
Properties in Operation | 41 |
Copper Beech [Member] | ' |
Properties in Operation | 28 |
Wholly owned Grove properties [Member] | ' |
Properties in Operation | 31 |
Joint Venture Grove properties [Member] | ' |
Properties in Operation | 10 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Land Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Buildings and Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Buildings and Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Furniture, fixtures, and equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Furniture, fixtures, and equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance at beginning of period | $121 | $246 | $431 |
Charged to expense | 3,432 | 1,728 | 1,566 |
Asset disposals | -2,433 | -1,853 | -1,751 |
Sale of properties | -581 | 0 | 0 |
Balance at end of period | $539 | $121 | $246 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Interest Costs Capitalized | $3,300,000 | $2,400,000 | $2,000,000 |
Real Estate Property, Capitalized Of Indirect Costs | 9,000,000 | 7,400,000 | 6,800,000 |
Deferred Costs | 10,500,000 | 8,100,000 | ' |
Restricted Cash and Cash Equivalents | 28,200,000 | ' | ' |
Business Interruption Insurance Recovery | 1,400,000 | ' | ' |
Estimated Insurance Recoveries | 1,000,000 | ' | ' |
Marketing and Advertising Expense | 1,500,000 | 1,300,000 | 700,000 |
Proceeds from Life Insurance Policies | 2,500,000 | ' | ' |
Impairment Of Unconsolidated Joint Venture | 312,000 | 0 | 0 |
Proceeds from Insurance Settlement, Investing Activities | 2,500,000 | 0 | 0 |
Cost and earnings in excess of construction billings | 42,803,000 | 23,077,000 | ' |
Grove At Pullman [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 3,500,000 | ' | ' |
The Grove at Denton, Texas [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 300,000 | ' | ' |
The Grove at Jacksonville, Alabama, [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 4,700,000 | ' | ' |
The Grove at Jonesboro, Arkansas, [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 4,700,000 | ' | ' |
The Grove at Wichita, Kansas, [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 4,700,000 | ' | ' |
The Grove at Wichita Falls, Texas [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | $4,700,000 | ' | ' |
Student_Housing_Properties_Det
Student Housing Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Land | $58,439 | $53,984 | ' | ' |
Buildings and improvements | 597,141 | 552,984 | ' | ' |
Furniture, fixtures and equipment | 60,705 | 62,419 | ' | ' |
Student housing properties | 716,285 | 669,387 | 512,227 | 372,746 |
Less: accumulated depreciation | -102,356 | -97,820 | ' | ' |
Investment in real estate, net | $613,929 | $571,567 | ' | ' |
Student_Housing_Properties_Det1
Student Housing Properties (Details Textual) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Campus Crest At Toledo Ohio [Member] | Grove At Pullman [Member] | |
Equity Method Investment, Ownership Percentage | 67.00% | 100.00% | ' |
Loss Due To Fire On Property | ' | ' | $3 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deferredtaxassets: | ' |
Solar investment tax credit (net of valuation allowance of $484) | $1,441 |
Other | 101 |
Total deferred tax assets | 1,542 |
Deferred tax liabilities: | ' |
Deferred revenue | -260 |
Depreciation and amortization | -355 |
Total deferred tax liabilities | -615 |
Net deferred tax assets | $927 |
Income_Taxes_Parenthetical_Det
Income Taxes (Parenthetical) (Details) (USD $) | Dec. 31, 2013 |
Deferred Tax Assets, Valuation Allowance | $484 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $150 | $393 |
State | 200 | 206 | 71 |
Current expense | 200 | 356 | 464 |
Deferred: | ' | ' | ' |
Federal | -885 | 0 | 0 |
State | -42 | 0 | 0 |
Deferred benefit | -927 | 0 | 0 |
Income tax expense (benefit) | ($727) | $356 | $464 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 90.00% | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $0 | $0 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Revenues | $142,319 |
Net income | 1,802 |
Net income (loss) attributable to common stockholders | ($4,347) |
Net income (loss) per share attributable to common stockholders - basic and diluted: | ($0.07) |
Weighted-average common shares outstanding: | ' |
Basic | 64,099 |
Diluted | 64,535 |
Business_Acquisitions_Details_
Business Acquisitions (Details 1) (USD $) | Jul. 31, 2012 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Grove At Moscow Valdosta [Member] | Toledo Ohio [Member] |
Land | $3,401 | $2,237 |
In-place leases | 388 | 469 |
Buildings and improvements | 49,911 | 10,114 |
Furniture and fixtures | 1,708 | 102 |
Other | 974 | 879 |
Debt repaid at time of purchase | -27,299 | ' |
Business Acquisitions Purchase Price Allocation Assets Acquired | 29,083 | ' |
Less estimated fair value of interest owned prior to acquisition | -12,320 | ' |
Business Acquisitions Costs Of Acquired Entity Purchase Price | $16,763 | $13,801 |
Business_Acquisitions_Details_1
Business Acquisitions (Details Textual) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Share data in Millions, unless otherwise specified | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jul. 31, 2012 | Jan. 15, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Mar. 31, 2013 | Jul. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Copper Beech [Member] | Copper Beech [Member] | DCV Holdings, LP [Member] | Grove At Moscow Idaho Valdosta Georgia [Member] | Copper Beech Purchase Agreement [Member] | Copper Beech Purchase Agreement [Member] | March 18, 2014 to August 18, 2014 [Member] | May 2015 [Member] | May 2016 [Member] | Harrison Street Real Estate [Member] | Harrison Street Real Estate Campus Crest [Member] | Campus Crest At Toledo Ohio [Member] | Grove At Valdosta Georgia [Member] | ||
CAD | USD ($) | USD ($) | Cb Investors [Member] | Cb Investors [Member] | Members Of Cbtc and Cbtc Pa [Member] | Non Member Investors [Member] | Purchase and Sale Agreement [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||
Business Acquisitions Costs Of Acquired Entity Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $230,200,000 | ' | $16,800,000 | ' | ' | ' | ' | ' | ' | ' | $13,800,000 | ' |
Company Ownership Percentage | ' | 67.00% | ' | ' | ' | ' | ' | ' | 48.00% | 48.00% | ' | 52.00% | 36.30% | 11.70% | 48.00% | ' | ' | 20.00% | 49.90% | ' | 48.00% | ' | ' | ' | 50.10% | 80.00% | 100.00% | 20.00% |
Student Housing Properties Average Age In Year | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | 65,000,000 | 7,700,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Other Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | -3,727,000 | 361,000 | -1,164,000 | ' | ' | ' | ' | -1,700,000 | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | 16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | 25.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans On Real Estate Interest Rate Of Tem Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,700,000 | ' | ' | ' | ' | ' | ' | 21,000,000 | 19,000,000 | ' | ' | ' | ' | ' |
Payment for investors fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Description | ' | 'Pursuant to the terms of the Amendment, following receipt of required third party consents, we will transfer our 48.0% interest in five properties in the Copper Beech Portfolio (Copper Beech Auburn, Copper Beech Kalamazoo Phase 1, Copper Beech Kalamazoo Phase 2, Copper Beech Oak Hill and Copper Beech Statesboro Phase 1) back to the CB Investors and defer the acquisition of the two Phase II development properties (Cooper Beech Mt. Pleasant Phase 2 and Cooper Beech Statesboro Phase 2) until August 18, 2014 as consideration for an additional 19.0% interest in each of the remaining 30 properties in the Copper Beech Portfolio (the “Initial Copper Beech Properties”). Following the transfer of such properties, we will hold a 67.0% interest in each of 30 properties in the Copper Beech Portfolio, with the CB Investors holding the remaining 33.0% interest. In addition, under the terms of the Amendment, we have the option, exercisable from March 18, 2014 through August 18, 2014, to acquire an 18.0% interest in each of the seven properties whose acquisition is being deferred (collectively, the “Deferred Copper Beech Properties”), which will entitle us to 33.0% of the operating cash flows of such Deferred Copper Beech Properties. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisitions price for exercise of option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | ' | ' | ' | ' | ' | 93,500,000 | 100,700,000 | 53,400,000 | ' | ' | ' | ' |
Business Acquisition Percentage for exercise of option interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description for acquire additional interests in Portfolio Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 'As of the date of the CB Portfolio Acquisition, the CB Portfolio comprised approximately 6,242 rentable units with approximately 16,645 rentable beds. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Beginning March 18, 2014 through August 18, 2014, we have the option to acquire an additional 18.0% interest in the Initial Copper Beech Properties, increasing our aggregate interest in such properties to 85.0%, which will entitle us to 100% of the operating cash flows of the Initial Copper Beech Properties. | 'Through May 2015, we have the option to acquire an additional 3.9% interest in the Initial Copper Beech Properties and an additional 70.9% interest in the Deferred Copper Beech Properties, increasing our aggregate interest in all 37 properties in the Copper Beech Portfolio to 88.9%, which will entitle us to 100% of the operating cash flows of the Initial Copper Beech Properties and the Deferred Copper Beech Properties. | 'Through May 2016, we have the option to acquire an additional 11.1% interest in the Copper Beech Portfolio, increasing our aggregate interest to 100%. | ' | ' | ' | ' |
Repayment of outstanding principal balance | 31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Interest in Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Option One | ' | 'If the first purchase option is not exercised, we will be entitled to a 48.0% interest in all 37 properties in the CB Portfolio and will be entitled to 48.0% of operating cash flows and 45.0% of the proceeds of any sale of any portion of the CB Portfolio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Option Two | ' | 'If the first purchase option is exercised but the second purchase option is not exercised, we will be entitled to a 75.0% interest in all 37 properties in the CB Portfolio and will be entitled to 75.0% of operating cash flows and 70.0% of the proceeds of any sale of any portion of the CB Portfolio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Option Three | ' | 'If the second purchase option is exercised but the third purchase option is not exercised, we will retain our 88.9% interest in the CB Portfolio and will be entitled to 88.9% of both operating cash flows and the proceeds of any sale of any portion of the CB Portfolio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Of Land | ' | 32,400,000 | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Preexisting Relationship Gain Loss Recognized On Restatement | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | $500,000 | $1,000,000 | $900,000 | ' | ' | ' | ' | $16,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture properties | ' | 30 | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return On Investment Of Properties | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Asset_Dispositions_Details
Asset Dispositions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenue | $9,754 | $8,993 | $8,599 |
Operating expenses | 5,354 | 5,184 | 4,960 |
Operating income | 4,400 | 3,809 | 3,639 |
Depreciation and amortization | 2,672 | 3,144 | 3,566 |
Net income | 1,728 | 665 | 73 |
Impairment on discontinued operations | -4,729 | 0 | 0 |
Income (loss) from discontinued operations | ($3,001) | $665 | $73 |
Asset_Dispositions_Details_Tex
Asset Dispositions (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Combined Sale Price Of Property | $51 |
Proceeds from Sale of Productive Assets | 48.6 |
Disposal Group Including Discontinued Operation Impairment On Discontinued Operation | $4.70 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 67.00% | ' | |
Number of Properties, In Operations | 38 | ' | |
Number of Properties, Under Operations | 6 | ' | |
Investment in unconsolidated entities | $324,838 | $22,555 | |
Construction Loan | 557,904 | ' | |
Debt, Weighted Average Interest Rate | 4.93% | ' | |
Maturity Date | 13-Jan-16 | ' | |
Cb Portfolio [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 67.00% | ' | |
Year Founded | '2013 | ' | |
Number of Properties, In Operations | 28 | ' | |
Number of Properties, Under Operations | 1 | ' | |
Investment in unconsolidated entities | 261,592 | ' | |
Construction Loan | 392,458 | ' | |
Debt, Weighted Average Interest Rate | 5.65% | [1] | ' |
Debt, Maturity Start Date | 1-Jun-14 | ' | |
Debt, Maturity End Date | 1-Oct-20 | ' | |
HSRE Campus Crest I LLC [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 49.90% | ' | |
Year Founded | '2009 | ' | |
Number of Properties, In Operations | 3 | ' | |
Number of Properties, Under Operations | 0 | ' | |
Investment in unconsolidated entities | 10,584 | ' | |
Construction Loan | 32,704 | ' | |
Debt, Weighted Average Interest Rate | 2.67% | [2] | ' |
Maturity Date | 9-Feb-15 | ' | |
HSRE Campus Crest IV LLC [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 20.00% | ' | |
Year Founded | '2011 | ' | |
Number of Properties, In Operations | 1 | ' | |
Number of Properties, Under Operations | 0 | ' | |
Investment in unconsolidated entities | 1,915 | ' | |
Construction Loan | 16,839 | ' | |
Debt, Weighted Average Interest Rate | 5.75% | [3] | ' |
Maturity Date | 1-Mar-14 | ' | |
HSRE Campus Crest V LLC [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 10.00% | ' | |
Year Founded | '2011 | ' | |
Number of Properties, In Operations | 3 | ' | |
Number of Properties, Under Operations | 0 | ' | |
Investment in unconsolidated entities | 3,990 | ' | |
Construction Loan | 49,058 | ' | |
Debt, Weighted Average Interest Rate | 2.88% | [2] | ' |
Debt, Maturity Start Date | 20-Dec-14 | ' | |
Debt, Maturity End Date | 5-Jan-15 | ' | |
HSRE Campus Crest VI LLC [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 20.00% | ' | |
Year Founded | '2012 | ' | |
Number of Properties, In Operations | 3 | ' | |
Number of Properties, Under Operations | 0 | ' | |
Investment in unconsolidated entities | 13,562 | ' | |
Construction Loan | 32,998 | ' | |
Debt, Weighted Average Interest Rate | 2.53% | [2] | ' |
Debt, Maturity Start Date | 8-May-15 | ' | |
Debt, Maturity End Date | 19-Dec-15 | ' | |
HSRE Campus Crest IX LLC [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 30.00% | ' | |
Year Founded | '2013 | ' | |
Number of Properties, In Operations | 0 | ' | |
Number of Properties, Under Operations | 1 | ' | |
Investment in unconsolidated entities | 18,540 | ' | |
Construction Loan | 966 | ' | |
Debt, Weighted Average Interest Rate | 2.37% | [2] | ' |
Maturity Date | 25-Jul-16 | ' | |
HSRE Campus Crest X LLC [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 30.00% | ' | |
Year Founded | '2013 | ' | |
Number of Properties, In Operations | 0 | ' | |
Number of Properties, Under Operations | 2 | ' | |
Investment in unconsolidated entities | 7,783 | ' | |
Construction Loan | 0 | ' | |
Debt, Weighted Average Interest Rate | 0.00% | ' | |
DCV Holdings, LP [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 20.00% | ' | |
Year Founded | '2013 | ' | |
Number of Properties, In Operations | 0 | ' | |
Number of Properties, Under Operations | 2 | ' | |
Investment in unconsolidated entities | 5,337 | ' | |
Construction Loan | 32,881 | ' | |
Debt, Weighted Average Interest Rate | 3.72% | ' | |
Maturity Date | 31-Jan-14 | [4] | ' |
Other Unconsolidated Entities [Member] | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Company Ownership Percentage | 20.00% | ' | |
Year Founded | '2013 | ' | |
Number of Properties, In Operations | 0 | ' | |
Number of Properties, Under Operations | 0 | ' | |
Investment in unconsolidated entities | 1,535 | ' | |
Construction Loan | $0 | ' | |
Debt, Weighted Average Interest Rate | 0.00% | ' | |
[1] | Comprised of fixed rate debt. | ||
[2] | Variable interest rates. | ||
[3] | Comprised of one fixed rate loan. In January 2014, we acquired the outstanding ownership of The Grove at Denton, Texas. | ||
[4] | In January 2014, DCV Holdings completed the acquisition of an additional re-development property in Montreal, Canada, evo C Sherbrooke, at which time our ownership percentage in CSH Montreal, the holding company that owns DCV Holdings, increased to 35% (see Note 18). Effective December 31, 2013, the debt previously held by the Company was assumed by an affiliate of the joint venture and refinanced in January 2014. |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Entities (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Assets | ' | ' | ' | ||
Development in Process | $91,184 | $50,781 | $45,278 | ||
Liabilities and Equity | ' | ' | ' | ||
Carrying value of investment in unconsolidated entities | 324,838 | 22,555 | ' | ||
HSRE and DCV Holdings [Member] | ' | ' | ' | ||
Assets | ' | ' | ' | ||
Student housing properties, net | 289,797 | 143,108 | ' | ||
Development in Process | 81,994 | 31,940 | ' | ||
Other assets | 15,341 | 8,214 | ' | ||
Total assets | 387,132 | 183,262 | ' | ||
Liabilities and Equity | ' | ' | ' | ||
Mortgage and construction loans | 165,445 | 92,456 | ' | ||
Other liabilities | 58,948 | 30,402 | ' | ||
Ownersb equity | 162,739 | 60,404 | ' | ||
Total liabilities and owners' equity | 387,132 | 183,262 | ' | ||
Company's share of historical owners' equity | 41,390 | 14,078 | ' | ||
Preferred investment | 16,468 | [1] | 11,828 | [1] | ' |
Net difference in carrying value of investment versus net book value of underlying net assets | 5,568 | [2] | -3,351 | ' | |
Carrying value of investment in unconsolidated entities | 63,426 | 22,555 | ' | ||
Copper Beech [Member] | ' | ' | ' | ||
Assets | ' | ' | ' | ||
Student housing properties, net | 748,280 | ' | ' | ||
Intangible assets | 37,100 | ' | ' | ||
Other assets | 5,201 | ' | ' | ||
Total assets | 790,581 | ' | ' | ||
Liabilities and Equity | ' | ' | ' | ||
Mortgage and construction loans | 421,239 | ' | ' | ||
Other liabilities | 13,112 | ' | ' | ||
Ownersb equity | 356,230 | ' | ' | ||
Total liabilities and owners' equity | 790,581 | ' | ' | ||
Company's share of historical owners' equity | 244,964 | ' | ' | ||
Net difference in carrying value of investment versus net book value of underlying net assets | 16,628 | [2] | ' | ' | |
Carrying value of investment in unconsolidated entities | $261,592 | ' | ' | ||
[1] | As of December 31, 2013, we had a Class B member interest in The Grove at San Angelo, Texas, The Grove at Indiana, Pennsylvania, and The Grove at Conway, Arkansas, of approximately $2.7 million, $2.7 million and $6.4 million, respectively. In 2013, we acquired additional Class B member interests in two joint venture properties with HSRE that are under construction with anticipated delivery for the 2014-2015 academic year. As of December 31, 2013, our interest in The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, were approximately $2.7 million and $1.9 million, respectively. As of December 31, 2012, we had a Class B member interest in The Grove at San Angelo, Texas, The Grove at Indiana, Pennsylvania, and The Grove at Conway, Arkansas of approximately $2.7 million, $2.7 million and $6.4 million, respectively. These preferred interests entitle us to a 9.0% return on our investment and do not change our effective ownership interest in these properties. | ||||
[2] | This amount represents the aggregate difference between our 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 difference between the allocated value to acquired entity interests and the venturebs basis in those interests and the capitalization of additional investment in the unconsolidated entity. |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Entities (Details 2) (USD $) | 12 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
HSRE and DCV Holdings [Member] | HSRE and DCV Holdings [Member] | HSRE and DCV Holdings [Member] | Copper Beech [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | $23,422 | $17,934 | $18,089 | $67,545 |
Expenses: | ' | ' | ' | ' |
Operating expenses | 17,434 | 9,665 | 9,585 | 28,316 |
Interest expense | 5,025 | 4,962 | 6,671 | 11,852 |
Depreciation and amortization | 6,304 | 4,807 | 5,056 | 56,106 |
Total expenses | 28,763 | 19,434 | 21,312 | 96,274 |
Net loss | ($5,341) | ($1,500) | ($3,223) | ($28,729) |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Entities (Details Textual) | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CAD | USD ($) | USD ($) | USD ($) | USD ($) | North Carolina [Member] | Kentucky [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Dcv Holdings [Member] | Cb Portfolio [Member] | Hsre Campus Crest Llc [Member] | Hsre Campus Crest Llc [Member] | Hsre Campus Crest Llc [Member] | ||
USD ($) | USD ($) | The Grove at San Angelo Texas [Member] | The Grove at San Angelo Texas [Member] | The Grove at Indiana Pennsylvania [Member] | The Grove at Indiana Pennsylvania [Member] | The Grove at Conway Arkansas [Member] | The Grove at Conway Arkansas [Member] | USD ($) | USD ($) | USD ($) | |||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 67.00% | ' | ' | ' |
Percentage of interest in joint venture | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development Construction and Management Services Revenues | ' | ' | $51,069,000 | $54,295,000 | $35,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,100,000 | $54,300,000 | $35,100,000 |
Payments to Acquire Assets, Investing Activities | 60,000,000 | 65,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses and Interest in Affiliates, Total | ' | ' | -3,700,000 | 400,000 | -1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest from Joint Venture Properties | ' | ' | ' | ' | ' | ' | $2,700,000 | $1,900,000 | $2,700,000 | $2,700,000 | $2,700,000 | $2,700,000 | $6,400,000 | $6,400,000 | ' | ' | ' | ' | ' |
Return On Investment Of Properties | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture properties | ' | ' | 30 | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Fixed-rate mortgage loans | $165,393 | $166,706 |
Variable-rate mortgage loans | 0 | 12,635 |
Construction loans | 40,138 | 38,996 |
Line of credit | 108,500 | 72,000 |
Exchangeable senior notes | 96,758 | 0 |
Other debt | 2,694 | 3,375 |
Long-Term Debt | $413,483 | $293,712 |
Debt_Details_1
Debt (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | |
Principal Outstanding | $205,531,000 | $218,337,000 | |
Maturity Date | 13-Jan-16 | ' | |
The Grove at Milledgeville [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 16,250,000 | ' | |
Principal Outstanding | 15,847,000 | 16,041,000 | |
Stated Interest Rate | '6.12% | ' | |
Interest Rate | 6.12% | ' | |
Maturity Date | 1-Oct-16 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [2] | ' |
The Grove at Carrollton and The Grove at Las Cruces [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 29,790,000 | ' | |
Principal Outstanding | 29,052,000 | 29,408,000 | |
Stated Interest Rate | '6.13% | ' | |
Interest Rate | 6.13% | ' | |
Maturity Date | 11-Oct-16 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [2] | ' |
The Grove at Asheville [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 14,800,000 | ' | |
Principal Outstanding | 14,500,000 | 14,684,000 | |
Stated Interest Rate | '5.77% | ' | |
Interest Rate | 5.77% | ' | |
Maturity Date | 11-Apr-17 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [2] | ' |
The Grove at Ellensburg [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 16,125,000 | ' | |
Principal Outstanding | 16,070,000 | 16,125,000 | |
Stated Interest Rate | '5.10% | ' | |
Interest Rate | 5.10% | ' | |
Maturity Date | 1-Sep-18 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [2] | ' |
The Grove at Nacogdoches [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 17,160,000 | ' | |
Principal Outstanding | 17,100,000 | 17,160,000 | |
Stated Interest Rate | '5.01% | ' | |
Interest Rate | 5.01% | ' | |
Maturity Date | 1-Sep-18 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [3] | ' |
The Grove at Greeley [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 15,233,000 | ' | |
Principal Outstanding | 15,194,000 | 15,233,000 | |
Stated Interest Rate | '4.29% | ' | |
Interest Rate | 4.29% | ' | |
Maturity Date | 1-Oct-18 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [2] | ' |
The Grove at Clarksville [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 16,350,000 | ' | |
Principal Outstanding | 16,350,000 | 16,350,000 | |
Stated Interest Rate | '4.03% | ' | |
Interest Rate | 4.03% | ' | |
Maturity Date | 1-Jul-22 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [3],[4] | ' |
The Grove at Columbia [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 23,775,000 | ' | |
Principal Outstanding | 23,180,000 | 23,605,000 | |
Stated Interest Rate | '3.83% | ' | |
Interest Rate | 3.83% | ' | |
Maturity Date | 1-Jul-22 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [5] | ' |
The Grove at Statesboro [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 18,100,000 | ' | |
Principal Outstanding | 18,100,000 | 18,100,000 | |
Stated Interest Rate | '4.01% | ' | |
Interest Rate | 4.01% | ' | |
Maturity Date | 1-Jan-23 | [1] | ' |
Mortgage Notes Payable Amortization Terms | '30 years | [2] | ' |
The Grove at Huntsville [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 0 | ' | |
Principal Outstanding | 0 | 12,635,000 | |
Stated Interest Rate | 'LIBOR + 250 bps | ' | |
Interest Rate | 0.00% | ' | |
Mortgage Notes Payable Amortization Terms | 'Interest only | [6] | ' |
The Grove at Muncie [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 14,567,000 | ' | |
Principal Outstanding | 12,237,000 | 1,000 | |
Stated Interest Rate | 'LIBOR + 225 bps | ' | |
Interest Rate | 2.42% | ' | |
Maturity Date | 3-Jul-15 | [1] | ' |
Mortgage Notes Payable Amortization Terms | 'Interest only | ' | |
The Grove at Fort Collins [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 19,073,000 | ' | |
Principal Outstanding | 17,228,000 | 1,000 | |
Stated Interest Rate | 'LIBOR + 190 bps | ' | |
Interest Rate | 2.07% | ' | |
Maturity Date | 13-Jul-15 | [1] | ' |
Mortgage Notes Payable Amortization Terms | 'Interest Only | ' | |
The Grove at Pullman [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 16,016,000 | ' | |
Principal Outstanding | 10,673,000 | 0 | |
Stated Interest Rate | 'LIBOR + 220 bps | ' | |
Interest Rate | 2.37% | ' | |
Maturity Date | 5-Sep-15 | [1] | ' |
Mortgage Notes Payable Amortization Terms | 'Interest Only | ' | |
The Grove at Slippery Rock [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 17,961,000 | ' | |
Principal Outstanding | 0 | 0 | |
Stated Interest Rate | 'Base Rate + 115 bps / LIBOR + 215 bps | ' | |
Interest Rate | 2.32% | ' | |
Maturity Date | 21-Jun-16 | [1] | ' |
Mortgage Notes Payable Amortization Terms | 'Interest only | ' | |
The Grove at Grand Forks [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 16,916,000 | ' | |
Principal Outstanding | 0 | 0 | |
Stated Interest Rate | 'LIBOR + 200 bps | ' | |
Interest Rate | 2.17% | ' | |
Maturity Date | 5-Feb-17 | [1] | ' |
Mortgage Notes Payable Amortization Terms | 'Interest only | ' | |
The Grove at Orono [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 0 | ' | |
Principal Outstanding | 0 | 10,506,000 | |
Stated Interest Rate | 'LIBOR + 250 bps | ' | |
Interest Rate | 0.00% | ' | |
Mortgage Notes Payable Amortization Terms | 'Interest only | [6] | ' |
The Grove at Auburn [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 0 | ' | |
Principal Outstanding | 0 | 13,157,000 | |
Stated Interest Rate | 'LIBOR + 295 bps | ' | |
Interest Rate | 0.00% | ' | |
Mortgage Notes Payable Amortization Terms | 'Interest only | [6] | ' |
The Grove at Flagstaff [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Face Amount | 0 | ' | |
Principal Outstanding | $0 | $15,331,000 | |
Stated Interest Rate | 'Prime + 25 bps / LIBOR + 250 bps | ' | |
Interest Rate | 0.00% | ' | |
Mortgage Notes Payable Amortization Terms | 'Interest only | [6] | ' |
[1] | For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. | ||
[2] | Loans require interest only payments, plus certain reserves and escrows, that are payable monthly for a period of five years. Monthly payments of principal and interest, plus certain reserve and escrow amounts, are due thereafter until maturity when all principal is due. | ||
[3] | Interest only for the first two years, followed by 30 year amortization. | ||
[4] | Loan requires interest only payments, plus certain reserves and escrows payable monthly through August 2014, thereafter, principal and interest, plus certain reserves and escrows that are payable monthly until maturity. | ||
[5] | Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. | ||
[6] | Loan was repaid in full during the year ended December 31, 2013. |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $2,437 | ' |
2015 | 42,845 | ' |
2016 | 45,883 | ' |
2017 | 124,455 | ' |
2018 | 146,584 | ' |
Thereafter | 54,521 | ' |
Long-Term Debt | 416,725 | ' |
Debt discount | -3,242 | ' |
Outstanding as of December 31, 2013, net of debt discount | $413,483 | $293,712 |
Debt_Details_Textual
Debt (Details Textual) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Term Loan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving Credit Facility Less Than Fifty Percent Of Available [Member] | Revolving Credit Facility Greater Than Fifty Percent Of Available [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | USD ($) | Campus Crest Communities, Inc [Member] | USD ($) | Term Loan [Member] | Term Loan [Member] | USD ($) | USD ($) | Line of Credit [Member] | Term Loan [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
USD ($) | USD ($) | USD ($) | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio For Eurodollar Rate Based Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | ' | 2.45% | ' | ' | ' | ' | ' | ' | 1.75% | 2.50% |
Leverage Ratio For Base Rate Based Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | 1.45% | ' | ' | ' | ' | ' | ' | 0.75% | 1.50% |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $154,100,000 | $300,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(a) the lesser of (i) 60.0% of the as-is appraised value of our properties that form the borrowing base of the Amended Credit Facility and (ii) the amount that would create a debt service coverage ratio of not less than 1.5, and (b) 50% of the aggregate of the lesser of (i) the book value of each of our development assets (as such term is defined in the Second Amended and Restated Credit Agreement) and (ii) the as-is appraised value of each of our development assets, subject to certain limitations in the Second Amended and Restated Credit Agreement. | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | 96,600,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | 58,500,000 | ' | ' | ' | ' | ' |
Long Term Line Of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 250,000,000 | ' | ' | ' |
Future Commitment Line Of Credit Facility Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Leverage Ratio, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Term, Fixed Charge Coverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Fixed Rate Debt and Debt, Subject To Hedge Agreements To Total Debt Minimum, Percentage | ' | ' | ' | 66.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Secured Recourse Debt Ratio, Maximum, Percentage | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Tangible Minimum | ' | ' | 330,788,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Percentage Of Net Proceeds Of Additional Equity Issuances | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Percentage Secured Debt Ratio Description | ' | ' | 'not greater than 50% through February 17, 2013 and not greater than 45% on any date thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms, Percentage Of Distributions Of Funds From Operations | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase, Additional Borrowings | ' | ' | ' | 167,274,000 | 59,400,000 | 83,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' |
Proceeds from Unsecured Notes Payable | 33,400,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | 1.22% | ' | ' | ' | ' | ' | 2.63% | ' | ' | ' | ' | ' | ' | 2.68% | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 13-Jan-16 | ' | ' | 15-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Jan-17 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument Operating Partnership issued | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Shares Initial Exchange Rate | ' | ' | ' | ' | ' | ' | ' | 79.602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Common stock Percentage Of Exchange Price | ' | ' | ' | ' | ' | ' | ' | $12.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | ' | ' | ' | 1,800,000 | 2,800,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.25% | ' | ' | ' | ' | ' | ' |
Description of revolving credit facility , average borrowings, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(i) of 0.30% per annum if our average borrowing is less than 50.0% of the total amount available or (ii) 0.25% per annum if our average borrowing is greater than 50.0% of the total amount available. | ' | ' | ' | ' | ' |
Description On Exchangeable Senior Notes | ' | ' | ' | ' | ' | ' | ' | 'i) during any calendar quarter beginning after December 31, 2013 (and only during such quarter) if the closing sale price of the common stock, $0.01 par value per share, of Campus Crest Communities, Inc., or Campus Crest, is more than 130% of the then-current exchange price for at least 20 trading days (whether or not consecutive) in the period of the 30 consecutive trading days ending on the last trading day of the previous calendar quarter; ii) during the five consecutive business-day period following any five consecutive trading-day period in which the trading price per $1,000 principal amount of notes for each trading day during such five trading-day period was less than 98% of the closing sale price of the common stock of Campus Crest, or Campus Crest common stock, for each trading day during such five trading-day period multiplied by the then current exchange rate; or iii) upon the occurrence of specified corporate transactions described in this offering memorandum. On or after July 15, 2018, and on or prior to the second scheduled trading day immediately preceding the maturity date, the holder may exchange their notes without regard to the foregoing conditions. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Price Per Principal Amount of Notes For Each Trading Day, Amount | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Derivative Assets, at Fair Value | $0 | $0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | -73 |
Interest Rate Cap One [Member] | ' | ' |
Derivative, Notional Amount | 100,000 | ' |
Derivative, Description of Variable Rate Basis | '1 Month LIBOR | ' |
Derivative, Cap Interest Rate | 2.50% | ' |
Maturity Date | 1-Jan-14 | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Interest Rate Cap Two [Member] | ' | ' |
Derivative, Notional Amount | 50,000 | ' |
Derivative, Description of Variable Rate Basis | '1 Month LIBOR | ' |
Derivative, Cap Interest Rate | 2.50% | ' |
Maturity Date | 31-Jan-14 | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Interest Rate Cap Three [Member] | ' | ' |
Derivative, Notional Amount | 50,000 | ' |
Derivative, Description of Variable Rate Basis | '1 Month LIBOR | ' |
Derivative, Cap Interest Rate | 2.50% | ' |
Maturity Date | 31-Jan-14 | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Interest Rate Cap Four [Member] | ' | ' |
Derivative, Notional Amount | 18,762 | ' |
Derivative, Description of Variable Rate Basis | '1 Month LIBOR | ' |
Derivative, Cap Interest Rate | 1.25% | ' |
Maturity Date | 30-Apr-13 | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Interest Rate Swap One [Member] | ' | ' |
Derivative, Notional Amount | 18,762 | ' |
Derivative, Description of Variable Rate Basis | '1 Month LIBOR | ' |
Derivative, Cap Interest Rate | 1.39% | ' |
Maturity Date | 30-Apr-13 | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | $0 | ($73) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 1) (Designated as Hedging Instrument [Member], Cash Flow Hedging [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | ' |
Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) | $0 | $154 |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | ($58) | ($216) |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Interest Rate Cap [Member] | ' |
Other assets - Interest rate caps | $0 |
Interest Rate Swap [Member] | ' |
Other liabilities - Interest rate swaps | -73 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Cap [Member] | ' |
Other assets - Interest rate caps | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ' |
Other liabilities - Interest rate swaps | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ' |
Other assets - Interest rate caps | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' |
Other liabilities - Interest rate swaps | -73 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ' |
Other assets - Interest rate caps | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ' |
Other liabilities - Interest rate swaps | $0 |
Fair_Value_Disclosures_Details1
Fair Value Disclosures (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fixed-rate mortgage loans | $165,393 | $166,706 |
Variable-rate mortgage loans | 0 | 12,635 |
Construction loans | 40,138 | 38,996 |
Exchangeable senior notes | 96,758 | 0 |
Other Debt | 2,694 | 3,375 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fixed-rate mortgage loans | 0 | 0 |
Variable-rate mortgage loans | 0 | 0 |
Construction loans | 0 | 0 |
Exchangeable senior notes | 0 | ' |
Other Debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fixed-rate mortgage loans | 161,379 | 172,228 |
Variable-rate mortgage loans | 0 | 12,620 |
Construction loans | 40,258 | 39,494 |
Exchangeable senior notes | 98,547 | ' |
Other Debt | 2,671 | 2,684 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fixed-rate mortgage loans | 0 | 0 |
Variable-rate mortgage loans | 0 | 0 |
Construction loans | 0 | 0 |
Exchangeable senior notes | 0 | ' |
Other Debt | $0 | $0 |
Fair_Value_Disclosures_Details2
Fair Value Disclosures (Details Textual) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | 4.23% | 3.99% |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basic earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $4,619 | $10,133 | $3,708 | |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -6,183 | -4,114 | 0 | |
Income from continuing operations attributable to noncontrollinginterests | ' | ' | ' | ' | ' | ' | ' | ' | -12 | 41 | 50 | |
Income from continuing operations attributable to commonstockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | -1,552 | 5,978 | 3,658 | |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,001 | 665 | 73 | |
Income (loss) from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -22 | 5 | 1 | |
Income from discontinued operations attributable to common stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | -2,979 | 660 | 72 | |
Net income (loss) attributable to common stockholders | ($11,985) | [1] | $3,677 | $2,771 | $1,006 | $1,110 | $7,839 | ($676) | ($1,635) | ($4,531) | $6,638 | $3,730 |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 59,984 | 34,781 | 30,717 | |
Incremental shares from assumed conversion-OP units | ' | ' | ' | ' | ' | ' | ' | ' | 434 | 436 | 436 | |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 60,418 | 35,217 | 31,153 | |
Basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income (loss) from continuing operations attributable to common stockholders - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | $0.17 | $0.12 | |
Income (loss) from discontinued operations attributable to common stockholders - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ($0.05) | $0.02 | $0 | |
Net income (loss) attributable to common stockholders - basicand diluted | ($0.18) | $0.06 | $0.04 | $0.02 | $0.03 | $0.20 | ($0.02) | ($0.05) | ($0.08) | $0.19 | $0.12 | |
[1] | The purchase price allocation for our Copper Beech acquisition was finalized and all required adjustments are reflected in our fourth quarter information. |
Equity_Details
Equity (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Common shares at beginning of period | 38,558,048 | 30,710,000 |
Issuance of common shares | 25,530,000 | 7,475,000 |
Issuance of restricted shares | 496,000 | 376,000 |
Forfeiture of restricted shares | -82,000 | -3,000 |
Common shares at end of period | 64,502,430 | 38,558,048 |
Equity_Details_1
Equity (Details 1) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
OP Units at beginning of period | 436 | 436 |
Redemption of OP Units | -2 | 0 |
OP Units at end of period | 434 | 436 |
Equity_Details_2
Equity (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common stock, dividends, per share, declared | $0.66 | $0.64 | $0.61 |
Common stock dividend rate percentage | 100.00% | 100.00% | 100.00% |
Preferred stock, dividends per share, declared | $2 | $1.37 | $0 |
Preferred stock, dividend rate, percentage | 8.00% | 8.00% | 0.00% |
Ordinary Dividend [Member] | ' | ' | ' |
Common stock, dividends, per share, declared | $0.10 | $0.02 | $0.09 |
Common stock dividend rate percentage | 14.80% | 2.80% | 15.30% |
Preferred stock, dividends per share, declared | $1.56 | $1.27 | $0 |
Preferred stock, dividend rate, percentage | 78.30% | 92.70% | 0.00% |
Qualified Dividend [Member] | ' | ' | ' |
Common stock, dividends, per share, declared | $0.01 | $0.00 | $0 |
Common stock dividend rate percentage | 1.20% | 0.20% | 0.00% |
Preferred stock, dividends per share, declared | $0.13 | $0.10 | $0 |
Preferred stock, dividend rate, percentage | 6.40% | 7.30% | 0.00% |
Capital Gain [Member] | ' | ' | ' |
Common stock, dividends, per share, declared | $0 | $0 | $0 |
Common stock dividend rate percentage | 0.00% | 0.00% | 0.00% |
Preferred stock, dividends per share, declared | $0 | $0 | $0 |
Preferred stock, dividend rate, percentage | 0.00% | 0.00% | 0.00% |
Unrecaptured Sec. 1250 [Member] | ' | ' | ' |
Common stock, dividends, per share, declared | $0.02 | $0 | $0 |
Common stock dividend rate percentage | 2.90% | 0.00% | 0.00% |
Preferred stock, dividends per share, declared | $0.31 | $0 | $0 |
Preferred stock, dividend rate, percentage | 15.30% | 0.00% | 0.00% |
Return of Capital [Member] | ' | ' | ' |
Common stock, dividends, per share, declared | $0.53 | $0.62 | $0.51 |
Common stock dividend rate percentage | 81.10% | 97.00% | 84.70% |
Preferred stock, dividends per share, declared | $0 | $0 | $0 |
Preferred stock, dividend rate, percentage | 0.00% | 0.00% | 0.00% |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||
Oct. 31, 2013 | Mar. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Mar. 31, 2013 | Jul. 31, 2012 | Mar. 31, 2013 | Jul. 31, 2012 | |
Board Of Directors [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Parent Company [Member] | Other Partners [Member] | 8% Series A Cumulative Redeemable Preferred Stock [Member] | 8% Series A Cumulative Redeemable Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | IPO [Member] | IPO [Member] | Underwriters Option [Member] | Underwriters Option [Member] | |||||||||
Subsequent Event [Member] | |||||||||||||||||||||||
Preferred Stock Dividend Rate Percentage | ' | ' | ' | 8.00% | 8.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 400,000 | ' | ' | 400,000 | 25,500,000 | 7,500,000 | 3,300,000 | 1,000,000 |
Operating Partnership Units Outstanding | ' | ' | ' | 64,900,000 | ' | ' | ' | ' | ' | ' | ' | 64,500,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Operating Partnership Units Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.30% | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Market Value Of Operating Partnership Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per Unit Fair Market Value Of Operating Partnership Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Declared Per Common Share and Operating Partnership Unit | ' | ' | ' | $0.66 | $0.64 | $0.61 | ' | ' | $0.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Declared Per Preferred Share | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | $2 | ' | ' | ' | ' | ' |
Accrued Dividends Preferred Stock | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | ' | 299,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,200,000 | ' | ' |
Dividends paid to common and preferred stockholders | ' | ' | ' | 10,700,000 | ' | 19,900,000 | ' | ' | ' | 42,900,000 | 22,600,000 | ' | ' | ' | ' | ' | 6,500,000 | 4,300,000 | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference per share | ' | ' | ' | $25 | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend Rate Per Dollar Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Redemption Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Restatement To Increase In Authorized Shares Of Common Stock | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restatement To Increase In Authorized Shares Of Preferred Stock | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | 500,000,000 | 90,000,000 | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | ' | 50,000,000 | 10,000,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | ' | ' | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum shares issue value under market offering program | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Underwritten Public Offering Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' |
Preferred Stock Public Offering Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | $25.06 | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock | 91,300,000 | ' | 54,900,000 | 299,719,000 | 72,162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 46,800,000 | ' | 48,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Underwritten Public Offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | 3,800,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Underwritten Public Offering Value | $4,000,000 | ' | $2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive_Plans_Details
Incentive Plans (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Unvested Balances | 488 |
Granted | 497 |
Vested | -255 |
Forfeited | -82 |
Unvested balances | 648 |
Weighted Average Grant Price, Unvested balance | $11.07 |
Weighted Average Grant Price, Granted | $12.65 |
Weighted Average Grant Price, Vested | $11.39 |
Weighted Average Grant Price, Forfeited | $12.53 |
Weighted Average Grant Price, Unvested balance | $11.97 |
Restricted Stock [Member] | ' |
Unvested Balances | 438 |
Granted | 497 |
Vested | -205 |
Forfeited | -82 |
Unvested balances | 648 |
Restricted Op Units [Member] | ' |
Unvested Balances | 50 |
Granted | 0 |
Vested | -50 |
Forfeited | 0 |
Unvested balances | 0 |
Incentive_Plans_Details_Textua
Incentive Plans (Details Textual) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2.5 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0.3 | 1.2 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $6,900,000 | ' | ' |
Amortization of restricted stock awards and operating partnership units | 3,300,000 | 2,252,000 | 842,000 |
Restricted Stock [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 3 months 18 days | ' | ' |
Allocated Share-based Compensation Expense | 1,900,000 | 1,000,000 | 200,000 |
Amortization of restricted stock awards and operating partnership units | 900,000 | 600,000 | ' |
Stock Granted, Value, Share-based Compensation, Net of Forfeitures, Total | 500,000 | 100,000 | 100,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Allocated Share-based Compensation Expense | 200,000 | 200,000 | 100,000 |
Amortization of restricted stock awards and operating partnership units | $300,000 | $400,000 | $500,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related party costs | $200,000 | $200,000 | $200,000 |
Term Of Agreement | '5 years | ' | ' |
Upfront Payment | 100,000 | ' | ' |
Related Party Monthly Fees Receivable | 900,000 | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | 400,000 |
Related Party Transaction Paid Amount | ' | 300,000 | ' |
Related Party Remaining Amount | $100,000 | ' | ' |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Student Housing Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | $34,984 | $37,811 | $36,526 | $32,998 | $32,338 | $32,146 | $33,186 | $30,716 | $142,319 | $128,386 | $86,194 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 123,145 | 112,857 | 77,849 |
Equity in earnings (losses) of unconsolidated earnings | ' | ' | ' | ' | ' | ' | ' | ' | -3,727 | 361 | -1,164 |
Operating income | -1,585 | 6,856 | 5,884 | 4,292 | 5,307 | 5,014 | 2,968 | 2,601 | 15,447 | 15,890 | 7,181 |
Nonoperating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,555 | -5,401 | -3,009 |
Net income | -9,342 | 4,853 | 3,940 | 2,167 | 2,268 | 9,050 | 460 | -980 | 1,618 | 10,798 | 3,781 |
Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -34 | 46 | 51 |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -2,979 | 660 | 72 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,278 | 637 | 8,276 |
Investment in unconsolidated entities | 324,838 | ' | ' | ' | 22,555 | ' | ' | ' | 324,838 | 22,555 | ' |
Total consolidated revenues | ' | ' | ' | ' | ' | ' | ' | ' | 51,069 | 54,295 | 35,084 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -12,969 | -11,545 | -6,888 |
Gain on purchase of previously unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,554 | 3,159 |
Total assets | 1,182,679 | ' | ' | ' | 696,320 | ' | ' | ' | 1,182,679 | 696,320 | ' |
Student Housing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Student Housing Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 91,250 | 74,091 | 51,110 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 62,971 | 53,476 | 39,916 |
Income from wholly-owned student housing operations | ' | ' | ' | ' | ' | ' | ' | ' | 28,279 | 20,615 | 11,194 |
Equity in earnings (losses) of unconsolidated earnings | ' | ' | ' | ' | ' | ' | ' | ' | -3,727 | 361 | -1,164 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 24,552 | 20,976 | 10,030 |
Nonoperating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -10,529 | -10,246 | -5,176 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 14,023 | 10,730 | 4,854 |
Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 136 | 106 | 61 |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 13,887 | 10,624 | 4,793 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22,356 | 20,377 | 16,266 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 142,167 | 111,167 | 111,135 |
Investment in unconsolidated entities | 324,838 | ' | ' | ' | 22,555 | ' | ' | ' | 324,838 | 22,555 | 21,052 |
Total segment assets at end of period | 719,018 | ' | ' | ' | 617,975 | ' | ' | ' | 719,018 | 617,975 | 490,882 |
Development Construction and Management Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Student Housing Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 51,069 | 54,295 | 35,084 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 146,458 | 128,291 | 115,629 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 6,684 | 3,941 | 7,898 |
Nonoperating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -12 | -499 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 6,684 | 3,929 | 7,399 |
Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 38 | 74 |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 6,620 | 3,891 | 7,325 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 234 | 103 | 90 |
Total segment assets at end of period | 88,515 | ' | ' | ' | 51,141 | ' | ' | ' | 88,515 | 51,141 | 22,818 |
Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 102,073 | 77,937 | 88,443 |
Total segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 153,142 | 132,232 | 123,527 |
Reconciliations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Student Housing Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 3,892 | 10,489 | 4,172 |
Total segment assets at end of period | 1,132,371 | ' | ' | ' | 691,671 | ' | ' | ' | 1,132,371 | 691,671 | 534,752 |
Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | -102,073 | -77,937 | -88,443 |
Total segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 244,392 | 206,323 | 174,637 |
Total consolidated revenues | ' | ' | ' | ' | ' | ' | ' | ' | 142,319 | 128,386 | 86,194 |
Segment operating income | ' | ' | ' | ' | ' | ' | ' | ' | 31,236 | 24,917 | 17,928 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -12,969 | -11,545 | -6,888 |
Net unallocated expenses and eliminations | ' | ' | ' | ' | ' | ' | ' | ' | -15,789 | -9,027 | -10,747 |
Gain on purchase of previously unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,554 | 3,159 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,414 | -410 | 720 |
Unallocated corporate assets and eliminations | 50,308 | ' | ' | ' | 4,649 | ' | ' | ' | 50,308 | 4,649 | 5,505 |
Total assets | $1,182,679 | ' | ' | ' | $696,320 | ' | ' | ' | $1,182,679 | $696,320 | $540,257 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Line Items] | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $1,238 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,293 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,304 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,320 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,309 |
Operating Leases, Future Minimum Payments, Due Thereafter | 28,148 |
Operating Leases, Future Minimum Payments Due, Total | $34,612 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Loss Contingency, Damages Sought, Value | $20 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenues | $34,984 | $37,811 | $36,526 | $32,998 | $32,338 | $32,146 | $33,186 | $30,716 | $142,319 | $128,386 | $86,194 | |
Operating income | -1,585 | 6,856 | 5,884 | 4,292 | 5,307 | 5,014 | 2,968 | 2,601 | 15,447 | 15,890 | 7,181 | |
Net income (Loss) | -9,342 | 4,853 | 3,940 | 2,167 | 2,268 | 9,050 | 460 | -980 | 1,618 | 10,798 | 3,781 | |
Net income (loss) attributable to common stockholders | ($11,985) | [1] | $3,677 | $2,771 | $1,006 | $1,110 | $7,839 | ($676) | ($1,635) | ($4,531) | $6,638 | $3,730 |
Net income (loss) attributable to common stockholders - basicand diluted | ($0.18) | $0.06 | $0.04 | $0.02 | $0.03 | $0.20 | ($0.02) | ($0.05) | ($0.08) | $0.19 | $0.12 | |
[1] | The purchase price allocation for our Copper Beech acquisition was finalized and all required adjustments are reflected in our fourth quarter information. |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jan. 15, 2014 | Jan. 31, 2014 | Jan. 15, 2014 | Jan. 15, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
CAD | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
CAD | USD ($) | Maximum [Member] | Minimum [Member] | Hsre Campus Crest Llc [Member] | The Grove at Denton, Texas [Member] | ||
USD ($) | |||||||
Payments to Acquire Businesses, Gross | ' | 65 | $7.70 | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 67.00% | ' | ' | 35.00% | 20.00% | 80.00% | 20.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | ' | ' | 0.3 | ' | ' | ' | ' |
Bridge Loan | ' | 16 | ' | ' | ' | ' | ' |
Notes Payable, Total | 112 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | 1.22% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ' | ' | ' | ' | ' | ' |
Maturity Date | 13-Jan-16 | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | $1.90 | ' |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | $691,365 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 24,920 | ' | ' | ' | |
Land | 57,821 | ' | ' | ' | |
Student Housing Properties | 658,464 | ' | ' | ' | |
Total | 716,285 | [1] | ' | ' | ' |
Accumulated depreciation | -102,356 | -97,820 | -76,164 | -57,463 | |
Encumbrances | -205,531 | ' | ' | ' | |
The Grove At Asheville Nc [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 12,604 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 708 | ' | ' | ' | |
Land | 51 | ' | ' | ' | |
Student Housing Properties | 13,261 | ' | ' | ' | |
Total | 13,312 | [1] | ' | ' | ' |
Accumulated depreciation | -4,904 | ' | ' | ' | |
Encumbrances | -14,500 | ' | ' | ' | |
Year Constructed | '2005 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2005 | ' | ' | ' | |
The Grove At Carrollton Ga [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 13,294 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 1,092 | ' | ' | ' | |
Land | 1,104 | ' | ' | ' | |
Student Housing Properties | 13,282 | ' | ' | ' | |
Total | 14,386 | [1] | ' | ' | ' |
Accumulated depreciation | -4,814 | ' | ' | ' | |
Encumbrances | -14,288 | ' | ' | ' | |
Year Constructed | '2006 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2006 | ' | ' | ' | |
The Grove At Las Cruces Nm [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 16,025 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 5,522 | ' | ' | ' | |
Land | 1,098 | ' | ' | ' | |
Student Housing Properties | 20,449 | ' | ' | ' | |
Total | 21,547 | [1] | ' | ' | ' |
Accumulated depreciation | -5,215 | ' | ' | ' | |
Encumbrances | -14,764 | ' | ' | ' | |
Year Constructed | '2006 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2006 | ' | ' | ' | |
The Grove At Milledgeville Ga [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 14,543 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 1,250 | ' | ' | ' | |
Land | 942 | ' | ' | ' | |
Student Housing Properties | 14,851 | ' | ' | ' | |
Total | 15,793 | [1] | ' | ' | ' |
Accumulated depreciation | -5,284 | ' | ' | ' | |
Encumbrances | -15,847 | ' | ' | ' | |
Year Constructed | '2006 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2006 | ' | ' | ' | |
The Grove At Abilene Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 16,962 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 619 | ' | ' | ' | |
Land | 1,361 | ' | ' | ' | |
Student Housing Properties | 16,220 | ' | ' | ' | |
Total | 17,581 | [1] | ' | ' | ' |
Accumulated depreciation | -5,437 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2007 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2007 | ' | ' | ' | |
The Grove At Ellensburg Wa [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 20,827 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 430 | ' | ' | ' | |
Land | 1,483 | ' | ' | ' | |
Student Housing Properties | 19,774 | ' | ' | ' | |
Total | 21,257 | [1] | ' | ' | ' |
Accumulated depreciation | -5,814 | ' | ' | ' | |
Encumbrances | -16,070 | ' | ' | ' | |
Year Constructed | '2007 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2007 | ' | ' | ' | |
The Grove At Greeley Co [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 19,971 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 1,279 | ' | ' | ' | |
Land | 1,454 | ' | ' | ' | |
Student Housing Properties | 19,796 | ' | ' | ' | |
Total | 21,250 | [1] | ' | ' | ' |
Accumulated depreciation | -5,335 | ' | ' | ' | |
Encumbrances | -15,193 | ' | ' | ' | |
Year Constructed | '2007 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2007 | ' | ' | ' | |
The Grove At Mobile One And Two [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 33,094 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 957 | ' | ' | ' | |
Land | 150 | [3] | ' | ' | ' |
Student Housing Properties | 33,901 | ' | ' | ' | |
Total | 34,051 | [1] | ' | ' | ' |
Accumulated depreciation | -9,686 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2007 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2007 | ' | ' | ' | |
The Grove At Nacogdoches Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 18,604 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 1,253 | ' | ' | ' | |
Land | 1,188 | ' | ' | ' | |
Student Housing Properties | 18,669 | ' | ' | ' | |
Total | 19,857 | [1] | ' | ' | ' |
Accumulated depreciation | -5,527 | ' | ' | ' | |
Encumbrances | -17,100 | ' | ' | ' | |
Year Constructed | '2007 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2007 | ' | ' | ' | |
The Grove At Cheney Wa [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 18,788 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 320 | ' | ' | ' | |
Land | 1,347 | ' | ' | ' | |
Student Housing Properties | 17,761 | ' | ' | ' | |
Total | 19,108 | [1] | ' | ' | ' |
Accumulated depreciation | -4,925 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2008 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2008 | ' | ' | ' | |
The Grove At Lubbock Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 18,229 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 453 | ' | ' | ' | |
Land | 1,520 | ' | ' | ' | |
Student Housing Properties | 17,162 | ' | ' | ' | |
Total | 18,682 | [1] | ' | ' | ' |
Accumulated depreciation | -4,908 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2008 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2008 | ' | ' | ' | |
The Grove At Stephenville Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 17,100 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 321 | ' | ' | ' | |
Land | 1,250 | ' | ' | ' | |
Student Housing Properties | 16,171 | ' | ' | ' | |
Total | 17,421 | [1] | ' | ' | ' |
Accumulated depreciation | -4,888 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2008 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2008 | ' | ' | ' | |
The Grove At Troy Al [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 18,248 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 635 | ' | ' | ' | |
Land | 1,433 | ' | ' | ' | |
Student Housing Properties | 17,450 | ' | ' | ' | |
Total | 18,883 | [1] | ' | ' | ' |
Accumulated depreciation | -5,101 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2008 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2008 | ' | ' | ' | |
The Grove At Waco Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 17,566 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 589 | ' | ' | ' | |
Land | 1,094 | ' | ' | ' | |
Student Housing Properties | 17,061 | ' | ' | ' | |
Total | 18,155 | [1] | ' | ' | ' |
Accumulated depreciation | -5,028 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2008 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2008 | ' | ' | ' | |
The Grove At Murfreesboro Tn [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 19,994 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 585 | ' | ' | ' | |
Land | 2,678 | ' | ' | ' | |
Student Housing Properties | 17,901 | ' | ' | ' | |
Total | 20,579 | [1] | ' | ' | ' |
Accumulated depreciation | -4,166 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2009 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2009 | ' | ' | ' | |
The Grove At San Marcos Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 24,126 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 399 | ' | ' | ' | |
Land | 1,791 | ' | ' | ' | |
Student Housing Properties | 22,734 | ' | ' | ' | |
Total | 24,525 | [1] | ' | ' | ' |
Accumulated depreciation | -2,769 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2009 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2009 | ' | ' | ' | |
The Grove At Moscow Id [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 25,731 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 143 | ' | ' | ' | |
Land | 1,839 | ' | ' | ' | |
Student Housing Properties | 24,035 | ' | ' | ' | |
Total | 25,874 | [1] | ' | ' | ' |
Accumulated depreciation | -1,128 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2009 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2012 | ' | ' | ' | |
The Grove At Huntsville Tx [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 23,444 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 249 | ' | ' | ' | |
Land | 2,157 | ' | ' | ' | |
Student Housing Properties | 21,536 | ' | ' | ' | |
Total | 23,693 | [1] | ' | ' | ' |
Accumulated depreciation | -1,484 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2010 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2011 | ' | ' | ' | |
The Grove At Statesboro Ga [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 25,349 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 255 | ' | ' | ' | |
Land | 1,621 | ' | ' | ' | |
Student Housing Properties | 23,983 | ' | ' | ' | |
Total | 25,604 | [1] | ' | ' | ' |
Accumulated depreciation | -1,640 | ' | ' | ' | |
Encumbrances | -18,101 | ' | ' | ' | |
Year Constructed | '2010 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2011 | ' | ' | ' | |
The Grove At Clarksville Tn [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 21,805 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 338 | ' | ' | ' | |
Land | 1,296 | ' | ' | ' | |
Student Housing Properties | 20,847 | ' | ' | ' | |
Total | 22,143 | [1] | ' | ' | ' |
Accumulated depreciation | -1,800 | ' | ' | ' | |
Encumbrances | -16,350 | ' | ' | ' | |
Year Constructed | '2011 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2011 | ' | ' | ' | |
The Grove At Ames Ia [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 22,834 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 278 | ' | ' | ' | |
Land | 1,919 | ' | ' | ' | |
Student Housing Properties | 21,193 | ' | ' | ' | |
Total | 23,112 | [1] | ' | ' | ' |
Accumulated depreciation | -1,849 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2011 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2011 | ' | ' | ' | |
The Grove At Fort Wayne In [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 18,889 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 161 | ' | ' | ' | |
Land | 844 | ' | ' | ' | |
Student Housing Properties | 18,206 | ' | ' | ' | |
Total | 19,050 | [1] | ' | ' | ' |
Accumulated depreciation | -1,663 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2011 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2011 | ' | ' | ' | |
The Grove At Columbia Mo [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 24,551 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 136 | ' | ' | ' | |
Land | 3,611 | ' | ' | ' | |
Student Housing Properties | 21,076 | ' | ' | ' | |
Total | 24,687 | [1] | ' | ' | ' |
Accumulated depreciation | -1,873 | ' | ' | ' | |
Encumbrances | -23,180 | ' | ' | ' | |
Year Constructed | '2011 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2011 | ' | ' | ' | |
The Grove At Valdosta Ga [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 29,381 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 253 | ' | ' | ' | |
Land | 1,562 | ' | ' | ' | |
Student Housing Properties | 28,072 | ' | ' | ' | |
Total | 29,634 | [1] | ' | ' | ' |
Accumulated depreciation | -1,414 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2011 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2012 | ' | ' | ' | |
The Grove At Auburn Ai [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 26,267 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 147 | ' | ' | ' | |
Land | 4,423 | ' | ' | ' | |
Student Housing Properties | 21,991 | ' | ' | ' | |
Total | 26,414 | [1] | ' | ' | ' |
Accumulated depreciation | -1,142 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2012 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2012 | ' | ' | ' | |
The Grove At Flagstaff Az [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 34,125 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 2,991 | ' | ' | ' | |
Land | 6,970 | ' | ' | ' | |
Student Housing Properties | 30,146 | ' | ' | ' | |
Total | 37,116 | [1] | ' | ' | ' |
Accumulated depreciation | -1,372 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2012 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2012 | ' | ' | ' | |
The Grove At Nacogdoches Tx Phase Two [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 7,718 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 94 | ' | ' | ' | |
Land | 401 | ' | ' | ' | |
Student Housing Properties | 7,411 | ' | ' | ' | |
Total | 7,812 | [1] | ' | ' | ' |
Accumulated depreciation | -355 | ' | ' | ' | |
Encumbrances | 0 | ' | ' | ' | |
Year Constructed | '2012 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2012 | ' | ' | ' | |
The Grove At Orono Me [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 28,499 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | 870 | ' | ' | ' | |
Land | 1,373 | ' | ' | ' | |
Student Housing Properties | 27,996 | ' | ' | ' | |
Total | 29,369 | [1] | ' | ' | ' |
Accumulated depreciation | -1,217 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2012 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2012 | ' | ' | ' | |
The Grove At Toledo [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 11,564 | [4] | ' | ' | ' |
Costs Capitalized Subsequentto Development orAcquisition | 2,705 | [4] | ' | ' | ' |
Land | 2,237 | [4] | ' | ' | ' |
Student Housing Properties | 12,032 | [4] | ' | ' | ' |
Total | 14,269 | [1],[4] | ' | ' | ' |
Accumulated depreciation | -728 | [4] | ' | ' | ' |
Encumbrances | ' | [2],[4] | ' | ' | ' |
Year Constructed | '2013 | [4] | ' | ' | ' |
YearPlaced intoService orAcquired | '2013 | [4] | ' | ' | ' |
The Grove At Fort Collins Co [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 35,496 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | -67 | ' | ' | ' | |
Land | 75 | [3] | ' | ' | ' |
Student Housing Properties | 35,354 | ' | ' | ' | |
Total | 35,429 | [1] | ' | ' | ' |
Accumulated depreciation | -394 | ' | ' | ' | |
Encumbrances | -17,228 | ' | ' | ' | |
Year Constructed | '2013 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2013 | ' | ' | ' | |
The Grove At Muncie In [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 24,708 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | -22 | ' | ' | ' | |
Land | 2,458 | ' | ' | ' | |
Student Housing Properties | 22,228 | ' | ' | ' | |
Total | 24,686 | [1] | ' | ' | ' |
Accumulated depreciation | -281 | ' | ' | ' | |
Encumbrances | -12,237 | ' | ' | ' | |
Year Constructed | '2013 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2013 | ' | ' | ' | |
The Grove At Pullman Wa [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 15,622 | [5] | ' | ' | ' |
Costs Capitalized Subsequentto Development orAcquisition | -20 | [5] | ' | ' | ' |
Land | 1,842 | [5] | ' | ' | ' |
Student Housing Properties | 13,760 | [5] | ' | ' | ' |
Total | 15,602 | [1],[5] | ' | ' | ' |
Accumulated depreciation | -118 | [5] | ' | ' | ' |
Encumbrances | -10,673 | [5] | ' | ' | ' |
Year Constructed | '2013 | [5] | ' | ' | ' |
YearPlaced intoService orAcquired | '2013 | [5] | ' | ' | ' |
The Grove At Flagstaff Two [Member] | ' | ' | ' | ' | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | |
InitialCost | 15,407 | ' | ' | ' | |
Costs Capitalized Subsequentto Development orAcquisition | -3 | ' | ' | ' | |
Land | 3,249 | ' | ' | ' | |
Student Housing Properties | 12,155 | ' | ' | ' | |
Total | 15,404 | [1] | ' | ' | ' |
Accumulated depreciation | -97 | ' | ' | ' | |
Encumbrances | ' | [2] | ' | ' | ' |
Year Constructed | '2013 | ' | ' | ' | |
YearPlaced intoService orAcquired | '2013 | ' | ' | ' | |
[1] | Depreciable lives range from 2-40 years. | ||||
[2] | Property is collateral for our Amended Credit Facility. | ||||
[3] | Property encumbered by a ground lease. | ||||
[4] | Property is under re-development. See Note 5 to the accompanying consolidated financial statements. | ||||
[5] | At December 31, 2013, The Grove at Pullman, Washington, was partially operational due to the occurrence of a July 2013 fire at the property while it was under construction. See Note 5 to the accompanying consolidated financial statements. |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment in real estate: | ' | ' | ' |
Balance, beginning of year | $669,387 | $512,227 | $372,746 |
Acquisitions | 13,801 | 0 | 0 |
Improvements and development expenditures | 106,806 | 158,175 | 140,866 |
Asset disposals | -1,283 | -1,015 | -710 |
Disposition of student housing properties | -67,702 | 0 | 0 |
Impairment of student housing properties | -4,724 | 0 | 0 |
Other Reclassifications | 0 | 0 | -675 |
Balance, end of year | 716,285 | 669,387 | 512,227 |
Accumulated depreciation: | ' | ' | ' |
Balance, beginning of year | 97,820 | 76,164 | 57,463 |
Depreciation for the year | 25,183 | 22,472 | 18,943 |
Asset disposals | -933 | -865 | -242 |
Disposition of student housing properties | -19,714 | 0 | 0 |
Other Reclassifications | 0 | 49 | 0 |
Balance, end of year | 102,356 | 97,820 | 76,164 |
Development in process | 91,184 | 50,781 | 45,278 |
Investment in real estate, net | $705,113 | $622,348 | $481,341 |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' |
SEC Schedule III, Real estate and accumulated depreciation, life used for depreciation | '40 years |
Minimum [Member] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' |
SEC Schedule III, Real estate and accumulated depreciation, life used for depreciation | '2 years |