Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 26, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Campus Crest Communities, Inc. | ||
Entity Central Index Key | 1490983 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $563.10 | ||
Trading Symbol | CCG | ||
Entity Common Stock, Shares Outstanding | 64,659,415 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in real estate, net: | ||
Student housing properties ($32,875 related to VIE) | $935,962 | $716,285 |
Accumulated depreciation (($318) related to VIE) | -128,121 | -102,356 |
Development in process | 0 | 91,184 |
Land and properties held for sale | 38,105 | 0 |
Land held for investment | 7,413 | 0 |
Investment in real estate, net | 853,359 | 705,113 |
Investment in unconsolidated entities | 259,740 | 324,838 |
Cash and cash equivalents ($670 related to VIE) | 15,240 | 32,054 |
Restricted cash | 5,429 | 32,636 |
Student receivables, net of allowance for doubtful accounts of $459 and $539, respectively ($36, net of allowance of $9 related to VIE) | 1,587 | 2,825 |
Cost and earnings in excess of construction billings | 3,887 | 42,803 |
Other assets, net ($236 related to VIE) | 37,569 | 42,410 |
Total assets | 1,176,811 | 1,182,679 |
Liabilities: | ||
Mortgage and construction loans ($21,170 related to VIE) | 300,673 | 205,531 |
Line of credit and other debt | 317,746 | 207,952 |
Accounts payable and accrued expenses ($534 related to VIE) | 53,816 | 64,348 |
Construction billings in excess of cost and earnings | 481 | 600 |
Other liabilities ($607 related to VIE) | 22,092 | 11,167 |
Total liabilities | 694,808 | 489,598 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 8.00% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 6,100,000 shares issued and outstanding at December 31, 2014 and 2013 | 61 | 61 |
Common stock, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 64,742,713 and 64,502,430 shares issued and outstanding at December 31, 2014 and 2013, respectively | 648 | 645 |
Additional common and preferred paid-in capital | 773,998 | 773,896 |
Accumulated deficit and distributions | -298,818 | -86,043 |
Accumulated other comprehensive loss | -2,616 | -71 |
Total Campus Crest Communities, Inc. stockholders' equity | 473,273 | 688,488 |
Noncontrolling interests | 8,730 | 4,593 |
Total equity | 482,003 | 693,081 |
Total liabilities and equity | $1,176,811 | $1,182,679 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts receivable (in dollars) | $459 | $539 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock Dividend Rate Percentage | 8.00% | 8.00% |
Preferred stock, liquidation preference per share | $25 | $25 |
Preferred stock, shares issued | 6,100,000 | 6,100,000 |
Preferred stock, shares outstanding | 6,100,000 | 6,100,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 64,742,713 | 64,502,430 |
Common stock, shares outstanding | 64,742,713 | 64,502,430 |
Real Estate Investments, Other | 935,962 | 716,285 |
Real Estate Investment Property, Accumulated Depreciation | 128,121 | 102,356 |
Other Assets | 37,569 | 42,410 |
Secured Debt | 300,673 | 205,531 |
Accounts Payable and Accrued Liabilities, Total | 53,816 | 64,348 |
Other Liabilities | 22,092 | 11,167 |
Cash and Cash Equivalents, at Carrying Value, Total | 15,240 | 32,054 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Allowance for doubtful accounts receivable (in dollars) | 9 | 9 |
Real Estate Investments, Other | 32,875 | 32,875 |
Real Estate Investment Property, Accumulated Depreciation | 318 | 318 |
Accounts Receivable, Net, Current | 36 | 36 |
Other Assets | 236 | 236 |
Secured Debt | 21,170 | 21,170 |
Accounts Payable and Accrued Liabilities, Total | 534 | 534 |
Other Liabilities | 607 | 607 |
Cash and Cash Equivalents, at Carrying Value, Total | $670 | $670 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Student housing rental | $101,724 | $87,635 | $71,211 |
Student housing services | 3,768 | 3,615 | 2,880 |
Property management services | 1,249 | 820 | 559 |
Total revenues | 106,741 | 92,070 | 74,650 |
Operating expenses: | |||
Student housing operations | 47,154 | 40,726 | 33,013 |
General and administrative | 14,303 | 10,658 | 8,821 |
Severance | 6,159 | 0 | 0 |
Impairment of land and pre-development costs | 31,927 | 0 | 0 |
Write-off of corporate other assets | 15,110 | 0 | 0 |
Transaction costs | 3,046 | 1,121 | 0 |
Ground leases | 477 | 249 | 217 |
Depreciation and amortization | 29,426 | 23,700 | 20,693 |
Total operating expenses | 147,602 | 76,454 | 62,744 |
Equity in earnings (loss) of unconsolidated entities | -5,510 | -3,727 | 361 |
Impairment of unconsolidated entities | -57,789 | -312 | 0 |
Effect of not exercising Copper Beech purchase option | -33,375 | 0 | 0 |
Operating income (loss) | -137,535 | 11,577 | 12,267 |
Nonoperating income (expense): | |||
Interest expense, net | -16,156 | -12,969 | -11,545 |
Other income | 42 | 1,414 | 6,144 |
Total nonoperating expense, net | -16,114 | -11,555 | -5,401 |
Net income (loss) before income tax benefit (expense) | -153,649 | 22 | 6,866 |
Income tax benefit (expense) | -731 | 727 | -356 |
Income (loss) from continuing operations | -154,380 | 749 | 6,510 |
Income (loss) from discontinued operations | -9,576 | 489 | 3,908 |
Net income (loss) | -163,956 | 1,238 | 10,418 |
Net income (loss) attributable to noncontrolling interests | -1,233 | -34 | 46 |
Dividends on preferred stock | 12,200 | 6,183 | 4,114 |
Net income (loss) attributable to common stockholders | -174,923 | -4,911 | 6,258 |
Per share data - basic and diluted | |||
Income (loss) from continuing operations attributable to common stockholders | ($2.54) | ($0.08) | $0.07 |
Income (loss) from discontinued operations attributable to common shareholders | ($0.15) | $0 | $0.11 |
Net income (loss) per share attributable to common stockholders | ($2.69) | ($0.08) | $0.18 |
Weighted-average common shares and OP units outstanding: | |||
Basic | 65,102 | 59,984 | 34,781 |
Diluted | 65,102 | 60,418 | 35,217 |
Consolidated statements of comprehensive income (loss): | |||
Net income (Loss) | -163,956 | 1,238 | 10,418 |
Foreign currency translation | -2,564 | -71 | 0 |
Change in fair value of interest rate derivatives | 0 | 59 | 332 |
Comprehensive income (loss) | -166,520 | 1,226 | 10,750 |
Net income (loss) attributable to noncontrolling interests | -1,233 | -34 | 46 |
Change in fair value of interest rate derivatives attributable to noncontrolling interest | 0 | 1 | 3 |
Foreign currency translation attributable to noncontrolling interest | -19 | 0 | 0 |
Dividends on preferred stock | 12,200 | 6,183 | 4,114 |
Comprehensive income (loss) attributable to common stockholders | ($177,468) | ($4,924) | $6,587 |
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 Stockholder's Equity [Member] | Noncontrolling Interests [Member] |
In Thousands | ||||||||
Balance at Dec. 31, 2011 | $229,995 | $0 | $307 | $248,599 | ($22,550) | ($387) | $225,969 | $4,026 |
Net proceeds of sale of preferred stock | 54,893 | 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 |
Change in fair value of interest rate derivatives | 332 | 0 | 0 | 0 | 0 | 329 | 329 | 3 |
Foreign currency translation | 0 | |||||||
Net (loss) income | 10,418 | 0 | 0 | 0 | 10,372 | 0 | 10,372 | 46 |
Balance at Dec. 31, 2012 | 343,382 | 23 | 386 | 377,180 | -38,567 | -58 | 338,964 | 4,418 |
Net proceeds of sale of preferred stock | 91,282 | 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 of convertible 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 |
Change in fair value of interest rate derivatives | 59 | 0 | 0 | 0 | 0 | 58 | 58 | 1 |
Foreign currency translation | -71 | 0 | 0 | 0 | 0 | -71 | -71 | 0 |
Net (loss) income | 1,238 | 0 | 0 | 0 | 1,272 | 0 | 1,272 | -34 |
Balance at Dec. 31, 2013 | 693,081 | 61 | 645 | 773,896 | -86,043 | -71 | 688,488 | 4,593 |
Issuance of restricted stock | 0 | 0 | 3 | -3 | 0 | 0 | 0 | 0 |
Amortization of restricted stock awards and operating partnership units | 5,744 | 0 | 0 | 5,744 | 0 | 0 | 5,744 | 0 |
Dividends on preferred stock | -12,200 | 0 | 0 | 0 | -12,200 | 0 | -12,200 | 0 |
Dividends on common stock | -37,852 | 0 | 0 | 0 | -37,852 | 0 | -37,852 | 0 |
Dividends to noncontrolling interests | -250 | 0 | 0 | 0 | 0 | 0 | 0 | -250 |
Change in fair value of interest rate derivatives | 0 | |||||||
Foreign currency translation | -2,564 | 0 | 0 | 0 | 0 | -2,545 | -2,545 | -19 |
Non-controlling interest in Copper Beech at Ames | 0 | 0 | 0 | -5,639 | 0 | 0 | -5,639 | 5,639 |
Net (loss) income | -163,956 | 0 | 0 | 0 | -162,723 | 0 | -162,723 | -1,233 |
Balance at Dec. 31, 2014 | $482,003 | $61 | $648 | $773,998 | ($298,818) | ($2,616) | $473,273 | $8,730 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net (loss) income | ($163,956) | $1,238 | $10,418 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,426 | 23,700 | 20,693 |
Depreciation included in discontinued operations | 0 | 2,672 | 3,144 |
Impairment of damaged assets | 0 | 5,041 | 0 |
Impairment of land and pre-development costs | 31,927 | 0 | 0 |
Write-off of corporate other assets | 15,110 | 0 | 0 |
Amortization of deferred financing costs and debt discount | 2,270 | 1,969 | 2,838 |
Gain on purchase of previously unconsolidated entities | 0 | 0 | -6,554 |
Loss on disposal of assets | 138 | 350 | 154 |
Proceeds received for business interruption insurance | 0 | 400 | 0 |
Provision for bad debts | 3,249 | 3,432 | 1,728 |
Deferred income tax expense (benefit) | 731 | -927 | 0 |
Severance expense | 6,159 | 0 | 0 |
Severance expense included in discontinued operations | 2,959 | 0 | 0 |
Impairment of unconsolidated entities | 57,789 | 0 | 0 |
Equity in (earnings) loss of unconsolidated entities | 5,510 | 3,727 | -361 |
Effect of not exercising Copper Beech purchase option | 33,375 | 0 | 0 |
Distributions of earnings from unconsolidated entities | 502 | 17 | 766 |
Share based compensation expense | 1,729 | 3,300 | 1,194 |
Changes in operating assets and liabilities: | |||
Restricted cash | 505 | -533 | -736 |
Student receivables | -2,174 | -4,067 | -2,492 |
Construction billings | 38,797 | -19,175 | -10,967 |
Accounts payable and accrued expenses | -3,470 | 4,984 | 12,248 |
Other | 5,746 | -11,740 | -2,603 |
Net cash provided by operating activities | 66,322 | 14,388 | 29,470 |
Investing activities: | |||
Investments in development in process | -179,218 | -126,242 | -104,051 |
Insurance proceeds received for damaged assets | 590 | 2,500 | 0 |
Investments in student housing properties | -9,277 | -15,925 | -7,116 |
Acquisition of student housing properties | 0 | -13,801 | 0 |
Investments in unconsolidated entities | -45,765 | -348,831 | -7,363 |
Acquisition of previously unconsolidated entities | -7,661 | 0 | -15,352 |
Proceeds from the disposition of student housing properties | 0 | 48,577 | 0 |
Issuance of notes receivable | 0 | -31,700 | 0 |
Repayment of notes receivable | 0 | 31,700 | 0 |
Capital distributions from unconsolidated entities | 7,455 | 7,286 | 3,355 |
Corporate capital expenditures | -6,126 | -15,036 | -1,855 |
Change in restricted cash | 26,702 | -28,201 | -671 |
Net cash used in investing activities | -213,300 | -489,673 | -133,053 |
Financing activities: | |||
Proceeds from mortgage and construction loans | 80,656 | 47,924 | 97,220 |
Repayments of mortgage and construction loans | -2,353 | -60,730 | -93,096 |
Proceeds from line of credit and other debt | 124,000 | 267,274 | 59,400 |
Repayments of line of credit and other debt | -15,435 | -96,681 | -66,077 |
Debt issuance costs | -735 | -4,273 | -1,219 |
Payment of offering costs | -817 | -17,193 | -6,018 |
Dividends paid to common stockholders | -42,665 | -38,089 | -21,028 |
Dividends paid to preferred stockholders | -12,200 | -4,600 | -3,156 |
Dividends paid to noncontrolling interest | -287 | -287 | -281 |
Proceeds from sale of common stock | 0 | 312,742 | 75,573 |
Proceeds from sale of preferred stock | 0 | 95,282 | 57,500 |
Net cash provided by financing activities | 130,164 | 501,369 | 98,818 |
Net change in cash and cash equivalents | -16,814 | 26,084 | -4,765 |
Cash and cash equivalents at beginning of period | 32,054 | 5,970 | 10,735 |
Cash and cash equivalents at end of period | 15,240 | 32,054 | 5,970 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest of $6.3 million, $3.3 million and $2.4 million | 6,959 | 7,794 | 6,235 |
Cash paid for income taxes | 163 | 173 | 571 |
Non-cash investing and financing activity: | |||
Other debt assumed by investment in unconsolidated entity | 0 | 34,774 | 0 |
Contribution of land to investment in unconsolidated entities | 0 | 16,900 | 3,347 |
Common and preferred stock dividends declared but not paid | 8,916 | 13,765 | 7,197 |
Assumption of mortgage debt related to purchase of previously unconsolidated entities | 16,901 | 0 | 27,299 |
Insurance proceeds receivable related to damaged assets | 5,529 | 1,029 | 0 |
Accounts payable related to capital expenditures | 6,930 | 25,107 | 10,588 |
Conversion of costs and earnings in excess of construction billings to investment in unconsolidated entities | 0 | 0 | 898 |
Equipment acquired under capital lease obligations | 568 | 0 | 0 |
Share-based compensation capitalized to development in process | 1,307 | 900 | 600 |
The Company acquired the remaining ownership in HSRE IV for approximately $7.7 million in conjunction with the acquisition liabilities assumed were as follows: | |||
Fair value of assets acquired | 26,854 | 0 | 0 |
Cash paid for 80% interest | -7,661 | 0 | 0 |
Fair value of Company's 20% interest owned prior to the acquisition | -1,915 | 0 | 0 |
Liabilities assumed | $17,278 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Costs Capitalized | $6.30 | $3.30 | $2.40 | |
Payments to Acquire Businesses, Gross | $7.70 | $7.70 | ||
Cash Paid For Interest | 80.00% | |||
Fair Value Of Interest Owned Percentage Prior To Acquisition | 20.00% |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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” and “Campus Crest,” is a self-managed and self-administered real estate investment trust (“REIT”) focused on owning and managing a high-quality student housing portfolio located close to college campuses. The Company currently owns the sole general partner interest and owns limited partner interests in Campus Crest Communities Operating Partnership, LP (the “Operating Partnership”). The Company holds substantially all of its assets and conducts substantially all of its business, through the Operating Partnership. | |||||
Campus Crest has made an election to qualify, and the Company believes it is 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, the Company generally will not be subject to U.S. federal income tax to the extent that the Company meets the organizational and operational requirements and its distributions equal or exceed 90.0% of REIT taxable income. For all periods subsequent to the REIT election, the Company has met the organizational and operational requirements and distributions have exceeded net taxable income. | |||||
The Company has made an election to treat Campus Crest TRS Holdings, Inc. (“TRS Holdings”), its wholly-owned subsidiary, as a taxable REIT subsidiary (“TRS”). TRS Holdings holds the development, construction and management companies (see Note 4 regarding the discontinuation of operations of the development and construction services companies) that provide services to entities in which the Company does 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, 2014, the Company had ownership interests in 47 operating student housing Grove properties containing approximately 9,700 apartment units and 26,300 beds. Thirty-six of the Company’s operating Grove properties are wholly-owned and eleven of the Company’s operating Grove properties are owned through joint ventures with Harrison Street Real Estate Capital ("HSRE"). Additionally, the Company holds ownership interests in three evo® properties as joint ventures containing approximately 1,500 units and 3,000 beds, one with HSRE and Brandywine Realty Trust (“Brandywine”), and two with Beaumont Partners SA (“Beaumont”). As of December 31, 2014, the Company also owned interests in 36 (35 unconsolidated and one consolidated (Copper Beech at Ames)) operating student housing Copper Beech properties (“CB Portfolio”), containing approximately 6,500 units and 17,300 beds, and one wholly-owned redevelopment property containing approximately 170 units and 340 beds. The Company’s portfolio consists of the following: | |||||
Properties in | |||||
Operation | |||||
Wholly owned Grove properties | 36 | ||||
Joint Venture Grove properties | 11 | ||||
Total Grove Properties | 47 | ||||
Joint Venture evo properties | 3 | ||||
CB Portfolio | 36 | ||||
Total Portfolio(1) | 86 | ||||
______________ | |||||
-1 | The Company’s 100% owned redevelopment property in Toledo, Ohio, which was acquired in March 2013 is excluded. As of December 31, 2014, this property was classified as an asset held for sale. | ||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | ||||||||||
Basis of Presentation | |||||||||||
The accompanying consolidated financial statements, presented in U.S. dollars, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and represent the Company’s financial position, results of operations and cash flows. Third-party equity interests in the Operating Partnership and a consolidated variable interest entity, Copper Beech at Ames, LLC, are reflected as non-controlling 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 7. | |||||||||||
Reclassifications | |||||||||||
During the year ended December 31, 2014, the Company reclassified its development and construction services companies as discontinued operations due to its strategic repositioning initiatives (see Note 4). Accordingly, the Company has reclassified the results of these operations to “Income (loss) from discontinued operations” in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. The development and construction services companies were included within the development, construction and management services segment in the Company’s prior year consolidated financial statements. | |||||||||||
In December 2013, the Company sold four 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. These four properties were included within the student housing operations segment in the prior year consolidated financial statements. Prior period amounts related to the December 2013 asset dispositions have also been reclassified as discontinued operations in the Company’s consolidated statement of operations and comprehensive income (loss). | |||||||||||
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 (which is included in income (loss) from discontinued operations) under the percentage of completion method, useful lives of student housing properties, valuation of investment in real estate and investments in unconsolidated entities and land and property held for sale, 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, determination of the effect of not exercising the Copper Beech option, fair value of guarantee obligations related to unconsolidated entities, allowance for doubtful accounts, insurance proceeds receivable from damaged assets, 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 and Depreciation | |||||||||||
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 | 5-10 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 the Company’s 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. Interest totaling approximately $6.3 million, $3.3 million, and $2.4 million was capitalized during the years ended December 31, 2014, 2013, and 2012 respectively. | |||||||||||
The Company capitalizes 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, the Company capitalizes 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. The Company capitalizes 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, office and administrative costs that are clearly associated with the Company’s 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 the Company’s development activities were $10.8 million, $9.0 million, and $7.4 million for the years ended December 31, 2014, 2013, and 2012, 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 the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company will bear the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of projects where the Company has not yet acquired the target property or where the Company has 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. In 2013 and 2012, such write-offs are included within income (loss) from discontinued operations in the accompanying consolidated statements of operations and comprehensive income (loss). In 2014, such write-offs were included within impairment of land and pre-development costs in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2014, the Company had no capitalized pre-development costs related to development projects for which construction had not commenced and as of December 31, 2013, the Company deferred approximately $10.5 million in pre-development costs related to development projects for which construction had not commenced (see Note 4). As of December 31, 2014, the Company owned four strategically held land parcels that could be used for the development of four phase two properties with an aggregate bed count ranging from approximately 1,000 to 1,500 (unaudited), and twelve additional land parcels, six of which were sold in January 2015, with the remaining parcels expected to be sold during 2015. The costs associated with the four strategically held land parcels are included in land held for investment on the accompanying consolidated balance sheets. The costs associated with the parcels in which the Company intends to divest are included in land held for sale in the accompanying consolidated balance sheets. | |||||||||||
Management assesses whether there has been impairment in the value of the Company’s 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 over the expected hold period. 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 economic and market conditions. If such conditions change, then an adjustment reducing the carrying value of the Company’s 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. | |||||||||||
Property Acquisitions | |||||||||||
Campus Crest allocates the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on the fair values of these assets and liabilities for both consolidated entities and investments in unconsolidated entities. 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. | |||||||||||
Additionally, mortgage debt premiums and discounts represent fair value adjustments for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s acquisitions. The mortgage debt premiums and discounts are amortized to interest expense of the respective investee over the term of the related mortgage loans using the effective-interest method. The fair value debt and purchase accounting adjustments included in equity in earnings (loss) related to Copper Beech were approximately $6.5 million and $3.6 million for the years ended December 31, 2014 and 2013, respectively. 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. | |||||||||||
Long-Lived Assets – Held for Sale | |||||||||||
Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: | |||||||||||
a. | Management, having the authority to approve the action, commits to a plan to sell the assets. | ||||||||||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||||||||||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||||||||||
d. | The sale of the asset is probable, and transfer of asset is expected to qualify for recognition as a completed sale, within one year. | ||||||||||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||||||||||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plans will be made or that the plan will be withdrawn. | ||||||||||
Concurrent with this classification, the land and property held for sale is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. As discussed in more detail in Note 4, the Company reduced the carrying amount of land and properties held for sale to their estimated fair value less estimated selling costs which resulted in an impairment charge. | |||||||||||
Ground Leases | |||||||||||
Ground lease expense is recognized on a straight-line basis over the term of the related lease. | |||||||||||
In-Place Lease Intangible Assets | |||||||||||
In-place lease intangible assets are amortized on a straight-line basis over the average remaining term of the underlying leases, typically one year or less. Amortization expense was approximately $1.5 million, $0.7 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||
Cash, Cash Equivalents, and Restricted Cash | |||||||||||
Campus Crest considers 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. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company does not believe this presents significant exposure for the business. | |||||||||||
Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements. The Company’s funds in escrow are typically held in interest bearing accounts covered under FDIC insurance with applicable limits. 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 7). Our funds in escrow are typically held in interest bearing accounts covered under FDIC insurance with applicable limits. | |||||||||||
Deferred Financing Costs | |||||||||||
Campus Crest defers costs incurred in obtaining financing and amortizes these costs using the straight-line method, which approximates the effective interest method, over the expected terms of the related loans. Deferred financing costs as of December 31, 2014 and 2013 were approximately $11.7 million and $11.0 million, respectively, and accumulated amortization was approximately $4.8 million and $2.6 million, respectively. 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 the Company’s consolidated subsidiaries which are not attributable to the Company’s 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 the Company and to noncontrolling interests. See also “Consolidated Variable Interest Entity.” | |||||||||||
Real Estate Ventures | |||||||||||
Campus Crest holds interests in its properties, both under development and in operation, through interests in both consolidated and unconsolidated real estate ventures. The Company assesses its 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 substantially all of the activities of the entity involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. The Company consolidates entities that are VIEs for which the Company is determined to be the primary beneficiary. In instances where the Company is not the primary beneficiary, the Company does not consolidate the entity for financial reporting purposes. The primary beneficiary is the entity that has both (1) the power to direct the activities 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 the Company is 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 the Company is the general partner (or the equivalent), but do not control the real estate venture, and the other partners (or the equivalent) hold substantive participating rights, the Company uses the equity method of accounting. For entities where the Company is 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 the Company controls the entity, the Company would consolidate the entity; otherwise the Company accounts for its investments 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 the Company’s 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 the Company’s 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 the Company determines the loss in value is other than temporary, the Company recognizes an impairment charge to reflect the investment at fair value (see Note 4). | |||||||||||
Segments | |||||||||||
The Company has identified two reportable business segments: (i) student housing operations and (ii) property management services. The Company evaluates the performance of its 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 the Company’s two reportable operating segments. Prior to the third quarter of 2014, the Company’s segments consisted of student housing operations and construction, development and management services. Upon discontinuation of the construction and development operations of the business, the Company identified its two segments as student housing operations and property management services. All construction and development activities are reported in discontinued operations at December 31, 2014. | |||||||||||
Student Housing Revenue | |||||||||||
Students are required to execute lease contracts with payment schedules that vary from annual to monthly payments. The Company recognizes revenue on a straight-line basis over the term of the lease contracts which for new tenants is typically 11.5 months and for renewing tenants is typically 12 months. Generally, unless sufficient income can be verified, each executed contract is required to be accompanied by a signed parental/guardian 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. | |||||||||||
Property Management Services | |||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria are met. | |||||||||||
Development and Construction 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 each property under development and construction. 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 the Company does 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 the Company’s interest in the unconsolidated entity. Any incentive fees, net of the impact of the Company’s ownership interest if the entity is unconsolidated, are recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third party. 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. Entitlement fees and arrangement 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 $49.3 million and $51.3 million as of December 31, 2014 and 2013, respectively. The Company expects to bill and collect the cost and estimated earnings in excess of billings in 2015. | |||||||||||
Allowance for Doubtful Accounts | |||||||||||
Allowances for student receivables are maintained to reduce the Company’s 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, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 539 | $ | 121 | $ | 246 | |||||
Charged to expense | 3,249 | 3,432 | 1,728 | ||||||||
Write-offs | -3,329 | -2,433 | -1,853 | ||||||||
Sale of properties | - | -581 | - | ||||||||
Balance at end of period | $ | 459 | $ | 539 | $ | 121 | |||||
Marketing and Advertising Costs | |||||||||||
Marketing and advertising costs are expensed during the period incurred and included in student housing and general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Marketing and advertising expenses were $1.5 million, $1.5 million, and $1.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
Derivative Instruments and Hedging Activities | |||||||||||
Campus Crest enters 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. The Company had no interest rate swaps as of December 31, 2014. | |||||||||||
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 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. The Company discontinues hedge accounting when: (i) it determines 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 other income (expense) line item on the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2014 and 2013, the fair value of derivative contracts was insignificant. | |||||||||||
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 | |||||||||||
The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT under Sections 856 through 859 of the Internal Revenue Code. The Company’s qualification as a REIT depends upon its 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 the Company’s gross income, the composition and values of the Company’s assets, the Company’s distribution levels and the diversity of ownership of its stock. The Company believes that it is organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code and that the Company’s intended manner of operation will enable it to meet the requirements for qualification and taxation as a REIT. | |||||||||||
As a REIT, the Company generally will not be subject to U.S. federal and state income tax on taxable income that it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company 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 it lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could materially and adversely affect the Company, including its ability to make distributions to its stockholders in the future. | |||||||||||
Campus Crest has made the election to treat TRS Holdings, the Company’s subsidiary which holds the Company’s management companies (as well as the development and construction companies included within discontinued operations) that provide services to entities in which the Company does 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. The Company’s 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 the Company’s 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. | |||||||||||
Campus Crest follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when the Company concludes 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. De-recognition of a tax position that was previously recognized would occur when the Company subsequently determines 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 de-recognition 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. | |||||||||||
Common Stock Issuances and Costs | |||||||||||
Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 13 for an expanded discussion on common stock issuances and costs. | |||||||||||
Stock-Based Compensation | |||||||||||
The Company grants restricted stock and restricted Operating Partnership ("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 the Company’s common stock or OP Units that are subject to restrictions on transferability and other restrictions determined by the Company’s compensation committee at the date of grant. A grant date generally is established for a restricted stock award or restricted OP Unit award upon approval from the Company’s compensation committee and Board of Directors. The restrictions may lapse over a specified period of employment or the satisfaction of pre-established criteria as the Company’s 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 generally is determined based on the market value of the Company’s 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 discontinued operations, if resulting from operations within the Company’s development or construction service company, or other income (expense) in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2014 and 2013, the Company had foreign currency exposure to the Canadian dollar. The aggregate transaction gains and losses included in the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2014 and 2013 were not significant. | |||||||||||
The financial statements of certain equity method investees and certain foreign subsidiaries are translated from their respective functional currencies into U.S. dollars using current and historical exchange rates. Translation adjustments resulting from this process are reported separately and included as a component of accumulated other comprehensive income (loss) in stockholders' equity in the accompanying consolidated balance sheets. Upon classification as held for sale, sale or liquidation of the Company’s investments, the translation adjustment would be reported as part of the gain or loss on classification, sale or liquidation. During the years ended December 31, 2014 and 2013, the Company recognized a foreign currency translation loss of approximately $2.6 million and $0.1 million, respectively, related to its investment in CSH Montreal, LP ("CSH Montreal”). Foreign currency translation loss is included in accumulated other comprehensive loss on the accompanying consolidated balance sheets and in comprehensive income (loss) in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||
Insurance Recoveries | |||||||||||
Insurance recoveries are amounts due or received under the Company’s applicable insurance policies for asset damage and business interruption relating to the previously disclosed fire at The Grove at Pullman, Washington and to the damage at The Grove at Wichita Kansas, and The Grove at Wichita Falls, Texas. Business interruption recovery is recorded when realized and included as a reduction within student housing operations expenses within the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2014 and 2013, the Company recognized approximately $1.2 million and $1.4 million, respectively of business interruption recovery. As of December 31, 2014 and 2013, the Company had a receivable for property damage of $5.5 million and $1.0 million, respectively. | |||||||||||
Consolidated Variable Interest Entity | |||||||||||
During the year ended December 31, 2013, the Company entered into a variable interest entity ("VIE") with Copper Beech Townhome Communities, LLC ("CBTC") to develop, construct and manage a student housing property in Ames, Iowa (“Copper Beech at Ames”). The Company concluded that it is the primary beneficiary of Copper Beech at Ames as the Company funded all of the equity of this entity, resulting in the Copper Beech investor’s interest being deemed a de facto agent of Campus Crest. Therefore, the Company has consolidated the financial position and the results of operations of Copper Beech at Ames in the accompanying balance sheet, consolidated statements of operations and comprehensive income (loss). The Company recorded $1.3 million and $0.5 million in revenues and expenses, respectively, related to the VIE for the year ended December 31, 2014. The Company recorded $33.5 million in assets, $22.3 million in liabilities, and $5.6 million of noncontrolling interests on the accompanying consolidated balance sheet as of December 31, 2014. The creditors of the loan for Copper Beech at Ames do not have recourse to the assets of Campus Crest, nor is the Company required to provide financial support to Copper Beech at Ames. On January 30, 2015, in connection with the Copper Beech purchase transaction (see Note 19), the Company’s ownership interest in Copper Beech at Ames increased to a 100% interest. | |||||||||||
Immaterial Correction | |||||||||||
During the year ended December 31, 2014, the Company was made aware of a tax liability at one of its properties that extends back to the year ended December 31, 2009. The total impact of the tax liability is approximately $2.3 million, of which $0.4 million relates to 2014. The Company has adjusted the prior year consolidated financial statements presented herein to reflect the impact of this liability. For both the years ended December 31, 2013 and 2012, student housing operations expense on the consolidated statements of operations and comprehensive income (loss) has been increased by approximately $0.4 million, and accumulated deficit and distributions on the accompanying consolidated statement of changes in equity as of December 31, 2011 has been increased by $1.1 million. In addition, accrued accounts payable on the consolidated balance sheet as of December 31, 2013 was increased by $1.9 million. No changes in net cash provided by operating activities in the accompanying consolidated statement of cash flows resulted from the immaterial correction to prior periods. | |||||||||||
Recent Accounting Pronouncements | |||||||||||
In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810)", which amends the consolidation requirements in ASC 810, “Consolidation”. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the provisions of this guidance and the impact is not known. | |||||||||||
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements. Pursuant to ASU 2014-08, only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, should be presented as a discontinued operation. The guidance is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company adopted ASU 2014-08 as of January 1, 2014. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |||||||||||
Student_Housing_Properties
Student Housing Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate Disclosure [Text Block] | 3. Student Housing Properties | |||||||
The following is a summary of the Company’s student housing properties, net for the periods presented (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 76,043 | $ | 58,439 | ||||
Buildings and improvements | 781,739 | 597,141 | ||||||
Furniture, fixtures and equipment | 78,180 | 60,705 | ||||||
935,962 | 716,285 | |||||||
Less: accumulated depreciation | -128,121 | -102,356 | ||||||
$ | 807,841 | $ | 613,929 | |||||
Included in depreciation expense in the statements of operations and comprehensive income (loss) is $1.5 million, $0.7 million and $1.1 million of amortization expense for in-place leases in 2014, 2013 and 2012, respectively. | ||||||||
In August 2014, the Company began operations at The Grove at Slippery Rock, Pennsylvania, The Grove at Grand Forks, North Dakota, The Grove at Mt. Pleasant, Michigan, The Grove at Gainesville, Florida, and Copper Beech at Ames, Iowa. | ||||||||
In January 2014, the Company acquired the remaining 80% ownership interests in HSRE IV, which owns The Grove at Denton, Texas, thereby increasing its student housing properties (see Note 6). | ||||||||
In July 2013, the Company experienced a fire at The Grove at Pullman, Washington, a property under construction, which resulted in a partial loss of the property. Management has estimated the loss to be approximately $7.5 million, of which we have received $2.5 million in insurance proceeds in 2013 and expect to receive additional proceeds in the first quarter of 2015. While no assurances can be given, after taking into account the Company’s existing insurance coverage, management believes that the damages sustained as a result of this fire will not have a material adverse effect on the Company’s financial position or results of operations. | ||||||||
Strategic_Repositioning_Initia
Strategic Repositioning Initiatives | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Restructuring and Related Activities [Abstract] | |||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 4. Strategic Repositioning Initiatives | ||||
The Company has begun to implement a strategic repositioning which includes, among other things: | |||||
-1 | Simplifying the business model by discontinuing all construction and development and focusing on organic growth; | ||||
-2 | Reducing the number of joint ventures through planned dispositions of certain assets within its joint ventures to simplify asset ownership structure and reduce exposure to off-balance sheet obligations; | ||||
-3 | Disposing of land which was previously held for future development (held in land and property held for sale as of December 31, 2014, some of which was disposed of subsequent to the year ended December 31, 2014 (See Note 19) and the rest of which we expect to dispose of during 2015); | ||||
-4 | Identifying costs savings at the Company's properties and at the corporate office; and | ||||
-5 | Focusing time and resources on recruiting new members of our management team. | ||||
During the year ended December 31, 2014, the Company discontinued all construction and development operations (see Note 7). | |||||
During the year ended December 31, 2014, the Company recorded an other than temporary impairment of $57.8 million in the consolidated statement of operations and comprehensive income (loss) for certain of our unconsolidated entities, including $31.3 million related to HSRE I, HSRE V, HSRE VI and HSRE X (the “HSRE Investments”) and $26.5 million related to our investment in CSH Montreal LP. Factors giving rise to the strategic repositioning, including results below our expectations in original underwriting as well as our communications from the venture partner during the year ended December 31, 2014 about their desire to dispose of certain properties in the HSRE Investments in the near term, resulted in our determination that an other than temporary impairment existed. See Note 11 for additional information on impairments. | |||||
In connection with exiting the construction and development businesses during 2014, the Company recorded impairment for land and pre-development costs of $31.9 million in the consolidated statement of operations and comprehensive income (loss), based on their estimated fair values. The fair values were obtained from third-party appraisals based on comparable properties (market approach; which involved Level 3 inputs in the fair value hierarchy). The land held for sale is expected to be disposed of pursuant to a standard sale process during 2015. See Note 19. | |||||
Additionally, the Company recorded $15.1 million of impairments of other assets related to corporate infrastructure changes, as a result of the strategic repositioning. Assets impaired included the corporate aircraft and certain enterprise resource planning related assets. | |||||
The Company also terminated the employment of certain employees and eliminated positions as part of the strategic repositioning. In connection with these terminations, the Company recognized severance expense of $9.1 million during the year ended December 31, 2014, of which $2.9 million is included in loss from discontinued operations and $6.2 million is included in operating expenses in the consolidated statements of operations and comprehensive income (loss). Severance expense included $2.7 million for the acceleration of the vesting conditions of restricted shares. As of December 31, 2014, there was $5.7 million included in accounts payable and accrued expenses in the consolidated balance sheet of which $4.3 million and $1.4 million is expected to be paid in 2015 and 2016, respectively. Significant components of the severance accrual during 2014 are as follows (in thousands): | |||||
Balance at January 1, 2014 | $ | - | |||
New charges | 6,411 | ||||
Cash payments | -668 | ||||
Balance at December 31, 2014 | $ | 5,743 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Tax Disclosure [Text Block] | 5. Income Taxes | ||||||||||
The Company believes it is operating so as to qualify as a REIT under the Internal Revenue Code. Therefore, it is not subject to federal income tax as long as the Company distributes at least 90% of its REIT taxable income to its stockholders each year. As a result, no provision for federal income taxes has been included in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income and to federal income and excise taxes on its undistributed income. The Company’s 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 (in thousands): | |||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Solar investment tax credit | $ | 2,116 | $ | 1,924 | |||||||
Federal and state net operating loss | 2,284 | 79 | |||||||||
Other | 22 | 23 | |||||||||
Less: valuation allowance | -4,002 | -484 | |||||||||
Total deferred tax assets | 420 | 1,542 | |||||||||
Deferred tax liabilities: | |||||||||||
Deferred revenue | - | -260 | |||||||||
Depreciation and amortization | -420 | -355 | |||||||||
Total deferred tax liabilities | -420 | -615 | |||||||||
Net deferred tax assets | $ | - | $ | 927 | |||||||
The Company has a federal net operating loss ("NOL") of approximately $5.9 million at December 31, 2014, which will expire in 2034. Additionally, the Company has state NOLs of approximately $7.8 million and $1.3 million at December 31, 2014 and 2013, respectively, that will expire at various times between 2018 and 2034. | |||||||||||
Significant components of the Company’s income tax provision are as follows (in thousands): | |||||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||
Federal | $ | - | $ | - | $ | 150 | |||||
State | - | 200 | 206 | ||||||||
Current expense | - | 200 | 356 | ||||||||
Deferred: | |||||||||||
Federal | 815 | -885 | - | ||||||||
State | -84 | -42 | - | ||||||||
Deferred expense (benefit) | 731 | -927 | - | ||||||||
Income tax expense (benefit) | $ | 731 | $ | -727 | $ | 356 | |||||
Due to the Company’s decision to discontinue construction and development operations, it believes it is more likely than not that the Company will not realize the value of its deferred tax assets, net of valuation allowance. Therefore, an increase of the valuation allowance of approximately $3.5 million was recorded during the year ended December 31, 2014. The Company had no unrecognized tax benefits as of December 31, 2014 and December 31, 2013. | |||||||||||
As of December 31, 2014, the Company is not under an income tax examination by the Internal Revenue Service (“IRS”) or by any state or local taxing authority. The Company is no longer subject to income tax examinations by the IRS for tax years before 2011, or by state or local income tax authorities for tax years before 2010. | |||||||||||
Business_Acquisitions
Business Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | 6. Business Acquisitions | ||||
Denton, Texas Acquisition | |||||
In January 2014, the Company acquired HSRE’s 80% ownership interest in HSRE IV, in which the Company previously held a 20% interest and which owns The Grove at Denton, Texas, for approximately $7.7 million. Prior to the acquisition of this interest, the Company accounted for its ownership interest in the property under the equity method. In connection with evaluating the Company’s investment in HSRE IV for impairment as of December 31, 2013, the Company recognized a loss of approximately $0.3 million for the other than temporary decline in value of its previously held equity interest in the property. 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 based on the purchase price of the transaction. Subsequent to the Company’s acquisition of this interest, the Company consolidated the balance sheet and results of operations of The Grove at Denton, Texas. For the year ended December 31, 2014, the acquired property contributed a total of $3.9 million in revenue and $1.0 million in expenses, which included $1.5 million of amortization expense of in-place intangible assets. | |||||
The following table is an allocation of the purchase price (in thousands): | |||||
Land | $ | 4,770 | |||
Buildings and improvements | 18,276 | ||||
Furniture, fixtures and equipment | 2,284 | ||||
In-place leases | 1,524 | ||||
Other | -377 | ||||
Fair value of debt at acquisition | -16,901 | ||||
9,576 | |||||
Less estimated fair value of interest owned prior to acquisition | -1,915 | ||||
$ | 7,661 | ||||
Acquisition of Properties Under Development | |||||
During the year ended December 31, 2013, the Company acquired land at nine project sites. The purchase price for these nine sites totaled approximately $32.4 million. The project sites were located in Slippery Rock, Pennsylvania, Grand Forks, North Dakota, Mt. Pleasant, Michigan, Philadelphia, Pennsylvania, Louisville, Kentucky, Greensboro, North Carolina, Gainesville, Florida, Bellingham, Washington, and Ames, Iowa. During 2013, the Company contributed its investment 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 into a joint venture with HSRE during 2013. The investment in Ames, Iowa is a development project in conjunction with Copper Beech. The Company did not acquire land for development in 2014. | |||||
Copper Beech Acquisition | |||||
In February 2013, the Company 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 its 48.0% interest in the CB Portfolio, the Company 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 an additional 36.3% interest in the CB Portfolio. The Company 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, the Company acquired approximately an 11.7% interest in the CB Portfolio from the Non-Member Investors. The Company refers to this transaction as the “CB Portfolio Acquisition.” | |||||
The CB Portfolio consists of 36 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 36 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 8.2 years. | |||||
The Company’s investment in the CB Portfolio entitled it to a preferred payment of $13.0 million for the first year of its investment and 48% of remaining operating cash flows. In connection with the CB Portfolio Acquisition, the Company loaned approximately $31.7 million at an interest rate of 8.5% per annum to the CB Investors, which was repaid in connection with the Amendment to the Purchase Agreement (as described below). | |||||
Amendment to Copper Beech Purchase Agreement | |||||
On September 30, 2013 and effective subject to the receipt of required third party consents, the Company entered into an Amendment (the “Amendment”) to the Purchase Agreement. As consideration for entering into the Amendment, the Company paid the CB Investors $4.0 million. | |||||
Pursuant to the terms of the Amendment, following receipt of required third party consents, the Company will transfer its 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, the Company held 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, the Company has 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 the Company 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, the Company 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 the Company’s options to acquire additional interests in the Copper Beech Portfolio as follows: | |||||
• Beginning March 18, 2014 through August 18, 2014, the Company had the option to acquire an additional 18.0% interest in the Initial Copper Beech Properties, increasing its aggregate interest in such properties to 85.0%, which entitled the Company to 100% of the operating cash flows of the Initial Copper Beech Properties. The aggregate purchase price for the exercise of this purchase option was approximately $93.5 million plus debt repayment of approximately $21.0 million. | |||||
• Subsequent to December 31, 2014, the Company completed the acquistition of the Copper Beech Portfolio (see Note 19). Prior to the acquisition, the Company had 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 through May 2015, which would have increased its aggregate interest in all 37 properties in the Copper Beech Portfolio to 88.9% and entitled the Company 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 was approximately $100.7 million plus debt repayment of approximately $19.0 million. Through May 2016, the Company had the option to acquire an additional 11.1% interest in the Copper Beech Portfolio, which would have increased its aggregate interest to 100%. The aggregate purchase price for the exercise of this purchase option was approximately $53.4 million. | |||||
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. | |||||
Dilution of Ownership | |||||
On August 18, 2014, the Company elected not to exercise the first purchase option to acquire additional interests in the properties comprising the CB Portfolio. As a result of this decision, the Company is entitled to 48.0% of the operating cash flows in the 36 operating properties, one office building and one parcel of land as well as 45.0% of the proceeds of any sale of any portion of the CB Portfolio. In addition, any future purchase options to acquire additional interests in the CB Portfolio are forfeited. During the three months ended September 30, 2014, and as a result in the change in ownership percentage in the CB Portfolio, the Company incurred a non-cash charge of $33.4 million, which is included in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||
Both the Company 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, the Company holds a noncontrolling interest in the CB Portfolio and accordingly applies the equity method of accounting. As of December 31, 2014, the Company held a 48% effective interest in 36 operating properties and two non-operating properties in the CB Portfolio. | |||||
The Company recognized approximately $1.6 million and $3.8 million in equity in losses of Copper Beech as well as no interest income and approximately $1.4 million interest income from the loan to the CB Investors for the years ended December 31, 2014 and December 31, 2013, respectively. Additionally, the Company recognized approximately $3.0 million and $1.1 million of transaction expenses related to the CB Portfolio Acquisition and incurred $4.0 million and $16.9 million of costs which were included in its investment basis in Copper Beech for the years ended December 31, 2014 and December 31, 2013, respectively. | |||||
Copper Beech Purchase | |||||
On January 30, 2015, the Company closed on a transaction to acquire the remaining interest in certain of the Copper Beech properties (see Note 19). | |||||
Toledo, Ohio Acquisition | |||||
On March 2, 2013, the Company 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 | $ | 2,855 | |||
In-place leases | 469 | ||||
Buildings and improvements | 9,496 | ||||
Furniture and fixtures | 102 | ||||
Other | 879 | ||||
$ | 13,801 | ||||
Montreal, Quebec Acquisitions | |||||
In July 2013, the Company 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 has since converted 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 December 2013, the Company and Beaumont formed a holding company, CSH Montreal LP (“CSH Montreal”), and DCV Holdings was subsequently contributed to CSH Montreal, such that CSH Montreal became the sole limited partner in DCV Holdings. In addition, following the insertion of CSH Montreal as the holding company in the joint venture arrangement, CSH Montreal acquired ownership of HIM Holdings LP (“HIM Holdings”), an entity formed to facilitate the acquisition of the Holiday Inn property in Canada. In January 2014, HIM Holdings completed the acquisition of a hotel property, which has been converted into an upscale student housing property serving McGill University. As of December 31, 2014, the Company owned a 47.0% common interest in CSH Montreal, the holding company of DCV Holdings. | |||||
Asset_Dispositions_and_Discont
Asset Dispositions and Discontinued Operations | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. Asset Dispositions and Discontinued Operations | ||||||||||
In connection with the strategic repositioning initiatives, the Company discontinued all construction and development operations. See Note 4 for additional information related to the strategic repositioning. In connection with the discontinuation of these operations, the Company has presented the results of construction and development as discontinued operations in the accompanying consolidated statements of operations and comprehensive income (loss) for all years presented. These operations were previously included in the development, construction and management services segment in the prior year’s consolidated financial statements. See Note 16 for additional segment information. | |||||||||||
Below is a summary of the consolidated balance sheet for the construction and development operations for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Cash | $ | 1,118 | $ | 331 | |||||||
Other assets | 2,461 | 4,408 | |||||||||
Costs and earnings in excess of construction billings | 3,887 | 42,803 | |||||||||
Total assets | 7,466 | 47,542 | |||||||||
Accounts payable and accrued expenses | 6,050 | 18,660 | |||||||||
Construction billings in excess of cost and earnings | 481 | 600 | |||||||||
Total liabilities | 6,531 | 19,260 | |||||||||
Total net assets | $ | 935 | $ | 28,282 | |||||||
Below is a summary of the results of operations for the construction and development operations for all periods presented (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | 24,383 | $ | 50,249 | $ | 53,736 | |||||
Construction and development service expense | -29,650 | 46,759 | 50,493 | ||||||||
Severance | -2,959 | - | - | ||||||||
Operating income (loss) | -8,226 | 3,490 | 3,243 | ||||||||
Depreciation and amortization | - | - | - | ||||||||
Income (loss) from discontinued operations | $ | -8,226 | $ | 3,490 | $ | 3,243 | |||||
All construction and development projects were substantially complete as of December 31, 2014. | |||||||||||
In December 2013, the Company sold 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. In connection with the disposition of these properties, an impairment of $4.7 million was recorded which is presented in discontinued operations in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2013. In December 2014, the Company paid $1.4 million to the purchaser of these properties to settle certain claims in connection with the sale which is included in loss on discontinued operations during the year ended December 31, 2014 in the accompanying statement of operations and comprehensive income (loss). These properties were included in the Company’s student housing properties segment. These properties were disposed of as of December 31, 2013 and therefore have no activity for the year ended December 31, 2014. | |||||||||||
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, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | - | $ | 9,754 | $ | 8,993 | |||||
Operating expenses | - | 5,354 | 5,184 | ||||||||
Loss on sale of disposed assets | -1,350 | - | - | ||||||||
Operating income | -1,350 | 4,400 | 3,809 | ||||||||
Depreciation and amortization | - | 2,672 | 3,144 | ||||||||
Net income | $ | -1,350 | $ | 1,728 | $ | 665 | |||||
Impairment on discontinued operations | - | -4,729 | - | ||||||||
Income (loss) from discontinued operations | $ | -1,350 | $ | -3,001 | $ | 665 | |||||
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Investment in Unconsolidated Entities | ||||||||||||||||||||||||||||
The Company has investments in real estate ventures with HSRE, the former members (the “CB Investors”) of Copper Beech Townhome Communities, LLC ("CBTC") and Copper Beech Townhome Communities (PA), LLC (“CBTC PA,” together with CBTC, "Copper Beech"), and Beaumont Partners SA (“Beaumont”) that the Company does not consolidate. These joint ventures are engaged primarily in developing, constructing, owning and managing student housing properties. Both the Company and its joint venture partners hold joint approval rights for major decisions, including those regarding property acquisitions and dispositions as well as property operation. As such, the Company has significant influence but not control in these joint ventures and accounts for them under the equity method of accounting. | |||||||||||||||||||||||||||||
The Company acts as the operating member and day-to-day manager for its investments with HSRE and Beaumont and earns fees for these management services. Additionally, for the periods presented, the Company has provided development and construction services to the ventures with HSRE, Copper Beech and Beaumont and recognized fees as the services are performed. The fees related to development and construction services are included in "Income (loss) from discontinued operations" in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||
In January 2014, CSH Montreal LP (“CSH Montreal”), the Company’s joint venture with Beaumont, formed HIM Holdings LP (“HIM Holdings”), to facilitate the acquisition of the Holiday Inn Midtown in Montréal, Québec for approximately CAD 65 million ($56.2 million). In connection with the acquisition of the Holiday Inn property, the Company increased its ownership interest from 20.0% to 47.0% in CSH Montreal, the joint venture that ultimately owns the Holiday Inn Midtown. In January 2014, with the acquisition of the Holiday Inn Midtown property, the Company provided CAD 16.0 million ($13.8 million) of preferred bridge equity financing to CSH Montreal to be repaid on or before September 2, 2014. As of September 2, 2014, the Company’s preferred equity had not been repaid in full and as a result it is now entitled to 60.5% of all cash distributions related to earnings from CSH Montreal with Beaumont and its partners being entitled to the remaining 39.5%. The Company retains its common ownership interest of 47.0% in CSH Montreal and recognizes 47.0% in all losses from CSH Montreal with Beaumont and its partners recognizing the remaining 53.0%. The Company’s maximum exposure to loss is its investment in CSH Montreal and the amount, if any, that could be due under its debt guarantee described in Note 17. While the Company is not obligated to provide additional capital to CSH Montreal, the Company may provide such funding. The Company estimates that it will fund approximately $4.7 million in future operating commitments, taxes and future capital needs through the 2014/2015 academic year. The Company funds operating commitments up to its 47.0% common ownership in the partnership. See Note 17 for additional information on these guarantees. | |||||||||||||||||||||||||||||
In conjunction with the Holiday Inn Midtown acquisition, CSH Montreal entered into a CAD 112.0 million ($96.8 million at December 31, 2014 exchange rate) acquisition and development credit facility to help fund the conversion of both hotels into upscale student housing towers. The credit facility provides for variable interest-only payments at the higher of the Canadian Prime rate, which was 3.00% at December 31, 2014, plus a weighted average spread of 3.39% or the Canadian Dealer Offered Rate (“CDOR”), which was 1.3% at December 31, 2014, plus 1%, plus a weighted average spread of 3.39% through its maturity date on January 13, 2016. This facility has one twelve-month extension option, subject to lender approval. | |||||||||||||||||||||||||||||
In January 2014, the Company amended and restated the HSRE-Campus Crest I, LLC operating agreement, which had the effect of exchanging its preferred interests in The Grove at San Angelo, Texas, and The Grove at Conway, Arkansas, for additional membership interests in HSRE-Campus Crest I, LLC, effectively increasing the Company’s equity investment in the joint venture to 63.9% from 49.9%. HSRE-Campus Crest I, LLC owns The Grove at San Angelo, Texas, The Grove at Lawrence, Kansas, and The Grove at Conway, Arkansas. In the event the joint venture is sold, the partners will share equally in the net proceeds. There were no other material changes to the agreement. Subsequent to December 31, 2014, the Company entered into a binding agreement to sell two of these properties. See Note 19 for additional information. | |||||||||||||||||||||||||||||
On August 18, 2014, the Company elected not to exercise the first purchase option to acquire additional interests in the properties comprising the CB Portfolio. As a result of this decision, the Company is entitled to 48.0% of the operating cash flows in the 36 unconsolidated operating properties, one office building and one parcel of land as well as 45.0% of the proceeds of any sale of any portion of the CB Portfolio. In addition, any future purchase options to acquire additional interests in the CB Portfolio are forfeited. As a result in the change in ownership percentage in the CB Portfolio, the Company incurred a charge of $33.4 million, which is included in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||
The Company is the guarantor of the construction and mortgage debt or credit facilities of its joint ventures with HSRE and Beaumont. See Note 17. Details of the Company’s unconsolidated investments at December 31, 2014 are presented in the following table (dollars in thousands): | |||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||||||
Number of | Average | ||||||||||||||||||||||||||||
Our | Year | Properties In | Total | Total (5) | Net Total | Amount | Interest | ||||||||||||||||||||||
Unconsolidated Entities | Ownership | Founded | Operation | Investment | Impairment | Investment | Outstanding | Rate | Maturity Date / Range | ||||||||||||||||||||
HSRE-Campus Crest I, LLC | 63.9 | % | 2009 | 3 | $ | 10,380 | $ | -10,168 | $ | 212 | $ | 32,485 | 2.67 | -1% | 5/9/15 | ||||||||||||||
HSRE-Campus Crest V, LLC | 10 | % | 2011 | 3 | 4,093 | -4,093 | - | 49,614 | 2.89 | -1% | 4/20/2015-5/05/2015 | ||||||||||||||||||
HSRE-Campus Crest VI, LLC | 20 | % | 2012 | 3 | 15,089 | -8,274 | 6,815 | 53,706 | 2.48 | -1% | 5/08/2015 – 12/19/2015 | ||||||||||||||||||
HSRE-Campus Crest IX, LLC | 30 | % | 2013 | 1 | 18,975 | - | 18,975 | 90,204 | 2.37 | -1% | 7/25/16 | ||||||||||||||||||
HSRE-Campus Crest X, LLC | 30 | % | 2013 | 2 | 12,307 | -4,234 | 8,073 | 40,739 | 2.36 | -1% | 9/06/2016-9/30/2018 | ||||||||||||||||||
CB Portfolio | 48 | -3% | 2013 | 35 | 218,718 | - | 218,718 | 227,698 | 5.14 | -2% | 9/01/2015 – 10/01/2020 | ||||||||||||||||||
CSH Montreal | 47 | -4% | 2013 | 2 | 33,470 | -26,523 | 6,947 | 87,970 | 6.39 | -1% | 1/13/16 | ||||||||||||||||||
Total unconsolidated entities | 49 | $ | 313,032 | $ | -53,292 | $ | 259,740 | $ | 582,416 | 4.13 | % | ||||||||||||||||||
-1 | Variable interest rates. | ||||||||||||||||||||||||||||
-2 | Comprised of fixed rate debt. | ||||||||||||||||||||||||||||
-3 | As of December 31, 2014, the Company had a 48.0% ownership interest in the CB Portfolio. | ||||||||||||||||||||||||||||
-4 | As of January 2014, the Company’s ownership increased to 20.0% from 47.0% due to the acquisition of Holiday Inn Midtown in Montreal, Quebec. See discussion above. | ||||||||||||||||||||||||||||
-5 | During the year ended December 31, 2014, the Company recognized an impairment of unconsolidated entities of $57.8 million, of which $53.3 million reduced the carrying value of the investments and $4.5 million was recorded as a guarantee obligation in other liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||||||
The following is a summary of the combined financial position of the Company’s unconsolidated entities with HSRE and Beaumont in their entirety, not only its interest in the entities, for the periods presented (in thousands): | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Student housing properties, net | $ | 437,108 | $ | 289,797 | |||||||||||||||||||||||||
Development in process | 7,429 | 81,994 | |||||||||||||||||||||||||||
Other assets | 12,947 | 15,341 | |||||||||||||||||||||||||||
Total assets | $ | 457,484 | $ | 387,132 | |||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||
Mortgage and construction loans | $ | 354,759 | $ | 165,445 | |||||||||||||||||||||||||
Other liabilities | 29,364 | 58,948 | |||||||||||||||||||||||||||
Owners' equity | 73,361 | 162,739 | |||||||||||||||||||||||||||
Total liabilities and owners' equity | $ | 457,484 | $ | 387,132 | |||||||||||||||||||||||||
Company's share of historical owners' equity | $ | 30,481 | $ | 41,390 | |||||||||||||||||||||||||
Preferred investment(1) | 7,322 | 16,468 | |||||||||||||||||||||||||||
Net difference in carrying value of investment versus net book value of underlying net assets(2) | 3,219 | 5,568 | |||||||||||||||||||||||||||
Carrying value of investment in HSRE and other non-Copper Beech entities | $ | 41,022 | $ | 63,426 | |||||||||||||||||||||||||
-1 | As of December 31, 2014, the Company had Class B membership interests in The Grove at Indiana, Pennsylvania, The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, of approximately $2.7 million, $2.7 million and $1.9 million, respectively, entitling the Company to a 9.0% return on its investment upon the respective property being operational. The Company also had, from January to September 2, 2014, a CAD 16 million ($13.8 million at December 31, 2014 exchange rate) Class A interest in CSH Holdings entitling it to a commitment fee of 1.0% of the Class A interest each quarter and a 10.0% annual return on its investment. | ||||||||||||||||||||||||||||
-2 | This amount represents the aggregate difference between the Company’s carrying amount and its underlying equity in the net assets of its investments, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the other than temporary impairments recorded during 2014 (see Note 4), the difference between the allocated value to acquired entity interests and the venture’s basis in those interests, the capitalization of additional investment in the unconsolidated entity, and the elimination of service related revenue to the extent of the Company’s percentage ownership. | ||||||||||||||||||||||||||||
ASC 323 Investments – Equity Method and Joint Ventures and Article 4.08(g) of Regulation S-X requires that 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, the Company has 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, the Company has elected to present financial information on its investment in Copper Beech on the Company’s cost basis for its investment as of December 31, 2014 as it believes this information is reliable and relevant to the users of its financial statements. Further, although the Company acknowledges that the information provided does not comply with all of the provisions of ASC 323 or Article 4.08(g) of Regulation S-X, it does not believe that the lack of the omitted disclosure, or the information of the financial position reflecting the cost basis of its investment 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 reflecting the cost basis of the Company’s investments in the Copper Beech entities in their entirety for the 35 and 28 unconsolidated properties in the CB Portfolio as of December 31, 2014 and December 31, 2013, respectively (in thousands): | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Student housing properties, net | $ | 906,614 | $ | 748,280 | |||||||||||||||||||||||||
Intangible assets | 7,212 | 37,100 | |||||||||||||||||||||||||||
Other assets | 14,293 | 5,201 | |||||||||||||||||||||||||||
Total assets | $ | 928,119 | $ | 790,581 | |||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||
Mortgage and construction loans | $ | 476,985 | $ | 421,239 | |||||||||||||||||||||||||
Other liabilities | 15,541 | 13,112 | |||||||||||||||||||||||||||
Owners' equity | 435,593 | 356,230 | |||||||||||||||||||||||||||
Total liabilities and owners' equity | $ | 928,119 | $ | 790,581 | |||||||||||||||||||||||||
Company's share of historical owners' equity | $ | 199,281 | $ | 244,964 | |||||||||||||||||||||||||
Net difference in carrying value of investment versus net book value of underlying net assets(1) | 19,437 | 16,628 | |||||||||||||||||||||||||||
Carrying value of investment in unconsolidated entity | $ | 218,718 | $ | 261,592 | |||||||||||||||||||||||||
-1 | This amount represents the aggregate difference between the 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 impairment recognized in connection with not exercising the Copper Beech purchase option offset by the capitalization of transaction costs incurred to acquire the Company's interests in the Copper Beech entities. | ||||||||||||||||||||||||||||
The following is a summary of the combined operating results for the Company’s unconsolidated entities with HSRE and Beaumont in their entirety, not only its interest in the entities, for the periods presented (in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Revenues | $ | 30,811 | $ | 23,422 | $ | 17,934 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operating expenses | 21,846 | 17,434 | 9,665 | ||||||||||||||||||||||||||
Interest expense | 7,577 | 5,025 | 4,962 | ||||||||||||||||||||||||||
Depreciation and amortization | 11,091 | 6,304 | 4,807 | ||||||||||||||||||||||||||
Total expenses | 40,514 | 28,763 | 19,434 | ||||||||||||||||||||||||||
Net loss | $ | -9,703 | $ | -5,341 | $ | -1,500 | |||||||||||||||||||||||
The following is a summary of the operating results for the Company’s unconsolidated Copper Beech entities in their entirety, not only its interest in the entities. For the year ended December 31, 2014, this summary includes results for 28 properties from January 1, 2014 through August 18, 2014 and results for 35 unconsolidated properties from August 19, 2014 through December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||
Period from | |||||||||||||||||||||||||||||
Year Ended | March 18, 2013 to | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Revenues | $ | 83,108 | $ | 67,545 | |||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operating expenses | 34,525 | 28,316 | |||||||||||||||||||||||||||
Interest expense | 13,152 | 11,852 | |||||||||||||||||||||||||||
Depreciation and amortization | 35,827 | 56,106 | |||||||||||||||||||||||||||
Total expenses | 83,504 | 96,274 | |||||||||||||||||||||||||||
Net loss | $ | -396 | $ | -28,729 | |||||||||||||||||||||||||
During the year ended December 31, 2014 the CB Portfolio had net cash provided by operating activities of approximately $24.6 million (unaudited), net cash used in investing activities of approximately $(4.4) million (unaudited), and net cash used in financing activities of approximately $(17.7) million (unaudited). During the year ended December 31, 2013, the CB Portfolio had net cash provided by operating activities of $16.4 million (unaudited), net cash provided by investing activities of $24.2 million (unaudited), and net cash provided by financing activities of $9.1 million (unaudited), respectively. | |||||||||||||||||||||||||||||
The following table is the calculation of the Company’s equity in losses in the CB Portfolio for the year ended December 31, 2014 and for the period from March 18, 2013 to December 31, 2013. As there are several components of the calculation, set forth below are notes corresponding to the notes included in the Company’s calculation to further explain these components (in thousands). | |||||||||||||||||||||||||||||
Year Ended | Period from | ||||||||||||||||||||||||||||
December 31, | March 18, 2013 to | ||||||||||||||||||||||||||||
2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Net loss incurred by the CB Portfolio based on the Company's purchase price (1) | $ | -396 | $ | -28,729 | |||||||||||||||||||||||||
Campus Crest's share of net loss (2) | -606 | -9,215 | |||||||||||||||||||||||||||
Campus Crest percentage of preferred payment (3) | 911 | 5,663 | |||||||||||||||||||||||||||
Campus Crest earnings from Copper Beech | 305 | -3,552 | |||||||||||||||||||||||||||
Amortization of basis difference (4) | -557 | -264 | |||||||||||||||||||||||||||
Total equity in earnings (loss) in the CB Portfolio | $ | -252 | $ | -3,816 | |||||||||||||||||||||||||
-1 | The basis of the financial statements of the CB Portfolio used in the calculation of the Company’s equity in earnings for the year ended December 31, 2014 was computed using the cost basis for its investment in the CB Portfolio’s underlying assets and liabilities for its properties at the dates the Company acquired its interests in the CB Portfolio. The calculation includes the effects of purchase price adjustments determined at the date the Company acquired its interests in the CB Portfolio. | ||||||||||||||||||||||||||||
The Company consummated the acquisition of a 48.0% interest in 36 properties of the CB Portfolio. As a result of lender consents that were required to be obtained from various lenders to the CB Portfolio prior to its ownership, the Company completed its acquisition of the 48.0% interest in stages, which resulted in a variation in its ownership percentage from 25.3% to 48.0% in all 36 of the CB Portfolio operating properties from March 18, 2013 to September 30, 2013. Effective October 1, 2013, the Company and the CB Portfolio sellers amended the purchase and sale agreement, subject to receipt of all required third party consents, to increase the Company’s ownership interest by 19.0% in 28 of the 35 properties (thereby increasing its ownership in the 28 properties to 67%) in exchange for the Company’s 48.0% interest in seven of the properties (thereby reducing its ownership in the seven properties to 0%) and deferring the Company’s acquisition of any interests in two of the properties, plus a $20.2 million cash payment. Accordingly, the Company recognized its proportionate share of earnings of the CB Portfolio for the specific percentage of ownership interest it held during the applicable period, which was a 67.0% effective interest in the 28 properties during the first and second quarters of 2014 and through August 18, 2014. Due to the Company's decision not to exercise the first purchase option to acquire additional interests in the CB Portfolio, on August 19, 2014, the Company's ownership interest in all 35 unconsolidated operating properties in the CB Portfolio reverted to 48.0% and remained at 48.0% through December 31, 2014. | |||||||||||||||||||||||||||||
-2 | For the year ended December 31, 2014, the losses incurred from January 1, 2014 through August 18, 2014 while the Company held 67% ownership in 28 of the properties exceeded the income earned from August 19, 2014 through December 31, 2014 while the Company held 48% ownership in 36 properties. | ||||||||||||||||||||||||||||
-3 | The Company was entitled to a preferred payment for the first year of its investment and the proportionate share of the remaining operating cash flows in the CB Portfolio and it was currently entitled to its proportionate share of the operating cash flows in the CB Portfolio. During the period from March 18, 2013 to March 17, 2014, the Company was entitled to $13.0 million related to its preferred payment, all of which has been paid, and the Company received approximately $1.0 million in other distributions, as of December 31, 2014. | ||||||||||||||||||||||||||||
-4 | The Company recorded in the calculation of equity in losses in the CB Portfolio the amortization of the net difference in the Company’s carrying value of investment as compared to the underlying equity in net assets of the investee. | ||||||||||||||||||||||||||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Disclosure [Text Block] | 9. Debt | |||||||||||||||||||
The following is a summary of the Company’s mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands): | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Fixed-rate mortgage loans | $ | 163,341 | $ | 165,393 | ||||||||||||||||
Variable-rate mortgage loans | 16,613 | - | ||||||||||||||||||
Construction loans | 120,719 | 40,138 | ||||||||||||||||||
Line of credit | 217,500 | 108,500 | ||||||||||||||||||
Exchangeable senior notes | 97,419 | 96,758 | ||||||||||||||||||
Other debt | 2,827 | 2,694 | ||||||||||||||||||
$ | 618,419 | $ | 413,483 | |||||||||||||||||
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. The Company’s mortgage loans generally may not be prepaid prior to maturity; however, in certain cases, prepayment is allowed subject to prepayment penalties. The Company’s 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): | ||||||||||||||||||||
Face Amount | Principal | Principal | Stated Interest Rate | Interest Rate at | Maturity Date | Amortization | ||||||||||||||
Outstanding at | Outstanding at | 12/31/14 | -1 | |||||||||||||||||
12/31/14 | 12/31/13 | |||||||||||||||||||
Construction loans | ||||||||||||||||||||
The Grove at Muncie | $ | 14,567 | $ | 13,892 | $ | 12,237 | LIBOR + 225 BPS | 2.42 | % | 7/3/15 | Interest only | |||||||||
The Grove at Slippery Rock | 17,961 | 16,031 | - | LIBOR + 215 BPS | 2.32 | % | 6/21/16 | Interest only | ||||||||||||
The Grove at Fort Collins | 19,073 | 19,073 | 17,228 | LIBOR + 190 BPS | 2.07 | % | 7/13/15 | Interest only | ||||||||||||
The Grove at Pullman | 16,016 | 10,886 | 10,673 | LIBOR + 220 BPS | 2.37 | % | 9/5/15 | Interest only | ||||||||||||
The Grove at Grand Forks | 16,916 | 12,474 | - | LIBOR + 200 BPS | 2.17 | % | 2/5/17 | Interest only | ||||||||||||
The Grove at Gainesville | 30,069 | 22,836 | - | LIBOR + 215 BPS | 2.32 | % | 3/13/17 | Interest only | ||||||||||||
Copper Beech at Ames | 23,551 | 21,170 | - | LIBOR + 225 BPS | 2.42 | % | 5/2/17 | Interest only | ||||||||||||
Toledo Vivo | 9,404 | 4,357 | - | LIBOR + 215 BPS | 2.32 | % | 11/25/17 | Interest only | ||||||||||||
Mortgage loans | ||||||||||||||||||||
The Grove at Denton | 17,167 | 16,613 | - | LIBOR + 215 BPS | 2.32 | % | 3/1/17 | 30 years | -2 | |||||||||||
The Grove at Milledgeville | 16,250 | 15,640 | 15,847 | 6.12% | 6.12 | % | 10/1/16 | 30 years | -2 | |||||||||||
The Grove at Carrollton and The Grove at Las Cruces | 29,790 | 28,674 | 29,052 | 6.13% | 6.13 | % | 10/11/16 | 30 years | -2 | |||||||||||
The Grove at Asheville | 14,800 | 14,304 | 14,500 | 5.77% | 5.77 | % | 4/11/17 | 30 years | -2 | |||||||||||
The Grove at Ellensburg | 16,125 | 15,845 | 16,070 | 5.10% | 5.1 | % | 9/1/18 | 30 years | -3 | |||||||||||
The Grove at Nacogdoches | 17,160 | 16,857 | 17,100 | 5.01% | 5.01 | % | 9/1/18 | 30 years | -3 | |||||||||||
The Grove at Greeley | 15,233 | 14,945 | 15,194 | 4.29% | 4.29 | % | 10/1/18 | 30 years | -3 | |||||||||||
The Grove at Clarksville | 16,350 | 16,238 | 16,350 | 4.03% | 4.03 | % | 7/1/22 | 30 years | -4 | |||||||||||
The Grove at Columbia | 23,775 | 22,738 | 23,180 | 3.83% | 3.83 | % | 7/1/22 | 30 years | -2 | |||||||||||
The Grove at Statesboro | 18,100 | 18,100 | 18,100 | 4.01% | 4.01 | % | 1/1/23 | 30 years | -5 | |||||||||||
$ | 300,673 | $ | 205,531 | |||||||||||||||||
-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 requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. | |||||||||||||||||||
-3 | Loan requires interest only payments plus certain reserves and escrows, payable monthly through September 2013. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity. | |||||||||||||||||||
-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, are payable monthly until maturity. | |||||||||||||||||||
-5 | Loan requires interest only payments plus certain reserves and escrows, payable monthly through January 2015. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity. | |||||||||||||||||||
Line of Credit | ||||||||||||||||||||
In January 2013, the Company entered into the second amended and restated credit agreement (the "Second Amended and Restated Credit Agreement"), which provides for a $250.0 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 the Company 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 bears interest at a floating rate equal to, at the Company’s election, the Eurodollar Rate or the Base Rate (each as defined in the Amended Credit Facility) plus a spread. The spread for borrowings under the 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, 2014 and 2013, the interest rate was 2.68% on the Revolving Credit Facility borrowings and 2.63% on the Term Loan. | ||||||||||||||||||||
As of December 31, 2014, the Company had approximately $167.5 million outstanding under the Revolving Credit Facility and $50.0 million outstanding under the Term Loan. The amounts outstanding under the Revolving Credit Facility and Term Loan, as well as outstanding letters of credit of $3.4 million, will reduce the amount that the Company may be able to borrow under this facility for other purposes. As of December 31, 2014, the Company had approximately $50.0 million in borrowing capacity under the Revolving Credit Facility, and amounts borrowed under the facility are due at its maturity in January 2017, subject to a one-year extension, which the Company may exercise at its option, subject to the satisfaction of certain terms and conditions, including the payment of an extension fee. The amount available for the Company 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 the Company’s 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 the Company’s 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 the Company’s development assets, subject to certain limitations in the Second Amended and Restated Credit Agreement. | ||||||||||||||||||||
The Company incurs an unused fee on the balance between the amount available under the Revolving Credit Facility and the amount outstanding under the Revolving Credit Facility of (i) 0.30% per annum if the Company’s average borrowing is less than 50.0% of the total amount available or (ii) 0.25% per annum if the Company’s average borrowing is greater than 50.0% of the total amount available. | ||||||||||||||||||||
On February 25, 2015, the Company entered into the Second Amendment to the Revolving Credit Facility, which amended, among other things, certain of the financial covenants from and including December 31, 2014 until and including September 30, 2015 (the “Relief Period”). | ||||||||||||||||||||
The Company’s ability to borrow under the Amended Credit Facility is subject to its ongoing compliance with a number of customary financial covenants during the Relief Period, including: | ||||||||||||||||||||
· | a maximum leverage ratio of not greater than 0.65:1.00; | |||||||||||||||||||
· | a minimum fixed charge coverage ratio of not less than 1.30:1.00; | |||||||||||||||||||
· | 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 47.5% | |||||||||||||||||||
Pursuant to the terms of the Amended Credit Facility, the Company may not pay distributions that exceed the greater of (i) 95.0% of funds from operations, or (ii) the minimum amount required for the Company to qualify and maintain its status as a REIT. If a default or event of default occurs and is continuing, the Company also may be precluded from making certain distributions (other than those required to allow the Company to qualify and maintain its status as a REIT). On September 30, 2014, the Company received a waiver with respect to the distribution payout ratio for each distribution payout date through the end of 2015. The waiver was expressly conditioned on the following: (i) no default or event of default shall have occurred and be continuing and (ii) as each test date during 2015, the payout ratio shall be equal to or less than (A) 105% or (B) such greater amount as may be required by applicable law for the Company to maintain its status of a REIT. Additionally, on February 25, 2015, the dividend payout ratio was amended to be calculated on a rolling twelve month pro forma basis based on the current quarterly dividend of $0.09 per share. | ||||||||||||||||||||
During 2013, there were several amendments to the Second Amended and Restated Credit Agreement. In February 2013, the Company amended the Second Amended Credit Facility to provide for certain exclusions related to its investments in joint ventures as well as the treatment of certain other investments within the compliance calculation of its secured debt ratio and certain negative covenants. | ||||||||||||||||||||
In April 2013, as a result of the CB Portfolio Acquisition, the Company received a waiver from its lender group allowing for distributions up to, and not to exceed, 110.0% of funds from operations for the remainder of 2013. | ||||||||||||||||||||
In June 2013, in connection with the Company’s investment in its joint venture with Beaumont to acquire a property in Montreal, Quebec, Canada, the Company received a waiver from its lender group allowing the Company to guarantee debt incurred by its subsidiary, Campus Crest at Montreal I, LLC, to fund such investment, as there were no assets held by the joint venture at the time the Second Amended and Restated Credit Agreement was entered into. | ||||||||||||||||||||
The Company and certain of its subsidiaries guarantee the obligations under the Amended Credit Facility and the Company and certain of its subsidiaries have provided a negative pledge against specified assets (including real property), stock and other interests. | ||||||||||||||||||||
Exchangeable Senior Notes | ||||||||||||||||||||
The Company has outstanding $100.0 million of Exchangeable Senior Notes due 2018 (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 the Company 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 the indenture governing the Exchangeable Senior Notes. On or after July 15, 2018, and on or prior to the second scheduled trading day immediately preceding the maturity date, holders of the Exchangeable Senior Notes may exchange their notes without regard to the foregoing conditions. Following certain corporate transactions that occur prior to maturity of the Exchangeable Senior 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 the Operating Partnership or the Company occur, holders may require the Operating Partnership to repurchase the Exchangeable Senior Notes for cash at a price equal to 100% of the principal amount of the Exchangeable Senior 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, the Operating Partnership may irrevocably elect, in its 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 the Company's common stock. On or after July 15, 2018, the Exchangeable Senior 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, the Company recorded approximately $97.4 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 $2.6 million in additional paid-in-capital, net of offering costs, in the accompanying consolidated statements of changes in equity. Amortization related to the $2.6 million in additional paid in capital was $0.5 million and $0.1 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Other Debt | ||||||||||||||||||||
In June 2013, the Company entered into a $33.4 million (CAD 35.0 million) unsecured note payable in connection with its 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 1.30% at December 31, 2014, plus a spread of 2.50%. During the year ended December 31, 2014, this facility was assigned to and assumed by CSH Montreal, an unconsolidated joint venture, at which time the Company became the sole guarantor of the facility. The note was repaid in full during the year ended December 31, 2014. | ||||||||||||||||||||
Schedule of Debt Maturities | ||||||||||||||||||||
Scheduled debt maturities for each of the five years subsequent to December 31, 2014 and thereafter, are as follows (in thousands): | ||||||||||||||||||||
2015 | $ | 47,022 | ||||||||||||||||||
2016 | 62,379 | |||||||||||||||||||
2017 | 310,493 | |||||||||||||||||||
2018 | 146,583 | |||||||||||||||||||
2019 | 1,353 | |||||||||||||||||||
Thereafter | 53,170 | |||||||||||||||||||
621,000 | ||||||||||||||||||||
Debt discount | -2,581 | |||||||||||||||||||
Outstanding as of December 31, 2014, net of debt discount | $ | 618,419 | ||||||||||||||||||
Amortization of deferred financing costs was approximately $2.3 million, $1.8 million and $2.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. Derivative Instruments and Hedging Activities |
The Company used variable rate debt to finance the construction of student housing properties for the years ended December 31, 2014 and 2013. These debt obligations allow exposure to variability in cash flows due to fluctuations in interest rates. The Company utilizes derivative instruments (interest rate caps) to limit variability for a portion of the interest payments and to manage exposure to interest rate risk. The Company has two interest rate caps totaling a notional amount of $200 million. Both instruments have a strike rate of 2.5% with maturity dates of January 22, 2015 and July 22, 2015. As of December 31, 2014, the fair value of derivative contracts was insignificant. | |
Derivatives not designated as hedges are not speculative and are used to manage the Company’s 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 into earnings. The Company recorded an insignificant loss related to derivatives not designated in hedging relationships in earnings for the years ended December 31, 2014, 2013, and 2012. | |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Disclosures [Text Block] | 11. 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 the Company makes its own assumptions about how market participants would price the asset or liability. | ||||||||||||||
As of December 31, 2014 and 2013, the Company’s financial assets and liabilities carried at fair value on a recurring basis consisted of interest rate caps. As of December 31, 2014 and 2013, the fair value of the Company’s interest rate caps, valued using level 2 inputs, was approximately zero. | ||||||||||||||
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. Management’s 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, 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 the Company’s 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 the Company’s 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. The weighted average interest rate for all borrowings was 3.65% and 4.23% at December 31, 2014 and 2013, respectively. | ||||||||||||||
The following is a summary of the fair value of the Company’s 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, 2014 | 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 | $ | - | $ | 164,808 | $ | - | $ | 163,341 | ||||||
Variable-rate mortgage loans | - | 16,467 | - | 16,613 | ||||||||||
Construction loans | - | 119,952 | - | 120,719 | ||||||||||
Exchangeable Senior Notes | - | 101,793 | - | 97,419 | ||||||||||
Other Debt | - | 3,014 | - | 2,827 | ||||||||||
31-Dec-13 | ||||||||||||||
Fixed-rate mortgage loans | - | 161,379 | - | 165,393 | ||||||||||
Construction loans | - | 40,258 | - | 40,138 | ||||||||||
Exchangeable Senior Notes | - | 98,547 | - | 96,758 | ||||||||||
Other Debt | - | 2,671 | - | 2,694 | ||||||||||
All of the Company’s nonrecurring valuations made in connection with property acquisitions in Note 6 and impairments in Note 4 used significant unobservable inputs and, therefore, fall under Level 3 of the fair value hierarchy. | ||||||||||||||
Fair Value Measurements of Investments in Unconsolidated Entities | ||||||||||||||
Assets measured at fair value on the accompanying consolidated balance sheets consist of joint venture investments related to HSRE I, HSRE V, HSRE VI and HSRE X (the “HSRE Investments”) and to the Company’s investment in CSH Montreal and land parcels that were written-down to estimated fair value at December 31, 2014. The valuation techniques and inputs used to develop the fair value estimates of the HSRE investments and certain land parcels are described in Note 4. Factors giving rise to the strategic repositioning, including results below expectations in original underwriting transactions and communication from the venture partner during the year ended December 31, 2014 about their desire to dispose of certain properties in the HSRE Investments in the near term, resulted in the Company’s determination that an other than temporary impairment existed. After the impairments were recorded, the carrying values of the Company’s HSRE Investments and investment in CSH Montreal were $15.1 million and $6.9 million, respectively. The Company engaged third-party specialists to assist them with the Company’s valuation of certain of the underlying properties in the HSRE Investments. An income approach was used to determine the fair value of the Company’s HSRE Investments. Inputs and assumptions included in the determination of fair value included the Company’s expectation of projected net operating income to be earned ranging from $1.0 million to $2.6 million and capital expenditures to be incurred at the underlying properties and capitalization rates ranging between 5.9% and 8.5%. The capitalization rates were determined based on the marketability of each of the properties and the extent to which the operations of the property has stabilized. For the Company’s investment in CSH Montreal, the Company used a discounted cash flow valuation technique to estimate the fair value of the Company’s investment. The discounted cash flows take into consideration current occupancy levels with revenue per available bed increasing in conjunction with occupancies growing up to 92% over a four year period, an expected exit value based on a 7.25% capitalization rate, and a 9.25% discount rate. The discount rate includes the Company’s belief that the properties have not stabilized yet, given the occupancy levels of the properties owned by CSH Montreal during its first year of operations. These valuation techniques involve Level 3 inputs in the fair value hierarchy, and the Company believes that the highest and best use of these properties continues to be for student housing. | ||||||||||||||
The table below aggregates the fair values of these assets by their level in the fair value hierarchy (in thousands): | ||||||||||||||
December 31, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
HSRE JV - I | $ | 212 | $ | - | $ | - | $ | 212 | ||||||
HSRE JV - V | - | - | - | - | ||||||||||
HSRE JV - VI | 6,815 | - | - | 6,815 | ||||||||||
HSRE JV - X | 8,073 | - | - | 8,073 | ||||||||||
CSH Montreal | 6,947 | - | - | 6,947 | ||||||||||
Land Parcels and Toledo | 45,518 | - | - | 45,518 | ||||||||||
Total assets | $ | 67,565 | $ | - | $ | - | $ | 67,565 | ||||||
HSRE JV - V | -4,500 | - | - | -4,500 | ||||||||||
Total liabilities | $ | -4,500 | $ | - | $ | - | $ | -4,500 | ||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share [Text Block] | 12. 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 the Company’s 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 common stock issuable upon the conversion of Exchangeable Senior Notes and other potentially dilutive securities in the weighted average shares, 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 December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Basic earnings: | |||||||||||
Income (loss) from continuing operations | $ | -154,380 | $ | 749 | $ | 6,510 | |||||
Preferred stock dividends | 12,200 | 6,183 | 4,114 | ||||||||
Income (loss) from continuing operations attributable to noncontrolling interests | -1,166 | -37 | 19 | ||||||||
Income (loss) from continuing operations attributable to common stockholders | -165,414 | -5,397 | 2,377 | ||||||||
Income (loss) from discontinued operations | -9,576 | 489 | 3,908 | ||||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | -67 | 3 | 27 | ||||||||
Income (loss) from discontinued operations attributable to common stockholders | -9,509 | 486 | 3,881 | ||||||||
Net income (loss) attributable to common stockholders | $ | -174,923 | $ | -4,911 | $ | 6,258 | |||||
Weighted average common shares and OP Units outstanding: | |||||||||||
Basic | 65,102 | 59,984 | 34,781 | ||||||||
Incremental shares from assumed conversion (1) | - | 434 | 436 | ||||||||
Diluted | 65,102 | 60,418 | 35,217 | ||||||||
Basic and diluted earnings per share: | |||||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | -2.54 | $ | -0.08 | $ | 0.07 | |||||
Income (loss) from discontinued operations attributable to common stockholders | -0.15 | - | 0.11 | ||||||||
Net income (loss) attributable to common stockholders | $ | -2.69 | $ | -0.08 | $ | 0.18 | |||||
-1 | The effect of the inclusion of all potentially dilutive securities for 2014 and 2013 would be anti-dilutive when computing diluted earnings per share. Therefore, the computation of both basic and diluted earnings per share is the same. For the years ended December 31, 2014 and 2013, shares issuable upon settlement of the exchange feature of the Exchangeable Senior notes were anti-dilutive and were not included in the computation of diluted earnings per share based on the “if-converted” method. | ||||||||||
Equity
Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 13. Equity | |||||||||||||||||||
Preferred Stock | ||||||||||||||||||||
The Company’s 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) ranks senior to the Company’s common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs. The Company pays 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. | ||||||||||||||||||||
The Company may not redeem the Series A Preferred Stock prior to February 9, 2017, except in limited circumstances relating to the Company’s ability to qualify as a REIT. On or after February 9, 2017, the Company may, at its 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 the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. | ||||||||||||||||||||
In February 2012, the Company completed an underwritten public offering of approximately 2.3 million shares of its Series A Preferred Stock, including approximately 0.3 million 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. The Company 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. The Company used the remaining proceeds for general corporate purposes, including funding properties currently under development. | ||||||||||||||||||||
In October 2013, the Company reopened its Series A Preferred Stock in an underwritten public offering of 3.8 million shares, including 0.4 million 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. The Company used the net proceeds, as well as the net proceeds from its issuance of Exchangeable Senior Notes (see Note 9), 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 the Company’s 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, the Company has 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 July 2012, the Company 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 the Company did not already own, and to repay the mortgage debt secured by these properties; and (2) reduce borrowings outstanding under the Credit Facility. Remaining net proceeds were used for general corporate purposes. | ||||||||||||||||||||
In March 2013, the Company 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 the Company’s investment in the CB Portfolio and related transactional costs, including investment banking advisory fees; 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 million shares of stock, consisting of 500 million shares of common stock, $0.01 par value per share, and 50 million shares of preferred stock, $0.01 par value per share. | ||||||||||||||||||||
In June 2013, the Company implemented an At-The-Market offering program under which the Company 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, 2014, the Company had not issued and sold any shares under this program. | ||||||||||||||||||||
As of December 31, 2014, there were approximately 65.1 million OP Units outstanding, of which approximately 64.7 million, or 99.3%, were owned by the Company and approximately 0.4 million, or 0.7%, were owned by other partners. As of December 31, 2014, the fair market value of the OP Units not owned by the Company was $2.9 million, based on a market value of $7.31 per unit, which was the closing price per share of the Company’s common stock on the New York Stock Exchange on December 31, 2014. | ||||||||||||||||||||
The following is a summary of changes in the shares of the Company’s common stock for the periods shown (in thousands): | ||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Common shares at beginning of period | 64,502 | 38,558 | ||||||||||||||||||
Issuance of common shares | 33 | 25,530 | ||||||||||||||||||
Issuance of restricted shares | 357 | 496 | ||||||||||||||||||
Forfeiture of restricted shares | -150 | -82 | ||||||||||||||||||
Common shares at end of period | 64,742 | 64,502 | ||||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||||||
OP Units at beginning of period | 434 | 436 | ||||||||||||||||||
Redemption of OP Units | -33 | -2 | ||||||||||||||||||
OP Units at end of period | 401 | 434 | ||||||||||||||||||
Dividends and Distributions | ||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company declared dividends per common share and OP Unit of $0.585 totaling approximately $38.1 million, $0.66 totaling approximately $42.9 million, and $0.64 totaling approximately $22.6 million, respectively. | ||||||||||||||||||||
For the years ended December 31, 2014 and 2013, the Company declared dividends per share of Series A Preferred Stock of $2.00 totaling approximately $12.2 million and $2.00 totaling approximately $6.5 million, respectively. | ||||||||||||||||||||
On December 19, 2014, the Company’s Board of Directors declared a fourth quarter 2014 dividend of $0.090 per share of common stock and OP Unit. The dividends were paid on January 29, 2015, to stockholders of record on December 31, 2014. At December 31, 2014, the Company accrued approximately $5.9 million related to its common stock dividend in accounts payable and accrued expenses in the Company’s accompanying consolidated balance sheet. | ||||||||||||||||||||
On December 19, 2014, the Company’s Board of Directors also declared a cash dividend of $0.50 per share of Series A Preferred Stock for the fourth quarter of 2014. The preferred stock dividend was paid on January 15, 2015, to stockholders of record on December 31, 2014. At December 31, 2014, the Company accrued approximately $3.1 million related to its preferred stock dividend in accounts payable and accrued expenses in the Company’s accompanying consolidated balance sheet. | ||||||||||||||||||||
The following is a summary of the taxable nature of the Company’s dividends paid for the periods shown: | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||
Common Stock: | ||||||||||||||||||||
Ordinary Dividend | $ | - | 0 | % | $ | 0.097 | 14.8 | % | $ | 0.018 | 2.8 | % | ||||||||
Qualified Dividend | - | 0 | % | 0.008 | 1.2 | % | 0.001 | 0.2 | % | |||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||
Unrecaptured Sec. 1250 | - | 0 | % | 0.019 | 2.9 | % | - | 0 | % | |||||||||||
Return of Capital | 0.66 | 100 | % | 0.531 | 81.1 | % | 0.621 | 97 | % | |||||||||||
Total | $ | 0.66 | 100 | % | $ | 0.655 | 100 | % | $ | 0.64 | 100 | % | ||||||||
Preferred Stock: | ||||||||||||||||||||
Ordinary Dividend | $ | - | 0 | % | $ | 1.565 | 78.3 | % | $ | 1.272 | 92.7 | % | ||||||||
Qualified Dividend | - | 0 | % | 0.128 | 6.4 | % | 0.1 | 7.3 | % | |||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||
Unrecaptured Sec. 1250 | - | 0 | % | 0.307 | 15.3 | % | - | 0 | % | |||||||||||
Return of Capital | 2 | 100 | % | - | 0 | % | - | 0 | % | |||||||||||
Total | $ | 2 | 100 | % | $ | 2 | 100 | % | $ | 1.372 | 100 | % | ||||||||
The Company has the right to accumulate and not pay dividends on the Series A Preferred Stock. If dividends on the Series A Preferred Stock are not paid, holders of our Common Stock will not receive any dividend distributions. | ||||||||||||||||||||
Incentive_Plans
Incentive Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule Of Nonvested Share Activity [Text Block] | 14. Incentive Plans | |||||||||||||
The Company has 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 5.3 million. As of December 31, 2014, and December 31, 2013, approximately 2.5 million and 0.3 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 the Board of Directors. | ||||||||||||||
At December 31, 2014, total unrecognized compensation cost related to restricted stock awards was approximately $2.9 million and is expected to be recognized over a remaining weighted average period of 1.3 years. | ||||||||||||||
During the year ended December 31, 2014, the Company recognized stock compensation expense of approximately $4.4 million (net of vesting forfeitures of approximately $0.2 million) and capitalized stock compensation expense of approximately $1.3 million. Included in this amount is stock compensation expense associated with accelerated vesting totaling $2.7 million related to severance, of which $2.2 million is included in severance expense and $0.5 million is included in income (loss) from discontinued operations. During the year ended December 31, 2013, the Company 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, the Company 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. | ||||||||||||||
Restricted OP Units | ||||||||||||||
At December 31, 2014, the Company had no remaining unrecognized compensation cost related to restricted OP Units. During the year ended December 31, 2013, the Company 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. There were no forfeitures of restricted OP Units during 2014 and 2013. | ||||||||||||||
The following is a summary of the Company’s plan activity for the periods shown (in thousands, except weighted average grant price): | ||||||||||||||
Restricted | Restricted | Total | Weighted Avg | |||||||||||
Stock | OP Unit | Grant Price | ||||||||||||
Unvested shares at beginning of period (carry-forward) | 648 | - | 648 | $ | 11.97 | |||||||||
Granted | 357 | - | 357 | 9.01 | ||||||||||
Vested | -613 | - | -613 | 8.75 | ||||||||||
Forfeited | -104 | - | -104 | 9.66 | ||||||||||
Unvested shares at December 31, 2014 | 288 | - | 288 | 11.28 | ||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 15. Related Party Transactions |
The Company leases aircraft from entities in which two of its former executive officers have an ownership interest. For the years ended December 31, 2014, 2013, and 2012, the Company incurred lease payments related to these entities of approximately $0.4 million, $0.2 million and $0.2 million, respectively. In addition to the minimum lease payments, the Company incurred related operating expenses in connection to the running of the aircrafts. For the years ended December 31, 2014, 2013, and 2012, the Company incurred operating costs of $2.5 million, $4.7 million and $3.9 million, respectively. | |
The Company is party to an agreement with an initial term of five years with a subsidiary of an entity affiliated with its Executive Chairman and interim Chief Executive Officer pursuant to which it offers its tenants a program of insurance services and products. Pursuant to the agreement, the Company received an upfront payment of $100,000 and will receive fees for each tenant it referred that enrolls in the program. Additionally, the Company remits fees paid by the tenant for insurance services and products to the entity affiliated with its Executive Chairman and interim Chief Executive Officer. The Company is not the insurer for such insurance services and products sold. The Company remitted $1.3 million and $0.9 million for the years ended December 31, 2014 and 2013, respectively. | |
Segments
Segments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Segment Reporting Disclosure [Text Block] | 16. Segments | ||||||||||
The operating segments in which management assesses performance and allocates resources are student housing operations and property management services. The Company’s segments reflect management’s resource allocation and performance assessment in making decisions regarding the Company. The Company’s student housing rental and student housing services revenues are aggregated within the student housing operations segment. Upon discontinuation of the construction and development operations of the business, the Company identified its two segments as student housing operations and property management services. All construction and development activities are reported in discontinued operations at December 31, 2014. | |||||||||||
The following tables set forth the Company’s segment information for the periods presented (in thousands): | |||||||||||
For the Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Student Housing Operations: | |||||||||||
Revenues from external customers | $ | 105,492 | $ | 91,250 | $ | 74,091 | |||||
Operating expenses | 75,904 | 63,351 | 53,856 | ||||||||
Income from wholly-owned student housing operations | 29,588 | 27,899 | 20,235 | ||||||||
Severance expense | -700 | - | - | ||||||||
Impairment of unconsolidated entities | -57,789 | - | - | ||||||||
Effect of not exercising Copper Beech purchase option | -33,375 | - | - | ||||||||
Equity in earnings (losses) of unconsolidated enitites | -5,510 | -3,727 | 361 | ||||||||
Operating income (loss) | -67,786 | 24,172 | 20,596 | ||||||||
Nonoperating expenses | -10,200 | -10,529 | -10,246 | ||||||||
Net income (loss) | -77,986 | 13,643 | 10,350 | ||||||||
Net income (loss) attributable to noncontrolling interest | -750 | 136 | 106 | ||||||||
Net income (loss) attributable to common stockholders | $ | -77,236 | $ | 13,507 | $ | 10,244 | |||||
Depreciation and amortization | $ | 28,273 | $ | 22,356 | $ | 20,377 | |||||
Capital expenditures | $ | 188,495 | $ | 142,167 | $ | 111,167 | |||||
Investment in unconsolidated entities | $ | 259,740 | $ | 324,838 | $ | 22,555 | |||||
Total segment assets at end of period | $ | 1,165,523 | $ | 1,132,371 | $ | 691,671 | |||||
Property Management Services: | |||||||||||
Revenues from external customers | $ | 1,249 | $ | 820 | $ | 559 | |||||
Intersegment revenues | 153 | 272 | 256 | ||||||||
Total revenues | 1,402 | 1,092 | 815 | ||||||||
Operating expenses | 3,983 | 2,638 | 2,107 | ||||||||
Operating loss | -2,581 | -1,546 | -1,292 | ||||||||
Nonoperating expenses | - | - | - | ||||||||
Net loss | -2,581 | -1,546 | -1,292 | ||||||||
Net income (loss) attributable to noncontrolling interest | -25 | -15 | -12 | ||||||||
Net loss attributable to common stockholders | $ | -2,556 | $ | -1,531 | $ | -1,280 | |||||
Depreciation and amortization | $ | 96 | $ | 234 | $ | 14 | |||||
Total segment assets at end of period | $ | - | $ | - | $ | - | |||||
Reconciliations: | |||||||||||
Total segment revenues | $ | 106,894 | $ | 92,342 | $ | 74,906 | |||||
Elimination of intersegment revenues | -153 | -272 | -256 | ||||||||
Total consolidated revenues | $ | 106,741 | $ | 92,070 | $ | 74,650 | |||||
Segment operating income (loss) | $ | -70,367 | $ | 22,626 | $ | 19,304 | |||||
Interest expense | -16,156 | -12,969 | -11,545 | ||||||||
Impairment of land & pre-development costs | -31,927 | - | - | ||||||||
Write-off of corporate other assets | -15,110 | - | - | ||||||||
Severance expense | -5,459 | - | - | ||||||||
Corporate depreciation and amortization | -1,057 | - | - | ||||||||
Net unallocated expenses related to corporate overhead | -13,615 | -11,049 | -7,037 | ||||||||
Other income (expense) | 42 | 1,414 | 6,144 | ||||||||
Income (loss) from continuing operations, before income tax benefit (expense) | $ | -153,649 | $ | 22 | $ | 6,866 | |||||
Total segment assets | $ | 1,165,523 | $ | 1,132,371 | $ | 691,671 | |||||
Unallocated corporate assets and eliminations | 11,288 | 50,308 | 4,649 | ||||||||
Total assets at end of period | $ | 1,176,811 | $ | 1,182,679 | $ | 696,320 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies | ||||
Commitments | |||||
In the ordinary course of business, certain liens related to the construction of the student housing real estate property may be attached to the Company’s assets by contractors or suppliers. Campus Crest Construction, LLC, a wholly-owned subsidiary of the Company, is responsible as the general contractor for resolving these liens. There can be no assurance that the Company will not be required to pay amounts greater than currently recorded liabilities to settle these claims. | |||||
The Company has properties that are subject to long-term ground leases. Typically, these properties are located on the campuses of colleges or universities. The Company has the right to encumber its 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 the Company 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 the Company decide to sell its leasehold interests during the initial term 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 the Company’s offer to sell its leasehold interests. | |||||
Campus Crest leases space for its corporate headquarters office. Rent is recognized on a straight-line basis. Future minimum payments over the life of the Company’s corporate office lease and long-term ground leases subsequent to December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 1,293 | |||
2016 | 1,304 | ||||
2017 | 1,320 | ||||
2018 | 1,309 | ||||
2019 | 1,327 | ||||
Thereafter | 26,821 | -1 | |||
Total future minimum lease payments | $ | 33,374 | |||
-1 | The Company’s lease obligations total approximately $1.3 million per year through the year 2023. In addition to operating and office leases, the Company has ground leases that average $0.4 million per year through the year 2081. | ||||
The Company paid rent related to its corporate headquarters office of $1.2 million, $0.9 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
The Company guarantees certain mortgage and construction loans and revolving credit facilities related to the Company’s unconsolidated joint ventures. As of December 31, 2014, the Company guarantees: up to 100% of $32.5 million of debt through May 2015 for HSRE I; up to 50% of $144.1 million of debt with varying maturity dates from March 2015 through September 2018 for HSRE V, HSRE VI and HSRE X; and up to 25% of $90.2 million of debt maturing in July 2016 related to HSRE IX. Of the amounts guaranteed for HSRE V, $13.3 million relates to a property that was sold on January 30, 2015, as described in Note 19. In connection with the guarantee for HSRE I, there is $3.0 million held in escrow that could be used to satisfy a portion of the amount potentially paid under the guarantee. Should there be an event of default in connection with this debt, the Company could be required to fund under these guarantees a maximum amount up to the percentage of the guaranteed amount of the balance of the debt outstanding as of December 31, 2014. The Company estimated the fair value of the guarantees to be approximately $9.4 million, $3.2 million of which relates to the Company's HSRE I investment and is netted against its investment and $6.2 million of which relates to the Company's HSRE V investment and is netted against the value of the investment to the extent the investment is reduced to zero. Following the reduction of the HSRE V investment to zero, a remaining accrual of $4.5 million is presented in other liabilities in the accompanying consolidated balance sheet as of December 31, 2014. | |||||
In connection with the Company’s investment in CSH Montreal, the Company provides a guarantee of up to 50% of the outstanding balance of the acquisition and development credit facility (“CSH Montreal Debt”) of CAD 112.0 million ($96.8 million at December 31, 2014 exchange rate). As of December 31, 2014, the outstanding balance of the CSH Montreal Debt was CAD 101.8 million ($88.0 million at December 31, 2014 exchange rate), of which the Company guaranteed CAD 50.9 ($44.0 million at December 31, 2014 exchange rate). The term of the guarantee follows the term of the underlying debt, which matures on January 13, 2016, unless the twelve month extension, which is subject to lender approval, is exercised. The CSH Montreal debt is secured by, among other things, a first mortgage position on the real estate and improvements owned by CSH Montreal. The Company has estimated the fair value of this guarantee to be immaterial. | |||||
Except as disclosed above, the Company does not expect that the borrowers will default on the underlying debt arrangements and accordingly the Company does not expect to be required to perform under the guarantees. In the event that the Company is required to perform under one of the guarantees, it believes the borrower’s assets collateralizing the debt would be sufficient to cover the maximum potential amount of future payments under the guarantee. | |||||
Contingencies | |||||
In the normal course of business, the Company is subject to claims, lawsuits and legal proceedings. In addition to the matters described below, the Company is 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 the Company’s financial position or results of operations. | |||||
On July 3, 2012, the Company and certain of its subsidiaries were named as defendants in a lawsuit filed with the 250th Judicial District Court in 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. The claims in the lawsuit against Campus Crest and certain of its subsidiaries by the plaintiffs were settled in their entirety on July 29, 2014 without any admission of liability on the part of Campus Crest or its subsidiaries. The settlement, which is covered by the Company’s existing insurance coverage, did not have a material adverse effect on the Company’s financial position or results of operations. | |||||
On January 21, 2015, the Company and certain of its subsidiaries were named as defendants in a lawsuit filed in the 7th Division of the Jefferson Circuit Court in Jefferson County in Louisville, Kentucky. The case arose from an individual who fell to his death at a construction site located at 2501 South 4th Street, Louisville, Jefferson County, Kentucky. Also named as co-defendants in the case are three other companies associated with the construction and/or employment of the deceased individual. The plaintiffs allege, among other things, the Company was negligent and/or allowed a dangerous or hazardous condition to exist on the premises. The plaintiffs’ initial complaint did not specify the amount of damages sought. The Company is presently reviewing the complaint, reviewing applicable law and venue, and preparing its responsive pleadings. Based upon the totality of the circumstances, including the existence of insurance coverage and anticipated indemnity from third-parties, the Company does not believe that the lawsuit, if adversely determined, would have a material adverse effect on the Company’s financial position or results of operation. | |||||
The Company is not aware of any environmental liability with respect to the properties that could have a material adverse effect on the Company’s 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 the Company’s financial position or results of operations and cash flows. | |||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Financial Information [Text Block] | 18. 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, | |||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||
Total revenues(1) | $ | 24,711 | $ | 24,990 | $ | 24,839 | $ | 32,201 | ||||||
Operating income (loss)(1) | 3,135 | 878 | -120,526 | -21,022 | ||||||||||
Net income (loss)(1) | 953 | -486 | -130,843 | -33,580 | ||||||||||
Net income (loss) attributable to common stockholders | -2,080 | -3,547 | -133,123 | -36,173 | ||||||||||
Net income (loss) attributable to common stockholders per share - basic and diluted | $ | -0.03 | $ | -0.05 | $ | -2.06 | $ | -0.56 | ||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 21,751 | $ | 22,294 | $ | 23,257 | $ | 24,768 | ||||||
Operating income | 3,608 | 5,214 | 6,235 | -3,480 | ||||||||||
Net income (loss) | 2,072 | 3,845 | 4,758 | -9,437 | ||||||||||
Net income (loss) attributable to common stockholders | 911 | 2,676 | 3,582 | -12,080 | -2 | |||||||||
Net income (loss) attributable to common stockholders per share - basic and diluted | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | -0.19 | ||||||
(1) Total revenues, operating income (loss) and net income (loss) for the three months ended September 30, 2014 and December 31, 2014 have been adjusted for the Company’s discontinuance of two immaterial non-GAAP policies. Effective August 2014, the Company recognizes revenue over an 11.5 month period to align with lease terms as opposed to a 12 month period. Effective August 2014, the Company recognizes turn costs as incurred as opposed to accruing turn costs throughout the academic year. | ||||||||||||||
(2) The purchase price allocation for the Company’s Copper Beech acquisition was finalized and all required adjustments are reflected in the Company’s fourth quarter information. | ||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 19. Subsequent Events |
In addition to certain matters discussed elsewhere in these notes, the Company noted the following subsequent events: | |
Copper Beech Transaction | |
On January 30, 2015, the Company and certain of its affiliates completed the acquisition (the “Initial Closing”) of (i) the Sellers’ remaining interests in 29 student housing properties of a portfolio consisting of 36 student housing properties, one undeveloped land parcel and a corporate office building (the “Copper Beech Portfolio”) and (ii) the Sellers’ remaining interests in Copper Beech at Ames, Iowa, pursuant to that certain Amendment (the “Second Amendment”) to the Company’s purchase and sale agreement with the former members (the “Sellers”) of Copper Beech Townhome Communities, LLC (“CBTC”) and Copper Beech Townhome Communities (PA), LLC (“CBTC PA” and, together with CBTC, “Copper Beech”). | |
Pursuant to the terms of the Second Amendment, the Company agreed to acquire the Sellers’ remaining interests in each of the properties comprising the Copper Beech Portfolio other than Copper Beech Kalamazoo Phase 1, Copper Beech Kalamazoo Phase 2, Copper Beech Morgantown, Copper Beech Harrisonburg, Copper Beech Greenville and Copper Beech Parkway. Following the consummation of the Initial Closing, the Company holds a 100% interest in 27 of the properties in the Copper Beech Portfolio, an 85% interest in one property in the Copper Beech Portfolio, an 86% interest in one property in the Copper Beech Portfolio and a 48% interest in 4 of the properties in the Copper Beech Portfolio and has no ownership interests in 2 of the properties in the Copper Beech Portfolio and has a 100% interest in Copper Beech at Ames, Iowa. The Company expects to complete the acquisition of the Sellers’ interests in the remaining 2 properties in the Copper Beech Portfolio – Copper Beech San Marcos Phase 1 and Copper Beech IUP Buy – at such time as it obtains the requisite lender consents. The Company expects to obtain all such consents and to complete the acquisition of Copper Beech San Marco Phase 1 and Copper Beech IUP Buy on or before the end of the first quarter of 2015 (the date of completion of such acquisition is referred to herein as the “Second Closing Date”). | |
As consideration for the additional interests acquired in the Initial Closing, the Company paid to the Sellers aggregate cash consideration of approximately $58.9 million and the Operating Partnership issued to the Sellers an aggregate of approximately 10.4 million limited partnership units of the Operating Partnership (“OP Units”). The remaining consideration pursuant to the Second Amendment, consisting of approximately $1.4 million in cash and approximately 2.0 million in OP Units, will be payable to the Sellers on the Second Closing Date. As of the date of this filing, the Company is evaluating the financial statement impact of this transaction. | |
Sale of Assets | |
On January 29, 2015, the Company sold a portfolio of six undeveloped land parcels to a leading student housing developer resulting in net sale proceeds of $28.4 million. The portfolio included parcels located in Alabama, Arizona, California, Florida, Michigan and Washington. The sale was a part of the Company's previously announced strategic initiative to improve liquidity and simplify the balance sheet by selling certain properties previously held for development. The Company disposed of the parcels through a rigorous sale process which resulted in noticeable demand from a wide spectrum of bidders with numerous offers received – including multiple portfolio offers. As a result of this transaction, a gain of $4.7 million was recognized during the three months ended March 31, 2015. | |
On January 30, 2015, the Company sold its interest in the joint venture property, The Grove at Stillwater, OK for net sale proceeds of $2.9 million. No gain or loss was recognized. | |
On February 9, 2015, the Company completed the sale of the Falcon 900, the corporate aircraft, resulting in net sale proceeds of $3.8 million. This asset is presented in other assets on the consolidated balance sheet as of December 31, 2014. No gain or loss was recognized. | |
The Company expects to complete the sale of its interest in two joint venture properties, The Grove at Conway, AR with a sales price of $11 million, and The Grove at Lawrence, KS with a sales price of $13 million during the quarter ended June 30, 2015. The Company expects to recognize a gain on these transactions. | |
Changes in Management | |
On February 15, 2015, the Board of Directors of the Company appointed Aaron S. Halfacre, the Company’s Executive Vice President and Chief Investment Officer, to the additional role of President of the Company. | |
On February 20, 2015, Angel Herrera tendered his resignation as Chief Operating Officer of the Company, effective on February 28, 2015. | |
Covenant Renegotiation | |
On February 25, 2015, the Company received a unanimously approved waiver under its amended credit facility that provides relief from certain financial covenants during a relief period that runs from December 31, 2014 until and including September 30, 2015. During the relief period the following new measurements will apply to covenant tests: Maximum Leverage Ratio of not greater than 0.65:1.00; Maximum Secured Debt Ratio of not greater than 47.5%; Minimum Fixed Charge Ratio of not less than 1.30:1.00; and a Dividend Payout Ratio of not more than 105.0% calculated on a pro forma basis that applies the current quarterly dividend of $0.090 on a trailing twelve month basis. | |
Although the Company is currently in compliance with the terms of its Second Amended and Restated Credit Agreement, the Company’s Board has determined, based on an evaluation by management of the Company’s ability to satisfy all financial covenants in the credit agreement for the next four quarters, not to declare or pay dividends on its Common Stock or Series A Preferred Stock for the first quarter of 2015. In addition, the Board does not currently intend to declare or pay dividends on its Common Stock or Series A Preferred Stock for the remainder of 2015 unless the Company experiences sufficient improvement in its operating results, including successfully completing the sale of certain assets and enhancing our liquidity position by raising additional capital and/or refinancing its existing credit facilities. | |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
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, 2014 | ||||||||||||||||||||||||||
Amounts below are presented in thousands. | |||||||||||||||||||||||||||
Total Costs | |||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||
Capitalized | |||||||||||||||||||||||||||
Subsequent to | Student | Year Placed | |||||||||||||||||||||||||
Development | Housing | Accum. | Year | into Service | |||||||||||||||||||||||
Initial Cost | or Acquisition | Land | Properties | Total (1) (5) | Depr. | Encumbrances | Constructed | or Acquired | |||||||||||||||||||
Student Housing Properties | |||||||||||||||||||||||||||
The Grove at Asheville, NC | $ | 12,604 | $ | 1,240 | $ | 51 | $ | 13,793 | $ | 13,844 | $ | -5,349 | $ | -14,304 | 2005 | 2005 | |||||||||||
The Grove at Carrollton, GA | 13,294 | 1,200 | 1,104 | 13,390 | 14,494 | -5,305 | -14,101 | 2006 | 2006 | ||||||||||||||||||
The Grove at Las Cruces, NM | 16,025 | 5,648 | 1,098 | 20,575 | 21,673 | -6,019 | -14,573 | 2006 | 2006 | ||||||||||||||||||
The Grove at Milledgeville, GA | 14,543 | 1,484 | 942 | 15,085 | 16,027 | -5,808 | -15,640 | 2006 | 2006 | ||||||||||||||||||
The Grove at Abilene, TX | 16,962 | 785 | 1,361 | 16,386 | 17,747 | -6,006 | -2 | 2007 | 2007 | ||||||||||||||||||
The Grove at Ellensburg, WA | 20,827 | 532 | 1,483 | 19,876 | 21,359 | -6,463 | -15,845 | 2007 | 2007 | ||||||||||||||||||
The Grove at Greeley, CO | 19,971 | 3,078 | 1,454 | 21,595 | 23,049 | -5,993 | -14,945 | 2007 | 2007 | ||||||||||||||||||
The Grove at Mobile I & II | 33,094 | 1,608 | 150 | -3 | 34,552 | 34,702 | -10,754 | -2 | 2007 | 2007 | |||||||||||||||||
The Grove at Nacogdoches, TX | 18,604 | 1,317 | 1,188 | 18,733 | 19,921 | -6,146 | -16,857 | 2007 | 2007 | ||||||||||||||||||
The Grove at Cheney, WA | 18,788 | 383 | 1,347 | 17,824 | 19,171 | -5,443 | -2 | 2008 | 2008 | ||||||||||||||||||
The Grove at Lubbock, TX | 18,229 | 640 | 1,520 | 17,349 | 18,869 | -5,361 | -2 | 2008 | 2008 | ||||||||||||||||||
The Grove at Stephenville, TX | 17,100 | 411 | 1,250 | 16,261 | 17,511 | -5,355 | -2 | 2008 | 2008 | ||||||||||||||||||
The Grove at Troy, AL | 18,248 | 850 | 1,433 | 17,665 | 19,098 | -5,637 | -2 | 2008 | 2008 | ||||||||||||||||||
The Grove at Waco, TX | 17,566 | 692 | 1,094 | 17,164 | 18,258 | -5,549 | -2 | 2008 | 2008 | ||||||||||||||||||
The Grove at Murfreesboro, TN | 19,994 | 865 | 2,678 | 18,181 | 20,859 | -4,938 | -2 | 2009 | 2009 | ||||||||||||||||||
The Grove at San Marcos, TX | 24,126 | 622 | 1,791 | 22,957 | 24,748 | -3,687 | -2 | 2009 | 2009 | ||||||||||||||||||
The Grove at Moscow, ID | 25,731 | 269 | 1,839 | 24,161 | 26,000 | -1,932 | -2 | 2009 | 2012 | ||||||||||||||||||
The Grove at Huntsville, TX | 23,444 | 370 | 2,157 | 21,657 | 23,814 | -2,233 | -2 | 2010 | 2011 | ||||||||||||||||||
The Grove at Statesboro, GA | 25,349 | 770 | 1,621 | 24,498 | 26,119 | -2,492 | -18,100 | 2010 | 2011 | ||||||||||||||||||
The Grove at Clarksville, TN | 21,805 | 761 | 1,296 | 21,270 | 22,566 | -2,626 | -16,238 | 2011 | 2011 | ||||||||||||||||||
The Grove at Ames, IA | 22,834 | 417 | 1,919 | 21,332 | 23,251 | -2,669 | -2 | 2011 | 2011 | ||||||||||||||||||
The Grove at Fort Wayne, IN | 18,889 | 324 | 844 | 18,369 | 19,213 | -2,387 | -2 | 2011 | 2011 | ||||||||||||||||||
The Grove at Columbia, MO | 24,551 | 303 | 3,611 | 21,243 | 24,854 | -2,694 | -22,738 | 2011 | 2011 | ||||||||||||||||||
The Grove at Valdosta, GA | 29,381 | 427 | 1,562 | 28,246 | 29,808 | -2,385 | -2 | 2011 | 2012 | ||||||||||||||||||
The Grove at Denton, TX | 25,624 | - | 4,756 | 20,868 | 25,624 | -843 | -16,613 | 2011 | 2014 | ||||||||||||||||||
The Grove at Auburn, AL | 26,267 | 249 | 4,423 | 22,093 | 26,516 | -1,987 | -2 | 2012 | 2012 | ||||||||||||||||||
The Grove at Flagstaff, AZ | 34,125 | 3,613 | 6,970 | 30,768 | 37,738 | -2,616 | -2 | 2012 | 2012 | ||||||||||||||||||
The Grove at Nacogdoches, TX - Phase II | 7,718 | 163 | 401 | 7,480 | 7,881 | -617 | - | 2012 | 2012 | ||||||||||||||||||
The Grove at Orono, ME | 28,499 | 1,577 | 1,373 | 28,703 | 30,076 | -2,199 | -2 | 2012 | 2012 | ||||||||||||||||||
The Grove at Toledo, OH (4) | 11,564 | 2,212 | 2,855 | 10,921 | 13,776 | -923 | -4,357 | 2013 | 2013 | ||||||||||||||||||
The Grove at Fort Collins, CO | 35,496 | -51 | 75 | -3 | 35,370 | 35,445 | -1,575 | -19,073 | 2013 | 2013 | |||||||||||||||||
The Grove at Muncie, IN | 24,708 | 160 | 2,458 | 22,410 | 24,868 | -1,125 | -13,892 | 2013 | 2013 | ||||||||||||||||||
The Grove at Pullman, WA | 15,622 | 21,983 | 1,842 | 35,763 | 37,605 | -805 | -10,886 | 2013 | 2013 | ||||||||||||||||||
The Grove at Flagstaff II, AZ | 15,407 | -190 | 3,322 | 11,895 | 15,217 | -481 | -2 | 2013 | 2013 | ||||||||||||||||||
The Grove at Grand Forks, ND | 34,476 | - | 2,196 | 32,280 | 34,476 | -359 | -12,474 | 2014 | 2014 | ||||||||||||||||||
The Grove at Mt. Pleasant, MI | 26,838 | - | 473 | 26,365 | 26,838 | -311 | -2 | 2014 | 2014 | ||||||||||||||||||
The Grove at Slippery Rock, PA | 30,448 | - | 1,097 | 29,351 | 30,448 | -330 | -16,031 | 2014 | 2014 | ||||||||||||||||||
The Grove at Gainesville, FL | 41,293 | - | 5,918 | 35,375 | 41,293 | -401 | -22,836 | 2014 | 2014 | ||||||||||||||||||
Copper Beach at Ames, IA | 31,206 | - | 3,091 | 28,115 | 31,206 | -318 | -21,170 | 2014 | 2014 | ||||||||||||||||||
Total - student housing properties | $ | 881,250 | $ | 54,712 | $ | 76,043 | $ | 859,919 | $ | 935,962 | $ | -128,121 | $ | -300,673 | |||||||||||||
-1 | Depreciable lives range from 5-40 years. | ||||||||||||||||||||||||||
-2 | Property is collateral for the Company’s Amended Credit Facility. | ||||||||||||||||||||||||||
-3 | Property encumbered by a ground lease. | ||||||||||||||||||||||||||
-4 | Property is under re-development. See Note 6 to the accompanying consolidated financial statements. | ||||||||||||||||||||||||||
-5 | Total aggregate cost for federal income tax purposes is approximately $994.1 million. | ||||||||||||||||||||||||||
The changes in the Company’s investment in real estate and related accumulated depreciation for each of the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Investment in real estate: | |||||||||||||||||||||||||||
Balance, beginning of year | $ | 716,285 | $ | 669,387 | $ | 512,227 | |||||||||||||||||||||
Acquisitions | 25,642 | 13,801 | - | ||||||||||||||||||||||||
Improvements and development expenditures | 194,795 | 106,806 | 158,175 | ||||||||||||||||||||||||
Asset disposals | -760 | -1,283 | -1,015 | ||||||||||||||||||||||||
Disposition of student housing properties | - | -67,702 | - | ||||||||||||||||||||||||
Impairment of student housing properties | - | -4,724 | - | ||||||||||||||||||||||||
Balance, end of year | $ | 935,962 | $ | 716,285 | $ | 669,387 | |||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||
Balance, beginning of year | $ | 102,356 | $ | 97,820 | $ | 76,164 | |||||||||||||||||||||
Depreciation for the year | 26,387 | 25,183 | 22,472 | ||||||||||||||||||||||||
Asset disposals | -622 | -933 | -865 | ||||||||||||||||||||||||
Disposition of student housing properties | - | -19,714 | - | ||||||||||||||||||||||||
Other Reclassifications | - | - | 49 | ||||||||||||||||||||||||
Balance, end of year | $ | 128,121 | $ | 102,356 | $ | 97,820 | |||||||||||||||||||||
Development in process | - | 91,184 | 50,781 | ||||||||||||||||||||||||
Land held for sale | 38,105 | - | - | ||||||||||||||||||||||||
Land held for investment | 7,413 | - | - | ||||||||||||||||||||||||
Investment in real estate, net | $ | 853,359 | $ | 705,113 | $ | 622,348 | |||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | ||||||||||
The accompanying consolidated financial statements, presented in U.S. dollars, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and represent the Company’s financial position, results of operations and cash flows. Third-party equity interests in the Operating Partnership and a consolidated variable interest entity, Copper Beech at Ames, LLC, are reflected as non-controlling 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 7. | |||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | ||||||||||
During the year ended December 31, 2014, the Company reclassified its development and construction services companies as discontinued operations due to its strategic repositioning initiatives (see Note 4). Accordingly, the Company has reclassified the results of these operations to “Income (loss) from discontinued operations” in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. The development and construction services companies were included within the development, construction and management services segment in the Company’s prior year consolidated financial statements. | |||||||||||
In December 2013, the Company sold four 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. These four properties were included within the student housing operations segment in the prior year consolidated financial statements. Prior period amounts related to the December 2013 asset dispositions have also been reclassified as discontinued operations in the Company’s consolidated statement of operations and comprehensive income (loss). | |||||||||||
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 (which is included in income (loss) from discontinued operations) under the percentage of completion method, useful lives of student housing properties, valuation of investment in real estate and investments in unconsolidated entities and land and property held for sale, 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, determination of the effect of not exercising the Copper Beech option, fair value of guarantee obligations related to unconsolidated entities, allowance for doubtful accounts, insurance proceeds receivable from damaged assets, 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 and Depreciation | ||||||||||
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 | 5-10 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 the Company’s 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. Interest totaling approximately $6.3 million, $3.3 million, and $2.4 million was capitalized during the years ended December 31, 2014, 2013, and 2012 respectively. | |||||||||||
The Company capitalizes 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, the Company capitalizes 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. The Company capitalizes 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, office and administrative costs that are clearly associated with the Company’s 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 the Company’s development activities were $10.8 million, $9.0 million, and $7.4 million for the years ended December 31, 2014, 2013, and 2012, 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 the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company will bear the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of projects where the Company has not yet acquired the target property or where the Company has 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. In 2013 and 2012, such write-offs are included within income (loss) from discontinued operations in the accompanying consolidated statements of operations and comprehensive income (loss). In 2014, such write-offs were included within impairment of land and pre-development costs in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2014, the Company had no capitalized pre-development costs related to development projects for which construction had not commenced and as of December 31, 2013, the Company deferred approximately $10.5 million in pre-development costs related to development projects for which construction had not commenced (see Note 4). As of December 31, 2014, the Company owned four strategically held land parcels that could be used for the development of four phase two properties with an aggregate bed count ranging from approximately 1,000 to 1,500 (unaudited), and twelve additional land parcels, six of which were sold in January 2015, with the remaining parcels expected to be sold during 2015. The costs associated with the four strategically held land parcels are included in land held for investment on the accompanying consolidated balance sheets. The costs associated with the parcels in which the Company intends to divest are included in land held for sale in the accompanying consolidated balance sheets. | |||||||||||
Management assesses whether there has been impairment in the value of the Company’s 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 over the expected hold period. 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 economic and market conditions. If such conditions change, then an adjustment reducing the carrying value of the Company’s 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. | |||||||||||
Property Acquisition [Policy Text Block] | Property Acquisitions | ||||||||||
Campus Crest allocates the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on the fair values of these assets and liabilities for both consolidated entities and investments in unconsolidated entities. 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. | |||||||||||
Additionally, mortgage debt premiums and discounts represent fair value adjustments for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s acquisitions. The mortgage debt premiums and discounts are amortized to interest expense of the respective investee over the term of the related mortgage loans using the effective-interest method. The fair value debt and purchase accounting adjustments included in equity in earnings (loss) related to Copper Beech were approximately $6.5 million and $3.6 million for the years ended December 31, 2014 and 2013, respectively. 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. | |||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets – Held for Sale | ||||||||||
Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: | |||||||||||
a. | Management, having the authority to approve the action, commits to a plan to sell the assets. | ||||||||||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||||||||||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||||||||||
d. | The sale of the asset is probable, and transfer of asset is expected to qualify for recognition as a completed sale, within one year. | ||||||||||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||||||||||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plans will be made or that the plan will be withdrawn. | ||||||||||
Concurrent with this classification, the land and property held for sale is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. As discussed in more detail in Note 4, the Company reduced the carrying amount of land and properties held for sale to their estimated fair value less estimated selling costs which resulted in an impairment charge. | |||||||||||
Ground Leases [Policy Text Block] | Ground Leases | ||||||||||
Ground lease expense is recognized on a straight-line basis over the term of the related lease. | |||||||||||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | In-Place Lease Intangible Assets | ||||||||||
In-place lease intangible assets are amortized on a straight-line basis over the average remaining term of the underlying leases, typically one year or less. Amortization expense was approximately $1.5 million, $0.7 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash | ||||||||||
Campus Crest considers 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. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company does not believe this presents significant exposure for the business. | |||||||||||
Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements. The Company’s funds in escrow are typically held in interest bearing accounts covered under FDIC insurance with applicable limits. 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 7). 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 | ||||||||||
Campus Crest defers costs incurred in obtaining financing and amortizes these costs using the straight-line method, which approximates the effective interest method, over the expected terms of the related loans. Deferred financing costs as of December 31, 2014 and 2013 were approximately $11.7 million and $11.0 million, respectively, and accumulated amortization was approximately $4.8 million and $2.6 million, respectively. 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 | |||||||||||
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests | ||||||||||
Noncontrolling interests represent the portion of equity in the Company’s consolidated subsidiaries which are not attributable to the Company’s 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 the Company and to noncontrolling interests. See also “Consolidated Variable Interest Entity.” | |||||||||||
Real Estate, Policy [Policy Text Block] | Real Estate Ventures | ||||||||||
Campus Crest holds interests in its properties, both under development and in operation, through interests in both consolidated and unconsolidated real estate ventures. The Company assesses its 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 substantially all of the activities of the entity involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. The Company consolidates entities that are VIEs for which the Company is determined to be the primary beneficiary. In instances where the Company is not the primary beneficiary, the Company does not consolidate the entity for financial reporting purposes. The primary beneficiary is the entity that has both (1) the power to direct the activities 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 the Company is 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 the Company is the general partner (or the equivalent), but do not control the real estate venture, and the other partners (or the equivalent) hold substantive participating rights, the Company uses the equity method of accounting. For entities where the Company is 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 the Company controls the entity, the Company would consolidate the entity; otherwise the Company accounts for its investments 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 the Company’s 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 the Company’s 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 the Company determines the loss in value is other than temporary, the Company recognizes an impairment charge to reflect the investment at fair value (see Note 4). | |||||||||||
Segment Reporting, Policy [Policy Text Block] | Segments | ||||||||||
The Company has identified two reportable business segments: (i) student housing operations and (ii) property management services. The Company evaluates the performance of its 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 the Company’s two reportable operating segments. Prior to the third quarter of 2014, the Company’s segments consisted of student housing operations and construction, development and management services. Upon discontinuation of the construction and development operations of the business, the Company identified its two segments as student housing operations and property management services. All construction and development activities are reported in discontinued operations at December 31, 2014. | |||||||||||
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. The Company recognizes revenue on a straight-line basis over the term of the lease contracts which for new tenants is typically 11.5 months and for renewing tenants is typically 12 months. Generally, unless sufficient income can be verified, each executed contract is required to be accompanied by a signed parental/guardian 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. | |||||||||||
Property Management Services [Policy Text Block] | Property Management Services | ||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria are met. | |||||||||||
Development Construction And Management Services [Policy Text Block] | Development and Construction 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 each property under development and construction. 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 the Company does 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 the Company’s interest in the unconsolidated entity. Any incentive fees, net of the impact of the Company’s ownership interest if the entity is unconsolidated, are recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third party. 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. Entitlement fees and arrangement 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 $49.3 million and $51.3 million as of December 31, 2014 and 2013, respectively. The Company expects to bill and collect the cost and estimated earnings in excess of billings in 2015. | |||||||||||
Allowance For Doubtful Accounts [Policy Text Block] | Allowance for Doubtful Accounts | ||||||||||
Allowances for student receivables are maintained to reduce the Company’s 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, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 539 | $ | 121 | $ | 246 | |||||
Charged to expense | 3,249 | 3,432 | 1,728 | ||||||||
Write-offs | -3,329 | -2,433 | -1,853 | ||||||||
Sale of properties | - | -581 | - | ||||||||
Balance at end of period | $ | 459 | $ | 539 | $ | 121 | |||||
Marketing and Advertising Costs [Policy Text Block] | Marketing and Advertising Costs | ||||||||||
Marketing and advertising costs are expensed during the period incurred and included in student housing and general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Marketing and advertising expenses were $1.5 million, $1.5 million, and $1.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities | ||||||||||
Campus Crest enters 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. The Company had no interest rate swaps as of December 31, 2014. | |||||||||||
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 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. The Company discontinues hedge accounting when: (i) it determines 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 other income (expense) line item on the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2014 and 2013, the fair value of derivative contracts was insignificant. | |||||||||||
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 | ||||||||||
The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT under Sections 856 through 859 of the Internal Revenue Code. The Company’s qualification as a REIT depends upon its 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 the Company’s gross income, the composition and values of the Company’s assets, the Company’s distribution levels and the diversity of ownership of its stock. The Company believes that it is organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code and that the Company’s intended manner of operation will enable it to meet the requirements for qualification and taxation as a REIT. | |||||||||||
As a REIT, the Company generally will not be subject to U.S. federal and state income tax on taxable income that it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company 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 it lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could materially and adversely affect the Company, including its ability to make distributions to its stockholders in the future. | |||||||||||
Campus Crest has made the election to treat TRS Holdings, the Company’s subsidiary which holds the Company’s management companies (as well as the development and construction companies included within discontinued operations) that provide services to entities in which the Company does 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. The Company’s 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 the Company’s 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. | |||||||||||
Campus Crest follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when the Company concludes 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. De-recognition of a tax position that was previously recognized would occur when the Company subsequently determines 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 de-recognition 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. | |||||||||||
Common Stock Issuance Costs [Policy Text Block] | Common Stock Issuances and Costs | ||||||||||
Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 13 for an expanded discussion on common stock issuances and costs. | |||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | ||||||||||
The Company grants restricted stock and restricted Operating Partnership ("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 the Company’s common stock or OP Units that are subject to restrictions on transferability and other restrictions determined by the Company’s compensation committee at the date of grant. A grant date generally is established for a restricted stock award or restricted OP Unit award upon approval from the Company’s compensation committee and Board of Directors. The restrictions may lapse over a specified period of employment or the satisfaction of pre-established criteria as the Company’s 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 generally is determined based on the market value of the Company’s 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 discontinued operations, if resulting from operations within the Company’s development or construction service company, or other income (expense) in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2014 and 2013, the Company had foreign currency exposure to the Canadian dollar. The aggregate transaction gains and losses included in the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2014 and 2013 were not significant. | |||||||||||
The financial statements of certain equity method investees and certain foreign subsidiaries are translated from their respective functional currencies into U.S. dollars using current and historical exchange rates. Translation adjustments resulting from this process are reported separately and included as a component of accumulated other comprehensive income (loss) in stockholders' equity in the accompanying consolidated balance sheets. Upon classification as held for sale, sale or liquidation of the Company’s investments, the translation adjustment would be reported as part of the gain or loss on classification, sale or liquidation. During the years ended December 31, 2014 and 2013, the Company recognized a foreign currency translation loss of approximately $2.6 million and $0.1 million, respectively, related to its investment in CSH Montreal, LP ("CSH Montreal”). Foreign currency translation loss is included in accumulated other comprehensive loss on the accompanying consolidated balance sheets and in comprehensive income (loss) in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Insurance Recoveries | ||||||||||
Insurance recoveries are amounts due or received under the Company’s applicable insurance policies for asset damage and business interruption relating to the previously disclosed fire at The Grove at Pullman, Washington and to the damage at The Grove at Wichita Kansas, and The Grove at Wichita Falls, Texas. Business interruption recovery is recorded when realized and included as a reduction within student housing operations expenses within the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2014 and 2013, the Company recognized approximately $1.2 million and $1.4 million, respectively of business interruption recovery. As of December 31, 2014 and 2013, the Company had a receivable for property damage of $5.5 million and $1.0 million, respectively. | |||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Consolidated Variable Interest Entity | ||||||||||
During the year ended December 31, 2013, the Company entered into a variable interest entity ("VIE") with Copper Beech Townhome Communities, LLC ("CBTC") to develop, construct and manage a student housing property in Ames, Iowa (“Copper Beech at Ames”). The Company concluded that it is the primary beneficiary of Copper Beech at Ames as the Company funded all of the equity of this entity, resulting in the Copper Beech investor’s interest being deemed a de facto agent of Campus Crest. Therefore, the Company has consolidated the financial position and the results of operations of Copper Beech at Ames in the accompanying balance sheet, consolidated statements of operations and comprehensive income (loss). The Company recorded $1.3 million and $0.5 million in revenues and expenses, respectively, related to the VIE for the year ended December 31, 2014. The Company recorded $33.5 million in assets, $22.3 million in liabilities, and $5.6 million of noncontrolling interests on the accompanying consolidated balance sheet as of December 31, 2014. The creditors of the loan for Copper Beech at Ames do not have recourse to the assets of Campus Crest, nor is the Company required to provide financial support to Copper Beech at Ames. On January 30, 2015, in connection with the Copper Beech purchase transaction (see Note 19), the Company’s ownership interest in Copper Beech at Ames increased to a 100% interest. | |||||||||||
Accounting Changes And Corrections [Policy Text Block] | Immaterial Correction | ||||||||||
During the year ended December 31, 2014, the Company was made aware of a tax liability at one of its properties that extends back to the year ended December 31, 2009. The total impact of the tax liability is approximately $2.3 million, of which $0.4 million relates to 2014. The Company has adjusted the prior year consolidated financial statements presented herein to reflect the impact of this liability. For both the years ended December 31, 2013 and 2012, student housing operations expense on the consolidated statements of operations and comprehensive income (loss) has been increased by approximately $0.4 million, and accumulated deficit and distributions on the accompanying consolidated statement of changes in equity as of December 31, 2011 has been increased by $1.1 million. In addition, accrued accounts payable on the consolidated balance sheet as of December 31, 2013 was increased by $1.9 million. No changes in net cash provided by operating activities in the accompanying consolidated statement of cash flows resulted from the immaterial correction to prior periods. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||||
In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810)", which amends the consolidation requirements in ASC 810, “Consolidation”. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the provisions of this guidance and the impact is not known. | |||||||||||
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements. Pursuant to ASU 2014-08, only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, should be presented as a discontinued operation. The guidance is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company adopted ASU 2014-08 as of January 1, 2014. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |||||||||||
Organization_and_Description_o1
Organization and Description of Business (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Schedule Of Properties In Which Company Has Operating and Under Construction Interest [Table Text Block] | The Company’s portfolio consists of the following: | ||||
Properties in | |||||
Operation | |||||
Wholly owned Grove properties | 36 | ||||
Joint Venture Grove properties | 11 | ||||
Total Grove Properties | 47 | ||||
Joint Venture evo properties | 3 | ||||
CB Portfolio | 36 | ||||
Total Portfolio(1) | 86 | ||||
______________ | |||||
-1 | The Company’s 100% owned redevelopment property in Toledo, Ohio, which was acquired in March 2013 is excluded. As of December 31, 2014, this property was classified as an asset held for sale. | ||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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 | 5-10 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, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 539 | $ | 121 | $ | 246 | |||||
Charged to expense | 3,249 | 3,432 | 1,728 | ||||||||
Write-offs | -3,329 | -2,433 | -1,853 | ||||||||
Sale of properties | - | -581 | - | ||||||||
Balance at end of period | $ | 459 | $ | 539 | $ | 121 | |||||
Student_Housing_Properties_Tab
Student Housing Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule Of Student Housing Properties Net [Table Text Block] | The following is a summary of the Company’s student housing properties, net for the periods presented (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 76,043 | $ | 58,439 | ||||
Buildings and improvements | 781,739 | 597,141 | ||||||
Furniture, fixtures and equipment | 78,180 | 60,705 | ||||||
935,962 | 716,285 | |||||||
Less: accumulated depreciation | -128,121 | -102,356 | ||||||
$ | 807,841 | $ | 613,929 | |||||
Strategic_Repositioning_Initia1
Strategic Repositioning Initiatives (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Restructuring and Related Activities [Abstract] | |||||
Schedule of Severance Costs [Table Text Block] | Significant components of the severance accrual during 2014 are as follows (in thousands): | ||||
Balance at January 1, 2014 | $ | - | |||
New charges | 6,411 | ||||
Cash payments | -668 | ||||
Balance at December 31, 2014 | $ | 5,743 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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 (in thousands): | ||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Solar investment tax credit | $ | 2,116 | $ | 1,924 | |||||||
Federal and state net operating loss | 2,284 | 79 | |||||||||
Other | 22 | 23 | |||||||||
Less: valuation allowance | -4,002 | -484 | |||||||||
Total deferred tax assets | 420 | 1,542 | |||||||||
Deferred tax liabilities: | |||||||||||
Deferred revenue | - | -260 | |||||||||
Depreciation and amortization | -420 | -355 | |||||||||
Total deferred tax liabilities | -420 | -615 | |||||||||
Net deferred tax assets | $ | - | $ | 927 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Significant components of the Company’s income tax provision are as follows (in thousands): | ||||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||
Federal | $ | - | $ | - | $ | 150 | |||||
State | - | 200 | 206 | ||||||||
Current expense | - | 200 | 356 | ||||||||
Deferred: | |||||||||||
Federal | 815 | -885 | - | ||||||||
State | -84 | -42 | - | ||||||||
Deferred expense (benefit) | 731 | -927 | - | ||||||||
Income tax expense (benefit) | $ | 731 | $ | -727 | $ | 356 | |||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule Of Purchase Price Allocations [Table Text Block] | The following table is an allocation of the purchase price (in thousands): | ||||
Land | $ | 4,770 | |||
Buildings and improvements | 18,276 | ||||
Furniture, fixtures and equipment | 2,284 | ||||
In-place leases | 1,524 | ||||
Other | -377 | ||||
Fair value of debt at acquisition | -16,901 | ||||
9,576 | |||||
Less estimated fair value of interest owned prior to acquisition | -1,915 | ||||
$ | 7,661 | ||||
On March 2, 2013, the Company 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 | $ | 2,855 | |||
In-place leases | 469 | ||||
Buildings and improvements | 9,496 | ||||
Furniture and fixtures | 102 | ||||
Other | 879 | ||||
$ | 13,801 | ||||
Asset_Dispositions_and_Discont1
Asset Dispositions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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 consolidated balance sheet for the construction and development operations for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Cash | $ | 1,118 | $ | 331 | |||||||
Other assets | 2,461 | 4,408 | |||||||||
Costs and earnings in excess of construction billings | 3,887 | 42,803 | |||||||||
Total assets | 7,466 | 47,542 | |||||||||
Accounts payable and accrued expenses | 6,050 | 18,660 | |||||||||
Construction billings in excess of cost and earnings | 481 | 600 | |||||||||
Total liabilities | 6,531 | 19,260 | |||||||||
Total net assets | $ | 935 | $ | 28,282 | |||||||
Below is a summary of the results of operations for the construction and development operations for all periods presented (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | 24,383 | $ | 50,249 | $ | 53,736 | |||||
Construction and development service expense | -29,650 | 46,759 | 50,493 | ||||||||
Severance | -2,959 | - | - | ||||||||
Operating income (loss) | -8,226 | 3,490 | 3,243 | ||||||||
Depreciation and amortization | - | - | - | ||||||||
Income (loss) from discontinued operations | $ | -8,226 | $ | 3,490 | $ | 3,243 | |||||
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, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | - | $ | 9,754 | $ | 8,993 | |||||
Operating expenses | - | 5,354 | 5,184 | ||||||||
Loss on sale of disposed assets | -1,350 | - | - | ||||||||
Operating income | -1,350 | 4,400 | 3,809 | ||||||||
Depreciation and amortization | - | 2,672 | 3,144 | ||||||||
Net income | $ | -1,350 | $ | 1,728 | $ | 665 | |||||
Impairment on discontinued operations | - | -4,729 | - | ||||||||
Income (loss) from discontinued operations | $ | -1,350 | $ | -3,001 | $ | 665 | |||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||
Schedule of Unconsolidated Investments and Debt [Table Text Block] | The Company is the guarantor of the construction and mortgage debt or credit facilities of its joint ventures with HSRE and Beaumont. See Note 17. Details of the Company’s unconsolidated investments at December 31, 2014 are presented in the following table (dollars in thousands): | ||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||||||
Number of | Average | ||||||||||||||||||||||||||||
Our | Year | Properties In | Total | Total (5) | Net Total | Amount | Interest | ||||||||||||||||||||||
Unconsolidated Entities | Ownership | Founded | Operation | Investment | Impairment | Investment | Outstanding | Rate | Maturity Date / Range | ||||||||||||||||||||
HSRE-Campus Crest I, LLC | 63.9 | % | 2009 | 3 | $ | 10,380 | $ | -10,168 | $ | 212 | $ | 32,485 | 2.67 | -1% | 5/9/15 | ||||||||||||||
HSRE-Campus Crest V, LLC | 10 | % | 2011 | 3 | 4,093 | -4,093 | - | 49,614 | 2.89 | -1% | 4/20/2015-5/05/2015 | ||||||||||||||||||
HSRE-Campus Crest VI, LLC | 20 | % | 2012 | 3 | 15,089 | -8,274 | 6,815 | 53,706 | 2.48 | -1% | 5/08/2015 – 12/19/2015 | ||||||||||||||||||
HSRE-Campus Crest IX, LLC | 30 | % | 2013 | 1 | 18,975 | - | 18,975 | 90,204 | 2.37 | -1% | 7/25/16 | ||||||||||||||||||
HSRE-Campus Crest X, LLC | 30 | % | 2013 | 2 | 12,307 | -4,234 | 8,073 | 40,739 | 2.36 | -1% | 9/06/2016-9/30/2018 | ||||||||||||||||||
CB Portfolio | 48 | -3% | 2013 | 35 | 218,718 | - | 218,718 | 227,698 | 5.14 | -2% | 9/01/2015 – 10/01/2020 | ||||||||||||||||||
CSH Montreal | 47 | -4% | 2013 | 2 | 33,470 | -26,523 | 6,947 | 87,970 | 6.39 | -1% | 1/13/16 | ||||||||||||||||||
Total unconsolidated entities | 49 | $ | 313,032 | $ | -53,292 | $ | 259,740 | $ | 582,416 | 4.13 | % | ||||||||||||||||||
-1 | Variable interest rates. | ||||||||||||||||||||||||||||
-2 | Comprised of fixed rate debt. | ||||||||||||||||||||||||||||
-3 | As of December 31, 2014, the Company had a 48.0% ownership interest in the CB Portfolio. | ||||||||||||||||||||||||||||
-4 | As of January 2014, the Company’s ownership increased to 20.0% from 47.0% due to the acquisition of Holiday Inn Midtown in Montreal, Quebec. See discussion above. | ||||||||||||||||||||||||||||
-5 | During the year ended December 31, 2014, the Company recognized an impairment of unconsolidated entities of $57.8 million, of which $53.3 million reduced the carrying value of the investments and $4.5 million was recorded as a guarantee obligation in other liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||||||
Equity Method Investment Summarized Financial Information Combined Financial Information [Table Text Block] | The following is a summary of the combined financial position of the Company’s unconsolidated entities with HSRE and Beaumont in their entirety, not only its interest in the entities, for the periods presented (in thousands): | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Student housing properties, net | $ | 437,108 | $ | 289,797 | |||||||||||||||||||||||||
Development in process | 7,429 | 81,994 | |||||||||||||||||||||||||||
Other assets | 12,947 | 15,341 | |||||||||||||||||||||||||||
Total assets | $ | 457,484 | $ | 387,132 | |||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||
Mortgage and construction loans | $ | 354,759 | $ | 165,445 | |||||||||||||||||||||||||
Other liabilities | 29,364 | 58,948 | |||||||||||||||||||||||||||
Owners' equity | 73,361 | 162,739 | |||||||||||||||||||||||||||
Total liabilities and owners' equity | $ | 457,484 | $ | 387,132 | |||||||||||||||||||||||||
Company's share of historical owners' equity | $ | 30,481 | $ | 41,390 | |||||||||||||||||||||||||
Preferred investment(1) | 7,322 | 16,468 | |||||||||||||||||||||||||||
Net difference in carrying value of investment versus net book value of underlying net assets(2) | 3,219 | 5,568 | |||||||||||||||||||||||||||
Carrying value of investment in HSRE and other non-Copper Beech entities | $ | 41,022 | $ | 63,426 | |||||||||||||||||||||||||
-1 | As of December 31, 2014, the Company had Class B membership interests in The Grove at Indiana, Pennsylvania, The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, of approximately $2.7 million, $2.7 million and $1.9 million, respectively, entitling the Company to a 9.0% return on its investment upon the respective property being operational. The Company also had, from January to September 2, 2014, a CAD 16 million ($13.8 million at December 31, 2014 exchange rate) Class A interest in CSH Holdings entitling it to a commitment fee of 1.0% of the Class A interest each quarter and a 10.0% annual return on its investment. | ||||||||||||||||||||||||||||
-2 | This amount represents the aggregate difference between the Company’s carrying amount and its underlying equity in the net assets of its investments, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the other than temporary impairments recorded during 2014 (see Note 4), the difference between the allocated value to acquired entity interests and the venture’s basis in those interests, the capitalization of additional investment in the unconsolidated entity, and the elimination of service related revenue to the extent of the Company’s percentage ownership. | ||||||||||||||||||||||||||||
Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block] | The following is a summary of the operating results for the Company’s unconsolidated Copper Beech entities in their entirety, not only its interest in the entities. For the year ended December 31, 2014, this summary includes results for 28 properties from January 1, 2014 through August 18, 2014 and results for 35 unconsolidated properties from August 19, 2014 through December 31, 2014 (in thousands): | ||||||||||||||||||||||||||||
Period from | |||||||||||||||||||||||||||||
Year Ended | March 18, 2013 to | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Revenues | $ | 83,108 | $ | 67,545 | |||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operating expenses | 34,525 | 28,316 | |||||||||||||||||||||||||||
Interest expense | 13,152 | 11,852 | |||||||||||||||||||||||||||
Depreciation and amortization | 35,827 | 56,106 | |||||||||||||||||||||||||||
Total expenses | 83,504 | 96,274 | |||||||||||||||||||||||||||
Net loss | $ | -396 | $ | -28,729 | |||||||||||||||||||||||||
Schedule of Equity in Losses in the CB Portfolio [Table Text Block] | The following table is the calculation of the Company’s equity in losses in the CB Portfolio for the year ended December 31, 2014 and for the period from March 18, 2013 to December 31, 2013. As there are several components of the calculation, set forth below are notes corresponding to the notes included in the Company’s calculation to further explain these components (in thousands). | ||||||||||||||||||||||||||||
Year Ended | Period from | ||||||||||||||||||||||||||||
December 31, | March 18, 2013 to | ||||||||||||||||||||||||||||
2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Net loss incurred by the CB Portfolio based on the Company's purchase price (1) | $ | -396 | $ | -28,729 | |||||||||||||||||||||||||
Campus Crest's share of net loss (2) | -606 | -9,215 | |||||||||||||||||||||||||||
Campus Crest percentage of preferred payment (3) | 911 | 5,663 | |||||||||||||||||||||||||||
Campus Crest earnings from Copper Beech | 305 | -3,552 | |||||||||||||||||||||||||||
Amortization of basis difference (4) | -557 | -264 | |||||||||||||||||||||||||||
Total equity in earnings (loss) in the CB Portfolio | $ | -252 | $ | -3,816 | |||||||||||||||||||||||||
-1 | The basis of the financial statements of the CB Portfolio used in the calculation of the Company’s equity in earnings for the year ended December 31, 2014 was computed using the cost basis for its investment in the CB Portfolio’s underlying assets and liabilities for its properties at the dates the Company acquired its interests in the CB Portfolio. The calculation includes the effects of purchase price adjustments determined at the date the Company acquired its interests in the CB Portfolio. | ||||||||||||||||||||||||||||
The Company consummated the acquisition of a 48.0% interest in 36 properties of the CB Portfolio. As a result of lender consents that were required to be obtained from various lenders to the CB Portfolio prior to its ownership, the Company completed its acquisition of the 48.0% interest in stages, which resulted in a variation in its ownership percentage from 25.3% to 48.0% in all 36 of the CB Portfolio operating properties from March 18, 2013 to September 30, 2013. Effective October 1, 2013, the Company and the CB Portfolio sellers amended the purchase and sale agreement, subject to receipt of all required third party consents, to increase the Company’s ownership interest by 19.0% in 28 of the 35 properties (thereby increasing its ownership in the 28 properties to 67%) in exchange for the Company’s 48.0% interest in seven of the properties (thereby reducing its ownership in the seven properties to 0%) and deferring the Company’s acquisition of any interests in two of the properties, plus a $20.2 million cash payment. Accordingly, the Company recognized its proportionate share of earnings of the CB Portfolio for the specific percentage of ownership interest it held during the applicable period, which was a 67.0% effective interest in the 28 properties during the first and second quarters of 2014 and through August 18, 2014. Due to the Company's decision not to exercise the first purchase option to acquire additional interests in the CB Portfolio, on August 19, 2014, the Company's ownership interest in all 35 unconsolidated operating properties in the CB Portfolio reverted to 48.0% and remained at 48.0% through December 31, 2014. | |||||||||||||||||||||||||||||
-2 | For the year ended December 31, 2014, the losses incurred from January 1, 2014 through August 18, 2014 while the Company held 67% ownership in 28 of the properties exceeded the income earned from August 19, 2014 through December 31, 2014 while the Company held 48% ownership in 36 properties. | ||||||||||||||||||||||||||||
-3 | The Company was entitled to a preferred payment for the first year of its investment and the proportionate share of the remaining operating cash flows in the CB Portfolio and it was currently entitled to its proportionate share of the operating cash flows in the CB Portfolio. During the period from March 18, 2013 to March 17, 2014, the Company was entitled to $13.0 million related to its preferred payment, all of which has been paid, and the Company received approximately $1.0 million in other distributions, as of December 31, 2014. | ||||||||||||||||||||||||||||
-4 | The Company recorded in the calculation of equity in losses in the CB Portfolio the amortization of the net difference in the Company’s carrying value of investment as compared to the underlying equity in net assets of the investee. | ||||||||||||||||||||||||||||
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 combined operating results for the Company’s unconsolidated entities with HSRE and Beaumont in their entirety, not only its interest in the entities, for the periods presented (in thousands): | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Revenues | $ | 30,811 | $ | 23,422 | $ | 17,934 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operating expenses | 21,846 | 17,434 | 9,665 | ||||||||||||||||||||||||||
Interest expense | 7,577 | 5,025 | 4,962 | ||||||||||||||||||||||||||
Depreciation and amortization | 11,091 | 6,304 | 4,807 | ||||||||||||||||||||||||||
Total expenses | 40,514 | 28,763 | 19,434 | ||||||||||||||||||||||||||
Net loss | $ | -9,703 | $ | -5,341 | $ | -1,500 | |||||||||||||||||||||||
Copper Beech [Member] | |||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||
Equity Method Investment Summarized Financial Information Statement Of Operation [Table Text Block] | The following is a summary of the financial position reflecting the cost basis of the Company’s investments in the Copper Beech entities in their entirety for the 35 and 28 unconsolidated properties in the CB Portfolio as of December 31, 2014 and December 31, 2013, respectively (in thousands): | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Student housing properties, net | $ | 906,614 | $ | 748,280 | |||||||||||||||||||||||||
Intangible assets | 7,212 | 37,100 | |||||||||||||||||||||||||||
Other assets | 14,293 | 5,201 | |||||||||||||||||||||||||||
Total assets | $ | 928,119 | $ | 790,581 | |||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||
Mortgage and construction loans | $ | 476,985 | $ | 421,239 | |||||||||||||||||||||||||
Other liabilities | 15,541 | 13,112 | |||||||||||||||||||||||||||
Owners' equity | 435,593 | 356,230 | |||||||||||||||||||||||||||
Total liabilities and owners' equity | $ | 928,119 | $ | 790,581 | |||||||||||||||||||||||||
Company's share of historical owners' equity | $ | 199,281 | $ | 244,964 | |||||||||||||||||||||||||
Net difference in carrying value of investment versus net book value of underlying net assets(1) | 19,437 | 16,628 | |||||||||||||||||||||||||||
Carrying value of investment in unconsolidated entity | $ | 218,718 | $ | 261,592 | |||||||||||||||||||||||||
-1 | This amount represents the aggregate difference between the 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 impairment recognized in connection with not exercising the Copper Beech purchase option offset by the capitalization of transaction costs incurred to acquire the Company's interests in the Copper Beech entities. | ||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Schedule Of Mortgage Loans Construction Loans and Line Of Credit [Table Text Block] | The following is a summary of the Company’s mortgage and construction notes payable, the Credit Facility (defined below), Exchangeable Senior Notes (defined below), and other debt (in thousands): | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Fixed-rate mortgage loans | $ | 163,341 | $ | 165,393 | ||||||||||||||||
Variable-rate mortgage loans | 16,613 | - | ||||||||||||||||||
Construction loans | 120,719 | 40,138 | ||||||||||||||||||
Line of credit | 217,500 | 108,500 | ||||||||||||||||||
Exchangeable senior notes | 97,419 | 96,758 | ||||||||||||||||||
Other debt | 2,827 | 2,694 | ||||||||||||||||||
$ | 618,419 | $ | 413,483 | |||||||||||||||||
Schedule Of Debt Instrument [Table Text Block] | Mortgage and construction loans for the periods presented consisted of the following (in thousands): | |||||||||||||||||||
Face Amount | Principal | Principal | Stated Interest Rate | Interest Rate at | Maturity Date | Amortization | ||||||||||||||
Outstanding at | Outstanding at | 12/31/14 | -1 | |||||||||||||||||
12/31/14 | 12/31/13 | |||||||||||||||||||
Construction loans | ||||||||||||||||||||
The Grove at Muncie | $ | 14,567 | $ | 13,892 | $ | 12,237 | LIBOR + 225 BPS | 2.42 | % | 7/3/15 | Interest only | |||||||||
The Grove at Slippery Rock | 17,961 | 16,031 | - | LIBOR + 215 BPS | 2.32 | % | 6/21/16 | Interest only | ||||||||||||
The Grove at Fort Collins | 19,073 | 19,073 | 17,228 | LIBOR + 190 BPS | 2.07 | % | 7/13/15 | Interest only | ||||||||||||
The Grove at Pullman | 16,016 | 10,886 | 10,673 | LIBOR + 220 BPS | 2.37 | % | 9/5/15 | Interest only | ||||||||||||
The Grove at Grand Forks | 16,916 | 12,474 | - | LIBOR + 200 BPS | 2.17 | % | 2/5/17 | Interest only | ||||||||||||
The Grove at Gainesville | 30,069 | 22,836 | - | LIBOR + 215 BPS | 2.32 | % | 3/13/17 | Interest only | ||||||||||||
Copper Beech at Ames | 23,551 | 21,170 | - | LIBOR + 225 BPS | 2.42 | % | 5/2/17 | Interest only | ||||||||||||
Toledo Vivo | 9,404 | 4,357 | - | LIBOR + 215 BPS | 2.32 | % | 11/25/17 | Interest only | ||||||||||||
Mortgage loans | ||||||||||||||||||||
The Grove at Denton | 17,167 | 16,613 | - | LIBOR + 215 BPS | 2.32 | % | 3/1/17 | 30 years | -2 | |||||||||||
The Grove at Milledgeville | 16,250 | 15,640 | 15,847 | 6.12% | 6.12 | % | 10/1/16 | 30 years | -2 | |||||||||||
The Grove at Carrollton and The Grove at Las Cruces | 29,790 | 28,674 | 29,052 | 6.13% | 6.13 | % | 10/11/16 | 30 years | -2 | |||||||||||
The Grove at Asheville | 14,800 | 14,304 | 14,500 | 5.77% | 5.77 | % | 4/11/17 | 30 years | -2 | |||||||||||
The Grove at Ellensburg | 16,125 | 15,845 | 16,070 | 5.10% | 5.1 | % | 9/1/18 | 30 years | -3 | |||||||||||
The Grove at Nacogdoches | 17,160 | 16,857 | 17,100 | 5.01% | 5.01 | % | 9/1/18 | 30 years | -3 | |||||||||||
The Grove at Greeley | 15,233 | 14,945 | 15,194 | 4.29% | 4.29 | % | 10/1/18 | 30 years | -3 | |||||||||||
The Grove at Clarksville | 16,350 | 16,238 | 16,350 | 4.03% | 4.03 | % | 7/1/22 | 30 years | -4 | |||||||||||
The Grove at Columbia | 23,775 | 22,738 | 23,180 | 3.83% | 3.83 | % | 7/1/22 | 30 years | -2 | |||||||||||
The Grove at Statesboro | 18,100 | 18,100 | 18,100 | 4.01% | 4.01 | % | 1/1/23 | 30 years | -5 | |||||||||||
$ | 300,673 | $ | 205,531 | |||||||||||||||||
-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 requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. | |||||||||||||||||||
-3 | Loan requires interest only payments plus certain reserves and escrows, payable monthly through September 2013. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity. | |||||||||||||||||||
-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, are payable monthly until maturity. | |||||||||||||||||||
-5 | Loan requires interest only payments plus certain reserves and escrows, payable monthly through January 2015. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity. | |||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled debt maturities for each of the five years subsequent to December 31, 2014 and thereafter, are as follows (in thousands): | |||||||||||||||||||
2015 | $ | 47,022 | ||||||||||||||||||
2016 | 62,379 | |||||||||||||||||||
2017 | 310,493 | |||||||||||||||||||
2018 | 146,583 | |||||||||||||||||||
2019 | 1,353 | |||||||||||||||||||
Thereafter | 53,170 | |||||||||||||||||||
621,000 | ||||||||||||||||||||
Debt discount | -2,581 | |||||||||||||||||||
Outstanding as of December 31, 2014, net of debt discount | $ | 618,419 | ||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of the fair value of the Company’s 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, 2014 | 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 | $ | - | $ | 164,808 | $ | - | $ | 163,341 | ||||||
Variable-rate mortgage loans | - | 16,467 | - | 16,613 | ||||||||||
Construction loans | - | 119,952 | - | 120,719 | ||||||||||
Exchangeable Senior Notes | - | 101,793 | - | 97,419 | ||||||||||
Other Debt | - | 3,014 | - | 2,827 | ||||||||||
31-Dec-13 | ||||||||||||||
Fixed-rate mortgage loans | - | 161,379 | - | 165,393 | ||||||||||
Construction loans | - | 40,258 | - | 40,138 | ||||||||||
Exchangeable Senior Notes | - | 98,547 | - | 96,758 | ||||||||||
Other Debt | - | 2,671 | - | 2,694 | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The table below aggregates the fair values of these assets by their level in the fair value hierarchy (in thousands): | |||||||||||||
December 31, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
HSRE JV - I | $ | 212 | $ | - | $ | - | $ | 212 | ||||||
HSRE JV - V | - | - | - | - | ||||||||||
HSRE JV - VI | 6,815 | - | - | 6,815 | ||||||||||
HSRE JV - X | 8,073 | - | - | 8,073 | ||||||||||
CSH Montreal | 6,947 | - | - | 6,947 | ||||||||||
Land Parcels and Toledo | 45,518 | - | - | 45,518 | ||||||||||
Total assets | $ | 67,565 | $ | - | $ | - | $ | 67,565 | ||||||
HSRE JV - V | -4,500 | - | - | -4,500 | ||||||||||
Total liabilities | $ | -4,500 | $ | - | $ | - | $ | -4,500 | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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 December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Basic earnings: | |||||||||||
Income (loss) from continuing operations | $ | -154,380 | $ | 749 | $ | 6,510 | |||||
Preferred stock dividends | 12,200 | 6,183 | 4,114 | ||||||||
Income (loss) from continuing operations attributable to noncontrolling interests | -1,166 | -37 | 19 | ||||||||
Income (loss) from continuing operations attributable to common stockholders | -165,414 | -5,397 | 2,377 | ||||||||
Income (loss) from discontinued operations | -9,576 | 489 | 3,908 | ||||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | -67 | 3 | 27 | ||||||||
Income (loss) from discontinued operations attributable to common stockholders | -9,509 | 486 | 3,881 | ||||||||
Net income (loss) attributable to common stockholders | $ | -174,923 | $ | -4,911 | $ | 6,258 | |||||
Weighted average common shares and OP Units outstanding: | |||||||||||
Basic | 65,102 | 59,984 | 34,781 | ||||||||
Incremental shares from assumed conversion (1) | - | 434 | 436 | ||||||||
Diluted | 65,102 | 60,418 | 35,217 | ||||||||
Basic and diluted earnings per share: | |||||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | -2.54 | $ | -0.08 | $ | 0.07 | |||||
Income (loss) from discontinued operations attributable to common stockholders | -0.15 | - | 0.11 | ||||||||
Net income (loss) attributable to common stockholders | $ | -2.69 | $ | -0.08 | $ | 0.18 | |||||
-1 | The effect of the inclusion of all potentially dilutive securities for 2014 and 2013 would be anti-dilutive when computing diluted earnings per share. Therefore, the computation of both basic and diluted earnings per share is the same. For the years ended December 31, 2014 and 2013, shares issuable upon settlement of the exchange feature of the Exchangeable Senior notes were anti-dilutive and were not included in the computation of diluted earnings per share based on the “if-converted” method. | ||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | The following is a summary of changes in the shares of the Company’s common stock for the periods shown (in thousands): | |||||||||||||||||||
For the Year Ended | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Common shares at beginning of period | 64,502 | 38,558 | ||||||||||||||||||
Issuance of common shares | 33 | 25,530 | ||||||||||||||||||
Issuance of restricted shares | 357 | 496 | ||||||||||||||||||
Forfeiture of restricted shares | -150 | -82 | ||||||||||||||||||
Common shares at end of period | 64,742 | 64,502 | ||||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||||||
OP Units at beginning of period | 434 | 436 | ||||||||||||||||||
Redemption of OP Units | -33 | -2 | ||||||||||||||||||
OP Units at end of period | 401 | 434 | ||||||||||||||||||
Schedule of Dividends Payable [Table Text Block] | The following is a summary of the taxable nature of the Company’s dividends paid for the periods shown: | |||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||
Common Stock: | ||||||||||||||||||||
Ordinary Dividend | $ | - | 0 | % | $ | 0.097 | 14.8 | % | $ | 0.018 | 2.8 | % | ||||||||
Qualified Dividend | - | 0 | % | 0.008 | 1.2 | % | 0.001 | 0.2 | % | |||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||
Unrecaptured Sec. 1250 | - | 0 | % | 0.019 | 2.9 | % | - | 0 | % | |||||||||||
Return of Capital | 0.66 | 100 | % | 0.531 | 81.1 | % | 0.621 | 97 | % | |||||||||||
Total | $ | 0.66 | 100 | % | $ | 0.655 | 100 | % | $ | 0.64 | 100 | % | ||||||||
Preferred Stock: | ||||||||||||||||||||
Ordinary Dividend | $ | - | 0 | % | $ | 1.565 | 78.3 | % | $ | 1.272 | 92.7 | % | ||||||||
Qualified Dividend | - | 0 | % | 0.128 | 6.4 | % | 0.1 | 7.3 | % | |||||||||||
Capital Gain | - | 0 | % | - | 0 | % | - | 0 | % | |||||||||||
Unrecaptured Sec. 1250 | - | 0 | % | 0.307 | 15.3 | % | - | 0 | % | |||||||||||
Return of Capital | 2 | 100 | % | - | 0 | % | - | 0 | % | |||||||||||
Total | $ | 2 | 100 | % | $ | 2 | 100 | % | $ | 1.372 | 100 | % | ||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | The following is a summary of the Company’s plan activity for the periods shown (in thousands, except weighted average grant price): | |||||||||||||
Restricted | Restricted | Total | Weighted Avg | |||||||||||
Stock | OP Unit | Grant Price | ||||||||||||
Unvested shares at beginning of period (carry-forward) | 648 | - | 648 | $ | 11.97 | |||||||||
Granted | 357 | - | 357 | 9.01 | ||||||||||
Vested | -613 | - | -613 | 8.75 | ||||||||||
Forfeited | -104 | - | -104 | 9.66 | ||||||||||
Unvested shares at December 31, 2014 | 288 | - | 288 | 11.28 | ||||||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables set forth the Company’s segment information for the periods presented (in thousands): | ||||||||||
For the Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Student Housing Operations: | |||||||||||
Revenues from external customers | $ | 105,492 | $ | 91,250 | $ | 74,091 | |||||
Operating expenses | 75,904 | 63,351 | 53,856 | ||||||||
Income from wholly-owned student housing operations | 29,588 | 27,899 | 20,235 | ||||||||
Severance expense | -700 | - | - | ||||||||
Impairment of unconsolidated entities | -57,789 | - | - | ||||||||
Effect of not exercising Copper Beech purchase option | -33,375 | - | - | ||||||||
Equity in earnings (losses) of unconsolidated enitites | -5,510 | -3,727 | 361 | ||||||||
Operating income (loss) | -67,786 | 24,172 | 20,596 | ||||||||
Nonoperating expenses | -10,200 | -10,529 | -10,246 | ||||||||
Net income (loss) | -77,986 | 13,643 | 10,350 | ||||||||
Net income (loss) attributable to noncontrolling interest | -750 | 136 | 106 | ||||||||
Net income (loss) attributable to common stockholders | $ | -77,236 | $ | 13,507 | $ | 10,244 | |||||
Depreciation and amortization | $ | 28,273 | $ | 22,356 | $ | 20,377 | |||||
Capital expenditures | $ | 188,495 | $ | 142,167 | $ | 111,167 | |||||
Investment in unconsolidated entities | $ | 259,740 | $ | 324,838 | $ | 22,555 | |||||
Total segment assets at end of period | $ | 1,165,523 | $ | 1,132,371 | $ | 691,671 | |||||
Property Management Services: | |||||||||||
Revenues from external customers | $ | 1,249 | $ | 820 | $ | 559 | |||||
Intersegment revenues | 153 | 272 | 256 | ||||||||
Total revenues | 1,402 | 1,092 | 815 | ||||||||
Operating expenses | 3,983 | 2,638 | 2,107 | ||||||||
Operating loss | -2,581 | -1,546 | -1,292 | ||||||||
Nonoperating expenses | - | - | - | ||||||||
Net loss | -2,581 | -1,546 | -1,292 | ||||||||
Net income (loss) attributable to noncontrolling interest | -25 | -15 | -12 | ||||||||
Net loss attributable to common stockholders | $ | -2,556 | $ | -1,531 | $ | -1,280 | |||||
Depreciation and amortization | $ | 96 | $ | 234 | $ | 14 | |||||
Total segment assets at end of period | $ | - | $ | - | $ | - | |||||
Reconciliations: | |||||||||||
Total segment revenues | $ | 106,894 | $ | 92,342 | $ | 74,906 | |||||
Elimination of intersegment revenues | -153 | -272 | -256 | ||||||||
Total consolidated revenues | $ | 106,741 | $ | 92,070 | $ | 74,650 | |||||
Segment operating income (loss) | $ | -70,367 | $ | 22,626 | $ | 19,304 | |||||
Interest expense | -16,156 | -12,969 | -11,545 | ||||||||
Impairment of land & pre-development costs | -31,927 | - | - | ||||||||
Write-off of corporate other assets | -15,110 | - | - | ||||||||
Severance expense | -5,459 | - | - | ||||||||
Corporate depreciation and amortization | -1,057 | - | - | ||||||||
Net unallocated expenses related to corporate overhead | -13,615 | -11,049 | -7,037 | ||||||||
Other income (expense) | 42 | 1,414 | 6,144 | ||||||||
Income (loss) from continuing operations, before income tax benefit (expense) | $ | -153,649 | $ | 22 | $ | 6,866 | |||||
Total segment assets | $ | 1,165,523 | $ | 1,132,371 | $ | 691,671 | |||||
Unallocated corporate assets and eliminations | 11,288 | 50,308 | 4,649 | ||||||||
Total assets at end of period | $ | 1,176,811 | $ | 1,182,679 | $ | 696,320 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments over the life of the Company’s corporate office lease and long-term ground leases subsequent to December 31, 2014 are as follows (in thousands): | ||||
2015 | $ | 1,293 | |||
2016 | 1,304 | ||||
2017 | 1,320 | ||||
2018 | 1,309 | ||||
2019 | 1,327 | ||||
Thereafter | 26,821 | -1 | |||
Total future minimum lease payments | $ | 33,374 | |||
-1 | The Company’s lease obligations total approximately $1.3 million per year through the year 2023. In addition to operating and office leases, the Company has ground leases that average $0.4 million per year through the year 2081. | ||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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, | |||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||
Total revenues(1) | $ | 24,711 | $ | 24,990 | $ | 24,839 | $ | 32,201 | ||||||
Operating income (loss)(1) | 3,135 | 878 | -120,526 | -21,022 | ||||||||||
Net income (loss)(1) | 953 | -486 | -130,843 | -33,580 | ||||||||||
Net income (loss) attributable to common stockholders | -2,080 | -3,547 | -133,123 | -36,173 | ||||||||||
Net income (loss) attributable to common stockholders per share - basic and diluted | $ | -0.03 | $ | -0.05 | $ | -2.06 | $ | -0.56 | ||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 21,751 | $ | 22,294 | $ | 23,257 | $ | 24,768 | ||||||
Operating income | 3,608 | 5,214 | 6,235 | -3,480 | ||||||||||
Net income (loss) | 2,072 | 3,845 | 4,758 | -9,437 | ||||||||||
Net income (loss) attributable to common stockholders | 911 | 2,676 | 3,582 | -12,080 | -2 | |||||||||
Net income (loss) attributable to common stockholders per share - basic and diluted | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | -0.19 | ||||||
(1) Total revenues, operating income (loss) and net income (loss) for the three months ended September 30, 2014 and December 31, 2014 have been adjusted for the Company’s discontinuance of two immaterial non-GAAP policies. Effective August 2014, the Company recognizes revenue over an 11.5 month period to align with lease terms as opposed to a 12 month period. Effective August 2014, the Company recognizes turn costs as incurred as opposed to accruing turn costs throughout the academic year. | ||||||||||||||
(2) The purchase price allocation for the Company’s Copper Beech acquisition was finalized and all required adjustments are reflected in the Company’s fourth quarter information. | ||||||||||||||
Organization_and_Description_o2
Organization and Description of Business (Details) | Dec. 31, 2014 | |
Properties in Operation | 47 | |
Total Portfolio [Member] | ||
Properties in Operation | 86 | [1] |
Wholly owned Grove properties [Member] | ||
Properties in Operation | 36 | |
Joint Venture Grove properties [Member] | ||
Properties in Operation | 11 | |
Joint Venture evo properties [Member] | ||
Properties in Operation | 3 | |
CB Portfolio [Member] | ||
Properties in Operation | 36 | |
[1] | The Companybs 100% owned redevelopment property in Toledo, Ohio, which was acquired in March 2013 is excluded. As of December 31, 2014, this property was classified as an asset held for sale. |
Organization_and_Description_o3
Organization and Description of Business (Details Textual) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2013 | |
Real Estate Investment Trust ,Percentage Of Distribute Of Income,Minimum | 90.00% | |
Properties in Operation | 47 | |
Re Development Property | 100.00% | |
Copper Beech [Member] | ||
Properties in Operation | 36 | |
Trs Subsidiary [Member] | ||
Equity Method Investment, Ownership Percentage | 100.00% | |
Wholly owned Grove properties [Member] | ||
Properties in Operation | 36 | |
Joint Venture Grove properties [Member] | ||
Properties in Operation | 11 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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 | 5 years |
Furniture, fixtures, and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance at beginning of period | $539 | $121 | $246 |
Charged to expense | 3,249 | 3,432 | 1,728 |
Write-offs | -3,329 | -2,433 | -1,853 |
Sale of properties | 0 | -581 | 0 |
Balance at end of period | $459 | $539 | $121 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Interest Costs Capitalized | $6,300,000 | $3,300,000 | $2,400,000 | |
Real Estate Property, Capitalized Of Indirect Costs | 10,800,000 | 9,000,000 | 7,400,000 | |
Deferred Costs | 10,500,000 | |||
Business Interruption Insurance Recovery | 1,200,000 | 1,400,000 | ||
Marketing and Advertising Expense | 1,500,000 | 1,500,000 | 1,300,000 | |
Cost and earnings in excess of construction billings | 3,887,000 | 42,803,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | -2,564,000 | -71,000 | 0 | |
Variable Interest Entity, Measure of Activity, Revenues | 1,300,000 | |||
Variable Interest Entity, Measure of Activity, Expense | 500,000 | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 33,500,000 | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 22,300,000 | |||
Noncontrolling Interest in Variable Interest Entity | 5,600,000 | |||
Insurance Settlements Receivable | 5,500,000 | 1,000,000 | ||
Amortization of Intangible Assets | 1,500,000 | 700,000 | 1,100,000 | |
Deferred Finance Costs, Net | 11,700,000 | 11,000,000 | ||
Revenue Recognition Under Lease Term Description | The Company recognizes revenue on a straight-line basis over the term of the lease contracts which for new tenants is typically 11.5 months and for renewing tenants is typically 12 months. | |||
Restricted Cash and Cash Equivalents | 28,200,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,800,000 | 2,600,000 | ||
Minimum [Member] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Maximum [Member] | ||||
Equity Method Investment, Ownership Percentage | 47.00% | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||
Copper Beech [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 6,500,000 | 3,600,000 | ||
Accounts Payable [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 1,900,000 | |||
Shareholders' Equity [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 1,100,000 | |||
Total Tax Liability [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 2,300,000 | |||
Tax Liability [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 400,000 | |||
Students Housing Operations [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $400,000 | |||
Trs Subsidiary [Member] | ||||
Equity Method Investment, Ownership Percentage | 100.00% |
Student_Housing_Properties_Det
Student Housing Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Land | $76,043 | $58,439 | ||
Buildings and improvements | 781,739 | 597,141 | ||
Furniture, fixtures and equipment | 78,180 | 60,705 | ||
Student housing properties | 935,962 | 716,285 | 669,387 | 512,227 |
Less: accumulated depreciation | -128,121 | -102,356 | ||
Investment in real estate, net | $807,841 | $613,929 |
Student_Housing_Properties_Det1
Student Housing Properties (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jan. 31, 2014 | |
Amortization of Intangible Assets | $1,500,000 | $700,000 | $1,100,000 | ||
Proceeds from Insurance Settlement, Investing Activities | 590,000 | 2,500,000 | 0 | ||
Campus Crest At Toledo Ohio [Member] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||
Grove At Pullman [Member] | |||||
Loss Due To Fire On Property | $7,500,000 | ||||
Harrison Street Real Estate [Member] | |||||
Equity Method Investment, Ownership Percentage | 80.00% |
Strategic_Repositioning_Initia2
Strategic Repositioning Initiatives (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Severance Costs [Line Items] | |
Balance at January 1, 2014 | $0 |
New charges | 6,411 |
Cash payments | -668 |
Balance at December 31, 2014 | $5,743 |
Strategic_Repositioning_Initia3
Strategic Repositioning Initiatives (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Strategic Repositioning Initiatives [Line Items] | |||
Other Asset Impairment Charges | $57,789,000 | $0 | $0 |
Severance Costs | 6,159,000 | 0 | 0 |
Restricted Stock [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Severance Costs | 2,700,000 | ||
Discontinued Operations [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Severance Costs | 2,900,000 | ||
Operating Expense [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Severance Costs | 6,200,000 | ||
Accounts Payable and Accrued Liabilities [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Severance Costs | 5,700,000 | ||
Severance Costs Year One | 4,300,000 | ||
Severance Costs Year Two | 1,400,000 | ||
Land and pre-development costs [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Impairment of Real Estate | 31,900,000 | ||
Corporate Infrastructure changes [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Other Asset Impairment Charges | 15,100,000 | ||
CSH Montreal LP [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Impairment of Real Estate | 26,500,000 | ||
Unconsolidated entities [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Impairment of Real Estate | 57,800,000 | ||
HSRE Investments [Member] | |||
Strategic Repositioning Initiatives [Line Items] | |||
Impairment of Real Estate | $31,300,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Solar investment tax credit | $2,116 | $1,924 |
Federal and state net operating loss | 2,284 | 79 |
Other | 22 | 23 |
Less: valuation allowance | -4,002 | -484 |
Total deferred tax assets | 420 | 1,542 |
Deferred tax liabilities: | ||
Deferred revenue | 0 | -260 |
Depreciation and amortization | -420 | -355 |
Total deferred tax liabilities | -420 | -615 |
Net deferred tax assets | $0 | $927 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $0 | $0 | $150 |
State | 0 | 200 | 206 |
Current expense | 0 | 200 | 356 |
Deferred: | |||
Federal | 815 | -885 | 0 |
State | -84 | -42 | 0 |
Deferred expense (benefit) | 731 | -927 | 0 |
Income tax expense (benefit) | $731 | ($727) | $356 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 90.00% | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $0 | $0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 3,500,000 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carry Forwards Expiration Description | 2034 | |
Operating Loss Carryforwards | 5,900,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carry Forwards Expiration Description | expire at various times between 2018 and 2034. | |
Operating Loss Carryforwards | $7,800,000 | $1,300,000 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | Mar. 02, 2013 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Toledo Ohio [Member] | ||
Land | $2,855 | |
Buildings and improvements | 9,496 | |
Furniture and fixtures | 102 | |
In-place leases | 469 | |
Other | 879 | |
Business Acquisitions Costs Of Acquired Entity Purchase Price | 13,801 | |
Denton Texas Acquisition [Member] | ||
Land | 4,770 | |
Buildings and improvements | 18,276 | |
Furniture and fixtures | 2,284 | |
In-place leases | 1,524 | |
Other | -377 | |
Fair value of debt at acquisition | -16,901 | |
Business Acquisitions Purchase Price Allocation Assets Acquired | 9,576 | |
Less estimated fair value of interest owned prior to acquisition | -1,915 | |
Business Acquisitions Costs Of Acquired Entity Purchase Price | $7,661 |
Business_Acquisitions_Details_
Business Acquisitions (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Jan. 31, 2014 | Oct. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Jul. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2013 | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cb Investors [Member] | Cb Investors [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Cb Portfolio Acquisition [Member] | Copper Beech [Member] | Copper Beech [Member] | Copper Beech [Member] | DCV Holdings, LP [Member] | CSH Montreal LP [Member] | Copper Beech Purchase Agreement [Member] | Copper Beech Purchase Agreement [Member] | March 18, 2014 to August 18, 2014 [Member] | May 2015 [Member] | May 2016 [Member] | Harrison Street Real Estate [Member] | Harrison Street Real Estate Campus Crest [Member] | Grove At Stateboro Georgia [Member] | Campus Crest At Toledo Ohio [Member] | ||
USD ($) | USD ($) | USD ($) | 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 ($) | USD ($) | CAD | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | USD ($) | |||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||
Business Acquisitions Costs Of Acquired Entity Purchase Price | $230,200,000 | $13,800,000 | |||||||||||||||||||||||||||||
Our Ownership | 48.00% | 52.00% | 36.30% | 11.70% | 48.00% | 47.00% | [1] | 48.00% | 80.00% | 80.00% | 20.00% | 100.00% | |||||||||||||||||||
Student Housing Properties Average Age In Year | 8 years 2 months 12 days | ||||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 7,700,000 | 7,700,000 | 13,000,000 | ||||||||||||||||||||||||||||
Due from Other Related Parties | 31,700,000 | ||||||||||||||||||||||||||||||
Income (Loss) from Equity Method Investments | -5,510,000 | -3,727,000 | 361,000 | 1,600,000 | 3,800,000 | ||||||||||||||||||||||||||
Investment Income, Interest | 0 | 1,400,000 | |||||||||||||||||||||||||||||
Business Combination, Acquisition Related Costs | 3,000,000 | 1,100,000 | 4,000,000 | 16,900,000 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||||||||||||||||||||||||||||||
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, the Company will transfer its 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, the Company held a 67.0% interest in each of 30 properties in the Copper Beech Portfolio, with the CB Investors holding the remaining 33.0% interest. | ||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||
Repayment of outstanding principal balance | 31,700,000 | ||||||||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | 60,000,000 | ||||||||||||||||||||||||||||||
Purchase Price Of Land | 32,400,000 | ||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 300,000 | ||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 1,900,000 | ||||||||||||||||||||||||||||||
Business Combination Separately Recognized Transactions Amortization Expense Recognized | 1,500,000 | ||||||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | 3,900,000 | ||||||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 1,000,000 | ||||||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $33,400,000 | ||||||||||||||||||||||||||||||
[1] | As of January 2014, the Companybs ownership increased to 20.0% from 47.0% due to the acquisition of Holiday Inn Midtown in Montreal, Quebec. See discussion above. |
Asset_Dispositions_and_Discont2
Asset Dispositions and Discontinued Operations (Details) (Construction And Development Operations [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Construction And Development Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash | $1,118 | $331 |
Other assets | 2,461 | 4,408 |
Costs and earnings in excess of construction billings | 3,887 | 42,803 |
Total assets | 7,466 | 47,542 |
Accounts payable and accrued expenses | 6,050 | 18,660 |
Construction billings in excess of cost and earnings | 481 | 600 |
Total liabilities | 6,531 | 19,260 |
Total net assets | $935 | $28,282 |
Asset_Dispositions_and_Discont3
Asset Dispositions and Discontinued Operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | $0 | $9,754 | $8,993 |
Construction and development service expense | 0 | 5,354 | 5,184 |
Operating income (loss) | -1,350 | 4,400 | 3,809 |
Depreciation and amortization | 0 | -2,672 | -3,144 |
Income (loss) from discontinued operations | -9,576 | 489 | 3,908 |
Construction And Development Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | 24,383 | 50,249 | 53,736 |
Construction and development service expense | -29,650 | 46,759 | 50,493 |
Severance | -2,959 | 0 | 0 |
Operating income (loss) | -8,226 | 3,490 | 3,243 |
Depreciation and amortization | 0 | 0 | 0 |
Income (loss) from discontinued operations | ($8,226) | $3,490 | $3,243 |
Asset_Dispositions_and_Discont4
Asset Dispositions and Discontinued Operations (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | $0 | $9,754 | $8,993 |
Operating expenses | 0 | 5,354 | 5,184 |
Loss on sale of disposed assets | -1,350 | 0 | 0 |
Operating income | -1,350 | 4,400 | 3,809 |
Depreciation and amortization | 0 | 2,672 | 3,144 |
Net income | -1,350 | 1,728 | 665 |
Impairment on discontinued operations | 0 | -4,729 | 0 |
Income (loss) from discontinued operations | ($1,350) | ($3,001) | $665 |
Asset_Dispositions_and_Discont5
Asset Dispositions and Discontinued Operations (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Combined Sale Price Of Property | $51,000,000 | ||
Proceeds from Sale of Productive Assets | 48,600,000 | ||
Disposal Group Including Discontinued Operation Impairment On Discontinued Operation | 4,700,000 | ||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | ($1,350,000) | $0 | $0 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 18, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of Properties, In Operations | 49 | |||
Net Total Investment | $259,740 | $324,838 | ||
Amount Outstanding | 582,416 | |||
Debt, Weighted Average Interest Rate | 4.13% | |||
Total Impairment | -53,292 | [1] | ||
Total Investment | 313,032 | |||
Cb Portfolio [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 48.00% | [2] | 48.00% | |
Year Founded | 2013 | |||
Number of Properties, In Operations | 35 | |||
Net Total Investment | 218,718 | |||
Amount Outstanding | 227,698 | |||
Debt, Weighted Average Interest Rate | 5.14% | [3] | ||
Debt, Maturity Start Date | 1-Sep-15 | |||
Debt, Maturity End Date | 1-Oct-20 | |||
Total Impairment | 0 | [1] | ||
Total Investment | 218,718 | |||
HSRE Campus Crest I LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 63.90% | |||
Year Founded | 2009 | |||
Number of Properties, In Operations | 3 | |||
Net Total Investment | 212 | |||
Amount Outstanding | 32,485 | |||
Debt, Weighted Average Interest Rate | 2.67% | [4] | ||
Maturity Date | 9-May-15 | |||
Total Impairment | -10,168 | [1] | ||
Total Investment | 10,380 | |||
HSRE Campus Crest V LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 10.00% | |||
Year Founded | 2011 | |||
Number of Properties, In Operations | 3 | |||
Net Total Investment | 0 | |||
Amount Outstanding | 49,614 | |||
Debt, Weighted Average Interest Rate | 2.89% | [4] | ||
Debt, Maturity Start Date | 20-Apr-15 | |||
Debt, Maturity End Date | 5-May-15 | |||
Total Impairment | -4,093 | [1] | ||
Total Investment | 4,093 | |||
HSRE Campus Crest VI LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 20.00% | |||
Year Founded | 2012 | |||
Number of Properties, In Operations | 3 | |||
Net Total Investment | 6,815 | |||
Amount Outstanding | 53,706 | |||
Debt, Weighted Average Interest Rate | 2.48% | [4] | ||
Debt, Maturity Start Date | 8-May-15 | |||
Debt, Maturity End Date | 19-Dec-15 | |||
Total Impairment | -8,274 | [1] | ||
Total Investment | 15,089 | |||
HSRE Campus Crest IX LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 30.00% | |||
Year Founded | 2013 | |||
Number of Properties, In Operations | 1 | |||
Net Total Investment | 18,975 | |||
Amount Outstanding | 90,204 | |||
Debt, Weighted Average Interest Rate | 2.37% | [4] | ||
Maturity Date | 25-Jul-16 | |||
Total Impairment | 0 | [1] | ||
Total Investment | 18,975 | |||
HSRE Campus Crest X LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 30.00% | |||
Year Founded | 2013 | |||
Number of Properties, In Operations | 2 | |||
Net Total Investment | 8,073 | |||
Amount Outstanding | 40,739 | |||
Debt, Weighted Average Interest Rate | 2.36% | [4] | ||
Debt, Maturity Start Date | 6-Sep-16 | |||
Debt, Maturity End Date | 30-Sep-18 | |||
Total Impairment | -4,234 | [1] | ||
Total Investment | 12,307 | |||
CSH Montreal LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our Ownership | 47.00% | [5] | ||
Year Founded | 2013 | |||
Number of Properties, In Operations | 2 | |||
Net Total Investment | 6,947 | |||
Amount Outstanding | 87,970 | |||
Debt, Weighted Average Interest Rate | 6.39% | [4] | ||
Maturity Date | 13-Jan-16 | |||
Total Impairment | -26,523 | [1] | ||
Total Investment | $33,470 | |||
[1] | During the year ended December 31, 2014, the Company recognized an impairment of unconsolidated entities of $57.8 million, of which $53.3 million reduced the carrying value of the investments and $4.5 million was recorded as a guarantee obligation in other liabilities in the accompanying consolidated balance sheet. | |||
[2] | As of December 31, 2014, the Company had a 48.0% ownership interest in the CB Portfolio. | |||
[3] | Comprised of fixed rate debt. | |||
[4] | Variable interest rates. | |||
[5] | As of January 2014, the Companybs ownership increased to 20.0% from 47.0% due to the acquisition of Holiday Inn Midtown in Montreal, Quebec. See discussion above. |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Assets | |||||
Development in Process | $0 | $91,184 | $50,781 | ||
Liabilities and Equity | |||||
Carrying value of investment in HSRE and other non-Copper Beech entities | 259,740 | 324,838 | |||
HSRE and DCV Holdings [Member] | |||||
Assets | |||||
Student housing properties, net | 437,108 | 289,797 | |||
Development in Process | 7,429 | 81,994 | |||
Other assets | 12,947 | 15,341 | |||
Total assets | 457,484 | 387,132 | |||
Liabilities and Equity | |||||
Mortgage and construction loans | 354,759 | 165,445 | |||
Other liabilities | 29,364 | 58,948 | |||
Ownersb equity | 73,361 | 162,739 | |||
Total liabilities and owners' equity | 457,484 | 387,132 | |||
Company's share of historical owners' equity | 30,481 | 41,390 | |||
Preferred investment | 7,322 | [1] | 16,468 | [1] | |
Net difference in carrying value of investment versus net book value of underlying net assets | 3,219 | [2] | 5,568 | [2] | |
Carrying value of investment in HSRE and other non-Copper Beech entities | 41,022 | 63,426 | |||
Copper Beech [Member] | |||||
Assets | |||||
Student housing properties, net | 906,614 | 748,280 | |||
Intangible assets | 7,212 | 37,100 | |||
Other assets | 14,293 | 5,201 | |||
Total assets | 928,119 | 790,581 | |||
Liabilities and Equity | |||||
Mortgage and construction loans | 476,985 | 421,239 | |||
Other liabilities | 15,541 | 13,112 | |||
Ownersb equity | 435,593 | 356,230 | |||
Total liabilities and owners' equity | 928,119 | 790,581 | |||
Company's share of historical owners' equity | 199,281 | 244,964 | |||
Net difference in carrying value of investment versus net book value of underlying net assets | 19,437 | [3] | 16,628 | [3] | |
Carrying value of investment in HSRE and other non-Copper Beech entities | $218,718 | $261,592 | |||
[1] | As of December 31, 2014, the Company had Class B membership interests in The Grove at Indiana, Pennsylvania, The Grove at Greensboro, North Carolina, and The Grove at Louisville, Kentucky, of approximately $2.7 million, $2.7 million and $1.9 million, respectively, entitling the Company to a 9.0% return on its investment upon the respective property being operational. The Company also had, from January to September 2, 2014, a CAD 16 million ($13.8 million at December 31, 2014 exchange rate) Class A interest in CSH Holdings entitling it to a commitment fee of 1.0% of the Class A interest each quarter and a 10.0% annual return on its investment. | ||||
[2] | This amount represents the aggregate difference between the Companybs carrying amount and its underlying equity in the net assets of its investments, which is typically amortized over the life of the related asset. The basis differential occurs primarily due to the other than temporary impairments recorded during 2014 (see Note 4), the difference between the allocated value to acquired entity interests and the venturebs basis in those interests, the capitalization of additional investment in the unconsolidated entity, and the elimination of service related revenue to the extent of the Companybs percentage ownership. | ||||
[3] | This amount represents the aggregate difference between the 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 impairment recognized in connection with not exercising the Copper Beech purchase option offset by the capitalization of transaction costs incurred to acquire the Company's interests in the Copper Beech entities. |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Details 2) (USD $) | 12 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
HSRE and DCV Holdings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $30,811 | $23,422 | $17,934 | |
Expenses: | ||||
Operating expenses | 21,846 | 17,434 | 9,665 | |
Interest expense | 7,577 | 5,025 | 4,962 | |
Depreciation and amortization | 11,091 | 6,304 | 4,807 | |
Total expenses | 40,514 | 28,763 | 19,434 | |
Net loss | -9,703 | -5,341 | -1,500 | |
Copper Beech [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 83,108 | 67,545 | ||
Expenses: | ||||
Operating expenses | 34,525 | 28,316 | ||
Interest expense | 13,152 | 11,852 | ||
Depreciation and amortization | 35,827 | 56,106 | ||
Total expenses | 83,504 | 96,274 | ||
Net loss | ($396) | ($28,729) |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities (Details 3) (USD $) | 12 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Total equity in earnings (loss) in the CB Portfolio | ($5,510) | ($3,727) | $361 | |||
Cb Portfolio [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net loss incurred by the CB Portfolio based on the Company's purchase price | -396 | [1] | -28,729 | [1] | ||
Campus Crest's share of net loss | -606 | [2] | -9,215 | [2] | ||
Campus Crest percentage of preferred payment | 911 | [3] | 5,663 | [3] | ||
Campus Crest earnings from Copper Beech | 305 | -3,552 | ||||
Amortization of basis difference | -557 | [4] | -264 | [4] | ||
Total equity in earnings (loss) in the CB Portfolio | ($252) | ($3,816) | ||||
[1] | The basis of the financial statements of the CB Portfolio used in the calculation of the Companybs equity in earnings for the year ended December 31, 2014 was computed using the cost basis for its investment in the CB Portfoliobs underlying assets and liabilities for its properties at the dates the Company acquired its interests in the CB Portfolio. The calculation includes the effects of purchase price adjustments determined at the date the Company acquired its interests in the CB Portfolio. The Company consummated the acquisition of a 48.0% interest in 36 properties of the CB Portfolio. As a result of lender consents that were required to be obtained from various lenders to the CB Portfolio prior to its ownership, the Company completed its acquisition of the 48.0% interest in stages, which resulted in a variation in its ownership percentage from 25.3% to 48.0% in all 36 of the CB Portfolio operating properties from March 18, 2013 to September 30, 2013. Effective October 1, 2013, the Company and the CB Portfolio sellers amended the purchase and sale agreement, subject to receipt of all required third party consents, to increase the Companybs ownership interest by 19.0% in 28 of the 35 properties (thereby increasing its ownership in the 28 properties to 67%) in exchange for the Companybs 48.0% interest in seven of the properties (thereby reducing its ownership in the seven properties to 0%) and deferring the Companybs acquisition of any interests in two of the properties, plus a $20.2 million cash payment. Accordingly, the Company recognized its proportionate share of earnings of the CB Portfolio for the specific percentage of ownership interest it held during the applicable period, which was a 67.0% effective interest in the 28 properties during the first and second quarters of 2014 and through August 18, 2014. Due to the Company's decision not to exercise the first purchase option to acquire additional interests in the CB Portfolio, on August 19, 2014, the Company's ownership interest in all 35 unconsolidated operating properties in the CB Portfolio reverted to 48.0% and remained at 48.0% through December 31, 2014. | |||||
[2] | For the year ended December 31, 2014, the losses incurred from January 1, 2014 through August 18, 2014 while the Company held 67% ownership in 28 of the properties exceeded the income earned from August 19, 2014 through December 31, 2014 while the Company held 48% ownership in 36 properties. | |||||
[3] | The Company was entitled to a preferred payment for the first year of its investment and the proportionate share of the remaining operating cash flows in the CB Portfolio and it was currently entitled to its proportionate share of the operating cash flows in the CB Portfolio. During the period from March 18, 2013 to March 17, 2014, the Company was entitled to $13.0 million related to its preferred payment, all of which has been paid, and the Company received approximately $1.0 million in other distributions, as of December 31, 2014. | |||||
[4] | The Company recorded in the calculation of equity in losses in the CB Portfolio the amortization of the net difference in the Companybs carrying value of investment as compared to the underlying equity in net assets of the investee. |
Investment_in_Unconsolidated_E6
Investment in Unconsolidated Entities (Details Textual) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | ||
USD ($) | USD ($) | USD ($) | January 1, 2014 through August 18, 2014 [Member] | August 19, 2014 through December 31, 2014 [Member] | Guarantee Obligations [Member] | Investment Type [Member] | Maximum [Member] | Minimum [Member] | Copper Beech Purchase Agreement [Member] | Copper Beech [Member] | Copper Beech [Member] | Canadian Dealer Offered Rate [Member] | Canadian Dealer Offered Rate [Member] | The Grove at Greensboro [Member] | The Grove at Louisville [Member] | Kentucky [Member] | Preferred Class B [Member] | Preferred Class A [Member] | Preferred Class A [Member] | HIM Holdings LP [Member] | HIM Holdings LP [Member] | HIM Holdings LP [Member] | HIM Holdings LP [Member] | CSH Montreal [Member] | CSH Montreal [Member] | CSH Montreal [Member] | CSH Montreal [Member] | Cb Portfolio [Member] | Cb Portfolio [Member] | Cb Portfolio [Member] | Cb Portfolio [Member] | Cb Portfolio [Member] | Cb Portfolio [Member] | Cb Portfolio [Member] | Hsre Campus Crest Llc [Member] | Hsre Campus Crest Llc [Member] | Beaumont and Partners [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | January 1, 2014 through August 18, 2014 [Member] | August 19, 2014 through December 31, 2014 [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | Maximum [Member] | Minimum [Member] | CAD | Maximum [Member] | Minimum [Member] | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Copper Beech [Member] | Copper Beech [Member] | Maximum [Member] | Minimum [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 67.00% | 48.00% | 47.00% | 20.00% | 48.00% | 47.00% | 0.00% | 60.50% | 48.00% | [1] | 48.00% | 48.00% | 25.30% | 63.90% | 49.90% | 53.00% | |||||||||||||||||||||||
Payments to Acquire Assets, Investing Activities | $4,700,000 | $56,200,000 | 65,000,000 | ||||||||||||||||||||||||||||||||||||
Interest from Joint Venture Properties | 28 | 36 | |||||||||||||||||||||||||||||||||||||
Return On Investment Of Properties | 9.00% | 39.50% | 45.00% | ||||||||||||||||||||||||||||||||||||
Number of joint venture properties | 28 | 35 | 36 | 35 | 28 | ||||||||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | 61,000 | 61,000 | 13,800,000 | 2,700,000 | 2,700,000 | 1,900,000 | 13,800,000 | 16,000,000 | 16,000,000 | ||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 3.00% | ||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 3.39% | 3.39% | 1.00% | |||||||||||||||||||||||||||||||||||
Impairment Of Unconsolidated Entities | 57,800,000 | ||||||||||||||||||||||||||||||||||||||
Commitment Fee Percentage Each Quarter | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||
Percentage Of Return On Investment | 10.00% | 10.00% | |||||||||||||||||||||||||||||||||||||
Fair Value, Option, Events Triggering Election, Effect on Earnings | 33,400,000 | ||||||||||||||||||||||||||||||||||||||
Other Liabilities | 22,092,000 | 11,167,000 | 4,500,000 | 53,300,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | 13-Jan-16 | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 24,600,000 | 16,400,000 | |||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -4,400,000 | 24,200,000 | |||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -17,700,000 | 9,100,000 | |||||||||||||||||||||||||||||||||||||
Cash Distributions Available | 13,000,000 | ||||||||||||||||||||||||||||||||||||||
Cash For Other Distributions | $1,000,000 | ||||||||||||||||||||||||||||||||||||||
[1] | As of December 31, 2014, the Company had a 48.0% ownership interest in the CB Portfolio. |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Fixed-rate mortgage loans | $163,341 | $165,393 |
Variable-rate mortgage loans | 16,613 | 0 |
Construction loans | 120,719 | 40,138 |
Line of credit | 217,500 | 108,500 |
Exchangeable senior notes | 97,419 | 96,758 |
Other debt | 2,827 | 2,694 |
Long-Term Debt | $618,419 | $413,483 |
Debt_Details_1
Debt (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Principal Outstanding | $300,673 | $205,531 | ||
The Grove at Muncie [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 14,567 | |||
Principal Outstanding | 13,892 | 12,237 | ||
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 Slippery Rock [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 17,961 | |||
Principal Outstanding | 16,031 | 0 | ||
Stated Interest Rate | LIBOR + 215 BPS | |||
Interest Rate | 2.32% | |||
Maturity Date | 21-Jun-16 | [1] | ||
Mortgage Notes Payable Amortization Terms | Interest only | |||
The Grove at Fort Collins [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 19,073 | |||
Principal Outstanding | 19,073 | 17,228 | ||
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 | |||
Principal Outstanding | 10,886 | 10,673 | ||
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 Grand Forks [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 16,916 | |||
Principal Outstanding | 12,474 | 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 Gainesville [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 30,069 | |||
Principal Outstanding | 22,836 | 0 | ||
Stated Interest Rate | LIBOR + 215 BPS | |||
Interest Rate | 2.32% | |||
Maturity Date | 13-Mar-17 | [1] | ||
Mortgage Notes Payable Amortization Terms | Interest only | |||
Copper Beech At Ames [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 23,551 | |||
Principal Outstanding | 21,170 | 0 | ||
Stated Interest Rate | LIBOR + 225 BPS | |||
Interest Rate | 2.42% | |||
Maturity Date | 5-Feb-17 | [1] | ||
Mortgage Notes Payable Amortization Terms | Interest only | |||
Toledo Vivo [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 9,404 | |||
Principal Outstanding | 4,357 | 0 | ||
Stated Interest Rate | LIBOR + 215 BPS | |||
Interest Rate | 2.32% | |||
Maturity Date | 25-Nov-17 | [1] | ||
Mortgage Notes Payable Amortization Terms | Interest only | |||
The Grove At Denton [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 17,167 | [2] | ||
Principal Outstanding | 16,613 | [2] | 0 | [2] |
Stated Interest Rate | LIBOR + 215 BPS | [2] | ||
Interest Rate | 2.32% | [2] | ||
Maturity Date | 3-Jan-17 | [1],[2] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [2] | ||
The Grove at Milledgeville [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 16,250 | [2] | ||
Principal Outstanding | 15,640 | [2] | 15,847 | [2] |
Stated Interest Rate | 6.12% | [2] | ||
Interest Rate | 6.12% | [2] | ||
Maturity Date | 1-Oct-16 | [1],[2] | ||
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 | [2] | ||
Principal Outstanding | 28,674 | [2] | 29,052 | [2] |
Stated Interest Rate | 6.13% | [2] | ||
Interest Rate | 6.13% | [2] | ||
Maturity Date | 11-Oct-16 | [1],[2] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [2] | ||
The Grove at Asheville [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 14,800 | [2] | ||
Principal Outstanding | 14,304 | [2] | 14,500 | [2] |
Stated Interest Rate | 5.77% | [2] | ||
Interest Rate | 5.77% | [2] | ||
Maturity Date | 11-Apr-17 | [1],[2] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [2] | ||
The Grove at Ellensburg [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 16,125 | [3] | ||
Principal Outstanding | 15,845 | [3] | 16,070 | [3] |
Stated Interest Rate | 5.10% | [3] | ||
Interest Rate | 5.10% | [3] | ||
Maturity Date | 1-Sep-18 | [1],[3] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [3] | ||
The Grove at Nacogdoches [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 17,160 | [3] | ||
Principal Outstanding | 16,857 | [3] | 17,100 | [3] |
Stated Interest Rate | 5.01% | [3] | ||
Interest Rate | 5.01% | [3] | ||
Maturity Date | 1-Sep-18 | [1],[3] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [3] | ||
The Grove at Greeley [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 15,233 | [3] | ||
Principal Outstanding | 14,945 | [3] | 15,194 | [3] |
Stated Interest Rate | 4.29% | [3] | ||
Interest Rate | 4.29% | [3] | ||
Maturity Date | 1-Oct-18 | [1],[3] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [3] | ||
The Grove at Clarksville [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 16,350 | [4] | ||
Principal Outstanding | 16,238 | [4] | 16,350 | [4] |
Stated Interest Rate | 4.03% | [4] | ||
Interest Rate | 4.03% | [4] | ||
Maturity Date | 1-Jul-22 | [1],[4] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [4] | ||
The Grove at Columbia [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 23,775 | [2] | ||
Principal Outstanding | 22,738 | [2] | 23,180 | [2] |
Stated Interest Rate | 3.83% | [2] | ||
Interest Rate | 3.83% | [2] | ||
Maturity Date | 1-Jul-22 | [1],[2] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [2] | ||
The Grove at Statesboro [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Amount | 18,100 | [5] | ||
Principal Outstanding | $18,100 | [5] | $18,100 | [5] |
Stated Interest Rate | 4.01% | [5] | ||
Interest Rate | 4.01% | [5] | ||
Maturity Date | 1-Jan-23 | [1],[5] | ||
Mortgage Notes Payable Amortization Terms | 30 years | [5] | ||
[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 requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. | |||
[3] | Loan requires interest only payments plus certain reserves and escrows, payable monthly through September 2013. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity. | |||
[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, are payable monthly until maturity. | |||
[5] | Loan requires interest only payments plus certain reserves and escrows, payable monthly through January 2015. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity. |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2015 | $47,022 | |
2016 | 62,379 | |
2017 | 310,493 | |
2018 | 146,583 | |
2019 | 1,353 | |
Thereafter | 53,170 | |
Long-Term Debt | 621,000 | |
Debt discount | -2,581 | |
Outstanding as of December 31, 2014, net of debt discount | $618,419 | $413,483 |
Debt_Details_Textual
Debt (Details Textual) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
USD ($) | CAD | USD ($) | USD ($) | USD ($) | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Term Loan [Member] | Term Loan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | USD ($) | USD ($) | Term Loan [Member] | Term Loan [Member] | USD ($) | USD ($) | Line of Credit [Member] | Minimum [Member] | Maximum [Member] | |||||||||
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 | 2.63% | 0.70% | 1.45% | 2.68% | 0.75% | 1.50% | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $50,000,000 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,400,000 | 300,000,000 | ||||||||||||||||
Line of Credit Facility, Borrowing Capacity, Description | (a) the lesser of (i) 60.0% of the "as-is" appraised value of the Companys 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 the Companys 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 the Companys development assets, subject to certain limitations in the Second Amended and Restated Credit Agreement | |||||||||||||||||
Future Commitment Line Of Credit Facility Maximum Borrowing Capacity | 600,000,000 | |||||||||||||||||
Line Of Credit Facility Covenant Terms, Leverage Ratio, Maximum | 0.65 | 1 | ||||||||||||||||
Line Of Credit Facility Covenant Term, Fixed Charge Coverage Ratio, Minimum | 1.3 | 1 | ||||||||||||||||
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 | secured debt ratio of not greater than 47.5% | |||||||||||||||||
Line Of Credit Facility Covenant Terms, Percentage Of Distributions Of Funds From Operations | 95.00% | |||||||||||||||||
Line of Credit Facility, Increase, Additional Borrowings | 124,000,000 | 267,274,000 | 59,400,000 | 2,600,000 | ||||||||||||||
Proceeds from Unsecured Notes Payable | 33,400,000 | 35,000,000 | ||||||||||||||||
Debt Instrument, Interest Rate During Period | 1.30% | |||||||||||||||||
Debt Instrument, Maturity Date | 15-Oct-18 | |||||||||||||||||
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 | |||||||||||||||||
Debt Instrument, Common stock Percentage Of Exchange Price | $12.56 | |||||||||||||||||
Amortization of Financing Costs | 2,300,000 | 1,800,000 | 2,800,000 | 500,000 | 100,000 | |||||||||||||
Description of revolving credit facility , average borrowings, interest rate | (i) 0.30% per annum if the Companys average borrowing is less than 50.0% of the total amount available or (ii) 0.25% per annum if the Companys 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 the Company 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 the indenture governing the Exchangeable Senior Notes. On or after July 15, 2018, and on or prior to the second scheduled trading day immediately preceding the maturity date, holders of the Exchangeable Senior Notes may exchange their notes without regard to the foregoing conditions | |||||||||||||||||
Long-Term Line Of Credit | $217,500,000 | $108,500,000 | $97,400,000 | $50,000,000 | $167,500,000 | $50,000,000 | $250,000,000 | |||||||||||
Line of Credit Facility, Commitment Fee Percentage | 105.00% |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Interest Rate Cap One [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative, Maturity Date | 22-Jul-15 |
Derivative, Cap Interest Rate | 2.50% |
Interest Rate Cap [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative, Maturity Date | 22-Jan-15 |
Derivative Liability, Notional Amount | 200 |
Derivative, Cap Interest Rate | 2.50% |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fixed-rate mortgage loans | $163,341 | $165,393 |
Variable-rate mortgage loans | 16,613 | 0 |
Construction loans | 120,719 | 40,138 |
Exchangeable Senior Notes | 97,419 | 96,758 |
Other Debt | 2,827 | 2,694 |
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 | |
Construction loans | 0 | 0 |
Exchangeable Senior Notes | 0 | 0 |
Other Debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fixed-rate mortgage loans | 164,808 | 161,379 |
Variable-rate mortgage loans | 16,467 | |
Construction loans | 119,952 | 40,258 |
Exchangeable Senior Notes | 101,793 | 98,547 |
Other Debt | 3,014 | 2,671 |
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 | |
Construction loans | 0 | 0 |
Exchangeable Senior Notes | 0 | 0 |
Other Debt | $0 | $0 |
Fair_Value_Disclosures_Details1
Fair Value Disclosures (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Total Assets | $67,565 |
Total liabilities | -4,500 |
Harrison Street Real Estate Capital I [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 212 |
Harrison Street Real Estate Capital V [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Total liabilities | -4,500 |
Harrison Street Real Estate Capital VI [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 6,815 |
Harrison Street Real Estate Capital X [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 8,073 |
CSH Montreal LP [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 6,947 |
Land Parcels and Toledo [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 45,518 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Total Assets | 0 |
Total liabilities | 0 |
Fair Value, Inputs, Level 1 [Member] | Harrison Street Real Estate Capital I [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 1 [Member] | Harrison Street Real Estate Capital V [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Total liabilities | 0 |
Fair Value, Inputs, Level 1 [Member] | Harrison Street Real Estate Capital VI [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 1 [Member] | Harrison Street Real Estate Capital X [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 1 [Member] | CSH Montreal LP [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 1 [Member] | Land Parcels and Toledo [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Total Assets | 0 |
Total liabilities | 0 |
Fair Value, Inputs, Level 2 [Member] | Harrison Street Real Estate Capital I [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | Harrison Street Real Estate Capital V [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Total liabilities | 0 |
Fair Value, Inputs, Level 2 [Member] | Harrison Street Real Estate Capital VI [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | Harrison Street Real Estate Capital X [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | CSH Montreal LP [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | Land Parcels and Toledo [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Total Assets | 67,565 |
Total liabilities | -4,500 |
Fair Value, Inputs, Level 3 [Member] | Harrison Street Real Estate Capital I [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 212 |
Fair Value, Inputs, Level 3 [Member] | Harrison Street Real Estate Capital V [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 0 |
Total liabilities | -4,500 |
Fair Value, Inputs, Level 3 [Member] | Harrison Street Real Estate Capital VI [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 6,815 |
Fair Value, Inputs, Level 3 [Member] | Harrison Street Real Estate Capital X [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 8,073 |
Fair Value, Inputs, Level 3 [Member] | CSH Montreal LP [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | 6,947 |
Fair Value, Inputs, Level 3 [Member] | Land Parcels and Toledo [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Investments,Fair Value Disclosure | $45,518 |
Fair_Value_Disclosures_Details2
Fair Value Disclosures (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.65% | 4.23% |
Equity Method Investments | $259,740,000 | $324,838,000 |
Harrison Street Real Estate Capital [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Equity Method Investments | 15,100,000 | |
Harrison Street Real Estate Capital [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | |
Fair Value Input Expected Net Operating Income | 2,600,000 | |
Harrison Street Real Estate Capital [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Inputs, Cap Rate | 5.90% | |
Fair Value Input Expected Net Operating Income | 1,000,000 | |
CSH Montreal LP [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Equity Method Investments | $6,900,000 | |
CSH Montreal LP [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Inputs, Cap Rate | 7.25% | |
Fair Value Inputs Percentage Of Revenue Growth Per Bed | 92.00% | |
Fair Value Inputs, Discount Rate | 9.25% | |
Fair Value Measurements, Valuation Techniques | discounted cash flow |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Basic earnings: | |||||||||||||||
Income (loss) from continuing operations | ($154,380) | $749 | $6,510 | ||||||||||||
Preferred stock dividends | 12,200 | 6,183 | 4,114 | ||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interests | -1,166 | -37 | 19 | ||||||||||||
Income (loss) from continuing operations attributable to common stockholders | -165,414 | -5,397 | 2,377 | ||||||||||||
Income (loss) from discontinued operations | -9,576 | 489 | 3,908 | ||||||||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | -67 | 3 | 27 | ||||||||||||
Income (loss) from discontinued operations attributable to common stockholders | -9,509 | 486 | 3,881 | ||||||||||||
Net income (loss) attributable to common stockholders | ($36,173) | ($133,123) | ($3,547) | ($2,080) | ($12,080) | [1] | $3,582 | $2,676 | $911 | ($174,923) | ($4,911) | $6,258 | |||
Weighted average common shares and OP Units outstanding: | |||||||||||||||
Basic | 65,102 | 59,984 | 34,781 | ||||||||||||
Incremental shares from assumed conversion | 0 | [2] | 434 | [2] | 436 | [2] | |||||||||
Diluted | 65,102 | 60,418 | 35,217 | ||||||||||||
Basic and diluted earnings per share: | |||||||||||||||
Income (loss) from continuing operations attributable to common stockholders | ($2.54) | ($0.08) | $0.07 | ||||||||||||
Income (loss) from discontinued operations attributable to common stockholders | ($0.15) | $0 | $0.11 | ||||||||||||
Net income (loss) attributable to common stockholders | ($0.56) | ($2.06) | ($0.05) | ($0.03) | ($0.19) | $0.06 | $0.04 | $0.02 | ($2.69) | ($0.08) | $0.18 | ||||
[1] | The purchase price allocation for the Company's Copper Beech acquisition was finalized and all required adjustments are reflected in the Company's fourth quarter information. | ||||||||||||||
[2] | The effect of the inclusion of all potentially dilutive securities for 2014 and 2013 would be anti-dilutive when computing diluted earnings per share. Therefore, the computation of both basic and diluted earnings per share is the same. For the years ended December 31, 2014 and 2013, shares issuable upon settlement of the exchange feature of the Exchangeable Senior notes were anti-dilutive and were not included in the computation of diluted earnings per share based on the bif-convertedb method. |
Equity_Details
Equity (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||
Common shares at beginning of period | 64,502,430 | 38,558,000 |
Issuance of common shares | 33,000 | 25,530,000 |
Issuance of restricted shares | 357,000 | 496,000 |
Forfeiture of restricted shares | -150,000 | -82,000 |
Common shares at end of period | 64,742,713 | 64,502,430 |
Equity_Details_1
Equity (Details 1) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in shares Of Operating Partnership Units [Line Items] | ||
OP Units at beginning of period | 434 | 436 |
Redemption of OP Units | -33 | -2 |
OP Units at end of period | 401 | 434 |
Equity_Details_2
Equity (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends Payable [Line Items] | |||
Common stock, dividends, per share, declared | $0.66 | $0.66 | $0.64 |
Common stock dividend rate percentage | 100.00% | 100.00% | 100.00% |
Preferred stock, dividends per share, declared | $2 | $2 | $1.37 |
Preferred stock, dividend rate, percentage | 8.00% | 8.00% | 100.00% |
Ordinary Dividend [Member] | |||
Dividends Payable [Line Items] | |||
Common stock, dividends, per share, declared | $0 | $0.10 | $0.02 |
Common stock dividend rate percentage | 0.00% | 14.80% | 2.80% |
Preferred stock, dividends per share, declared | $0 | $1.56 | $1.27 |
Preferred stock, dividend rate, percentage | 0.00% | 78.30% | 92.70% |
Qualified Dividend [Member] | |||
Dividends Payable [Line Items] | |||
Common stock, dividends, per share, declared | $0 | $0.01 | $0.00 |
Common stock dividend rate percentage | 0.00% | 1.20% | 0.20% |
Preferred stock, dividends per share, declared | $0 | $0.13 | $0.10 |
Preferred stock, dividend rate, percentage | 0.00% | 6.40% | 7.30% |
Capital Gain [Member] | |||
Dividends Payable [Line Items] | |||
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] | |||
Dividends Payable [Line Items] | |||
Common stock, dividends, per share, declared | $0 | $0.02 | $0 |
Common stock dividend rate percentage | 0.00% | 2.90% | 0.00% |
Preferred stock, dividends per share, declared | $0 | $0.31 | $0 |
Preferred stock, dividend rate, percentage | 0.00% | 15.30% | 0.00% |
Return of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Common stock, dividends, per share, declared | $0.66 | $0.53 | $0.62 |
Common stock dividend rate percentage | 100.00% | 81.10% | 97.00% |
Preferred stock, dividends per share, declared | $2 | $0 | $0 |
Preferred stock, dividend rate, percentage | 100.00% | 0.00% | 0.00% |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2013 | Mar. 31, 2013 | Jul. 31, 2012 | Jun. 30, 2013 | Apr. 30, 2013 | |
Stockholders Equity [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 8.00% | 8.00% | 100.00% | ||||||
Operating Partnership Units Outstanding | 65,100,000 | ||||||||
Dividend Declared Per Preferred Share | $0.50 | ||||||||
Accrued Dividends Preferred Stock | $3,100,000 | ||||||||
Dividends paid to common and preferred stockholders | 250,000 | 287,000 | 281,000 | ||||||
Preferred stock, liquidation preference per share | $25 | $25 | |||||||
Restatement To Increase In Authorized Shares Of Common Stock | 500,000,000 | ||||||||
Restatement To Increase In Authorized Shares Of Preferred Stock | 550,000,000 | ||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | 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 | ||||||||
Issuance of preferred stock | 299,719,000 | 72,162,000 | |||||||
Board Of Directors [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Dividend Declared Per Common Share and Operating Partnership Unit | $0.09 | ||||||||
Dividend Paid [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Dividend Declared Per Common Share and Operating Partnership Unit | $0.59 | $0.66 | $0.64 | ||||||
Dividends paid to common and preferred stockholders | 38,100,000 | 42,900,000 | 22,600,000 | ||||||
Parent Company [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Operating Partnership Units Outstanding | 64,700,000 | ||||||||
Percentage Of Operating Partnership Units Held | 99.30% | ||||||||
Other Partners [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Operating Partnership Units Outstanding | 400,000 | ||||||||
Percentage Of Operating Partnership Units Held | 0.70% | ||||||||
Fair Market Value Of Operating Partnership Units | 2,900,000 | ||||||||
Per Unit Fair Market Value Of Operating Partnership Units | $7.31 | ||||||||
8% Series A Cumulative Redeemable Preferred Stock [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 8.00% | ||||||||
Stock Issued During Period, Shares, New Issues | 300,000 | ||||||||
Preferred stock, liquidation preference per share | $25 | ||||||||
Preferred Stock Dividend Rate Per Dollar Amount | $2 | ||||||||
Preferred Stock Redemption Price Per Share | $25 | ||||||||
Preferred Stock Public Offering Price | $25 | ||||||||
Issuance of preferred stock | 54,900,000 | ||||||||
Repayments of Long-term Debt | 48,900,000 | ||||||||
Preferred Stock Underwritten Public Offerings | 2,300,000 | ||||||||
Stock Issued For Underwritten Public Offering Value | 2,600,000 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 400,000 | ||||||||
Dividend Declared Per Preferred Share | $2 | $2 | |||||||
Dividends paid to common and preferred stockholders | 12,200,000 | 6,500,000 | |||||||
Preferred Stock Public Offering Price | $25.06 | ||||||||
Issuance of preferred stock | 91,300,000 | ||||||||
Repayments of Long-term Debt | 46,800,000 | ||||||||
Preferred Stock Underwritten Public Offerings | 3,800,000 | ||||||||
Stock Issued For Underwritten Public Offering Value | 4,000,000 | ||||||||
IPO [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 25,500,000 | 7,500,000 | |||||||
Proceeds from Issuance Initial Public Offering | $299,700,000 | $72,200,000 | |||||||
Underwriters Option [Member] | |||||||||
Stockholders Equity [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 3,300,000 | 1,000,000 |
Incentive_Plans_Details
Incentive Plans (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Unvested Balances | 648 |
Granted | 357 |
Vested | -613 |
Forfeited | -104 |
Unvested balances | 288 |
Weighted Average Grant Price, Unvested balance | $11.97 |
Weighted Average Grant Price, Granted | $9.01 |
Weighted Average Grant Price, Vested | $8.75 |
Weighted Average Grant Price, Forfeited | $9.66 |
Weighted Average Grant Price, Unvested balance | $11.28 |
Restricted Stock [Member] | |
Unvested Balances | 648 |
Granted | 357 |
Vested | -613 |
Forfeited | -104 |
Unvested balances | 288 |
Restricted Op Units [Member] | |
Unvested Balances | 0 |
Granted | 0 |
Vested | 0 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2.5 | 0.3 | |
Amortization of restricted stock awards and operating partnership units | $5,744,000 | $3,300,000 | $2,252,000 |
Severance Costs | 6,159,000 | 0 | 0 |
Severance Costs Discontinued Operations | 2,959,000 | 0 | 0 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,900,000 | ||
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 | 4,400,000 | 1,900,000 | 1,000,000 |
Amortization of restricted stock awards and operating partnership units | 1,300,000 | 900,000 | 600,000 |
Stock Granted, Value, Share-based Compensation, Net of Forfeitures, Total | 200,000 | 500,000 | 100,000 |
Severance Costs | 2,200,000 | ||
Severance Costs Discontinued Operations | 500,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Allocated Share-based Compensation Expense | 200,000 | ||
Amortization of restricted stock awards and operating partnership units | $300,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Amount Paid | $400,000 | $200,000 | $200,000 |
Upfront Payment | 100,000 | ||
Related Party Monthly Fees Receivable | 1,300,000 | 900,000 | |
Operating lease costs | $2,500,000 | $4,700,000 | $3,900,000 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Student Housing Operations: | |||||||||||||||
Revenues from external customers | $32,201 | [1] | $24,839 | [1] | $24,990 | [1] | $24,711 | [1] | $24,768 | $23,257 | $22,294 | $21,751 | $106,741 | $92,070 | $74,650 |
Operating expenses | 147,602 | 76,454 | 62,744 | ||||||||||||
Severance expense | 6,159 | 0 | 0 | ||||||||||||
Impairment of unconsolidated entities | 57,789 | 0 | 0 | ||||||||||||
Effect of not exercising Copper Beech purchase option | -33,375 | 0 | 0 | ||||||||||||
Equity in earnings (losses) of unconsolidated earnings | -5,510 | -3,727 | 361 | ||||||||||||
Operating income (loss) | -21,022 | [1] | -120,526 | [1] | 878 | [1] | 3,135 | [1] | -3,480 | 6,235 | 5,214 | 3,608 | -137,535 | 11,577 | 12,267 |
Nonoperating expenses | -16,114 | -11,555 | -5,401 | ||||||||||||
Net income (loss) | -33,580 | [1] | -130,843 | [1] | -486 | [1] | 953 | [1] | -9,437 | 4,758 | 3,845 | 2,072 | -163,956 | 1,238 | 10,418 |
Net income (loss) attributable to noncontrolling interest | -1,233 | -34 | 46 | ||||||||||||
Net income (loss) attributable to common stockholders | -9,509 | 486 | 3,881 | ||||||||||||
Investment in unconsolidated entities | 259,740 | 324,838 | 259,740 | 324,838 | |||||||||||
Total consolidated revenues | 1,249 | 820 | 559 | ||||||||||||
Interest expense | -16,156 | -12,969 | -11,545 | ||||||||||||
Impairment of land & pre-development costs | 31,927 | 0 | 0 | ||||||||||||
Write-off of corporate other assets | 15,110 | 0 | 0 | ||||||||||||
Income (loss) from continuing operations, before income tax benefit (expense) | -153,649 | 22 | 6,866 | ||||||||||||
Total assets at end of period | 1,176,811 | 1,182,679 | 1,176,811 | 1,182,679 | |||||||||||
Student Housing Operations [Member] | |||||||||||||||
Student Housing Operations: | |||||||||||||||
Revenues from external customers | 105,492 | 91,250 | 74,091 | ||||||||||||
Operating expenses | 75,904 | 63,351 | 53,856 | ||||||||||||
Income from wholly-owned student housing operations | 29,588 | 27,899 | 20,235 | ||||||||||||
Severance expense | -700 | 0 | 0 | ||||||||||||
Impairment of unconsolidated entities | -57,789 | 0 | 0 | ||||||||||||
Effect of not exercising Copper Beech purchase option | -33,375 | 0 | 0 | ||||||||||||
Equity in earnings (losses) of unconsolidated earnings | -5,510 | -3,727 | 361 | ||||||||||||
Operating income (loss) | -67,786 | 24,172 | 20,596 | ||||||||||||
Nonoperating expenses | -10,200 | -10,529 | -10,246 | ||||||||||||
Net income (loss) | -77,986 | 13,643 | 10,350 | ||||||||||||
Net income (loss) attributable to noncontrolling interest | -750 | 136 | 106 | ||||||||||||
Net income (loss) attributable to common stockholders | -77,236 | 13,507 | 10,244 | ||||||||||||
Depreciation and amortization | 28,273 | 22,356 | 20,377 | ||||||||||||
Capital expenditures | 188,495 | 142,167 | 111,167 | ||||||||||||
Investment in unconsolidated entities | 259,740 | 324,838 | 259,740 | 324,838 | 22,555 | ||||||||||
Total segment assets at end of period | 1,165,523 | 1,132,371 | 1,165,523 | 1,132,371 | 691,671 | ||||||||||
Property Management Services [Member] | |||||||||||||||
Student Housing Operations: | |||||||||||||||
Revenues from external customers | 1,249 | 820 | 559 | ||||||||||||
Operating expenses | 3,983 | 2,638 | 2,107 | ||||||||||||
Operating income (loss) | -2,581 | -1,546 | -1,292 | ||||||||||||
Nonoperating expenses | 0 | 0 | 0 | ||||||||||||
Net income (loss) | -2,581 | -1,546 | -1,292 | ||||||||||||
Net income (loss) attributable to noncontrolling interest | -25 | -15 | -12 | ||||||||||||
Net income (loss) attributable to common stockholders | -2,556 | -1,531 | -1,280 | ||||||||||||
Depreciation and amortization | 96 | 234 | 14 | ||||||||||||
Total segment assets at end of period | 0 | 0 | 0 | 0 | 0 | ||||||||||
Intersegment revenues | 153 | 272 | 256 | ||||||||||||
Total segment revenues | 1,402 | 1,092 | 815 | ||||||||||||
Reconciliations [Member] | |||||||||||||||
Student Housing Operations: | |||||||||||||||
Severance expense | -5,459 | 0 | 0 | ||||||||||||
Total segment assets at end of period | 1,165,523 | 1,132,371 | 1,165,523 | 1,132,371 | 691,671 | ||||||||||
Intersegment revenues | -153 | -272 | -256 | ||||||||||||
Total segment revenues | 106,894 | 92,342 | 74,906 | ||||||||||||
Total consolidated revenues | 106,741 | 92,070 | 74,650 | ||||||||||||
Segment operating income (loss) | -70,367 | 22,626 | 19,304 | ||||||||||||
Interest expense | -16,156 | -12,969 | -11,545 | ||||||||||||
Impairment of land & pre-development costs | -31,927 | 0 | 0 | ||||||||||||
Write-off of corporate other assets | -15,110 | 0 | 0 | ||||||||||||
Corporate depreciation and amortization | -1,057 | 0 | 0 | ||||||||||||
Net unallocated expenses and eliminations | -13,615 | -11,049 | -7,037 | ||||||||||||
Other income (expense) | 42 | 1,414 | 6,144 | ||||||||||||
Income (loss) from continuing operations, before income tax benefit (expense) | -153,649 | 22 | 6,866 | ||||||||||||
Unallocated corporate assets and eliminations | 11,288 | 50,308 | 11,288 | 50,308 | 4,649 | ||||||||||
Total assets at end of period | $1,176,811 | $1,182,679 | $1,176,811 | $1,182,679 | $696,320 | ||||||||||
[1] | Total revenues, operating income (loss) and net income (loss) for the three months ended September 30, 2014 and December 31, 2014 have been adjusted for the Companybs discontinuance of two immaterial non-GAAP policies. Effective August 2014, the Company recognizes revenue over an 11.5 month period to align with lease terms as opposed to a 12 month period. Effective August 2014, the Company recognizes turn costs as incurred as opposed to accruing turn costs throughout the academic year. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies [Line Items] | ||
2015 | $1,293 | |
2016 | 1,304 | |
2017 | 1,320 | |
2018 | 1,309 | |
2019 | 1,327 | |
Thereafter | 26,821 | [1] |
Total future minimum lease payments | $33,374 | |
[1] | The Company's lease obligations total approximately $1.3 million per year through the year 2023. In addition to operating and office leases, the Company has ground leases that average $0.4 million per year through the year 2081. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CAD | USD ($) | USD ($) | HSRE I [Member] | HSRE V [Member] | HSRE IX [Member] | CSH Montreal [Member] | CSH Montreal [Member] | HSRE V and HSRE VI and HSRE X [Member] | |
USD ($) | USD ($) | CAD | ||||||||
Lease Obligations Expiration Year | 2023 | 2023 | ||||||||
Ground Leases Obligations | $0.40 | |||||||||
Ground Leases Obligations Expiration Year | 2081 | 2081 | ||||||||
Description For Guarantees One | up to 100% of $32.5 million of debt through May 2015 | |||||||||
Description For Guarantees Two | up to 50% of $144.1 million of debt with varying maturity dates from March 2015 through September 2018 | |||||||||
Description For Guarantees Three | up to 25% of $90.2 million of debt maturing in July 2016 | |||||||||
Description For Guarantees Four | $13.3 million relates to a property that was sold on January 30, 2015 | |||||||||
Guarantees Investment | 6.2 | |||||||||
Guarantees Underlying Debt | 44 | 50.9 | ||||||||
Held In Escrow Amount | 3 | |||||||||
Capital Lease Obligations | 1.3 | |||||||||
Operating Leases, Rent Expense, Net | 1.2 | 0.9 | 0.6 | |||||||
Guarantees, Fair Value Disclosure | 9.4 | 3.2 | ||||||||
Accrued Liabilities and Other Liabilities | 4.5 | |||||||||
Line of Credit Facility, Average Outstanding Amount | 88 | 101.8 | ||||||||
Notes Payable | $96.80 | 112 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||
Total revenues | $32,201 | [1] | $24,839 | [1] | $24,990 | [1] | $24,711 | [1] | $24,768 | $23,257 | $22,294 | $21,751 | $106,741 | $92,070 | $74,650 | |
Operating income (loss) | -21,022 | [1] | -120,526 | [1] | 878 | [1] | 3,135 | [1] | -3,480 | 6,235 | 5,214 | 3,608 | -137,535 | 11,577 | 12,267 | |
Net income (Loss) | -33,580 | [1] | -130,843 | [1] | -486 | [1] | 953 | [1] | -9,437 | 4,758 | 3,845 | 2,072 | -163,956 | 1,238 | 10,418 | |
Net income (loss) attributable to common stockholders | ($36,173) | ($133,123) | ($3,547) | ($2,080) | ($12,080) | [2] | $3,582 | $2,676 | $911 | ($174,923) | ($4,911) | $6,258 | ||||
Net income (loss) attributable to common stockholders per share - basic and diluted | ($0.56) | ($2.06) | ($0.05) | ($0.03) | ($0.19) | $0.06 | $0.04 | $0.02 | ($2.69) | ($0.08) | $0.18 | |||||
[1] | Total revenues, operating income (loss) and net income (loss) for the three months ended September 30, 2014 and December 31, 2014 have been adjusted for the Companybs discontinuance of two immaterial non-GAAP policies. Effective August 2014, the Company recognizes revenue over an 11.5 month period to align with lease terms as opposed to a 12 month period. Effective August 2014, the Company recognizes turn costs as incurred as opposed to accruing turn costs throughout the academic year. | |||||||||||||||
[2] | The purchase price allocation for the Company's Copper Beech acquisition was finalized and all required adjustments are reflected in the Company's fourth quarter information. |
Quarterly_Financial_Informatio3
Quarterly Financial Information (Details Textual) | 12 Months Ended |
Dec. 31, 2014 | |
Effect of Fourth Quarter Events [Line Items] | |
Description For Revenue Recognizes Period | Company recognizes revenue over an 11.5 month period to align with lease terms as opposed to a 12 month period. |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Feb. 09, 2015 | Feb. 25, 2015 | Jan. 29, 2015 | Jan. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 |
Description For Acquire Sellers Remaining Interests | Following the consummation of the Initial Closing, the Company holds a 100% interest in 27 of the properties in the Copper Beech Portfolio, an 85% interest in one property in the Copper Beech Portfolio, an 86% interest in one property in the Copper Beech Portfolio and a 48% interest in 4 of the properties in the Copper Beech Portfolio and has no ownership interests in 2 of the properties in the Copper Beech Portfolio and has a 100% interest in Copper Beech at Ames, Iowa. The Company expects to complete the acquisition of the Sellers interests | ||||||
Cash paid to Sellers | $58.90 | ||||||
Operating Partnership Issued To The Sellers | 10.4 | ||||||
Second Amendment [Member] | |||||||
Cash paid to Sellers | 1.4 | ||||||
Operating Partnership Issued To The Sellers | 2 | ||||||
Subsequent Event [Member] | |||||||
Proceeds from Sale of Other Assets | 3.8 | 28.4 | 2.9 | ||||
Debt Instrument, Covenant Description | Maximum Leverage Ratio of not greater than 0.65:1.00; Maximum Secured Debt Ratio of not greater than 47.5%; Minimum Fixed Charge Ratio of not less than 1.30:1.00; and a Dividend Payout Ratio of not more than 105.0% calculated on a pro forma basis that applies the current quarterly dividend of $0.090 on a trailing twelve month basis. | ||||||
Gain (Loss) on Disposition of Other Assets | 4.7 | ||||||
Subsequent Event [Member] | Grove At Conway Ar [Member] | |||||||
Proceeds from Sale of Other Assets | 11 | ||||||
Subsequent Event [Member] | Grove At Lawrence Ks [Member] | |||||||
Proceeds from Sale of Other Assets | $13 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | $881,250 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 54,712 | ||||
Land | 76,043 | ||||
Student Housing Properties | 859,919 | ||||
Total | 935,962 | [1],[2] | |||
Accumulated depreciation | -128,121 | -102,356 | -97,820 | -76,164 | |
Encumbrances | -300,673 | ||||
The Grove At Asheville Nc [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 12,604 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 1,240 | ||||
Land | 51 | ||||
Student Housing Properties | 13,793 | ||||
Total | 13,844 | [1],[2] | |||
Accumulated depreciation | -5,349 | ||||
Encumbrances | -14,304 | ||||
Year Constructed | 2005 | ||||
Year Placed into Service or Acquired | 2005 | ||||
The Grove At Carrollton Ga [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 13,294 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 1,200 | ||||
Land | 1,104 | ||||
Student Housing Properties | 13,390 | ||||
Total | 14,494 | [1],[2] | |||
Accumulated depreciation | -5,305 | ||||
Encumbrances | -14,101 | ||||
Year Constructed | 2006 | ||||
Year Placed into Service or Acquired | 2006 | ||||
The Grove At Las Cruces Nm [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 16,025 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 5,648 | ||||
Land | 1,098 | ||||
Student Housing Properties | 20,575 | ||||
Total | 21,673 | [1],[2] | |||
Accumulated depreciation | -6,019 | ||||
Encumbrances | -14,573 | ||||
Year Constructed | 2006 | ||||
Year Placed into Service or Acquired | 2006 | ||||
The Grove At Milledgeville Ga [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 14,543 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 1,484 | ||||
Land | 942 | ||||
Student Housing Properties | 15,085 | ||||
Total | 16,027 | [1],[2] | |||
Accumulated depreciation | -5,808 | ||||
Encumbrances | -15,640 | ||||
Year Constructed | 2006 | ||||
Year Placed into Service or Acquired | 2006 | ||||
The Grove At Abilene Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 16,962 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 785 | ||||
Land | 1,361 | ||||
Student Housing Properties | 16,386 | ||||
Total | 17,747 | [1],[2] | |||
Accumulated depreciation | -6,006 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2007 | ||||
Year Placed into Service or Acquired | 2007 | ||||
The Grove At Ellensburg Wa [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 20,827 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 532 | ||||
Land | 1,483 | ||||
Student Housing Properties | 19,876 | ||||
Total | 21,359 | [1],[2] | |||
Accumulated depreciation | -6,463 | ||||
Encumbrances | -15,845 | ||||
Year Constructed | 2007 | ||||
Year Placed into Service or Acquired | 2007 | ||||
The Grove At Greeley Co [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 19,971 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 3,078 | ||||
Land | 1,454 | ||||
Student Housing Properties | 21,595 | ||||
Total | 23,049 | [1],[2] | |||
Accumulated depreciation | -5,993 | ||||
Encumbrances | -14,945 | ||||
Year Constructed | 2007 | ||||
Year Placed into Service or Acquired | 2007 | ||||
The Grove At Mobile One And Two [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 33,094 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 1,608 | ||||
Land | 150 | [4] | |||
Student Housing Properties | 34,552 | ||||
Total | 34,702 | [1],[2] | |||
Accumulated depreciation | -10,754 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2007 | ||||
Year Placed into Service or Acquired | 2007 | ||||
The Grove At Nacogdoches Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 18,604 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 1,317 | ||||
Land | 1,188 | ||||
Student Housing Properties | 18,733 | ||||
Total | 19,921 | [1],[2] | |||
Accumulated depreciation | -6,146 | ||||
Encumbrances | -16,857 | ||||
Year Constructed | 2007 | ||||
Year Placed into Service or Acquired | 2007 | ||||
The Grove At Cheney Wa [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 18,788 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 383 | ||||
Land | 1,347 | ||||
Student Housing Properties | 17,824 | ||||
Total | 19,171 | [1],[2] | |||
Accumulated depreciation | -5,443 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2008 | ||||
Year Placed into Service or Acquired | 2008 | ||||
The Grove At Lubbock Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 18,229 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 640 | ||||
Land | 1,520 | ||||
Student Housing Properties | 17,349 | ||||
Total | 18,869 | [1],[2] | |||
Accumulated depreciation | -5,361 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2008 | ||||
Year Placed into Service or Acquired | 2008 | ||||
The Grove At Stephenville Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 17,100 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 411 | ||||
Land | 1,250 | ||||
Student Housing Properties | 16,261 | ||||
Total | 17,511 | [1],[2] | |||
Accumulated depreciation | -5,355 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2008 | ||||
Year Placed into Service or Acquired | 2008 | ||||
The Grove At Troy Al [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 18,248 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 850 | ||||
Land | 1,433 | ||||
Student Housing Properties | 17,665 | ||||
Total | 19,098 | [1],[2] | |||
Accumulated depreciation | -5,637 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2008 | ||||
Year Placed into Service or Acquired | 2008 | ||||
The Grove At Waco Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 17,566 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 692 | ||||
Land | 1,094 | ||||
Student Housing Properties | 17,164 | ||||
Total | 18,258 | [1],[2] | |||
Accumulated depreciation | -5,549 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2008 | ||||
Year Placed into Service or Acquired | 2008 | ||||
The Grove At Murfreesboro Tn [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 19,994 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 865 | ||||
Land | 2,678 | ||||
Student Housing Properties | 18,181 | ||||
Total | 20,859 | [1],[2] | |||
Accumulated depreciation | -4,938 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2009 | ||||
Year Placed into Service or Acquired | 2009 | ||||
The Grove At San Marcos Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 24,126 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 622 | ||||
Land | 1,791 | ||||
Student Housing Properties | 22,957 | ||||
Total | 24,748 | [1],[2] | |||
Accumulated depreciation | -3,687 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2009 | ||||
Year Placed into Service or Acquired | 2009 | ||||
The Grove At Moscow Id [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 25,731 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 269 | ||||
Land | 1,839 | ||||
Student Housing Properties | 24,161 | ||||
Total | 26,000 | [1],[2] | |||
Accumulated depreciation | -1,932 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2009 | ||||
Year Placed into Service or Acquired | 2012 | ||||
The Grove At Huntsville Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 23,444 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 370 | ||||
Land | 2,157 | ||||
Student Housing Properties | 21,657 | ||||
Total | 23,814 | [1],[2] | |||
Accumulated depreciation | -2,233 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2010 | ||||
Year Placed into Service or Acquired | 2011 | ||||
The Grove At Statesboro Ga [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 25,349 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 770 | ||||
Land | 1,621 | ||||
Student Housing Properties | 24,498 | ||||
Total | 26,119 | [1],[2] | |||
Accumulated depreciation | -2,492 | ||||
Encumbrances | -18,100 | ||||
Year Constructed | 2010 | ||||
Year Placed into Service or Acquired | 2011 | ||||
The Grove At Clarksville Tn [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 21,805 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 761 | ||||
Land | 1,296 | ||||
Student Housing Properties | 21,270 | ||||
Total | 22,566 | [1],[2] | |||
Accumulated depreciation | -2,626 | ||||
Encumbrances | -16,238 | ||||
Year Constructed | 2011 | ||||
Year Placed into Service or Acquired | 2011 | ||||
The Grove At Ames Ia [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 22,834 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 417 | ||||
Land | 1,919 | ||||
Student Housing Properties | 21,332 | ||||
Total | 23,251 | [1],[2] | |||
Accumulated depreciation | -2,669 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2011 | ||||
Year Placed into Service or Acquired | 2011 | ||||
The Grove At Fort Wayne In [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 18,889 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 324 | ||||
Land | 844 | ||||
Student Housing Properties | 18,369 | ||||
Total | 19,213 | [1],[2] | |||
Accumulated depreciation | -2,387 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2011 | ||||
Year Placed into Service or Acquired | 2011 | ||||
The Grove At Columbia Mo [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 24,551 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 303 | ||||
Land | 3,611 | ||||
Student Housing Properties | 21,243 | ||||
Total | 24,854 | [1],[2] | |||
Accumulated depreciation | -2,694 | ||||
Encumbrances | -22,738 | ||||
Year Constructed | 2011 | ||||
Year Placed into Service or Acquired | 2011 | ||||
The Grove At Valdosta Ga [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 29,381 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 427 | ||||
Land | 1,562 | ||||
Student Housing Properties | 28,246 | ||||
Total | 29,808 | [1],[2] | |||
Accumulated depreciation | -2,385 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2011 | ||||
Year Placed into Service or Acquired | 2012 | ||||
The Grove At Denton Tx [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 25,624 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 0 | ||||
Land | 4,756 | ||||
Student Housing Properties | 20,868 | ||||
Total | 25,624 | [1],[2] | |||
Accumulated depreciation | -843 | ||||
Encumbrances | -16,613 | ||||
Year Constructed | 2011 | ||||
Year Placed into Service or Acquired | 2014 | ||||
The Grove At Auburn Al [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 26,267 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 249 | ||||
Land | 4,423 | ||||
Student Housing Properties | 22,093 | ||||
Total | 26,516 | [1],[2] | |||
Accumulated depreciation | -1,987 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2012 | ||||
Year Placed into Service or Acquired | 2012 | ||||
The Grove At Flagstaff Az [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 34,125 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 3,613 | ||||
Land | 6,970 | ||||
Student Housing Properties | 30,768 | ||||
Total | 37,738 | [1],[2] | |||
Accumulated depreciation | -2,616 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2012 | ||||
Year Placed into Service or Acquired | 2012 | ||||
The Grove At Nacogdoches Tx Phase Two [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 7,718 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 163 | ||||
Land | 401 | ||||
Student Housing Properties | 7,480 | ||||
Total | 7,881 | [1],[2] | |||
Accumulated depreciation | -617 | ||||
Encumbrances | 0 | ||||
Year Constructed | 2012 | ||||
Year Placed into Service or Acquired | 2012 | ||||
The Grove At Orono Me [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 28,499 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 1,577 | ||||
Land | 1,373 | ||||
Student Housing Properties | 28,703 | ||||
Total | 30,076 | [1],[2] | |||
Accumulated depreciation | -2,199 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2012 | ||||
Year Placed into Service or Acquired | 2012 | ||||
The Grove At Toledo OH [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 11,564 | [5] | |||
Costs Capitalized Subsequent to Development or Acquisition | 2,212 | [5] | |||
Land | 2,855 | [5] | |||
Student Housing Properties | 10,921 | [5] | |||
Total | 13,776 | [1],[2],[5] | |||
Accumulated depreciation | -923 | [5] | |||
Encumbrances | -4,357 | [5] | |||
Year Constructed | 2013 | [5] | |||
Year Placed into Service or Acquired | 2013 | ||||
The Grove At Fort Collins Co [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 35,496 | ||||
Costs Capitalized Subsequent to Development or Acquisition | -51 | ||||
Land | 75 | [4] | |||
Student Housing Properties | 35,370 | ||||
Total | 35,445 | [1],[2] | |||
Accumulated depreciation | -1,575 | ||||
Encumbrances | -19,073 | ||||
Year Constructed | 2013 | ||||
Year Placed into Service or Acquired | 2013 | ||||
The Grove At Muncie In [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 24,708 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 160 | ||||
Land | 2,458 | ||||
Student Housing Properties | 22,410 | ||||
Total | 24,868 | [1],[2] | |||
Accumulated depreciation | -1,125 | ||||
Encumbrances | -13,892 | ||||
Year Constructed | 2013 | ||||
Year Placed into Service or Acquired | 2013 | ||||
The Grove At Pullman Wa [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 15,622 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 21,983 | ||||
Land | 1,842 | ||||
Student Housing Properties | 35,763 | ||||
Total | 37,605 | [1],[2] | |||
Accumulated depreciation | -805 | ||||
Encumbrances | -10,886 | ||||
Year Constructed | 2013 | ||||
Year Placed into Service or Acquired | 2013 | ||||
The Grove At Flagstaff Two AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 15,407 | ||||
Costs Capitalized Subsequent to Development or Acquisition | -190 | ||||
Land | 3,322 | ||||
Student Housing Properties | 11,895 | ||||
Total | 15,217 | [1],[2] | |||
Accumulated depreciation | -481 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2013 | ||||
Year Placed into Service or Acquired | 2013 | ||||
The Grove At Grand Forks ND [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 34,476 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 0 | ||||
Land | 2,196 | ||||
Student Housing Properties | 32,280 | ||||
Total | 34,476 | [1],[2] | |||
Accumulated depreciation | -359 | ||||
Encumbrances | -12,474 | ||||
Year Constructed | 2014 | ||||
Year Placed into Service or Acquired | 2014 | ||||
The Grove At Mt Pleasant MI [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 26,838 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 0 | ||||
Land | 473 | ||||
Student Housing Properties | 26,365 | ||||
Total | 26,838 | [1],[2] | |||
Accumulated depreciation | -311 | ||||
Encumbrances | [3] | ||||
Year Constructed | 2014 | ||||
Year Placed into Service or Acquired | 2014 | ||||
The Grove At Slippery Rock PA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 30,448 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 0 | ||||
Land | 1,097 | ||||
Student Housing Properties | 29,351 | ||||
Total | 30,448 | [1],[2] | |||
Accumulated depreciation | -330 | ||||
Encumbrances | -16,031 | ||||
Year Constructed | 2014 | ||||
Year Placed into Service or Acquired | 2014 | ||||
The Grove At Gainesville FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 41,293 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 0 | ||||
Land | 5,918 | ||||
Student Housing Properties | 35,375 | ||||
Total | 41,293 | [1],[2] | |||
Accumulated depreciation | -401 | ||||
Encumbrances | -22,836 | ||||
Year Constructed | 2014 | ||||
Year Placed into Service or Acquired | 2014 | ||||
Copper Beach At Ames IA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost | 31,206 | ||||
Costs Capitalized Subsequent to Development or Acquisition | 0 | ||||
Land | 3,091 | ||||
Student Housing Properties | 28,115 | ||||
Total | 31,206 | [1],[2] | |||
Accumulated depreciation | -318 | ||||
Encumbrances | ($21,170) | ||||
Year Constructed | 2014 | ||||
Year Placed into Service or Acquired | 2014 | ||||
[1] | Depreciable lives range from 5-40 years. | ||||
[2] | Total aggregate cost for federal income tax purposes is approximately $994.1 million. | ||||
[3] | Property is collateral for the Companybs Amended Credit Facility. | ||||
[4] | Property encumbered by a ground lease. | ||||
[5] | Property is under re-development. See Note 6 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment in real estate: | |||
Balance, beginning of year | $716,285 | $669,387 | $512,227 |
Acquisitions | 25,642 | 13,801 | 0 |
Improvements and development expenditures | 194,795 | 106,806 | 158,175 |
Asset disposals | -760 | -1,283 | -1,015 |
Disposition of student housing properties | 0 | -67,702 | 0 |
Impairment of student housing properties | 0 | -4,724 | 0 |
Balance, end of year | 935,962 | 716,285 | 669,387 |
Accumulated depreciation: | |||
Balance, beginning of year | 102,356 | 97,820 | 76,164 |
Depreciation for the year | 26,387 | 25,183 | 22,472 |
Asset disposals | -622 | -933 | -865 |
Disposition of student housing properties | 0 | -19,714 | 0 |
Other Reclassifications | 0 | 0 | 49 |
Balance, end of year | 128,121 | 102,356 | 97,820 |
Development in process | 0 | 91,184 | 50,781 |
Land held for sale | 38,105 | 0 | 0 |
Land held for investment | 7,413 | 0 | 0 |
Investment in real estate, net | $853,359 | $705,113 | $622,348 |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | 994.1 |
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 | 5 years |