Campus Crest Communities 10-Q 29 Sep 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Sep. 28, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Campus Crest Communities, Inc.
Entity Central Index Key	1,490,983
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	CCG
Entity Common Stock, Shares Outstanding		64,756,541

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment in real estate, net:
Student housing properties ($32,875 related to VIE as of December 31, 2014)	$ 1,553,782	$ 935,962
Accumulated depreciation (($318) related to VIE as of December 31, 2014)	(150,912)	(128,121)
Land and property held for sale	15,019	37,163
Land held for investment	7,413	7,413
Investment in real estate, net	1,425,302	852,417
Investment in unconsolidated entities	87,730	259,740
Cash and cash equivalents ($670 related to VIE as of December 31, 2014)	15,679	15,240
Restricted cash	17,411	5,429
Student receivables, net of allowance for doubtful accounts of $2,223 and $459, respectively ($36, net of allowance of $9 related to VIE as of December 31, 2014)	2,070	1,587
Cost and earnings in excess of construction billings	0	3,887
Intangible assets, net	9,315	0
Other assets ($236 related to VIE as of December 31, 2014)	32,823	35,742
Total assets	1,590,330	1,174,042
Liabilities:
Mortgage and construction loans ($21,170 related to VIE as of December 31, 2014)	600,750	300,673
Line of credit and other debt	367,680	317,746
Accounts payable and accrued expenses ($534 related to VIE as of December 31, 2014)	28,621	53,816
Construction billings in excess of cost and earnings	0	481
Other liabilities ($607 related to VIE as of December 31, 2014)	35,025	22,092
Total liabilities	1,032,076	694,808
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 June 30, 2015 and December 31, 2014	61	61
Common stock, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 64,776,220 and 64,742,713 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	648	648
Additional common and preferred paid-in capital	781,280	773,998
Accumulated deficit and distributions	(301,776)	(301,566)
Accumulated other comprehensive loss	(3,090)	(2,616)
Total Campus Crest Communities, Inc. stockholders' equity	477,123	470,525
Noncontrolling interests	81,131	8,709
Total equity	558,254	479,234
Total liabilities and equity	$ 1,590,330	$ 1,174,042

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Real Estate Investments, Other	$ 1,553,782	$ 935,962
Real Estate Investment Property, Accumulated Depreciation	150,912	128,121
Cash and Cash Equivalents, at Carrying Value, Total	15,679	15,240
Allowance for doubtful accounts receivable (in dollars)	2,223	459
Other Assets	32,823	35,742
Secured Debt	600,750	300,673
Accounts Payable and Accrued Liabilities, Total	28,621	53,816
Other Liabilities	$ 35,025	$ 22,092
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	64,776,220	64,742,713
Common stock, shares outstanding	64,776,000	64,742,000
Variable Interest Entity, Primary Beneficiary [Member]
Real Estate Investments, Other		$ 32,875
Real Estate Investment Property, Accumulated Depreciation		318
Cash and Cash Equivalents, at Carrying Value, Total		670
Allowance for doubtful accounts receivable (in dollars)		9
Accounts Receivable, Net, Current		36
Other Assets		236
Secured Debt		21,170
Accounts Payable and Accrued Liabilities, Total		534
Other Liabilities		$ 607

CONSOLIDATED STATEMENTS OF OPER

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

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	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 Loss [Member]	Total Stockholder's Equity [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2014	$ 479,234	$ 61	$ 648	$ 773,998	$ (301,566)	$ (2,616)	$ 470,525	$ 8,709
Amortization of restricted stock awards	1,629	0	0	1,629	0	0	1,629	0
Foreign currency translation	(553)	0	0	0	0	(474)	(474)	(79)
Non-controlling interest in Copper Beech at Ames	0	0	0	5,653	0	0	5,653	(5,653)
Non-controlling interest -OP units	71,344	0	0	0	0	0	0	71,344
Non-controlling interest -CBTC 8 and 9	(29)	0	0	0	0	0	0	(29)
Non-controlling interest -CBTC 29 and IUP BUY	12,996	0	0	0	0	0	0	12,996
Net loss	(6,367)	0	0	0	(210)	0	(210)	(6,157)
Balance at Jun. 30, 2015	$ 558,254	$ 61	$ 648	$ 781,280	$ (301,776)	$ (3,090)	$ 477,123	$ 81,131

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net (loss) income	$ (6,367)	$ 656
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,617	14,233
Amortization of fair value of debt adjustments	(2,298)	0
Write-off of other assets	1,366	0
Amortization of deferred financing costs and debt discount	1,799	1,364
Gain on sale of land and unconsolidated entities	(7,748)	0
Loss on disposal of assets	52	0
Proceeds received for business interruption insurance	0	1,325
Provision for bad debts	1,781	844
Gain on purchase of Copper Beech	(28,035)	0
Equity in losses of unconsolidated entities	1,359	572
Distributions of earnings from unconsolidated entities	196	390
Share based compensation expense	1,629	800
Changes in operating assets and liabilities:
Restricted cash	(1,441)	(732)
Student receivables	(953)	(1,010)
Construction billings	2,788	18,710
Accounts payable and accrued expenses	(5,474)	(1,175)
Other	(85)	(12,559)
Net cash provided by operating activities	6,186	23,418
Investing activities:
Investments in developed properties	(9,701)	(77,996)
Proceeds received from sales of land	28,334	0
Insurance proceeds received for damaged assets	474	590
Investments in student housing properties	(5,525)	(3,309)
Acquisition of Copper Beech, net of cash acquired of $5,802	(56,746)	0
Investments in unconsolidated entities	(2,404)	(46,791)
Acquisition of previously unconsolidated entities	0	(7,661)
Proceeds received from sales of previously unconsolidated entities	978	0
Capital distributions from unconsolidated entities	1,042	6,926
Corporate capital expenditures	(174)	(3,350)
Proceeds received from the sale of corporate aircraft	3,811	0
Change in restricted cash	(38)	27,716
Net cash used in investing activities	(39,949)	(103,875)
Financing activities:
Proceeds from mortgage and construction loans	24,079	19,921
Repayments of mortgage and construction loans	(18,127)	(1,140)
Proceeds from line of credit and other debt	46,000	91,500
Repayments of line of credit and other debt	(619)	(15,300)
Debt issuance costs	(1,213)	(580)
Payment of offering costs	0	(817)
Change in restricted cash	(7,002)	0
Dividends paid to common stockholders	(5,830)	(21,337)
Dividends paid to preferred stockholders	(3,050)	(6,100)
Dividends paid to noncontrolling interest	(36)	(143)
Net cash provided by financing activities	34,202	66,004
Net change in cash and cash equivalents	439	(14,453)
Cash and cash equivalents at beginning of period	15,240	32,054
Cash and cash equivalents at end of period	15,679	17,601
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	15,215	3,357
Cash paid for income taxes	292	376
Non-cash investing and financing activity:
Common and preferred stock dividends declared but not paid	0	13,763
Assumption of mortgage, construction loans and other debt related to purchase of previously unconsolidated entities	300,706	16,822
Change in non-controlling interests resulting from ownership change in Copper Beech at Ames	5,653	0
Change in insurance proceeds receivable related to damaged assets	161	781
Accounts payable related to capital expenditures	2,117	9,112
Increase in other assets and other liabilities for fair value of guarantee obligation and corresponding indemnity related to CBTC 23	3,950	0
Share-based compensation capitalized to development in process	0	383
The Company acquired substantially all of the remaining ownership, In conjunction with the acquisition liabilities assumed were as follows:
Outstanding liability for purchase of CBTC 8 and CBTC 9 minority interest	(2,275)	0
Copper Beech Properties [Member]
Non-cash investing and financing activity:
Change in non-controlling interests resulting from ownership change in Copper Beech at Ames	(84,311)	0
The Company acquired substantially all of the remaining ownership, In conjunction with the acquisition liabilities assumed were as follows:
Fair value of assets acquired	659,097	0
Cash paid, net of cash acquired	(56,746)	0
Company's ownership interest prior to the acquisition	(174,821)	0
Gain recognized on transaction	(28,035)	0
Liabilities assumed	312,909	0
HSRE IV [Member]
The Company acquired substantially all of the remaining ownership, In conjunction with the acquisition liabilities assumed were as follows:
Fair value of assets acquired	0	26,854
Cash paid, net of cash acquired	0	(7,661)
Company's ownership interest prior to the acquisition	0	(1,915)
Liabilities assumed	$ 0	$ 17,278

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Paid For Interest	80.00%
Cash Acquired from Acquisition	$ 5,802
HSRE IV [Member]
Payments to Acquire Businesses, Gross	7,700
Copper Beech Properties [Member]
Payments to Acquire Businesses, Gross	$ 59,000
Cash Acquired from Acquisition		$ 5,802

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2015
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 The Company has made the 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 Company’s 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. The Company operates its properties under three Separate brands: The Grove, Copper Beech and evo ® . 44 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”). The Company also has one wholly owned redevelopment property containing approximately 170 units and 340 beds. As of June 30, 2015, the Company held a 100 30 5 Properties in Operation Wholly owned Grove properties 36 Joint Venture Grove properties 8 Total Grove Properties 44 Joint Venture evo properties 3 Wholly owned Copper Beech properties 30 Joint Venture owned Copper Beech properties (1) 5 Total Copper Beech properties 35 Total Portfolio (2) 82 (1) The Company holds a 48 (2) The Company’s 100

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies 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. Equity interests owned by others in the Operating Partnership 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, which relates The accompanying interim consolidated financial statements are unaudited, but have been prepared in accordance with U.S. GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial statements of the Company for these interim periods have been included and are of a normal, recurring nature. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. 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. Estimates and assumptions are reviewed periodically, and the effects of such revisions are reflected prospectively in the period in which they occur. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements. 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 property began operations during the third quarter of 2014. 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. The VIE’s assets and liabilities and the noncontrolling interest are included in the consolidated balance sheet as of December 31, 2014. On January 30, 2015, in connection with the Copper Beech purchase transaction (see Note 6), the Company’s ownership interest in Copper Beech at Ames increased to 100 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. Land improvements 15 Buildings and leasehold improvements 10 40 Furniture, fixtures and equipment 5 10 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. Upon completion, costs are transferred into the applicable asset category and depreciation commences. There was no interest capitalized during the three and six months ended June 30, 2015, and $ 2.4 4.3 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, related loan fees and 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 and office and administrative costs that are clearly associated with the Company’s development and redevelopment efforts, are capitalized. Indirect costs not clearly related to acquisition, development, redevelopment and construction activity, including general and administrative expenses, are expensed in the period incurred. As there were no assets under development during the three and six months ended June 30, 2015, correspondingly there were no capitalized costs for the period. See the Development and Construction Services section herein for additional discussion. Capitalized indirect costs associated with the Company’s development activities were $ 3.6 6.9 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 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 bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or if 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 expenses any pre-development costs related to projects whose current status indicates the acquisition or commencement of construction is not probable. No such write-offs were recorded during the three and six months ended June 30, 2015 and June 30, 2014. As of June 30, 2015 and December 31, 2014, the Company had no pre-development costs related to development projects, (see Note 4 regarding the Company’s strategic repositioning initiatives). As of June 30, 2015, the Company owned six strategically held land parcels that could be used for the development of phase two properties, with an aggregate bed count ranging from approximately 1,000 to 1,500, and four land parcels and one property which the Company intends to divest. The costs associated with the strategically held parcels are included in land held for investment on the accompanying consolidated balance sheets. The costs associated with the land parcels and additional property in which the Company intends to divest are included in land and property 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. For assets held and used, 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 economics 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. Campus Crest recognizes tangible and identified intangible assets and liabilities related to acquired properties 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 over the term of the related mortgage loans using the effective-interest method. 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 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. Campus Crest holds interests in its properties 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 (i) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support or (iii) 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 (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) 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 does 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 sheets 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 consolidated balance sheets 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. Ground lease expense is recognized on a straight-line basis over the term of the related lease. Campus Crest considers all highly liquid investments with an original maturity of three months or less when purchased Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements. Additionally, during the quarter ended June 30, 2015, our lenders required us to put $ 7.0 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. Balance at December 31, 2014 $ (459) Bad debt expense (1,776) Write offs 12 Balance at June 30, 2015 $ (2,223) Write offs during the six months ended June 30, 2014 were immaterial. Campus Crest’s intangible assets consist of acquired in-place leases and the trademark for the Copper Beech brand name. As previously mentioned, the acquired in-place leases are amortized on a straight-line basis over the remaining initial term of the respective leases, generally less than one year. The gross carrying amount, accumulated amortization and net carrying amount of the acquired in-places leases was $ 28.8 23.5 5.3 14.9 23.5 5.3 0.9 4.1 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 June 30, 2015 and December 31, 2014 were $ 12.5 11.7 5.9 4.8 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. For both the three and six months ended June 30, 2015, net loss attributable to noncontrolling interests is calculated by including the proportionate amount of OP units held by the CB Investors during the period multiplied by the Company’s net loss excluding the gain on purchase of Copper Beech. 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 for Grove and evo® properties and 12 months for Copper Beech properties. 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 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 represent 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. Billings to date on such contracts totaled $ 0.6 49.3 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 $ 0.6 1.0 0.4 0.7 Campus Crest enters into interest rate cap agreements to manage floating interest rate exposure with respect to amounts borrowed, or forecasted to be borrowed, under credit facilities. These contracts effectively limit the amount of interest the Company needs to pay should interest rates exceed contracted levels. The Company had two interest rate caps as of June 30, 2015. 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 June 30, 2015 and December 31, 2014, the fair value of derivative contracts was insignificant. 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. 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 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) 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. 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. 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 June 30, 2015 and December 31, 2014, 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 three and six months ended June 30, 2015 and 2014 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 three and six months ended June 30, 2015, the Company recognized a foreign currency translation gain of $ 0.1 0.6 1.2 0.2 Insurance recoveries are amounts due or received under the Company’s applicable insurance policies for asset damage, remediation work and business interruption relating to a flood at The Grove at San Marcos, Texas during June 2015, 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). The Company recognized $ 0.1 0.5 1.1 6.7 5.5 4.3 The Company has identified three reportable business segments: (i) Grove and evo Subsequent to the issuance of the Company’s 2014 consolidated financial statements, the Company became aware of two immaterial corrections that were necessary to be made to the consolidated financial statements. These errors related to the second, third and fourth quarters of 2014. The Company has adjusted the prior year consolidated financial statements to reflect the impact of these immaterial corrections. The total impact of these immaterial corrections increased the previously reported net loss attributable to common stockholders from $ 174.9 177.7 298.8 301.6 1.9 0.9 0.9 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 plans to adopt ASU 2015-02 as of January 1, 2016 and is currently evaluating the provisions of this guidance and the impact is not known. In April 2015, the FASB issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30)", which simplifies the presentation of debt issuance costs. To simplify presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the

Student Housing Properties

Student Housing Properties	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	3. Student Housing Properties June 30, December 31, 2015 2014 Land $ 119,236 $ 76,043 Buildings and improvements 1,333,421 781,739 Furniture, fixtures and equipment 101,125 78,180 1,553,782 935,962 Less: accumulated depreciation (150,912) (128,121) $ 1,402,870 $ 807,841 During the six months ended June 30, 2015, the Company exercised its option to acquire the remaining interests in 30 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. The Company settled with its insurance company on a loss of $ 6.8 2.5 4.3 0.3

Strategic Repositioning Initiat

Strategic Repositioning Initiatives	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	4. Strategic Repositioning Initiatives The Company continues to execute its strategic repositioning which began during the third quarter of 2014 and 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 (included in land and property held for sale in the accompanying consolidated balance sheets, some of which were disposed of during the six months ended June 30, 2015 (see Note 7) and the rest of which the Company expects to dispose of during the remainder of 2015); and, (4) Undergoing a review of strategic alternatives. (See note 18 for additional information) On January 16, 2015, the Company sold a portfolio of six undeveloped land parcels to a leading student housing developer resulting in net sale proceeds of $ 28.3 evo On January 30, 2015, the Company sold its 10 1.0 1.9 On March 31, 2015, the Company sold its interest in the following joint venture properties: The Grove at Lawrence, KS and The Grove at Conway, AR (see Note 7). These joint ventures were included in the Grove and evo The Company also terminated the employment of certain employees and eliminated positions. In connection with these terminations, the Company recognized severance expense of $ 0.1 0.5 0.0 0.4 2.4 1.0 1.4 Balance at December 31, 2014 $ 5,743 New charges 184 Cash payments (3,476) Balance at June 30, 2015 $ 2,451

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	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 it distributes at least 90 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. June 30, December 31, 2015 2014 Deferred tax assets: Solar investment tax credit $ 2,116 $ 2,116 Net operating losses 2,082 2,284 Other 20 22 Less: valuation allowance (3,809) (4,002) Total deferred tax assets 409 420 Deferred tax liabilities: Depreciation and amortization (409) (420) Total deferred tax liabilities (409) (420) Net deferred tax assets $ - $ - 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. For the six months ended June 30, 2015, the valuation allowance decreased by $ 0.2 Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. As of June 30, 2015 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 the tax years before 2010.

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	6. Business Acquisitions Copper Beech Acquisition On February 26, 2013, the Company and subsidiaries of the Operating Partnership entered into a purchase and sale agreement (the “Initial Purchase Agreement”) with the then members of Copper Beech Townhome Communities, LLC (“CBTC”) and Copper Beech Townhome Communities (PA), LLC (“CBTC PA” and, together with CBTC, “Copper Beech”) (such former members of CBTC and CBTC PA, collectively, the “Sellers”). Pursuant to the terms of the Initial Purchase Agreement, the Company initially acquired a 48 230.6 48 On January 30, 2015, the Company completed the acquisition (the “First CB Closing”) of (i) substantially all of the Sellers’ remaining interests in 27 student housing properties, 2 undeveloped land parcels and a corporate office building and (ii) the Sellers’ remaining interests in Copper Beech at Ames pursuant to that certain Second Amendment (the “Second Amendment”) to the Initial Purchase Agreement. 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. On April 30, 2015 (the "Second CB Closing"), the Company completed the acquisition of the Sellers’ interests in two of the properties in the Copper Beech Portfolio in which the Company previously held a 48% interest – Copper Beech San Marcos Phase 1 and Copper Beech IUP Buy. Following the consummation of the First CB Closing, the Second CB Closing, and as of June 30, 2015, the Company held a 100 ⋅ 100% interest in 29 student housing properties; ⋅ 100% interest in 2 undeveloped land parcels and 1 corporate office building; ⋅ 48% interest in 5 student housing properties; and ⋅ no ownership interest in 1 student housing property (Copper Beech Kalamazoo – Phase I). As consideration for the additional interests acquired in the First CB Closing, the Company paid to the Sellers aggregate cash consideration of $ 58.9 10.4 71.3 1.4 2.0 13.0 48 Although the business combination was achieved in stages, the Company had negotiated with the Sellers that a significant portion of the Copper Beech Portfolio would be acquired in its entirety from the agreements that were entered into in 2013. When the Company entered into the Initial Purchase Agreement, it was the intent of the Company to exercise the purchase options to acquire the remaining interests in the Copper Beech Portfolio. Given the intent of the Company to exercise the purchase options to acquire the remaining interest in the Copper Beech Portfolio, the timing of the consideration paid differed from the timing of when the Company obtained its ownership interests in the Copper Beech Portfolio. As the timing of the consideration paid and ownership interests acquired at each stage differed, for purposes of computing how much of the gain to recognize during the three and six months ended June 30, 2015, the Company allocated the total consideration paid in the First CB Closing and the Second CB Closing, based on the relative provisional fair values of the assets acquired and liabilities assumed in the two closings. As a result, a gain of $ 21.6 6.4 The Company negotiated the purchase of a significant portion of the Copper Beech Portfolio at the inception of the Initial Purchase Agreement, notwithstanding the fact that the acquisition of ownership interests occurred in stages. During the year ended December 31, 2014, the Company recognized a $ 33.4 67 48 Assets acquired: Land $ 45,003 Buildings 553,866 Furniture, fixtures and equipment 21,393 Intangibles 32,824 Other assets, including cash of $5,802 11,813 Total assets acquired $ 664,899 Liabilities assumed: Mortgage, construction loans and other debt $ 300,706 Other liabilities 12,203 Total liabilities assumed $ 312,909 Net assets acquired $ 351,990 Since the First CB Closing and Second CB Closing, the 29 Copper Beech student housing properties that were acquired and consolidated contributed $ 25.8 20.9 8.2 23.5 2.8 The acquired properties’ results of operations have been included in the accompanying consolidated statements of operations and comprehensive income (loss) since the respective acquisition closing dates. The following pro forma information for the six months ended June 30, 2015 and 2014 presents consolidated financial information for the Company as if the property acquisitions discussed above had occurred at the beginning of the earliest period presented. Excluded from the pro forma results below are $ 2.8 0.8 28.0 23.5 18.4 Pro Forma Pro Forma Pro Forma Pro Forma Three months Six months Three months Six months Ended June 30, 2015 Ended June 30, 2015 Ended June 30, 2014 Ended June 30, 2014 Total revenues $ 46,145 $ 95,843 $ 39,905 $ 79,783 Net loss $ (22,350) $ (36,517) $ (12,143) $ (23,502) Net loss attributable to common shareholders $ (20,691) $ (31,854) $ (12,876) $ (25,084) The initial accounting for the business combination is incomplete with respect to the values assigned to tangible and intangible assets acquired with liabilities assumed and OP Units issued as the Company did not have sufficient time to finalize these respective valuations and, accordingly, the amounts recognized in these consolidated financial statements are provisional. On April 30, 2015, the Company entered into a purchase agreement with The Pennsylvania State University (the “Penn State Seller”) to purchase the remaining 15 16 4.6 2.3 2.3 100 4.6

Asset Dispositions and Disconti

Asset Dispositions and Discontinued Operations	6 Months Ended
	Jun. 30, 2015
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 periods presented. These operations were previously included in the development, construction and management services segment in the prior year’s Form 10-Qs. See Note 16 for additional segment information. June 30, December 31, 2015 2014 Cash $ 93 $ 1,118 Other assets 13 634 Costs and earnings in excess of construction billings 618 3,887 Total assets 724 5,639 Accounts payable and accrued expenses 57 4,711 Construction billings in excess of cost and earnings - 481 Total liabilities 57 5,192 Total net assets $ 667 $ 447 Below is a summary of the results of operations for the construction and development operations for all periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Revenue $ - $ 10,295 $ - $ 17,628 Construction and development service expense - (8,921) (1,157) (15,315) Income (loss) from discontinued operations $ - $ 1,374 $ (1,157) $ 2,313 All construction and development projects were substantially complete as of December 31, 2014. On January 16, 2015, the Company sold a portfolio of six undeveloped land parcels to a leading student housing developer resulting in net sale proceeds of $ 28.3 3.1 On January 30, 2015, the Company sold its 10 1.0 1.9 On February 9, 2015, the Company completed the sale of the Falcon 900, the corporate aircraft, resulting in net sale proceeds of $ 3.8 On March 31, 2015, the Company sold its 63.9 1.3 1.3 3.3 4.6

Investment in Unconsolidated En

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2015
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"), Brandywine and Beaumont that the Company does not consolidate. These joint ventures are engaged primarily in 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 most of its investments with HSRE, Brandywine and Beaumont and earns fees for property management services. Additionally, for the six months ended June 30, 2014, the Company provided development and construction services to the ventures with HSRE, Brandywine, Copper Beech and Beaumont and recognized fees as the services were 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). No development and construction services were provided during the six months ended June 30, 2015. 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 CAD 65 52.0 20.0 47.0 16.0 12.8 60.5 39.5 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 fund operating commitments up to its 47.0 . As described in Note 18, the Company funded CAD 1.4 1.1 2.0 1.6 0.8 In conjunction with the Holiday Inn Midtown acquisition, CSH Montreal entered into a CAD 112.0 89.6 2.85 3.39 1.29 1 3.39 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 49.9 On March 31, 2015, The Grove at Lawrence, Kansas and The Grove at Conway, Arkansas were sold to third parties (see Note 7) In February 2013, the Company entered into purchase and sale agreements to acquire an approximate 48.0 230.6 106.7 4.0 48.0 19.0 28 48.0 35 On January 30, 2015, the Company completed the acquisition of substantially all of the remaining interests in 28 Debt Weighted Number of Average Our Year Properties In Total Amount Interest Unconsolidated Entities Ownership Founded Operation Investment Outstanding Rate Maturity Date / Range HSRE-Campus Crest I, LLC 63.9 % 2009 1 $ 3,862 $ 11,166 (4) 2.69 % (1) 9/30/2015 HSRE-Campus Crest V, LLC 10.0 % 2011 2 - 36,226 (4) 2.89 % (1) 7/20/2015 – 9/30/2015 (3) HSRE-Campus Crest VI, LLC 20.0 % 2012 3 7,153 51,206 (4) 2.49 % (1) 8/07/2015 – 12/19/2015 (3) HSRE-Campus Crest IX, LLC 30.0 % 2013 1 19,341 96,187 (4) 2.39 % (1) 7/25/2016 HSRE-Campus Crest X, LLC 30.0 % 2013 2 7,701 44,692 (4) 2.37 % (1) 9/06/2016 – 9/30/2018 CB Portfolio 48.0 % 2013 5 45,017 159,842 (4) 5.41 % (2) 10/01/2015 – 10/01/2020 CSH Montreal 47.0 % 2013 2 4,656 87,848 (4) 5.68 % (1) 1/13/2016 Total unconsolidated entities 16 $ 87,730 $ 487,167 4.03 % (1) Variable interest rates. (2) Comprised of fixed rate debt. (3) Loans maturing in July and August of 2015 relate to properties that are part of the property swap detailed in Note 18. (4) The amount outstanding for debt represents 100% of the debt outstanding at each of the respective joint ventures in which the Company has varying ownership percentages. See Note 17 for a discussion of amounts of the outstanding debt in which the Company guarantees on behalf of certain of these joint ventures. June 30, December 31, 2015 2014 Assets Student housing properties, net $ 489,881 $ 437,108 Development in process 47 7,429 Other assets 15,909 12,947 Total assets $ 505,837 $ 457,484 Liabilities and Equity Mortgage and construction loans $ 326,435 $ 354,759 Other liabilities 14,065 29,364 Owners' equity 165,337 73,361 Total liabilities and owners' equity $ 505,837 $ 457,484 Company's share of historical owners' equity $ 60,102 $ 30,481 Preferred investment (1) 7,322 7,322 Net difference in carrying value of investment versus net book value of underlying net assets (2) (24,711) 3,219 Carrying value of investment in HSRE and other non-Copper Beech entities $ 42,713 $ 41,022 (1) As of June 30, 2015, 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 $ 2.7 2.7 1.9 9.0 (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, 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 entities, 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 Copper Beech 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 June 30, 2015 and 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. 48 June 30, December 31, 2015 2014 Assets Student housing properties, net $ 256,895 $ 906,614 Intangible assets 1,866 7,212 Other assets 13,675 14,293 Total assets $ 272,436 $ 928,119 Liabilities and Equity Mortgage and construction loans $ 167,930 $ 476,985 Other liabilities 3,080 15,541 Owners' equity 101,426 435,593 Total liabilities and owners' equity $ 272,436 $ 928,119 Company's share of historical owners' equity $ 48,684 $ 199,281 Net difference in carrying value of investment versus net book value of underlying net assets (1) (3,667) 19,437 Carrying value of investment in unconsolidated entity $ 45,017 $ 218,718 (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 during the year ended December 31, 2014 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. 11 14 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Revenues $ 9,448 $ 6,422 $ 18,503 $ 12,878 Expenses: Operating expenses 5,791 3,734 12,759 7,195 Interest expense 3,254 1,189 6,148 2,240 Depreciation and amortization 3,870 1,835 7,726 3,865 Other expense 49 - 65 46 Total expenses 12,964 6,758 26,698 13,346 Net loss $ (3,516) $ (336) $ (8,195) $ (468) 5 28 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Revenues Expenses: $ 6,576 $ 19,028 $ 12,803 $ 38,293 Operating expenses Interest expense 2,376 7,271 4,396 14,571 Depreciation and amortization 2,214 3,012 4,127 5,952 Other expenses 1,127 9,859 2,168 19,636 Total expenses 108 287 301 626 Net income (loss) 5,825 20,429 10,992 40,785 $ 751 $ (1,401) $ 1,811 $ (2,492)

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	9. Debt June 30, December 31, Fixed-rate mortgage loans (1) $ 421,113 $ 163,341 Variable-rate mortgage loans 16,484 16,613 Construction loans (1) 163,153 120,719 Total mortgage and construction loans 600,750 300,673 Line of credit (1) 263,500 217,500 Exchangeable senior notes 97,757 97,419 Other debt 6,423 2,827 Total lines of credit and other debt 367,680 317,746 Total debt $ 968,430 $ 618,419 (1) As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing. 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. Face Amount Carrying Carrying Stated Interest Rate Interest Rate at Maturity Date (1) Amortization Construction loans The Grove at Grand Forks $ 16,916 $ 15,414 $ 12,474 LIBOR + 200 BPS 2.18 % 2/5/2016 Interest only The Grove at Slippery Rock 17,961 17,738 16,031 LIBOR + 215 BPS 2.33 % 6/21/2016 Interest only The Grove at Muncie 14,567 13,892 13,892 LIBOR + 225 BPS 2.43 % 7/3/2016 Interest only The Grove at Fort Collins 19,073 19,073 19,073 LIBOR + 190 BPS 2.08 % 7/13/2016 Interest only The Grove at Pullman 16,016 10,886 10,886 LIBOR + 220 BPS 2.38 % 9/5/2016 Interest only Statesboro, GA Phase II 9,703 9,255 - (3) LIBOR + 250 BPS 2.68 % 11/1/2016 30 years (4) CMU Phase II—Mount Pleasant, MI 10,130 9,101 - (3) LIBOR + 250 BPS 2.68 % 2/1/2017 30 years (4) Auburn, AL 15,750 15,750 - (3) LIBOR + 200 BPS 2.18 % 2/6/2017 Interest only The Grove at Gainesville 30,069 25,616 22,836 LIBOR + 215 BPS 2.33 % 3/13/2017 Interest only Copper Beech at Ames 23,551 22,051 21,170 LIBOR + 225 BPS 2.43 % 5/2/2017 Interest only Toledo Vivo 9,404 4,377 4,357 LIBOR + 215 BPS 2.33 % 11/25/2017 Interest only Mortgage loans IUP Phase II - Indiana 6,250 5,937 - (3) 5.90% 5.90 % 10/1/2015 30 years (2) CMU Phase I - Mount Pleasant, MI 20,000 18,183 - (3) 5.47% 5.47 % 10/1/2015 30 years (2) Bowling Green Phase I 13,000 12,227 - (3) 5.63% 5.63 % 10/1/2015 30 years (2) Copper Beech I - State College 5,250 5,062 - (3) 5.61% 5.61 % 2/11/2016 30 years (2) IUP Buy - Indiana 2,453 2,414 - (3) 5.45% 5.45 % 6/6/2016 30 years (2) San Marcos, TX Phase I 34,786 34,232 - (3) 5.45% 5.45 % 6/6/2016 30 years (2) The Grove at Milledgeville 16,250 15,531 15,640 6.12% 6.12 % 10/1/2016 30 years (2) Bloomington 10,860 8,466 - (3) 6.22% 6.22 % 10/1/2016 30 years (2) Allendale Phase I 23,780 23,803 - (3) 5.98% 5.98 % 10/1/2016 30 years (2) Columbia, MO 24,516 24,669 - (3) 6.22% 6.22 % 10/1/2016 30 years (2) The Grove at Carrollton and The Grove at Las Cruces 29,790 28,472 28,674 6.13% 6.13 % 10/11/2016 30 years (2) Radford 12,400 12,464 - (3) 5.99% 5.99 % 11/6/2016 30 years (2) The Grove at Denton 17,167 16,484 16,613 LIBOR + 215 BPS 2.33 % 3/1/2017 30 years (2) The Grove at Asheville 14,800 14,201 14,304 5.77% 5.77 % 4/11/2017 30 years (2) IUP Phase I - Indiana 6,500 6,500 - (3) 2.15% 2.15 % 6/2/2017 Interest only Allendale Phase II 11,896 12,473 - (3) 6.27% 6.27 % 9/6/2017 30 years (2) Columbia, SC Phase I 36,936 38,545 - (3) 6.27% 6.27 % 9/6/2017 30 years (2) Statesboro, GA Phase I 31,000 32,102 - (3) 5.81% 5.81 % 10/6/2017 30 years (2) The Grove at Ellensburg 16,125 15,727 15,845 5.10% 5.10 % 9/1/2018 30 years (2) The Grove at Nacogdoches 17,160 16,729 16,857 5.01% 5.01 % 9/1/2018 30 years (2) The Grove at Greeley 15,233 14,817 14,945 4.29% 4.29 % 10/1/2018 30 years (2) Copper Beech II - State College 8,805 9,355 - (3) 5.97% 5.97 % 8/1/2019 30 years (2) Columbia, SC Phase II 6,300 6,557 - (3) 5.41% 5.41 % 8/1/2020 30 years (2) Oakwood - State College 5,750 6,070 - (3) 4.99% 4.99 % 10/1/2020 30 years (2) The Grove at Clarksville 16,350 16,097 16,238 4.03% 4.03 % 7/1/2022 30 years (2) The Grove at Columbia 23,775 22,509 22,738 3.83% 3.83 % 7/1/2022 30 years (2) The Grove at Statesboro 18,100 17,971 18,100 4.01% 4.01 % 1/1/2023 30 years (2) $ 600,750 $ 300,673 (1) For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, some of which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. For the loans that will mature during 2015, the Company is actively pursuing an extension or refinancing of those loans. (2) Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. (3) As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in 28 of the Copper Beech properties. Accordingly, these balances were not recognized by the Company as of December 31, 2014. As part of recording the mortgage loans from the First CB Closing at fair value, the outstanding amount, after giving effect for each loan’s respective provisional fair value adjustment, could result in an outstanding balance greater than the face amount of the mortgage loan. These fair value adjustments are amortized to interest expense over the term of the respective mortgage loans. As of April 30, 2015 (the "Second CB Closing"), the Company completed the acquisition of the Sellers’ interests in two of the properties in the Copper Beech Portfolio in which the Company previously held a 48% interest – Copper Beech San Marcos Phase 1 and Copper Beech IUP Buy (See Note 6). (4) Loan required interest only payments until the loan was extended in March of 2015. Thereafter, principal and interest, plus certain reserves, 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 50 300.0 600.0 1.75 2.50 0.75 1.50 1.70 2.45 0.70 1.45 2.70 2.65 As of June 30, 2015, the Company had $ 213.5 50.0 3.4 36.5 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 March 31, 2015 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 20.0 ⋅ a minimum tangible net worth of not less than the sum of $ 330,788,250 75.0 ⋅ 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) 95.0 105 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 T he Company has outstanding $ 100.0 5.53 (see Note 18). 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 12.56 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 $ 97.8 2.2 2.2 0.2 0.2 0.3 0.3 On May 21, 2015, the Operating Partnership delivered a notice (the “May 2015 Notice”) to the holders of its 4.75 On August 26, 2015, the Operating Partnership delivered a notice of sole remedy under the Indenture governing the Exchangeable Senior Notes in connection with the delayed filing by the Company of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. See Note 18 for further details. Other Debt As stated in Note 6, on January 30, 2015, the Company, and certain of its affiliates, completed the acquisition of substantially all of the Sellers’ remaining interests in Copper Beech, which included $ 3.7 0.50 3.59 At the time of filing, the Company was in the process of re-negotiating the terms for the lines that matured on September 1, 2015. Schedule of Debt Maturities 2015 $ 85,620 2016 179,899 2017 456,440 2018 164,684 2019 9,470 Thereafter 63,556 Total outstanding debt 959,669 Convertible note discount (2,243) Copper Beech debt fair value adjustment 11,004 Outstanding as of June 30, 2015, net of discount and fair value adjustment $ 968,430 The Copper Beech debt fair value adjustment relates to the difference between the carrying value and provisional fair value of the debt assumed by the Company on January 30, 2015 (see Note 6), net of amortization of $ 1.4 and $ 2.3 0.8 0.5 1.5 1.0 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 $0.09 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 2015, not to declare or pay dividends on its Common Stock or Series A Preferred Stock for the first or second 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 the Company’s liquidity position by raising additional capital and/or refinancing its existing credit facilities.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2015
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 in 2014 and prior years. 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 $ 275 2.5 January 22, 2016 July 22, 2015 100 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 both the three months ended June 30, 2015 and 2014 and the six months ended June 30, 2015 and 2014.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2015
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 Level 2 Level 3 — As of June 30, 2015 and December 31, 2014, the Company’s financial assets and liabilities carried at fair value on a recurring basis consisted of interest rate caps. As of June 30, 2015 and December 31, 2014, 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 4.05 3.65 Estimated Fair Value June 30, 2015 Quoted Prices in Significant Other Significant Carrying Value (1) Fixed-rate mortgage loans $ - $ 414,788 $ - $ 421,113 Variable-rate mortgage loans - 16,365 - 16,484 Construction loans - 162,214 - 163,153 Exchangeable Senior Notes - 101,752 - 97,757 Other Debt - 6,561 - 6,423 December 31, 2014 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 (1) See Note 9 where total debt agrees to the face of the financial statements. This schedule will not agree to the financial statements because the $ 263.5 All of the Company’s nonrecurring valuations were made in connection with property acquisitions in Note 6 and used significant unobservable inputs and, therefore, fall under Level 3 of the fair value hierarchy. Fair Value Measurements on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on the accompanying consolidated balance sheet as of December 31, 2014 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 their estimated fair value. Factors giving rise to the write downs or impairments, 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 6.9 1.0 2.6 5.9 8.5 92 7.25 9.25 As of 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) During the six months ended June 30, 2015, certain assets included in the table above were sold. See Note 7 and 8 for additional detail. See Notes 7 and 17 for additional information on the fair value of the guarantees.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
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. Three Months Ended June 30, 2015 June 30, 2014 Income (Loss) Shares Per Share Income (Loss) Shares Per Share Loss from continuing operations $ (17,050) $ (1,766) Preferred stock dividends (3,050) (3,050) (Loss) income from continuing operations attributable to noncontrolling interests (4,000) 22 Loss from continuing operations attributable to common stockholders (16,100) (4,838) Income from discontinued operations - 1,374 (Loss) from discontinued operations attributable to noncontrolling interests - (10) Income from discontinued operations attributable to common stockholders - 1,384 Basic and diluted earnings per share: Loss from continuing operations attributable to common stockholders (16,100) 64,741 $ (0.25) (4,838) 64,681 $ (0.07) Income from discontinued operations attributable to common stockholders - 64,741 - 1,384 64,681 0.02 Net loss attributable to common stockholders (16,100) 64,741 $ (0.25) (3,454) 64,681 $ (0.05) Effect of Dilutive Securities Interest expense on exchangeable debt 1,356 Incremental shares from assumed conversion (1) 18,051 434 Diluted: (14,744) 82,792 (3,454) 65,115 Six Months Ended June 30, 2015 June 30, 2014 Income (Loss) Shares Per Share Income (Loss) Shares Per Share (Loss) income from continuing operations $ (5,210) $ (1,657) Preferred stock dividends (6,100) (6,100) (Loss) income from continuing operations attributable to noncontrolling interests (6,166) 13 Loss from continuing operations attributable to common stockholders (5,144) (7,770) (Loss) income from discontinued operations (1,157) 2,313 Income (loss) from discontinued operations attributable to noncontrolling interests 9 (16) (Loss) income from discontinued operations attributable to common stockholders (1,166) 2,329 Basic and diluted earnings per share: Loss from continuing operations attributable to common stockholders (5,144) 64,737 $ (0.08) (7,770) 64,588 $ (0.12) (Loss) income from discontinued operations attributable to common stockholders (1,166) 64,737 (0.02) 2,329 64,588 0.04 Net loss attributable to common stockholders (6,310) 64,737 $ (0.10) (5,441) 64,588 $ (0.08) Effect of Dilutive Securities Interest expense on exchangeable debt 2,712 Incremental shares from assumed conversion (1) 18,051 434 Diluted: (3,598) 82,788 (5,441) 65,022 (1) The effect of the inclusion of all potentially dilutive securities for 2015 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 period ended June 30, 2015, 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	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	13. Equity Preferred Stock The Company’s 8.0 8.0 25.00 2.00 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, and except that the Company may at its option redeem the Series A Preferred Stock upon a change of control of the Company. 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 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. On January 30, 2015, the Company completed the First CB Closing. In addition to cash consideration exchanged for the additional interests acquired, the Operating Partnership issued to the Sellers an aggregate of 10.4 2.0 As of June 30, 2015, there were 77.6 64.8 83.5 12.8 16.5 70.9 5.54 Six Months Ended June 30, June 30, 2015 2014 Common shares at beginning of period 64,742 64,502 Issuance of common shares 112 - Issuance of restricted shares 56 320 Forfeiture of restricted shares (134) (75) Common shares at end of period 64,776 64,747 Six Months Ended June 30, June 30, 2015 2014 OP Units at beginning of period 401 434 Issuance of OP Units 12,408 - OP Units at end of period 12,809 434 Dividends and Distributions During the first quarter of 2015, the Company’s Board of Directors 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. The Company’s Board of Directors made the same determination for the second quarter of 2015, and 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 enhancing its liquidity position by raising additional capital and/or refinancing its existing credit facility. As these dividends were not declared at June 30, 2015, the Company has not accrued them but has included the preferred stock dividends in the calculation of net income (loss) attributable to common shareholders in the accompanying statement of operations and comprehensive income (loss).

Incentive Plans

Incentive Plans	6 Months Ended
	Jun. 30, 2015
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 6.5 5.0 5.1 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 June 30, 2015, total unrecognized compensation cost related to restricted stock awards was $ 0.8 1.2 During the three months ended June 30, 2015, the Company recognized stock compensation of approximately $ 0.6 0.5 0.4 During the six months ended June 30, 2015, the Company recognized stock compensation of approximately $ 1.6 0.4 0.8 0.2 0.8 Restricted Weighted Average Stock Grant Price Unvested shares at December 31, 2014 288 $ 11.28 Granted 56 7.70 Vested (67) 7.60 Forfeited (43) 7.82 Unvested shares at June 30, 2015 234 7.71

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
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 three and six months ended June 30, 2015, the Company incurred lease payments related to these entities of $ 0.1 0.2 For the three months ended June 30, 2015 and 2014, the Company incurred operating costs of $ 0.3 0.5 0.4 1.1 0.1 The Company is party to an agreement with an initial term of five years with a subsidiary of an entity affiliated with one of the Company’s directors 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 $ 0.1 0.3 0.3 0.7 0.6 The Company is party to an arrangement with an entity, CB Townhome Communities, LLP (“CBTC, LLP”), in which a nominee for the Company’s board of directors, Dr. John R. McWhirter, has an ownership interest. Historically, the Copper Beech properties have paid CBTC, LLP for the use of a plane owned by another entity in which Dr. McWhirter has an ownership interest, Blackberry Aviation, LLC (“Blackberry”). CBTC, LLP operates the plane which is owned by Blackberry and, based upon estimated expenses to operate the plane (including pilots, fuel, storage, debt service, taxes, and other related operating expenses) determines a cost per flight hour for the upcoming fiscal year. The Copper Beech properties collectively purchase a certain number of hours of flight time and allocate the aggregate cost to the Copper Beech properties based upon the number of beds at each property relative to the total number of beds in the Copper Beech Portfolio. The fiscal year for this arrangement runs from August 1 through July 31 and for year beginning August 1, 2014, the Copper Beech entities agreed to purchase 70 flight hours 0.4 In connection with the consummation of the acquisition of additional membership interests in the Copper Beech Portfolio, the Company and the Operating Partnership entered into a tax protection agreement with certain of the Sellers, including one or more entities in which Dr. John R. McWhirter, a nominee for election as director of the Company, has an ownership interest. Pursuant to the tax protection agreement, unless the Company and the Operating Partnership indemnify the applicable Sellers for certain resulting tax liabilities, the Company and the Operating Partnership have agreed not to sell or otherwise to dispose of in a taxable exchange during the 7-year tax protection period, any of the seventeen protected properties set forth in the tax protection agreement. Further, the Company and the Operating Partnership also agreed to allocate to the Sellers, during the 7 100 as of June 30, 2015, one or more entities in which Dr. McWhirter has an ownership interest owned an interest in joint ventures with the Company and the other Sellers, which own 5 of the Copper Beech Portfolio properties The unimproved real property located in Charlotte, North Carolina and owned by Copper Beech Townhome Communities Thirty One, LLC serves as collateral for a loan in the original principal amount of $ 1.5 1.5 The Company is party to another arrangement with CBTC, LLP whereby CBTC, LLP employs all but one of the people who directly operate the Company’s Copper Beech properties (at the property level and in the Company’s State College, PA satellite office). The individual who has direct responsibilities related to the Company’s Copper Beech properties who is not an employee of CBTC, LLP is a party to a consulting agreement with one of the Company’s wholly-owned entities. CBTC, LLP does not earn any profit as a result of this arrangement as there is no mark-up of the direct costs associated with the employment of the CBTC, LLP personnel. As described in Notes 1, 6 and 7, the Company retains a noncontrolling interest in several Copper Beech entities in which Dr. John McWhirter also holds an interest. As of June 30, 2015 the Company has net payables of $ 1.4 2.6

Segments

Segments	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	16. Segments The Company has identified three reportable business segments: (i) Grove and evo Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Grove and evo Operations: Revenues from external customers $ 30,706 $ 24,663 $ 61,607 $ 49,271 Operating expenses 21,422 17,841 43,149 35,341 Income from wholly-owned student housing operations 9,284 6,822 18,458 13,930 Severance expense (62) - (570) - Equity in earnings (losses) of unconsolidated entities (1,069) 168 (2,441) 419 Operating income $ 8,153 $ 6,990 $ 15,447 $ 14,349 Depreciation and amortization $ 7,520 $ 6,974 $ 15,237 $ 13,744 Capital expenditures $ 12,812 $ 51,087 $ 14,188 $ 81,305 Investment in unconsolidated entities $ 42,713 $ 104,714 $ 42,713 $ 104,714 Total segment assets at end of period $ 895,568 $ 963,666 $ 895,568 $ 963,666 Copper Beech Operations: Revenues from external customers $ 14,761 $ - $ 23,960 $ - Operating expenses (excluding amortization of in place leases) 10,866 - 17,053 - Intangible amortization of in place leases 14,864 - 23,525 - Income from wholly-owned student housing operations (10,969) - (16,618) - Equity in earnings (losses) of unconsolidated entities 1,859 (1,059) 1,082 (991) Operating loss $ (9,110) $ (1,059) $ (15,536) $ (991) Depreciation and amortization $ 19,569 $ - $ 31,103 $ - Capital expenditures $ 700 $ - $ 1,038 $ - Investment in unconsolidated entities $ 45,017 $ 265,824 $ 45,017 $ 265,824 Total segment assets at end of period $ 688,560 $ 265,824 $ 688,560 $ 265,824 Property Management Services: Revenues from external customers $ 212 $ 327 $ 441 $ 430 Intersegment revenues 93 105 215 163 Total revenues 305 432 656 593 Operating expenses 449 617 682 982 Operating loss $ (144) $ (185) $ (26) $ (389) Depreciation and amortization $ 449 $ 24 $ 637 $ 25 Total segment assets at end of period $ - $ - $ - $ - Reconciliations: Total segment revenues $ 45,772 $ 25,095 $ 86,223 $ 49,864 Elimination of intersegment revenues (93) (105) (215) (163) Total consolidated revenues $ 45,679 $ 24,990 $ 86,008 $ 49,701 Segment operating income (loss) $ (1,101) $ 5,746 $ (115) $ 12,969 Interest expense , net (9,270) (2,950) (17,058) (6,326) Transaction costs (1,640) (1,460) (3,132) (2,045) Gain on purchase of Copper Beech 6,393 - 28,035 - Gain on sale of land and unconsolidated joint ventures - - 7,748 - Corporate depreciation and amortization (323) (255) (640) (464) Net unallocated expenses related to corporate overhead(1) (10,516) (3,161) (18,631) (6,361) Write off of other assets (597) - (1,366) - Other income (expense) 4 104 (51) 170 Loss from continuing operations, before income tax benefit $ (17,050) $ (1,976) $ (5,210) $ (2,057) Total segment assets $ 1,584,128 $ 1,229,490 $ 1,584,128 $ 1,229,490 Unallocated corporate assets and eliminations 6,202 43,146 6,202 43,146 Total assets at end of period $ 1,590,330 $ 1,272,636 $ 1,590,330 $ 1,272,636 (1) The net unallocated expenses related to corporate overhead primarily consists of $10.4 million and $18.5 million of general and administrative costs for the three and six months ended June 30, 2015 respectively. For the three and six months ended June 30, 2015, these amounts include $2.4 million of costs associated with the ongoing strategic repositioning and restructuring initiatives.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
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 adjacent to campuses and leased from entities affiliated with the respective campus. 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. 2015 $ 1,460 2016 2,469 2017 2,143 2018 1,513 2019 1,327 Thereafter 26,821 (1) Total future minimum lease payments $ 35,733 (1) The Company’s lease obligations average $ 1.2 2023 0.4 2081 The Company paid rent for its corporate headquarters office of $ 0.3 0.2 0.6 0.4 The Company guarantees certain mortgage and construction loans and revolving credit facilities related to the Company’s unconsolidated joint ventures. As of June 30, 2015, the Company guarantees: up to 100% of $11.2 million of debt through September 2015 up to 50% of $139.5 million of debt with varying maturity dates from July 2015 through January 2016 up to 25% of $80.5 million of debt maturing from September 2015 through September 2018 3.0 9.4 3.2 6.2 5.5 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 90.6 108.6 87.8 54.3 43.9 The Company does not expect to be required to perform under any of the guarantees discussed above. 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, except as disclosed above. See Note 18 for a discussion of guarantees related to a Copper Beech entity under which the Company expects that it may be required to perform. 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 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 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 has filed 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 operations. 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	18. Subsequent Events In addition to certain matters discussed elsewhere in these notes, the Company noted the following subsequent events: Notice of Sole Remedy under Indenture for 4.75% Exchangeable Senior Notes due 2018 On August 26, 2015, the Operating Partnership delivered a notice (the “Notice”) to the holders of its 4.75 The Notice further provided that, pursuant to Section 6.01(b) of the Indenture, the Operating Partnership elected that the sole remedy for the reporting event of default would consist exclusively of the right to receive additional interest on the Exchangeable Senior Notes at a rate equal to (i) 0.25% per annum of the outstanding principal amount of the Exchangeable Senior Notes for the first 90 days of the 180-day period in which such reporting event of default is continuing, beginning on, and including, the date on which such reporting event of default first occurs and (ii) 0.50% per annum of the outstanding principal amount of the Exchangeable Senior Notes for the last 90 days of such 180-day period as long as such reporting event of default is continuing, payable subject to and in accordance with the terms and conditions of the Indenture. Communications with Lenders Related to Certain Debt Obligations Although the Company no longer has an equity interest in the Kalamazoo Phase 1 property owned by Copper Beech Townhome Communities Twenty Three, LLC ("CBTC 23"), the Company and the Operating Partnership have a non-recourse carve-out guaranty and a 10 1.0 4.0 3.0 4.0 4.0 1.0 As of Septe mber 29, 2015, the Sellers have not reimbursed the Company for the $ 1.0 Campus Crest Communities, Inc. and Campus Crest Operating Partnership, LP are guarantors under a credit agreement dated January 14, 2014, related to the CSH Montreal Debt (the “Montreal Credit Agreement”). Section 10.4(2) of the Montreal Credit Agreement requires CSH Montreal to provide monthly reports within 45 days of each month end. On April 15, 2015, the parties to the Montreal Credit Agreement executed a Fourth Amendment to the Montreal Credit Agreement, which waived compliance with the provisions of Section 10.4(2) until April 15, 2015. The Fourth Amendment also deleted some of the monthly reporting requirements in Section 10.4(2) of the Montreal Credit Agreement. The failure to deliver the monthly reports under Section 10.4(2) did not constitute an event of default under the Montreal Credit Agreement because the Fourth Amendment was executed before the applicable notice and cure period lapsed. Section 10.4(3) of the Montreal Credit Agreement requires CSH Montreal to provide quarterly reports within 45 days of each fiscal quarter end. On June 22, 2015, the parties to the Montreal Credit Agreement executed a Fifth Amendment to the Montreal Credit Agreement, which waived compliance with the provisions of Section 10.4(3) until July 31, 2015. The Fifth Amendment also modified Section 10.4(3) of the Montreal Credit Agreement as it relates to the 45-day reporting requirement for the fiscal quarter ended June 30, 2015 to extend that period from 45 days to 60 days. The Company delivered the internally prepared financial statements and compliance certificate required by the Montreal Credit Agreement and, accordingly, believes it is in compliance with the Montreal Credit Agreement. As described in Note 9, in January 2013, the Company (the “Borrower”) entered into the second amended and restated credit agreement (the "Second Amended and Restated Credit Agreement"), which provides for a $ 250.0 50.0 Because the Company was unable to complete its Form 10-Q for the quarter ended June 30, 2015 within the 60-day period granted by the May 15, 2015 waiver, the parties to the Amended Credit Facility executed a waiver dated as of August 28, 2015 that extended the filing deadline under the reporting covenant in the Amended Credit Facility for this Form 10-Q for the period ended June 30, 2015 until September 30, 2015. As a consequence of executing this waiver the Company believes it is in compliance with the Amended Credit Facility. The Company agreed to pay a deferred fee of $ 0.3 The waiver defines unrestricted cash as the difference (if positive) of (i) cash and cash equivalents that are not subject to any pledge, lien or control agreement, less (ii) the sum of (a) $15.0 million and (b) amounts that have been placed with third parties as deposits or security for contractual obligations. cility. Further, in connection with the extension of the waiver, the Company agreed that, unless all of the lenders under the Amended Credit Facility otherwise agree, the Company will not request any further advances under the Amended Credit Facility other than advances under outstanding letters of credit. HSRE Portfolio Changes On May 1, 2015, the Company entered into a nonbinding membership interest purchase and sale agreement with HSRE which will result in (i) HSRE acquiring all of the ownership interests in the entities which own The Grove at Norman, Oklahoma and The Grove at Louisville, Kentucky, and (ii) the Company acquiring all of the ownership interests in the entities which own The Grove at Fayetteville, Arkansas, The Grove at Indiana, Pennsylvania and The Grove at Greensboro, North Carolina. This membership interest purchase and sale agreement is based upon the original amount of equity contributed to each of these properties. The Company has placed $ 5.0 1.0 5.0 1.6 0.5 CSH Montreal Agreement Buyout In June of 2015, the Company entered into an agreement with Beaumont, CSH Montreal and certain other entities related to a potential buyout of the Company's ownership interests in CSH Montreal and the termination of all service agreements with affiliates of the Company related to the two evo ® Montreal properties. As part of the closing, the current credit facility will be paid in full, thereby releasing the Company from all guaranty and indemnity obligations associated with the credit facility currently in place for the two evo ® Montreal properties. As of August 31, 2015, the aforementioned agreement with Beaumont, CSH Montreal and certain other entities had expired. As a condition of entering into the contract, Beaumont was required to post CAD 0.2 0.2 0.2 1.4 1.1 However, if CSH Montreal fails to meet its projected occupancy at both of its properties, and instead maintains its current occupancy, the Company expects to fund an additional CAD 2.0 1.6 0.8 ber 1, 2015. At t he time of filing, the Company is concurrently pursuing: (i) a sale of its interest in CSH Montreal to its joint venture partner coupled with a refinancing of the construction loan; and (ii) a sale of the properties to a third party. San Angelo Sale On June 15, 2015, the Company entered into a purchase and sale agreement with a third party that would result in the sale of 100 Fire at Copper Beech at IUP On August 16, 2015, a fire broke out at the Copper Beech property at Indiana University of Pennsylvania (“IUP”). There were no injuries, but one unit was destroyed, two units suffered water damage and two additional units suffered smoke damage. Additionally, the entire building in which these units are situated suffered cable and utility outages. The Company is working to repair the damage including working with our insurance carriers to address our claims. At the time of this filing, the Company cannot estimate the financial statement effects of this event. Settlement of Pullman insurance claim On July 21, 2015, the Company received $ 4.3 Resolution of Bellingham, Washington Development In October 2013, Campus Crest entered into certain agreements and instruments with Mr. Derek Stebner, Langstan Management, LLC (“Langstan”), a Montana limited liability company, and Lincoln Street Retail, LLC (“LSR”), a Delaware limited liability company, to develop a property in Bellingham, Washington. The development was to include multifamily housing, student housing and retail space, though Campus Crest was to only have an economic interest in the student housing portion of the development. Site preparation and infrastructure work was initiated and vertical construction began on the retail portion of the development, but ultimately Campus Crest elected not to proceed with the construction of student housing and, accordingly as part of the strategic repositioning announced in late 2014 recorded an impairment charge of $ 2.6 0.1 0.7 Copier Lease On August 10, 2015, the Company entered into an agreement with Canon Solutions American, Inc. (CSA) to lease copier equipment, which resulted in a capital lease obligation of $ 1.4 0.8 The company expects to recognize this $ 0.8 0.9 0.9 consolidated balance sheet as of September 30, 2015 Corvallis, Oregon Land Purchase Agreement The Company recently extended to September 24, 2015 its ability to purchase approximately 90 acres in Corvallis, Oregon that was recently approved for student housing development. The purchase price is $ 3.0 Given the decision to exit the development and construction business in 2014, the Company has assigned the contract to an unrelated party (the “Assignee”), and the Assignee acquired the subject property on September 24, 2015 and executed a promissory note in favor of the Company in the amount of $2.25 million (the “Loan”). The promissory note is (i) due and payable in full on November 15, 2015 and (ii) secured by a pledge of 100% of the membership interests in the Assignee. Upon repayment of the Loan by the Assignee, the Company will have been reimbursed in full for all expenses related to its pursuit of the subject property .

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
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. Equity interests owned by others in the Operating Partnership 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, which relates
Interim Financial Statements [Policy Text Block]	Interim Financial Statements The accompanying interim consolidated financial statements are unaudited, but have been prepared in accordance with U.S. GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial statements of the Company for these interim periods have been included and are of a normal, recurring nature. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
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. Estimates and assumptions are reviewed periodically, and the effects of such revisions are reflected prospectively in the period in which they occur. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements.
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 property began operations during the third quarter of 2014. 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. The VIE’s assets and liabilities and the noncontrolling interest are included in the consolidated balance sheet as of December 31, 2014. On January 30, 2015, in connection with the Copper Beech purchase transaction (see Note 6), the Company’s ownership interest in Copper Beech at Ames increased to 100
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. Land improvements 15 Buildings and leasehold improvements 10 40 Furniture, fixtures and equipment 5 10 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. Upon completion, costs are transferred into the applicable asset category and depreciation commences. There was no interest capitalized during the three and six months ended June 30, 2015, and $ 2.4 4.3 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, related loan fees and 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 and office and administrative costs that are clearly associated with the Company’s development and redevelopment efforts, are capitalized. Indirect costs not clearly related to acquisition, development, redevelopment and construction activity, including general and administrative expenses, are expensed in the period incurred. As there were no assets under development during the three and six months ended June 30, 2015, correspondingly there were no capitalized costs for the period. See the Development and Construction Services section herein for additional discussion. Capitalized indirect costs associated with the Company’s development activities were $ 3.6 6.9 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 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 bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or if 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 expenses any pre-development costs related to projects whose current status indicates the acquisition or commencement of construction is not probable. No such write-offs were recorded during the three and six months ended June 30, 2015 and June 30, 2014. As of June 30, 2015 and December 31, 2014, the Company had no pre-development costs related to development projects, (see Note 4 regarding the Company’s strategic repositioning initiatives). As of June 30, 2015, the Company owned six strategically held land parcels that could be used for the development of phase two properties, with an aggregate bed count ranging from approximately 1,000 to 1,500, and four land parcels and one property which the Company intends to divest. The costs associated with the strategically held parcels are included in land held for investment on the accompanying consolidated balance sheets. The costs associated with the land parcels and additional property in which the Company intends to divest are included in land and property 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. For assets held and used, 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 economics 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 recognizes tangible and identified intangible assets and liabilities related to acquired properties 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 over the term of the related mortgage loans using the effective-interest method. 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.
Real Estate, Policy [Policy Text Block]	Real Estate Ventures Campus Crest holds interests in its properties 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 (i) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support or (iii) 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 (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) 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 does 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 sheets 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 consolidated balance sheets 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.
Ground Leases [Policy Text Block]	Ground Leases Ground lease expense is recognized on a straight-line basis over the term of the related lease.
Cash and Cash Equivalents, Policy [Policy Text Block]	Campus Crest considers all highly liquid investments with an original maturity of three months or less when purchased Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements. Additionally, during the quarter ended June 30, 2015, our lenders required us to put $ 7.0
Allowance For Doubtful Accounts [Policy Text Block]	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. Balance at December 31, 2014 $ (459) Bad debt expense (1,776) Write offs 12 Balance at June 30, 2015 $ (2,223) Write offs during the six months ended June 30, 2014 were immaterial.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Campus Crest’s intangible assets consist of acquired in-place leases and the trademark for the Copper Beech brand name. As previously mentioned, the acquired in-place leases are amortized on a straight-line basis over the remaining initial term of the respective leases, generally less than one year. The gross carrying amount, accumulated amortization and net carrying amount of the acquired in-places leases was $ 28.8 23.5 5.3 14.9 23.5 5.3 0.9 4.1
Deferred Financing Costs [Policy Text Block]	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 June 30, 2015 and December 31, 2014 were $ 12.5 11.7 5.9 4.8
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. For both the three and six months ended June 30, 2015, net loss attributable to noncontrolling interests is calculated by including the proportionate amount of OP units held by the CB Investors during the period multiplied by the Company’s net loss excluding the gain on purchase of Copper Beech.
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 for Grove and evo® properties and 12 months for Copper Beech properties.
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 represent 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. Billings to date on such contracts totaled $ 0.6 49.3
Advertising Costs, Policy [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 $ 0.6 1.0 0.4 0.7
Derivatives, Policy [Policy Text Block]	Derivative Instruments and Hedging Activities Campus Crest enters into interest rate cap agreements to manage floating interest rate exposure with respect to amounts borrowed, or forecasted to be borrowed, under credit facilities. These contracts effectively limit the amount of interest the Company needs to pay should interest rates exceed contracted levels. The Company had two interest rate caps as of June 30, 2015. 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 June 30, 2015 and December 31, 2014, 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 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.
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 June 30, 2015 and December 31, 2014, 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 three and six months ended June 30, 2015 and 2014 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 three and six months ended June 30, 2015, the Company recognized a foreign currency translation gain of $ 0.1 0.6 1.2 0.2
Business Insurance Recoveries [Policy Text Block]	Insurance recoveries are amounts due or received under the Company’s applicable insurance policies for asset damage, remediation work and business interruption relating to a flood at The Grove at San Marcos, Texas during June 2015, 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). The Company recognized $ 0.1 0.5 1.1 6.7 5.5 4.3
Segment Reporting, Policy [Policy Text Block]	Segments The Company has identified three reportable business segments: (i) Grove and evo
Immaterial Corrections [Policy Text Block]	Immaterial Corrections Subsequent to the issuance of the Company’s 2014 consolidated financial statements, the Company became aware of two immaterial corrections that were necessary to be made to the consolidated financial statements. These errors related to the second, third and fourth quarters of 2014. The Company has adjusted the prior year consolidated financial statements to reflect the impact of these immaterial corrections. The total impact of these immaterial corrections increased the previously reported net loss attributable to common stockholders from $ 174.9 177.7 298.8 301.6 1.9 0.9 0.9
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 plans to adopt ASU 2015-02 as of January 1, 2016 and is currently evaluating the provisions of this guidance and the impact is not known. In April 2015, the FASB issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30)", which simplifies the presentation of debt issuance costs. To simplify presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in ASU 2015-03 are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years, with retrospective application required. Early adoption of the amendments in ASU 2015-03 is permitted for financial statements that have not been previously issued. The Company plans to adopt ASU 2015-03 as of January 1, 2016 and is currently evaluating the provisions of this guidance and the impact is not known. In May 2014, the FASB issued ASU 2014-09 "Revenue From Contracts With Customers" which provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified approach upon adoption. The Company is currently evaluating the provisions of this guidance and the impact is not known.

Organization and Description 27

Organization and Description of Business (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule Of Properties In Which Company Has Operating and Under Construction Interest [Table Text Block]	Properties in Operation Wholly owned Grove properties 36 Joint Venture Grove properties 8 Total Grove Properties 44 Joint Venture evo properties 3 Wholly owned Copper Beech properties 30 Joint Venture owned Copper Beech properties (1) 5 Total Copper Beech properties 35 Total Portfolio (2) 82 (1) The Company holds a 48 (2) The Company’s 100

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
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 Buildings and leasehold improvements 10 40 Furniture, fixtures and equipment 5 10
Schedule Of Allowance For Doubtful Accounts Receivable [Table Text Block]	The following is a summary of the Company’s allowance for doubtful accounts for the six months ended June 30, 2015 (in thousands): Balance at December 31, 2014 $ (459) Bad debt expense (1,776) Write offs 12 Balance at June 30, 2015 $ (2,223)

Student Housing Properties (Tab

Student Housing Properties (Tables)	6 Months Ended
	Jun. 30, 2015
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): June 30, December 31, 2015 2014 Land $ 119,236 $ 76,043 Buildings and improvements 1,333,421 781,739 Furniture, fixtures and equipment 101,125 78,180 1,553,782 935,962 Less: accumulated depreciation (150,912) (128,121) $ 1,402,870 $ 807,841

Strategic Repositioning Initi30

Strategic Repositioning Initiatives (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of Severance Costs [Table Text Block]	Changes to the severance accrual during the six months ended June 30, 2015 are as follows (in thousands): Balance at December 31, 2014 $ 5,743 New charges 184 Cash payments (3,476) Balance at June 30, 2015 $ 2,451

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [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): June 30, December 31, 2015 2014 Deferred tax assets: Solar investment tax credit $ 2,116 $ 2,116 Net operating losses 2,082 2,284 Other 20 22 Less: valuation allowance (3,809) (4,002) Total deferred tax assets 409 420 Deferred tax liabilities: Depreciation and amortization (409) (420) Total deferred tax liabilities (409) (420) Net deferred tax assets $ - $ -

Business Acquisitions (Tables)

Business Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following table summarizes the provisional fair values of the assets acquired and liabilities assumed from the First and Second CB Closings: Assets acquired: Land $ 45,003 Buildings 553,866 Furniture, fixtures and equipment 21,393 Intangibles 32,824 Other assets, including cash of $5,802 11,813 Total assets acquired $ 664,899 Liabilities assumed: Mortgage, construction loans and other debt $ 300,706 Other liabilities 12,203 Total liabilities assumed $ 312,909 Net assets acquired $ 351,990
Business Acquisition, Pro Forma Information [Table Text Block]	The pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: Pro Forma Pro Forma Pro Forma Pro Forma Three months Six months Three months Six months Ended June 30, 2015 Ended June 30, 2015 Ended June 30, 2014 Ended June 30, 2014 Total revenues $ 46,145 $ 95,843 $ 39,905 $ 79,783 Net loss $ (22,350) $ (36,517) $ (12,143) $ (23,502) Net loss attributable to common shareholders $ (20,691) $ (31,854) $ (12,876) $ (25,084)

Asset Dispositions and Discon33

Asset Dispositions and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
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 sheets for the construction and development operations as of June 30, 2015 and December 31, 2014 (in thousands): June 30, December 31, 2015 2014 Cash $ 93 $ 1,118 Other assets 13 634 Costs and earnings in excess of construction billings 618 3,887 Total assets 724 5,639 Accounts payable and accrued expenses 57 4,711 Construction billings in excess of cost and earnings - 481 Total liabilities 57 5,192 Total net assets $ 667 $ 447 Below is a summary of the results of operations for the construction and development operations for all periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Revenue $ - $ 10,295 $ - $ 17,628 Construction and development service expense - (8,921) (1,157) (15,315) Income (loss) from discontinued operations $ - $ 1,374 $ (1,157) $ 2,313

Investment in Unconsolidated 34

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2015
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, Brandywine and Beaumont (see Note 17). Details of the Company’s unconsolidated investments at June 30, 2015 are presented in the following table (dollars in thousands): Debt Weighted Number of Average Our Year Properties In Total Amount Interest Unconsolidated Entities Ownership Founded Operation Investment Outstanding Rate Maturity Date / Range HSRE-Campus Crest I, LLC 63.9 % 2009 1 $ 3,862 $ 11,166 (4) 2.69 % (1) 9/30/2015 HSRE-Campus Crest V, LLC 10.0 % 2011 2 - 36,226 (4) 2.89 % (1) 7/20/2015 – 9/30/2015 (3) HSRE-Campus Crest VI, LLC 20.0 % 2012 3 7,153 51,206 (4) 2.49 % (1) 8/07/2015 – 12/19/2015 (3) HSRE-Campus Crest IX, LLC 30.0 % 2013 1 19,341 96,187 (4) 2.39 % (1) 7/25/2016 HSRE-Campus Crest X, LLC 30.0 % 2013 2 7,701 44,692 (4) 2.37 % (1) 9/06/2016 – 9/30/2018 CB Portfolio 48.0 % 2013 5 45,017 159,842 (4) 5.41 % (2) 10/01/2015 – 10/01/2020 CSH Montreal 47.0 % 2013 2 4,656 87,848 (4) 5.68 % (1) 1/13/2016 Total unconsolidated entities 16 $ 87,730 $ 487,167 4.03 % (1) Variable interest rates. (2) Comprised of fixed rate debt. (3) Loans maturing in July and August of 2015 relate to properties that are part of the property swap detailed in Note 18. (4) The amount outstanding for debt represents 100% of the debt outstanding at each of the respective joint ventures in which the Company has varying ownership percentages. See Note 17 for a discussion of amounts of the outstanding debt in which the Company guarantees on behalf of certain of these joint ventures.
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, Brandywine and Beaumont in their entirety, not only the Company’s interest in the entities, for the periods presented (in thousands): June 30, December 31, 2015 2014 Assets Student housing properties, net $ 489,881 $ 437,108 Development in process 47 7,429 Other assets 15,909 12,947 Total assets $ 505,837 $ 457,484 Liabilities and Equity Mortgage and construction loans $ 326,435 $ 354,759 Other liabilities 14,065 29,364 Owners' equity 165,337 73,361 Total liabilities and owners' equity $ 505,837 $ 457,484 Company's share of historical owners' equity $ 60,102 $ 30,481 Preferred investment (1) 7,322 7,322 Net difference in carrying value of investment versus net book value of underlying net assets (2) (24,711) 3,219 Carrying value of investment in HSRE and other non-Copper Beech entities $ 42,713 $ 41,022 (1) As of June 30, 2015, 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 $ 2.7 2.7 1.9 9.0 (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, 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 entities, 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 the Company’s interest in the entities. For the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, this summary includes results for 5 28 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Revenues Expenses: $ 6,576 $ 19,028 $ 12,803 $ 38,293 Operating expenses Interest expense 2,376 7,271 4,396 14,571 Depreciation and amortization 2,214 3,012 4,127 5,952 Other expenses 1,127 9,859 2,168 19,636 Total expenses 108 287 301 626 Net income (loss) 5,825 20,429 10,992 40,785 $ 751 $ (1,401) $ 1,811 $ (2,492)
HSRE and DCV Holdings [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 combined operating results for the Company’s unconsolidated entities with HSRE, Brandywine and Beaumont in their entirety, not only the Company’s interest in the entities. For the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, this summary includes results for 11 14 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Revenues $ 9,448 $ 6,422 $ 18,503 $ 12,878 Expenses: Operating expenses 5,791 3,734 12,759 7,195 Interest expense 3,254 1,189 6,148 2,240 Depreciation and amortization 3,870 1,835 7,726 3,865 Other expense 49 - 65 46 Total expenses 12,964 6,758 26,698 13,346 Net loss $ (3,516) $ (336) $ (8,195) $ (468)
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 of the Copper Beech entities at 100% basis for the five and 35 student housing properties in which the Company held a 48 June 30, December 31, 2015 2014 Assets Student housing properties, net $ 256,895 $ 906,614 Intangible assets 1,866 7,212 Other assets 13,675 14,293 Total assets $ 272,436 $ 928,119 Liabilities and Equity Mortgage and construction loans $ 167,930 $ 476,985 Other liabilities 3,080 15,541 Owners' equity 101,426 435,593 Total liabilities and owners' equity $ 272,436 $ 928,119 Company's share of historical owners' equity $ 48,684 $ 199,281 Net difference in carrying value of investment versus net book value of underlying net assets (1) (3,667) 19,437 Carrying value of investment in unconsolidated entity $ 45,017 $ 218,718 (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 during the year ended December 31, 2014 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)	6 Months Ended
	Jun. 30, 2015
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): June 30, December 31, Fixed-rate mortgage loans (1) $ 421,113 $ 163,341 Variable-rate mortgage loans 16,484 16,613 Construction loans (1) 163,153 120,719 Total mortgage and construction loans 600,750 300,673 Line of credit (1) 263,500 217,500 Exchangeable senior notes 97,757 97,419 Other debt 6,423 2,827 Total lines of credit and other debt 367,680 317,746 Total debt $ 968,430 $ 618,419 (1) As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing.
Schedule Of Debt Instrument [Table Text Block]	Mortgage and construction loans for the periods presented consisted of the following (in thousands): Face Amount Carrying Carrying Stated Interest Rate Interest Rate at Maturity Date (1) Amortization Construction loans The Grove at Grand Forks $ 16,916 $ 15,414 $ 12,474 LIBOR + 200 BPS 2.18 % 2/5/2016 Interest only The Grove at Slippery Rock 17,961 17,738 16,031 LIBOR + 215 BPS 2.33 % 6/21/2016 Interest only The Grove at Muncie 14,567 13,892 13,892 LIBOR + 225 BPS 2.43 % 7/3/2016 Interest only The Grove at Fort Collins 19,073 19,073 19,073 LIBOR + 190 BPS 2.08 % 7/13/2016 Interest only The Grove at Pullman 16,016 10,886 10,886 LIBOR + 220 BPS 2.38 % 9/5/2016 Interest only Statesboro, GA Phase II 9,703 9,255 - (3) LIBOR + 250 BPS 2.68 % 11/1/2016 30 years (4) CMU Phase II—Mount Pleasant, MI 10,130 9,101 - (3) LIBOR + 250 BPS 2.68 % 2/1/2017 30 years (4) Auburn, AL 15,750 15,750 - (3) LIBOR + 200 BPS 2.18 % 2/6/2017 Interest only The Grove at Gainesville 30,069 25,616 22,836 LIBOR + 215 BPS 2.33 % 3/13/2017 Interest only Copper Beech at Ames 23,551 22,051 21,170 LIBOR + 225 BPS 2.43 % 5/2/2017 Interest only Toledo Vivo 9,404 4,377 4,357 LIBOR + 215 BPS 2.33 % 11/25/2017 Interest only Mortgage loans IUP Phase II - Indiana 6,250 5,937 - (3) 5.90% 5.90 % 10/1/2015 30 years (2) CMU Phase I - Mount Pleasant, MI 20,000 18,183 - (3) 5.47% 5.47 % 10/1/2015 30 years (2) Bowling Green Phase I 13,000 12,227 - (3) 5.63% 5.63 % 10/1/2015 30 years (2) Copper Beech I - State College 5,250 5,062 - (3) 5.61% 5.61 % 2/11/2016 30 years (2) IUP Buy - Indiana 2,453 2,414 - (3) 5.45% 5.45 % 6/6/2016 30 years (2) San Marcos, TX Phase I 34,786 34,232 - (3) 5.45% 5.45 % 6/6/2016 30 years (2) The Grove at Milledgeville 16,250 15,531 15,640 6.12% 6.12 % 10/1/2016 30 years (2) Bloomington 10,860 8,466 - (3) 6.22% 6.22 % 10/1/2016 30 years (2) Allendale Phase I 23,780 23,803 - (3) 5.98% 5.98 % 10/1/2016 30 years (2) Columbia, MO 24,516 24,669 - (3) 6.22% 6.22 % 10/1/2016 30 years (2) The Grove at Carrollton and The Grove at Las Cruces 29,790 28,472 28,674 6.13% 6.13 % 10/11/2016 30 years (2) Radford 12,400 12,464 - (3) 5.99% 5.99 % 11/6/2016 30 years (2) The Grove at Denton 17,167 16,484 16,613 LIBOR + 215 BPS 2.33 % 3/1/2017 30 years (2) The Grove at Asheville 14,800 14,201 14,304 5.77% 5.77 % 4/11/2017 30 years (2) IUP Phase I - Indiana 6,500 6,500 - (3) 2.15% 2.15 % 6/2/2017 Interest only Allendale Phase II 11,896 12,473 - (3) 6.27% 6.27 % 9/6/2017 30 years (2) Columbia, SC Phase I 36,936 38,545 - (3) 6.27% 6.27 % 9/6/2017 30 years (2) Statesboro, GA Phase I 31,000 32,102 - (3) 5.81% 5.81 % 10/6/2017 30 years (2) The Grove at Ellensburg 16,125 15,727 15,845 5.10% 5.10 % 9/1/2018 30 years (2) The Grove at Nacogdoches 17,160 16,729 16,857 5.01% 5.01 % 9/1/2018 30 years (2) The Grove at Greeley 15,233 14,817 14,945 4.29% 4.29 % 10/1/2018 30 years (2) Copper Beech II - State College 8,805 9,355 - (3) 5.97% 5.97 % 8/1/2019 30 years (2) Columbia, SC Phase II 6,300 6,557 - (3) 5.41% 5.41 % 8/1/2020 30 years (2) Oakwood - State College 5,750 6,070 - (3) 4.99% 4.99 % 10/1/2020 30 years (2) The Grove at Clarksville 16,350 16,097 16,238 4.03% 4.03 % 7/1/2022 30 years (2) The Grove at Columbia 23,775 22,509 22,738 3.83% 3.83 % 7/1/2022 30 years (2) The Grove at Statesboro 18,100 17,971 18,100 4.01% 4.01 % 1/1/2023 30 years (2) $ 600,750 $ 300,673 (1) For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, some of which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. For the loans that will mature during 2015, the Company is actively pursuing an extension or refinancing of those loans. (2) Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due. (3) As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in 28 of the Copper Beech properties. Accordingly, these balances were not recognized by the Company as of December 31, 2014. As part of recording the mortgage loans from the First CB Closing at fair value, the outstanding amount, after giving effect for each loan’s respective provisional fair value adjustment, could result in an outstanding balance greater than the face amount of the mortgage loan. These fair value adjustments are amortized to interest expense over the term of the respective mortgage loans. As of April 30, 2015 (the "Second CB Closing"), the Company completed the acquisition of the Sellers’ interests in two of the properties in the Copper Beech Portfolio in which the Company previously held a 48% interest – Copper Beech San Marcos Phase 1 and Copper Beech IUP Buy (See Note 6). (4) Loan required interest only payments until the loan was extended in March of 2015. Thereafter, principal and interest, plus certain reserves, are payable monthly until maturity.
Schedule of Maturities of Long-term Debt [Table Text Block]	Scheduled debt maturities for the remainder of 2015 and each of the four years subsequent to December 31, 2015 and thereafter, are as follows (in thousands): 2015 $ 85,620 2016 179,899 2017 456,440 2018 164,684 2019 9,470 Thereafter 63,556 Total outstanding debt 959,669 Convertible note discount (2,243) Copper Beech debt fair value adjustment 11,004 Outstanding as of June 30, 2015, net of discount and fair value adjustment $ 968,430

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 Quoted Prices in Significant Other Significant Carrying Value (1) Fixed-rate mortgage loans $ - $ 414,788 $ - $ 421,113 Variable-rate mortgage loans - 16,365 - 16,484 Construction loans - 162,214 - 163,153 Exchangeable Senior Notes - 101,752 - 97,757 Other Debt - 6,561 - 6,423 December 31, 2014 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 (1) See Note 9 where total debt agrees to the face of the financial statements. This schedule will not agree to the financial statements because the $ 263.5
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 as of December 31, 2014 (in thousands): As of 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)	6 Months Ended
	Jun. 30, 2015
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): Three Months Ended June 30, 2015 June 30, 2014 Income (Loss) Shares Per Share Income (Loss) Shares Per Share Loss from continuing operations $ (17,050) $ (1,766) Preferred stock dividends (3,050) (3,050) (Loss) income from continuing operations attributable to noncontrolling interests (4,000) 22 Loss from continuing operations attributable to common stockholders (16,100) (4,838) Income from discontinued operations - 1,374 (Loss) from discontinued operations attributable to noncontrolling interests - (10) Income from discontinued operations attributable to common stockholders - 1,384 Basic and diluted earnings per share: Loss from continuing operations attributable to common stockholders (16,100) 64,741 $ (0.25) (4,838) 64,681 $ (0.07) Income from discontinued operations attributable to common stockholders - 64,741 - 1,384 64,681 0.02 Net loss attributable to common stockholders (16,100) 64,741 $ (0.25) (3,454) 64,681 $ (0.05) Effect of Dilutive Securities Interest expense on exchangeable debt 1,356 Incremental shares from assumed conversion (1) 18,051 434 Diluted: (14,744) 82,792 (3,454) 65,115 Six Months Ended June 30, 2015 June 30, 2014 Income (Loss) Shares Per Share Income (Loss) Shares Per Share (Loss) income from continuing operations $ (5,210) $ (1,657) Preferred stock dividends (6,100) (6,100) (Loss) income from continuing operations attributable to noncontrolling interests (6,166) 13 Loss from continuing operations attributable to common stockholders (5,144) (7,770) (Loss) income from discontinued operations (1,157) 2,313 Income (loss) from discontinued operations attributable to noncontrolling interests 9 (16) (Loss) income from discontinued operations attributable to common stockholders (1,166) 2,329 Basic and diluted earnings per share: Loss from continuing operations attributable to common stockholders (5,144) 64,737 $ (0.08) (7,770) 64,588 $ (0.12) (Loss) income from discontinued operations attributable to common stockholders (1,166) 64,737 (0.02) 2,329 64,588 0.04 Net loss attributable to common stockholders (6,310) 64,737 $ (0.10) (5,441) 64,588 $ (0.08) Effect of Dilutive Securities Interest expense on exchangeable debt 2,712 Incremental shares from assumed conversion (1) 18,051 434 Diluted: (3,598) 82,788 (5,441) 65,022 (1) The effect of the inclusion of all potentially dilutive securities for 2015 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 period ended June 30, 2015, 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)	6 Months Ended
	Jun. 30, 2015
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): Six Months Ended June 30, June 30, 2015 2014 Common shares at beginning of period 64,742 64,502 Issuance of common shares 112 - Issuance of restricted shares 56 320 Forfeiture of restricted shares (134) (75) Common shares at end of period 64,776 64,747
Changes In Shares of Operating Partnership Units [Table Text Block]	The following is a summary of changes in the number of OP Units not owned by the Company for the periods shown (in thousands): Six Months Ended June 30, June 30, 2015 2014 OP Units at beginning of period 401 434 Issuance of OP Units 12,408 - OP Units at end of period 12,809 434

Incentive Plans (Tables)

Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2015
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 Weighted Average Stock Grant Price Unvested shares at December 31, 2014 288 $ 11.28 Granted 56 7.70 Vested (67) 7.60 Forfeited (43) 7.82 Unvested shares at June 30, 2015 234 7.71

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following tables set forth the Company’s segment information for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Grove and evo Operations: Revenues from external customers $ 30,706 $ 24,663 $ 61,607 $ 49,271 Operating expenses 21,422 17,841 43,149 35,341 Income from wholly-owned student housing operations 9,284 6,822 18,458 13,930 Severance expense (62) - (570) - Equity in earnings (losses) of unconsolidated entities (1,069) 168 (2,441) 419 Operating income $ 8,153 $ 6,990 $ 15,447 $ 14,349 Depreciation and amortization $ 7,520 $ 6,974 $ 15,237 $ 13,744 Capital expenditures $ 12,812 $ 51,087 $ 14,188 $ 81,305 Investment in unconsolidated entities $ 42,713 $ 104,714 $ 42,713 $ 104,714 Total segment assets at end of period $ 895,568 $ 963,666 $ 895,568 $ 963,666 Copper Beech Operations: Revenues from external customers $ 14,761 $ - $ 23,960 $ - Operating expenses (excluding amortization of in place leases) 10,866 - 17,053 - Intangible amortization of in place leases 14,864 - 23,525 - Income from wholly-owned student housing operations (10,969) - (16,618) - Equity in earnings (losses) of unconsolidated entities 1,859 (1,059) 1,082 (991) Operating loss $ (9,110) $ (1,059) $ (15,536) $ (991) Depreciation and amortization $ 19,569 $ - $ 31,103 $ - Capital expenditures $ 700 $ - $ 1,038 $ - Investment in unconsolidated entities $ 45,017 $ 265,824 $ 45,017 $ 265,824 Total segment assets at end of period $ 688,560 $ 265,824 $ 688,560 $ 265,824 Property Management Services: Revenues from external customers $ 212 $ 327 $ 441 $ 430 Intersegment revenues 93 105 215 163 Total revenues 305 432 656 593 Operating expenses 449 617 682 982 Operating loss $ (144) $ (185) $ (26) $ (389) Depreciation and amortization $ 449 $ 24 $ 637 $ 25 Total segment assets at end of period $ - $ - $ - $ - Reconciliations: Total segment revenues $ 45,772 $ 25,095 $ 86,223 $ 49,864 Elimination of intersegment revenues (93) (105) (215) (163) Total consolidated revenues $ 45,679 $ 24,990 $ 86,008 $ 49,701 Segment operating income (loss) $ (1,101) $ 5,746 $ (115) $ 12,969 Interest expense , net (9,270) (2,950) (17,058) (6,326) Transaction costs (1,640) (1,460) (3,132) (2,045) Gain on purchase of Copper Beech 6,393 - 28,035 - Gain on sale of land and unconsolidated joint ventures - - 7,748 - Corporate depreciation and amortization (323) (255) (640) (464) Net unallocated expenses related to corporate overhead(1) (10,516) (3,161) (18,631) (6,361) Write off of other assets (597) - (1,366) - Other income (expense) 4 104 (51) 170 Loss from continuing operations, before income tax benefit $ (17,050) $ (1,976) $ (5,210) $ (2,057) Total segment assets $ 1,584,128 $ 1,229,490 $ 1,584,128 $ 1,229,490 Unallocated corporate assets and eliminations 6,202 43,146 6,202 43,146 Total assets at end of period $ 1,590,330 $ 1,272,636 $ 1,590,330 $ 1,272,636 (1) The net unallocated expenses related to corporate overhead primarily consists of $10.4 million and $18.5 million of general and administrative costs for the three and six months ended June 30, 2015 respectively. For the three and six months ended June 30, 2015, these amounts include $2.4 million of costs associated with the ongoing strategic repositioning and restructuring initiatives.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2015 $ 1,460 2016 2,469 2017 2,143 2018 1,513 2019 1,327 Thereafter 26,821 (1) Total future minimum lease payments $ 35,733 (1) The Company’s lease obligations average $ 1.2 2023 0.4 2081

Organization and Description 42

Organization and Description of Business (Details) - Jun. 30, 2015		Number		Total
Organization And Description Of Business [Line Items]
Properties in Operation		44
Total Portfolio [Member]
Organization And Description Of Business [Line Items]
Properties in Operation	[1]	82
Wholly owned Grove properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation		36
Joint Venture Grove properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation		8
Joint Venture evo properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation		3
Wholly Owned Copper Beech Properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation		30		30
Joint Venture Owned Copper Beech Properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation		5	[2]	5
Copper Beech Properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation		35
[1]	The Company’s 100% owned redevelopment property in Toledo, Ohio, which was acquired in March 2013 is excluded. As of December 31, 2014 and June 30, 2015, this property was classified as held for sale.
[2]	The Company holds a 48% ownership interest in 5 unconsolidated properties. See Note 6 for additional information.

Organization and Description 43

Organization and Description of Business (Details Textual) - 6 months ended Jun. 30, 2015	Number		Total
Organization And Description Of Business [Line Items]
Real Estate Investment Trust ,Percentage Of Distribute Of Income, Minimum	90.00%
Properties in Operation	44
Trs Subsidiary [Member]
Organization And Description Of Business [Line Items]
Equity Method Investment, Ownership Percentage			100.00%
Property One [Member]
Organization And Description Of Business [Line Items]
Equity Method Investment, Ownership Percentage			48.00%
Joint Venture Owned Copper Beech Properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation	5	[1]	5
Wholly Owned Copper Beech Properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation	30		30
Equity Method Investment, Ownership Percentage			100.00%
Grove Properties [Member]
Organization And Description Of Business [Line Items]
Properties in Operation			44
[1]	The Company holds a 48% ownership interest in 5 unconsolidated properties. See Note 6 for additional information.

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2015
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 Accoun45

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Balance at beginning of period	$ (459)
Bad debt expense	(1,781)	$ (844)
Write offs	12
Balance at end of period	$ (2,223)

Summary of Significant Accoun46

Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Jul. 21, 2015	Jul. 31, 2013	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Interest Costs Capitalized					$ 2,400,000		$ 4,300,000
Real Estate Property, Capitalized Of Indirect Costs					3,600,000		6,900,000
Business Interruption Insurance Recovery				$ 100,000	500,000	$ 0.1	1,100,000
Marketing and Advertising Expense				600,000	400,000	1,000,000	700,000
Proceeds from Insurance Settlement, Investing Activities		$ 2,500,000				474,000	590,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total				98,000	1,216,000	(553,000)	224,000
Insurance Settlements Receivable				6,700,000		6,700,000		$ 5,500,000
Deferred Finance Costs, Net				12,500,000		$ 12,500,000		11,700,000
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 for Grove and evo properties and 12 months for Copper Beech properties.
Finite-Lived Intangible Assets, Accumulated Amortization				5,900,000		$ 5,900,000		4,800,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total				(16,016,000)	$ (2,247,000)	(6,784,000)	$ (5,218,000)	177,700,000
Retained Earnings (Accumulated Deficit), Total				(301,776,000)		(301,776,000)		(301,566,000)
Other Assets				32,823,000		32,823,000		35,742,000
Costs for billing of contracts total				600,000		600,000		49,300,000
Cash Collateral for Borrowed Securities				7,000,000		7,000,000
Subsequent Event [Member]
Proceeds from Insurance Settlement, Investing Activities	$ 4,300,000		$ 4,300,000
Scenario, Previously Reported [Member]
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total								174,900,000
Retained Earnings (Accumulated Deficit), Total								298,800,000
Restatement Adjustment [Member]
Impairment of Long-Lived Assets Held-for-use								900,000
Pre development Costs								$ 900,000
Copper Beech Trademark [Member]
Finite-Lived Intangible Assets, Net				4,100,000		4,100,000
Second Copper Beech [Member]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year				900,000		900,000
Leases, Acquired-in-Place [Member]
Amortization of Intangible Assets				14,900,000		23,500,000
Finite-Lived Intangible Assets, Accumulated Amortization				23,500,000		23,500,000
Finite-Lived Intangible Assets, Gross				28,800,000		28,800,000
Finite-Lived Intangible Assets, Net				5,300,000		5,300,000
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year				$ 5,300,000		$ 5,300,000
Copper Beech [Member]
Equity Method Investment, Ownership Percentage				100.00%		100.00%		67.00%	48.00%
CSH Montreal [Member]
Equity Method Investment, Ownership Percentage				47.00%		47.00%
CSH Montreal [Member] | Restatement Adjustment [Member]
Other Assets								$ 1,900,000
Trs Subsidiary [Member]
Equity Method Investment, Ownership Percentage				100.00%		100.00%

Student Housing Properties (Det

Student Housing Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Land	$ 119,236	$ 76,043
Buildings and improvements	1,333,421	781,739
Furniture, fixtures and equipment	101,125	78,180
Student housing properties	1,553,782	935,962
Less: accumulated depreciation	(150,912)	(128,121)
Investment in real estate, net	$ 1,402,870	$ 807,841

Student Housing Properties (D48

Student Housing Properties (Details Textual) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2013USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jul. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Proceeds from Insurance Settlement, Investing Activities	$ 2,500	$ 474	$ 590
Number of Real Estate Properties		30
Insurance Settlements Receivable		$ 6,700			$ 5,500
Write Off of Insurance Settlement Receivable	300
Scenario, Forecast [Member]
Insurance Settlements Receivable				$ 4,300
Grove At Pullman [Member]
Insurance Settlements Receivable	$ 6,800

Strategic Repositioning Initi49

Strategic Repositioning Initiatives (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Severance Costs [Line Items]
Balance at December 31, 2014	$ 5,743
New charges	184
Cash payments	(3,476)
Balance at June 30, 2015	$ 2,451

Strategic Repositioning Initi50

Strategic Repositioning Initiatives (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 16, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Strategic Repositioning Initiatives [Line Items]
Severance Costs		$ 62	$ 0	$ 570	$ 0
Proceeds from Sale of Land Held-for-use	$ 28,300
Proceeds from Divestiture of Interest in Joint Venture				1,900
Restricted Stock [Member]
Strategic Repositioning Initiatives [Line Items]
Severance Costs		$ 0		400
Accounts Payable and Accrued Liabilities [Member]
Strategic Repositioning Initiatives [Line Items]
Severance Costs				2,400
Severance Costs Year One				1,000
Severance Costs Year Two				$ 1,400
Grove at Stillwater, Oklahoma [Member]
Strategic Repositioning Initiatives [Line Items]
Percentage of interest in Joint Venture Sold				10.00%
Proceeds from Divestiture of Interest in Joint Venture				$ 1,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred tax assets:
Solar investment tax credit	$ 2,116	$ 2,116
Net operating losses	2,082	2,284
Other	20	22
Less: valuation allowance	(3,809)	(4,002)
Total deferred tax assets	409	420
Deferred tax liabilities:
Depreciation and amortization	(409)	(420)
Total deferred tax liabilities	(409)	(420)
Net deferred tax assets	$ 0	$ 0

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Unrecognized Tax Benefits, Interest on Income Taxes Expense	$ 0	$ 0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 200,000
Minimum [Member]
Income Taxes [Line Items]
Percentage of REIT Taxable income	90.00%

Business Acquisitions (Details)

Business Acquisitions (Details)	Jun. 30, 2015USD ($)
Assets acquired:
Land	$ 45,003
Buildings	553,866
Furniture, fixtures and equipment	21,393
Intangibles	32,824
Other assets, including cash of $5,802	11,813
Total assets acquired	664,899
Liabilities assumed:
Mortgage, construction loans and other debt	300,706
Other liabilities	12,203
Total liabilities assumed	312,909
Net assets acquired	$ 351,990

Business Acquisitions (Details

Business Acquisitions (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Total revenues	$ 46,145	$ 39,905	$ 95,843	$ 79,783
Net loss	(22,350)	(12,143)	(36,517)	(23,502)
Net loss attributable to common shareholders	$ (20,691)	$ (12,876)	$ (31,854)	$ (25,084)

Business Acquisitions (Detail55

Business Acquisitions (Details Textual) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		5 Months Ended	6 Months Ended		12 Months Ended
	Sep. 23, 2015	Jun. 25, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Apr. 30, 2015	Dec. 31, 2013	Feb. 26, 2013
Business Acquisition [Line Items]
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized						$ 2,800
Business Combination, Separately Recognized Transactions, Net Gains and Losses								$ 33,400
Amortization			$ 1,400			2,300
Noncontrolling Interest in Operating Partnerships				$ 4,600
Cash Acquired from Acquisition						$ 5,802
Acquisition Costs, Period Cost		$ 2,300
Subsequent Event [Member]
Business Acquisition [Line Items]
Acquisition Costs, Period Cost	$ 2,300
Cb Portfolio Acquisition [Member]
Business Acquisition [Line Items]
Our Ownership											48.00%
Cb Portfolio Acquisition [Member] | Purchase and Sale Agreement [Member]
Business Acquisition [Line Items]
Our Ownership											48.00%
Copper Beech [Member]
Business Acquisition [Line Items]
Business Acquisitions Costs Of Acquired Entity Purchase Price											$ 230,600
Our Ownership			100.00%		100.00%	100.00%		67.00%		48.00%
Business Combination, Contingent Consideration Arrangements, Description						100% interest in 29 student housing properties; ⋅ 100% interest in 2 undeveloped land parcels and 1 corporate office building; ⋅ 48% interest in 5 student housing properties; and ⋅ no ownership interest in 1 student housing property (Copper Beech Kalamazoo – Phase I).
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized						$ 2,800	$ 800
Business Combination, Separately Recognized Transactions, Net Gains and Losses			$ 6,400	$ 21,600		28,000
Amortization						23,500	$ 18,400
First CB Closing [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs						58,900
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized						25,800
Business Combination, Separately Recognized Transactions, Net Gains and Losses						$ 20,900
Limited Partnership Units Of Operating Partnership Units Issued			10.4		10.4	10.4
Limited Partnership Units Of Operating Partnership Units Issued Value			$ 71,300		$ 71,300	$ 71,300
Depreciation					8,200
Amortization					$ 23,500
Second CB Closing [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs						$ 1,400
Limited Partnership Units Of Operating Partnership Units Issued			2		2	2
Limited Partnership Units Of Operating Partnership Units Issued Value			$ 13,000		$ 13,000	$ 13,000
Copper Beech Kalamazoo [Member]
Business Acquisition [Line Items]
Our Ownership			48.00%		48.00%	48.00%
Copper Beech Klondike And Copper Beech Northbrook [Member]
Business Acquisition [Line Items]
Our Ownership		100.00%
Purchase Price Of Interests									$ 4,600
Copper Beech Klondike [Member]
Business Acquisition [Line Items]
Percentage Of Interest To Acquire									15.00%
Copper Beech Northbrook [Member]
Business Acquisition [Line Items]
Percentage Of Interest To Acquire									16.00%

Asset Dispositions and Discon56

Asset Dispositions and Discontinued Operations (Details) - Construction And Development Operations [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	$ 93	$ 1,118
Other assets	13	634
Costs and earnings in excess of construction billings	618	3,887
Total assets	724	5,639
Accounts payable and accrued expenses	57	4,711
Construction billings in excess of cost and earnings	0	481
Total liabilities	57	5,192
Total net assets	$ 667	$ 447

Asset Dispositions and Discon57

Asset Dispositions and Discontinued Operations (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations	$ 0	$ 1,374	$ (1,157)	$ 2,313
Construction And Development Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	10,295	0	17,628
Construction and development service expense	0	(8,921)	(1,157)	(15,315)
Income (loss) from discontinued operations	$ 0	$ 1,374	$ (1,157)	$ 2,313

Asset Dispositions and Discon58

Asset Dispositions and Discontinued Operations (Details Textual) - USD ($) $ in Thousands	Feb. 09, 2015	Mar. 31, 2015	Jan. 30, 2015	Jan. 16, 2015	Jun. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Productive Assets				$ 28,300
Gain (Loss) on Sale of Properties	$ 3,800				$ 3,100
Secured Debt					$ 600,750	$ 300,673
Gains (Losses) on Extinguishment of Debt						4,600
Guarantees [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Secured Debt						$ 3,300
Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Notes Receivable		$ 1,300
Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties			$ 1,000
Equity Method Investment, Ownership Percentage		63.90%	10.00%
Oklahoma [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Notes Receivable			$ 1,900
Lawrence And Kansas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties		$ 1,300

Investment in Unconsolidated 59

Investment in Unconsolidated Entities (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2013
Schedule of Equity Method Investments [Line Items]
Number of Properties, In Operations		16
Net Total Investment		$ 87,730	$ 259,740
Amount Outstanding		$ 487,167
Debt, Weighted Average Interest Rate		4.03%
CB Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		48.00%	48.00%	19.00%
Year Founded		2,013
Number of Properties, In Operations		5
Net Total Investment		$ 45,017
Amount Outstanding	[1]	$ 159,842
Debt, Weighted Average Interest Rate	[2]	5.41%
Debt, Maturity Start Date		Oct. 1, 2015
Debt, Maturity End Date		Oct. 1, 2020
HSRE Campus Crest I LLC [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		63.90%
Year Founded		2,009
Number of Properties, In Operations		1
Net Total Investment		$ 3,862
Amount Outstanding	[1]	$ 11,166
Debt, Weighted Average Interest Rate	[3]	2.69%
Maturity Date		Sep. 30, 2015
HSRE Campus Crest V LLC [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		10.00%
Year Founded		2,011
Number of Properties, In Operations		2
Net Total Investment		$ 0
Amount Outstanding	[1]	$ 36,226
Debt, Weighted Average Interest Rate	[3]	2.89%
Debt, Maturity Start Date	[4]	Jul. 20, 2015
Debt, Maturity End Date	[4]	Sep. 30, 2015
HSRE Campus Crest VI LLC [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		20.00%
Year Founded		2,012
Number of Properties, In Operations		3
Net Total Investment		$ 7,153
Amount Outstanding	[1]	$ 51,206
Debt, Weighted Average Interest Rate	[3]	2.49%
Debt, Maturity Start Date	[4]	Aug. 7, 2015
Debt, Maturity End Date	[4]	Dec. 19, 2015
HSRE Campus Crest IX LLC [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		30.00%
Year Founded		2,013
Number of Properties, In Operations		1
Net Total Investment		$ 19,341
Amount Outstanding	[1]	$ 96,187
Debt, Weighted Average Interest Rate	[3]	2.39%
Maturity Date		Jul. 25, 2016
HSRE Campus Crest X LLC [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		30.00%
Year Founded		2,013
Number of Properties, In Operations		2
Net Total Investment		$ 7,701
Amount Outstanding	[1]	$ 44,692
Debt, Weighted Average Interest Rate	[3]	2.37%
Debt, Maturity Start Date		Sep. 6, 2016
Debt, Maturity End Date		Sep. 30, 2018
CSH Montreal [Member]
Schedule of Equity Method Investments [Line Items]
Our Ownership		47.00%
Year Founded		2,013
Number of Properties, In Operations		2
Net Total Investment		$ 4,656
Amount Outstanding	[1]	$ 87,848
Debt, Weighted Average Interest Rate	[3]	5.68%
Maturity Date		Jan. 13, 2016
[1]	The amount outstanding for debt represents 100% of the debt outstanding at each of the respective joint ventures in which the Company has varying ownership percentages. See Note 17 for a discussion of amounts of the outstanding debt in which the Company guarantees on behalf of certain of these joint ventures.
[2]	Comprised of fixed rate debt.
[3]	Variable interest rates.
[4]	Loans maturing in July and August of 2015 relate to properties that are part of the property swap detailed in Note 18.

Investment in Unconsolidated 60

Investment in Unconsolidated Entities (Details 1) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Assets
Intangible assets		$ 9,315	$ 0
Liabilities and Equity
Carrying value of investment in HSRE and other non-Copper Beech entities		87,730	259,740
HSRE and DCV Holdings [Member]
Assets
Student housing properties, net		489,881	437,108
Development in Process		47	7,429
Other assets		15,909	12,947
Total assets		505,837	457,484
Liabilities and Equity
Mortgage and construction loans		326,435	354,759
Other liabilities		14,065	29,364
Owners' equity		165,337	73,361
Total liabilities and owners' equity		505,837	457,484
Company's share of historical owners' equity		60,102	30,481
Preferred investment	[1]	7,322	7,322
Net difference in carrying value of investment versus net book value of underlying net assets	[2]	(24,711)	3,219
Carrying value of investment in HSRE and other non-Copper Beech entities		42,713	41,022
Copper Beech [Member]
Assets
Student housing properties, net		256,895	906,614
Intangible assets		1,866	7,212
Other assets		13,675	14,293
Total assets		272,436	928,119
Liabilities and Equity
Mortgage and construction loans		167,930	476,985
Other liabilities		3,080	15,541
Owners' equity		101,426	435,593
Total liabilities and owners' equity		272,436	928,119
Company's share of historical owners' equity		48,684	199,281
Net difference in carrying value of investment versus net book value of underlying net assets	[3]	(3,667)	19,437
Carrying value of investment in HSRE and other non-Copper Beech entities		$ 45,017	$ 218,718
[1]	As of June 30, 2015, 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 $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.
[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, 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 entities, and the elimination of service related revenue to the extent of the Company’s 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 during the year ended December 31, 2014 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 61

Investment in Unconsolidated Entities (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
HSRE and DCV Holdings [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	$ 9,448	$ 6,422	$ 18,503	$ 12,878
Expenses:
Operating expenses	5,791	3,734	12,759	7,195
Interest expense	3,254	1,189	6,148	2,240
Depreciation and amortization	3,870	1,835	7,726	3,865
Other expense	49	0	65	46
Total expenses	12,964	6,758	26,698	13,346
Net loss	(3,516)	(336)	(8,195)	(468)
Copper Beech [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	6,576	19,028	12,803	38,293
Expenses:
Operating expenses	2,376	7,271	4,396	14,571
Interest expense	2,214	3,012	4,127	5,952
Depreciation and amortization	1,127	9,859	2,168	19,636
Other expense	108	287	301	626
Total expenses	5,825	20,429	10,992	40,785
Net loss	$ 751	$ (1,401)	$ 1,811	$ (2,492)

Investment in Unconsolidated 62

Investment in Unconsolidated Entities (Details Textual) $ in Thousands, CAD in Millions

1 Months Ended

6 Months Ended

Sep. 30, 2013USD ($)

Feb. 28, 2013USD ($)

Jun. 30, 2015USD ($)Number

Jun. 30, 2015CAD

Aug. 11, 2015USD ($)

Jun. 30, 2015CADNumber

Jan. 31, 2015

Jan. 30, 2015Number

Dec. 31, 2014USD ($)

Aug. 18, 2014Number

Jun. 30, 2014Number

Jan. 31, 2014

Schedule of Equity Method Investments [Line Items]

Preferred Stock, Value, Issued

$ 61

$ 61

Consideration Paid for Amendment of Agreement

$ 4,000

Payments to Acquire Productive Assets

$ 230,600

Repayments of Debt

$ 106,700

35 Student Housing Properties [Member]

Schedule of Equity Method Investments [Line Items]

Percentage Of Ownership

48.00%

Subsequent Event [Member]

Schedule of Equity Method Investments [Line Items]

Cash Funded Obligation

$ 1,000

Maximum [Member] | HSRE-Campus Crest I, LLC Operating Agreement [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

63.90%

Minimum [Member] | HSRE-Campus Crest I, LLC Operating Agreement [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

49.90%

Copper Beech [Member]

Schedule of Equity Method Investments [Line Items]

Number of joint venture properties | Number

5

5

28

Canadian Dealer Offered Rate [Member]

Schedule of Equity Method Investments [Line Items]

Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum

2.85%

2.85%

Debt Instrument, Basis Spread on Variable Rate

3.39%

3.39%

Debt Instrument Canadian Dealer Offered Rate

1.29%

1.29%

The Grove at Greensboro [Member]

Schedule of Equity Method Investments [Line Items]

Preferred Stock, Value, Issued

$ 2,700

The Grove at Louisville [Member]

Schedule of Equity Method Investments [Line Items]

Preferred Stock, Value, Issued

2,700

Kentucky [Member]

Schedule of Equity Method Investments [Line Items]

Preferred Stock, Value, Issued

$ 1,900

Preferred Class B [Member]

Schedule of Equity Method Investments [Line Items]

Return On Investment Of Properties

9.00%

9.00%

Preferred Class A [Member]

Schedule of Equity Method Investments [Line Items]

Preferred Stock, Value, Issued

$ 12,800

CAD 16

HSRE and DCV Holdings [Member]

Schedule of Equity Method Investments [Line Items]

Number of joint venture properties | Number

11

11

14

HIM Holdings LP [Member]

Schedule of Equity Method Investments [Line Items]

Payments to Acquire Assets, Investing Activities

$ 52,000

CAD 65

HIM Holdings LP [Member] | Maximum [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

47.00%

47.00%

HIM Holdings LP [Member] | Minimum [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

20.00%

CSH Montreal [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

60.50%

60.50%

Payments to Acquire Assets, Investing Activities

$ 89,600

CAD 112

Return On Investment Of Properties

39.50%

39.50%

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures

$ 1,600

CAD 2

Cash Funded Obligation

1,100

CAD 1.4

CSH Montreal [Member] | Subsequent Event [Member]

Schedule of Equity Method Investments [Line Items]

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures

$ 800

CSH Montreal [Member] | Maximum [Member]

Schedule of Equity Method Investments [Line Items]

Debt Instrument, Basis Spread on Variable Rate

3.39%

3.39%

CSH Montreal [Member] | Minimum [Member]

Schedule of Equity Method Investments [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.00%

1.00%

Cb Portfolio [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

19.00%

48.00%

48.00%

48.00%

Number of joint venture properties | Number

28

28

35

28

Beaumont and Partners [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

53.00%

Cb Investors [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

48.00%

Percentage of Ownership Interest Transferred

48.00%

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Fixed-rate mortgage loans	[1],[2]	$ 421,113	$ 163,341
Variable-rate mortgage loans	[2]	16,484	16,613
Construction loans	[1],[2]	163,153	120,719
Total mortgage and construction loans		600,750	300,673
Line of credit	[1]	263,500	217,500
Exchangeable senior notes	[2]	97,757	97,419
Other debt	[2]	6,423	2,827
Total lines of credit and other debt		367,680	317,746
Total outstanding debt		$ 968,430	$ 618,419
[1]	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing.
[2]	See Note 9 where total debt agrees to the face of the financial statements. This schedule will not agree to the financial statements because the $263.5 million line of credit is not fair valued.

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Carrying Value		$ 600,750	$ 300,673
The Grove at Muncie [Member]
Debt Instrument [Line Items]
Face Amount		14,567
Carrying Value		$ 13,892	13,892
Stated Interest Rate		LIBOR + 225 BPS
Interest Rate		2.43%
Maturity Date	[1]	Jul. 3, 2016
Mortgage Notes Payable Amortization Terms		Interest only
The Grove at Slippery Rock [Member]
Debt Instrument [Line Items]
Face Amount		$ 17,961
Carrying Value		$ 17,738	16,031
Stated Interest Rate		LIBOR + 215 BPS
Interest Rate		2.33%
Maturity Date	[1]	Jun. 21, 2016
Mortgage Notes Payable Amortization Terms		Interest only
The Grove at Fort Collins [Member]
Debt Instrument [Line Items]
Face Amount		$ 19,073
Carrying Value		$ 19,073	19,073
Stated Interest Rate		LIBOR + 190 BPS
Interest Rate		2.08%
Maturity Date	[1]	Jul. 13, 2016
Mortgage Notes Payable Amortization Terms		Interest only
The Grove at Pullman [Member]
Debt Instrument [Line Items]
Face Amount		$ 16,016
Carrying Value		$ 10,886	10,886
Stated Interest Rate		LIBOR + 220 BPS
Interest Rate		2.38%
Maturity Date	[1]	Sep. 5, 2016
Mortgage Notes Payable Amortization Terms		Interest only
The Grove at Grand Forks [Member]
Debt Instrument [Line Items]
Face Amount		$ 16,916
Carrying Value		$ 15,414	12,474
Stated Interest Rate		LIBOR + 200 BPS
Interest Rate		2.18%
Maturity Date	[1]	Feb. 5, 2016
Mortgage Notes Payable Amortization Terms		Interest only
The Grove At Gainesville [Member]
Debt Instrument [Line Items]
Face Amount		$ 30,069
Carrying Value		$ 25,616	22,836
Stated Interest Rate		LIBOR + 215 BPS
Interest Rate		2.33%
Maturity Date	[1]	Mar. 13, 2017
Mortgage Notes Payable Amortization Terms		Interest only
Copper Beech At Ames [Member]
Debt Instrument [Line Items]
Face Amount		$ 23,551
Carrying Value		$ 22,051	21,170
Stated Interest Rate		LIBOR + 225 BPS
Interest Rate		2.43%
Maturity Date	[1]	May 2, 2017
Mortgage Notes Payable Amortization Terms		Interest only
Toledo Vivo [Member]
Debt Instrument [Line Items]
Face Amount		$ 9,404
Carrying Value		$ 4,377	4,357
Stated Interest Rate		LIBOR + 215 BPS
Interest Rate		2.33%
Maturity Date	[1]	Nov. 25, 2017
Mortgage Notes Payable Amortization Terms		Interest only
CMU Phase II Mount Pleasant MI [Member]
Debt Instrument [Line Items]
Face Amount		$ 10,130
Carrying Value		$ 9,101	0	[2]
Stated Interest Rate		LIBOR + 250 BPS
Interest Rate		2.68%
Maturity Date	[1]	Feb. 1, 2017
Mortgage Notes Payable Amortization Terms	[3]	30 years
Statesboro GA Phase II [Member]
Debt Instrument [Line Items]
Face Amount		$ 9,703
Carrying Value		$ 9,255	0	[2]
Stated Interest Rate		LIBOR + 250 BPS
Interest Rate		2.68%
Maturity Date	[1]	Nov. 1, 2016
Mortgage Notes Payable Amortization Terms	[3]	30 years
Auburn AL [Member]
Debt Instrument [Line Items]
Face Amount		$ 15,750
Carrying Value		$ 15,750	0	[2]
Stated Interest Rate		LIBOR + 200 BPS
Interest Rate		2.18%
Maturity Date	[1]	Feb. 6, 2017
Mortgage Notes Payable Amortization Terms		Interest only
The Grove At Denton [Member]
Debt Instrument [Line Items]
Face Amount		$ 17,167
Carrying Value		$ 16,484	16,613
Stated Interest Rate		LIBOR + 215 BPS
Interest Rate		2.33%
Maturity Date	[1]	Mar. 1, 2017
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Milledgeville [Member]
Debt Instrument [Line Items]
Face Amount		$ 16,250
Carrying Value		$ 15,531	15,640
Stated Interest Rate		6.12%
Interest Rate		6.12%
Maturity Date	[1]	Oct. 1, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Carrollton and The Grove at Las Cruces [Member]
Debt Instrument [Line Items]
Face Amount		$ 29,790
Carrying Value		$ 28,472	28,674
Stated Interest Rate		6.13%
Interest Rate		6.13%
Maturity Date	[1]	Oct. 11, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Asheville [Member]
Debt Instrument [Line Items]
Face Amount		$ 14,800
Carrying Value		$ 14,201	14,304
Stated Interest Rate		5.77%
Interest Rate		5.77%
Maturity Date	[1]	Apr. 11, 2017
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Ellensburg [Member]
Debt Instrument [Line Items]
Face Amount		$ 16,125
Carrying Value		$ 15,727	15,845
Stated Interest Rate		5.10%
Interest Rate		5.10%
Maturity Date	[1]	Sep. 1, 2018
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Nacogdoches [Member]
Debt Instrument [Line Items]
Face Amount		$ 17,160
Carrying Value		$ 16,729	16,857
Stated Interest Rate		5.01%
Interest Rate		5.01%
Maturity Date	[1]	Sep. 1, 2018
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Greeley [Member]
Debt Instrument [Line Items]
Face Amount		$ 15,233
Carrying Value		$ 14,817	14,945
Stated Interest Rate		4.29%
Interest Rate		4.29%
Maturity Date	[1]	Oct. 1, 2018
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Clarksville [Member]
Debt Instrument [Line Items]
Face Amount		$ 16,350
Carrying Value		$ 16,097	16,238
Stated Interest Rate		4.03%
Interest Rate		4.03%
Maturity Date	[1]	Jul. 1, 2022
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Columbia [Member]
Debt Instrument [Line Items]
Face Amount		$ 23,775
Carrying Value		$ 22,509	22,738
Stated Interest Rate		3.83%
Interest Rate		3.83%
Maturity Date	[1]	Jul. 1, 2020
Mortgage Notes Payable Amortization Terms	[4]	30 years
The Grove at Statesboro [Member]
Debt Instrument [Line Items]
Face Amount		$ 18,100
Carrying Value		$ 17,971	18,100
Stated Interest Rate		4.01%
Interest Rate		4.01%
Maturity Date	[1]	Jan. 1, 2023
Mortgage Notes Payable Amortization Terms	[4]	30 years
Copper Beech I State College [Member]
Debt Instrument [Line Items]
Face Amount		$ 5,250
Carrying Value		$ 5,062	0	[2]
Stated Interest Rate		5.61%
Interest Rate		5.61%
Maturity Date	[1]	Feb. 11, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
Copper Beech II State College [Member]
Debt Instrument [Line Items]
Face Amount		$ 8,805
Carrying Value		$ 9,355	0	[2]
Stated Interest Rate		5.97%
Interest Rate		5.97%
Maturity Date	[1]	Aug. 1, 2019
Mortgage Notes Payable Amortization Terms	[4]	30 years
Oakwood State College [Member]
Debt Instrument [Line Items]
Face Amount		$ 5,750
Carrying Value		$ 6,070	0	[2]
Stated Interest Rate		4.99%
Interest Rate		4.99%
Maturity Date	[1]	Oct. 1, 2020
Mortgage Notes Payable Amortization Terms	[4]	30 years
IUP Phase I Indiana [Member]
Debt Instrument [Line Items]
Face Amount		$ 6,500
Carrying Value		$ 6,500	0	[2]
Stated Interest Rate		2.15%
Interest Rate		2.15%
Maturity Date	[1]	Jun. 2, 2017
Mortgage Notes Payable Amortization Terms		Interest only
IUP Phase II Indiana [Member]
Debt Instrument [Line Items]
Face Amount		$ 6,250
Carrying Value		$ 5,937	0	[2]
Stated Interest Rate		5.90%
Interest Rate		5.90%
Maturity Date	[1]	Oct. 1, 2015
Mortgage Notes Payable Amortization Terms	[4]	30 years
Radford [Member]
Debt Instrument [Line Items]
Face Amount		$ 12,400
Carrying Value		$ 12,464	0	[2]
Stated Interest Rate		5.99%
Interest Rate		5.99%
Maturity Date	[1]	Nov. 6, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
Bloomington [Member]
Debt Instrument [Line Items]
Face Amount		$ 10,860
Carrying Value		$ 8,466	0	[2]
Stated Interest Rate		6.22%
Interest Rate		6.22%
Maturity Date	[1]	Oct. 1, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
CMU Phase I Mount Pleasant MI [Member]
Debt Instrument [Line Items]
Face Amount		$ 20,000
Carrying Value		$ 18,183	0	[2]
Stated Interest Rate		5.47%
Interest Rate		5.47%
Maturity Date	[1]	Oct. 1, 2015
Mortgage Notes Payable Amortization Terms	[4]	30 years
Bowling Green Phase I [Member]
Debt Instrument [Line Items]
Face Amount		$ 13,000
Carrying Value		$ 12,227	0	[2]
Stated Interest Rate		5.63%
Interest Rate		5.63%
Maturity Date	[1]	Oct. 1, 2015
Mortgage Notes Payable Amortization Terms	[4]	30 years
Allendale Phase I [Member]
Debt Instrument [Line Items]
Face Amount		$ 23,780
Carrying Value		$ 23,803	0	[2]
Stated Interest Rate		5.98%
Interest Rate		5.98%
Maturity Date	[1]	Oct. 1, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
Allendale Phase II [Member]
Debt Instrument [Line Items]
Face Amount		$ 11,896
Carrying Value		$ 12,473	0	[2]
Stated Interest Rate		6.27%
Interest Rate		6.27%
Maturity Date	[1]	Sep. 6, 2017
Mortgage Notes Payable Amortization Terms	[4]	30 years
Columbia MO [Member]
Debt Instrument [Line Items]
Face Amount		$ 24,516
Carrying Value		$ 24,669	0	[2]
Stated Interest Rate		6.22%
Interest Rate		6.22%
Maturity Date	[1]	Oct. 1, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
Statesboro GA Phase I [Member]
Debt Instrument [Line Items]
Face Amount		$ 31,000
Carrying Value		$ 32,102	0	[2]
Stated Interest Rate		5.81%
Interest Rate		5.81%
Maturity Date	[1]	Oct. 6, 2017
Mortgage Notes Payable Amortization Terms	[4]	30 years
Columbia SC Phase I [Member]
Debt Instrument [Line Items]
Face Amount		$ 36,936
Carrying Value		$ 38,545	0	[2]
Stated Interest Rate		6.27%
Interest Rate		6.27%
Maturity Date	[1]	Sep. 6, 2017
Mortgage Notes Payable Amortization Terms	[4]	30 years
Columbia SC Phase II [Member]
Debt Instrument [Line Items]
Face Amount		$ 6,300
Carrying Value		$ 6,557	0	[2]
Stated Interest Rate		5.41%
Interest Rate		5.41%
Maturity Date	[1]	Aug. 1, 2020
Mortgage Notes Payable Amortization Terms	[4]	30 years
IUP Buy - Indiana [Member]
Debt Instrument [Line Items]
Face Amount		$ 2,453
Carrying Value		$ 2,414	0	[2]
Stated Interest Rate		5.45%
Interest Rate		5.45%
Maturity Date	[1]	Jun. 6, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
San Marcos, TX Phase I [Member]
Debt Instrument [Line Items]
Face Amount		$ 34,786
Carrying Value		$ 34,232	$ 0	[2]
Stated Interest Rate		5.45%
Interest Rate		5.45%
Maturity Date	[1]	Jun. 6, 2016
Mortgage Notes Payable Amortization Terms	[4]	30 years
[1]	For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, some of which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. For the loans that will mature during 2015, the Company is actively pursuing an extension or refinancing of those loans.
[2]	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in 28 of the Copper Beech properties. Accordingly, these balances were not recognized by the Company as of December 31, 2014. As part of recording the mortgage loans from the First CB Closing at fair value, the outstanding amount, after giving effect for each loan’s respective provisional fair value adjustment, could result in an outstanding balance greater than the face amount of the mortgage loan. These fair value adjustments are amortized to interest expense over the term of the respective mortgage loans. As of April 30, 2015 (the "Second CB Closing"), the Company completed the acquisition of the Sellers’ interests in two of the properties in the Copper Beech Portfolio in which the Company previously held a 48% interest – Copper Beech San Marcos Phase 1 and Copper Beech IUP Buy (See Note 6).
[3]	Loan required interest only payments until the loan was extended in March of 2015. Thereafter, principal and interest, plus certain reserves, are payable monthly until maturity.
[4]	Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due.

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 85,620
2,016	179,899
2,017	456,440
2,018	164,684
2,019	9,470
Thereafter	63,556
Total outstanding debt	968,430	$ 618,419
Convertible note discount	(2,243)
Copper Beech debt fair value adjustment	11,004
Outstanding as of June 30, 2015, net of discount and fair value adjustment	$ 968,430

Debt (Details Textual)

Debt (Details Textual) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
		Jan. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	May. 21, 2015	Jan. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
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					$ 46,000,000	$ 91,500,000
Long-Term Line Of Credit	[1]		$ 263,500,000		$ 263,500,000				$ 217,500,000
Debt Instrument, Covenant Description					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 $0.09 on a trailing twelve month basis.
Amortization			1,400,000		$ 2,300,000
Other Long-Term Debt	[2]		$ 6,423,000		6,423,000				$ 2,827,000
Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Increase, Additional Borrowings					2,200,000
Debt instrument Operating Partnership issued					$ 100,000,000
Debt Instrument, Interest Rate, Effective Percentage			5.53%		5.53%		4.75%
Debt Instrument Shares Initial Exchange Rate			79.602		79.602
Debt Instrument, Face Amount			$ 1,000		$ 1,000
Debt Instrument, Common stock Percentage Of Exchange Price			$ 12.56		$ 12.56
Amortization of Financing Costs			$ 200,000	$ 200,000	$ 300,000	300,000
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			97,800,000		$ 97,800,000
Additional Paid in Capital, Total			2,200,000		$ 2,200,000
Term Loan [Member]
Debt Instrument [Line Items]
Leverage Ratio For Base Rate Based Borrowings					2.65%
Long-Term Line Of Credit			50,000,000		$ 50,000,000
Copper Beech [Member]
Debt Instrument [Line Items]
Amortization of Financing Costs			800,000	$ 500,000	1,500,000	1,000,000
Amortization					$ 23,500,000	$ 18,400,000
Other Long-Term Debt								$ 3,700,000
Minimum [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Covenant Terms, Leverage Ratio, Maximum					0.65
Line Of Credit Facility Covenant Term, Fixed Charge Coverage Ratio, Minimum					1.30
Debt Instrument, Interest Rate During Period					0.50%
Minimum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Leverage Ratio For Eurodollar Rate Based Borrowings		1.70%
Leverage Ratio For Base Rate Based Borrowings		0.70%
Maximum [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Covenant Terms, Leverage Ratio, Maximum					1
Line Of Credit Facility Covenant Term, Fixed Charge Coverage Ratio, Minimum					1
Debt Instrument, Interest Rate During Period					3.59%
Line of Credit Facility, Commitment Fee Percentage					105.00%
Maximum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Leverage Ratio For Eurodollar Rate Based Borrowings		2.45%
Leverage Ratio For Base Rate Based Borrowings		1.45%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage Ratio For Base Rate Based Borrowings					2.70%
Line of Credit Facility, Current Borrowing Capacity			36,500,000		$ 36,500,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 300,000,000	3,400,000		$ 3,400,000
Line of Credit Facility, Borrowing Capacity, Description					(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.
Future Commitment Line Of Credit Facility Maximum Borrowing Capacity		600,000,000
Description of revolving credit facility , average borrowings, interest rate					(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.
Long-Term Line Of Credit			$ 213,500,000		$ 213,500,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Line Of Credit		250,000,000
Revolving Credit Facility [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 50,000,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Leverage Ratio For Eurodollar Rate Based Borrowings		1.75%
Leverage Ratio For Base Rate Based Borrowings		0.75%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage Ratio For Eurodollar Rate Based Borrowings		2.50%
Leverage Ratio For Base Rate Based Borrowings		1.50%
[1]	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing.
[2]	See Note 9 where total debt agrees to the face of the financial statements. This schedule will not agree to the financial statements because the $263.5 million line of credit is not fair valued.

Derivative Instruments and He67

Derivative Instruments and Hedging Activities (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Interest Rate Cap One [Member]
Derivatives, Fair Value [Line Items]
Derivative, Maturity Date	Jan. 22, 2016
Derivative Liability, Notional Amount	$ 100
Derivative, Cap Interest Rate	2.50%
Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Derivative, Maturity Date	Jul. 22, 2015
Derivative Liability, Notional Amount	$ 275
Derivative, Cap Interest Rate	2.50%

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed-rate mortgage loans	[1],[2]	$ 421,113	$ 163,341
Variable-rate mortgage loans	[2]	16,484	16,613
Construction loans	[1],[2]	163,153	120,719
Exchangeable Senior Notes	[2]	97,757	97,419
Other Debt	[2]	6,423	2,827
Fair Value, Inputs, Level 1 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed-rate mortgage loans		0	0
Variable-rate mortgage loans		0	0
Construction loans		0	0
Exchangeable Senior Notes		0	0
Other Debt		0	0
Fair Value, Inputs, Level 2 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed-rate mortgage loans		414,788	164,808
Variable-rate mortgage loans		16,365	16,467
Construction loans		162,214	119,952
Exchangeable Senior Notes		101,752	101,793
Other Debt		6,561	3,014
Fair Value, Inputs, Level 3 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed-rate mortgage loans		0	0
Variable-rate mortgage loans		0	0
Construction loans		0	0
Exchangeable Senior Notes		0	0
Other Debt		$ 0	$ 0
[1]	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing.
[2]	See Note 9 where total debt agrees to the face of the financial statements. This schedule will not agree to the financial statements because the $263.5 million line of credit is not fair valued.

Fair Value Disclosures (Detai69

Fair Value Disclosures (Details 1) $ in Thousands	Dec. 31, 2014USD ($)
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 [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 [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 [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 [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 (Detai70

Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2014	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt, Weighted Average Interest Rate		3.65%	4.05%
Equity Method Investments		$ 259,740	$ 87,730
Long-Term Line Of Credit	[1]	217,500	$ 263,500
Harrison Street Real Estate Capital [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity Method Investments		$ 15,100
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
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
CSH Montreal [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity Method Investments		$ 6,900
CSH Montreal [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%
[1]	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in most of the Copper Beech properties. This acquisition represents $259.1 million of the increase in the fixed-rate mortgage loans, $34.1 million of the increase in the construction loans and $3.7 million of the increase in other debt related to Copper Beech letters of credit. During January 2015, the Company drew $46.0 million on its line of credit to fund the First CB Closing.

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Line Items]
(Loss) income from continuing operations		$ (17,050)	$ (1,766)	$ (5,210)	$ (1,657)
Preferred stock dividends		(3,050)	(3,050)	(6,100)	(6,100)
(Loss) income from continuing operations attributable to noncontrolling interests		(4,000)	22	(6,166)	13
Loss from continuing operations attributable to common stockholders		(16,100)	(4,838)	(5,144)	(7,770)
(Loss) income from discontinued operations		0	1,374	(1,157)	2,313
Income (loss) from discontinued operations attributable to noncontrolling interests		0	(10)	9	(16)
(Loss) income from discontinued operations attributable to common stockholders		0	1,384	(1,166)	2,329
Basic and diluted earnings per share:
Loss from continuing operations attributable to common stockholders		(16,100)	(4,838)	(5,144)	(7,770)
(Loss) income from discontinued operations attributable to common stockholders		0	1,384	(1,166)	2,329
Net loss attributable to common stockholders		(16,100)	(3,454)	(6,310)	(5,441)
Effect of Dilutive Securities
Interest expense on exchangeable debt		1,356		2,712
Diluted:		$ (14,744)	$ (3,454)	$ (3,598)	$ (5,441)
Basic and diluted earnings per share:
Loss from continuing operations attributable to common stockholders		64,741	64,681	64,737	64,588
(Loss) income from discontinued operations attributable to common stockholders		64,741	64,681	64,737	64,588
Net loss attributable to common stockholders		64,741	64,681	64,737	64,588
Effect of Dilutive Securities
Incremental shares from assumed conversion	[1]	18,051	434	18,051	434
Diluted:		82,792	65,115	82,788	65,022
Basic and diluted earnings per share:
Loss from continuing operations attributable to common stockholders		$ (0.25)	$ (0.07)	$ (0.08)	$ (0.12)
Income (loss) from discontinued operations attributable to common stockholders		0	0.02	(0.02)	0.04
Net loss attributable to common stockholders		$ (0.25)	$ (0.05)	$ (0.10)	$ (0.08)
[1]	The effect of the inclusion of all potentially dilutive securities for 2015 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 period ended June 30, 2015, 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 (Details)

Equity (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Common shares at beginning of period	64,742	64,502
Issuance of common shares	112	0
Issuance of restricted shares	56	320
Forfeiture of restricted shares	(134)	(75)
Common shares at end of period	64,776	64,747

Equity (Details 1)

Equity (Details 1) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Changes in shares Of Operating Partnership Units [Line Items]
OP Units at beginning of period	401	434
Issuance of OP Units	12,408	0
OP Units at end of period	12,809	434

Equity (Details Textual)

Equity (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Stockholders Equity [Line Items]
Preferred Stock Dividend Rate Percentage		8.00%	8.00%	8.00%
Operating Partnership Units Outstanding		77.6
Preferred stock, liquidation preference per share		$ 25	$ 25	$ 25
Preferred Stock Redemption Price Per Share		$ 25
Operating Partnership Issued To The Sellers	$ 2	$ 10.4
Parent Company [Member]
Stockholders Equity [Line Items]
Operating Partnership Units Outstanding		64.8
Percentage Of Operating Partnership Units Held		83.50%
Other Partners [Member]
Stockholders Equity [Line Items]
Operating Partnership Units Outstanding		12.8
Percentage Of Operating Partnership Units Held		16.50%
Fair Market Value Of Operating Partnership Units		$ 70.9
Per Unit Fair Market Value Of Operating Partnership Units		$ 5.54
8% Series A Cumulative Redeemable Preferred Stock [Member]
Stockholders Equity [Line Items]
Preferred Stock Dividend Rate Percentage		8.00%
Preferred stock, liquidation preference per share		$ 25
Preferred Stock Dividend Rate Per Dollar Amount		$ 2

Incentive Plans (Details)

Incentive Plans (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2015$ / sharesshares
Incentive Plans [Line Items]
Weighted Average Grant Price, Unvested shares at beginning of period (carry-forward) | $ / shares	$ 11.28
Weighted Average Grant Price, Granted | $ / shares	7.70
Weighted Average Grant Price, Vested | $ / shares	7.60
Weighted Average Grant Price, Forfeited | $ / shares	7.82
Weighted Average Grant Price, Unvested shares at March 31, 2015 | $ / shares	$ 7.71
Restricted Stock [Member]
Incentive Plans [Line Items]
Unvested shares at December 31, 2014	288
Granted	56
Vested	(67)
Forfeited	(43)
Unvested shares at March 31, 2015	234

Incentive Plans (Details Textua

Incentive Plans (Details Textual) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Incentive Plans [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	6.5		6.5
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	5		5		5.1
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 800		$ 800
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 2 months 12 days
Amortization of restricted stock awards and operating partnership units			$ 1,629
Restricted Stock [Member]
Incentive Plans [Line Items]
Allocated Share-based Compensation Expense	600	$ 500	1,600	$ 800
Amortization of restricted stock awards and operating partnership units	$ 400		800
Stock Granted, Value, Share-based Compensation, Net of Forfeitures, Total			$ 400	$ 200

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Aug. 31, 2014	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 31, 2015	Dec. 31, 2014	Dec. 23, 2008
Related Party Transaction [Line Items]
Related Party Amount Paid			$ 100		$ 200
Upfront Payment					100
Related Party Monthly Fees Receivable			300	$ 300	700	$ 600
Operating lease costs			300	500	400	1,100
Long-term Debt, Total			968,430		968,430			$ 618,419
Severance Costs			62	$ 0	570	$ 0
Subsequent Event [Member]
Related Party Transaction [Line Items]
Severance Costs		$ 100
Secured Debt [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount									$ 1,500
Long-term Debt, Total			1,500		$ 1,500
Copper Beach Portfolio [Member]
Related Party Transaction [Line Items]
Business Acquisition, Description of Acquired Entity	The fiscal year for this arrangement runs from August 1 through July 31 and for year beginning August 1, 2014, the Copper Beech entities agreed to purchase 70 flight hours				as of June 30, 2015, one or more entities in which Dr. McWhirter has an ownership interest owned an interest in joint ventures with the Company and the other Sellers, which own 5 of the Copper Beech Portfolio properties
Tax Protection Period					7 years
Minimum Amount Of Debt Of Operating Partnership To Be Transferred To Sellers			100,000		$ 100,000
Business Combination, Consideration Transferred							$ 400
Accounts Payable, Related Parties			1,400		1,400
Cb Investors [Member]
Related Party Transaction [Line Items]
Due to Other Related Parties			$ 2,600		$ 2,600

Segments (Details)

Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Student Housing Operations:
Revenues from external customers		$ 45,679	$ 24,990	$ 86,008	$ 49,701
Operating expenses		60,646	23,229	108,533	45,030
Severance expense		62	0	570	0
Equity in earnings (losses) of unconsolidated entities		790	(891)	(1,359)	(572)
Operating income (loss)		(14,177)	870	(23,884)	4,099
Investment in unconsolidated entities		87,730		87,730			$ 259,740
Total consolidated revenues		212	327	441	430
Interest expense		(9,270)	(2,950)	(17,058)	(6,326)
Gain On Purchase Of Copper Beech		6,393	0	28,035	0
Gain on sale of land and unconsolidated joint ventures		0	0	7,748	0
Other income (expense)		4	104	(51)	170
Income (loss) from continuing operations, before income tax benefit		(17,050)	(1,976)	(5,210)	(2,057)
Total assets at end of period		1,590,330		1,590,330			$ 1,174,042
Grove and evo Operations [Member]
Student Housing Operations:
Revenues from external customers		30,706	24,663	61,607	49,271
Operating expenses		21,422	17,841	43,149	35,341
Income (loss) from wholly-owned student housing operations		9,284	6,822	18,458	13,930
Severance expense		(62)	0	(570)	0
Equity in earnings (losses) of unconsolidated entities		(1,069)	168	(2,441)	419
Operating income (loss)		8,153	6,990	15,447	14,349
Depreciation and amortization		7,520	6,974	15,237	13,744
Capital expenditures		12,812	51,087	14,188	81,305
Investment in unconsolidated entities			104,714		104,714
Total segment assets at end of period		895,568	963,666	895,568	963,666
Copper Beech Operations [Member]
Student Housing Operations:
Revenues from external customers		14,761	0	23,960	0
Operating expenses		10,866	0	17,053	0
Intangible amortization of in place leases		14,864	0	23,525	0
Income (loss) from wholly-owned student housing operations		(10,969)	0	(16,618)	0
Equity in earnings (losses) of unconsolidated entities		1,859	(1,059)	1,082	(991)
Operating income (loss)		(9,110)	(1,059)	(15,536)	(991)
Depreciation and amortization		19,569	0	31,103	0
Capital expenditures		700	0	1,038	0
Investment in unconsolidated entities		45,017	265,824	45,017	265,824
Total segment assets at end of period		688,560	265,824	688,560	265,824	$ 688,560
Property Management Services [Member]
Student Housing Operations:
Revenues from external customers		212	327	441	430
Intersegment revenues		93	105	215	163
Total segment revenues		305	432	656	593
Operating expenses		449	617	682	982
Operating income (loss)		(144)	(185)	(26)	(389)
Depreciation and amortization		449	24	637	25
Total segment assets at end of period		0	0	0	0	0
Reconciliations [Member]
Student Housing Operations:
Intersegment revenues		(93)	(105)	(215)	(163)
Total segment revenues		45,772	25,095	86,223	49,864
Total consolidated revenues		45,679	24,990	86,008	49,701
Segment operating income (loss)		(1,101)	5,746	(115)	12,969
Interest expense		(9,270)	(2,950)	(17,058)	(6,326)
Transaction Costs		(1,640)	(1,460)	(3,132)	(2,045)
Gain On Purchase Of Copper Beech		6,393	0	28,035	0
Gain on sale of land and unconsolidated joint ventures		0	0	7,748	0
Corporate depreciation and amortization		(323)	(255)	(640)	(464)
Net unallocated expenses and eliminations	[1]	(10,516)	(3,161)	(18,631)	(6,361)
Write off of other assets		(597)	0	(1,366)	0
Other income (expense)		4	104	(51)	170
Income (loss) from continuing operations, before income tax benefit		(17,050)	(1,976)	(5,210)	(2,057)
Total segment assets at end of period		1,584,128	1,229,490	1,584,128	1,229,490	1,584,128
Unallocated corporate assets and eliminations		6,202	43,146	6,202	43,146	6,202
Total assets at end of period		$ 1,590,330	$ 1,272,636	$ 1,590,330	$ 1,272,636	$ 1,590,330
[1]	The net unallocated expenses related to corporate overhead primarily consists of $10.4 million and $18.5 million of general and administrative costs for the three and six months ended June 30, 2015 respectively. For the three and six months ended June 30, 2015, these amounts include $2.4 million of costs associated with the ongoing strategic repositioning and restructuring initiatives.

Commitments and Contingencies79

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies [Line Items]
2,015	$ 1,460
2,016	2,469
2,017	2,143
2,018	1,513
2,019	1,327
Thereafter	26,821	[1]
Total future minimum lease payments	$ 35,733
[1]	The Company’s lease obligations average $1.2 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 Contingencies80

Commitments and Contingencies (Details Textual) CAD in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015CAD	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Lease Obligations Expiration Year			2,023	2,023
Ground Leases Obligations	$ 0.4		$ 0.4
Ground Leases Obligations Expiration Year			2,081	2,081
Guarantees Investment			$ 6.2
Capital Lease Obligations	1.2		1.2
Operating Leases, Rent Expense, Net	0.3	$ 0.2	0.6		$ 0.4
Guarantees, Fair Value Disclosure	9.4		9.4
Accrued Liabilities and Other Liabilities	5.5		$ 5.5			$ 5.5
HSRE I [Member]
Description For Guarantees One			up to 100% of $11.2 million of debt through September 2015	up to 100% of $11.2 million of debt through September 2015
Held In Escrow Amount			$ 3
Guarantees, Fair Value Disclosure	$ 3.2		3.2
CSH Montreal [Member]
Guarantees Underlying Debt			43.9	CAD 54.3
Line of Credit Facility, Average Outstanding Amount			$ 87.8	CAD 108.6
HSRE V and HSRE VI and HSRE X [Member]
Description For Guarantees Two			up to 25% of $80.5 million of debt maturing from September 2015 through September 2018	up to 25% of $80.5 million of debt maturing from September 2015 through September 2018
HSRE V and HSRE VI [Member]
Description For Guarantees Two			up to 50% of $139.5 million of debt with varying maturity dates from July 2015 through January 2016	up to 50% of $139.5 million of debt with varying maturity dates from July 2015 through January 2016

Subsequent Events (Details Text

Subsequent Events (Details Textual) $ in Thousands, CAD in Millions

Sep. 08, 2015CAD

Aug. 07, 2015USD ($)

Sep. 30, 2015USD ($)

Sep. 24, 2015

Aug. 26, 2015

Aug. 21, 2015USD ($)

Jul. 21, 2015USD ($)

Jun. 15, 2015

Jul. 31, 2013USD ($)

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Dec. 31, 2014USD ($)

Sep. 28, 2015USD ($)

Aug. 11, 2015USD ($)

Aug. 10, 2015USD ($)

Jun. 30, 2015CAD

May. 01, 2015USD ($)

Jan. 31, 2013USD ($)

Indemnity Receivable

$ 4,000

Fair Value Of Guarantees

4,000

Loans Payable

$ 50,000

Restricted Cash and Cash Equivalents

$ 5,000

Repayments of Lines of Credit

619

$ 15,300

Deferred Long-term Liability Charges

$ 300

Description of Unrestricted Cash of Waiver

The waiver defines unrestricted cash as the difference (if positive) of (i) cash and cash equivalents that are not subject to any pledge, lien or control agreement, less (ii) the sum of (a) $15.0 million and (b) amounts that have been placed with third parties as deposits or security for contractual obligations.

Refunded Deposit

$ 700

Proceeds from Insurance Settlement, Investing Activities

$ 2,500

474

$ 590

Capital Lease Obligations

1,200

Capital Leases, Income Statement, Interest Expense

$ 800

CSH Montreal Agreement [Member]

Escrow Deposit

200

CAD 0.2

Expected Additional Fund During Remaining Fiscal Year

1,600

2

Additional Fund

$ 800

Revolving Credit Facility [Member]

Unsecured Debt

$ 250,000

Maximum [Member]

Debt Instrument, Interest Rate During Period

3.59%

San Angelo Sale [Member]

Sale Of Ownership Interest Percentage

100.00%

Langstan Management, LLC [Member]

Refunded Deposit

$ 100

Asset Impairment Charges, Total

$ 2,600

Canon Solution American Inc [Member]

Proceeds from Collection of Lease Receivables

$ 900

Subsequent Event [Member]

Debt Instrument, Debt Default, Description of Notice of Default

The Notice further provided that, pursuant to Section 6.01(b) of the Indenture, the Operating Partnership elected that the sole remedy for the reporting event of default would consist exclusively of the right to receive additional interest on the Exchangeable Senior Notes at a rate equal to (i) 0.25% per annum of the outstanding principal amount of the Exchangeable Senior Notes for the first 90 days of the 180-day period in which such reporting event of default is continuing, beginning on, and including, the date on which such reporting event of default first occurs and (ii) 0.50% per annum of the outstanding principal amount of the Exchangeable Senior Notes for the last 90 days of such 180-day period as long as such reporting event of default is continuing, payable subject to and in accordance with the terms and conditions of the Indenture.

Cash Funded Obligation

$ 1,000

Letter Of Credit Receivable

$ 1,000

Principal Reduction Amount Funded

$ 5,000

Proceeds From Sale of Interest

1,600

Reimbursement of Mortgage Principal Paydown

500

Payments to Acquire Interest in Joint Venture

$ 1,000

Buy out Reimbursement Paymen Upon Installation And Testing Charges

$ 900

Proceeds from Insurance Settlement, Investing Activities

$ 4,300

$ 4,300

Capital Lease Obligations

$ 1,400

Capital Leases, Future Minimum Payments Due, Total

$ 800

Land Purchase Options, Description

The promissory note is (i) due and payable in full on November 15, 2015 and (ii) secured by a pledge of 100% of the membership interests in the Assignee.

Subsequent Event [Member] | CSH Montreal Agreement [Member]

Cash Funded Obligation

$ 1,100

CAD 1.4

Proceeds From Received Funds | CAD

CAD 0.2

Subsequent Event [Member] | CBTC 23 [Member]

Percentage of Principal Repayment Guarantee

10.00%

Subsequent Event [Member] | CBTC 23 [Member] | Maximum [Member]

Indemnity Receivable

$ 4,000

Repayments of Lines of Credit

3,000

Subsequent Event [Member] | San Angelo Sale [Member]

Letter Of Credit Principal Payment

$ 1,000

Subsequent Event [Member] | Senior Notes [Member]

Debt Instrument, Interest Rate During Period

4.75%