| In millions, except per share items | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 | Dec-31-10 | Dec-31-09 | Dec-31-08 |
| | 10-K | 10-K | 10-K | 10-K/A | 10-K | 10-K | 10-K/A |
| Revenues: |
| Reconciliations | 106.9 | 92.3 | 74.9 | 174.6 | | | |
| Student Housing Operations | 105.5 | 91.3 | 74.1 | 51.1 | | | |
| Property Management Services | 1.4 | 1.1 | 0.8 | | | | |
| Development, Construction and Management Services | | | | 123.5 | 35.8 | 79.2 | 125.8 |
| Other | | | | | 51.5 | 27.4 | |
| Total revenues | 106.7 | 92.1 | 74.7 | 86.2 | 87.3 | 106.7 | 34.1 |
| Revenue growth [+] | 15.9% | 23.3% | -13.4% | -1.2% | -18.2% | 212.7% | |
| Reconciliations | 15.8% | 23.3% | -57.1% | | | | |
| Student Housing Operations | 15.6% | 23.2% | 45.0% | | | | |
| Property Management Services | 28.4% | 34.0% | | | | | |
| Development, Construction and Management Services | | | | 245.4% | -54.9% | -37.0% | |
| Cost of goods sold | 5.5 | 5.8 | 3.9 | 1.2 | 25.6 | 24.0 | 19.0 |
| Gross profit | 101.2 | 86.2 | 70.8 | 85.0 | 61.7 | 82.7 | 15.1 |
| Gross margin | 94.8% | 93.7% | 94.8% | 98.6% | 70.7% | 77.5% | 44.3% |
| Selling, general and administrative [+] | 14.3 | 10.7 | 8.8 | 6.7 | 6.8 | 5.6 | 5.4 |
| General and administrative [+] | 14.3 | 10.7 | 8.8 | 6.7 | 6.8 | 5.6 | 5.4 |
| General and administrative expenses | 14.3 | 10.7 | 8.8 | 6.7 | | | |
| Rent expense | 0.5 | 0.2 | 0.2 | 0.2 | | | |
| Equity in earnings | -5.5 | -3.7 | 0.4 | -1.2 | 0.4 | -0.1 | |
| Other operating expenses | 195.0 | 40.3 | 29.0 | 54.6 | | 79.3 | 12.0 |
| EBITDA [+] | -113.6 | 31.6 | 33.3 | 22.5 | 19.9 | 16.1 | 11.2 |
| EBITDA growth | -460.1% | -5.3% | 47.8% | 13.5% | 23.2% | 43.5% | |
| EBITDA margin | -106.4% | 34.3% | 44.6% | 26.2% | 22.7% | 15.1% | 32.9% |
| Depreciation | 27.9 | 23.0 | 19.6 | 15.6 | 18.8 | 18.4 | 13.6 |
| EBITA | -141.5 | 8.6 | 13.7 | 6.9 | 1.0 | -2.3 | -2.3 |
| EBITA margin | -132.6% | 9.3% | 18.4% | 8.0% | 1.2% | -2.1% | -6.9% |
| Amortization of intangibles | 1.5 | 0.7 | 1.1 | 0.9 | | | |
| EBIT [+] | -143.0 | 7.9 | 12.6 | 6.0 | 1.0 | -2.3 | -2.3 |
| EBIT growth | -1922.2% | -37.8% | 109.9% | 498.7% | -144.6% | -3.9% | |
| EBIT margin | -134.0% | 8.5% | 16.9% | 7.0% | 1.2% | -2.1% | -6.9% |
| Interest expense | 16.2 | 13.0 | 11.5 | 6.9 | 23.4 | 15.9 | 14.9 |
| Interest expense | 16.2 | 13.0 | 11.5 | 6.9 | 23.4 | 15.9 | 14.9 |
| Other income (expense), net [+] | 5.6 | 5.1 | 5.8 | 5.0 | 44.6 | 0.9 | -8.8 |
| Other | 0.0 | -1.4 | -6.1 | -0.7 | | | |
| Pre-tax income | -153.6 | 0.0 | 6.9 | 4.2 | 22.3 | -17.2 | -26.1 |
| Income taxes | -0.7 | 0.7 | -0.4 | -0.5 | 0.0 | 0.0 | 0.0 |
| Tax rate | 0.5% | 3304.5% | | | 0.0% | 0.0% | 0.0% |
| Minority interest | -1.2 | 0.0 | 0.0 | 0.1 | -7.5 | -10.5 | -0.9 |
| Earnings from continuing ops | -173.6 | -1.9 | 5.6 | 3.7 | 22.3 | -17.2 | -26.1 |
| Earnings from discontinued ops | -1.4 | -3.0 | 0.7 | 0.1 | | | |
| Net income | -174.9 | -4.9 | 6.3 | 3.7 | 22.3 | -17.2 | -26.1 |
| Net margin | -163.9% | -5.3% | 8.4% | 4.3% | 25.5% | -16.1% | -76.5% |
| |
| Basic EPS [+] | ($2.67) | ($0.03) | $0.16 | $0.12 | | | |
| Growth | 8273.2% | -119.8% | 35.1% | | | | |
| Diluted EPS [+] | ($2.67) | ($0.03) | $0.16 | $0.12 | | | |
| Growth | 8333.8% | -119.9% | 35.3% | | | | |
| |
| Dividends per share [+] | $0.66 | $0.66 | $0.64 | $0.61 | | | |
| Growth | 0.8% | 2.3% | 5.4% | | | | |
| |
| Shares outstanding (basic) [+] | 65.1 | 60.0 | 34.8 | 30.7 | | | |
| Growth | 8.5% | 72.5% | 13.2% | | | | |
| Shares outstanding (diluted) [+] | 65.1 | 60.4 | 35.2 | 31.2 | | | |
| Growth | 7.8% | 71.6% | 13.0% | | | | |
| |
| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |