0001144204-15-053055.txt : 20150831 0001144204-15-053055.hdr.sgml : 20150831 20150831172047 ACCESSION NUMBER: 0001144204-15-053055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150831 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150831 DATE AS OF CHANGE: 20150831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Education Realty Trust, Inc. CENTRAL INDEX KEY: 0001302343 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 201352180 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32417 FILM NUMBER: 151085774 BUSINESS ADDRESS: STREET 1: 999 SOUTH SHADY GROVE ROAD, STREET 2: SUITE 600 CITY: MEMPHIS STATE: TN ZIP: 38120 BUSINESS PHONE: (901) 259-2500 MAIL ADDRESS: STREET 1: 999 SOUTH SHADY GROVE ROAD, STREET 2: SUITE 600 CITY: MEMPHIS STATE: TN ZIP: 38120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDUCATION REALTY OPERATING PARTNERSHIP L P CENTRAL INDEX KEY: 0001351345 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-199988-01 FILM NUMBER: 151085775 BUSINESS ADDRESS: STREET 1: 530 OAK COURT DR SUITE 300 CITY: MEMPHIS STATE: TN ZIP: 38117 BUSINESS PHONE: 901-259-2500 MAIL ADDRESS: STREET 1: 530 OAK COURT DR SUITE 300 CITY: MEMPHIS STATE: TN ZIP: 38117 8-K 1 v419471_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 31, 2015

Education Realty Trust, Inc.

Education Realty Operating Partnership, LP

(Exact Name of Registrant as Specified in Its Charter)

Maryland
Delaware

001-32417
333-199988-01

20-1352180
20-1352332

(State or Other Jurisdiction of
Incorporation)

(Commission File
Number)

(IRS Employer

Identification No.)

999 South Shady Grove Road, Suite 600

Memphis, Tennessee

38120

(Address of Principal Executive Offices)

(Zip Code)

901-259-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On August 31, 2015, in connection with the upcoming expiration of its Shelf Registration Statement on Form S-3 (File No. 333-183790) that was filed with the Securities and Exchange Commission (the “SEC”) on September 7, 2012 (the “Expiring Shelf”), Education Realty Trust, Inc., a Maryland corporation (the “Company”), filed with the SEC the following two prospectus supplements under the Company’s Shelf Registration Statement on Form S-3 (File No. 333-199988) that was filed with the SEC on November 7, 2014 and that became automatically effective upon filing in accordance with Rule 462(e) of the Securities Act of 1933, as amended:

(i)

A prospectus supplement covering the offering of 4,000,000 shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”), pursuant to the Company’s Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Prospectus Supplement”). The DRIP Prospectus Supplement continues an offering previously covered by a prospectus supplement filed under the Expiring Registration Statement.

(ii)

A prospectus supplement covering the offering of the remaining unsold portion of the up to $150,000,000 in shares of Common Stock pursuant to the Company’s existing at-the-market equity distribution program (the “ATM Prospectus Supplement”). The ATM Prospectus Supplement continues an offering previously covered by the Expiring Shelf Registration Statement. In connection with the filing of the ATM Prospectus Supplement, the Company and Education Realty Operating Partnership, LP (the “Operating Partnership”) executed amendments, dated August 31, 2015, to the equity distribution agreements entered into with each of KeyBanc Capital Markets Inc., RBC Capital Markets, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Copies of the amendments to the equity distribution agreements are attached hereto as Exhibits 1.1, 1.2 and 1.3, respectively, and are incorporated herein by reference.

Venable LLP issued its opinions with respect to the legality of the shares covered by the DRIP Prospectus Supplement and the ATM Prospectus Supplement, which opinions are attached hereto as Exhibits 5.1 and 5.2, respectively, and are incorporated herein by reference. Morrison & Foerster LLP issued its opinions with respect to certain U.S. federal tax matters, which opinions are attached hereto as Exhibits 8.1 and 8.2, respectively, and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
1.1		Amendment No. 1 to Equity Distribution Agreement, dated August 31, 2015, by and among Education Realty Trust, Inc., Education Realty Operating Partnership, LP and KeyBanc Capital Markets Inc.
1.2		Amendment No. 1 to Equity Distribution Agreement, dated August 31, 2015, by and among Education Realty Trust, Inc., Education Realty Operating Partnership, LP and RBC Capital Markets, LLC.
1.3		Amendment No. 1 to Equity Distribution Agreement, dated August 31, 2015, by and among Education Realty Trust, Inc., Education Realty Operating Partnership, LP and RBC Capital Markets, LLC.
5.1		Opinion of Venable LLP regarding the legality of the shares (DRIP Prospectus Supplement).
5.2		Opinion of Venable LLP regarding the legality of the shares (ATM Prospectus Supplement).
8.1		Opinion of Morrison & Foerster LLP regarding certain U.S. federal tax matters. (DRIP Prospectus Supplement).
8.2		Opinion of Morrison & Foerster LLP regarding certain U.S. federal tax matters (ATM Prospectus Supplement).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EDUCATION REALTY TRUST, INC.

Date: August 31, 2015	By:	/s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer

	EDUCATION REALTY OPERATING PARTNERSHIP, LP

	By: EDUCATION REALTY OP GP, INC., its general partner

		By: /s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No.		Description
1.1		Amendment No. 1 to Equity Distribution Agreement, dated August 31, 2015, by and among Education Realty Trust, Inc., Education Realty Operating Partnership, LP and KeyBanc Capital Markets Inc.
1.2		Amendment No. 1 to Equity Distribution Agreement, dated August 31, 2015, by and among Education Realty Trust, Inc., Education Realty Operating Partnership, LP and RBC Capital Markets, LLC.
1.3		Amendment No. 1 to Equity Distribution Agreement, dated August 31, 2015, by and among Education Realty Trust, Inc., Education Realty Operating Partnership, LP and RBC Capital Markets, LLC.
5.1		Opinion of Venable LLP regarding the legality of the shares (DRIP Prospectus Supplement).
5.2		Opinion of Venable LLP regarding the legality of the shares (ATM Prospectus Supplement).
8.1		Opinion of Morrison & Foerster LLP regarding certain U.S. federal tax matters. (DRIP Prospectus Supplement).
8.2		Opinion of Morrison & Foerster LLP regarding certain U.S. federal tax matters (ATM Prospectus Supplement).

EX-1.1 2 v419471_ex1-1.htm EXHIBIT 1.1

Exhibit 1.1

EDUCATION REALTY TRUST, INC.

Common Stock

($0.01 par value)

AMENDMENT NO. 1 TO THE

EQUITY DISTRIBUTION AGREEMENT

August 31, 2015

KeyBanc Capital Markets Inc.

127 Public Square, 4^th Floor

Cleveland, Ohio 44114

Ladies and Gentlemen:

Reference is made to the Equity Distribution Agreement dated October 24, 2014 (the “Agreement”) by and among Education Realty Trust, Inc., a Maryland corporation (the “Company”), Education Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and KeyBanc Capital Markets Inc., (collectively, the “Parties”). On November 7, 2014, the Company and the Operating Partnership filed with the Securities and Exchange Commission (the “Commission”) an “automatic shelf registration statement” as defined under Rule 405 under the Securities Act of 1933, as amended (the “Act”), on Form S-3 (File No. 333-199988) (the “New Registration Statement”), in respect of certain of the Company’s and the Operating Partnership’s securities, in anticipation of the expiration of the Company’s automatic shelf registration statement on Form S-3 (File No. 333-183790) (the “Expiring Registration Statement”). The Parties wish to amend the Agreement through this Amendment No. 1 (this “Amendment”) to modify the definition of certain defined terms set forth in the Agreement and used therein with effect on and after August 28, 2015 (the “Effective Date”). The Parties therefore hereby agree as follows:

1. Amendment of the Agreement.

(a) On and after the Effective Date, the references to “Registration Statement” shall refer to the New Registration Statement that became effective automatically upon filing in accordance with Rule 462(e) of the Act, including the exhibits and any schedules thereto, and the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Act.

(b) On and after the Effective Date, the references to: (i) “Basic Prospectus” shall refer to the prospectus dated November 7, 2014 filed as part of the New Registration Statement, as amended, in the form first furnished by the Company to the Manager for use in connection with the offering of the Shares, including the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Act at the Time of Sale; (ii) “Prospectus Supplement” shall refer to the most recent prospectus supplement relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b) of the Act, in the form first furnished by the Company to the Manager for use in connection with the offering of the Shares, including the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Act at the Time of Sale; and (iii) “Prospectus” in the Agreement shall refer to the Basic Prospectus together with the Prospectus Supplement.

KeyBanc Capital Markets Inc.

August 31, 2015

Page Two

(c) Notwithstanding anything to the contrary contained herein, this Amendment shall not have any effect on offerings or sales of Shares prior to the Effective Date or on the terms of the Agreement, and the rights and obligations of the parties thereunder, insofar as they relate to such offerings or sales, including, without limitation, the representations, warranties and agreements (including the indemnification and contribution provisions), as well as the definitions of “Registration Statement,” “Basic Prospectus,” “Prospectus Supplement” and “Prospectus,” contained in the Agreement.

2. Governing Law. THIS AMENDMENT TO THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS PRINCIPLES OF CONFLICTS OF LAW.

3. Counterparts. This Amendment may be executed by any one or more of the parties hereto and thereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. This Amendment may be delivered by any party by facsimile or other electronic transmission.

4. Agreement Remains in Effect. Except as provided herein, all provisions, terms and conditions of the Agreement shall remain in full force and effect. As amended hereby, the Agreement is ratified and confirmed in all respects.

Terms used herein but not otherwise defined are used herein as defined in the Agreement.

KeyBanc Capital Markets Inc.

August 31, 2015

Page Three

If the foregoing is in accordance with your understanding of our agreement, please sign and return the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Company and each of you.

Very truly yours,

EDUCATION REALTY TRUST, INC.

By:	/s/ Edwin B. Brewer, Jr.
	Name:	Edwin B. Brewer, Jr.
	Title:	Executive Vice President and Chief Financial Officer

EDUCATION REALTY OPERATING PARTNERSHIP, LP

By:	Education Realty OP GP, its general partner

By:	/s/ Edwin B. Brewer, Jr.
	Name:	Edwin B. Brewer, Jr.
	Title:	Executive Vice President and Chief Financial Officer

KeyBanc Capital Markets Inc.

August 31, 2015

Page Four

The foregoing Amendment No. 1 to the Agreement is hereby confirmed and accepted as of the date first above written.

KEYBANC CAPITAL MARKETS INC.

By:	/s/ David Gruber
Name:	David Gruber
Title:	Managing Director

EX-1.2 3 v419471_ex1-2.htm EXHIBIT 1.2

Exhibit 1.2

EDUCATION REALTY TRUST, INC.

Common Stock

($0.01 par value)

AMENDMENT NO. 1 TO THE

EQUITY DISTRIBUTION AGREEMENT

August 31, 2015

RBC Capital Markets, LLC

200 Vesey Street, 8^th Floor

New York, New York 10281

Ladies and Gentlemen:

Reference is made to the Equity Distribution Agreement dated October 24, 2014 (the “Agreement”) by and among Education Realty Trust, Inc., a Maryland corporation (the “Company”), Education Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and RBC Capital Markets, LLC, (collectively, the “Parties”). On November 7, 2014, the Company and the Operating Partnership filed with the Securities and Exchange Commission (the “Commission”) an “automatic shelf registration statement” as defined under Rule 405 under the Securities Act of 1933, as amended (the “Act”), on Form S-3 (File No. 333-199988) (the “New Registration Statement”), in respect of certain of the Company’s and the Operating Partnership’s securities, in anticipation of the expiration of the Company’s automatic shelf registration statement on Form S-3 (File No. 333-183790) (the “Expiring Registration Statement”). The Parties wish to amend the Agreement through this Amendment No. 1 (this “Amendment”) to modify the definition of certain defined terms set forth in the Agreement and used therein with effect on and after August 28, 2015 (the “Effective Date”). The Parties therefore hereby agree as follows:

1. Amendment of the Agreement.

RBC Capital Markets, LLC

August 31, 2015

Page Two

2. Governing Law. THIS AMENDMENT TO THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS PRINCIPLES OF CONFLICTS OF LAW.

Terms used herein but not otherwise defined are used herein as defined in the Agreement.

RBC Capital Markets, LLC

August 31, 2015

Page Three

	Very truly yours,

	EDUCATION REALTY TRUST, INC.

By:	/s/ Edwin B. Brewer, Jr.
	Name:	Edwin B. Brewer Jr.
	Title:	Executive Vice President and Chief Financial Officer

EDUCATION REALTY OPERATING PARTNERSHIP, LP

By:	Education Realty OP GP, its general partner

By:	/s/ Edwin B. Brewer, Jr.
	Name:	Edwin B. Brewer, Jr.
	Title:	Executive Vice President and Chief Financial Officer

RBC Capital Markets, LLC

August 31, 2015

Page Four

The foregoing Amendment No. 1 to the Agreement is hereby confirmed and accepted as of the date first above written.

RBC CAPITAL MARKETS, LLC

By:		/s/ Scott Merkle
Name:		Scott Merkle
Title:		Managing Director

EX-1.3 4 v419471_ex1-3.htm EXHIBIT 1.3

Exhibit 1.3

EDUCATION REALTY TRUST, INC.

Common Stock

($0.01 par value)

AMENDMENT NO. 1 TO THE

EQUITY DISTRIBUTION AGREEMENT

August 31, 2015

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

One Bryant Park

New York, New York 10036

Ladies and Gentlemen:

Reference is made to the Equity Distribution Agreement dated October 24, 2014 (the “Agreement”) by and among Education Realty Trust, Inc., a Maryland corporation (the “Company”), Education Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, (collectively, the “Parties”). On November 7, 2014, the Company and the Operating Partnership filed with the Securities and Exchange Commission (the “Commission”) an “automatic shelf registration statement” as defined under Rule 405 under the Securities Act of 1933, as amended (the “Act”), on Form S-3 (File No. 333-199988) (the “New Registration Statement”), in respect of certain of the Company’s and the Operating Partnership’s securities, in anticipation of the expiration of the Company’s automatic shelf registration statement on Form S-3 (File No. 333-183790) (the “Expiring Registration Statement”). The Parties wish to amend the Agreement through this Amendment No. 1 (this “Amendment”) to modify the definition of certain defined terms set forth in the Agreement and used therein with effect on and after August 28, 2015 (the “Effective Date”). The Parties therefore hereby agree as follows:

1. Amendment of the Agreement.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

August 31, 2015

Page Two

2. Governing Law. THIS AMENDMENT TO THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS PRINCIPLES OF CONFLICTS OF LAW.

Terms used herein but not otherwise defined are used herein as defined in the Agreement.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

August 31, 2015

Page Three

	Very truly yours,

	EDUCATION REALTY TRUST, INC.

By:	/s/ Edwin B. Brewer, Jr.
	Name:	Edwin B. Brewer, Jr.
	Title:	Executive Vice President and Chief Financial Officer

EDUCATION REALTY OPERATING PARTNERSHIP, LP

By:	Education Realty OP GP, its general partner

By:	/s/ Edwin B. Brewer, Jr.
	Name:	Edwin B. Brewer Jr.
	Title:	Executive Vice President and Chief Financial Officer

Merrill Lynch, Pierce, Fenner & Smith Incorporated

August 31, 2015

Page Four

The foregoing Amendment No. 1 to the Agreement is hereby confirmed and accepted as of the date first above written.

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:	/s/ Chris Porter
Name:	Chris Porter
Title:	Managing Director

EX-5.1 5 v419471_ex5-1.htm EXHIBIT 5.1

Exhibit 5.1

August 31, 2015

Education Realty Trust, Inc.

Suite 600

999 South Shady Grove Road

Memphis, Tennessee 38120

Re: Registration Statement on Form S-3

Ladies and Gentlemen:

We have served as Maryland counsel to Education Realty Trust, Inc., a Maryland corporation (the “Company”), in connection with certain matters of Maryland law arising out of the registration of up to 4,000,000 shares (the “Shares”) of Common Stock, $.01 par value per share, of the Company (the “Common Stock”) to be issued from time to time pursuant to the Company’s Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”). The Shares are covered by the above-referenced Registration Statement, and all amendments thereto (the “Registration Statement”), filed by the Company with the United States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933 Act”).

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the “Documents”):

1. The Registration Statement;

2. The Prospectus, dated September 7, 2014, as supplemented by a Prospectus Supplement, dated August 31, 2015 (the “Prospectus Supplement”), filed with the Commission pursuant to Rule 424(b) of the General Rules and Regulations promulgated under the 1933 Act;

3. The charter of the Company (the “Charter”), certified by the State Department of Assessments and Taxation of Maryland (the “SDAT”);

4. The Amended and Restated Bylaws of the Company, as amended, certified as of the date hereof by an officer of the Company;

5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

Education Realty Trust, Inc.

August 31, 2015

Page 2

6. Resolutions adopted by the Board of Directors of the Company relating to, among other matters, the adoption of the Plan and the registration and issuance of the Shares (the “Resolutions”), certified as of the date hereof by an officer of the Company;

7. The Plan;

8. A certificate executed by an officer of the Company, dated as of the date hereof; and

9. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

1. Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.

2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party’s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

Education Realty Trust, Inc.

August 31, 2015

Page 3

5. The Shares will not be issued or transferred in violation of any restriction or limitation contained in Article VII (Restriction on Transfer and Ownership of Shares) of the Charter.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

2. The issuance of the Shares has been duly authorized and, when and to the extent issued and delivered against payment therefor in accordance with the Resolutions, the Plan, the Registration Statement and the Prospectus Supplement, the Shares will be (assuming that, upon issuance, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter) validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

Education Realty Trust, Inc.

August 31, 2015

Page 4

This opinion is being furnished to you for submission to the Commission as an exhibit to the Company’s Current Report on Form 8-K relating to the Plan (the “Current Report”), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

	Very truly yours,

	/s/ Venable LLP

EX-5.2 6 v419471_ex5-2.htm EXHIBIT 5.2

Exhibit 5.2

August 31, 2015

Education Realty Trust, Inc.

Suite 600

999 South Shady Grove Road

Memphis, Tennessee 38120

Re: Registration Statement on Form S-3

Ladies and Gentlemen:

We have served as Maryland counsel to Education Realty Trust, Inc., a Maryland corporation (the “Company”), in connection with certain matters of Maryland law arising out of the registration of up to $150,000,000 in shares (the “Shares”) of Common Stock, $.01 par value per share (the “Common Stock”), of the Company, covered by the above-referenced Registration Statement, and all amendments thereto (the “Registration Statement”), filed by the Company with the United States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933 Act”). The Shares are to be issued pursuant to the Prospectus Supplement and the Distribution Agreements (each as defined herein) in one or more transactions deemed to be “at the market” offerings (each, an “Offering” and, collectively, the “Offerings”) under Rule 415 of the 1933 Act.

1. The Registration Statement;

3. The charter of the Company (the “Charter”), certified by the State Department of Assessments and Taxation of Maryland (the “SDAT”);

4. The Amended and Restated Bylaws of the Company, as amended, certified as of the date hereof by an officer of the Company;

5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

Education Realty Trust, Inc.

August 31, 2015

Page 2

6. Resolutions adopted by the Board of Directors of the Company (the “Board”) relating to, among other matters, (a) the authorization of the sale, issuance and registration of the Shares and the execution and delivery of the Distribution Agreements and (b) the delegation to certain officers of the Company (the “Authorized Officers”) of the power to determine, subject to certain parameters, the number of Shares and the offering price of each Share to be sold in each Offering (the “Resolutions”), certified as of the date hereof by an officer of the Company;

7. The Equity Distribution Agreement, dated October 24, 2014, as amended by that certain Amendment No. 1 to Equity Distribution Agreement, dated as of August 31, 2015 (the “KeyBanc Distribution Agreement”), by and among the Company, Education Realty Operating Partnership, LP, a Delaware limited partnership (the “OP”), and KeyBanc Capital Markets Inc.;

8. The Equity Distribution Agreement, dated October 24, 2014, as amended by that certain Amendment No. 1 to Equity Distribution Agreement, dated as of August 31, 2015 (the “Merrill Lynch Distribution Agreement”), by and among the Company, the OP and Merrill Lynch, Pierce Fenner & Smith Incorporated;

9. The Equity Distribution Agreement, dated October 24, 2014, as amended by that certain Amendment No. 1 to Equity Distribution Agreement, dated as of August 31, 2015 (the “RBC Distribution Agreement” and, together with the KeyBanc Distribution Agreement and the Merrill Lynch Distribution Agreement, the “Distribution Agreements”), by and among the Company, the OP and RBC Capital Markets, LLC;

10. A certificate executed by an officer of the Company, dated as of the date hereof; and

11. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

1. Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.

2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

Education Realty Trust, Inc.

August 31, 2015

Page 3

5. The Shares will not be issued in violation of any restriction or limitation contained in Article VII of the Charter.

6. Upon the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

2. The issuance of the Shares has been duly authorized and, when and to the extent issued against payment therefor in accordance with the Registration Statement, the Prospectus Supplement, the Distribution Agreements, the Resolutions and any other resolutions relating to the Shares adopted by the Board or the Authorized Officers, the Shares will be validly issued, fully paid and nonassessable.

Education Realty Trust, Inc.

August 31, 2015

Page 4

This opinion is being furnished to you for submission to the Commission as an exhibit to the Company’s Current Report on Form 8-K relating to the Offerings (the “Current Report”), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

	Very truly yours,

	/s/ Venable LLP

EX-8.1 7 v419471_ex8-1.htm EXHIBIT 8.1

Exhibit 8.1

250 West 55th Street
New York, NY 10019-9601

Telephone: 212.468.8000

Facsimile: 212.468.7900

www.mofo.com

morrison foerster llp

beijing, berlin, brussels, denver,
hong kong, london, los angeles,
new york, northern virginia,
palo alto, sacramento, san diego,
san francisco, shanghai, singapore,
tokyo, washington, d.c.g

August 31, 2015	Writer’s Direct Contact
	+1 (415) 268.6553

Education Realty Trust, Inc.
999 South Shady Grove Road, Suite 600

Memphis, TN 38120

Re:

Education Realty Trust, Inc.

Ladies and Gentlemen:

We have acted as tax counsel to Education Realty Trust, Inc., a Maryland corporation (“EDR”), and Education Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), in connection with the transactions arising out of the registration of up to 4,000,000 shares of common stock, $.01 par value per share, of EDR to be issued from time to time pursuant to EDR’s Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan as described in EdR’s Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan prospectus supplement dated August 31, 2015 (the “Prospectus Supplement”). All capitalized terms used herein and not otherwise defined have the respective meanings assigned to them in the Prospectus Supplement.

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documentation and information provided by EDR as we have deemed necessary or appropriate as a basis for the opinion set forth herein. We have also examined the Registration Statement (the “Registration Statement”) on Form S-3, File No. 333-199988, as filed by EDR with the Securities and Exchange Commission (the “Commission”) in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Act”), which became automatically effective under the Act on November 7, 2014. The Registration Statement includes the base prospectus, dated November 7, 2014, together with the Prospectus Supplement in the form filed with the Commission pursuant to its Rule 424(b). In addition, EDR has provided us with, and we are relying upon, a certificate containing certain factual representations and covenants of a duly authorized officer of EDR (the “Officer’s Certificate”) relating to, among other things, the actual and proposed operations of EDR, the Operating Partnership and the entities in which either holds, or has held, a direct or indirect interest (EDR, the Operating Partnership and such entities, collectively, the “Company”).

Education Realty Trust, Inc.

August 31, 2015

Page Two

For purposes of this opinion, we have not independently verified the facts, statements, representations and covenants set forth in the Officer’s Certificate or in any other document. In particular, we note that the Company has engaged in, and may engage in, transactions in connection with which we have not provided legal advice, and have not reviewed, and of which we may be unaware. Consequently, we have relied on EDR’s representations that the facts, statements, representations and covenants presented in the Officer’s Certificate and other documents, or otherwise furnished to us, accurately and completely describe all material facts relevant to our opinion. We have assumed that all such facts, statements, representations and covenants are true without regard to any qualification as to knowledge, belief or intent. Our opinion is conditioned on the continuing accuracy and completeness of such facts, statements, representations and covenants. We are not aware of any facts inconsistent with such facts, statements, representations and covenants. Any material change or inaccuracy in the facts, statements, representations and covenants referred to, set forth, or assumed herein or in the Officer’s Certificate may affect our conclusions set forth herein.

In our review of certain documents in connection with our opinion expressed below, we have assumed (a) the genuineness of all signatures on documents that we have examined, (b) the authority and capacity of the individual or individuals executing such documents and (c) that each of the documents (i) has been duly authorized, executed and delivered, (ii) is authentic, if an original, or is accurate, if a copy, and (iii) has not been amended subsequent to our review. Where documents have been provided to us in draft form, we have assumed that the final executed versions of such documents will not differ materially from such drafts.

Our opinion also is based on the correctness of the following assumptions: (a) the entities comprising the Company have been and will continue to be operated in accordance with the laws of the jurisdictions in which they were formed and in the manner described in the relevant organizational documents, (b) there will be no changes in the applicable laws of the State of Maryland or of any other jurisdiction under the laws of which any of the entities comprising the Company have been formed and (c) each of the written agreements to which the Company is a party will be implemented, performed, construed and enforced in accordance with its terms.

In rendering our opinion, we have considered and relied upon the Internal Revenue Code of 1986, as amended (the “Code”), the regulations promulgated thereunder (the “Regulations”), administrative rulings and other interpretations of the Code and the Regulations by the courts and the Internal Revenue Service (“IRS”), all as they exist at the date hereof. It should be noted that the Code, Regulations, judicial decisions, and administrative interpretations are subject to change at any time and, in some circumstances, with retroactive effect. A material change that is made after the date hereof to any of the foregoing bases for our opinion could affect our conclusions set forth herein. In this regard, an opinion of counsel with respect to an issue represents counsel’s best judgment as to the outcome on the merits with respect to such issue, is not binding on the IRS or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position if asserted by the IRS.

Education Realty Trust, Inc.

August 31, 2015

Page Three

We express no opinion as to the laws of any jurisdiction other than the federal income tax laws of the United States of America to the extent specifically referred to herein. In addition, we express no opinion on any issue relating to EDR, other than as expressly stated below.

Based on the foregoing and subject to the other qualifications, assumptions, representations and limitations included herein, we are of the opinion that, as of the date hereof:

(i)

EDR has been organized and has operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) pursuant to Sections 856 through 860 of the Code for its taxable year ended December 31, 2010 through its taxable year ended December 31, 2014, and EDR’s organization and current and proposed method of operation will enable it to continue to qualify for taxation as a REIT for its taxable year ending December 31, 2015 and in the future.

(ii)

We have reviewed the statements included in the Prospectus Supplement under the heading “Material U.S. Federal Income Tax Considerations” and, insofar as such statements pertain to matters of law or legal conclusions, they are correct in all material respects.

EDR’s continued qualification and taxation as a REIT depend upon its ability to meet, through actual annual operating results, certain requirements relating to the sources of its income, the nature of its assets, its distribution levels, the diversity of its stock ownership and various other qualification tests imposed under the Code and the Regulations, the results of which are not reviewed by us. Accordingly, no assurance can be given that the actual results of EDR’s operations for the current taxable year or any future taxable years will satisfy the requirements for taxation as a REIT under the Code.

This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters arising subsequent to the date hereof, or the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue. We will not review on a continuing basis EDR’s or the Company’s compliance with the documents or assumptions set forth above, or the representations set forth in the Officer’s Certificate. Accordingly, no assurance can be given that the actual results of EDR’s operations for the current taxable year or any future taxable years will satisfy the requirements for qualification and taxation as a REIT.

Education Realty Trust, Inc.

August 31, 2015

Page Four

This opinion is furnished to you solely for use in connection with the Prospectus Supplement. We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K of EDR to be filed with the Commission on or about August 31, 2015, which will be incorporated by reference in the Registration Statement. We also consent to the reference to our firm name wherever appearing in the Prospectus Supplement. In giving this consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder, nor do we thereby admit that we are experts with respect to any part of the Prospectus Supplement within the meaning of the term “experts” as used in the Securities Act or the rules and regulations of the Commission promulgated thereunder. We undertake no obligation to update any opinion expressed herein after the date of this letter. This opinion letter may not be distributed, quoted in whole or in part or relied upon for any purpose by any other person, or otherwise reproduced in any document, or filed with any governmental agency without our express prior written consent.

Sincerely,

/s/ Morrison & Foerster LLP

EX-8.2 8 v419471_ex8-2.htm EXHIBIT 8.2

Exhibit 8.2

250 WEST 55TH STREET
NEW YORK, NY 10019-9601

TELEPHONE: 212.468.8000

FACSIMILE: 212.468.7900

WWW.MOFO.COM

morrison foerster llp

beijing, berlin, brussels, denver,
hong kong, london, los angeles,
new york, northern virginia,
palo alto, sacramento, san diego,
san francisco, shanghai, singapore,
tokyo, washington, d.c.g

August 31, 2015	Writer’s Direct Contact
	+1 (415) 268.6553

Education Realty Trust, Inc.
999 South Shady Grove Road, Suite 600

Memphis, TN 38120

Re:	Education Realty Trust, Inc.

Ladies and Gentlemen:

We have acted as tax counsel to Education Realty Trust, Inc., a Maryland corporation (“EDR”), and Education Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), in connection with the transactions contemplated by that certain Equity Distribution Agreement, dated October 24, 2014 as amended on August 31, 2015 (the “BAML Agreement”), by and among EDR, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated, the Equity Distribution Agreement, dated October 24, 2014 as amended on August 31, 2015 (the “KeyBanc Agreement”), by and among EDR, the Operating Partnership and KeyBanc Capital Markets Inc., and the Equity Distribution Agreement, dated October 24, 2014 as amended on August 31, 2015 (the “RBC Agreement” and, together with the BAML Agreement and the KeyBanc Agreement, the “Agreements”), by and among EDR, the Operating Partnership and RBC Capital Markets, LLC. All capitalized terms used herein and not otherwise defined have the respective meanings assigned to them in the Agreements.

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documentation and information provided by EDR as we have deemed necessary or appropriate as a basis for the opinion set forth herein. We have also examined the Registration Statement (the “Registration Statement”) on Form S-3, File No. 333-199988, as filed by EDR with the Securities and Exchange Commission (the “Commission”) in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Act”), which became automatically effective under the Act on November 7, 2014. The Registration Statement includes the base prospectus, dated November 7, 2014, together with the prospectus supplement, dated August 31, 2015 (the “Prospectus Supplement”) in the form filed with the Commission pursuant to its Rule 424(b). In addition, EDR has provided us with, and we are relying upon, a certificate containing certain factual representations and covenants of a duly authorized officer of EDR (the “Officer’s Certificate”) relating to, among other things, the actual and proposed operations of EDR, the Operating Partnership and the entities in which either holds, or has held, a direct or indirect interest (EDR, the Operating Partnership and such entities, collectively, the “Company”).

Education Realty Trust, Inc.

August 31, 2015

Page Two

Education Realty Trust, Inc.

August 31, 2015

Page Three

Based on the foregoing and subject to the other qualifications, assumptions, representations and limitations included herein, we are of the opinion that, as of the date hereof:

(i)

(ii)

We have reviewed the statements included in the Prospectus under the heading “Material U.S. Federal Income Tax Considerations” and, insofar as such statements pertain to matters of law or legal conclusions, they are correct in all material respects.

Education Realty Trust, Inc.

August 31, 2015

Page Four

Sincerely,

/s/ Morrison & Foerster LLP

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