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): July 30, 2015

Education Realty Trust, Inc.

Education Realty Operating Partnership, LP

(Exact Name of Registrant as Specified in Charter)

Maryland	001-32417	20-1352180
Delaware	333-199988-01	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 2.02. Results of Operations and Financial Condition.

On July 30, 2015, Education Realty Trust, Inc. (the "Company") issued a press release announcing its results of operations for the six months ended June 30, 2015 and made available updated supplemental information concerning the ownership, operations and portfolio of the Company. A copy of the press release and this supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

This Current Report on Form 8-K and the exhibits attached hereto are being furnished by the Company pursuant to Item 2.02 and Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company’s results of operations or financial condition for the three and six months ended June 30, 2015.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.

Exhibit No.	Description
99.1	Press Release dated July 30, 2015
99.2	Second Quarter 2015 Supplemental Financial Report

SIGNATURE

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

	EDUCATION REALTY TRUST, INC.
Date: July 30, 2015	By:	/s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer
	EDUCATION REALTY OPERATING PARTNERSHIP, LP
Date: July 30, 2015	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
99.1	Press Release dated July 30, 2015
99.2	Second Quarter 2015 Supplemental Financial Report

EX-99.1

EdR ANNOUNCES SECOND QUARTER 2015 RESULTS

- Same-Community NOI Growth Nearly 8% -

MEMPHIS, TN, July 30, 2015 - EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, today announced results for the quarter ended June 30, 2015.

Company Highlights

• Core funds from operations (“Core FFO”) increased 16.2% for the second quarter. Core FFO per share/unit was down $0.03 from prior year to $0.41, primarily as a result of significant capital transactions completed in 2014. These transactions strengthened the balance sheet and provided additional capacity to fund the development pipeline and additional investment opportunities;

• Same-community NOI increased 7.9% for the quarter, on a 6.0% increase in revenue and a 3.5% increase in operating expenses. Year to date same-community NOI was up 6.8% ;

• Preleasing for the 2015-2016 lease term is 110 basis points ahead of last year with the same-community portfolio 94.6% preleased.

• Increased the same-community revenue growth projection for this lease term to 3.0%-3.5%, which represents a 0.5% increase in the bottom end of the previous range;

• Volume of new student housing supply in EdR markets is projected to decline 47% in 2016, resulting in supply growth of 0.8% in 2016 compared to three-year enrollment growth rate of 1.5%;

• Completed the acquisition of a 150-bed community at the University of Tennessee, Knoxville, in June and entered into a binding purchase agreement for a 317-bed community at the University of Colorado at Boulder that is expected to close late in the third quarter. The combined purchase price for the two communities is $58.5 million;

• Entered into agreements to develop an 829-bed cottage-style community 0.8 miles from Virginia Tech. EdR will be 75% owner and manage the $64.4 million community with 75% of the beds anticipated to be delivered in summer 2016 and the remaining the following summer;

• University of Kentucky's Board of Trustees unanimously approved the previously announced, $74 million 2017 delivery of the university’s on-campus housing revitalization plan;

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• Reached agreement on all terms with Boise State University for the previously announced ONE Plan development anticipated to deliver in 2017, and the university is seeking approval from the Idaho Board of Education in August;

• Commenced renovation of The Bowles Hall at the University of California, Berkeley. EdR will earn $1.8 million in third-party development fees over the term of the redevelopment and manage the community upon its anticipated completion in summer of 2016; and

• Increased the Company's dividend for the sixth straight year, raising the quarterly dividend from $0.36 to $0.37 per share/unit.

"Fundamentals in the student housing industry and within EdR's markets remain strong," stated Randy Churchey, EdR's chairman and chief executive officer. "Our preleasing velocity for this fall continues to outpace last year, and we anticipate a second consecutive year of significant decline in new supply volume in 2016. Our board recognized these strong fundamentals along with our external growth opportunities when recently approving an increase in our quarterly dividend for the sixth year in a row."

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the quarter was $2.9 million, or $0.06, per diluted share, compared to a loss of $8.8 million, or $0.23, per diluted share, for the prior year. The $11.7 million increase in net income attributable to common shareholders relates primarily to the following:

• a $5.5 million increase in total community NOI, and

• a $9.9 million impairment loss in 2014 versus none in 2015, offset by

• a $1.5 million increase in depreciation,

• a $0.9 million increase in nonoperating and income tax expenses, and

• a $0.5 million increase in costs related to developments currently under pursuit.

Core Funds From Operations

Core FFO for the quarter was $20.1 million, as compared to $17.3 million in the prior year, an increase of 16.2%. The improvement in Core FFO mainly reflects an increase in NOI from new communities offset by higher ground lease expense, corporate G&A costs and interest expense in 2015. Core FFO per share/unit for the quarter was $0.41, down $0.03 from prior year as a result of 2014 capital market transactions that increased shares/units outstanding by 25% and strengthened the balance sheet, adding additional capacity to fund the development pipeline and other investment opportunities.

A reconciliation of funds from operations (“FFO”) and Core FFO to net income is included with the financial tables accompanying this release.

Same-Community Results

Strong revenue growth drove an NOI increase of 7.9% for the second quarter and 6.8% year to date. NOI growth for the second quarter was mainly attributable to a 6.0% increase in revenue, comprised of a 4.1%

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increase in rental rates, a 1.5% improvement in occupancy and a 0.4% increase in other income. Same-community operating expenses for the second quarter increased 3.5%, or $0.6 million, related mostly to increases in utilities, payroll and maintenance expense.

2015-2016 Preleasing

The same-community portfolio is currently 110 basis points ahead of prior year with 94.6% of the beds preleased for the fall. Based on current leasing velocity and market conditions, we have increased the bottom end of the previous range of anticipated rental revenue growth for the 2015-2016 lease term by 0.5%, expecting a total growth in revenue of 3.0% to 3.5%. We expect fall occupancy for the same-community portfolio to be consistent with the prior year and rates to be up approximately 3.2%.

The new community portfolio, which includes all 2015 development deliveries and the District on Apache, is 94.4% preleased for the fall.

These leasing results include the Company's beds at the University of Kentucky (UK), as the assignments process was substantially complete in June. The Company provides additional leasing information in its quarterly earnings supplement located at http://www.snl.com/irweblinkx/yearlypresentations.aspx?iid=4095382.

Market Supply and Demand

Based on market data from our community managers as well as Axio Metrics, we anticipate the volume of new supply being added in EdR markets for fall 2016 to be down 47% from 2015 levels. This is a significant trend and the second consecutive year our markets have seen a decline in new supply. As a result, anticipated 2016 enrollment growth is projected to exceed 2016 new supply growth by 29%. In addition, the majority of new supply will be further from campus than our communities and EdR has only one market, University of Tennessee, with anticipated 2016 supply greater than 5% of enrollment.

Investment Activity

In June, the Company closed on the acquisition of a 150-bed community pedestrian to the University of Tennessee, Knoxville. The community is a good complement to the Company's existing community in the market. In addition, the Company entered into a binding agreement to purchase the Province at Boulder, a 317-bed community adjacent to the University of Colorado at Boulder. The acquisition of the community, which was built in 2014, is expected to close late in the third quarter. The aggregate purchase price for these acquisitions is $58.5 million and the combined first year un-leveraged economic and nominal cap rates are 5.6% and 5.8%, respectively.

In July, the Company entered into agreements to develop an 829-bed cottage-style community serving Virginia Tech. The development will be the only cottage style product in a market that has experienced consistent enrollment growth. EdR will be 75% owner and will manage the lease-up and ongoing operations of the $64.4 million community. The development will be delivered in two phases with the clubhouse and cottages representing 75% of the beds being delivered in summer 2016 and the remaining beds the following summer. The first year un-leveraged economic yield of this development is expected to be approximately 7%.

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As previously announced, University of Kentucky's Board of Trustees unanimously approved the $74 million 2017 delivery of the university’s on-campus housing revitalization plan. This latest approval brings the total number of beds delivered or currently in development on UK's campus under the ONE Plan to 6,504. The new 771-bed community, University Flats, will be composed of a seven-story community designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students.

The Company reached agreement on all terms with Boise State University for the previously announced ONE Plan on-campus development anticipated to deliver in 2017. The University is seeking approval from the Idaho Board of Education this August.

Design and development activities continue to progress on the other awarded ONE Plan developments at Arkansas State University and the Honors College at the University of Kentucky. These developments are anticipated to be delivered in 2017. The initiation and completion of these awarded developments are contingent upon execution of final transactional documents.

With the newly announced development and acquisitions, EdR has embedded external growth through 2017 of $590.1 million, which represents a 33% increase in collegiate housing assets over December 31, 2014.

"Portfolio growth continues to be robust, as evidence by the two acquisitions and the additional 2016 development delivery announced today," stated Tom Trubiana, EdR's president. "Although we have seen an increase in construction costs over the last 12 to 18 months, we are working on multiple opportunities and our team has been able to source both developments and acquisitions that are well located in larger markets that we believe create value for shareholders."

Capital Structure

At June 30, 2015, the Company had cash and cash equivalents totaling $17.1 million and availability on its unsecured revolving credit facility of$362 million. The Company's debt to gross assets was 37.5%, its net debt to EBITDA - adjusted was 4.8x, and its interest coverage ratio was 5.3x. The Company's current balance sheet capacity effectively prefunds all announced deals, meaning the Company will remain within acceptable debt metrics through the end of 2017 if the remaining costs were financed completely with debt.

The Company's Board of Directors approved an increase in the Company's dividend for the sixth straight year, raising the quarterly dividend from $0.36 to $0.37 per share/unit, which represents a yield of approximately 4.6%.

Earnings Guidance and Outlook

Based upon the Company's current estimates, management reaffirms its Core FFO per share/unit guidance of $1.74 to $1.82, for the year ending December 31, 2015. This guidance does not include the impact of any new unannounced third-party development or management contracts, acquisitions, dispositions, ONE Plan^SM developments or capital transactions.

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Webcast and Conference Call

EdR will host a conference call for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Thursday, July 30, 2015.  The call will be hosted by Randy Churchey, EdR's chairman and chief executive officer.

The conference call will be accessible by telephone and the Internet.  To access the call, participants in the U.S. may dial (877) 705-6003, and participants outside the U.S. may dial (201) 493-6725.  Participants may also access the call via live webcast by visiting the company's investor relations Web site at www.EdRTrust.com.

The replay of the call will be available at approximately 1:00 p.m. Eastern Time on Thursday, July 30, 2015 through midnight Eastern Time on August 13, 2015.  To access the replay, the domestic dial-in number is (877) 870-5176, the international dial-in number is (858) 384-5517, and the passcode is 13612186.  The archive of the webcast will be available on the company's Web site for a limited time.

About EdR

One of America's largest owners, developers and managers of collegiate housing, EdR (NYSE:EDR) is a self-administered and self-managed real estate investment trust that owns or manages 74 communities with over 39,000 beds serving 52 universities in 23 states. EdR is a member of the Russell 2000 Index and the Morgan Stanley REIT indices. For details, please visit the company's Web site at www.EdRtrust.com.

Contact:

J. Drew Koester

Senior Vice President

Capital Markets and Investor Relations

(901) 259-2500

Bill Brewer

Executive Vice President and

Chief Financial Officer

(901) 259-2500

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements are based on current expectations. You should not rely on forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in EdR's most recent annual report on Form 10-K and quarterly reports on Form 10-Q, and as described in EdR's other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Non-GAAP Financial Measures

Funds from Operations (FFO)

As defined by the National Association of Real Estate Investment Trusts, FFO represents net income (loss) (computed in accordance with U.S. generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of collegiate housing assets and impairment write downs of depreciable real estate, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. The Company presents FFO available to all stockholders and unitholders because management considers it to be an important supplemental measure of the Company’s operating performance, believes it assists in the comparison of the Company’s operating performance between periods to that of different REITs and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their operating results. As such, the Company also excludes the impact of noncontrolling interests, only as they relate to operating partnership units, in the calculation. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from collegiate housing asset dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

The Company also uses core funds from operations, or Core FFO, as an operating measure. Core FFO is defined as FFO adjusted to include the economic impact of revenue on participating projects for which recognition is deferred for GAAP purposes. The adjustment for this revenue is calculated on the same percentage of completion method used to recognize revenue on third-party development projects. Core FFO

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also includes adjustments to exclude the impact of straight-line adjustment for ground leases, gains/losses on extinguishment of debt, transaction costs related to acquisitions and severance costs. The Company believes that these adjustments are appropriate in determining Core FFO as they are not indicative of the operating performance of the Company’s assets. In addition the Company believes that Core FFO is a useful supplemental measure for the investing community to use in comparing the Company to other REITs as most REITs provide some form of adjusted or modified FFO.

Net Operating Income (NOI)

The Company considers NOI to be a useful measure of its collegiate housing operating performance. The Company defines NOI as rental and other community-level revenues earned from our collegiate housing communities less community-level operating expenses, excluding management fees and expenses, development consulting fees and expenses, depreciation, amortization, ground lease expense and impairment charges and including regional and other corporate costs of supporting the communities. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to other REITs. The Company believes that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. The Company uses NOI to evaluate performance on a community-by-community basis because it allows management to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results. However, NOI should only be used as an alternative measure of the Company’s financial performance.

AdjustedEarnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)

Adjusted EBITDA is defined as net income excluding: (1) straight line adjustment for ground leases; (2) acquisition costs; (3) depreciation and amortization; (4) loss on impairment of collegiate housing assets; (5) gain on sale of collegiate housing assets; (6) gain on insurance settlement; (7) interest expense; (8) amortization of deferred financing costs; (9) interest income (10) interest on loan to participating development; (11) loss on extinguishment of debt; (12) income tax expense (benefit); and (13) noncontrolling interests. Management considers Adjusted EBITDA useful to an investor in evaluating and facilitating comparisons of the Company's operating performance between periods and between REITs by removing the impact of the Company's capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results. 

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EdR AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share data)

		June 30, 2015			December 31, 2014
		(unaudited)
Assets
	Collegiate housing properties, net	$	1,572,254		$	1,586,009
	Assets under development	214,125			120,702
	Cash and cash equivalents	17,082			18,385
	Restricted cash	13,088			10,342
	Other assets	72,695			76,199
Total assets		$	1,889,244		$	1,811,637
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	224,689		$	249,637
	Unsecured revolving credit facility	138,000			24,000
	Unsecured term loans	187,500			187,500
	Senior unsecured notes	250,000			250,000
	Accounts payable and accrued expenses	83,317			76,869
	Deferred revenue	11,495			17,301
Total liabilities		895,001			805,307
Commitments and contingencies		—			—
Redeemable noncontrolling interests		12,261			14,512
Equity:
EdR stockholders’ equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 48,350,313 and 47,999,427 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	483			480
	Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,013,878			1,034,683
	Accumulated deficit	(32,051		)	(41,909		)
	Accumulated other comprehensive loss	(4,813		)	(4,465		)
Total EdR stockholders’ equity		977,497			988,789
Noncontrolling interests		4,485			3,029
Total equity		981,982			991,818
Total liabilities and equity		$	1,889,244		$	1,811,637

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EdR AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)

	Three months ended June 30,
	2015			2014
Revenues:
Collegiate housing leasing revenue	$	53,734		$	46,309
Third-party development consulting services	444			757
Third-party management services	780			786
Operating expense reimbursements	2,366			2,188
Total revenues	57,324			50,040
Operating expenses:
Collegiate housing leasing operations	22,868			20,975
Development and management services	2,507			2,282
General and administrative	1,769			1,677
Development pursuit, acquisition costs and severance	790			307
Depreciation and amortization	15,911			14,458
Ground lease expense	2,170			1,934
Loss on impairment of collegiate housing properties	—			9,870
Reimbursable operating expenses	2,366			2,188
Total operating expenses	48,381			53,691
Operating income (loss)	8,943			(3,651		)
Nonoperating (income) expenses:
Interest expense	5,451			4,967
Amortization of deferred financing costs	491			514
Interest income	(67		)	(41		)
Total nonoperating expenses	5,875			5,440
Income (loss) before equity in losses of unconsolidated entities and income taxes	3,068			(9,091		)
Equity in losses of unconsolidated entities	(202		)	(112		)
Income (loss) before income taxes	2,866			(9,203		)
Less: Income tax expense (benefit)	90			(357		)
Net income (loss)	2,776			(8,846		)
Less: Net loss attributable to the noncontrolling interests	(141		)	(38		)
Net income (loss) attributable to Education Realty Trust, Inc.	$	2,917		$	(8,808	)
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	2,091			(2,394		)
Comprehensive income (loss)	$	5,008		$	(11,202	)
Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted	$	0.06		$	(0.23	)
Weighted average share of common stock outstanding – basic	48,514			38,886
Weighted average share of common stock outstanding – diluted	48,832			38,886

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EdR AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)

	Six Months Ended June 30,
	2015			2014
Revenues:
Collegiate housing leasing revenue	$	114,117		$	97,020
Third-party development consulting services	1,041			1,559
Third-party management services	1,833			1,804
Operating expense reimbursements	4,462			4,202
Total revenues	121,453			104,585
Operating expenses:
Collegiate housing leasing operations	47,008			43,143
Development and management services	5,209			4,623
General and administrative	4,239			3,794
Development pursuit, acquisition costs and severance	959			308
Depreciation and amortization	31,777			28,241
Ground lease expense	5,018			3,833
Loss on impairment of collegiate housing properties	—			11,780
Reimbursable operating expenses	4,462			4,202
Total operating expenses	98,672			99,924
Operating income	22,781			4,661
Nonoperating (income) expenses:
Interest expense	11,392			10,568
Amortization of deferred financing costs	1,007			1,017
Interest income	(105		)	(111		)
Loss on extinguishment of debt	—			649
Total nonoperating expenses	12,294			12,123
Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	10,487			(7,462		)
Equity in losses of unconsolidated entities	(396		)	(134		)
Income (loss) before income taxes and gain on sale of collegiate housing properties	10,091			(7,596		)
Less: Income tax expense (benefit)	168			(312		)
Income (loss) before gain on sale of collegiate housing properties	9,923			(7,284		)
Gain on sale of collegiate housing properties	—			10,902
Net income	9,923			3,618
Less: Net income attributable to the noncontrolling interests	65			360
Net income attributable to Education Realty Trust, Inc.	$	9,858		$	3,258
Other comprehensive loss:
Loss on cash flow hedging derivatives	$	(348	)	$	(3,757	)
Comprehensive income (loss)	$	9,510		$	(499	)
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted	$	0.20		$	0.08
Weighted average share of common stock outstanding – basic	48,345			38,611
Weighted average share of common stock outstanding – diluted	48,665			38,957

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EdR AND SUBSIDIARIES

CALCULATION OF FFO AND CORE FFO

(Amounts in thousands, except per share/unit data)

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015		2014
Net income (loss) attributable to EdR	$	2,917		$	(8,808	)	$	9,858	$	3,258
Gain on sale of collegiate housing assets	—			—			—		(10,902		)
Impairment losses	—			9,870			—		11,780
Real estate related depreciation and amortization	15,517			14,299			31,040		27,921
Equity portion of real estate depreciation and amortization on equity investees	423			50			843		99
Noncontrolling interests	(90		)	(127		)	122		178
Funds from operations ("FFO") available to stockholders and unitholders	$	18,767		$	15,284		$	41,863	$	32,334
FFO adjustments:
Loss on extinguishment of debt	—			—			—		649
Acquisition costs	90			22			90		23
Severance costs, net of tax	—			285			—		285
Straight-line adjustment for ground leases (1)	1,200			1,212			2,401		2,425
FFO adjustments	1,290			1,519			2,491		3,382
FFO on Participating Developments: (2)
Interest on loan to Participating Development	—			455			—		905
FFO on Participating Developments	—			455			—		905
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	20,057		$	17,258		$	44,354	$	36,621
FFO per weighted average share/unit (3)	$	0.38		$	0.39		$	0.86	$	0.83
Core FFO per weighted average share/unit (3)	$	0.41		$	0.44		$	0.91	$	0.94
Weighted average shares/units (3)	48,832			39,232			48,665		38,957
(1) This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As the ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(2) FFO on participating developments in 2014 represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for interest income is based on terms of the loan. In July 2014, our mezzanine investment was repaid in full, ending the Company's participation in the project and any fees and interest. At the same time all previously deferred amounts were recognized in net income.
(3) FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

11

EdR AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

The following is a reconciliation of the Company's GAAP operating income to NOI for three and six months ended June 30, 2015 and 2014 (in thousands):

	For the three months ended June 30,					For the six months ended June 30,
	2015		2014			2015		2014
Operating income (loss)	$	8,943	$	(3,651	)	$	22,781	$	4,661
Less: Third-party development services revenue	444		757			1,041		1,559
Less: Third-party management services revenue	780		786			1,833		1,804
Plus: Development and management services expenses	2,507		2,282			5,209		4,623
Plus: General and administrative expenses, development pursuit, acquisition costs and severance	2,559		1,984			5,198		4,102
Plus: Ground leases	2,170		1,934			5,018		3,833
Plus: Impairment loss on collegiate housing properties	—		9,870			—		11,780
Plus: Depreciation and amortization	15,911		14,458			31,777		28,241
NOI	$	30,866	$	25,334		$	67,109	$	53,877

The following is a reconciliation of the Company's GAAP net income to Adjusted EBITDA for the trailing twelve months ended June 30, 2015 (in thousands):

	Six months ended			Plus: Year Ended			Less: Six Months Ended			Trailing Twelve Months Ended
	June 30, 2015			December 31, 2014			June 30, 2014			June 30, 2015
Net income attributable to common stockholders	$	9,858		$	47,055		$	3,258		$	53,655
Straight line adjustment for ground leases	2,401			4,835			2,425			4,811
Acquisition costs	90			1,058			23			1,125
Depreciation and amortization	31,777			58,974			28,241			62,510
Loss on impairment of collegiate housing assets	—			12,733			11,780			953
Gain on sale of collegiate housing assets	—			(33,231		)	(10,902		)	(22,329		)
Gain on insurance settlement	—			(8,133		)	—			(8,133		)
Interest expense	11,392			20,656			10,568			21,480
Amortization of deferred financing costs	1,007			2,156			1,017			2,146
Interest income	(105		)	(190		)	(111		)	(184		)
Interest on loan to participating development	—			(6,486		)	—			(6,486		)
Loss on extinguishment of debt	—			3,543			649			2,894
Income tax expense	168			261			(312		)	741
Noncontrolling interests	65			599			360			304
Adjusted EBITDA	$	56,653		$	103,830		$	46,996		$	113,487
Annualize acquisitions, developments and dispositions (1)	—			—			—			4,023
Pro Forma Adjusted EBITDA	$	56,653		$	103,830		$	46,996		$	117,510
(1) Pro forma adjustment to reflect all acquisitions, dispositions and development deliveries as if such transactions had occurred on the first day of the period presented.

12

EX-99.2

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three months ended June 30,										Six months ended June 30,
		2015		2014			$ Chg			% Chg		2015		2014		$ Chg			% Chg
	Same-community revenue	$	44,640	$	42,094		$	2,546		6.0	%	$	92,717	$	87,093	$	5,624		6.5	%
	Total community revenue	53,734		46,309			7,425			16.0	%	114,117		97,020		17,097			17.6	%
	Total revenue	57,324		50,040			7,284			14.6	%	121,453		104,585		16,868			16.1	%
	Same-community net operating income	26,046		24,137			1,909			7.9	%	54,136		50,694		3,442			6.8	%
	Total community net operating income	30,866		25,334			5,532			21.8	%	67,109		53,877		13,232			24.6	%
	Total operating income (loss)	8,943		(3,651		)	12,594			344.9	%	22,781		4,661		18,120			388.8	%
	Net income (loss) attributable to EdR	2,917		(8,808		)	11,725			133.1	%	9,858		3,258		6,600			202.6	%
	Per share - basic and diluted	$	0.06	$	(0.23	)	$	0.29		126.1	%	$	0.20	$	0.08	$	0.12		150.0	%
	Funds from operations (FFO)	18,767		15,284			3,483			22.8	%	$	41,863	$	32,334	$	9,529		29.5	%
	Per weighted average share/unit (1)	$	0.38	$	0.39		$	(0.01	)	(2.6	)%	$	0.86	$	0.83	$	0.03		3.6	%
	Core funds from operations (Core FFO)	20,057		17,258			2,799			16.2	%	$	44,354	$	36,621	$	7,733		21.1	%
	Per weighted average share/unit (1)	$	0.41	$	0.44		$	(0.03	)	(6.8	)%	$	0.91	$	0.94	$	(0.03	)	(3.2	)%
FINANCIAL RATIOS:
		6/30/2015					12/31/2014
	Debt to gross assets	37.5%					35.1%
	Net debt to enterprise value	33.9%					28.1%
	Interest coverage ratio (TTM)	5.3x					5.0x
	Net debt to EBITDA - Adjusted (TTM)	4.8x					4.9x
(1)  FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact. See page 5 for a detailed calculation.

SECOND QUARTER 2015 1

BALANCE SHEET

(Amount in thousands, except share and per share data)		June 30, 2015			December 31, 2014
Assets		(unaudited)
	Collegiate housing properties, net (1)	$	1,572,254		$	1,586,009
	Assets under development	214,125			120,702
	Cash and cash equivalents	17,082			18,385
	Restricted cash	13,088			10,342
	Other assets	72,695			76,199
Total assets		$	1,889,244		$	1,811,637
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	224,689		$	249,637
	Unsecured revolving credit facility	138,000			24,000
	Unsecured term loans	187,500			187,500
	Senior unsecured notes	250,000			250,000
	Accounts payable and accrued expenses	83,317			76,869
	Deferred revenue	11,495			17,301
Total liabilities		895,001			805,307
Commitments and contingencies		—			—
Redeemable noncontrolling interests		12,261			14,512
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 48,350,313 and 47,999,427 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	483			480
	Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,013,878			1,034,683
	Accumulated deficit	(32,051		)	(41,909		)
	Accumulated other comprehensive loss	(4,813		)	(4,465		)
Total EdR stockholders' equity		977,497			988,789
Noncontrolling interest		4,485			3,029
Total equity		981,982			991,818
Total liabilities and equity		$	1,889,244		$	1,811,637

⁽¹⁾ Amount is net of accumulated depreciation of $240,419 and $210,047, as of June 30, 2015 and December 31, 2014, respectively.

SECOND QUARTER 2015 2

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
	Three months ended June 30,									Six months ended June 30,
	2015			2014			$ Change			2015			2014			$ Change
Revenues:
Collegiate housing leasing revenue	$	53,734		$	46,309		$	7,425		$	114,117		$	97,020		$	17,097
Third-party development consulting services	444			757			(313		)	1,041			1,559			(518		)
Third-party management services	780			786			(6		)	1,833			1,804			29
Operating expense reimbursements	2,366			2,188			178			4,462			4,202			260
Total revenues	57,324			50,040			7,284			121,453			104,585			16,868
Operating expenses:
Collegiate housing leasing operations	22,868			20,975			1,893			47,008			43,143			3,865
Development and management services	2,507			2,282			225			5,209			4,623			586
General and administrative	1,769			1,677			92			4,239			3,794			445
Development pursuit, acquisition costs and severance	790			307			483			959			308			651
Depreciation and amortization	15,911			14,458			1,453			31,777			28,241			3,536
Ground lease expense	2,170			1,934			236			5,018			3,833			1,185
Loss on impairment of collegiate housing properties	—			9,870			(9,870		)	—			11,780			(11,780		)
Reimbursable operating expenses	2,366			2,188			178			4,462			4,202			260
Total operating expenses	48,381			53,691			(5,310		)	98,672			99,924			(1,252		)
Operating income (loss)	8,943			(3,651		)	12,594			22,781			4,661			18,120
Nonoperating (income) expenses:
Interest expense	5,451			4,967			484			11,392			10,568			824
Amortization of deferred financing costs	491			514			(23		)	1,007			1,017			(10		)
Interest income	(67		)	(41		)	(26		)	(105		)	(111		)	6
Loss on extinguishment of debt	—			—			—			—			649			(649		)
Total nonoperating expenses	5,875			5,440			435			12,294			12,123			171
Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	3,068			(9,091		)	12,159			10,487			(7,462		)	17,949
Equity in losses of unconsolidated entities	(202		)	(112		)	(90		)	(396		)	(134		)	(262		)
Income (loss) before income taxes and gain on sale of collegiate housing properties	2,866			(9,203		)	12,069			10,091			(7,596		)	17,687
Income tax expense (benefit)	90			(357		)	447			168			(312		)	480
Income (loss) before gain on sale of collegiate housing properties	2,776			(8,846		)	11,622			9,923			(7,284		)	17,207
Gain on sale of collegiate housing properties	—			—			—			—			10,902			(10,902		)
Net income (loss)	2,776			(8,846		)	11,622			9,923			3,618			6,305

SECOND QUARTER 2015 3

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
	Three months ended June 30,									Six months ended June 30,
	2015			2014			$ Change			2015			2014			$ Change
Less: Net income (loss) attributable to the noncontrolling interests	(141		)	(38		)	(103		)	65			360			(295		)
Net income (loss) attributable to Education Realty Trust, Inc.	$	2,917		$	(8,808	)	$	11,725		$	9,858		$	3,258		$	6,600
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	2,091			(2,394		)	4,485			(348		)	(3,757		)	3,409
Comprehensive income (loss)	$	5,008		$	(11,202	)	$	16,210		$	9,510		$	(499	)	$	10,009
Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted	$	0.06		$	(0.23	)	$	0.29		$	0.20		$	0.08		$	0.12
Weighted average shares of common stock outstanding – basic	48,514			38,886			9,628			48,345			38,611			9,734
Weighted average shares of common stock outstanding – diluted (1)	48,832			38,886			9,946			48,665			38,957			9,708
(1) Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Partnership Units.

SECOND QUARTER 2015 4

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)		Three months ended June 30,									Six months ended June 30,
		2015			2014			$ Change			2015		2014			$ Change
Net income (loss) attributable to EdR		$	2,917		$	(8,808	)	$	11,725		$	9,858	$	3,258		$	6,600
	Gain on sale of collegiate housing assets	—			—			—			—		(10,902		)	10,902
	Impairment losses	—			9,870			(9,870		)	—		11,780			(11,780		)
	Real estate related depreciation and amortization	15,517			14,299			1,218			31,040		27,921			3,119
	Equity portion of real estate depreciation and amortization on equity investees	423			50			373			843		99			744
	Noncontrolling interests	(90		)	(127		)	37			122		178			(56		)
Funds from operations ("FFO") available to stockholders and unitholders		18,767			15,284			3,483			41,863		32,334			9,529
	percent change							22.8		%						29.5		%
FFO adjustments:
	Loss on extinguishment of debt	—			—			—			—		649			(649		)
	Acquisition costs	90			22			68			90		23			67
	Severance costs, net of tax	—			285			(285		)	—		285			(285		)
	Straight-line adjustment for ground leases (1)	1,200			1,212			(12		)	2,401		2,425			(24		)
FFO adjustments		1,290			1,519			(229		)	2,491		3,382			(891		)
FFO on Participating Developments:(2)
	Interest on loan to Participating Development	—			455			(455		)	—		905			(905		)
FFO on Participating Developments		—			455			(455		)	—		905			(905		)
Core funds from operations ("Core FFO") available to stockholders and unitholders		$	20,057		$	17,258		$	2,799		$	44,354	$	36,621		$	7,733
	percent change							16.2		%						21.1		%
FFO per weighted average share/unit (3)		$	0.38		$	0.39		$	(0.01	)	$	0.86	$	0.83		$	0.03
	percent change							(2.6		)%						3.6		%
Core FFO per weighted average share/unit (3)		$	0.41		$	0.44		$	(0.03	)	$	0.91	$	0.94		$	(0.03	)
	percent change							(6.8		)%						(3.2		)%
Weighted average shares/units (3)		48,832			39,232			9,600			48,665		38,957			9,708
	percent change							24.5		%						24.9		%
(1)  This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As the ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(2)  FFO on participating developments in 2014 represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for interest income is based on terms of the loan. In July 2014, our mezzanine investment was repaid in full, ending the Company's participation in the project and any fees and interest. At the same time all previously deferred amounts were recognized in net income.
(3)  FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

SECOND QUARTER 2015 5

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)
		Three Months Ended June 30,										Six Months Ended June 30,
		2015		2014			$ Change			% Change		2015		2014			$ Change			% Change
Revenues
	Same-communities(1)	$	44,640	$	42,094		$	2,546		6.0	%	$	92,717	$	87,093		$	5,624		6.5	%
	New-communities (2)	8,727		89			8,638			NM		20,666		187			20,479			NM
	Sold-communities(3)	—		4,126			(4,126		)	NM		—		9,740			(9,740		)	NM
	CA revenue(4)	367		—			367			NM		734		—			734			NM
Total revenues		53,734		46,309			7,425			16.0	%	114,117		97,020			17,097			17.6	%
Operating expenses (5)
	Same-communities(1)	18,594		17,957			637			3.5	%	38,581		36,399			2,182			6.0	%
	New-communities (2)	3,907		629			3,278			NM		7,693		1,174			6,519			NM
	Sold-communities(3)	—		2,389			(2,389		)	NM		—		5,570			(5,570		)	NM
	CA expense(4)	367		—			367			NM		734		—			734			NM
Total operating expenses		22,868		20,975			1,893			9.0	%	47,008		43,143			3,865			9.0	%
Net operating income
	Same-communities(1)	26,046		24,137			1,909			7.9	%	54,136		50,694			3,442			6.8	%
	New-communities (2)	4,820		(540		)	5,360			NM		12,973		(987		)	13,960			NM
	Sold-communities(3)	—		1,737			(1,737		)	NM		—		4,170			(4,170		)	NM
Total net operating income		$	30,866	$	25,334		$	5,532		21.8	%	$	67,109	$	53,877		$	13,232		24.6	%
(1) Same-communities are defined as those communities that have been open and operating for the whole time in the current and prior periods. See page 23 of this supplement for a listing of same-communities.
(2) See page 23 of this supplement for a listing of which communities are categorized as new-communities.
(3) Represents operating results from communities sold in 2014. No communities have been sold in 2015.
(4) Represents additional same-community revenue and expenses incurred as a result of the Company changing its community assistant program at the end of 2014. The amounts are shown separately as there is no NOI impact and to clearly show the operating growth in revenue and expenses year over year.
(5) Represents community level operating expenses, excluding management fees, depreciation, amortization, ground lease expense and impairment charges, plus regional and other corporate costs of supporting the communities.

SECOND QUARTER 2015 6

SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended June 30, 2015						Three months ended June 30, 2014
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change				% Change
Utilities(1)	$	5,471	$	237	29	%	$	5,073	$	220	28	%	$	398			7.8	%
On-Site Payroll	3,461		150		19	%	3,241		140		18	%	220				6.8	%
General & Administrative(2)	2,751		119		15	%	3,080		133		17	%	(329		)		(10.7	)%
Maintenance & Repairs(3)	1,554		67		8	%	1,284		56		7	%	270				21.0	%
Marketing	765		33		4	%	786		34		5	%	(21		)		(2.7	)%
Total Direct Operating Expenses	$	14,002	$	606	75	%	$	13,464	$	583	75	%	$	538			4.0	%
Real Estate Taxes	4,016		174		22	%	3,928		170		22	%	88				2.2	%
Insurance	576		25		3	%	565		24		3	%	11				1.9	%
Total Fixed Operating Expenses	$	4,592	$	199	25	%	$	4,493	$	194	25	%	$	99			2.2	%
Total Property Operating Expenses	$	18,594	$	805	100	%	$	17,957	$	777	100	%	$	637			3.5	%
	Six months ended June 30, 2015						Six months ended June 30, 2014
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change				% Change
Utilities(1)	$	11,097	$	481	29	%	$	10,505	$	455	29	%	$	592			5.6	%
On-Site Payroll	6,952		301		18	%	6,513		282		18	%	439				6.7	%
General & Administrative(2)	5,893		255		15	%	6,124		265		17	%	(231		)		(3.8	)%
Maintenance & Repairs(3)	2,673		116		7	%	2,366		103		7	%	307				13.0	%
Marketing	1,763		76		5	%	1,783		77		4	%	(20		)		(1.1	)%
Total Direct Operating Expenses	$	28,378	$	1,229	74	%	$	27,291	$	1,182	75	%	$	1,087			4.0	%
Real Estate Taxes	9,049		392		23	%	7,976		$	346	22	%	$	1,073		(4)	13.5	%
Insurance	1,154		50		3	%	1,132		49		3	%	22				1.9	%
Total Fixed Operating Expenses	$	10,203	$	442	26	%	$	9,108	$	395	25	%	$	1,095			12.0	%
Total Property Operating Expenses	$	38,581	$	1,671	100	%	$	36,399	$	1,577	100	%	$	2,182		(4)	6.0	%
Same-community beds	23,079
NOTE: Schedule does not include $0.4 million and $0.7 million of expenses for the three months ended June 30, 2015 and the six months ended June 30, 2015, respectively, related to the Company's change in its community assistant program at the end of the prior year. See note 4 on page 6.
(1) Represents gross costs before recoveries from tenants and includes student amenities such as internet.
(2) Includes property-level general and administrative cost and dining costs as well as regional and other corporate costs of supporting the communities.
(3) Includes general maintenance costs, grounds and landscaping, turn costs and life safety costs.
(4) During the first quarter of 2015 the Company accrued an additional $0.8 million in real estate taxes relating to the settlement of an assessment dispute with a local school board at one community covering several prior assessment years. Without this charge, real estate taxes would have only increased 3.3% and total operating expenses would have only increased 3.8% over prior year.

SECOND QUARTER 2015 7

COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Total / Weighted Average - Trailing Twelve Months
		June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
2015 Same Communities
	Revenue	$	42,094		$	40,064		$	48,669		$	48,077		$	44,640		$	181,450
	Operating Expenses	17,957			22,453			18,714			19,987			18,594			79,748
	Net Operating Income	$	24,137		$	17,611		$	29,955		$	28,090		$	26,046		$	101,702
	Margin	57		%	44		%	62		%	58		%	58		%	56		%
	Beds	69,237			69,237			69,237			69,237			69,237			276,948
	Occupancy(1)	87.3		%	89.2		%	96.4		%	96.0		%	88.6		%	92.6		%
	Net Apartment Rent per Occupied Bed	$	645		$	583		$	689		$	678		$	673		$	657
	Other Income per Occupied Bed	52			66			40			45			54			51
	Total Revenue per Occupied Bed	$	697		$	649		$	729		$	723		$	727		$	708
	Operating Expense per Available Bed	$	259		$	324		$	270		$	289		$	269		$	288
2015 New Communities
	Revenue	$	89		$	4,928		$	11,823		$	11,939		$	8,727		$	37,417
	Operating Expenses	629			2,180			3,012			3,786			3,907			12,885
	Net Operating Income	$	(540	)	$	2,748		$	8,811		$	8,153		$	4,820		$	24,532
	Margin	(607		)%	56		%	75		%	68		%	55		%	66		%
	Beds	120			8,256			13,674			13,674			13,824			49,428
	Occupancy(1)	95.0		%	95.0		%	95.6		%	95.0		%	63.7		%	86.4		%
	Net Apartment Rent per Occupied Bed	$	737		$	597		$	883		$	882		$	945		$	843
	Other Income per Occupied Bed	40			31			22			37			47			33
	Total Revenue per Occupied Bed	$	777		$	628		$	905		$	919		$	992		$	876
	Operating Expense per Available Bed	$	5,243		$	264		$	220		$	277		$	283		$	261
2015 Sold Communities
	Revenue	$	4,126		$	2,664		$	1,153		$	—		$	—		$	3,817
	Operating Expenses	2,389			2,287			860			—			—			3,147
	Net Operating Income	$	1,737		$	377		$	293		$	—		$	—		$	670
	Margin	42		%	14		%	25		%	—		%	—		%	18		%
	Beds	9,549			6,383			1,628			—			—			8,011
	Occupancy(1)	90.0		%	88.5		%	89.2		%	—		%	—		%	88.6		%
	Net Apartment Rent per Occupied Bed	$	455		$	426		$	754		$	—		$	—		$	493
	Other Income per Occupied Bed	25			46			40			—			—			45
	Total Revenue per Occupied Bed	$	480		$	472		$	794		$	—		$	—		$	538
	Operating Expense per Available Bed	$	250		$	362		$	529		$	—		$	—		$	395

SECOND QUARTER 2015 8

COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Total / Weighted Average - Trailing Twelve Months
		June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Other(2)
	Revenue	$	—		$	—		$	—		$	367		$	367		$	734
	Operating Expenses	—			—			—			367			367			734
	Net Operating Income	$	—		$	—		$	—		$	—		$	—		$	—
	Margin	—		%	—		%	—		%	—		%	—		%	—		%
2015 Total Communities
	Revenue	$	46,309		$	47,656		$	61,645		$	60,383		$	53,734		$	223,418
	Operating Expenses	20,975			26,920			22,586			24,140			22,868			96,514
	Net Operating Income	$	25,334		$	20,736		$	39,059		$	36,243		$	30,866		$	126,904
	Margin	55		%	44		%	63		%	60		%	57		%	57		%
	Beds	78,906			83,876			84,539			82,911			83,061			334,387
	Occupancy(1)	87.6		%	89.8		%	96.1		%	95.8		%	84.5		%	91.6		%
	Net Apartment Rent per Occupied Bed	$	621		$	572		$	721		$	716		$	712		$	681
	Other Income per Occupied Bed	49			61			37			44			53			48
	Total Revenue per Occupied Bed	$	670		$	633		$	758		$	760		$	765		$	729
	Operating Expense per Available Bed	$	266		$	321		$	268		$	291		$	275		$	289
(1) Represents the weighted average physical occupancy for the period presented.
(2) Represents additional same-community revenue and expenses incurred as a result of the Company changing its community assistant program at the end of 2014. The amounts are shown separately as there is no NOI impact and to clearly show the operating growth in revenue and expenses year over year.

SECOND QUARTER 2015 9

PRELEASING SUMMARY

						Preleasing at July 27,
	Design Beds	% of NOI		2014 Opening Occupancy		2015		2014		Preleasing Ahead/(Behind)		Projected Rate Growth
Same-Communities - by Tier
Prior Year Occupancy Below 90% (Tier 1)	2,906	5.6	%	81.6	%	74.6	%	69.3	%	5.3	%	2.6	%
Prior Year Occupancy 90% to 94.9% (Tier 2)	2,063	7.8	%	92.2	%	92.2	%	88.0	%	4.2	%	2.1	%
Prior Year Occupancy 95% to 97.9% (Tier 3)	5,772	16.7	%	97.4	%	96.6	%	93.8	%	2.8	%	3.6	%
Subtotal - Tiers 1 - 3	10,741	30.1	%	92.1	%	89.8	%	86.0	%	3.8	%
Prior Year Occupancy 98% and Above (Tier 4)	15,996	69.9	%	99.7	%	97.9	%	98.6	%	(0.7	)%	3.5	%
Total Same-Communities (1)	26,737	100.0	%	96.6	%	94.6	%	93.5	%	1.1	%	3.2	%
Total New-Communities (2)	3,557					94.4	%
Total Communities	30,294					94.6	%
Projected Fall Revenue:
The same-community portfolio is projected to obtain a 3.0% to 3.5% increase in revenue for the upcoming lease term, with net rates up 3.2% and occupancies consistent with the prior year.
NOTE: Leasing update includes 2,982 same-community beds and 1,610 new-community beds to be delivered in 2015 at the University of Kentucky.
(1) The same-community designation for leasing purposes is different than for financial reporting purposes. A community is considered same-community for leasing when the Company has managed the leasing process for at least two leasing cycles, including the 2015/2016 leasing cycle. See page 23 for a listing of communities that are included in the same community bed count for preleasing above.
(2) The new-community designation for leasing purposes is different than for financial statement purposes. A community is considered new-community for leasing when the Company has not previously managed the leasing process. Design beds for Total New-Communities above include the following: (1) our 2014 acquisition of The District on Apache (900 beds) and (2) beds at our 2015 development deliveries - The Oaks on the Square - Phase IV (391 beds), The Retreat at Louisville (656 beds) and Woodland Glen III, IV & V (1,610 beds). Our 2015 acquisition of The Commons on Bridge is excluded since we did not oversee leasing for the 2015/2016 lease year.

SECOND QUARTER 2015 10

SAME-COMMUNITY PRELEASING BY REGION AND DISTANCE

						Preleasing at July 27,
	Design Beds	% of NOI		2014 Opening Occupancy		2015		2014		Preleasing Ahead/(Behind)		Projected Rate Growth
Same-Communities - by Region (1)
Mid-Atlantic	5,811	26.2	%	95.0	%	95.1	%	93.2	%	1.9	%	3.7	%
Midwest	2,636	6.9	%	93.6	%	85.0	%	85.8	%	(0.8	)%	4.1	%
North	3,206	10.7	%	99.3	%	95.0	%	96.8	%	(1.8	)%	1.9	%
South Central	7,076	31.1	%	98.8	%	98.2	%	97.8	%	0.4	%	3.2	%
Southeast	5,681	15.8	%	96.1	%	94.2	%	92.1	%	2.1	%	2.0	%
West	2,327	9.3	%	95.4	%	94.4	%	89.2	%	5.2	%	4.3	%
Total Same-Communities	26,737	100.0	%	96.6	%	94.6	%	93.5	%	1.1	%	3.2	%
Same-Communities - by Distance from Campus
0-0.2 miles	16,292	70.5	%	97.9	%	97.2	%	95.8	%	1.4	%	3.1	%
0.21-0.49 miles	2,144	6.3	%	97.1	%	92.4	%	91.5	%	0.9	%	3.5	%
0.5-0.99 miles	1,004	3.5	%	99.1	%	87.6	%	100.0	%	(12.4	)%	0.9	%
1.0-1.99 miles	5,437	15.3	%	92.0	%	90.3	%	85.0	%	5.3	%	3.9	%
2.0 & > miles	1,860	4.4	%	97.9	%	91.3	%	97.4	%	(6.1	)%	2.3	%
Total Same-Communities	26,737	100.0	%	96.6	%	94.6	%	93.5	%	1.1	%	3.2	%
NOTE: Leasing update includes 2,982 same-community beds and 1,610 new-community beds to be delivered in 2015 at the University of Kentucky.
(1) See definition of regions on page 25.

SECOND QUARTER 2015 11

TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on revenue for the twelve months ended June 30, 2015 and excludes properties that were sold during the period.

⁽¹⁾ All revenue at the University of Kentucky is from ONE Plan^SM assets.

SECOND QUARTER 2015 12

TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on revenue for the twelve months ended June 30, 2015 and excludes properties that were sold during the period.

SECOND QUARTER 2015 13

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

New supply growth expected to slow 47% from 2015 to 2016

EdR Market and Revenue Growth

*Enrollment projection represents the 3-year enrollment CAGR through 2014 for our markets.

NOTE: Same-Community Fall Leasing Revenue Growth for 2014 represents actual growth achieved, while 2015 represents the mid-point of our current projections (revenue growth of between 3.0% and 3.5%).

SECOND QUARTER 2015 14

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

Owned Community Projected 2016 New Supply and Demand Information by Region
Region (4)	Owned Beds (3)	Percentage of Owned Beds	EdR NOI % (1)	Enrollment Growth 3 Year CAGR - Universities Served		2016 New Supply %	Variance
West	3,544	11%	12%	1.5%		0.4%	1.1%
Mid Atlantic	6,824	21%	25%	1.0%		0.9%	0.1%
North	3,206	10%	8%	0.2%		0.9%	(0.7)%
South Central	10,983	33%	37%	2.2%		2.3%	(0.1)%
Southeast	5,681	17%	12%	0.9%		0.2%	0.7%
Midwest	2,636	8%	6%	1.6%		0.6%	1.0%
Total	32,874	100%	100%	1.5%		0.8%	0.7%
Region (4)	Anticipated 2016 Enrollment Growth (2)	2016 Supply Growth	Variance
West	2,900	682	2,218		Anticipated 2016 Enrollment Growth Projected to Exceed 2016 Supply Growth by 29%
Mid Atlantic	2,081	1,947	134
North	1,124	1,536	(412)
South Central	3,288	4,173	(885)
Southeast	1,269	506	763
Midwest	1,548	594	954
Total	12,210	9,438	2,772
NOTE: Schedule represents all markets served by EdR communities and includes all announced 2015 and 2016 developments and the pending acquisition of The Province at Boulder, which is expected to close in the fall of 2015. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
(1) NOI is based on current 2015 forecast net operating income with proforma adjustments for 2015 and 2016 developments and developments or acquisitions that have been operating less than 12 months.
(2) Extrapolated from 2014 enrollment statistics from University Common Data Sets using the previous 3-year enrollment growth percentage.
(3) Total Owned Beds reported herein include Total Communities design beds on page 23 of 27,787 plus (1) 2,657 beds related to the 2015 deliveries at the University of Kentucky (1,610 beds), the University of Connecticut (391 beds), and the University of Louisville (656 beds) (see page 17); (2) 317 beds at the 2015 announced acquisition of The Province at Boulder; and (3) 2,113 beds at our 2016 deliveries at the University of Kentucky (1,141 beds), The Retreat at Blacksburg (622 beds) and the second phase at the Retreat at Oxford (350 beds) (also see page 17).
(4) See definition of regions on page 25.

SECOND QUARTER 2015 15

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

Projected 2016 New Supply Sorted by Percentage Increase
New Supply Growth	University Markets		EdR Bed Count		Pro Forma EdR NOI %(1)
0%	18	47%	19,656	60%	56%
0.1% to 1.0%	7	18%	3,553	11%	9%
1.0% - 3.0%	8	21%	6,323	19%	21%
3.0% - 5.0%	4	11%	2,484	8%	12%
> 5.0%	1	3%	858	2%	2%
Total	38	100%	32,874	100%	100%
University Markets with > 5% Increase in 2016 New Supply
University	New Supply Increase	Pro Forma EdR NOI %
University of Tennessee	6.3%	2.0%
NOTE: Schedule represents all markets served by EdR communities and includes all announced 2015 and 2016 developments and the pending acquisition of The Province at Boulder, which is expected to close in the fall of 2015. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
(1) NOI is based on current 2015 forecast net operating income with proforma adjustments for 2015 and 2016 developments and developments or acquisitions that have been operating less than 12 months.

SECOND QUARTER 2015 16

OWNED DEVELOPMENT SUMMARY

(Amounts in thousands except bed counts)
Active Projects	Project Type	Bed Count	Estimated Start Date		Anticipated Completion Date	Total Project Development Cost		EdR's Ownership Percentage		EdR's Share of Development Cost			EdR's Share of Development Cost to be Funded
University of Kentucky - Woodland Glen III, IV & V(1)	ONE Plan (2)	1,610	In progress		Summer 2015	$	101,172	100	%	$	101,172		$	1,743
University of Georgia - Georgia Heights	Joint Venture (3)	292	In progress		Summer 2015	55,615		50	%	27,808		(3)	—		(3)
University of Connecticut - The Oaks on the Square Ph IV	Wholly Owned	391	In progress		Summer 2015	45,000		100	%	45,000			12,536
University of Louisville - The Retreat at Louisville	Joint Venture	656	In Progress		Summer 2015	45,000		75	%	33,750			3,030
Total - 2015 Deliveries		2,949				$	246,787			$	207,730		$	17,309
University of Kentucky - Limestone Park I & II(1)	ONE Plan (2)	1,141	In progress		Summer 2016	$	83,911	100	%	$	83,911		$	61,898
University of Mississippi - The Retreat - Phase II	Wholly Owned	350	In progress		Summer 2016	25,600		100	%	25,600			21,242
Virginia Tech - Retreat at Blacksburg - Phase I	Joint Venture	622	Summer 2015		Summer 2016	48,325		75	%	36,244			36,244
Total - 2016 Deliveries		2,113				$	157,836			$	145,755		$	119,384
University of Kentucky - University Flats	ONE Plan (2)	771	In progress		Summer 2017	$	74,038	100	%	$	74,038		$	73,373
Virginia Tech - Retreat at Blacksburg - Phase II	Joint Venture	207	Summer 2016		Summer 2017	16,108		75	%	12,081			12,081
Total - 2017 Deliveries		978				$	90,146			$	86,119		$	85,454
Total Active Projects		6,040				$	494,769			$	439,604		$	222,147
Recently Awarded - 2017 Deliveries	Project Type	Bed Count	Total Project Development Cost
Arkansas State University	ONE Plan (2)
University of Kentucky - Honors College	ONE Plan (2)
Boise State University	ONE Plan (2)
Total Recently Awarded - 2017 Deliveries		1,229	$	92,000
NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements, construction agreements and ground leases.
(1) This project, once complete, will consist of multiple communities.
(2) The On-Campus Equity Plan, or The ONE PlanSM, is our equity program for universities, which allows universities to use EdR's equity and financial stability to develop and revitalize campus housing while preserving their credit capacity for other campus projects. The ONE PlanSM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.
(3) This project is not majority owned. As such, it will not be consolidated and we will recognize our portion of profits through equity in earnings on the income statement. Also as a result, the costs to be funded only represent EdR’s remaining required equity contribution.

SECOND QUARTER 2015 17

THIRD-PARTY DEVELOPMENT SUMMARY

(Amounts in thousands except bed counts)
THIRD-PARTY PROJECTS
Project	Bed Count	Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year (1)		Fees Earned Quarter Ended June 30, 2015 (1)		Remaining Fees to Earn
Clarion University of Pennsylvania	728	Spring 2014	Fall 2015	$	55,104	$	2,092	$	931	$	776	$	385
University of Cal. Berkeley - Bowles Hall	186	Summer 2015	Summer 2016	35,947		1,768		—		19		1,749
East Stroudsburg University - Pennsylvania Ph II	488	Fall 2015	Summer 2017	TBD		TBD		—		—		—
Total	1,402			$	91,051	$	3,860	$	931	$	795	$	2,134
NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.
(1) Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress or recently completed.

SECOND QUARTER 2015 18

CAPITAL STRUCTURE

as of June 30, 2015					Principal Outstanding		Weighted Average Interest Rate		Average Term to Maturity (in years)
(Amounts in thousands)
Total Debt to Gross Assets				Fixed Rate - Mortgage Debt	$	139,027	5.5	%	2.6
Debt(1)	799,122			Variable Rate - Mortgage Debt	34,000		2.3	%	1.0
Gross Assets(2)	2,129,663			Variable Rate - Construction Debt	50,595		2.2	%	2.2
Debt to Gross Assets	37.5		%	Fixed Rate - 5 Yr. Unsecured Term Loan (6)	65,000		2.9	%	3.5
				Fixed Rate - 7 Yr. Unsecured Term Loan (6)	122,500		3.9	%	5.5
Net Debt to Enterprise Value				Fixed Rate - Unsecured Senior Notes	250,000		4.6	%	9.4
Net Debt(1)	$	782,040		Variable Rate - Unsecured Revolving Credit Facility	138,000		1.4	%	3.4
Market Equity (3)	1,526,251			Debt(1) / Weighted Average	$	799,122	3.7	%	5.3
Enterprise Value	$	2,308,291		Less: Cash	17,082
				Net Debt	$	782,040
Net Debt to Enterprise Value	33.9		%
Interest Coverage (TTM)(4)	5.3x
Net Debt to EBITDA - Adjusted (TTM)(5)	4.8x
Variable Rate Debt to Total Debt	27.9%
(1) Excludes unamortized debt premium of $1.1 million.
(2) Excludes accumulated depreciation of $240 million.
(3) Market equity includes 48,350,313 shares of the Company's common stock and 318,403 units outstanding, which are convertible into common shares, and is calculated using $31.36 per share, the closing price of the Company's common stock on June 30, 2015.
(4) Equals Adjusted EBITDA of $113.5 million divided by interest expense of $21.0 million. See page 22 for reconciliation to Adjusted EBITDA.
(5)  Net Debt to EBITDA - Adjusted is calculated to normalize the impact of non-income producing construction debt. In the calculation, Net Debt is total debt (excluding the unamortized debt premium) less cash and excludes non income-producing debt related to assets under development at time of calculation. EBITDA is Proforma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, development deliveries and dispositions as if such had occurred at the beginning of the 12 month period being presented.
(6) The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.

SECOND QUARTER 2015 19

CAPITAL STRUCTURE

Weighted Average Interest Rate of Debt Maturing Each Year (1)
	2016	2017	2018	2019	2020	2021	2022	2023	2024
Fixed Rate Debt	4.2%	5.5%	—%	4.3%	5.7%	3.9%	—%	—%	4.6%
Variable Rate Debt	2.3%	2.2%	1.4%	—%	—%	—%	—%	—%	—%
Total Debt	3.1%	3.7%	1.4%	4.3%	5.7%	3.9%	—%	—%	4.6%
(1) The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.

SECOND QUARTER 2015 20

UNSECURED SENIOR NOTE COVENANTS

as of June 30, 2015
(Amounts in thousands)
Unsecured Senior Note Covenants(1)	Requirement		Current Ratio
Total Debt to Total Asset Value	≤ 60%		37.6%
Secured Debt to Total Asset Value	≤ 40%		10.5%
Unencumbered Asset Value to Unsecured Debt	> 150%		301.3%
Interest Coverage	> 1.5x		3.76x
Calculation of Interest Coverage Ratio:
Adjusted Pro Forma EBITDA - TTM:
EdR Adjusted EBITDA(2)	$	113,487
Pro forma Adjustments - acquisitions & dispositions (1)	1,116
Total Adjusted Pro Forma EBITDA - TTM	$	114,603
Pro Forma Interest Expense - TTM:
Interest expense	$	21,480
Add back: Capitalized interest	6,113
Pro forma adjustments	2,917
Pro forma interest expense - TTM	$	30,510
Interest Coverage	3.76x
(1) Computed in accordance with the First Supplemental Indenture filed November 24, 2014 with the SEC.
(2) See page 22 for a reconciliation to EdR Adjusted EBITDA.

SECOND QUARTER 2015 21

RECONCILIATION OF NON-GAAP MEASURES

(Amounts in thousands)	Six Months			Plus: Year			Less: Six			Trailing Twelve
	Ended			Ended			Months Ended			Months Ended
Adjusted EBITDA and Pro Forma Adjusted EBITDA:	June 30, 2015			December 31, 2014			June 30, 2014			June 30, 2015
Net income attributable to common shareholders	$	9,858		$	47,055		$	3,258		$	53,655
Straight line adjustment for ground leases	2,401			4,835			2,425			4,811
Acquisition costs	90			1,058			23			1,125
Depreciation and amortization	31,777			58,974			28,241			62,510
Loss on impairment of collegiate housing assets	—			12,733			11,780			953
Gain on sale of collegiate housing assets	—			(33,231		)	(10,902		)	(22,329		)
Gain on insurance settlement	—			(8,133		)	—			(8,133		)
Interest expense	11,392			20,656			10,568			21,480
Amortization of deferred financing costs	1,007			2,156			1,017			2,146
Interest income	(105		)	(190		)	(111		)	(184		)
Interest on loan to participating development	—			(6,486		)	—			(6,486		)
Loss on extinguishment of debt	—			3,543			649			2,894
Income tax expense (benefit)	168			261			(312		)	741
Noncontrolling interests	65			599			360			304
Adjusted EBITDA	$	56,653		$	103,830		$	46,996		$	113,487
Annualize acquisitions, developments and dispositions(1)	—			—			—			4,023
Pro Forma Adjusted EBITDA	$	56,653		$	103,830		$	46,996		$	117,510
(1) Pro forma adjustment to reflect all acquisitions, development deliveries and dispositions as if such transactions had occurred on the first day of the period presented.

SECOND QUARTER 2015 22

COMMUNITY LISTING - OWNED

Name	Primary University Served	Acquisition/Development Date	# of Beds	Name	Primary University Served	Acquisition/Development Date	# of Beds
Players Club	Florida State University	Jan '05	336	Campus Village	Michigan State University	Oct '12	355
The Commons	Florida State University	Jan '05	732	The Province	Kent State University	Nov '12	596
University Towers	North Carolina State University	Jan '05	889	The Suites at Overton Park	Texas Tech University	Dec '12	465
The Reserve on Perkins	Oklahoma State University	Jan '05	732	The Centre at Overton Park	Texas Tech University	Dec '12	400
The Pointe	Pennsylvania State University	Jan '05	984	The Oaks on the Square	University of Connecticut	Aug '12, Aug '13	503
The Lofts	University of Central Florida	Jan '05	730	3949	Saint Louis University	Aug '13	256
The Reserve at Athens	University of Georgia	Jan '05	612	Central Hall I (ONE Plan)(1)	University of Kentucky	Aug '13	301
The Reserve at Columbia	University of Missouri	Jan '05	676	Central Hall II (ONE Plan)(1)	University of Kentucky	Aug '13	300
Commons at Knoxville	University of Tennessee	Jan '05	708	2400 Nueces (ONE Plan)	University of Texas at Austin	Aug '13	655
Campus Creek	University of Mississippi	Feb '05	636	Roosevelt Point	Arizona State University- Downtown Phoenix	Aug '13	609
Campus Lodge	University of Florida	Jun '05	1,115	The Retreat at Oxford	University of Mississippi	Aug '13	668
Cape Trails	Southeast Missouri State University	Jan '06	360	The Retreat at State College	Pennsylvania State University	Sept '13	587
Carrollton Crossing	University of West Georgia	Jan '06	336	The Cottages on Lindberg	Purdue University	Sept '13	745
River Pointe	University of West Georgia	Jan '06	504	The Varsity	University of Michigan	Dec '13	416
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09	768		Total Same-Communities(2)		23,079
University Village on Colvin (ONE Plan)	Syracuse University	Aug '09	432
GrandMarc at The Corner	University of Virginia	Oct '10	641	The Lotus(2)	University of Colorado, Boulder	Nov '11, Aug '14	235
Wertland Square	University of Virginia	Mar '11	152	605 West(2)	Duke University	Aug '14	384
Jefferson Commons	University of Virginia	Mar '11	82	109 Tower(2)	Florida International University	Aug '14	542
The Berk on College(1)	University of California, Berkeley	May '11	122	The Oaks on the Square- Ph III(2)	University of Connecticut	Aug '14	116
The Berk on Arch(1)	University of California, Berkeley	May '11	43	Champions Court I (ONE Plan)(2)	University of Kentucky	Aug '14	740
University Village Towers	University of California, Riverside	Sept '11	554	Champions Court II (ONE Plan)(2)	University of Kentucky	Aug '14	427
Irish Row	University of Notre Dame	Nov '11	326	Haggin Hall (ONE Plan)(2)	University of Kentucky	Aug '14	396
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	Dec '11	562	Woodland Glen I (ONE Plan)(1)(2)	University of Kentucky	Aug '14	409
The Reserve on Stinson	University of Oklahoma	Jan '12	612	Woodland Glen II (ONE Plan)(1)(2)	University of Kentucky	Aug '14	409
Campus West (ONE Plan)	Syracuse University	Aug '12	313	The District on Apache(3)	Arizona State University- Tempe	Sept '14	900
East Edge	University of Alabama	Aug '12	774	Commons on Bridge(3)	University of Tennessee	June '15	150
The Province	East Carolina University	Sept '12	728		Total New-Communities		4,708
The District on 5th	University of Arizona	Oct '12	764		Total Owned-Communities		27,787
(1) The Company previously presented this property as part of a larger community. Due to a change in method of identifying individual communities, this property is now referred to as one community.
(2) The same-community designation for leasing purposes is different than for financial reporting purposes. These communities are considered same-community for 2015/2016 leasing purposes, as the Company managed the leasing process for the 2014/2015 lease cycle and is currently managing the leasing process for the 2015/2016 lease cycle. Total same-community beds for leasing purposes is 26,737.
(3) This property is considered new for purposes of leasing, as we did not manage the leasing process for the 2014/2015 lease year.

SECOND QUARTER 2015 23

INVESTOR RELATIONS

Executive Management
	Randy Churchey	Chief Executive Officer
	Tom Trubiana	President
	Bill Brewer	Chief Financial Officer
	Christine Richards	Chief Operating Officer
	Lindsey Mackie	Chief Accounting Officer
	J. Drew Koester	Senior Vice President - Capital Markets and Investor Relations
Corporate Headquarters
	EdR
	999 South Shady Grove Road, Suite 600
	Memphis, TN 38120
	(901) 259-2500
Covering Analysts
	Firm	Analyst	Contact #	Email
	Bank of America - Merrill	Jana Galan	(646) 855-3081	jana.galan@baml.com
	CANACCORD|Genuity	Ryan Meliker	(212) 389-8094	rmeliker@canaccordgenuity.com
	Green Street Advisors	Dave Bragg	(949) 706-8142	dbragg@greenstreetadvisors.com
	Goldman Sachs	Andrew Rosivach	(212) 902-2796	andrew.rosivach@gs.com
	Hilliard Lyons	Carol Kemple	(502) 588-1839	ckemple@hilliard.com
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
	KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280	jsadler@keybanccm.com
	RBC Capital Market	Wes Golladay	(440) 715-2650	wes.golladay@rbccm.com
	Robert W Baird & Co.	Drew T. Babin	(215) 553-7816	dbabin@rwbaird.com
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306	rpetrik@stifel.com
	UBS Securities	Ross Nussbaum	(212) 713-2484	ross.nussbaum@ubs.com
	Wunderlich Securities	Craig Kucera	(540) 277-3366	ckucera@wundernet.com

SECOND QUARTER 2015 24

DEFINITIONS

Design beds	Represents the sum of the monthly design beds in the portfolio during the period.
FFO	Funds from operations as defined by the National Association of Real Estate Investment Trusts.
GAAP	U.S. generally accepted accounting principles.
Net apartment rent per occupied bed (NarPOB)	Represents GAAP net apartment rent for the respective period divided by the sum of occupied beds in the portfolio for each month included in the period reported.
Net debt to EBITDA - adjusted	Net debt to EBITDA - adjusted is calculated to normalize the impact of non-producing construction debt. In the calculation, net debt is total debt less cash and excludes non-producing debt related to assets under development at time of calculation. EBITDA is Pro Forma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, dispositions and development assets that are open as if such had occurred at the beginning of the 12 month period being presented.
Operating expense per bed	Represents community-level operating expenses excluding management fees, depreciation and amortization.
Other income per available bed	Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/application fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.
Physical occupancy	Represents a weighted average of the month end occupancies for each month included in the period reported.
Regional Definitions	Regions are defined as follows: Mid-Atlantic: North Carolina, Pennsylvania, Connecticut, New York, Virginia; Midwest: Oklahoma, Missouri; North: Michigan, Ohio, Indiana, Illinois; South Central: Texas, Tennessee, Mississippi, Kentucky; Southeast: Florida, Alabama, Georgia; West: Arizona, California, Colorado.
Revenue per occupied bed (RevPOB)	Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of occupied beds in the portfolio for each month included in the period reported.
Same community	Includes communities that have been owned for more than a year as of the beginning of the current fiscal year.

SECOND QUARTER 2015 25

SAFE HARBOR STATEMENT

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise except as required by law.

SECOND QUARTER 2015 26