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 31, 2017

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On July 31, 2017, Education Realty Trust, Inc. (the "Company") issued a press release announcing its results of operations for the three and six months ended June 30, 2017 and made available updated supplemental information concerning the ownership, operations and portfolio of the Company. Copies of the press release and the 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, 2017.

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 31, 2017
99.2	Second Quarter 2017 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 31, 2017	By:	/s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer
	EDUCATION REALTY OPERATING PARTNERSHIP, LP
Date: July 31, 2017	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 31, 2017
99.2	Second Quarter 2017 Supplemental Financial Report

EX-99.1

EdR ANNOUNCES SECOND QUARTER 2017 RESULTS

MEMPHIS, TN, July 31, 2017 - 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, 2017.

Company Highlights

• Net income attributable to common stockholders for the second quarter was $6.1 million, or $0.07 per diluted share, as compared to $17.7 million, or $0.26 per diluted share in 2016. A $12.1 million gain on sale of collegiate housing properties in 2016 is the main driver of the decline;

• Operating income for the second quarter declined $0.9 million to $8.6 million on a 13.7% increase in revenue offset by a 17.5% increase in operating expenses, mainly driven by depreciation;

• Same-community net operating income ("NOI") was up 0.4% for the second quarter, with a 2.1% increase in revenue partially offset by a 4.5% increase in operating expenses as a result of a 19.1% increase in real estate taxes;

• Core funds from operations (“Core FFO”) for the second quarter increased 17.5% to $31.0 million and Core FFO per share/unit improved $0.03, or 7.7%, to $0.42;

• Preleasing for the 2017-2018 lease-term is 30 basis points behind last year with the same-community portfolio 92.7% preleased. The same-community leasing portfolio is projected to open the 2017-2018 lease-term with a 2.5% to 3.5% increase in rental revenue;

• Awarded the right to negotiate two new on-campus developments, including a ONE Plan development at Lehigh University and a possible ONE Plan development at Mississippi State University, bringing the total on-campus awards in 2017 to five. The new projects are currently targeting fall 2019 delivery;

• Announced 2018 new student housing supply as a percentage of enrollment in EdR's markets is expected to be 1.6%, a decline of approximately 50 bps from 2017 levels. As a result, anticipated enrollment growth and supply growth are expected to be in equilibrium in 2018;

• Entered into a master lease with North Carolina State University for approximately 250 beds. As a result, University Towers, EdR's community serving NC State, is expected to be full this fall;

• Completed the previously announced sale of The Reserve on Stinson, a 612-bed community serving the University of Oklahoma, for $18.2 million;

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• Postponed the delivery of Avid Square, the Company's $33.0 million development at Oklahoma State, from 2017 to 2018; and

• Declared a $0.39 dividend per share payable August 15th, which represents a 2.6% increase in the Company's dividend and the seventh straight year the Company has increased its dividend.

"While our operations team continues their focus on the core tenants of operating our portfolio, which has been the driver of EdR's industry leading operating results over the past seven years, our development team continues to deliver strong external growth," stated Randy Churchey, EdR's chief executive officer. "With the newly announced awards at Lehigh and Mississippi State and the previously announced awards at Cornell, Thomas More and the University of South Florida - St. Petersburg, we have been awarded a total of five on-campus developments so far in 2017. The two new awards will be nice additions to our current, fully-funded, development pipeline, which represents embedded growth of 47% over year-end 2016."

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the second quarter was $6.1 million, or $0.07 per diluted share, as compared to $17.7 million, or $0.26 per diluted share, for the second quarter of 2016. The $11.6 million decline in net income attributable to common stockholders relates primarily to the following:

• a $12.1 million gain on sale of collegiate housing properties in 2016 compared to $0.7 million in 2017 and

• a $5.4 million increase in depreciation and amortization, partially offset by

• a $4.2 million increase in total community NOI.

Operating Income

Operating income for the secondquarter was $8.6 million as compared to $9.5 million for the second quarter of 2016. The $0.9 million decrease relates primarily to the following:

• a $5.4 million increase in depreciation and amortization, partially offset by

• a $4.2 million increase in total community NOI.

Core Funds From Operations

Core FFO for the second quarter was $31.0 millioncompared to $26.4 millionin the prior year, and Core FFO per share/unit for the second quarter increased $0.03, or 7.7%, to $0.42. The $4.6 million increase in Core FFO relates primarily to the following:

• a $4.2 million increase in total community NOI and

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

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Same-Community Results

Same community NOI for the secondquarter was up 0.4%to $32.7 million on revenue growth of 2.1% and a 4.5%increase in operating expenses. The growth in revenue for the quarter was comprised of a 3.1% increase in rental rates, a 0.9% decline in occupancy, and a 0.1% reduction in other income. The same-community operating expense growth of 4.5% was mainly due to a 19.1%, or $0.9 million, increase in real estate taxes for the quarter, which includes the previously disclosed expiration of a tax PILOT in 2017 at one community. Direct operating expenses for the second quarter increased 0.7% over the prior year.

2017-2018 Preleasing

The same-community leasing portfolio is currently 30 basis points behind prior year with 92.7% of the beds preleased for the fall (excluding the 5,733 same-community beds at the University of Kentucky).

Following is a summary of the current status of applications at the University of Kentucky compared to the same time last year:

	2017	2016
Bed Count:
Same-communities	5,733	4,592
New-communities	1,117	1,141
Total	6,850	5,733
Housing Applications	6,678	6,075
% Applied	98%	106%

Based on current leasing velocity and market conditions, including the same-community beds at the University of Kentucky, we expect the same-community leasing portfolio to open the 2017-2018 lease-term with occupancy flat to prior year and an approximate 2.5% to 3.5% increase in rates, resulting in rental revenue growth in the range of 2.5% to 3.5% (assuming an equal percentage allocation of University of Kentucky applications to same and new-communities).

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

Student housing supply growth is expected to tighten in 2018 with new supply as a percentage of enrollment in EdR's markets declining from 2.1% in 2017 to 1.6% in 2018. The anticipated growth in new supply is expected to outpace projected enrollment growth in 2018 by approximately 20 bps. This compares favorably to 2017 when supply growth is anticipated to exceed enrollment growth by 70 bps and to the average gap over the last six years of approximately 60 bps as noted in the following table:

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EdR Markets:	2013		2014		2015		2016		2017 Est (1)		2018 Est (2)
New supply as % of enrollment	2.2	%	2.2	%	2.0	%	1.8	%	2.1	%	1.6	%
Enrollment growth	1.3	%	1.4	%	1.5	%	1.5	%	1.4	%	1.4	%
	0.9	%	0.8	%	0.5	%	0.3	%	0.7	%	0.2	%
Same-community:
Occupancy increase (decrease)	3.0	%	2.0	%	0.4	%	(1.1	)%	—	%
Rate increase	2.0	%	2.0	%	3.4	%	3.4	%	3.0	%
Total leasing revenue growth	5.0	%	4.0	%	3.8	%	2.3	%	3.0	%
(1) Data includes the existing portfolio plus 2017 developments. The estimated enrollment growth is based on the 3-year enrollment CAGR through 2016 for the included communities. Leasing revenue growth for 2017 represents the midpoint of current projections.
(2) Data includes the existing portfolio plus 2017 and 2018 developments. The estimated enrollment growth is based on the 3-year enrollment CAGR through 2016 for the included communities.

The Company provides additional enrollment and supply information by market in its quarterly earnings supplement located at http://www.snl.com/irweblinkx/yearlypresentations.aspx?iid=4095382.

Investment Activity

The Company was recently awarded the right to negotiate two new on-campus developments, bringing its total on-campus awards so far in 2017 to five.

The first is a ONE Plan development on the campus of Lehigh University that is expected to include 425 beds for a targeted delivery in the fall of 2019. Enrollment at this university of approximately 7,000 is smaller than the average enrollment of universities served by the Company's portfolio. Lehigh is investment grade rated by S&P and Moody's and the Company will receive credit enhancements from the university, similar to that received from Northern Michigan.

Additionally, Mississippi State awarded the Company the right to begin pre-development services on a possible ONE Plan development for new on-campus housing anticipated to include 650 beds for a targeted delivery in the fall of 2019. The project has the potential for an additional 950 beds in subsequent phases. Formal pre-development approval by the University’s governing board is expected at its August 17, 2017 meeting.

"I am pleased with the movement we are seeing in the on-campus market," stated Tom Trubiana, EdR's president. "The pursuit of these developments is very involved and time consuming and we are excited to see our hard work paying off. So far in 2017, we have been awarded five on-campus development projects and are currently shortlisted on a number of others. I commend our team on the strong reputation they have built for EdR and the successes they continue to achieve."

The Company previously announced that its development at Oklahoma State was behind schedule and at that point only half of the development was expected to be delivered for the 2017-2018 academic year. In late June, it became apparent that the contractor was not going to deliver any of the project this summer. As a result, incoming residents were released from their leases and provided assistance finding alternate housing. The Company is moving forward to finish the development and deliver the asset in 2018.

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In June, the Company completed the previously announced sale of The Reserve on Stinson, a 13 year old community with 612 beds that served the University of Oklahoma, for approximately $18.2 million.

Third-Party Development Services

The Company is proceeding with pre-development services for the two recently awarded third-party on-campus developments at Thomas More College and the University of South Florida - St. Petersburg for deliveries in fall 2019 and 2020.

Capital Structure

At June 30, 2017, the Company had cash and cash equivalents totaling $33.5 million and availability on its unsecured revolving credit facility of $155 million. The Company's net debt to gross assets was 25.0%, its net debt to EBITDA - adjusted was 2.3x, and its interest coverage ratio was 11.4x.

At the end of the second quarter, the Company also had commitments for $150 million of unsecured private placement notes split evenly between twelve and fifteen year terms and an average fixed interest rate of 4.26%. The Company anticipates closing the notes in the third quarter of 2017 with the expectation of using the proceeds to pay down the balance on the Company's revolver and for general corporate purposes. The current commitments have customary contingencies and closing of the transaction is not guaranteed.

The Company currently has 7.3 million forward-settling shares it has sold under its at-the-market ("ATM") forward sales program that have not yet been settled. The shares were sold at a weighted average net price of $42.57, representing approximately $305 million in future funding for its capital commitments. The Company has the option of settling 6.9 million of the forward sold shares at any time prior to December 31, 2017. The remaining completed forward sales and any additional sales under the current authorization can be settled at the Company's option through December 2018. No additional sales were made under the ATM since the end of the first quarter of 2017.

The Company's capital commitments at June 30, 2017, relating to announced acquisitions and its active developments, totaled $1 billion, with $625 million remaining to be funded ($290 million in 2017 and $335 million in 2018). The Company expects to meet these capital commitments with existing cash, debt capacity and settling its existing $305 million of ATM forward shares that have already been sold but not yet settled. If the Company were to fund 100% of its development commitments at June 30, 2017 with cash on hand, settlement of the forward equity sales and existing debt capacity, its debt to gross assets would be 29%, which is within management’s targeted leverage range of 25% to 30%. Please see the Company's financial supplement for a schedule of sources and uses of capital for all announced transactions as well as proforma debt to gross asset ratios including the impact of funding these commitments.

Earnings Guidance and Outlook

Based on the Company's current estimates, management reaffirms its 2017 guidance of net income attributable to common shareholders per diluted share of $0.51 to $0.61 and Core FFO per share/unit of $1.90 to $2.00.

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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 Monday, July 31, 2017.  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 Monday, July 31, 2017 through 11:59 p.m. Eastern Time on Monday, August 14, 2017.  To access the replay, the domestic dial-in number is (844) 512-2921, the international dial-in number is (412) 317-6671, and the passcode is 13665271.  The archive of the webcast will be available on the Company's Web site for a limited time.

About EdR

EdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 81 communities with more than 42,900 beds serving 51 universities in 25 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 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.

No Offer of Securities

Nothing in this press release shall constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any offer or sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.  Any offering of securities will be made only by means of an applicable prospectus.

Non-GAAP Financial Measures

Funds from Operations (FFO)

As defined by the National Association of Real Estate Investment Trusts ("NAREIT"), 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 are 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, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from collegiate housing asset dispositions and extraordinary items, it provides a performance

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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.

We compute FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999, April 2002 and by the October 2011 guidance described above), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties. We believe that net income is the most directly comparable GAAP measure to FFO available to stockholders and unitholders. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions.

The Company also uses core funds from operations, or Core FFO, as an operating performance measure. Core FFO available to stockholders and unitholders is defined as FFO adjusted to exclude the impact of straight-line adjustment for ground leases, gains/losses on extinguishment of debt, transaction costs and noncash fair value adjustments 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 management uses Core FFO in the assessment of our operating performance and comparison to its industry peers and believes that Core FFO is a useful supplemental measure for the investing community to use in comparing the Company's results 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 third-party management fees and expenses, third-party development consulting fees and expenses, depreciation, amortization, other operating expense related to noncash adjustments, 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 resident 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.

Debt to Gross Assets

Debt to gross assets is defined as total debt, excluding the unamortized deferred financing costs, divided by gross assets, or total assets excluding accumulated depreciation on real estate assets. We also refer to net debt to gross assets. Net debt is defined as total debt, excluding the unamortized deferred financing

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costs and less cash. We consider debt to gross assets and net debt to gross assets useful to an investor in evaluating our leverage and in assessing our capital structure, because it excludes noncash items such as accumulated depreciation and provides a more accurate depiction of our capital structure. Debt to gross assets and net debt to gross assets 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 GAAP 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 properties; (6) interest expense, net of capitalized interest and interest income; (7) amortization of deferred financing costs; (8) income tax expense (benefit); (9) noncontrolling interests; (10) other operating expense related to noncash adjustments and (11) loss on extinguishment of debt. 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. 

Interest Coverage Ratio

Interest Coverage Ratio is defined as Adjusted EBITDA divided by interest expense, net of capitalized interest. We consider the interest coverage ratio a useful metric for investors as it provides a widely-used measure of our ability to service our debt obligations, as well as compare leverage between REITs.

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EdR AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

		June 30, 2017			December 31, 2016
		(unaudited)
Assets
	Collegiate housing properties, net	$	2,179,060		$	2,108,706
	Assets under development	517,011			289,942
	Cash and cash equivalents	33,496			34,475
	Restricted cash	8,073			7,838
	Other assets	65,303			65,224
Total assets		$	2,802,943		$	2,506,185
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized deferred financing costs	$	29,751		$	62,520
	Unsecured revolving credit facility	345,000			20,000
	Unsecured term loans, net of unamortized deferred financing costs	186,385			186,738
	Unsecured senior notes, net of unamortized deferred financing costs	248,069			247,938
	Accounts payable and accrued expenses	162,819			127,872
	Deferred revenue	12,560			20,727
Total liabilities		984,584			665,795
Commitments and contingencies		—			—
Redeemable noncontrolling interests		51,184			38,949
Equity:
EdR stockholders’ equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 73,194,924 and 73,075,455 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	732			731
	Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,767,951			1,802,852
	Retained earnings	—			—
	Accumulated other comprehensive loss	(2,851		)	(3,564		)
Total EdR stockholders’ equity		1,765,832			1,800,019
Noncontrolling interests		1,343			1,422
Total equity		1,767,175			1,801,441
Total liabilities and equity		$	2,802,943		$	2,506,185

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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,
	2017			2016
Revenues:
Collegiate housing leasing revenue	$	70,071		$	61,690
Third-party development consulting services	1,156			467
Third-party management services	831			697
Operating expense reimbursements	1,984			2,286
Total revenues	74,042			65,140
Operating expenses:
Collegiate housing leasing operations	30,338			26,166
Development and management services	2,775			2,728
General and administrative	2,935			2,921
Development pursuit, acquisition costs and severance	403			158
Depreciation and amortization	24,520			19,099
Ground lease expense	2,462			2,296
Reimbursable operating expenses	1,984			2,286
Total operating expenses	65,417			55,654
Operating income	8,625			9,486
Nonoperating (income) expenses:
Interest expense, net of capitalized interest	3,062			3,635
Amortization of deferred financing costs	358			457
Interest income	(17		)	(200		)
Loss on extinguishment of debt	—			216
Total nonoperating expenses	3,403			4,108
Income before equity in earnings of unconsolidated entities, income taxes, and gain on sale of collegiate housing properties	5,222			5,378
Equity in earnings of unconsolidated entities	129			107
Income before income taxes and gain on sale of collegiate housing properties	5,351			5,485
Less: Income tax expense	353			89
Income before gain on sale of collegiate housing properties	4,998			5,396
Gain on sale of collegiate housing properties	691			12,083
Net income	5,689			17,479
Less: Net loss attributable to the noncontrolling interests	(371		)	(176		)
Net income attributable to EdR	$	6,060		$	17,655
Other comprehensive loss:
Loss on cash flow hedging derivatives	(365		)	(1,042		)
Comprehensive income attributable to EdR	$	5,695		$	16,613
Earnings per share information:
Net income attributable to EdR common stockholders per share – basic and diluted(1)	$	0.07		$	0.26
Weighted average share of common stock outstanding – basic	73,623			68,025
Weighted average share of common stock outstanding – diluted (2)	73,841			68,293
(1) The numerator for earnings per share - diluted also includes $0.8 million of accretion of redeemable noncontrolling interests for the three months ended June 30, 2017.
(2) Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Partnership Units and shares issuable upon settlement of the forward equity agreements.

11

EdR AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)

	Six months ended June 30,
	2017			2016
Revenues:
Collegiate housing leasing revenue	$	150,856		$	131,873
Third-party development consulting services	2,971			950
Third-party management services	1,776			1,591
Operating expense reimbursements	4,237			4,105
Total revenues	159,840			138,519
Operating expenses:
Collegiate housing leasing operations	59,215			51,055
Development and management services	5,676			5,249
General and administrative	6,142			5,502
Development pursuit, acquisition costs and severance	623			686
Depreciation and amortization	50,359			36,615
Ground lease expense	6,022			5,605
Other operating expense (1)	500			—
Reimbursable operating expenses	4,237			4,105
Total operating expenses	132,774			108,817
Operating income	27,066			29,702
Nonoperating (income) expenses:
Interest expense, net of capitalized interest	6,090			8,298
Amortization of deferred financing costs	779			937
Interest income	(49		)	(274		)
Loss on extinguishment of debt	22			10,136
Total nonoperating expenses	6,842			19,097
Income before equity in earnings (losses) of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	20,224			10,605
Equity in earnings (losses) of unconsolidated entities	384			(137		)
Income before income taxes and gain on sale of collegiate housing properties	20,608			10,468
Less: Income tax (benefit) expense	(532		)	140
Income before gain on sale of collegiate housing properties	21,140			10,328
Gain on sale of collegiate housing properties	691			23,956
Net income	21,831			34,284
Less: Net loss attributable to the noncontrolling interests	(386		)	(40		)
Net income attributable to EdR	$	22,217		$	34,324
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	713			(4,488		)
Comprehensive income attributable to EdR	$	22,930		$	29,836
Earnings per share information:
Net income attributable to EdR common stockholders per share – basic	$	0.29		$	0.53
Net income attributable to EdR common stockholders per share – diluted (2)	$	0.28		$	0.52
Weighted average share of common stock outstanding – basic	73,566			65,352
Weighted average share of common stock outstanding – diluted (3)	73,795			65,629
(1) Represents the change in fair value of contingent consideration liabilities associated with the acquisition of Urbane.
(2) The numerator for earnings per share - diluted also includes $1.2 million of accretion of redeemable noncontrolling interests for the six months ended June 30, 2017.
(3) Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Partnership Units and shares issuable upon settlement of the forward equity agreements.

12

EdR AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO FFO AND CORE FFO

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

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Net income attributable to EdR	$	6,060		$	17,655		$	22,217		$	34,324
Gain on sale of collegiate housing assets	(691		)	(12,083		)	(691		)	(23,956		)
Real estate related depreciation and amortization	24,050			18,695			49,405			35,808
Equity portion of real estate depreciation and amortization on equity investees	671			657			1,347			1,323
Noncontrolling interests	(224		)	(88		)	(116		)	117
Funds from operations ("FFO") available to stockholders and unitholders	$	29,866		$	24,836		$	72,162		$	47,616
FFO adjustments:
Loss on extinguishment of debt	—			216			22			10,136
Acquisition costs	2			178			27			238
Change in fair value of contingent consideration liability (1)	—			—			500			—
Straight-line adjustment for ground leases (2)	1,174			1,187			2,349			2,373
FFO adjustments	1,176			1,581			2,898			12,747
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	31,042		$	26,417		$	75,060		$	60,363
Earnings per share - diluted (3)	$	0.07		$	0.26		$	0.28		$	0.52
FFO per weighted average share/unit (4)	$	0.40		$	0.36		$	0.98		$	0.73
Core FFO per weighted average share/unit (4)	$	0.42		$	0.39		$	1.02		$	0.92
Weighted average shares/units (4)	73,841			68,293			73,795			65,629
(1) This represents the fair value adjustment for Urbane's contingent consideration.
(2)  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.
(3) The numerator for earnings per share - diluted also includes $0.8 million and $1.2 million of accretion of redeemable noncontrolling interests for the three and six months ended June 30, 2017, respectively.
(4)  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, and the dilutive impact of the ATM Forward.

13

EdR AND SUBSIDIARIES

2017 GUIDANCE - RECONCILIATION OF GAAP NET INCOME TO FFO and CORE FFO

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

(Unaudited)

	Year ending December 31, 2017
	Low End			High End
Net income attributable to EdR	$	41,700		$	49,400
Real estate related depreciation and amortization	97,800			97,800
Equity portion of real estate depreciation and amortization on equity investees	2,500			2,500
Gain on sale of collegiate housing property	(691		)	(691		)
Noncontrolling interests	(300		)	(300		)
Funds from operations ("FFO") available to stockholders and unitholders	$	141,009		$	148,709
FFO adjustments:
Loss on extinguishment of debt	22			22
Acquisition costs	27			27
Change in fair value of contingent consideration liability (1)	500			500
Straight-line adjustment for ground leases (2)	4,700			4,700
FFO adjustments	5,249			5,249
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	146,258		$	153,958
Earnings per share – diluted (3)	$	0.51		$	0.61
FFO per weighted average share/unit (4)	$	1.84		$	1.94
Core FFO per weighted average share/unit (4)	$	1.90		$	2.00
Weighted average shares/units (4)	76,800			76,800
(1) This represents the fair value adjustment for Urbane's contingent consideration.
(2)  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.
(3) The numerator for earnings per share - diluted for the Current Guidance also includes $2.6 million of accretion of redeemable noncontrolling interests for the year ended December 31, 2017.
(4)  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.

14

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, 2017 and 2016 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Operating income	$	8,625	$	9,486	$	27,066	$	29,702
Less: Third-party development services revenue	1,156		467		2,971		950
Less: Third-party management services revenue	831		697		1,776		1,591
Plus: Other operating expense	—		—		500		—
Plus: Development and management services expenses	2,775		2,728		5,676		5,249
Plus: General and administrative expenses, development pursuit, acquisition costs and severance	3,338		3,079		6,765		6,188
Plus: Ground leases	2,462		2,296		6,022		5,605
Plus: Depreciation and amortization	24,520		19,099		50,359		36,615
NOI	$	39,733	$	35,524	$	91,641	$	80,818

The following is a reconciliation of the Company's GAAP net income to Adjusted EBITDA for the trailing twelve months ended June 30, 2017 (in thousands):

	Six months ended			Plus: Year Ended			Less: Six Months Ended			Trailing Twelve Months Ended
	June 30, 2017			December 31, 2016			June 30, 2016			June 30, 2017
Net income attributable to common stockholders	$	22,217		$	44,924		$	34,324		$	32,817
Straight line adjustment for ground leases	2,349			4,731			2,373			4,707
Acquisition costs	27			619			238			408
Depreciation and amortization	50,359			81,413			36,615			95,157
Loss on impairment of collegiate housing assets	—			2,500			—			2,500
Gain on sale of collegiate housing assets	(691		)	(23,956		)	(23,956		)	(691		)
Interest expense, net of capitalized interest	6,090			15,454			8,298			13,246
Amortization of deferred financing costs	779			1,731			937			1,573
Interest income	(49		)	(490		)	(274		)	(265		)
Loss on extinguishment of debt	22			10,611			10,136			497
Income tax expense (benefit)	(532		)	684			140			12
Other operating expense - change in fair value of contingent consideration liability	500			1,046			—			1,546
Noncontrolling interest	(386		)	(220		)	(40		)	(566		)
Adjusted EBITDA	$	80,685		$	139,047		$	68,791		$	150,941
Annualize acquisitions, developments and dispositions (1)	—			—			—			4,504
Pro Forma Adjusted EBITDA	$	80,685		$	139,047		$	68,791		$	155,445
(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.

15

EdR AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

The following is a reconciliation of our GAAP total debt to gross assets as of June 30, 2017 and December 31, 2016 (dollars in thousands):

	June 30, 2017			December 31, 2016
Mortgage and construction loans, excluding unamortized deferred financing costs of $21 and $56 as of June 30, 2017 and December 31, 2016, respectively	$	29,772		$	62,576
Unsecured revolving credit facility	345,000			20,000
Unsecured term loan, excluding unamortized deferred financing costs of $1,115 and $762 as of June 30, 2017 and December 31, 2016, respectively	187,500			187,500
Unsecured senior notes, excluding unamortized deferred financing costs of $1,931 and $2,062 as of June 30, 2017 and December 31, 2016, respectively	250,000			250,000
Total debt, excluding unamortized deferred financing costs	812,272			520,076
Less: Cash	33,496			34,475
Net debt	$	778,776		$	485,601
Total assets	$	2,802,943		$	2,506,185
Accumulated depreciation(1)	343,132			315,634
Gross assets	$	3,146,075		2,821,819
Debt to gross assets	25.8		%	18.4		%
Net debt to gross assets(4)	25.0		%	17.4		%
Interest coverage (TTM)(2)	11.4		x	9.0		x
Net debt to EBITDA - Adjusted (TTM)(3)	2.3		x	1.7		x
(1) Represents accumulated depreciation on real estate assets.
(2) Equals the trailing twelve month Adjusted EBITDA of $150.9 million divided by interest expense, net of capitalized interest of $13.2 million. See page 15 for reconciliation of Adjusted EBITDA.
(3) 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 deferred financing costs) 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.
(4) Gross assets used in the net debt to gross assets calculation excludes $33.5 million cash on hand at June 30, 2017.

16

EX-99.2

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three months ended June 30,									Six Months Ended June 30,
		2017		2016		$ Chg			% Chg		2017		2016		$ Chg			% Chg
	Same-community revenue	$	55,574	$	54,453	$	1,121		2.1	%	$	119,066	$	117,082	$	1,984		1.7	%
	Total community revenue	70,071		61,690		8,381			13.6	%	150,856		131,873		18,983			14.4	%
	Total revenue	74,042		65,140		8,902			13.7	%	159,840		138,519		21,321			15.4	%
	Same-community net operating income	32,688		32,555		133			0.4	%	74,309		74,370		(61		)	(0.1	)%
	Total community net operating income	39,733		35,524		4,209			11.8	%	91,641		80,818		10,823			13.4	%
	Total operating income	8,625		9,486		(861		)	(9.1	)%	27,066		29,702		(2,636		)	(8.9	)%
	Net income attributable to EdR	6,060		17,655		(11,595		)	(65.7	)%	22,217		34,324		(12,107		)	(35.3	)%
	Per share - basic	$	0.07	$	0.26	$	(0.19	)	(73.1	)%	$	0.29	$	0.53	$	(0.24	)	(45.3	)%
	Per share - diluted	0.07		0.26		(0.19		)	(73.1	)%	0.28		0.52		(0.24		)	(46.2	)%
	Funds from operations (FFO)	29,866		24,836		5,030			20.3	%	72,162		47,616		24,546			51.5	%
	Per weighted average share/unit (1)	$	0.40	$	0.36	$	0.04		11.1	%	$	0.98	$	0.73	$	0.25		34.2	%
	Core funds from operations (Core FFO)	31,042		26,417		4,625			17.5	%	75,060		60,363		14,697			24.3	%
	Per weighted average share/unit (1)	$	0.42	$	0.39	$	0.03		7.7	%	$	1.02	$	0.92	$	0.10		10.9	%
FINANCIAL RATIOS:
		6/30/2017				12/31/2016
	Debt to gross assets	25.8%				18.4%
	Net debt to gross assets	25.0%				17.4%
	Net debt to enterprise value	21.5%				13.5%
	Interest coverage ratio (TTM)	11.4x				9.0x
	Net debt to EBITDA - Adjusted (TTM)	2.3x				1.7x
(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 1

BALANCE SHEET

(Amount in thousands, except share and per share data, unaudited)
		June 30, 2017			December 31, 2016
Assets
	Collegiate housing properties, net (1)	$	2,179,060		$	2,108,706
	Assets under development	517,011			289,942
	Cash and cash equivalents	33,496			34,475
	Restricted cash	8,073			7,838
	Other assets	65,303			65,224
Total assets		$	2,802,943		$	2,506,185
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized deferred financing costs	$	29,751		$	62,520
	Unsecured revolving credit facility	345,000			20,000
	Unsecured term loans, net of unamortized deferred financing costs	186,385			186,738
	Unsecured senior notes, net of unamortized deferred financing costs	248,069			247,938
	Accounts payable and accrued expenses	162,819			127,872
	Deferred revenue	12,560			20,727
Total liabilities		984,584			665,795
Commitments and contingencies		—			—
Redeemable noncontrolling interests		51,184			38,949
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 73,194,924 and 73,075,455 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	732			731
	Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,767,951			1,802,852
	Retained earnings	—			—
	Accumulated other comprehensive loss	(2,851		)	(3,564		)
Total EdR stockholders' equity		1,765,832			1,800,019
Noncontrolling interest		1,343			1,422
Total equity		1,767,175			1,801,441
Total liabilities and equity		$	2,802,943		$	2,506,185

⁽¹⁾ Amount is net of accumulated depreciation of $343,132 and $315,634, as of June 30, 2017 and December 31, 2016, respectively.

SECOND QUARTER 2

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
	Three months ended June 30,									Six months ended June 30,
	2017			2016			$ Change			2017			2016			$ Change
Revenues:
Collegiate housing leasing revenue	$	70,071		$	61,690		$	8,381		$	150,856		$	131,873		$	18,983
Third-party development consulting services	1,156			467			689			2,971			950			2,021
Third-party management services	831			697			134			1,776			1,591			185
Operating expense reimbursements	1,984			2,286			(302		)	4,237			4,105			132
Total revenues	74,042			65,140			8,902			159,840			138,519			21,321
Operating expenses:
Collegiate housing leasing operations	30,338			26,166			4,172			59,215			51,055			8,160
Development and management services	2,775			2,728			47			5,676			5,249			427
General and administrative	2,935			2,921			14			6,142			5,502			640
Development pursuit, acquisition costs and severance	403			158			245			623			686			(63		)
Depreciation and amortization	24,520			19,099			5,421			50,359			36,615			13,744
Ground lease expense	2,462			2,296			166			6,022			5,605			417
Other operating expense (1)	—			—			—			500			—			500
Reimbursable operating expenses	1,984			2,286			(302		)	4,237			4,105			132
Total operating expenses	65,417			55,654			9,763			132,774			108,817			23,957
Operating income	8,625			9,486			(861		)	27,066			29,702			(2,636		)
Nonoperating (income) expenses:
Interest expense, net of capitalized interest	3,062			3,635			(573		)	6,090			8,298			(2,208		)
Amortization of deferred financing costs	358			457			(99		)	779			937			(158		)
Interest income	(17		)	(200		)	183			(49		)	(274		)	225
Loss on extinguishment of debt	—			216			(216		)	22			10,136			(10,114		)
Total nonoperating expenses	3,403			4,108			(705		)	6,842			19,097			(12,255		)
Income before equity in earnings (losses) of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	5,222			5,378			(156		)	20,224			10,605			9,619
Equity in earnings (losses) of unconsolidated entities	129			107			22			384			(137		)	521
Income before income taxes and gain on sale of collegiate housing properties	5,351			5,485			(134		)	20,608			10,468			10,140
Income tax expense (benefit)	353			89			264			(532		)	140			(672		)
Income before gain on sale of collegiate housing properties	4,998			5,396			(398		)	21,140			10,328			10,812
Gain on sale of collegiate housing properties	691			12,083			(11,392		)	691			23,956			(23,265		)
Net income	5,689			17,479			(11,790		)	21,831			34,284			(12,453		)
Less: Net loss attributable to the noncontrolling interests	(371		)	(176		)	(195		)	(386		)	(40		)	(346		)
Net income attributable to Education Realty Trust, Inc.	$	6,060		$	17,655		$	(11,595	)	$	22,217		$	34,324		$	(12,107	)

SECOND QUARTER 3

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
	Three months ended June 30,									Six months ended June 30,
	2017			2016			$ Change			2017		2016			$ Change
Other comprehensive income (loss):
(Loss) gain on cash flow hedging derivatives	(365		)	(1,042		)	677			713		(4,488		)	5,201
Comprehensive income attributable to Education Realty Trust, Inc.	$	5,695		$	16,613		$	(10,918	)	$	22,930	$	29,836		$	(6,906	)
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic	$	0.07		$	0.26		$	(0.19	)	$	0.29	$	0.53		$	(0.24	)
Net income attributable to Education Realty Trust, Inc. common stockholders per share – diluted (2)	$	0.07		$	0.26		$	(0.19	)	$	0.28	$	0.52		$	(0.24	)
Weighted average shares of common stock outstanding – basic	73,623			68,025			5,598			73,566		65,352			8,214
Weighted average shares of common stock outstanding – diluted (3)	73,841			68,293			5,548			73,795		65,629			8,166
(1) Represents the change in fair value of contingent consideration liabilities associated with the acquisition of Urbane.
(2) The numerator for earnings per share - diluted also includes $0.8 million and $1.2 million of accretion of redeemable noncontrolling interests for the three and six months ended June 30, 2017, respectively.
(3) Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Partnership Units and shares issuable upon settlement of the forward equity agreements.

SECOND QUARTER 4

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)		Three months ended June 30,									Six months ended June 30,
		2017			2016			$ Change			2017			2016			$ Change
Net income attributable to EdR		$	6,060		$	17,655		$	(11,595	)	$	22,217		$	34,324		$	(12,107	)
	Gain on sale of collegiate housing assets	(691		)	(12,083		)	11,392			(691		)	(23,956		)	23,265
	Real estate related depreciation and amortization	24,050			18,695			5,355			49,405			35,808			13,597
	Equity portion of real estate depreciation and amortization on equity investees	671			657			14			1,347			1,323			24
	Noncontrolling interests	(224		)	(88		)	(136		)	(116		)	117			(233		)
Funds from operations ("FFO") available to stockholders and unitholders		29,866			24,836			5,030			72,162			47,616			24,546
	percent change							20.3		%							51.5		%
FFO adjustments:
	Loss on extinguishment of debt	—			216			(216		)	22			10,136			(10,114		)
	Acquisition costs	2			178			(176		)	27			238			(211		)
	Change in fair value of contingent consideration liability (1)	—			—			—			500			—			500
	Straight-line adjustment for ground leases (2)	1,174			1,187			(13		)	2,349			2,373			(24		)
FFO adjustments		1,176			1,581			(405		)	2,898			12,747			(9,849		)
Core funds from operations ("Core FFO") available to stockholders and unitholders		$	31,042		$	26,417		$	4,625		$	75,060		$	60,363		$	14,697
	percent change							17.5		%							24.3		%
Earnings per share - diluted (3)		$	0.07		$	0.26		$	(0.19	)	$	0.28		$	0.52		$	(0.24	)
	percent change							(73.08		)%							(46.2		)%
FFO per weighted average share/unit (4)		$	0.40		$	0.36		$	0.04		$	0.98		$	0.73		$	0.25
	percent change							11.1		%							34.2		%
Core FFO per weighted average share/unit (4)		$	0.42		$	0.39		$	0.03		$	1.02		$	0.92		$	0.10
	percent change							7.7		%							10.9		%
Weighted average shares/units (4)		73,841			68,293			5,548			73,795			65,629			8,166
	percent change							8.1		%							12.4		%
(1) This represents the fair value adjustment for Urbane's contingent consideration.
(2)  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.
(3) The numerator for earnings per share - diluted also includes $0.8 million and $1.2 million of accretion of redeemable noncontrolling interests for the three and six months ended June 30, 2017, respectively.
(4)  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, and the dilutive impact of the ATM Forward.

SECOND QUARTER 5

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)
		Three Months Ended June 30,										Six Months Ended June 30,
		2017			2016		$ Change			% Change		2017		2016		$ Change			% Change
Revenues
	Same-communities(1)	$	55,574		$	54,453	$	1,121		2.1	%	$	119,066	$	117,082	$	1,984		1.7	%
	New-communities(2)	12,526			2,856		9,670			NM		26,173		4,064		22,109			NM
	Other-communities(3)	1,662			1,951		(289		)	NM		4,683		5,151		(468		)	NM
	Sold-communities(4)	309			2,430		(2,121		)	NM		934		5,576		(4,642		)	NM
Total revenues		70,071			61,690		8,381			13.6	%	150,856		131,873		18,983			14.4	%
Operating expenses (5)
	Same-communities(1)	22,886			21,898		988			4.5	%	44,757		42,712		2,045			4.8	%
	New-communities(2)	5,741			1,530		4,211			NM		10,817		2,328		8,489			NM
	Other-communities(3)	1,336			1,382		(46		)	NM		2,810		2,909		(99		)	NM
	Sold-communities(4)	375			1,356		(981		)	NM		831		3,106		(2,275		)	NM
Total operating expenses		30,338			26,166		4,172			15.9	%	59,215		51,055		8,160			16.0	%
Net operating income
	Same-communities(1)	32,688			32,555		133			0.4	%	74,309		74,370		(61		)	(0.1	)%
	New-communities (2)	6,785			1,326		5,459			NM		15,356		1,736		13,620			NM
	Other-communities(3)	326			569		(243		)	NM		1,873		2,242		(369		)	NM
	Sold-communities(4)	(66		)	1,074		(1,140		)	NM		103		2,470		(2,367		)	NM
Total net operating income		$	39,733		$	35,524	$	4,209		11.8	%	$	91,641	$	80,818	$	10,823		13.4	%
(1) Same-communities are defined as those communities that have been open and operating for the whole time in the current and prior periods and are not conducting substantial development or redevelopment activities or have other significant changes in design beds. See page 26 of this supplement for a listing of same-communities.
(2) See page 27 of this supplement for a listing of which communities are categorized as new-communities.
(3) Effective January 1, 2017, the following communities moved from same-community to other-community: 1) Players Club serving Florida State University due to the demolition and redevelopment of the property and 2) University Towers, serving North Carolina State University. As a result of the university implementing a new freshman live-on requirement this fall, we anticipate changing the way the community will be leased and operated in 2017 making year over year results incomparable.
(4) Represents operating results from communities sold in 2016 and 2017.
(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 6

SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended June 30, 2017						Three months ended June 30, 2016
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities(1)	$	6,518	$	249	28	%	$	6,521	$	249	30	%	$	(3	)	—	%
On-Site Payroll	3,993		153		17	%	3,952		151		18	%	41			1.0	%
General & Administrative(2)	3,039		116		13	%	3,215		123		15	%	(176		)	(5.5	)%
Maintenance & Repairs(3)	2,235		85		10	%	1,994		76		9	%	241			12.1	%
Marketing	810		31		4	%	796		30		4	%	14			1.8	%
Total Direct Operating Expenses	$	16,595	$	634	72	%	$	16,478	$	629	76	%	$	117		0.7	%
Real Estate Taxes	5,781		221		26	%	4,855		186		22	%	926			19.1	%
Insurance	510		19		2	%	565		22		2	%	(55		)	(9.7	)%
Total Fixed Operating Expenses	$	6,291	$	240	28	%	$	5,420	$	208	24	%	$	871		16.1	%
Total Property Operating Expenses	$	22,886	$	874	100	%	$	21,898	$	837	100	%	$	988		4.5	%
	Six months ended June 30, 2017						Six months ended June 30, 2016
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities(1)	$	12,905	$	493	29	%	$	12,710	$	486	30	%	$	195		1.5	%
On-Site Payroll	7,917		303		18	%	7,962		304		19	%	(45		)	(0.6	)%
General & Administrative(2)	6,220		238		14	%	6,234		238		15	%	(14		)	(0.2	)%
Maintenance & Repairs(3)	3,856		147		9	%	3,426		131		8	%	430			12.6	%
Marketing	1,637		63		4	%	1,742		67		4	%	(105		)	(6.0	)%
Total Direct Operating Expenses	$	32,535	$	1,244	73	%	$	32,074	$	1,226	75	%	$	461		1.4	%
Real Estate Taxes	11,202		428		25	%	9,505		363		22	%	1,697			17.9	%
Insurance	1,020		39		2	%	1,133		43		3	%	(113		)	(10.0	)%
Total Fixed Operating Expenses	$	12,222	$	467	27	%	$	10,638	$	406	25	%	$	1,584		14.9	%
Total Property Operating Expenses	$	44,757	$	1,711	100	%	$	42,712	$	1,632	100	%	$	2,045		4.8	%
Same-community beds	26,167
(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.

SECOND QUARTER 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, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
2017 Same Communities
	Revenue	$	54,453		$	51,911		$	64,900		$	63,492		$	55,574		$	235,877
	Operating Expenses	21,898			26,562			22,181			21,871			22,886			93,500
	Net Operating Income	$	32,555		$	25,349		$	42,719		$	41,621		$	32,688		$	142,377
	Margin	60		%	49		%	66		%	66		%	59		%	60		%
	Beds	78,501			78,501			78,501			78,501			78,501			314,004
	Occupancy(1)	83.2		%	88.7		%	96.8		%	95.3		%	82.3		%	90.8		%
	Net Apartment Rent per Occupied Bed	$	773		$	671		$	810		$	800		$	799		$	771
	Other Income per Occupied Bed	61			75			44			48			61			57
	Total Revenue per Occupied Bed	$	834		$	746		$	854		$	848		$	860		$	828
	Operating Expense per Available Bed	$	279		$	338		$	283		$	279		$	292		$	298
2017 New Communities
	Revenue	$	2,856		$	7,154		$	11,795		$	13,647		$	12,526		$	45,122
	Operating Expenses	1,530			3,751			3,673			5,076			5,741			18,241
	Net Operating Income	$	1,326		$	3,403		$	8,122		$	8,571		$	6,785		$	26,881
	Margin	46		%	48		%	69		%	63		%	54		%	60		%
	Beds	4,658			11,039			14,175			17,833			18,138			61,185
	Occupancy(1)	78.5		%	86.9		%	89.6		%	89.2		%	77.5		%	85.4		%
	Net Apartment Rent per Occupied Bed	$	726		$	663		$	871		$	803		$	820		$	798
	Other Income per Occupied Bed	56			83			58			55			71			65
	Total Revenue per Occupied Bed	$	782		$	746		$	929		$	858		$	891		$	863
	Operating Expense per Available Bed	$	329		$	340		$	259		$	285		$	317		$	298
2017 Other Communities(2)
	Revenue	$	1,951		$	2,219		$	3,090		$	3,021		$	1,662		$	9,992
	Operating Expenses	1,382			1,614			1,508			1,475			1,336			5,933
	Net Operating Income	$	569		$	605		$	1,582		$	1,546		$	326		$	4,059
	Margin	29		%	27		%	51		%	51		%	20		%	41		%
	Beds	3,675			3,675			3,675			3,675			3,339			14,364
	Occupancy(1)	49.7		%	69.1		%	87.8		%	87.2		%	42.3		%	72.3		%
	Net Apartment Rent per Occupied Bed	$	846		$	692		$	903		$	883		$	899		$	845
	Other Income per Occupied Bed	223			182			54			59			278			117
	Total Revenue per Occupied Bed	$	1,069		$	874		$	957		$	942		$	1,177		$	962
	Operating Expense per Available Bed	$	376		$	439		$	410		$	401		$	400		$	413

SECOND QUARTER 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, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
2017 Sold Communities
	Revenue	$	2,430		$	593		$	652		$	625		$	309		$	2,179
	Operating Expenses	1,356			584			449			455			375			1,863
	Net Operating Income (Loss)	$	1,074		$	9		$	203		$	170		$	(66	)	$	316
	Margin	44		%	2		%	31		%	27		%	(21		)%	15		%
	Beds	5,868			1,836			1,836			1,836			1,224			6,732
	Occupancy(1)	88.8		%	61.4		%	61.4		%	61.4		%	63.1		%	61.7		%
	Net Apartment Rent per Occupied Bed	$	437		$	472		$	563		$	530		$	372		$	494
	Other Income per Occupied Bed	30			53			15			24			27			30
	Total Revenue per Occupied Bed	$	467		$	525		$	578		$	554		$	399		$	524
	Operating Expense per Available Bed	$	231		$	318		$	244		$	248		$	307		$	277
2017 Total Communities
	Revenue	$	61,690		$	61,877		$	80,437		$	80,785		$	70,071		$	293,170
	Operating Expenses	26,166			32,511			27,811			28,877			30,338			119,537
	Net Operating Income	$	35,524		$	29,366		$	52,626		$	51,908		$	39,733		$	173,633
	Margin	58		%	47		%	65		%	64		%	57		%	59		%
	Beds	92,702			95,051			98,187			101,845			101,202			396,285
	Occupancy(1)	82.0		%	87.2		%	94.8		%	93.3		%	79.9		%	88.8		%
	Net Apartment Rent per Occupied Bed	$	749		$	668		$	819		$	800		$	800		$	774
	Other Income per Occupied Bed	63			79			46			50			66			59
	Total Revenue per Occupied Bed	$	812		$	747		$	865		$	850		$	866		$	833
	Operating Expense per Available Bed	$	282		$	342		$	283		$	284		$	300		$	302
(1) Represents the weighted average physical occupancy for the period presented.
(2) Effective January 1, 2017, the following communities moved from same-community to other-community: 1) Players Club serving Florida State University due to the demolition and redevelopment of the property and 2) University Towers, serving North Carolina State University, as we previously anticipated changing the way the community will be leased and operated in 2017.

SECOND QUARTER 9

PRELEASING SUMMARY

						Preleasing at July 25,
	Design Beds	% of NOI		2016 Opening Occupancy		2017		2016		Preleasing Ahead/(Behind)		Projected Rate Growth(1)
Same-Communities - by Tier
Prior Year Occupancy Below 90% (Tier 1)	4,046	12.4	%	81.2	%	79.1	%	75.6	%	3.5	%	(2.3	)%
Prior Year Occupancy 90% to 96.9% (Tier 2)	3,697	13.9	%	94.0	%	88.1	%	88.4	%	(0.3	)%	1.7	%
Prior Year Occupancy 97% and Above (Tier 3)	16,911	73.7	%	99.7	%	96.9	%	98.1	%	(1.2	)%	3.8	%
Total Same-Communities (2)	24,654	100.0	%	95.8	%	92.7	%	93.0	%	(0.3	)%	3.0	%
Total Other-Communities (3)	889					100.0	%	88.1	%	11.9	%
Total New-Communities (4)	2,954					74.0	%
Total Communities	28,497					90.9	%
Projected 2017-2018 Opening Revenue:
The same-community portfolio is projected to open the 2017-2018 lease-term with occupancy flat and a 2.5% to 3.5% increase in rates, resulting in rental revenue growth in the range of 2.5% to 3.5%.
NOTE: The leasing velocity in the above preleasing summary by tier does not include 6,850 same and new-community beds at the University of Kentucky, 656 new-community beds at Boise State University and 417 new-community beds at Northern Michigan University, since each university's assignment process has not yet occurred. The University of Kentucky beds are currently 98% applied for this fall compared to 106% in the prior year. The beds at Boise State and Northern Michigan University are currently 100% and 185% applied for the fall, respectively. Players Club is not included, as the community is being redeveloped for 2018 delivery and is not leasing for the 2017-2018 lease-term.
(1) The projected rate growth represents the midpoint of the range for the same-community leasing portfolio, including the same-community beds at Kentucky.
(2) 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 2017/2018 leasing cycle. Design beds for Same-Communities included in the 2017 Preleasing Summary above include the following design beds: (1) total same-community design beds on page 26 of 26,167 less 4,592 beds at the University of Kentucky plus (2) 3,079 design beds on communities that are considered same for leasing purposes (see note 1 on page 27).
(3) Other-communities includes University Towers, serving North Carolina State University.
(4) 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 include the following: (1) our 2016 acquisitions of Pura Vida Place (100 beds), Carriage House (94 beds) and Urbane (311 beds), plus (2) beds at our 2017 development deliveries including The Local: Downtown (304 beds) and SkyVue (824 beds), plus (3) our 2017 acquisitions of Retreat at Corvallis (1,016 beds) and 319 Bragg (305 beds).

SECOND QUARTER 10

SAME-COMMUNITY PRELEASING BY REGION AND DISTANCE

						Preleasing at July 25,
	Design Beds	% of NOI		2016 Opening Occupancy		2017		2016		Preleasing Ahead/(Behind)		Projected Rate Growth(1)
Same-Communities - by Region (2)
Mid-Atlantic	5,758	28.7	%	98.1	%	95.9	%	97.4	%	(1.5	)%	4.8	%
Midwest	1,664	3.6	%	82.7	%	81.7	%	76.3	%	5.4	%	(1.8	)%
North	4,243	16.2	%	95.3	%	90.9	%	90.4	%	0.5	%	0.4	%
South Central	5,250	19.2	%	93.0	%	87.3	%	89.7	%	(2.4	)%	3.0	%
Southeast	4,001	13.4	%	99.9	%	97.1	%	98.7	%	(1.6	)%	2.8	%
West	3,738	18.9	%	98.4	%	97.3	%	94.7	%	2.6	%	4.0	%
Total Same-Communities	24,654	100.0	%	95.8	%	92.7	%	93.0	%	(0.3	)%	3.0	%
Same-Communities - by Distance from Campus
0-0.2 miles	14,324	66.2	%	98.4	%	93.7	%	96.4	%	(2.7	)%	3.6	%
0.21-0.49 miles	2,720	10.3	%	90.8	%	85.4	%	85.8	%	(0.4	)%	(1.3	)%
0.5-0.99 miles	2,041	7.6	%	87.2	%	90.0	%	81.4	%	8.6	%	2.3	%
1.0-1.99 miles	3,709	11.4	%	92.5	%	92.8	%	90.0	%	2.8	%	2.5	%
2.0 & > miles	1,860	4.5	%	99.6	%	97.5	%	95.6	%	1.9	%	2.0	%
Total Same-Communities	24,654	100.0	%	95.8	%	92.7	%	93.0	%	(0.3	)%	3.0	%
NOTE: The leasing velocity in the above leasing update does not include the University of Kentucky since the university's assignment process has not yet occurred. Players Club is not included, as the community is being redeveloped for 2018 delivery and is not leasing for the 2017-2018 lease-term.
(1) The projected rate growth represents the midpoint of the range for the same-community leasing portfolio, including the same-community beds at Kentucky.
(2) See definition of regions on page 29.

SECOND QUARTER 11

TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on revenue for the twelve months ended June 30, 2017 and excludes properties that were sold during the period.

⁽¹⁾ All revenue at the University of Kentucky is from ONE Plan^SM on-campus collegiate housing communities.

SECOND QUARTER 12

TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on revenue for the twelve months ended June 30, 2017 and excludes properties that were sold during the period.

SECOND QUARTER 13

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

EdR Market Supply, Enrollment and Revenue Growth                        

EdR Markets:	2013		2014		2015		2016		2017 Est (1)		2018 Est (2)
New supply as % of enrollment	2.2	%	2.2	%	2.0	%	1.8	%	2.1	%	1.6	%
Enrollment growth	1.3	%	1.4	%	1.5	%	1.5	%	1.4	%	1.4	%
	0.9	%	0.8	%	0.5	%	0.3	%	0.7	%	0.2	%
Same-community:
Occupancy increase (decrease)	3.0	%	2.0	%	0.4	%	(1.1	)%	—	%
Rate increase	2.0	%	2.0	%	3.4	%	3.4	%	3.0	%
Total leasing revenue growth	5.0	%	4.0	%	3.8	%	2.3	%	3.0	%
(1) Data includes the existing portfolio plus 2017 developments. The estimated enrollment growth is based on the 3-year enrollment CAGR through 2016 for the included communities. Leasing revenue growth for 2017 represents the midpoint of current projections.
(2) Data includes the existing portfolio plus 2017 and 2018 developments. The estimated enrollment growth is based on the 3-year enrollment CAGR through 2016 for the included communities.

SECOND QUARTER 14

OWNED COMMUNITY PROJECTED 2018 NEW SUPPLY AND DEMAND INFORMATION

Owned Community Projected 2018 New Supply and Demand Information by Region
Region (2)	% of Owned Beds	Pro Forma EdR NOI% (1)	Enrollment Growth 3 Year CAGR - Universities Served	2018 New Supply %	Variance
West	15%	15%	1.6%	2.3%	(0.7)%
Mid Atlantic	19%	23%	1.5%	2.1%	(0.6)%
North	17%	16%	0.2%	1.3%	(1.1)%
South Central	30%	30%	1.7%	0.9%	0.8%
Southeast	12%	10%	1.1%	2.0%	(0.9)%
Midwest	7%	6%	2.0%	1.5%	0.5%
Total	100%	100%	1.4%	1.6%	(0.2)%

Projected 2018 New Supply Sorted by Percentage Increase				University Markets with >5% Increase in 2018 Supply
New Supply Growth	University Markets	EdR Beds	Pro Forma EdR NOI %(1)	University	New Supply Increase	Pro Forma EdR NOI %(1)
0%	43%	47%	50%	Arizona State University - Phoenix	5.3%	5%
0.1% to 1.0%	—%	—%	—%	Florida State University/Florida A&M	5.8%	2%
1.0% - 3.0%	33%	26%	30%	Northern Michigan University	6.4%	1%
3.0% - 5.0%	15%	13%	10%	University of Mississippi	6.3%	2%
> 5.0%	9%	14%	10%			10%
Total	100%	100%	100%
NOTE: Schedule represents all markets served by EdR communities and includes the 2017 acquisitions and developments and all announced 2018 developments. Data was obtained from the National Center for Education Statistics, AXIOMetrics and local market data.
(1) NOI is based on 2017 forecast net operating income with proforma adjustments for 2017 acquisitions and developments that have been operating for less than 12 months.
(2) See definition of regions on page 29.

SECOND QUARTER 15

OWNED DEVELOPMENT SUMMARY

(Amounts in thousands, except bed counts)
											Development Cost Funded by EdR's Balance Sheet (Excludes Partner Contribution)(2)
	Active Projects	Project Type	EdR's Ownership Percentage	Bed Count	Estimated Start Date	Anticipated Completion Date	Total Project Development Cost		EdR's Economic Ownership Cost(1)				EdR's Remaining Cost to be Funded
	University of Kentucky - University Flats	ONE Plan (3)	100%	771	In progress	Summer 2017	$	74,000	$	74,000	$	74,000	$	3,800
	Boise State University	ONE Plan (3)	100%	656	In progress	Summer 2017	39,800		39,800		39,800		6,900
	University of Kentucky - Lewis Hall	ONE Plan (3)	100%	346	In progress	Summer 2017	26,900		26,900		26,900		—
	Michigan State University - SkyVue	Joint Venture	90%	824	In progress	Summer 2017	89,900		80,900		87,700		10,900
	Texas State University - The Local: Downtown	Joint Venture	80%	304	In progress	Summer 2017	29,600		23,700		28,100		5,500
	Northern Michigan University - The Woods(4)	ONE Plan (3)	100%	800	In progress	Summer / Dec 2017	50,300		50,300		50,300		19,700
	Total - 2017 Deliveries			3,701			$	310,500	$	295,600	$	306,800	$	46,800
	Oklahoma State University - Avid Square	Joint Venture	70%	475	In progress	Summer 2018	$	47,200	$	33,000	$	43,700	$	16,200
	University of Pittsburgh	Joint Venture	80%	723	In progress	Summer 2018	106,100		84,900		100,300		74,200
	Florida State University - Players Club redevelopment	Wholly Owned	100%	592	In progress	Summer 2018	38,000		38,000		38,000		36,500
	Northern Michigan University - The Woods	ONE Plan (3)	100%	400	Summer 2017	Summer 2018	29,000		29,000		29,000		29,000
	University of Minnesota - Hub at Minneapolis	Joint Venture	51%	707	In progress	Summer 2018	97,900		49,900		83,500		71,000
	Arizona State University - Union at Tempe	Joint Venture	90%	857	In progress	Summer 2018	164,900		148,400		159,100		117,600
	Cornell University - Maplewood	ONE Plan (3)	100%	872	In progress	Summer 2018	86,000		86,000		86,000		79,300
	Colorado State University - Union on Plum	Joint Venture	70%	229	In progress	Summer 2018	28,200		19,700		25,700		21,100
	Iowa State University - Union on Lincoln Way	Joint Venture	70%	537	In progress	Summer 2018	51,900		36,300		47,300		39,100
	Total - 2018 Deliveries			5,392			$	649,200	$	525,200	$	612,600	$	484,000
	University of Hawai'i - Hale Mahana	Joint Venture	90%	599	In progress	Fall 2018 or 2019	$	109,600	$	98,600	$	106,300	$	78,000
	Total - 2019 Deliveries			599			$	109,600	$	98,600	$	106,300	$	78,000
	Total Active Projects			9,692			$	1,069,300	$	919,400	$	1,025,700	$	608,800
	Recently Awarded	Project Type	Anticipated Completion Date
	Lehigh University	ONE Plan (3)	Fall 2019
	Mississippi State University	Possible ONE Plan	Fall 2019
	Cornell University - East Hill Village	ONE Plan (3)	Fall 2020
	See notes on next page.

SECOND QUARTER 16

OWNED DEVELOPMENT SUMMARY

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⁾ Represents total project cost multiplied by EdR's ownership percentage, which is reflective of EdR's economic interest in operating results.

⁽²⁾ For developments that are consolidated in EdR's financials but less than 100% owned, 100% of the developments costs and debt related to the development is included in EdR's balance sheet. As such, EdR's funding requirement and impact on leverage is equal to total project cost less equity contributed by our joint venture partner.

⁽³⁾ The On-Campus Equity Plan, or The ONE Plan^SM, 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 Plan^SM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.

⁽⁴⁾ The first phase of the project consists of 417 beds and is anticipated to be completed in August 2017.

SECOND QUARTER 17

CAPITAL ALLOCATION - LONG TERM FUNDING PLAN

(Amounts in millions)
Sources and Uses of Capital for All Announced Transactions
Estimated Capital Uses:
	Total Project Development Cost(2)		Acquisition or Development Costs funded by EdR Balance Sheet (Excludes Partner Contribution)(2)		Less: Costs Incurred to Date(2)		Remaining Capital Needs(2)
2017 Announced Acquisitions(1)	$	16	$	16	$	—	$	16
2017 Development Deliveries	311		307		260		47
2018 Development Deliveries	649		613		129		484
2019 Development Deliveries	109		106		28		78
	$	1,085	$	1,042	$	417	$	625
Estimated Capital Sources:
			2017		Thereafter		Capital Sources
Cash on Hand at June 30, 2017			$	—	$	33	$	33
Equity Proceeds Available from ATM Forward Sales(3)			290		15		305
Additional Debt, Including Draws on Revolving Credit Facility(4)			—		287		287
			$	290	$	335	$	625
Debt to Gross Assets
			June 30, 2017		Pro Forma for Funding Needs Through December 31, 2017(5)		Pro Forma Assuming All Funding Completed(6)
Debt to gross assets			26%		24%		29%

NOTE: This analysis demonstrates that EdR could fund all announced acquisitions and developments as of June 30, 2017 and our debt to gross assets is still less than 30%.

⁽¹⁾ Represents the second closing of Urbane which will close in September 2017.

⁽²⁾ Represents the share of development cost that is funded by EdR's balance sheet, which excludes any partner contributions - see page 16 for details.

⁽³⁾ Represents available proceeds from completed by unsettled forward sales through June 2017 under the ATM. The Company has the option of settling 6.9 million of the forward sold shares at any time prior to December 31, 2017. The remaining completed forward sales and any additional sales under the current authorization can be settled at the Company's option through December 2018.

⁽⁴⁾ The balance on the revolving credit facility as of June 30, 2017 was $345.0 million.

⁽⁵⁾ Represents pro forma June 30, 2017 debt to gross assets including the impact of funding only the anticipated capital needed in 2017, in the manner shown in the estimated capital sources table above for 2017.

⁽⁶⁾ Represents pro forma December 31, 2017 debt to gross assets as if all announced acquisitions and developments were 100% funded as of June 30, 2017 in the manner shown in the estimated capital sources table above.

SECOND QUARTER 18

THIRD-PARTY DEVELOPMENT SUMMARY

(Amounts in thousands, except bed counts)
THIRD-PARTY PROJECTS
Active Projects	Bed Count	Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year (1)		Fees Earned Six Months Ended June 30, 2017 (1)		Remaining Fees to Earn
East Stroudsburg University - Pennsylvania Ph II	488	In progress	Summer 2017	$	45,349	$	1,374	$	338	$	892	$	144
Texas A&M - Commerce	490	In progress	Summer 2017	29,925		1,260		210		872		178
Shepherd University	298	In progress	Summer 2017	22,385		1,025		395		582		48
Total	1,276			$	97,659	$	3,659	$	943	$	2,346	$	370
Recently Awarded	Anticipated Completion Date
University of South Florida - St. Petersburg	Fall 2019 or 2020
Thomas More College	Fall 2019
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. During the six months ended June 30, 2017, cost savings of $0.6 million were also recognized on the Bowles Hall redevelopment, which opened in the fall of 2016.

SECOND QUARTER 19

CAPITAL STRUCTURE

as of June 30, 2017					Principal Outstanding		Weighted Average Interest Rate		Average Term to Maturity (in years)
(Amounts in thousands)
Total Debt to Gross Assets
Debt(1)	$	812,272		Variable Rate - Construction Debt	$	29,772	2.8	%	0.3
Gross Assets(2)	3,146,075			Fixed Rate - 5 Yr. Unsecured Term Loan(5)	65,000		2.9	%	4.6
Debt to Gross Assets	25.8		%	Fixed Rate - 7 Yr. Unsecured Term Loan(5)	122,500		3.5	%	3.5
				Fixed Rate - Unsecured Senior Notes	250,000		4.6	%	7.4
Net Debt to Gross Assets				Variable Rate - Unsecured Revolving Credit Facility	345,000		2.5	%	1.4
Net Debt	$	778,776		Debt(1) / Weighted Average	812,272		3.3	%	3.8
Gross Assets(3)	3,112,579			Less: Cash	33,496
Net Debt to Gross Assets	25.0		%	Net Debt	$	778,776
Net Debt to Enterprise Value
Net Debt	$	778,776		Interest Coverage (TTM)(6)	11.4x
Market Equity (4)	2,844,934			Net Debt to EBITDA - Adjusted (TTM)(7)	2.3x
Enterprise Value	$	3,623,710		Variable Rate Debt to Total Debt	46.1%
Net Debt to Enterprise Value	21.5		%	Undrawn Forward Equity Proceeds(8)	$	304,519
(1) Excludes unamortized deferred financing costs of $3.1 million.
(2) Excludes accumulated depreciation of $343.1 million.
(3) Excludes accumulated depreciation of $343.1 million and cash of $33.5 million.
(4) Market equity includes 73,194,924 shares of the Company's common stock and 222,737 units outstanding, which are convertible into common shares, and is calculated using $38.75 per share, the closing price of the Company's common stock on June 30, 2017.
(5) 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. In January 2017, the Trust amended the term loans to extend the maturity of the five year tranche by three years to 2022 and reduce the interest rate margin of the seven year tranche by 35 bps.
(6) Equals Adjusted EBITDA of $150.9 million divided by interest expense, net of capitalized interest of $13.2 million. See page 23 for reconciliation to Adjusted EBITDA.
(7) 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 deferred financing costs) 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.
(8) Represents available proceeds from sales of common stock sold under ATM forward agreements through June 30, 2017. The Company has the option of settling $289.8 million of forward shares sold prior to December 31, 2017, and the remaining $14.7 million forward transactions can be settled, shares issued and proceeds received at any time at the Company's option through December 31, 2018. Undrawn proceeds from the completed ATM forward sales are not factored into the metrics above.

SECOND QUARTER 20

CAPITAL STRUCTURE

NOTE: At June 30, 2017, the Trust had $304.5 million of undrawn proceeds from shares sold under ATM forward agreements.
Weighted Average Interest Rate of Debt Maturing Each Year (2)
	2017	2018	2019	2020	2021	2022	2023	2024
Fixed Rate Debt	—%	—%	—%	—%	3.5%	2.9%	—%	4.6%
Variable Rate Debt	2.8%	2.5%	—%	—%	—%	—%	—%	—%
Total Debt	2.8%	2.5%	—%	—%	3.5%	2.9%	—%	4.6%
(1) The unsecured revolving credit facility has an initial maturity of November 19, 2018 and has a one-year extension option that may be exercised if certain conditions are met. The Company has locked rates on $150 million of unsecured private placement notes with an average interest rate of 4.26%. The notes are evenly split between a 12-year and a 15-year maturity, are expected to close in the third quarter of 2017, and a portion of the proceeds will be used to pay down the balance on the revolver. The current commitments have customary contingencies and closing of the transaction is not guaranteed.
(2) 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 21

UNSECURED SENIOR NOTE COVENANTS

as of June 30, 2017
(Amounts in thousands)
Unsecured Senior Note Covenants(1)	Requirement			Current Ratio
Total Debt to Total Asset Value	≤ 60%			25.8%
Secured Debt to Total Asset Value	≤ 40%			0.9%
Unencumbered Asset Value to Unsecured Debt	> 150%			392.6%
Interest Coverage	> 1.5x			6.9x
Calculation of Interest Coverage Ratio:
Adjusted Pro Forma EBITDA - TTM:
EdR Adjusted EBITDA(2)	$	150,941
Pro forma Adjustments - acquisitions & dispositions (1)	3,578
Total Adjusted Pro Forma EBITDA - TTM	$	154,519
Pro Forma Interest Expense - TTM:
Interest expense, net of capitalized interest	$	13,246
Add back: Capitalized interest	10,175
Pro forma adjustments(1)	(920		)
Pro forma interest expense - TTM	$	22,501
Interest Coverage	6.9x
(1) Computed in accordance with the First Supplemental Indenture filed November 24, 2014 with the SEC.
(2) See page 23 for a reconciliation to EdR Adjusted EBITDA.

SECOND QUARTER 22

RECONCILIATION OF NON-GAAP MEASURES

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)

(Amounts in thousands)	Six Months			Plus: Year			Less: Six			Trailing Twelve
	Ended			Ended			Months Ended			Months Ended
	June 30, 2017			December 31, 2016			June 30, 2016			June 30, 2017
Net income attributable to common shareholders	$	22,217		$	44,924		$	34,324		$	32,817
Straight line adjustment for ground leases	2,349			4,731			2,373			4,707
Acquisition costs	27			619			238			408
Depreciation and amortization	50,359			81,413			36,615			95,157
Loss on impairment of collegiate housing assets	—			2,500			—			2,500
Gain on sale of collegiate housing assets	(691		)	(23,956		)	(23,956		)	(691		)
Interest expense, net of capitalized interest	6,090			15,454			8,298			13,246
Amortization of deferred financing costs	779			1,731			937			1,573
Interest income	(49		)	(490		)	(274		)	(265		)
Loss on extinguishment of debt	22			10,611			10,136			497
Income tax expense (benefit)	(532		)	684			140			12
Other operating expense - change in fair value of contingent consideration liability	500			1,046			—			1,546
Noncontrolling interests	(386		)	(220		)	(40		)	(566		)
Adjusted EBITDA	$	80,685		$	139,047		$	68,791		$	150,941
Annualize acquisitions, developments and dispositions(1)	—			—			—			4,504
Pro Forma Adjusted EBITDA	$	80,685		$	139,047		$	68,791		$	155,445
(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 23

RECONCILIATION OF NON-GAAP MEASURES

Net operating income (NOI)

(Amounts in thousands)	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Operating income	$	8,625	$	9,486	$	27,066	$	29,702
Less: Third-party development services revenue	1,156		467		2,971		950
Less: Third-party management services revenue	831		697		1,776		1,591
Plus: Other operating expense	—		—		500		—
Plus: Development and management services expenses	2,775		2,728		5,676		5,249
Plus: General and administrative expenses, development pursuit, acquisition costs and severance	3,338		3,079		6,765		6,188
Plus: Ground leases	2,462		2,296		6,022		5,605
Plus: Depreciation and amortization	24,520		19,099		50,359		36,615
NOI	$	39,733	$	35,524	$	91,641	$	80,818

Debt to gross assets

(Amounts in thousands)	June 30, 2017			December 31, 2016
Mortgage and construction loans, excluding unamortized deferred financing costs of $21 and $56 as of June 30, 2017 and December 31, 2016, respectively	$	29,772		$	62,576
Unsecured revolving credit facility	345,000			20,000
Unsecured term loan, excluding unamortized deferred financing costs of $1,115 and $762 as of June 30, 2017 and December 31, 2016, respectively	187,500			187,500
Unsecured senior notes, excluding unamortized deferred financing costs of $1,931 and $2,062 as of June 30, 2017 and December 31, 2016, respectively	250,000			250,000
Total debt, excluding unamortized deferred financing costs	$	812,272		$	520,076
Total assets	$	2,802,943		$	2,506,185
Accumulated depreciation(1)	343,132			315,634
Gross assets	$	3,146,075		$	2,821,819
Debt to gross assets	25.8		%	18.4		%
(1) Represents accumulated depreciation on real estate assets.

SECOND QUARTER 24

UPDATED 2017 GUIDANCE

(Amounts in thousands, except per share/unit data)	Year ending December 31, 2017
	Low End			High End
Net income attributable to EdR	$	41,700		$	49,400
Real estate related depreciation and amortization	97,800			97,800
Equity portion of real estate depreciation and amortization on equity investees	2,500			2,500
Gain on sale of collegiate housing assets	(691		)	(691		)
Noncontrolling interests	(300		)	(300		)
Funds from operations ("FFO") available to stockholders and unitholders	$	141,009		$	148,709
FFO adjustments:
Loss on extinguishment of debt	22			22
Acquisition costs	27			27
Change in fair value of contingent consideration liability (1)	500			500
Straight-line adjustment for ground leases (2)	4,700			4,700
FFO adjustments	5,249			5,249
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	146,258		$	153,958
Earnings per share – diluted (3)	$	0.51		$	0.61
FFO per weighted average share/unit (4)	$	1.84		$	1.94
Core FFO per weighted average share/unit (4)	$	1.90		$	2.00
Weighted average shares/units (4)	76,800			76,800
(1) This represents the fair value adjustment for Urbane's contingent consideration.
(2) Represents the straight-line rent expense adjustment required by GAAP related to ground leases. As 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.
(3) The numerator for earnings per share - diluted also includes $2.6 million of accretion of redeemable noncontrolling interests for the year ended December 31, 2017.
(4) FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and operating partnership units outstanding, regardless of their dilutive impact.

SECOND QUARTER 25

COMMUNITY LISTING - OWNED

Name	Primary University Served	Acquisition/Development Date	# of Beds	Name	Primary University Served	Acquisition/Development Date	# of Beds
Same-Communities
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 Columbia	University of Missouri	Jan '05	676	Lymon T. Johnson Hall (ONE Plan)(3)	University of Kentucky	Aug '13	301
Commons at Knoxville	University of Tennessee	Jan '05	708	Herman Lee Donovan Hall (ONE Plan)(3)	University of Kentucky	Aug '13	300
Campus Creek	University of Mississippi	Feb '05	636	2400 Nueces (ONE Plan)	University of Texas at Austin	Aug '13	655
Campus Lodge	University of Florida	Jun '05	1,115	Roosevelt Point	Arizona State University - Downtown Phoenix	Aug '13	609
Carrollton Crossing	University of West Georgia	Jan '06	336	The Retreat at State College	Pennsylvania State University	Sept '13	587
River Pointe	University of West Georgia	Jan '06	504	The Cottages on Lindberg	Purdue University	Sept '13	745
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09	768	The Varsity	University of Michigan	Dec '13	415
University Village on Colvin (ONE Plan)	Syracuse University	Aug '09	432	The Lotus	University of Colorado - Boulder	Nov '11, Aug '14	235
GrandMarc at The Corner	University of Virginia	Oct '10	641	109 Tower	Florida International University	Aug '14	542
Wertland Square	University of Virginia	Mar '11	152	The Oaks on the Square- Ph III	University of Connecticut	Aug '14	116
Jefferson Commons	University of Virginia	Mar '11	82	Frances Jewell Hall (ONE Plan)(3)	University of Kentucky	Aug '14	740
The Berk on College	University of California, Berkeley	May '11	122	Georgia M. Blazer Hall (ONE Plan)(3)	University of Kentucky	Aug '14	427
The Berk on Arch	University of California, Berkeley	May '11	43	Haggin Hall (ONE Plan)(3)	University of Kentucky	Aug '14	396
University Village Towers	University of California, Riverside	Sept '11	554	Woodland Glen I (ONE Plan)(3)	University of Kentucky	Aug '14	409
Irish Row	University of Notre Dame	Nov '11	326	Woodland Glen II (ONE Plan)(3)	University of Kentucky	Aug '14	409
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	Dec '11	562	The District on Apache	Arizona State University - Tempe	Sept '14	900
Campus West (ONE Plan)	Syracuse University	Aug '12	313	Commons on Bridge	University of Tennessee	June '15	150
East Edge	University of Alabama	Aug '12	774	Oaks on the Square- Ph IV	University of Connecticut	Aug '15	391
The Province	East Carolina University	Sept '12	728	The Retreat at Louisville	University of Louisville	Aug '15	656
The District on 5th	University of Arizona	Oct '12	764	Woodland Glen III (ONE Plan)(3)	University of Kentucky	Aug '15	782
Campus Village	Michigan State University	Oct '12	355	Woodland Glen IV (ONE Plan)(3)	University of Kentucky	Aug '15	578
The Province	Kent State University	Nov '12	596	Woodland Glen V (ONE Plan)(3)	University of Kentucky	Aug '15	250
The Suites at Overton Park	Texas Tech University	Dec '12	465	The Province Boulder	University of Colorado - Boulder	Sept '15	317
					Total Same-Communities		26,167

SECOND QUARTER 26

COMMUNITY LISTING - OWNED

Name	Primary University Served	Acquisition/Development Date	# of Beds	Name	Primary University Served	Acquisition/Development Date	# of Beds
New-Communities				Other-Communities
The Retreat at Oxford(1)	University of Mississippi	Aug '13, Aug '16	1,018	University Towers(4)	North Carolina State University	Jan '05	889
Lokal(1)	Colorado State University	March '16	194		Total Other-Communities		889
The Hub at Madison(1)	University of Wisconsin	May '16	1,038
Holmes Hall (ONE Plan)(3)	University of Kentucky	Aug '16	645		Total Owned-Communities		33,102
Boyd Hall (ONE Plan)(3)	University of Kentucky	Aug '16	496
The Retreat at Blacksburg(1)	Virginia Tech	Aug '16	829
Pura Vida Place(2)	Colorado State University	Aug '16	100
Carriage House(2)	Colorado State University	Aug '16	94
Urbane(2)	University of Arizona	Sept '16	311
Retreat at Corvallis	Oregon State University	Jan '17	1,016
319 Bragg	Auburn University	Feb '17	305
	Total New-Communities		6,046
(1) The same-community designation for leasing purposes is different than for financial reporting purposes. These communities are considered same-community for 2017/2018 leasing purposes, as the Company managed the leasing process for both the 2016/2017 and 2017/2018 lease cycles. Total same-community beds for leasing purposes is 24,654.
(2) These properties are considered new for purposes of leasing, as we did not manage the leasing process for the 2016/2017 lease year.
(3) The Kentucky communities, totaling 5,733 beds, are excluded from the leasing update on pages 10 and 11, as the assignment process has not yet occurred.
(4) University Towers moved into other-communities on January 1, 2017 due to an anticipated change in the operations of the property related to the University's new live-on requirement. University Towers is considered new for purposes of leasing.

SECOND QUARTER 27

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	Jeffrey Spector	(646) 855-1363	jeff.spector@baml.com
	CANACCORD|Genuity	Ryan Meliker	(212) 389-8094	rmeliker@canaccordgenuity.com
	Citi	Nicholas Joseph	(212) 816-1909	nicholas.joseph@citi.com
	Evercore ISI	Gwen Clark	(212) 446-5611	gwen.clark@evercoreisi.com
	FBR Capital Markets & Co.	David Corak	(703) 312-1610	dcorak@fbr.com
	Green Street Advisors	Ryan Burke	(949) 640-8780	rburke@greenstreetadvisors.com
	Goldman Sachs	Andrew Rosivach	(212) 902-2796	andrew.rosivach@gs.com
	Hilliard Lyons	Carol Kemple	(502) 588-1839	ckemple@hilliard.com
	JMP Securities	Aaron Hecht	(415) 835-3963	ahecht@jmpsecurities.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 Babin	(215) 553-7816	dbabin@rwbaird.com
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com

SECOND QUARTER 28

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 (excluding unamortized deferred financing costs) less cash and excludes non income-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: Idaho, Iowa, Oklahoma, Missouri; North: Michigan, Minnesota, Ohio, Indiana, Illinois, Wisconsin; South Central: Texas, Tennessee, Mississippi, Kentucky; Southeast: Florida, Alabama, Georgia; West: Arizona, California, Colorado, Oregon.
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.
EdR's Economic Ownership of Developments	Represents total project cost multiplied by EdR's ownership percentage, which is reflective of EdR's economic interest in operating results.
Development Cost Funded by EdR's Balance Sheet	For developments that are consolidated in EdR's financials but less than 100% owned, 100% of the development costs and debt related to the development is included in EdR's balance sheet. As such, EdR's funding requirement and impact on leverage is equal to total project cost less equity contributed by our joint venture partner.

SECOND QUARTER 29

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 30