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): February 20, 2018

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 February 20, 2018, Education Realty Trust, Inc. (the "Company") issued a press release announcing its results of operations for the three months and year ended December 31, 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 months and year ended December 31, 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 February 20, 2018
99.2	Fourth 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: February 20, 2018	By:	/s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer
	EDUCATION REALTY OPERATING PARTNERSHIP, LP
Date: February 20, 2018	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 February 20, 2018
99.2	Fourth Quarter 2017 Supplemental Financial Report

EX-99.1

EdR ANNOUNCES 2017 RESULTS AND 2018 FINANCIAL GUIDANCE

MEMPHIS, Tenn., February 20, 2018 - EdR (NYSE:EDR) (the "Company"), one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, today announced 2017 results and released financial guidance for 2018.

The following compares the Company's net income, operating income, same community net operating income and Core Funds From Operations ("FFO") for the quarter and year ended December 31, 2017 to the same periods in 2016 (in millions, except per share/unit data):

	Three months ended December 31,				Year ended December 31,
	2017		2016		2017			2016
Net income attributable to common shareholders:
Dollars	$	25.4	$	14.1	$	47.4		$	44.9
Per share/unit	$	0.32	$	0.19	$	0.60		$	0.65
Operating income	$	32.0	$	18.1	$	63.0		$	49.1
Same-community net operating income (NOI)	$	43.4	$	42.7	$	143.5		$	142.4
Core FFO:
Dollars	$	44.7	$	43.2	$	141.5		$	123.0
Per share/unit	$	0.59	$	0.59	$	1.90		$	1.77
Per share/unit percentage increase					7.3		%

2017 Highlights

• Core FFO per share/unit increased 7.3%,

• Won seven on campus awards, including two in early 2018,

• Delivered $281 million in owned developments,

• Grew collegiate housing assets by 16%,

• Increased quarterly dividend 2.6%, the 7^th consecutive annual increase,

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• $900 million fully funded development pipeline representing a 32% growth in the portfolio, and

• Debt to gross assets, net of sold but not yet settled ATM forward equity, of 21.4% at December 31, 2017.

Net Income Attributable to Common Stockholders

For the full year, net income attributable to common stockholders was $47.4 million, or $0.60 per diluted share, compared to $44.9 million, or $0.65 per diluted share. The $2.5 million increase in net income attributable to common stockholders for the year relates primarily to a $22.6 million increase in total community NOI offset by a $23.3 million reduction in gain on sale of collegiate housing assets.

Operating Income

For the full year, operating income increased $13.9 million, or 28.3%, over the prior year to $63.0 million. The $13.9 million increase for the full year relates primarily to a $22.6 million increase in total community NOI and a $7.1 million increase in other operating income offset by a $14.1 million increase in depreciation and amortization.

Core Funds from Operations

For the full year, Core FFO increased $18.5 million, or 15.0%, over the prior year to $141.5 million and Core FFO per share/unit increased $0.13, or 7.3%, to $1.90. The $18.5 million increase in Core FFO primarily relates to a $22.6 million increase in total community NOI.

Same-Community Results

For the full year, same-community NOI increased 0.8%, or $1.1 million, with revenue up 1.9% and a 3.7% growth in operating expenses. Expense growth was comprised of direct operating expense growth of 2.3% and an 8.2% growth in fixed costs, driven by a 10.3% increase in real estate taxes.

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Investment Activity

The Company was recently awarded the right to negotiate two new on-campus developments at Sacramento State University and UMass Dartmouth.

The award at Sacramento State is expected to be a ONE Plan development with approximately 1,100 beds targeting a 2021 delivery.

The UMass Dartmouth award will be a third-party fee development that is expected to deliver approximately 1,200 beds in 2020.

With the addition of these two on-campus awards, the Company has been awarded a total of seven on-campus developments since the beginning of 2017, including:

• Lehigh University - ONE Plan,

• Mississippi State University - ONE Plan,

• Cornell University - East Hill Village - ONE Plan,

• University of South Florida - St. Petersburg - third-party development,

• University of South Carolina - third-party development,

• Sacramento State University - possible ONE Plan, and

• UMass Dartmouth - third-party development.

Including active developments, 82% of the Company's ONE Plan assets and 77% of its total portfolio serve universities in the Ivy League and Power 5 conferences.

During 2017, the Company grew its collegiate housing assets by 16%, including the delivery of 3,318 beds at the University of Kentucky, Boise State University, Michigan State University, Texas State University and Northern Michigan University, for a total cost of $281 million, and the acquisition of communities at Oregon State University and Auburn University for an aggregate purchase price of $128 million.

The Company delivered the second phase of the three-phase ONE Plan development at Northern Michigan University as planned in January 2018, adding 433 beds for a cost of $24.6 million.

The Company's ONE Plan developments at Mississippi State University and Lehigh University, which were awarded in 2017, have been moved from recently awarded to active 2019 developments in the Company's fourth quarter financial supplement. The ONE Plan development at Mississippi State University is expected to deliver approximately 650 beds in summer 2019 for a total cost of $69.2 million. The ONE Plan development at Lehigh University is expected to deliver approximately 430 beds in 2019 for a total cost of $48.3 million.

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As previously disclosed, the Company anticipates disposing of six to seven communities in 2018 and its initial guidance includes disposition proceeds of between $150 million and $225 million. Although there can be no assurances that any of the dispositions will close or close at the prices indicated, the Company anticipates the majority of the dispositions will close around the end of the first quarter with the remainder in the third quarter.

In total, the Company’s active 2018 and 2019 development pipeline, which represents a 32% growth in collegiate housing assets over December 31, 2017, now includes 12 developments with a total of 7,464 beds and total project development costs of approximately $900 million. Since its third quarter earnings release, the Company has accelerated the 2019 development at the University of Hawai'i to a summer 2018 delivery. All other active developments are progressing as expected for their targeted delivery.

Capital Structure

At December 31, 2017, the Company had cash and cash equivalents totaling $24.8 million and availability on its revolving credit facility of $151.0 million. The Company's net debt to gross assets was 27.0%, its net debt to EBITDA - adjusted was 3.3x, and its interest coverage ratio was 10.3x. The Company's debt to gross assets, net of the sold but not yet settled ATM forward equity proceeds was 21.4% at December 31, 2017.

The Company did not settle any additional ATM forward equity shares in the fourth quarter in anticipation of the disposition proceeds it expects to receive in the first quarter of 2018. At year end, the Company had 4.8 million forward equity shares sold under its ATM that have not yet been settled. The shares were sold at a weighted average net price of $41.56, representing approximately $190 million in future funding for its capital commitments and can be settled at the Company's option through December 2018.

Approximately $488 million of the Company's $900 million in capital commitments remains to be funded with $426 million anticipated to be spent in 2018 and the remainder in 2019. The Company expects to meet these capital commitments with existing cash, debt capacity, proceeds from the anticipated community dispositions and settling its existing $190 million of ATM forward equity shares that have already been sold. After doing so, the Company's projected debt to gross assets at December 31, 2018 would be 26%, 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 pro forma debt to gross asset ratios including the impact of funding the commitments.

The Company's short interest of approximately 9% is elevated due to the outstanding ATM forward equity shares. The 4.8 million outstanding ATM forward equity shares represent approximately 70% of the short interest.

In February 2018, the Company amended its revolving credit facility that was set to mature in the fourth quarter of 2018. The amended facility has a term of five years, maturing in 2023, and the revolver capacity was expanded by $100 million to $600 million.

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Market Supply and Demand

The 2018 supply and demand statistics for the Company's markets has been updated since the third quarter earnings release to 1) include the Hawai'i market as the Company's development in that market is now expected to deliver this summer, 2) update 2016 enrollment numbers for the last 15 of the Company's 47 markets that previously did not have final enrollment numbers available and 3) remove the communities the Company anticipates selling in 2018. Including these adjustments, the projected supply and enrollment growth in the Company's markets for 2018 is now 1.9% and 1.3%, respectively.

The anticipated gap for 2018 is consistent with the supply to enrollment gap EdR experienced in its markets over the previous five years as follows:

EdR Markets (% of enrollment):	2013		2014		2015		2016		2017(1)		2018 Est (2)
Projected new supply	2.2	%	2.2	%	2.0	%	1.8	%	2.1	%	1.9	%
Projected enrollment growth	1.3	%	1.4	%	1.5	%	1.5	%	1.4	%	1.3	%
	0.9	%	0.8	%	0.5	%	0.3	%	0.7	%	0.6	%
Same-community:
Occupancy increase (decrease)	3.0	%	2.0	%	0.4	%	(1.1	)%	(1.2	)%
Rate increase	2.0	%	2.0	%	3.4	%	3.4	%	3.0	%
Total leasing revenue growth	5.0	%	4.0	%	3.8	%	2.3	%	1.8	%	3.0	%	(3)
(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.
(2) Data includes the existing portfolio plus 2018 developments but excludes communities the Company anticipates selling in 2018. The estimated enrollment growth is based on the 3-year enrollment CAGR through 2016 for the included communities.
(3) Represents the midpoint of 2018/2019 leasing guidance.

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.

2018 Financial Guidance Summary

Based upon the Company’s current estimates, 2018 full year financial guidance is as follows:

	Without Capital Transactions				With Capital Transactions
	Low		High		Low		High
Projected Earnings per Share/Unit – Diluted	$	0.56	$	0.62	$	0.58	$	0.63
Projected FFO per share/unit	$	1.83	$	1.93	$	1.75	$	1.85
Projected Core FFO per share/unit	$	1.89	$	1.99	$	1.81	$	1.91
Projected Shares/Units (in millions)	76.4				77.9
Projected Debt to Gross Assets - 12/31/2018	36%				26%

Capital transactions include the settlement of 4.8 million ATM forward equity shares that have already been sold and the top end of the previously announced $150 million to $225 million of anticipated dispositions.

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The following compares the midpoint of 2018 Core FFO per share/unit guidance to results for 2017 (in millions, except per share/unit amounts):

	Core FFO			Core FFO per Share/Unit			Weighted Average Shares/Units	Total Shares/Units Outstanding
Full Year 2017	$	141.5		$	1.90		74.5	76.4
Impact of difference in weighted average shares and shares outstanding at 12/31/2017	—			(0.05		)	1.9	—
Increase in community NOI	25.4			0.33			—	—
Decrease in third-party fee revenue	(6.2		)	(0.08		)	—	—
Decrease in general and administrative expense	4.3			0.06			—	—
Increase in interest expense, net	(16.9		)	(0.22		)	—	—
All other, net	0.2			—			—	—
Midpoint of 2018 Core FFO guidance without Capital Transactions	$	148.3		$	1.94		76.4	76.4
Decrease in NOI from asset dispositions	(10.4		)	(0.14		)	—	—
Net impact on interest expense and share count from anticipated dispositions and settling 4.8 million already sold ATM forward equity shares	7.0			0.06			1.5	4.8
Midpoint of 2018 Core FFO Guidance with Capital Transactions	$	144.9		$	1.86		77.9	81.2

The midpoint of 2018 Core FFO per share guidance with capital transactions is $1.86, a $0.04 or 2.1% reduction from 2017. The primary reasons are (i) an $0.08 decrease in timing of third-party fee revenue and (ii) the combined $0.08 dilution from settling ATM forward equity shares and anticipated property dispositions to invest in active developments.

A reconciliation of 2018 GAAP net income guidance to 2018 FFO and Core FFO guidance is provided in the tables accompanying this release.

Guidance Assumptions

Same-Community:

Full year revenue growth	0.8% to 1.8%
Full year operating expense	3.0% to 4.0%
Full year NOI	(0.5)% to 0.5%
Leasing expectations for 2018/2019 lease-term revenue growth:
Leasing same-community (financial same-community in 2019)	2.0% to 4.0%
2018 financial same-community	1.5% to 3.0%

Leasing same-community (financial same-community in 2019) represents the communities the Company has leased for the current and prior lease up, consistent with how leasing results have historically been reported. The difference between this and 2018 financial same-community relates primarily to the Company's 2017 acquisition and development communities, which have been leased for both lease terms but do not roll into same-communities for financial reporting purposes until January 2019.

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Developments

• The University of Hawai'i development is accelerated from a 2019 delivery to summer 2018.

• While management believes the Company's Oklahoma State University development will deliver in 2018, guidance reflects no property level NOI from this community in 2018.

• Consistent with the Company's investment underwriting, guidance reflects a marginally lower opening occupancy on 2018 development deliveries than prior years due to stabilization occurring at a slower pace than historically.

• 2019 developments are assumed to be approximately $118 million, which includes the two announced ONE Plan developments at Mississippi State University and Lehigh University.

• In total, guidance includes approximately $900 million of known developments delivering in 2018 and 2019, with $488 million left to be funded by the Company’s balance sheet, $426 million of which is expected to be funded in 2018.

• The timing of actual development spend may vary significantly from the above amounts.

Dispositions

Guidance assumes the disposition of six to seven assets in 2018 for $150 million to $225 million. Although there can be no assurance that any of these assets will be sold, or at the prices indicated, we believe the majority of these sales will close in the first quarter, with the remainder in the third quarter.

Capital Sources and Uses

The following reflects projected capital sources and uses included in the Company’s guidance for 2018 (in millions):

Capital Sources
Settle existing ATM forward equity shares - 4.8 million shares	$	190
Proceeds from dispositions	225
Increase in debt	11
	$	426
Capital Uses
2018 Developments	$	372
2019 Developments	54
	$	426

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Balance Sheet Management

The Company’s balance sheet strategy is to maintain conservative current and future leverage metrics when factoring in its development pipeline and any acquisition commitments. The Company's debt to gross asset leverage target is 25% - 30%.

The following reflects estimated debt to gross assets at December 31, 2018, assuming:

No capital transactions	36%
Settling the ATM forward equity shares	(5)%
Closing top end of disposition guidance	(5)%
With capital transactions	26%

See pages 24-28 in the supplemental financial information for additional details on earnings guidance assumptions.

Webcast and Conference Call

EdR will host a conference call for investors and other interested parties beginning at 10 a.m. Eastern Standard Time on Tuesday, February 20, 2018.  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 Tuesday, February 20, 2018 through 11:59 p.m. Eastern Time on Tuesday, March 6, 2018.  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 13675625.  The archive of the webcast will be available on the Company's Web site for a limited time.

About EdR

One of America's largest owners, developers and managers of collegiate housing, EdR (NYSE:EDR) is a self-administered and self-managed real estate investment trust that owns or manages 85 communities with more than 45,500 beds serving 53 universities in 26 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.

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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.

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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 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.

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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 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 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. 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

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

		December 31, 2017			December 31, 2016
Assets
	Collegiate housing properties, net	$	2,425,031		$	2,108,706
	Assets under development	487,887			289,942
	Cash and cash equivalents	24,787			34,475
	Restricted cash	4,368			7,838
	Other assets	73,091			65,224
Total assets		$	3,015,164		$	2,506,185
Liabilities and equity
Liabilities:
	Unsecured debt, net of unamortized deferred financing costs	933,449			454,676
	Mortgage and construction loans, net of unamortized deferred financing costs	—			62,520
	Accounts payable and accrued expenses	162,434			127,872
	Deferred revenue	20,473			20,727
Total liabilities		1,116,356			665,795
Commitments and contingencies		—			—
Redeemable noncontrolling interests		52,843			38,949
Equity:
EdR stockholders’ equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 75,779,932 and 73,075,455 shares issued and outstanding as of December 31, 2017 and 2016, respectively	757			731
	Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,844,639			1,802,852
	Retained earnings	—			—
	Accumulated other comprehensive loss	(660		)	(3,564		)
Total EdR stockholders’ equity		1,844,736			1,800,019
Noncontrolling interests		1,229			1,422
Total equity		1,845,965			1,801,441
Total liabilities and equity		$	3,015,164		$	2,506,185

13

EdR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)

	Three months ended December 31,
	2017			2016
Revenues:
Collegiate housing leasing revenue	$	91,786		$	80,437
Third-party development consulting services	1,063			636
Third-party management services	1,102			1,032
Operating expense reimbursements	1,915			2,119
Total revenues	95,866			84,224
Operating expenses:
Collegiate housing leasing operations	32,067			27,811
Development and management services	3,253			2,706
General and administrative	2,717			2,422
Development pursuit, acquisition costs and severance	2,067			292
Depreciation and amortization	22,693			22,462
Ground lease expense	3,965			3,633
Loss on impairment of collegiate housing properties	—			2,500
Other operating (income) expense(1)	(4,837		)	2,146
Reimbursable operating expenses	1,915			2,119
Total operating expenses	63,840			66,091
Operating income	32,026			18,133
Nonoperating (income) expenses:
Interest expense	4,894			3,345
Amortization of deferred financing costs	389			351
Interest income	(32		)	(61		)
Total nonoperating expenses	5,251			3,635
Income before equity in (losses) earnings of unconsolidated entities and income taxes	26,775			14,498
Equity in (losses) earnings of unconsolidated entities	(206		)	289
Income before income taxes	26,569			14,787
Less: Income tax expense	1,532			460
Net income	25,037			14,327
Less: Net (loss) income attributable to the noncontrolling interests	(341		)	194
Net income attributable to Education Realty Trust, Inc.	$	25,378		$	14,133
Other comprehensive income:
Gain on cash flow hedging derivatives	1,824			4,748
Comprehensive income attributable to Education Realty Trust, Inc.	$	27,202		$	18,881
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted	$	0.32		$	0.19
Weighted average share of common stock outstanding – basic	76,204			73,357
Weighted average share of common stock outstanding – diluted	76,388			73,595

⁽¹⁾ Included in other operating income (expense) for the period above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included in other operating income for the fourth quarter 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.

14

EdR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)

	Year ended December 31,
	2017			2016
Revenues:
Collegiate housing leasing revenue	$	313,727		$	274,187
Third-party development consulting services	5,256			2,364
Third-party management services	3,736			3,588
Operating expense reimbursements	8,347			8,829
Total revenues	331,066			288,968
Operating expenses:
Collegiate housing leasing operations	128,358			111,378
Development and management services	14,147			10,671
General and administrative	11,441			10,413
Development pursuit, acquisition costs and severance	2,928			1,190
Depreciation and amortization	95,501			81,413
Ground lease expense	13,424			12,462
Loss on impairment of collegiate housing properties	—			2,500
Other operating (income) expense(1)	(6,041		)	1,046
Reimbursable operating expenses	8,347			8,829
Total operating expenses	268,105			239,902
Operating income	62,961			49,066
Nonoperating (income) expenses:
Interest expense	15,268			15,454
Amortization of deferred financing costs	1,574			1,731
Interest income	(98		)	(490		)
Loss on extinguishment of debt	22			10,611
Total nonoperating expenses	16,766			27,306
Income before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	46,195			21,760
Equity in losses of unconsolidated entities	(65		)	(328		)
Income before income taxes and gain on sale of collegiate housing properties	46,130			21,432
Less: Income tax expense	584			684
Income before gain on sale of collegiate housing properties	45,546			20,748
Gain on sale of collegiate housing properties	691			23,956
Net income	46,237			44,704
Less: Net loss attributable to the noncontrolling interests	(1,203		)	(220		)
Net income attributable to Education Realty Trust, Inc.	$	47,440		$	44,924
Other comprehensive income:
Gain on cash flow hedging derivatives	$	2,904		$	1,911
Comprehensive income attributable to Education Realty Trust, Inc.	$	50,344		$	46,835
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted	$	0.60		$	0.65
Weighted average share of common stock outstanding – basic	74,263			69,336
Weighted average share of common stock outstanding – diluted	74,465			69,600

⁽¹⁾ Included in other operating income (expense) for the period above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included in other operating income for the year ended December 31, 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.

15

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 December 31,					Year ended December 31,
	2017			2016		2017			2016
Net income attributable to EdR	$	25,378		$	14,133	$	47,440		$	44,924
Gain on sale of collegiate housing assets	—			—		(691		)	(23,956		)
Impairment losses	—			2,500		—			2,500
Real estate related depreciation and amortization	22,074			22,229		93,390			79,653
Equity portion of real estate depreciation and amortization on equity investees	913			676		2,923			2,699
Noncontrolling interests	34			154		(309		)	153
Funds from operations ("FFO") available to stockholders and unitholders	$	48,399		$	39,692	$	142,753		$	105,973
FFO adjustments:
Loss on extinguishment of debt	—			—		22			10,611
Acquisition costs	8			206		35			619
Change in fair value of contingent consideration liability and settlement(1)	(4,837		)	2,146		(6,041		)	1,046
Straight-line adjustment for ground leases (2)	1,170			1,175		4,696			4,731
FFO adjustments	(3,659		)	3,527		(1,288		)	17,007
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	44,740		$	43,219	$	141,465		$	122,980
Earnings per share - diluted (3)	$	0.32		$	0.19	$	0.60		$	0.65
FFO per weighted average share/unit (4)	$	0.63		$	0.54	$	1.92		$	1.52
Core FFO per weighted average share/unit (4)	$	0.59		$	0.59	$	1.90		$	1.77
Weighted average shares/units (4)	76,388			73,595		74,465			69,600
(1) Included in this line item for the periods above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included for the fourth quarter 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.
(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 $0.7 million and $2.7 million of accretion of redeemable noncontrolling interests for the three and twelve months ended December 31, 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.

16

EdR AND SUBSIDIARIES

2018 GUIDANCE – RECONCILIATION OF GAAP NET INCOME TO FFO and CORE FFO

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

(Unaudited)

	Year ending December 31, 2018
	Without Capital Transactions						With Capital Transactions
	Low End			High End			Low End			High End
Net income attributable to EdR (1)	$	45,300		$	49,200		$	47,000		$	51,400
Real estate related depreciation and amortization	94,500			98,500			89,200			93,200
Equity portion of real estate depreciation and amortization on equity investees	2,400			2,400			2,400			2,400
Redeemable noncontrolling interests	(400		)	(400		)	(400		)	(400		)
Noncontrolling interest depreciation	(2,100		)	(2,100		)	(2,100		)	(2,100		)
Funds from operations ("FFO") available to stockholders and unitholders	139,700			147,600			136,100			144,500
FFO adjustments:
Straight-line adjustment for ground leases (2)	4,600			4,600			4,600			4,600
FFO adjustments	4,600			4,600			4,600			4,600
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	144,300		$	152,200		$	140,700		$	149,100
Earnings per share – diluted (3)	$	0.56		$	0.62		$	0.58		$	0.63
FFO per weighted average share/unit (4)	$	1.83		$	1.93		$	1.75		$	1.85
Core FFO per weighted average share/unit (4)	$	1.89		$	1.99		$	1.81		$	1.91
Weighted average shares/units (4)	76,400			76,400			77,900			77,900
Notes:
(1) Does not include any gain or loss on dispositions included in 2018 guidance.
(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 $2.2 million of accretion of redeemable noncontrolling interests for the year ended December 31, 2018.
(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.

17

EdR AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

The following is a reconciliation of the Company's GAAP operating income to NOI for the three months and year ended December 31, 2017 and 2016 (in thousands):

	For the three months ended December 31,						For the year ended December 31,
	2017			2016			2017			2016
Operating income	$	32,026		$	18,133		$	62,961		$	49,066
Less: Third-party development services revenue	(1,063		)	(636		)	(5,256		)	(2,364		)
Less: Third-party management services revenue	(1,102		)	(1,032		)	(3,736		)	(3,588		)
Less: Other operating (income) expense	(4,837		)	2,146			(6,041		)	1,046
Plus: Development and management services expenses	3,253			2,706			14,147			10,671
Plus: General and administrative expenses, development pursuit, acquisition costs and severance	4,784			2,714			14,369			11,603
Plus: Ground leases	3,965			3,633			13,424			12,462
Plus: Impairment loss on collegiate housing properties	—			2,500			—			2,500
Plus: Depreciation and amortization	22,693			22,462			95,501			81,413
NOI	$	59,719		$	52,626		$	185,369		$	162,809

The following is a reconciliation of the Company's GAAP net income to Adjusted EBITDA for the years ended December 31, 2017 and 2016 (in thousands):

	For the year ended December 31,
	2017			2016
Net income attributable to common stockholders	$	47,440		$	44,924
Straight line adjustment for ground leases	4,696			4,731
Acquisition costs	35			619
Depreciation and amortization	95,501			81,413
Loss on impairment of collegiate housing assets	—			2,500
Gain on sale of collegiate housing assets	(691		)	(23,956		)
Interest expense	15,268			15,454
Amortization of deferred financing costs	1,574			1,731
Interest income	(98		)	(490		)
Loss on extinguishment of debt	22			10,611
Income tax expense	584			684
Other operating (income) expense(1)	(6,041		)	1,046
Noncontrolling interests	(1,203		)	(220		)
Adjusted EBITDA	$	157,087		$	139,047
Annualize acquisitions, developments and dispositions (2)	8,002			9,938
Pro Forma Adjusted EBITDA	$	165,089		$	148,985
(1) Included in other operating income (expense) for the periods above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included in other operating income in 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.
(2) 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.

18

EdR AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

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

	December 31, 2017			December 31, 2016
Unsecured debt, excluding unamortized deferred financing costs of $3,051 and $2,824 as of December 31, 2017 and 2016, respectively	$	936,500		$	457,500
Mortgage and construction loans, excluding unamortized deferred financing costs of $56 as of December 31, 2016	—			62,576
Total debt, excluding unamortized deferred financing costs	936,500			520,076
Less: Cash	24,787			34,475
Net debt	$	911,713		$	485,601
Total assets	$	3,015,164		$	2,506,185
Accumulated depreciation(1)	385,118			311,069
Gross assets	$	3,400,282		2,817,254
Debt to gross assets	27.5		%	18.5		%
Net debt to gross assets(2)	27.0		%	17.5		%
Interest coverage (TTM)(3)	10.3		x	9.0		x
Net debt to EBITDA - Adjusted (TTM)(4)	3.3		x	1.7		x
Net debt	$	911,713		$	485,601
Less: Undrawn forward equity proceeds	190,215			288,650
Debt, net of cash and undrawn forward equity proceeds	$	721,498		$	196,951
Gross assets	$	3,400,282		$	2,817,254
Less: Cash	24,787			34,475
Gross assets(5)	$	3,375,495		$	2,782,779
Debt, net of cash and undrawn forward equity proceeds to gross assets(5)	21.4		%	7.1		%
(1) Represents accumulated depreciation on real estate assets.
(2) Gross assets used in the net debt to gross assets calculation excludes $24.8 million cash on hand at December 31, 2017.
(3) Equals Adjusted EBITDA of $157.1 million divided by interest expense of $15.3 million. See page 18 for reconciliation to Adjusted EBITDA.
(4) 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 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.
(5) Gross assets used in the debt, net of cash and undrawn forward equity proceeds calculation excludes accumulated depreciation of $385.1 million and cash of $24.8 million at December 31, 2017.

19

EX-99.2

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three months ended December 31,								Year ended December 31,
		2017		2016		$ Chg		% Chg		2017		2016		$ Chg			% Chg
	Same-community revenue	$	66,031	$	64,900	$	1,131	1.7	%	$	238,342	$	233,893	$	4,449		1.9	%
	Total community revenue	91,786		80,437		11,349		14.1	%	313,727		274,187		39,540			14.4	%
	Total revenue	95,866		84,224		11,642		13.8	%	331,066		288,968		42,098			14.6	%
	Same-community net operating income	43,363		42,719		644		1.5	%	143,524		142,437		1,087			0.8	%
	Total community net operating income	59,719		52,626		7,093		13.5	%	185,369		162,809		22,560			13.9	%
	Total operating income	32,026		18,133		13,893		76.6	%	62,961		49,066		13,895			28.3	%
	Net income attributable to EdR	25,378		14,133		11,245		79.6	%	47,440		44,924		2,516			5.6	%
	Per share - basic and diluted	$	0.32	$	0.19	$	0.13	68.4	%	$	0.60	$	0.65	$	(0.05	)	(7.7	)%
	Funds from operations (FFO)	48,399		39,692		8,707		21.9	%	142,753		105,973		36,780			34.7	%
	Per weighted average share/unit (1)	$	0.63	$	0.54	$	0.09	16.7	%	$	1.92	$	1.52	$	0.40		26.3	%
	Core funds from operations (Core FFO)	44,740		43,219		1,521		3.5	%	141,465		122,980		18,485			15.0	%
	Per weighted average share/unit (1)	$	0.59	$	0.59	$	—	—	%	$	1.90	$	1.77	$	0.13		7.3	%
FINANCIAL RATIOS:
		12/31/2017				12/31/2016
	Debt to gross assets	27.5%				18.5%
	Net debt to gross assets	27.0%				17.5%
	Debt, net of cash and undrawn forward equity proceeds to gross assets	21.4%				7.1%
	Net debt to enterprise value	25.6%				13.5%
	Interest coverage ratio (TTM)	10.3x				9.0x
	Net debt to EBITDA - Adjusted (TTM)	3.3x				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.

FOURTH QUARTER 2017 1

BALANCE SHEET

(Amount in thousands, except share and per share data, unaudited)
		December 31, 2017			December 31, 2016
Assets
	Collegiate housing properties, net (1)	$	2,425,031		$	2,108,706
	Assets under development	487,887			289,942
	Cash and cash equivalents	24,787			34,475
	Restricted cash	4,368			7,838
	Other assets	73,091			65,224
Total assets		$	3,015,164		$	2,506,185
Liabilities and equity
Liabilities:
	Unsecured debt, net of unamortized deferred financing costs	933,449			454,676
	Mortgage and construction loans, net of unamortized deferred financing costs	—			62,520
	Accounts payable and accrued expenses	162,434			127,872
	Deferred revenue	20,473			20,727
Total liabilities		1,116,356			665,795
Commitments and contingencies		—			—
Redeemable noncontrolling interests		52,843			38,949
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 75,779,932 and 73,075,455 shares issued and outstanding as of December 31, 2017 and 2016, respectively	757			731
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,844,639			1,802,852
	Retained earnings	—			—
	Accumulated other comprehensive loss	(660		)	(3,564		)
Total EdR stockholders' equity		1,844,736			1,800,019
Noncontrolling interest		1,229			1,422
Total equity		1,845,965			1,801,441
Total liabilities and equity		$	3,015,164		$	2,506,185

⁽¹⁾ Amount is net of accumulated depreciation of $385,118 and $311,069, as of December 31, 2017 and 2016, respectively.

FOURTH QUARTER 2017 2

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,										Year ended December 31,
	2017				2016			$ Change			2017				2016			$ Change
Revenues:
Collegiate housing leasing revenue	$	91,786			$	80,437		$	11,349		$	313,727			$	274,187		$	39,540
Third-party development consulting services	1,063				636			427			5,256				2,364			2,892
Third-party management services	1,102				1,032			70			3,736				3,588			148
Operating expense reimbursements	1,915				2,119			(204		)	8,347				8,829			(482		)
Total revenues	95,866				84,224			11,642			331,066				288,968			42,098
Operating expenses:
Collegiate housing leasing operations	32,067				27,811			4,256			128,358				111,378			16,980
Development and management services	3,253				2,706			547			14,147				10,671			3,476
General and administrative	2,717				2,422			295			11,441				10,413			1,028
Development pursuit, acquisition costs and severance	2,067				292			1,775			2,928				1,190			1,738
Depreciation and amortization	22,693				22,462			231			95,501				81,413			14,088
Ground lease expense	3,965				3,633			332			13,424				12,462			962
Loss on impairment of collegiate housing properties	—				2,500			(2,500		)	—				2,500			(2,500		)
Other operating (income) expense(1)	(4,837		)		2,146			(6,983		)	(6,041		)		1,046			(7,087		)
Reimbursable operating expenses	1,915				2,119			(204		)	8,347				8,829			(482		)
Total operating expenses	63,840				66,091			(2,251		)	268,105				239,902			28,203
Operating income	32,026				18,133			13,893			62,961				49,066			13,895
Nonoperating (income) expenses:
Interest expense	4,894				3,345			1,549			15,268				15,454			(186		)
Amortization of deferred financing costs	389				351			38			1,574				1,731			(157		)
Interest income	(32		)		(61		)	29			(98		)		(490		)	392
Loss on extinguishment of debt	—				—			—			22				10,611			(10,589		)
Total nonoperating expenses	5,251				3,635			1,616			16,766				27,306			(10,540		)
Income before equity in earnings of unconsolidated entities, income taxes and gain on sale of collegiate housing communities	26,775				14,498			12,277			46,195				21,760			24,435
Equity in (losses) earnings of unconsolidated entities	(206		)		289			(495		)	(65		)		(328		)	263
Income before income taxes and gain on sale of collegiate housing properties	26,569				14,787			11,782			46,130				21,432			24,698
Income tax expense	1,532			(2)	460			1,072			584			(2)	684			(100		)
Income before gain on sale of collegiate housing properties	25,037				14,327			10,710			45,546				20,748			24,798
Gain on sale of collegiate housing properties	—				—			—			691				23,956			(23,265		)
Net income	25,037				14,327			10,710			46,237				44,704			1,533

FOURTH QUARTER 2017 3

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,								Year ended December 31,
	2017			2016		$ Change			2017			2016			$ Change
Less: Net (loss) income attributable to the noncontrolling interests	(341		)	194		(535		)	(1,203		)	(220		)	(983		)
Net income attributable to Education Realty Trust, Inc.	$	25,378		$	14,133	$	11,245		$	47,440		$	44,924		$	2,516
Other comprehensive income (loss):
Gain on cash flow hedging derivatives	1,824			4,748		(2,924		)	2,904			1,911			993
Comprehensive income	$	27,202		$	18,881	$	8,321		$	50,344		$	46,835		$	3,509
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted (3)	$	0.32		$	0.19	$	0.13		$	0.60		$	0.65		$	(0.05	)
Weighted average shares of common stock outstanding – basic	76,204			73,357					74,263			69,336
Weighted average shares of common stock outstanding – diluted (4)	76,388			73,595					74,465			69,600
(1) Included in other operating income (expense) for the periods above are the changes in fair value of contingent consideration liabilities associated with our 2016 acquisitions of the Hub at Madison and Urbane. Also included in other operating income for the fourth quarter 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.
(2) On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which reduced U.S. corporate tax rates, resulting in an $835 thousand increase in income taxes for the fourth quarter and year ended December 31, 2017.
(3) The numerator of earnings per share - basic and diluted also includes $0.7 million and $2.7 million of accretion of redeemable noncontrolling interests for the three and twelve months ended December 31, 2017, respectively.
(4) Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Units and shares issuable upon settlement of the forward ATM agreements.

FOURTH QUARTER 2017 4

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)		Three months ended December 31,								Year ended December 31,
		2017			2016		$ Change			2017			2016			$ Change
Net income attributable to EdR		$	25,378		$	14,133	$	11,245		$	47,440		$	44,924		$	2,516
	Gain on sale of collegiate housing assets	—			—		—			(691		)	(23,956		)	23,265
	Impairment losses	—			2,500		(2,500		)	—			2,500			(2,500		)
	Real estate related depreciation and amortization	22,074			22,229		(155		)	93,390			79,653			13,737
	Equity portion of real estate depreciation and amortization on equity investees	913			676		237			2,923			2,699			224
	Noncontrolling interests	34			154		(120		)	(309		)	153			(462		)
Funds from operations ("FFO") available to stockholders and unitholders		48,399			39,692		8,707			142,753			105,973			36,780
	percent change						21.9		%							34.7		%
FFO adjustments:
	Loss on extinguishment of debt	—			—		—			22			10,611			(10,589		)
	Acquisition costs	8			206		(198		)	35			619			(584		)
	Change in fair value of contingent consideration liability and settlement(1)	(4,837		)	2,146		(6,983		)	(6,041		)	1,046			(7,087		)
	Straight-line adjustment for ground leases (2)	1,170			1,175		(5		)	4,696			4,731			(35		)
FFO adjustments		(3,659		)	3,527		(7,186		)	(1,288		)	17,007			(18,295		)
Core funds from operations ("Core FFO") available to stockholders and unitholders		$	44,740		$	43,219	$	1,521		$	141,465		$	122,980		$	18,485
	percent change						3.5		%							15.0		%
Earnings per share - diluted (3)		$	0.32		$	0.19	$	0.13		$	0.60		$	0.65		$	(0.05	)
	percent change						68.4		%							(7.7		)%
FFO per weighted average share/unit (4)		$	0.63		$	0.54	$	0.09		$	1.92		$	1.52		$	0.40
	percent change						16.7		%							26.3		%
Core FFO per weighted average share/unit (4)		$	0.59		$	0.59	$	—		$	1.90		$	1.77		$	0.13
	percent change						—		%							7.3		%
Weighted average shares/units (4)		76,388			73,595		2,793			74,465			69,600			4,865
	percent change						3.8		%							7.0		%
Note: The Tax Cuts and Jobs Act was signed into law in December 2017, and as a result we incurred an increased tax charge of $835 thousand for the fourth quarter and year ended December 31, 2017. This charge reduced earnings per share, FFO and Core FFO per share each by $0.01 for the fourth quarter and year ended December 31, 2017.
(1) Included in this line item for the periods above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included for the fourth quarter 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.
(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 $0.7 million and $2.7 million of accretion of redeemable noncontrolling interests for the three and twelve months ended December 31, 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.

FOURTH QUARTER 2017 5

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)
		Three Months Ended December 31,									Year Ended December 31,
		2017		2016		$ Change			% Change		2017		2016		$ Change			% Change
Revenues
	Same-communities(1)	$	66,031	$	64,900	$	1,131		1.7	%	$	238,342	$	233,893	$	4,449		1.9	%
	New-communities (2)	23,315		11,795		11,520			NM		65,580		23,014		42,566			NM
	Other-communities(3)	2,440		3,090		(650		)	NM		8,871		10,460		(1,589		)	NM
	Sold-communities(4)	—		652		(652		)	NM		934		6,820		(5,886		)	NM
Total revenues		91,786		80,437		11,349			14.1	%	313,727		274,187		39,540			14.4	%
Operating expenses (5)
	Same-communities(1)	22,668		22,181		487			2.2	%	94,818		91,456		3,362			3.7	%
	New-communities (2)	8,038		3,673		4,365			NM		27,172		9,752		17,420			NM
	Other-communities(3)	1,361		1,508		(147		)	NM		5,538		6,031		(493		)	NM
	Sold-communities(4)	—		449		(449		)	NM		830		4,139		(3,309		)	NM
Total operating expenses		32,067		27,811		4,256			15.3	%	128,358		111,378		16,980			15.2	%
Net operating income
	Same-communities(1)	43,363		42,719		644			1.5	%	143,524		142,437		1,087			0.8	%
	New-communities (2)	15,277		8,122		7,155			NM		38,408		13,262		25,146			NM
	Other-communities(3)	1,079		1,582		(503		)	NM		3,333		4,429		(1,096		)	NM
	Sold-communities(4)	—		203		(203		)	NM		104		2,681		(2,577		)	NM
Total net operating income		$	59,719	$	52,626	$	7,093		13.5	%	$	185,369	$	162,809	$	22,560		13.9	%
(1) Same-communities are defined as those communities that were owned and operating for the full year as of December 31, 2017 and 2016 and are not conducting substantial development or redevelopment activities or have other significant changes in design beds. See page 29 of this supplement for a listing of same-communities.
(2) See page 30 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 in fall 2017, we anticipated 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 or 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.

FOURTH QUARTER 2017 6

SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended December 31, 2017						Three months ended December 31, 2016
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities(1)	$	6,908	$	264	29	%	$	6,753	$	258	30	%	$	155		2.3	%
On-Site Payroll	3,879		148		17	%	3,821		146		16	%	58			1.5	%
General & Administrative(2)	3,834		147		17	%	3,571		136		16	%	263			7.4	%
Maintenance & Repairs(3)	1,677		64		7	%	1,479		57		7	%	198			13.4	%
Marketing	1,080		41		5	%	909		35		4	%	171			18.8	%
Total Direct Operating Expenses	$	17,378	$	664	76	%	$	16,533	$	632	75	%	$	845		5.1	%
Real Estate Taxes	4,781		183		21	%	5,086		194		23	%	(305		)	(6.0	)%
Insurance	509		19		2	%	562		21		3	%	(53		)	(9.4	)%
Total Fixed Operating Expenses	$	5,290	$	202	24	%	$	5,648	$	215	25	%	$	(358	)	(6.3	)%
Total Property Operating Expenses	$	22,668	$	866	100	%	$	22,181	$	847	100	%	$	487		2.2	%
	Year ended December 31, 2017						Year ended December 31, 2016
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities(1)	$	26,798	$	1,024	28	%	$	26,278	$	1,004	29	%	$	520		2.0	%
On-Site Payroll	15,993		611		17	%	16,162		618		18	%	(169		)	(1.0	)%
General & Administrative(2)	13,454		514		15	%	13,011		497		14	%	443			3.4	%
Maintenance & Repairs(3)	11,111		425		12	%	10,528		402		12	%	583			5.5	%
Marketing	3,852		147		4	%	3,661		140		4	%	191			5.2	%
Total Direct Operating Expenses	$	71,208	$	2,721	76	%	$	69,640	$	2,661	76	%	$	1,568		2.3	%
Real Estate Taxes	21,568		824		23	%	19,553		747		21	%	2,015			10.3	%
Insurance	2,042		78		2	%	2,263		86		2	%	(221		)	(9.8	)%
Total Fixed Operating Expenses	$	23,610	$	902	24	%	$	21,816	$	834	24	%	$	1,794		8.2	%
Total Property Operating Expenses	$	94,818	$	3,623	100	%	$	91,456	$	3,495	100	%	$	3,362		3.7	%
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.

FOURTH QUARTER 2017 7

COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Year Ended December 31, 2017
		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
2017 Same-Communities
	Revenue	$	64,900		$	63,492		$	55,574		$	53,245		$	66,031		$	238,342
	Operating Expenses	22,181			21,871			22,886			27,393			22,668			94,818
	Net Operating Income	$	42,719		$	41,621		$	32,688		$	25,852		$	43,363		$	143,524
	Margin	66		%	66		%	59		%	49		%	66		%	60		%
	Beds	78,501			78,501			78,501			78,501			78,501			314,004
	Occupancy(1)	96.8		%	95.3		%	82.3		%	87.8		%	95.3		%	90.2		%
	Net Apartment Rent per Occupied Bed	$	810		$	800		$	799		$	695		$	835		$	783
	Other Income per Occupied Bed	44			48			61			78			48			58
	Total Revenue per Occupied Bed	$	854		$	848		$	860		$	773		$	883		$	841
	Operating Expense per Available Bed	$	283		$	279		$	292		$	349		$	289		$	302
2017 New-Communities
	Revenue	$	11,795		$	13,647		$	12,526		$	16,092		$	23,315		$	65,580
	Operating Expenses	3,673			5,076			5,741			8,317			8,038			27,172
	Net Operating Income	$	8,122		$	8,571		$	6,785		$	7,775		$	15,277		$	38,408
	Margin	69		%	63		%	54		%	48		%	66		%	59		%
	Beds	14,175			17,833			18,138			24,144			28,092			88,207
	Occupancy(1)	89.6		%	89.2		%	77.5		%	83.3		%	90.0		%	85.4		%
	Net Apartment Rent per Occupied Bed	$	871		$	803		$	820		$	721		$	868		$	806
	Other Income per Occupied Bed	58			55			71			79			55			64
	Total Revenue per Occupied Bed	$	929		$	858		$	891		$	800		$	923		$	870
	Operating Expense per Available Bed	$	259		$	285		$	317		$	344		$	286		$	308
2017 Other-Communities(2)
	Revenue	$	3,090		$	3,021		$	1,662		$	1,748		$	2,440		$	8,871
	Operating Expenses	1,508			1,475			1,336			1,366			1,361			5,538
	Net Operating Income	$	1,582		$	1,546		$	326		$	382		$	1,079		$	3,333
	Margin	51		%	51		%	20		%	22		%	44		%	38		%
	Beds	3,675			3,675			3,339			2,667			2,667			12,348
	Occupancy(1)	87.8		%	87.2		%	42.3		%	66.6		%	97.9		%	72.9		%
	Net Apartment Rent per Occupied Bed	$	903		$	883		$	899		$	765		$	893		$	865
	Other Income per Occupied Bed	54			59			278			219			42			120
	Total Revenue per Occupied Bed	$	957		$	942		$	1,177		$	984		$	935		$	985
	Operating Expense per Available Bed	$	410		$	401		$	400		$	512		$	510		$	448

FOURTH QUARTER 2017 8

COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Year Ended December 31, 2017
		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
2017 Sold-Communities
	Revenue	$	652		$	625		$	309		$	—		$	—		$	934
	Operating Expenses	449			455			375			—			—			830
	Net Operating Income	$	203		$	170		$	(66	)	$	—		$	—		$	104
	Margin	31		%	27		%	(21		)%	—		%	—		%	11		%
	Beds	1,836			1,836			1,224			—			—			3,060
	Occupancy(1)	61.4		%	61.4		%	63.1		%	—		%	—		%	62.1		%
	Net Apartment Rent per Occupied Bed	$	563		$	530		$	372		$	—		$	—		$	466
	Other Income per Occupied Bed	15			24			27			—			—			25
	Total Revenue per Occupied Bed	$	578		$	554		$	399		$	—		$	—		$	491
	Operating Expense per Available Bed	$	244		$	248		$	307		$	—		$	—		$	271
2017 Total Communities
	Revenue	$	80,437		$	80,785		$	70,071		$	71,085		$	91,786		$	313,727
	Operating Expenses	27,811			28,877			30,338			37,076			32,067			128,358
	Net Operating Income	$	52,626		$	51,908		$	39,733		$	34,009		$	59,719		$	185,369
	Margin	65		%	64		%	57		%	48		%	65		%	59		%
	Beds	98,187			101,845			101,202			105,312			109,260			417,619
	Occupancy(1)	94.8		%	93.3		%	79.9		%	86.2		%	94		%	88.5		%
	Net Apartment Rent per Occupied Bed	$	819		$	800		$	800		$	702		$	844		$	788
	Other Income per Occupied Bed	46			50			66			81			49			61
	Total Revenue per Occupied Bed	$	865		$	850		$	866		$	783		$	893		$	849
	Operating Expense per Available Bed	$	283		$	284		$	300		$	352		$	293		$	307
(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.

FOURTH QUARTER 2017 9

2017 RESULTS PRESENTED IN 2018 SAME-COMMUNITY MIX

Build-up to 2018 Same-Community Mix
(Amounts in thousands, except beds and per bed amounts)		Three Months Ended												Total Full Year 2017
		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
2017 Same-Communities
	Revenue	$	63,492		$	55,574		$	53,245		$	66,031		$	238,342
	Operating Expenses	21,871			22,886			27,393			22,668			94,818
	Net Operating Income	$	41,621		$	32,688		$	25,852		$	43,363		$	143,524
	Margin	66		%	59		%	49		%	66		%	60		%
	Beds	78,501			78,501			78,501			78,501			314,004
	Occupancy(1)	95.3		%	82.3		%	87.8		%	95.3		%	90.2		%
	Net Apartment Rent per Occupied Bed	$	800		$	799		$	695		$	835		$	783
	Other Income per Occupied Bed	48			61			78			48			58
	Total Revenue per Occupied Bed	$	848		$	860		$	773		$	883		$	841
	Operating Expense per Available Bed	$	279		$	292		$	349		$	289		$	302
Plus:
Communities moving to Same-Communities in 2018
	Revenue	$	11,299		$	9,576		$	9,387		$	12,223		$	42,485
	Operating Expenses	3,618			3,608			4,838			3,399			15,463
	Net Operating Income	$	7,681		$	5,968		$	4,549		$	8,824		$	27,022
	Margin	68		%	62		%	48		%	72		%	64		%
	Beds	14,175			14,175			14,175			14,175			56,700
	Occupancy(1)	87.5		%	72.6		%	81.7		%	91.7		%	83.4		%
	Net Apartment Rent per Occupied Bed	$	848		$	850		$	712		$	879		$	824
	Other Income per Occupied Bed	63			79			98			61			75
	Total Revenue per Occupied Bed	$	911		$	929		$	810		$	940		$	899
	Operating Expense per Available Bed	$	255		$	255		$	341		$	240		$	273
Less:
Moved to Other-Community(2)
	Revenue	$	7,623		$	7,602		$	7,290		$	8,215		$	30,730
	Operating Expenses	3,672			3,684			4,573			3,668			15,597
	Net Operating Income	$	3,951		$	3,918		$	2,717		$	4,547		$	15,133
	Margin	52		%	52		%	37		%	55		%	49		%
	Beds	12,600			12,600			12,600			12,600			50,400
	Occupancy(1)	91.5		%	90.1		%	93.4		%	95.6		%	92.6		%
	Net Apartment Rent per Occupied Bed	$	607		$	613		$	550		$	623		$	598
	Other Income per Occupied Bed	54			57			69			59			60
	Total Revenue per Occupied Bed	$	661		$	670		$	619		$	682		$	658
	Operating Expense per Available Bed	$	291		$	292		$	363		$	291		$	309

FOURTH QUARTER 2017 10

2017 RESULTS PRESENTED IN 2018 SAME-COMMUNITY MIX

Build-up to 2018 Same-Community Mix
(Amounts in thousands, except beds and per bed amounts)		Three Months Ended												Total Full Year 2017
		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
2018 Same-Communities
	Revenue	$	67,168		$	57,548		$	55,342		$	70,039		$	250,097
	Operating Expenses	21,817			22,810			27,658			22,399			94,684
	Net Operating Income	$	45,351		$	34,738		$	27,684		$	47,640		$	155,413
	Margin	68		%	60		%	50		%	68		%	62		%
	Beds	80,076			80,076			80,076			80,076			320,304
	Occupancy(1)	94.5		%	79.4		%	85.8		%	94.6		%	88.6		%
	Net Apartment Rent per Occupied Bed	$	837		$	840		$	722		$	876		$	820
	Other Income per Occupied Bed	50			65			83			48			61
	Total Revenue per Occupied Bed	$	887		$	905		$	805		$	924		$	881
	Operating Expense per Available Bed	$	272		$	285		$	345		$	280		$	296
(1) Represents the weighted average physical occupancy for the period presented.
(2) Represents actual 2017 results for communities expected to be sold during 2018.

FOURTH QUARTER 2017 11

TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on actual 2017 revenues, but excludes properties that were sold during 2017.

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

FOURTH QUARTER 2017 12

TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on actual 2017 revenues, but excludes properties that were sold during 2017.

FOURTH QUARTER 2017 13

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

EdR Market Supply, Enrollment and Revenue Growth

EdR Markets (% of enrollment):	2013		2014		2015		2016		2017 (1)		2018 Est (2)
New supply as a % of enrollment	2.2	%	2.2	%	2.0	%	1.8	%	2.1	%	1.9	%
Enrollment growth	1.3	%	1.4	%	1.5	%	1.5	%	1.4	%	1.3	%
	0.9	%	0.8	%	0.5	%	0.3	%	0.7	%	0.6	%
Same-community:
Occupancy increase (decrease)	3.0	%	2.0	%	0.4	%	(1.1	)%	(1.2	)%
Rate increase	2.0	%	2.0	%	3.4	%	3.4	%	3.0	%
Total leasing revenue growth	5.0	%	4.0	%	3.8	%	2.3	%	1.8	%	3.0	%	(3)
(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.
(2) Data includes the existing portfolio plus 2018 developments but does not include communities we anticipate selling in 2018. The estimated enrollment growth is based on the 3-year enrollment CAGR through 2016 for the included communities. The 2018 supply and demand statistics for EdR markets has been updated since the third quarter supplement to 1) include the Hawai'i market as the development is now expected to deliver in summer 2018 and 2) to update 2016 enrollment numbers for markets that previously did not have final enrollment numbers available.
(3) Represents the midpoint of 2018/2019 leasing guidance.

FOURTH QUARTER 2017 14

OWNED COMMUNITY PROJECTED 2018 NEW SUPPLY AND DEMAND INFORMATION

Owned Community Projected 2018 New Supply and Demand Information by Region
Region (2)	Percentage of Owned Beds	Pro Forma EdR NOI%(1)	Enrollment Growth 3 Year CAGR - Universities Served	2018 New Supply as a % of Enrollment	Variance
West	18%	23%	1.6%	2.8%	(1.2)%
Mid Atlantic	21%	22%	1.5%	2.2%	(0.7)%
North	18%	16%	(0.4)%	1.5%	(1.9)%
South Central	28%	26%	1.9%	0.7%	1.2%
Southeast	8%	7%	1.4%	2.7%	(1.3)%
Midwest	7%	6%	1.1%	2.0%	(0.9)%
Total	100%	100%	1.3%	1.9%	(0.6)%

Projected 2018 New Supply Sorted by Percentage Increase				University Markets with >5% Increase in 2018 Supply as a % of Enrollment
New Supply Growth	University Markets	EdR Beds	Pro Forma EdR NOI %(1)	University	New Supply Increase	Pro Forma EdR NOI %(1)
0%	46%	52%	51%	University of Mississippi	6.6%	2%
0.1% to 1.0%	—%	—%	—%	Northern Michigan University	6.5%	2%
1.0% - 3.0%	30%	22%	22%	Florida State University	6.3%	2%
3.0% - 5.0%	12%	10%	11%	Syracuse University	5.6%	2%
> 5.0%	12%	16%	16%	Arizona State University - Tempe	5.5%	8%
Total	100%	100%	100%			16%
NOTE: Schedule represents all markets served by EdR communities and includes the 2017 acquisitions and developments and all announced 2018 developments and acquisitions, but excludes communities anticipated to be sold in 2018. Data was obtained from the National Center for Education Statistics, AXIOMetrics and local market data.
(1) NOI is based on 2017 actual net operating income with pro forma adjustments for 2017 and 2018 developments and acquisitions that have been operating for less than 12 months.
(2) See definition of regions on page 32.

FOURTH QUARTER 2017 15

OWNED DEVELOPMENT SUMMARY

(Amounts in thousands, except bed counts)
	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)		Development Cost Funded by EdR's Balance Sheet (Excludes Partner Contribution)(2)		EdR's Remaining Cost to be Funded
	Northern Michigan University - The Woods	ONE Plan (3)	100%	433	Completed(4)	Completed(4)	$	24,600	$	24,600	$	24,600	$	—
	University of Pittsburgh	Joint Venture	80%	723	In progress	Summer 2018	106,100		84,900		100,300		45,700
	Florida State University - Players Club redevelopment	Wholly Owned	100%	592	In progress	Summer 2018	38,000		38,000		38,000		23,000
	Northern Michigan University - The Woods	ONE Plan (3)	100%	379	In progress	Summer 2018(4)	29,000		29,000		29,000		23,700
	University of Minnesota - Hub at Minneapolis	Joint Venture	51%	707	In progress	Summer 2018	97,900		49,900		83,500		47,100
	Arizona State University - Union Tempe	Joint Venture	90%	839	In progress	Summer 2018	164,900		148,400		159,100		65,000
	Cornell University - Maplewood	ONE Plan (3)	100%	872	In progress	Summer 2018	86,000		86,000		86,000		60,500
	Colorado State University - Union on Plum	Joint Venture	70%	229	In progress	Summer 2018	28,200		19,700		25,700		14,700
	Iowa State University - Union on Lincoln Way	Joint Venture	70%	542	In progress	Summer 2018	51,900		36,300		47,300		28,000
	University of Hawai'i - Hale Mahana	Joint Venture	90%	589	In progress	Summer 2018	109,600		98,600		106,300		53,200
	Oklahoma State University - One on 4th	Joint Venture	70%	475	In progress	2018	47,200		33,000		43,700		11,200
	Total - 2018 Deliveries			6,380			$	783,400	$	648,400	$	743,500	$	372,100
	Lehigh University - Southside Commons	ONE Plan (3)	100%	428	In progress	Summer 2019	48,300		48,300		48,300		47,200
	Mississippi State University	ONE Plan (3)	100%	656	Summer 2018	Summer 2019	69,200		69,200		69,200		69,200
	Total - 2019 Deliveries			1,084			$	117,500	$	117,500	$	117,500	$	116,400
	Total Active Projects			7,464			$	900,900	$	765,900	$	861,000	$	488,500
	(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 PlanSM, is our equity program for universities, which allows universities to use EdR's equity and financial stability to develop and revitalize campus housing while preserving their credit capacity for other campus projects. The ONE PlanSM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.
	(4) The second phase of NMU delivered in January 2018 with the third and final phase anticipated for a Summer 2018 delivery.

FOURTH QUARTER 2017 16

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(1)		Acquisition or Development Costs funded by EdR Balance Sheet (Excludes Partner Contribution)(1)		Less: Costs Incurred to Date(1)		Remaining Capital Needs(1)
2018 Development Deliveries	$	783	$	743	$	371	$	372
2019 Development Deliveries	118		118		2		116
Total	$	901	$	861	$	373	$	488
Estimated Capital Sources:
			2018		Thereafter		Capital Sources
Disposition proceeds(2)			$	225	$	—	$	225
Equity Proceeds Available from ATM Forward Equity Sales(3)			190		—		190
Additional Debt, Including Draws on Revolving Credit Facility(4)			11		62		73
Total Estimate			$	426	$	62	$	488
Debt to Gross Assets
			December 31, 2017		Pro Forma for Funding Needs Through December 31, 2018(5)		Pro Forma for Funding Needs Through December 31, 2019(6)
Debt to Gross Assets			28%		26%		27%
(1) Represents the share of development cost that is funded by EdR's balance sheet, which excludes any partner contributions - see page 16 for details.
(2) We are currently marketing six properties for sale with all currently in the due diligence phase, and expect to close on between $150.0 and $225.0 million of dispositions during 2018.
(3) Represents available proceeds from completed but unsettled forward equity sales through January 2018 under the ATM. The sales can be settled, shares issued and proceeds received at the Company's option through the end of 2018.
(4) The balance on the revolving credit facility as of December 31, 2017 was $349.0 million.
(5) Represents pro forma December 31, 2017 debt to gross assets including the impact of funding only the anticipated capital needed in 2018, in the manner shown in the estimated capital sources table above.
(6) Represents pro forma December 31, 2017 debt to gross assets including the impact of funding all of the anticipated capital needed in the manner shown in the estimated capital sources table above.

FOURTH QUARTER 2017 17

RECENTLY AWARDED OWNED & THIRD-PARTY DEVELOPMENTS

Recently Awarded Developments
POSSIBLE OWNED PROJECTS
University	Project Type	Anticipated Beds	Anticipated Completion Date
Cornell University - East Hill Village	ONE Plan	470	Fall 2020
Sacramento State University	ONE Plan	1,100	Fall 2021
POSSIBLE THIRD-PARTY PROJECTS
Recently Awarded	Anticipated Beds	Anticipated Completion Date
University of South Florida - St. Petersburg	550	Fall 2019 or 2020
University of South Carolina	3,700	Fall 2020 - 2024
University of Massachusetts - Dartmouth	1,200	Fall 2020

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.

FOURTH QUARTER 2017 18

CAPITAL STRUCTURE

								Weighted Average Interest Rate		Average Term to Maturity (in years)
as of December 31, 2017					Principal Outstanding
(Amounts in thousands)
Total Debt to Gross Assets				Fixed Rate - Unsecured Term Loan maturing 2022 (6)	$	65,000		2.9	%	4.1
Debt(1)	$	936,500		Fixed Rate - Unsecured Term Loan maturing 2021	122,500			3.5	%	3.0
Gross Assets(2)	3,400,282			Fixed Rate - 12 Yr. Unsecured Senior Notes	75,000			4.2	%	11.7
Debt to Gross Assets	27.5		%	Fixed Rate - 15 Yr. Unsecured Senior Notes	75,000			4.3	%	14.7
				Fixed Rate - Unsecured Senior Notes	250,000			4.6	%	6.9
Net Debt to Gross Assets				Variable Rate - Unsecured Revolving Credit Facility	349,000			2.7	%	0.9	(9)
Net Debt	$	911,713		Debt(1) / Weighted Average	936,500			3.6	%	5.0
Gross Assets(3)	3,375,495			Less: Cash	24,787
Net Debt to Gross Assets	27.0		%	Net Debt	911,713
Debt, Net of Cash and Undrawn Forward Equity Proceeds to Gross Assets(3)				Net Debt to Enterprise Value
Net debt	$	911,713		Net Debt	$	911,713
Less: Undrawn Forward Equity Proceeds(4)	190,215			Market Equity(7)	2,653,070
Debt, Net of Cash and Undrawn Forward Equity Proceeds	721,498			Enterprise Value	3,564,783
Gross Assets(3)	3,375,495			Net Debt to Enterprise Value	25.6		%
Debt, Net of Cash and Undrawn Forward Equity Proceeds to Gross Assets(3)	21.4		%
Variable Rate Debt to Total Debt	37.3		%	Interest Coverage (TTM) (8)	10.3		x
Net Debt to EBITDA - Adjusted (TTM) (5)	3.3		x
(1) Excludes unamortized deferred financing costs of $3.1 million.
(2) Excludes accumulated depreciation of $385.1 million.
(3) Gross Assets excludes accumulated depreciation of $385.1 million and cash of $24.8 million.
(4) Represents available proceeds from sales of common stock sold under ATM forward agreements through December 31, 2017. The 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.
(5)  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 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.
(6) The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.
(7) Market equity includes 75,779,932 shares of the Company's common stock and 195,737 units outstanding, which are convertible into common shares, and is calculated using $34.92 per share, the closing price of the Company's common stock on December 31, 2017.
(8) Equals Adjusted EBITDA of $157.1 million divided by interest expense of $15.3 million. See page 22 for reconciliation to Adjusted EBITDA.
(9) The Revolver was amended in February 2018 and the maturity was extended until 2023.

FOURTH QUARTER 2017 19

CAPITAL STRUCTURE

as of December 31, 2017

NOTE: At December 31, 2017, the Trust had $24.8 million of cash on hand and $190.2 million of undrawn proceeds from shares sold under ATM forward agreements.

Weighted Average Interest Rate of Debt Maturing Each Year (2)
	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032
Fixed Rate Debt	—%	—%	—%	3.5%	2.9%	—%	4.6%	—%	—%	—%	—%	4.2%	—%	—%	4.3%
Variable Rate Debt	—%	—%	—%	—%	—%	2.7%	—%	—%	—%	—%	—%	—%	—%	—%	—%
Total Debt	—%	—%	—%	3.5%	2.9%	2.7%	4.6%	—%	—%	—%	—%	4.2%	—%	—%	4.3%
(1) The unsecured revolving credit facility has an initial maturity of November 19, 2018. In February 2018, the unsecured revolving credit facility was amended, extending the maturity for five years to 2023, increasing the facility $100 million to $600 million and improving pricing, among other things. The debt maturity schedule above uses the extended maturity.
(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.

FOURTH QUARTER 2017 20

UNSECURED SENIOR NOTE COVENANTS

as of December 31, 2017
(Amounts in thousands)
Unsecured Senior Note Covenants(1)	Requirement		Current Ratio
Total Debt to Total Asset Value	≤ 60%		27.6%
Secured Debt to Total Asset Value	≤ 40%		—%
Unencumbered Asset Value to Unsecured Debt	> 150%		360.3%
Interest Coverage	> 1.5x		5.26x
Calculation of Interest Coverage Ratio:
Adjusted Pro Forma EBITDA:
EdR Adjusted EBITDA(2)	$	157,087
Pro forma Adjustments - acquisitions & dispositions (1)	295
Total Adjusted Pro Forma EBITDA	$	157,382
Pro Forma Interest Expense:
Interest expense	$	15,268
Add back: Capitalized interest	12,527
Pro forma adjustments	2,108
Pro forma interest expense	$	29,903
Interest Coverage	5.26x
(1) Computed in accordance with the First Supplemental Indenture filed November 24, 2014 with the SEC.
(2) See page 22 for a reconciliation to EdR Adjusted EBITDA.

FOURTH QUARTER 2017 21

RECONCILIATION OF NON-GAAP MEASURES

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

(Amounts in thousands)
	For the Year Ended December 31,
	2017			2016
Net income attributable to common shareholders	$	47,440		$	44,924
Straight line adjustment for ground leases	4,696			4,731
Acquisition costs	35			619
Depreciation and amortization	95,501			81,413
Loss on impairment of collegiate housing assets	—			2,500
Gain on sale of collegiate housing assets	(691		)	(23,956		)
Interest expense	15,268			15,454
Amortization of deferred financing costs	1,574			1,731
Interest income	(98		)	(490		)
Loss on extinguishment of debt	22			10,611
Income tax expense	584			684
Other operating (income) expense(1)	(6,041		)	1,046
Noncontrolling interests	(1,203		)	(220		)
Adjusted EBITDA	157,087			139,047
Annualize acquisitions, developments and dispositions(2)	8,002			9,938
Pro Forma Adjusted EBITDA	$	165,089		$	148,985
(1) Included in other operating income (expense) for the periods above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included in other operating income in 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.
(2) 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.

FOURTH QUARTER 2017 22

RECONCILIATION OF NON-GAAP MEASURES

Net operating income (NOI)

(Amounts in thousands)	Year ended December 31,
	2017			2016
Operating income	$	62,961		$	49,066
Less: Third-party development services revenue	(5,256		)	(2,364		)
Less: Third-party management services revenue	(3,736		)	(3,588		)
Less: Other operating (income) expense	(6,041		)	1,046
Plus: Development and management services expenses	14,147			10,671
Plus: General and administrative expenses, development pursuit, acquisition costs and severance	14,369			11,603
Plus: Ground leases	13,424			12,462
Plus: Impairment loss on collegiate housing properties	—			2,500
Plus: Depreciation and amortization	95,501			81,413
NOI	$	185,369		$	162,809

Debt to gross assets

(Amounts in thousands)	December 31, 2017			December 31, 2016
Unsecured debt, excluding unamortized deferred financing costs of $3,051 and $2,824 as of December 31, 2017 and 2016, respectively	$	936,500		$	457,500
Mortgage and construction loans, excluding unamortized deferred financing costs of $56 as of December 31, 2016	—			62,576
Total debt, excluding unamortized deferred financing costs	$	936,500		$	520,076
Total assets	$	3,015,164		$	2,506,185
Accumulated depreciation(1)	385,118			311,069
Gross assets	$	3,400,282		$	2,817,254
Debt to gross assets	27.5		%	18.5		%
(1) Represents accumulated depreciation on real estate assets.

FOURTH QUARTER 2017 23

2018 GUIDANCE

(Amounts in thousands, except per share/unit data)	Year ending December 31, 2018
	Without Capital Transactions						With Capital Transactions
	Low			High			Low			High
Net income attributable to EdR  (1)	$	45,300		$	49,200		$	47,000		$	51,400
Real estate related depreciation and amortization	94,500			98,500			89,200			93,200
Equity portion of real estate depreciation and amortization on equity investees	2,400			2,400			2,400			2,400
Redeemable noncontrolling interests	(400		)	(400		)	(400		)	(400		)
Noncontrolling interest depreciation	(2,100		)	(2,100		)	(2,100		)	(2,100		)
Funds from operations ("FFO") available to stockholders and unitholders	$	139,700		$	147,600		$	136,100		$	144,500
FFO adjustments:
Straight-line adjustment for ground leases (2)	4,600			4,600			4,600			4,600
FFO adjustments	4,600			4,600			4,600			4,600
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	144,300		$	152,200		$	140,700		$	149,100
Earnings per share – diluted (3)	$	0.56		$	0.62		$	0.58		$	0.63
FFO per weighted average share/unit (4)	$	1.83		$	1.93		$	1.75		$	1.85
Core FFO per weighted average share/unit (4)	$	1.89		$	1.99		$	1.81		$	1.91
Weighted average shares/units (4)	76,400			76,400			77,900			77,900
Note:  See pages 25 to 28 for details on guidance assumptions.
(1) Does not include any gain or loss on dispositions included in 2018 guidance.
(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 $2.2 million of accretion of redeemable noncontrolling interests for the year ended December 31, 2018.
(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.

FOURTH QUARTER 2017 24

2018 GUIDANCE

(Amounts in millions, except per share/unit data)
2018 Guidance Assumptions
	Without Capital Transactions				With Capital Transactions
	Low		High		Low	High
Projected Earnings per share/unit – diluted	$0.56		$0.62		$0.58	$0.63
Projected FFO per share/unit	$1.83		$1.93		$1.75	$1.85
Projected Core FFO per share/unit	$1.89		$1.99		$1.81	$1.91
Projected Weighted average shares/units outstanding (in millions)	76.4				77.9
Projected Debt to gross assets - 12/31/2018	36%				26%
Components of 2018 Property Net Operating Income
	Low		High		% change from 2017
2018 Same-communities:
Revenues	$	252.0	$	254.7	0.8% to 1.8%
Operating expenses	97.5		98.5		3.0% to 4.0%
Net operating income	154.5		156.2		(0.5)% to 0.5%
2018 New-communities net operating income, net of $4.1 million in preopening expenses	37.5		39.0
Other-community NOI	2.5		2.5
NOI from communities expected to sell in 2018	5.0		6.0
Total property net operating income	$	199.5	$	203.7
Leasing expectations for 2018/2019 lease-term revenue growth:
Leasing same-community (financial same in 2019)	2.0%		4.0%
2018 financial same-community - fall 2018 revenue growth	1.5%		3.0%
Development and Management Services
	Low		High
Third-party development services revenue	$—
Third-party management services revenue	$3.0

FOURTH QUARTER 2017 25

2018 GUIDANCE

(Amounts in millions, except per share/unit data)
G&A and Nonoperating Expenses
	Low			High
General and administrative expenses	$	24.0		$	25.0
Gross interest expense, incl. amortization of deferred financing costs	$	37.5		$	38.5
Capitalized interest	$	(11.0	)	$	(12.0	)
Ground lease expense, excluding straight-line rent	$	10.0		$	10.0
Depreciation and amortization	$	91.2		$	95.2
Depreciation and amortization add back to Core FFO	$	89.2		$	93.2
Other
	Low			High
Income tax expense	$—
Equity in earnings of unconsolidated entities	$	1.2		$	2.0
Depreciation addback for Core FFO from unconsolidated entities	$2.4
Net income attributable to noncontrolling interest	$1.7
Noncontrolling interest adjustment to FFO	$(2.5)
Capital Assumptions
	Low			High			Timing
2018 Development deliveries - total project cost	$783.0						Fall 2018
2019 Development deliveries - total project cost	$118.0						Fall 2019
Estimated development costs incurred in 2018	$426.0
Dispositions	$	150.0		$	225.0		Q1 - Q3
Settlement of existing 4.8 million ATM shares	$190.0						Q2 - Q3 - Q4
Total shares outstanding	81.3						Year end 2018

FOURTH QUARTER 2017 26

2018 GUIDANCE

(Amounts in millions, except per share/unit data)
Leverage - Year End Debt to Gross Assets
Guidance without Capital Transactions	36%
Impact of settling ATM shares	(5)%
Impact of closing top end of disposition guidance	(5)%
Guidance - with capital transactions	26%
Capital Sources and Uses
Capital Sources
Settle existing ATM forward equity shares - 4.8 million shares	$	190
Proceeds from dispositions	225
Increase in debt	11
	$	426
Capital Uses
2018 Developments	$	372
2019 Developments	54
	$	426

FOURTH QUARTER 2017 27

2018 GUIDANCE

(Amounts in millions, except per share/unit data)
Midpoint of 2018 Core FFO per share/unit Guidance Compared to 2017 Results
	Core FFO			Core FFO per Share/Unit			Weighted Average Shares/Units	Total Shares/Units Outstanding
Full Year 2017	$	141.5		$	1.90		74.5	76.4
Impact of difference in weighted average shares and shares outstanding at 12/31/2017	—			(0.05		)	1.9	—
Increase in community NOI	25.4			0.33			—	—
Decrease in third-party fee revenue	(6.2		)	(0.08		)	—	—
Decrease in general and administrative expense	4.3			0.06			—	—
Increase in interest expense, net	(16.9		)	(0.22		)	—	—
All other, net	0.2			—			—	—
Midpoint of 2018 guidance without Capital Transactions	$	148.3		$	1.94		76.4	76.4
Decrease in NOI from asset dispositions	(10.4		)	(0.14		)	—	—
Net impact on interest expense and share count from asset sales and settling 4.8 million already sold ATM forward equity shares	7.0			0.06			1.5	4.8
Midpoint of 2018 Core FFO Guidance with Capital Transactions	$	144.9		$	1.86		77.9	81.2

FOURTH QUARTER 2017 28

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)	University of Kentucky	Aug '13	301
Commons at Knoxville	University of Tennessee	Jan '05	708	Herman Lee Donovan Hall (ONE Plan)	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)	University of Kentucky	Aug '14	740
The Berk on College	University of California, Berkeley	May '11	122	Georgia M. Blazer Hall (ONE Plan)	University of Kentucky	Aug '14	427
The Berk on Arch	University of California, Berkeley	May '11	43	Haggin Hall (ONE Plan)	University of Kentucky	Aug '14	396
University Village Towers	University of California, Riverside	Sept '11	554	Chellgren Hall (ONE Plan)	University of Kentucky	Aug '14	409
Irish Row	University of Notre Dame	Nov '11	326	Woodland Glen II (ONE Plan)	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)	University of Kentucky	Aug '15	782
Campus Village	Michigan State University	Oct '12	355	Woodland Glen IV (ONE Plan)	University of Kentucky	Aug '15	578
The Province	Kent State University	Nov '12	596	Woodland Glen V (ONE Plan)	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

FOURTH QUARTER 2017 29

COMMUNITY LISTING - OWNED

Name	Primary University Served	Acquisition/Development Date	# of Beds	Name	Primary University Served	Acquisition/Development Date	# of Beds
New Communities
The Retreat at Oxford(1)	University of Mississippi	Aug '13, Aug '16	1,018	Sawtooth Hall (ONE Plan)	Boise State University	Aug '17	656
Lokal(1)	Colorado State University	March '16	194	Lewis Hall (ONE Plan)	University of Kentucky	Aug '17	346
The Hub at Madison(1)	University of Wisconsin	May '16	1,038	SkyVue	Michigan State University	Aug '17	824
Holmes Hall (ONE Plan)(1)	University of Kentucky	Aug '16	645	The Local: Downtown	Texas State University	Aug '17	304
Boyd Hall (ONE Plan)(1)	University of Kentucky	Aug '16	496	The Woods (ONE Plan)	Northern Michigan University	Aug '17	417
The Retreat at Blacksburg(1)	Virginia Tech	Aug '16	829		Total New-Communities		9,364
Pura Vida Place(1)	Colorado State University	Aug '16	100
Carriage House(1)	Colorado State University	Aug '16	94	Other-Communities
Urbane(1)	University of Arizona	Sept '16	311	University Towers(2)	North Carolina State University	Jan '05	889
Retreat at Corvallis	Oregon State University	Jan '17	1,016		Total Other-Communities		889
319 Bragg	Auburn University	Feb '17	305
University Flats (ONE Plan)	University of Kentucky	Aug '17	771		Total Owned-Communities		36,420
(1) These properties will move into same-communities effective January 1, 2018 for financial statement reporting purposes.
(2) 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.

FOURTH QUARTER 2017 30

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	Juan Sanabria	(646) 855-1589	juan.sanabria@baml.com
	Citi	Nicholas Joseph	(212) 816-1909	nicholas.joseph@citi.com
	Evercore ISI	Samir Khanal	(212) 888-3796	samir.khanal@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	Austin Wurschmidt	(917) 368-2311	awurschmidt@key.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

FOURTH QUARTER 2017 31

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 the 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	Same-communities are defined as those communities that were owned and operating for the full year as of December 31, 2017 and 2016 and are not conducting substantial development or redevelopment activities or have other significant changes in design beds.
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 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.

FOURTH QUARTER 2017 32

SAFE HARBOR

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.

FOURTH QUARTER 2017 33