Education Realty Trust 8-K EdR ANNOUNCES FOURTH QUARTER 2012 RESULTS

Table of Contents

Financial Highlights	1
Balance Sheet	2
Operating Results	3
Funds From Operations	4
Community Operating Results	5
Community Statistics	6
Same-Community Statistics	7
Preleasing Update Summary	8
Same-Community Preleasing Update	9
New-Community Preleasing Update	10
Owned Development Summary	11
Third-Party Development Summary	12
Capital Structure	13
Community Listing - Owned	14
Investor Relations	15
Definitions	16
Safe Harbor Statement	17

Fourth Quarter 2012

Financial Highlights

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three Months Ended December 31,											Year Ended December 31,
		2012			2011			$ Chg			% Chg		2012		2011			$ Chg		% Chg
	Same-community revenue	$	25,823		$	25,889		$	(66	)	(0.3	)%	$	97,751	$	93,985		$	3,766	4.0	%
	Total community revenue	39,614			28,933			10,681			36.9	%	131,092		98,491			32,601		33.1	%
	Total revenue	43,118			32,694			10,424			31.9	%	144,951		114,534			30,417		26.6	%
	Same-community net operating income	14,998			15,409			(411		)	(2.7	)%	49,916		47,214			2,702		5.7	%
	Total community net operating income	23,485			17,199			6,286			36.5	%	67,898		49,702			18,196		36.6	%
	Total operating income	8,611			6,204			2,407			38.8	%	16,157		13,366			2,791		20.9	%
	Net Income	4,788			(5,779		)	10,567			NM		8,421		(11,014		)	19,435		NM
	Per share - basic & diluted	0.04			(0.07)			0.11			NM		0.08		(0.15		)	0.23		NM
	Funds from operations (FFO)	15,972			10,651			5,321			50.0	%	40,780		24,470			16,310		66.7	%
	Per weighted average share/unit (1)	0.14			0.12			0.02			16.7	%	0.40		0.32			0.08		25.0	%
	Core funds from operations (Core FFO)	18,089			12,547			5,542			44.2	%	48,175		32,661			15,514		47.5	%
	Per weighted average share/unit (1)	$	0.16		$	0.14		$	0.02		14.3	%	$	0.47	$	0.43		$	0.04	9.3	%
BALANCE SHEET DATA:
		12/31/2012			12/31/2011
	Debt to gross assets	31.7		%	31.3		%
	Net debt to enterprise value	27.4		%	22.9		%
	Interest coverage ratio (TTM)	4.2		x	2.6		x
	Net debt to Adjusted EBITDA	5.7		x	5.0		x
(1) FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.
See page 4 for a detailed calculation.

Fourth Quarter 2012 Page 1

Balance Sheet

(Amount in thousands, except share and per share data)		December 31, 2012			December 31, 2011
Assets		(unaudited)
	Collegiate housing properties, net (1)	$	1,061,002		$	803,519
	Assets under development	159,264			56,648
	Cash and cash equivalents	17,039			75,813
	Restricted cash	6,410			4,826
	Other assets	80,972			37,003
		$	1,324,687		$	977,809
Total assets
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	398,846		$	358,504
	Unsecured revolving credit facility	79,000			—
	Accounts payable and accrued expenses	57,123			31,766
	Deferred revenue	17,964			14,409
Total liabilities		552,933			404,679
Commitments and contingencies		—			—
Redeemable noncontrolling interests		8,944			9,776
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 113,062,452 and 91,800,688 shares issued and outstanding as of December 31, 2012 and 2011, respectively	1,131			918
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	849,878			662,657
	Accumulated deficit	(93,287		)	(101,708		)
Total EdR stockholders' equity		757,722			561,867
Noncontrolling interest		5,088			1,487
Total equity		762,810			563,354
Total liabilities and equity		$	1,324,687		$	977,809
(1) Amount is net of accumulated depreciation of $175,310 and $166,336 as of December 31, 2012 and 2011, respectively.

Fourth Quarter 2012 Page 2

Operating Results

(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,									Year ended December 31,
	2012			2011			$ Change			2012			2011			$ Change
Revenues:
Collegiate housing leasing revenue	$	39,614		$	28,933		$	10,681		$	131,092		$	98,491		$	32,601
Third-party development consulting services	330			622			(292		)	820			4,103			(3,283		)
Third-party management services	995			911			84			3,446			3,336			110
Operating expense reimbursements	2,179			2,228			(49		)	9,593			8,604			989
Total revenues	43,118			32,694			10,424			144,951			114,534			30,417
Operating expenses:
Collegiate housing leasing operations	16,129			11,734			4,395			63,194			48,789			14,405
Development and management services	1,510			1,392			118			6,268			5,506			762
General and administrative	1,512			1,796			(284		)	6,803			6,215			588
Development pursuit and acquisition costs	496			336			160			1,105			595			510
Ground lease expense	1,680			1,401			279			6,395			5,498			897
Depreciation and amortization	11,001			7,603			3,398			35,436			25,961			9,475
Reimbursable operating expenses	2,179			2,228			(49		)	9,593			8,604			989
Total operating expenses	34,507			26,490			8,017			128,794			101,168			27,626
Operating Income	8,611			6,204			2,407			16,157			13,366			2,791
Nonoperating expenses:
Interest expense	3,449			4,221			(772		)	14,390			17,274			(2,884		)
Amortization of deferred financing costs	304			314			(10		)	1,215			1,197			18
Interest income	(131		)	(46		)	(85		)	(283		)	(175		)	(108		)
Loss on extinguishment of debt	—			—			—			—			351			(351		)
Total nonoperating expenses	3,622			4,489			(867		)	15,322			18,647			(3,325		)
Income (loss) before equity in earnings (losses) of unconsolidated entities, income taxes and discontinued operations	4,989			1,715			3,274			835			(5,281		)	6,116
Equity in earnings (losses) of unconsolidated entities	(23		)	(39		)	16			(363		)	(447		)	84
Income (loss) before income taxes and discontinued operations	4,966			1,676			3,290			472			(5,728		)	6,200
Less: Income tax benefit	233			183			50			(884		)	(95		)	(789		)
Income (loss) from continuing operations	4,733			1,493			3,240			1,356			(5,633		)	6,989
Income (loss) from discontinued operations	244			(7,093		)	7,337			7,281			(5,142		)	12,423
Net income (loss)	4,977			(5,600		)	10,577			8,637			(10,775		)	19,412
Less: Net income (loss) attributable to the noncontrolling interests	189			179			10			216			239			(23		)
Net income (loss) attributable to Education Realty Trust, Inc.	$	4,788		$	(5,779	)	$	10,567		$	8,421		$	(11,014	)	$	19,435
Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted	$	0.04		$	(0.07	)	$	0.11		$	0.08		$(0.15)			$	0.23
Weighted-average shares of common stock outstanding – basic	113,027			85,790						101,244			75,485
Weighted-average shares of common stock outstanding – diluted	114,086			85,790						102,317			75,485

Fourth Quarter 2012 Page 3

Funds From Operations

(Amounts in thousands, except per share data, unaudited)
		Three Months Ended December 31,									Year Ended December 31,
		2012			2011			$ Change			2012			2011			$ Change
Net income (loss) attributable to EdR		$	4,788		$	(5,779	)	$	10,567		$	8,421		$	(11,014	)	$	19,435
	(Gain) loss on sale of collegiate housing assets (1)	(69		)	7,859			(7,928		)	(5,496		)	5,471			(10,967		)
	Real estate related depreciation and amortization	11,038			8,304			2,734			37,237			29,101			8,136
	Equity portion of real estate depreciation and amortization on equity investees	47			83			(36		)	225			412			(187		)
	Equity portion of loss on sale of student housing property on equity investees	—			—			—			88			256			(168		)
	Noncontrolling interests	168			184			(16		)	305			244			61
Funds from operations ("FFO")		15,972			10,651			5,321			40,780			24,470			16,310
FFO adjustments:
	Loss on extinguishment of debt (1)	—			—			—			—			757			(757		)
	Acquisition costs	501			261			240			1,110			741			369
	Straight-line adjustment for ground leases (2)	1,156			1,051			105			4,364			4,208			156
FFO adjustments:		1,657			1,312			345			5,474			5,706			(232		)
FFO on Participating Developments:(3)
	Interest on loan to Participating Development	460			460			—			1,830			1,598			232
	Development fees on Participating Development, net of costs and taxes	—			124			(124		)	91			887			(796		)
FFO on Participating Developments		460			584			(124		)	1,921			2,485			(564		)
Core funds from operations ("Core FFO")		$	18,089		$	12,547		$	5,542		$	48,175		$	32,661		$	15,514
FFO per weighted average share/unit (4)		$	0.14		$	0.12		$	0.02		$	0.40		$	0.32		$	0.08
Core FFO per weighted average share/unit (4)		$	0.16		$	0.14		$	0.02		$	0.47		$	0.43		$	0.04
Weighted average shares/units (4)		114,086			86,901			27,185			102,317			76,596			25,721
(1) All of or a portion of these amounts may be included in discontinued operations and may not be visible on the face of our statement of operations on page 3.
(2) This represents the straight-line rent expense adjustment required by GAAP related to ground leases at four communities. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(3) FFO on Participating Developments represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for development fees is calculated under the same percentage of completion method of accounting used for third-party development fees. The adjustment for interest income is based on terms of the loan.
(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 2012 Page 4

Community Operating Results

(Amounts in thousands, unaudited)
		Three Months Ended December 31,									Year Ended December 31,
		2012		2011		$ Change			% Change		2012		2011		$ Change		% Change
Revenues
	Same-communities	$	25,823	$	25,889	$	(66	)	(0.3	)%	$	97,751	$	93,985	$	3,766	4.0	%
	New-communities (1)	13,791		3,044		10,747			NM		33,341		4,506		28,835		NM
Total revenues		39,614		28,933		10,681			36.9	%	131,092		98,491		32,601		33.1	%
Operating expenses (2)
	Same-communities	10,825		10,480		345			3.3	%	47,835		46,771		1,064		2.3	%
	New-communities (1)	5,304		1,254		4,050			NM		15,359		2,018		13,341		NM
Total operating expenses		16,129		11,734		4,395			37.5	%	63,194		48,789		14,405		29.5	%
Net operating income
	Same-communities	14,998		15,409		(411		)	(2.7	)%	49,916		47,214		2,702		5.7	%
	New-communities (1)	8,487		1,790		6,697			NM		17,982		2,488		15,494		NM
Total net operating income		$	23,485	$	17,199	$	6,286		36.5	%	$	67,898	$	49,702	$	18,196	36.6	%
(1) See page 11 of this supplement for a listing of which communities are categorized as same-communities and which are new communities.
(2) 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.
NOTE: This table excludes communities classified as discontinued operations on the accompanying consolidated statements of operations.

Fourth Quarter 2012 Page 5

Community Statistics

	Three Months Ended December 31,									Year Ended December 31,
	2012			2011			Change			2012			2011			Change
Occupancy
Physical	91.7		%	95.8		%	(410	)	bps	90.6		%	92.7		%	(210	)	bps
Economic	91.9		%	95.1		%	(320	)	bps	87.4		%	87.8		%	(40	)	bps
NarPAB	$	512		$	478		7.1	%		$	464		$	433		7.2	%
Other income per avail. bed	$	33		$	22		50.0	%		$	34		$	11		209.1	%
RevPAB	$	545		$	500		9.0	%		$	498		$	444		12.2	%
Operating expense per bed	$	222		$	203		9.4	%		$	240		$	220		9.1	%
Operating margin	59.3		%	59.4		%	(10	)	bps	51.8		%	50.5		%	130		bps
Design Beds	72,683			57,909			25.5	%		263,002			221,663			18.6	%
NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.

Fourth Quarter 2012 Page 6

Same-Community Statistics

	Three Months Ended December 31,									Year Ended December 31,
	2012			2011			Change			2012			2011			Change
Occupancy
Physical	91.4		%	95.3		%	(390	)	bps	91.5		%	92.7		%	(120	)	bps
Economic	91.5		%	96.2		%	(470	)	bps	87.6		%	88.2		%	(60	)	bps
NarPAB	$	462		$	462		—	%		$	430		$	414		3.9	%
Other income per avail. bed	$	20		$	21		(4.8	)%		$	26		$	25		4.0	%
RevPAB	$	482		$	483		(0.3	)%		$	456		$	439		4.0	%
Operating expense per bed	$	202		$	196		3.3	%		$	223		$	218		2.3	%
Operating margin	58.1		%	59.5		%	(140	)	bps	51.1		%	50.2		%	90		bps
Design Beds	53,577			53,574			—	%		214,301			214,301			—	%
NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.
See note on Pg. 5.

Fourth Quarter 2012 Page 7

Preleasing Update Summary

		Preleasing at February 11,				Change In
Community Type	Design Beds	2013		2012		Rate
Same-communities	21,691	39.1	%	34.5	%	2.2	%
New-communities
2013 Developments	3,309	37.9	%	N/A		N/A
2012 New Communities	2,149	55.1	%	N/A		N/A
Total new-communities	5,458	48.3	%	N/A		N/A
Total owned communities	27,149	40.9	%	N/A		N/A

Fourth Quarter 2012 Page 8

Same-Community Preleasing Update

as of February 11, 2013
				2013-2014			2012-2013			Projected Rate Increase		Fall Opening Occupancy
	Community	Primary University	Design Beds	Leases	%		Leases	%
Prior Year Occupancy Below 95%
	The Reserve at Athens	University of Georgia	612	420	68.6	%	345	56.4	%	5.6	%	90.5	%
	GrandMarc at Westberry Place	Texas Christian University	562	324	57.7	%	287	51.1	%	4.3	%	93.8	%
	University Towers	North Carolina State University	953	190	19.9	%	176	18.5	%	3.0	%	84.9	%
	GrandMarc at the Corner	University of Virginia	641	301	47.0	%	318	49.6	%	2.9	%	89.6	%
	The Reserve at Saluki Pointe	Southern Illinois University	768	262	34.1	%	277	36.1	%	2.4	%	84.5	%
	College Station at West Lafayette	Purdue University	960	360	37.5	%	397	41.4	%	2.2	%	78.3	%
	Campus Lodge	University of Florida	1,115	445	39.9	%	444	39.8	%	2.1	%	94.4	%
	The Berk	University of California at Berkeley	167	9	5.4	%	9	5.4	%	2.0	%	90.4	%
	The Pointe at South Florida	University of South Florida	1,002	224	22.4	%	193	19.3	%	1.9	%	91.4	%
	College Grove	Middle Tennessee State University	864	155	17.9	%	196	22.7	%	1.7	%	92.1	%
	The Reserve on South College	Auburn University	576	222	38.5	%	175	30.4	%	1.7	%	90.8	%
	The Commons	Florida State University	732	92	12.6	%	88	12.0	%	1.5	%	85.0	%
	The Lofts	University of Central Florida	730	207	28.4	%	166	22.7	%	0.9	%	92.5	%
	The Pointe at Western	Western Michigan University	876	258	29.5	%	199	22.7	%	0.6	%	92.2	%
	Commons at Knoxville	University of Tennessee	708	240	33.9	%	173	24.4	%	0.2	%	88.3	%
	The Avenue at Southern	Georgia Southern University	624	150	24.0	%	64	10.3	%	—	%	76.6	%
	The Reserve on West 31st	University of Kansas	720	124	17.2	%	146	20.3	%	(0.7	)%	78.7	%
	University Village Towers	University of California at Riverside	554	80	14.4	%	65	11.7	%	(5.4	)%	50.0	%
	Subtotal		13,164	4,063	30.9	%	3,718	28.2	%	1.7	%	85.9	%
Prior Year Occupancy 95% to 97.9%
	Campus West	Syracuse University	313	124	39.6	%	8	2.6	%	6.5	%	97.1	%
	East Edge	University of Alabama	774	586	75.7	%	50	6.5	%	2.0	%	95.5	%
	Subtotal		1,087	710	65.3	%	58	5.3	%	3.9	%	96.0	%
Prior Year Occupancy 98% and Above
	Campus Creek	University of Mississippi	636	318	50.0	%	303	47.6	%	5.9	%	100.0	%
	The Pointe	Pennsylvania State University	984	801	81.4	%	943	95.8	%	5.7	%	99.9	%
	Jefferson Commons	University of Virginia	82	82	100.0	%	60	72.7	%	3.8	%	100.0	%
	Irish Row	University of Notre Dame	326	145	44.5	%	227	69.6	%	3.6	%	100.0	%
	The Reserve on Perkins	Oklahoma State University	732	182	24.9	%	176	24.0	%	3.0	%	99.2	%
	Wertland Square	University of Virginia	152	152	100.0	%	91	60.0	%	2.9	%	100.0	%
	The Reserve on Stinson	University of Oklahoma	612	187	30.6	%	202	33.0	%	2.7	%	100.0	%
	Cape Trails	Southeast Missouri State University	360	197	54.7	%	178	49.4	%	2.6	%	100.0	%
	University Village on Colvin	Syracuse University	432	241	55.8	%	283	65.5	%	2.6	%	100.0	%
	The Players Club	Florida State University	336	245	72.9	%	306	91.1	%	2.5	%	100.0	%
	The Oaks on the Square	University of Connecticut	253	134	53.0	%	163	64.4	%	2.5	%	100.0	%
	Commons on Kinnear	The Ohio State University	502	322	64.1	%	261	52.0	%	2.1	%	99.8	%
	Carrollton Crossing	University of West Georgia	336	148	44.0	%	154	45.8	%	1.4	%	100.0	%
	River Pointe	University of West Georgia	504	127	25.2	%	61	12.1	%	1.0	%	98.2	%
	Pointe West	University of South Carolina	480	117	24.4	%	96	20.0	%	0.5	%	100.0	%
	The Reserve at Columbia	University of Missouri	676	277	41.0	%	193	28.6	%	—	%	100.0	%
	Lotus Lofts	University of Colorado at Boulder	37	26	70.3	%	—	—	%	(1.5	)%	100.0	%
	Subtotal		7,440	3,701	49.7	%	3,697	49.7	%	2.9	%	99.8	%
	Total Same-Community		21,691	8,474	39.1	%	7,473	34.5	%	2.2	%	90.9	%

Fourth Quarter 2012 Page 9

New-Community Preleasing Update

as of February 11, 2013			2013-2014				2012-2013
Community	Primary University	Design Beds	Leases	%			Leases	%	Projected Rate Increase	2012 Fall Opening Occupancy
2013 Developments
The Oaks on the Square Ph II	University of Connecticut	250	154	61.6	%		N/A	N/A	N/A	N/A
2400 Nueces	University of Texas at Austin	622	374	60.1	%		N/A	N/A	N/A	N/A
The Retreat	University of Mississippi	668	255	38.2	%		N/A	N/A	N/A	N/A
Roosevelt Point	Arizona State University-Phoenix	609	31	5.1	%		N/A	N/A	N/A	N/A
Total 2013 Developments		2,149	814	37.9	%		N/A	N/A	N/A	N/A
2012 Acquisitions
The Centre at Overton Park	Texas Tech University	401	362	90.3	%	(A)	N/A	N/A	N/A	N/A
The Suites at Overton Park	Texas Tech University	465	414	88.9	%	(A)	N/A	N/A	N/A	N/A
Campus Village	Michigan State University	355	177	49.9	%		N/A	N/A	N/A	N/A
The Province	Kent State University	596	279	46.8	%		N/A	N/A	N/A	N/A
The Province	East Carolina University	728	307	42.2	%		N/A	N/A	N/A	N/A
The District on 5th	University of Arizona	764	285	37.3	%		N/A	N/A	N/A	N/A
Total 2012 Acquisitions		3,309	1,824	55.1	%		N/A	N/A	N/A	N/A
Total New Communities		5,458	2,638	48.3	%		N/A	N/A	N/A	N/A
(A) These properties are currently leased as conventional apartment communities. As such, the leases do not currently follow an academic term like our existing portfolio. The Company will be converting these properties to student leasing over the next 24 months. The current lease percentages represent the communities' current occupancies.
Note (1): Prior year leasing and opening occupancy data is not included for communities under development or for newly acquired communities where reliable information is not available.
Note (2): Applications for Central Hall, the first community at the University of Kentucky (UK) to be delivered in 2013, are handled by UK admissions and will not turn into leases until approximately May. We expect to be 100% leased in the fall.
Note (3): The redevelopment of 3949 Lindell at Saint Louis University. which was damaged by fire on July 17, 2012, is underway. The community is to expected to be fully reopened this summer. The redevelopment costs are covered by insurance proceeds.

Fourth Quarter 2012 Page 10

Owned Development Summary

(Amounts in thousands except bed counts)
Active Projects
	Project	Project Type	Bed Count	Estimated Start Date	Date of Opening	Total Project Development Cost		EdR's Ownership Percentage			EdR's Share of Development Cost		EdR's Share of Development Cost to be Funded
	The University of Texas at Austin	ONE Plan (1)	622	In progress	Summer 2013	66,570		100		%	66,570		29,435
	University of Kentucky - Central Hall	ONE Plan (1)	601	In progress	Summer 2013	25,794		100		%	25,794		16,199
	University of Connecticut - Storrs Center Ph II	Wholly Owned	250	In progress	Summer 2013	24,396		100		%	24,396		—
	University of Mississippi	Joint Venture	668	In progress	Summer 2013	37,234		70		%	26,064		—
	Arizona State University - Phoenix	Joint Venture	609	In progress	Summer 2013	52,000		91.4		%	47,528		—
	Total - 2013 Deliveries		2,750			205,994					190,352		45,634
	University of Colorado - Lotus Lofts	Wholly Owned	199	In progress	Summer 2014	19,757		100		%	19,757		13,333
	University of Kentucky - Haggin Hall I	ONE Plan (1)	332	Spring 2013	Summer 2014	19,479		100		%	19,479		19,179
	University of Kentucky - Champions Court I	ONE Plan (1)	740	Spring 2013	Summer 2014	45,924		100		%	45,924		44,556
	University of Kentucky - Champions Court II	ONE Plan (1)	427	Spring 2013	Summer 2014	23,808		100		%	23,808		22,336
	University of Kentucky - Woodland Glen I	ONE Plan (1)	818	Spring 2013	Summer 2014	44,491		100		%	44,491		41,674
	University of Minnesota	Joint Venture	901	Spring 2013	Summer 2014	89,200		50		%	44,600		44,600
	Total - 2014 Deliveries		3,417			242,659					198,059		185,678
	Total Active Projects		6,167			$	448,653				$	388,411	$	231,312
Presale/Purchase Options
	Project	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Mezzanine Investment		Purchase Price
	Penn State University - The Retreat at State College	Purchase Option	587	In progress	Summer 2013	$	3,000	$	53,900

(1) The On-Campus Equity Plan, or The ONE Plan ^SM, is our private equity program for universities, which allows universities to use the Trust's equity and financial stability to develop and revitalize campus

housing while preserving their credit capacity for other campus projects. The ONE Plan ^SM offers one service provider and one equity source to universities seeking to modernize on-campus housing to

meet the needs of today's students.

Note: The redevelopment of 3949 Lindell at Saint Louis University, which was damaged by fire on July 17, 2012, is underway. The community is expected to be fully reopened this summer. The redevelopment costs are covered by insurance proceeds.

Fourth Quarter 2012 Page 11

Third-Party Development Summary

(Amounts in thousands except bed counts)
Project	Bed Count	Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year (1)		Fees Earned Year Ended December 31, 2012 (1)		Remaining Fees to Earn
Mansfield University of Pennsylvania Phase II	684	In progress	Summer 2013	$	47,881	$	1,781	$	—	$	417	$	1,364
East Stroudsburg University - Pennsylvania Ph II	488	Summer 2013	TBD	36,497		1,371		—		—		1,371
Clarion University of Pennsylvania	718	Summer 2013	Fall 2015	48,795		1,852		—		—		1,852
West Chester University of Pennsylvania Phase II	653	Spring 2013	Summer 2014	55,767		1,578		—		—		1,578
Wichita State University	750	Summer 2013	Fall 2014	43,500		TBD		—		—		—
Recently Awarded Projects - Total	3,293			$	232,440	$	6,582	$	—	$	417	$	6,165
(1) Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress or recently completed.
NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.

Fourth Quarter 2012 Page 12

Capital Structure

as of December 31, 2012
(dollars in thousands)
Total Debt to Gross Assets											Net Debt to Enterprise Value
	Debt (1)	$	474,778								Net Debt (1)		$	457,739
	Gross Assets (2)	$	1,499,997								Market Equity (3)		1,215,347
	Debt to Gross Assets	31.7		%							Enterprise Value		$	1,673,086
Interest coverage (TTM)		4.2			x						Net Debt to Enterprise Value		27.4		%
Net Debt to Adjusted EBITDA (TTM) (4)		5.7			x
Total Debt Outstanding (1)
		Principal			Weighted Average						Average Term
		Outstanding			Interest Rate			%			to Maturity
	Fixed Rate - Mortgage Debt (1)	$	270,342		5.67		%	56.9		%	3.7		years
	Variable Rate - Mortgage Debt	36,333			4.95		%	7.7		%	7.0		years
	Variable Rate - Construction Debt	89,103			2.35		%	18.8		%	1.9		years
	Variable Rate - Unsecured Revolving Credit Facility (5)	79,000			1.84		%	16.6		%	4.0		years
	Total / Weighted Average	$	474,778		4.35		%	100.0		%	3.7		years
Future Maturities (1)
	Fiscal Year Ending	Amortization			Maturities			Total			Percentage
	2013	$	4,556		$	33,363		$	37,919		9.6	%
	2014	16,281			56,631			72,912			18.4	%
	2015	23,797			23,542			47,339			12.0	%
	2016	26,471			65,258			91,729			23.2	%
	2017	24,218			15,539			39,757			10.0	%
	Thereafter	3,633			102,489			106,122			26.8	%
	Mortgage Debt (1)	98,956			296,822			395,778			100.0	%
	Unsecured Revolving Credit Facility - 2017 (5)	—			—			79,000
	Gross Debt (1)	$	98,956		$	296,822		474,778
	Less Cash							17,039
	Net Debt							$	457,739
(1) Excludes unamortized debt premium of $3,067,666.
(2) Excludes accumulated depreciation of $175,310 as of December 31, 2012.
(3) Market equity includes 113,186,727 shares of the Company's common stock and 1,037,600 operating partnership units and is calculated using $10.64 per share, the closing price of the Company's common stock on December 31, 2012.
(4) Includes an additional $19.0 million of budgeted EBITDA for properties owned less than 12 months so that a full 12 months of EBITDA is reflected for such properties. EBITDA is not adjusted for properties in development for ownership by EdR until the properties open.
(5) On January 14, 2013, EdR amended its credit facility to increase its size from $175 million to $375 million. The initial term of the credit facility is 4 years with one 12-month extension available.

Fourth Quarter 2012 Page 13

Community Listing - Owned

Name	Primary University Served	Acquisition / Development Date	# of Beds	Name	Primary University Served	Acquisition / Development Date	# of Beds
Players Club	Florida State University	Jan ’05	336	The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09	768
The Commons	Florida State University	Jan ’05	732	University Village on Colvin	Syracuse University	Aug '09	432
University Towers	North Carolina State University	Jan ’05	953	GrandMarc at The Corner	University of Virginia	Oct '10	641
The Reserve on Perkins	Oklahoma State University	Jan ’05	732		Total Same-Community		17,859
The Pointe	Pennsylvania State University	Jan ’05	984
College Station at West Lafayette	Purdue University	Jan ’05	960	Wertland Square	University of Virginia	Mar ’11	152
Commons on Kinnear	The Ohio State University	Jan ’05	502	Jefferson Commons	University of Virginia	Mar ’11	82
The Lofts	University of Central Florida	Jan ’05	730	The Berk	University of California, Berkeley	May ’11	167
The Reserve at Athens	University of Georgia	Jan ’05	612	University Village Towers	University of California, Riverside	Sept '11	554
The Reserve on West 31st	University of Kansas	Jan ’05	720	Lotus Lofts	University of Colorado, Boulder	Nov '11	40
The Reserve at Columbia	University of Missouri	Jan ’05	676	Irish Row	University of Notre Dame	Nov '11	326
The Pointe at South Florida	University of South Florida	Jan ’05	1,002	GrandMarc at Westberry Place	Texas Christian University	Dec '11	562
The Commons at Knoxville	University of Tennessee	Jan ’05	708	The Reserve on Stinson	University of Oklahoma	Jan '12	612
The Pointe at Western	Western Michigan University	Jan ’05	876	Campus West	Syracuse University	Aug '12	313
Campus Creek	University of Mississippi	Feb ’05	636	East Edge	University of Alabama	Aug '12	774
Pointe West	University of South Carolina	Mar ’05	480	The Oaks on the Square	University of Connecticut	Aug '12	253
College Grove	Middle Tennessee State University	Apr ’05	864	The Province	East Carolina University	Sep '12	728
Campus Lodge	University of Florida	Jun ’05	1,115	The District on 5th	University of Arizona	Oct '12	764
The Reserve on South College	Auburn University	Jul ’05	576	Campus Village	Michigan State University	Oct '12	355
Cape Trails	Southeast Missouri State University	Jan ’06	360	The Province	Kent State University	Nov '12	596
Carrollton Crossing	University of West Georgia	Jan ’06	336	The Suites at Overton Park	Texas Tech University	Dec ' 12	465
River Pointe	University of West Georgia	Jan ’06	504	The Centre at Overton Park	Texas Tech University	Dec ' 12	401
The Avenue at Southern	Georgia Southern University	Jun ��06	624		Total New-Community		7,144
					Total Owned		25,003

Note: 3949 Lindell at St. Louis University is excluded as it was damaged by fire on July 17, 2012 and is currently empty. The community was insured and is in the process of being rebuilt.

Fourth Quarter 2012 Page 14

Investor Relations

Executive Management
	Randy Churchey	Chief Executive Officer
	Randy Brown	Chief Financial Officer
	Tom Trubiana	Chief Investment Officer
	Christine Richards	Chief Operating Officer
Corporate Headquarters		Investor Relations
	EdR	ICR, LLC
	999 South Shady Grove Road, Suite 600	Brad Cohen
	Memphis, TN 38120	(203) 682-8211
	(901) 259-2500
Covering Analysts
	Firm	Analyst	Contact #
	Bank of America - Merrill	Jana Galan	(646) 855-3081
	Goldman Sachs & Co.	Matthew Rand	(212) 902-4227
	Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
	Hilliard Lyons	Carol Kemple	(502) 588-1839
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
	MLV & Co., LLC	Ryan Meliker	(212) 542-5872
	Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
	UBS Securities	Ross Nussbaum	(212) 713-2484

Fourth Quarter 2012 Page 15

Definitions

Physical occupancy
	Represents a weighted average of the month end occupancies for each month included in the period reported.
Economic occupancy
	Represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the respective period divided by potential rent for the respective period.
Net apartment rent per available bed (NarPAB)
	Represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.
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/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.
Revenue per available bed (RevPAB)
	Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.
Operating expense per bed
	Represents community-level operating expenses excluding management fees, depreciation and amortization.
Design beds
	Represents the sum of the monthly design beds in the portfolio during the period.
Same community
	Includes communities that have been owned for more than a year as of the beginning of the current fiscal year.
GAAP
	U.S. generally accepted accounting principles.
FFO
	Funds from operations as defined by the National Association of Real Estate Investment Trusts.

Fourth Quarter 2012 Page 16

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.

Fourth Quarter 2012 Page 17