Education Realty Trust 8-K EdR ANNOUNCES THIRD QUARTER 2013 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
Leasing Results Summary	8
Same-Community Leasing Results	9
New-Community Leasing Results	13
Owned Community Projected 2014 New Supply and Demand Information	14
Owned Development Summary	16
Third-Party Development Summary	17
Capital Structure	18
Community Listing - Owned	19
Investor Relations	20
Definitions	21
Safe Harbor Statement	22

Third Quarter 2013

Financial Highlights

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three Months Ended September 30,											Nine Months Ended September 30,
		2013			2012			$ Chg			% Chg		2013		2012		$ Chg			% Chg
	Same-community revenue	$	26,416		$	26,136		$	280		1.1	%	$	84,649	$	84,574	$	75		0.1	%
	Total community revenue	40,278			28,829			11,449			39.7	%	118,970		88,872		30,098			33.9	%
	Total revenue	44,197			32,868			11,329			34.5	%	131,810		99,227		32,583			32.8	%
	Same-community net operating income	9,155			9,341			(186		)	(2.0	)%	40,639		42,169		(1,530		)	(3.6	)%
	Total community net operating income	15,830			10,216			5,614			55.0	%	58,175		43,382		14,793			34.1	%
	Total operating income	505			(2,068		)	2,573			NM		11,826		7,170		4,656			64.9	%
	Net Income	(4,462		)	489			(4,951		)	NM		2,679		3,633		(954		)	(26.3	)%
	Per share - basic & diluted	(0.04		)	—			(0.04)			NM		0.02		0.04		(0.02		)	(50.0	)%
	Funds from operations (FFO)	7,061			4,159			2,902			69.8	%	33,506		24,808		8,698			35.1	%
	Per weighted average share/unit (1)	0.06			0.04			0.02			50.0	%	0.29		0.25		0.04			16.0	%
	Core funds from operations (Core FFO)	8,719			5,856			2,863			48.9	%	39,629		30,086		9,543			31.7	%
	Per weighted average share/unit (1)	$	0.08		$	0.06		$	0.02		33.3	%	$	0.34	$	0.31	$	0.03		9.7	%
BALANCE SHEET DATA:
		9/30/2013			12/31/2012
	Debt to gross assets	40.2		%	31.7		%
	Net debt to enterprise value	39.4		%	27.4		%
	Interest coverage ratio (TTM)	4.6		x	4.2		x
	Net debt to EBITDA - Adjusted (TTM)	6.2		x	4.5		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.

Third Quarter 2013 Page 1

Balance Sheet

(Amount in thousands, except share and per share data)		September 30, 2013			December 31, 2012
Assets		(unaudited)
	Collegiate housing properties, net	$	1,371,267		$	1,061,002
	Assets under development	74,179			159,264
	Cash and cash equivalents	16,335			17,039
	Restricted cash	10,552			6,410
	Other assets	72,159			80,972
Total assets		$	1,544,492		$	1,324,687
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	434,705		$	398,846
	Unsecured revolving credit facility	268,900			79,000
	Accounts payable and accrued expenses	62,479			57,123
	Deferred revenue	28,173			17,964
Total liabilities		794,257			552,933
Commitments and contingencies		—			—
Redeemable noncontrolling interests		8,608			8,944
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 114,702,321 and 113,062,452 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	1,148			1,131
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	825,767			849,878
	Accumulated deficit	(90,608		)	(93,287		)
Total EdR stockholders' equity		736,307			757,722
Noncontrolling interest		5,320			5,088
Total equity		741,627			762,810
Total liabilities and equity		$	1,544,492		$	1,324,687
(1) Amount is net of accumulated depreciation of $200,609 and $175,310 as of September 30, 2013 and December 31, 2012, respectively.

Third Quarter 2013 Page 2

Operating Results

(Amounts in thousands, except per share data, unaudited)
	Three months ended September 30,									Nine Months Ended September 30,
	2013			2012			$ Change			2013			2012			$ Change
Revenues:
Collegiate housing leasing revenue	$	40,278		$	28,829		$	11,449		$	118,970		$	88,872		$	30,098
Third-party development consulting services	839			145			694			1,989			490			1,499
Third-party management services	918			879			39			2,710			2,451			259
Operating expense reimbursements	2,162			3,015			(853		)	8,141			7,414			727
Total revenues	44,197			32,868			11,329			131,810			99,227			32,583
Operating expenses:
Collegiate housing leasing operations	24,448			18,613			5,835			60,795			45,490			15,305
Development and management services	1,826			1,493			333			5,224			4,756			468
General and administrative	1,628			1,635			(7		)	5,344			5,292			52
Development pursuit and acquisition costs	81			216			(135		)	349			609			(260		)
Ground lease expense	1,833			1,696			137			5,631			4,716			915
Depreciation and amortization	11,714			8,268			3,446			34,500			23,780			10,720
Reimbursable operating expenses	2,162			3,015			(853		)	8,141			7,414			727
Total operating expenses	43,692			34,936			8,756			119,984			92,057			27,927
Operating Income (Loss)	505			(2,068		)	2,573			11,826			7,170			4,656
Nonoperating expenses:
Interest expense	4,569			3,354			1,215			12,478			10,941			1,537
Amortization of deferred financing costs	438			288			150			1,268			911			357
Interest income	(129		)	(108		)	(21		)	(372		)	(152		)	(220		)
Total nonoperating expenses	4,878			3,534			1,344			13,374			11,700			1,674
Loss before equity in (losses) of unconsolidated entities, income taxes and discontinued operations	(4,373		)	(5,602		)	1,229			(1,548		)	(4,530		)	2,982
Equity in (losses) of unconsolidated entities	(61		)	(39		)	(22		)	(102		)	(340		)	238
Loss before income taxes and discontinued operations	(4,434		)	(5,641		)	1,207			(1,650		)	(4,870		)	3,220
Less: Income tax (benefit)	(32		)	(638		)	606			(269		)	(1,117		)	848
Loss from continuing operations	(4,402		)	(5,003		)	601			(1,381		)	(3,753		)	2,372
Income (loss) from discontinued operations	(80		)	5,372			(5,452		)	4,066			7,412			(3,346		)
Net (loss) income	(4,482		)	369			(4,851		)	2,685			3,659			(974		)
Less: Net income (loss) attributable to the noncontrolling interests	(20		)	(120		)	100			6			26			(20		)
Net income (loss) attributable to Education Realty Trust, Inc.	$	(4,462	)	$	489		$	(4,951	)	$	2,679		$	3,633		$	(954	)
Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted	$	(0.04	)	$	—		$	(0.04	)	$	0.02		$	0.04		$	(0.02	)
Weighted-average shares of common stock outstanding – basic and diluted	114,813			103,929						114,302			97,259

Third Quarter 2013 Page 3

Funds From Operations

(Amounts in thousands, except per share data, unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
		2013			2012			$ Change			2013			2012			$ Change
Net income (loss) attributable to EdR		$	(4,462	)	$	489		$	(4,951	)	$	2,679		$	3,633		$	(954	)
	Gain on sale of collegiate housing assets	—			(5,255		)	5,255			(3,895		)	(5,427		)	1,532
	Real estate related depreciation and amortization	11,548			8,920			2,628			34,580			26,199			8,381
	Equity portion of real estate depreciation and amortization on equity investees	48			53			(5		)	144			178			(34		)
	Equity portion of loss on sale of student housing property on equity investees	—			—			—			—			88			(88		)
	Noncontrolling interests	(73		)	(48		)	(25		)	(2		)	137			(139		)
Funds from operations ("FFO")		7,061			4,159			2,902			33,506			24,808			8,698
FFO adjustments:
	Acquisition costs	(19		)	155			(174		)	280			609			(329		)
	Straight-line adjustment for ground leases (1)	1,217			1,062			155			4,024			3,208			816
FFO adjustments:		1,198			1,217			(19		)	4,304			3,817			487
FFO on Participating Developments: (2)
	Interest on loan to Participating Development	460			460			—			1,365			1,370			(5		)
	Development fees on Participating Development, net of costs and taxes	—			20			(20		)	454			91			363
FFO on Participating Developments		460			480			(20		)	1,819			1,461			358
Core funds from operations ("Core FFO")		$	8,719		$	5,856		$	2,863		$	39,629		$	30,086		$	9,543
FFO per weighted average share/unit (3)		$	0.06		$	0.04		$	0.02		$	0.29		$	0.25		$	0.04
Core FFO per weighted average share/unit (3)		$	0.08		$	0.06		$	0.02		$	0.34		$	0.31		$	0.03
Weighted-average shares/units (3)		115,850			104,996			10,854			115,339			98,336			17,003
(1)   This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(2)   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.
(3)   FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

Third Quarter 2013 Page 4

Community Operating Results

(Amounts in thousands, unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
		2013		2012		$ Change			% Change		2013		2012		$ Change			% Change
Revenues
	Same-communities	$	26,416	$	26,136	$	280		1.1	%	$	84,649	$	84,574	$	75		0.1	%
	New-communities	13,862		2,693		11,169			NM		34,321		4,298		30,023			NM
Total revenues		40,278		28,829		11,449			39.7	%	118,970		88,872		30,098			33.9	%
Operating expenses (1)
	Same-communities	17,261		16,795		466			2.8	%	44,010		42,405		1,605			3.8	%
	New-communities	7,187		1,818		5,369			NM		16,785		3,085		13,700			NM
Total operating expenses		24,448		18,613		5,835			31.3	%	60,795		45,490		15,305			33.6	%
Net operating income
	Same-communities	9,155		9,341		(186		)	(2.0	)%	40,639		42,169		(1,530		)	(3.6	)%
	New-communities	6,675		875		5,800			NM		17,536		1,213		16,323			NM
Total net operating income		$	15,830	$	10,216	$	5,614		55.0	%	$	58,175	$	43,382	$	14,793		34.1	%
(1) 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:See page 14 of this supplement for a listing of which communities are categorized as same-communities and which are new communities.

Third Quarter 2013 Page 5

Community Statistics

	Three Months Ended September 30,									Nine Months Ended September 30,
	2013			2012			Change			2013			2012			Change
Occupancy
Physical	88.7		%	86.9		%	180		bps	89.3		%	90.2		%	(90	)	bps
Economic	75.5		%	75.6		%	(10	)	bps	83.2		%	85.6		%	(240	)	bps
NarPAB	$	446		$	407		9.6	%		$	482		$	451		6.9	%
Other income per avail. bed	$	52		$	48		8.3	%		$	44		$	36		22.2	%
RevPAB	$	498		$	455		9.5	%		$	526		$	487		8.0	%
Operating expense per bed	$	302		$	294		2.7	%		$	269		$	249		8.0	%
Operating margin	39.3		%	35.4		%	390		bps	48.9		%	48.8		%	10		bps
Design Beds	80,884			63,335			27.7	%		226,086			182,543			23.9	%
NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.

Third Quarter 2013 Page 6

Same-Community Statistics

	Three Months Ended September 30,									Nine Months Ended September 30,
	2013			2012			Change			2013			2012			Change
Occupancy
Physical	89.5		%	88.5		%	100		bps	89.2		%	91.2		%	(200	)	bps
Economic	74.8		%	75.4		%	(60	)	bps	82.6		%	85.8		%	(320	)	bps
NarPAB	$	413		$	407		1.5	%		$	451		$	450		0.1	%
Other income per avail. bed	$	41		$	42		(2.4	)%		$	33		$	33		—	%
RevPAB	$	454		$	449		1.1	%		$	484		$	483		0.1	%
Operating expense per bed	$	297		$	289		2.8	%		$	252		$	243		3.8	%
Operating margin	34.7		%	35.7		%	(100	)	bps	48.0		%	49.9		%	(190	)	bps
Design Beds	58,154			58,154			—	%		174,854			174,854			—	%
NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds. These changes were made to the prior year so that information is comparable between periods.

Third Quarter 2013 Page 7

Summary Leasing Results

		Opening Occupancy				Year Over Year Change In
Community Type	Design Beds	2013		2012		Occupancy		Rate		Total Revenue
Same-Communities
Prior Year Occupancy Below 95% (Tier 1)	12,234	92.2	%	85.4	%	6.8	%	0.3	%	7.1	%
Prior Year Occupancy 95% to 97.9% (Tier 2)	1,087	99.0	%	96.0	%	3.0	%	3.4	%	6.4	%
Prior Year Occupancy 98% and Above (Tier 3)	7,440	96.5	%	99.8	%	(3.3	)%	3.8	%	0.5	%
Total Same-Communities (1)	20,761	94.1	%	91.1	%	3.0	%	2.0	%	5.0	%
Total New-Communities (2)	7,390	95.1	%
Total	28,151	94.3	%
(1) The same-community designation for leasing purposes is different than for financial statement purposes. A community is considered same-community for leasing when the Company has managed the leasing processes for at least two leasing cycles.
(2) Excludes 3949 at Saint Louis University, which was damaged by fire in July 2012. Redevelopment of the community was completed in September 2013. At September 30, 2013, the community was 76.0% leased. Any business interruption losses related to occupancy below historical rates would be covered by insurance proceeds through next fall.

Third Quarter 2013 Page 8

Same-Communities Leasing Results

										Projected Rate Increase
				2013-2014			2012-2013
	Community	Primary University	Design Beds	Leases	%		Leases	%
Prior Year Occupancy Below 95%
	The Reserve at Athens	University of Georgia	612	612	100.0	%	554	90.5	%	4.9	%
	GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	562	509	90.6	%	527	93.8	%	4.8	%
	University Towers	North Carolina State University	889	842	94.7	%	809	84.9	%	2.8	%
	Campus Lodge	University of Florida	1,115	1,073	96.2	%	1,053	94.4	%	2.3	%
	GrandMarc at The Corner	University of Virginia	641	591	92.2	%	574	89.5	%	1.9	%
	College Station at West Lafayette	Purdue University	960	870	90.6	%	752	78.3	%	1.9	%
	Commons at Knoxville	University of Tennessee	708	708	100.0	%	625	88.3	%	1.1	%
	The Pointe at South Florida	University of South Florida	1,002	924	92.2	%	916	91.4	%	1.6	%
	The Reserve at Saluki Pointe	Southern Illinois University	768	735	95.7	%	649	84.5	%	0.9	%
	The Pointe at Western	Western Michigan University	876	786	89.7	%	808	92.2	%	(0.3	)%
	The Lofts	University of Central Florida	730	678	92.9	%	675	92.5	%	(0.6	)%
	The Reserve on South College	Auburn University	576	513	89.1	%	523	90.8	%	(0.4	)%
	The Avenue at Southern	Georgia Southern University	624	514	82.4	%	478	76.6	%	(0.4	)%
	The Reserve on West 31st	University of Kansas	720	597	82.9	%	566	78.6	%	(1.4	)%
	The Commons	Florida State University	732	653	89.2	%	622	85.0	%	(8.3	)%
	University Village Towers	University of California at Riverside	554	518	93.5	%	277	50.0	%	(10.2	)%
	The Berk	University of California at Berkeley	165	154	93.3	%	98	58.7	%	(10.5	)%
	Subtotal - Tier 1		12,234	11,277	92.2	%	10,506	85.4	%	0.3	%
Prior Year Occupancy 95% to 97.9%
	Campus West (ONE Plan)	Syracuse University	313	304	97.1	%	303	96.8	%	4.1	%
	East Edge	University of Alabama	774	772	99.7	%	739	95.5	%	2.8	%
	Subtotal - Tier 2		1,087	1,076	99.0	%	1,042	96.0	%	3.4	%
Prior Year Occupancy 98% and Above
	The Lotus	University of Colorado, Boulder	37	37	100.0	%	37	100.0	%	9.8	%
	Campus Creek	University of Mississippi	636	610	95.9	%	636	100.0	%	9.3	%
	The Reserve on Stinson	University of Oklahoma	612	548	89.5	%	612	100.0	%	5.8	%
	The Reserve on Perkins	Oklahoma State University	732	706	96.4	%	726	99.2	%	5.6	%
	Pointe West	University of South Carolina	480	479	99.8	%	480	100.0	%	4.8	%
	The Pointe	Pennsylvania State University	984	980	99.6	%	983	99.9	%	4.7	%
	Jefferson Commons	University of Virginia	82	82	100.0	%	82	100.0	%	3.8	%
	University Village on Colvin (ONE Plan)	Syracuse University	432	407	94.2	%	432	100.0	%	3.3	%
	Cape Trails	Southeast Missouri State University	360	359	99.7	%	360	100.0	%	3.2	%
	The Oaks on the Square - Phase I	University of Connecticut	253	253	100.0	%	253	100.0	%	3.2	%
	Wertland Square	University of Virginia	152	152	100.0	%	152	100.0	%	2.9	%
	Commons on Kinnear	The Ohio State University	502	502	100.0	%	501	99.8	%	2.9	%
	Players Club	Florida State University	336	336	100.0	%	336	100.0	%	2.7	%
	Carrollton Crossing	University of West Georgia	336	336	100.0	%	336	100.0	%	2.6	%
	River Pointe	University of West Georgia	504	459	91.1	%	495	98.2	%	2.5	%
	The Reserve at Columbia	University of Missouri	676	634	93.8	%	676	100.0	%	1.5	%
	Irish Row	University of Notre Dame	326	298	91.4	%	326	100.0	%	(2.7	)%
	Subtotal - Tier 3		7,440	7,178	96.5	%	7,423	99.8	%	3.8	%
	Total Same-Communities		20,761	19,531	94.1	%	18,971	91.1	%	2.0	%
	NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged.

Third Quarter 2013 Page 9

Same-Communities Leasing Results by Occupancy Growth

			2013-2014			2012-2013			Change In
Community	Primary University	Design Beds	Leases	%		Leases	%		Occupancy		Rate		Total Revenue
University Village Towers	University of California at Riverside	554	518	93.5	%	277	50.0	%	43.5	%	(10.2	)%	33.3	%
The Berk	University of California at Berkeley	165	154	93.3	%	98	58.7	%	34.6	%	(10.5	)%	24.1	%
College Station at West Lafayette	Purdue University	960	870	90.6	%	752	78.3	%	12.3	%	1.9	%	14.2	%
Commons at Knoxville	University of Tennessee	708	708	100.0	%	625	88.3	%	11.7	%	1.1	%	12.8	%
The Reserve at Saluki Pointe	Southern Illinois University	768	735	95.7	%	649	84.5	%	11.2	%	0.9	%	12.1	%
University Towers	North Carolina State University	889	842	94.7	%	809	84.9	%	9.8	%	2.8	%	12.6	%
The Reserve at Athens	University of Georgia	612	612	100.0	%	554	90.5	%	9.5	%	4.9	%	14.4	%
The Avenue at Southern	Georgia Southern University	624	514	82.4	%	478	76.6	%	5.8	%	(0.4	)%	5.4	%
The Reserve on West 31st	University of Kansas	720	597	82.9	%	566	78.6	%	4.3	%	(1.4	)%	2.9	%
The Commons	Florida State University	732	653	89.2	%	622	85.0	%	4.2	%	(8.3	)%	(4.1	)%
East Edge	University of Alabama	774	772	99.7	%	739	95.5	%	4.2	%	2.8	%	7.0	%
GrandMarc at The Corner	University of Virginia	641	591	92.2	%	574	89.5	%	2.7	%	1.9	%	4.6	%
Campus Lodge	University of Florida	1,115	1,073	96.2	%	1,053	94.4	%	1.8	%	2.3	%	4.1	%
The Pointe at South Florida	University of South Florida	1,002	924	92.2	%	916	91.4	%	0.8	%	1.6	%	2.4	%
The Lofts	University of Central Florida	730	678	92.9	%	675	92.5	%	0.4	%	(0.6	)%	(0.2	)%
Campus West (ONE Plan)	Syracuse University	313	304	97.1	%	303	96.8	%	0.3	%	4.1	%	4.4	%
Commons on Kinnear	The Ohio State University	502	502	100.0	%	501	99.8	%	0.2	%	2.9	%	3.1	%
The Oaks on the Square - Phase I	University of Connecticut	253	253	100.0	%	253	100.0	%	—	%	3.2	%	3.2	%
Carrollton Crossing	University of West Georgia	336	336	100.0	%	336	100.0	%	—	%	2.6	%	2.6	%
Jefferson Commons	University of Virginia	82	82	100.0	%	82	100.0	%	—	%	3.8	%	3.8	%
Players Club	Florida State University	336	336	100.0	%	336	100.0	%	—	%	2.7	%	2.7	%
The Lotus	University of Colorado, Boulder	37	37	100.0	%	37	100.0	%	—	%	9.8	%	9.8	%
Wertland Square	University of Virginia	152	152	100.0	%	152	100.0	%	—	%	2.9	%	2.9	%
Pointe West	University of South Carolina	480	479	99.8	%	480	100.0	%	(0.2	)%	4.8	%	4.6	%
The Pointe	Pennsylvania State University	984	980	99.6	%	983	99.9	%	(0.3	)%	4.7	%	4.4	%
Cape Trails	Southeast Missouri State University	360	359	99.7	%	360	100.0	%	(0.3	)%	3.2	%	2.9	%
The Reserve on South College	Auburn University	576	513	89.1	%	523	90.8	%	(1.7	)%	(0.4	)%	(2.1	)%
The Pointe at Western	Western Michigan University	876	786	89.7	%	808	92.2	%	(2.5	)%	(0.3	)%	(2.8	)%
The Reserve on Perkins	Oklahoma State University	732	706	96.4	%	726	99.2	%	(2.8	)%	5.6	%	2.8	%
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	562	509	90.6	%	527	93.8	%	(3.2	)%	4.8	%	1.6	%
Campus Creek	University of Mississippi	636	610	95.9	%	636	100.0	%	(4.1	)%	9.3	%	5.2	%
University Village on Colvin (ONE Plan)	Syracuse University	432	407	94.2	%	432	100.0	%	(5.8	)%	3.3	%	(2.5	)%
The Reserve at Columbia	University of Missouri	676	634	93.8	%	676	100.0	%	(6.2	)%	1.5	%	(4.7	)%
River Pointe	University of West Georgia	504	459	91.1	%	495	98.2	%	(7.1	)%	2.5	%	(4.6	)%
Irish Row	University of Notre Dame	326	298	91.4	%	326	100.0	%	(8.6	)%	(2.7	)%	(11.3	)%
The Reserve on Stinson	University of Oklahoma	612	548	89.5	%	612	100.0	%	(10.5	)%	5.8	%	(4.7	)%
Total Same-Communities		20,761	19,531	94.1	%	18,971	91.1	%	3.0	%	2.0	%	5.0	%
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged.

Third Quarter 2013 Page 10

Same-Communities Leasing Results by Rate Growth

			2013-2014			2012-2013			Change In
Community	Primary University	Design Beds	Leases	%		Leases	%		Occupancy		Rate		Total Revenue
The Lotus	University of Colorado, Boulder	37	37	100	%	37	100.0	%	—	%	9.8	%	9.8	%
Campus Creek	University of Mississippi	636	610	95.9	%	636	100.0	%	(4.1	)%	9.3	%	5.2	%
The Reserve on Stinson	University of Oklahoma	612	548	89.5	%	612	100.0	%	(10.5	)%	5.8	%	(4.7	)%
The Reserve on Perkins	Oklahoma State University	732	706	96.4	%	726	99.2	%	(2.8	)%	5.6	%	2.8	%
The Reserve at Athens	University of Georgia	612	612	100.0	%	554	90.5	%	9.5	%	4.9	%	14.4	%
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	562	509	90.6	%	527	93.8	%	(3.2	)%	4.8	%	1.6	%
Pointe West	University of South Carolina	480	479	99.8	%	480	100.0	%	(0.2	)%	4.8	%	4.6	%
The Pointe	Pennsylvania State University	984	980	99.6	%	983	99.9	%	(0.3	)%	4.7	%	4.4	%
Campus West (ONE Plan)	Syracuse University	313	304	97.1	%	303	96.8	%	0.3	%	4.1	%	4.4	%
Jefferson Commons	University of Virginia	82	82	100.0	%	82	100.0	%	—	%	3.8	%	3.8	%
University Village on Colvin (ONE Plan)	Syracuse University	432	407	94.2	%	432	100.0	%	(5.8	)%	3.3	%	(2.5	)%
The Oaks on the Square - Phase I	University of Connecticut	253	253	100.0	%	253	100.0	%	—	%	3.2	%	3.2	%
Cape Trails	Southeast Missouri State University	360	359	99.7	%	360	100.0	%	(0.3	)%	3.2	%	2.9	%
Wertland Square	University of Virginia	152	152	100.0	%	152	100.0	%	—	%	2.9	%	2.9	%
Commons on Kinnear	The Ohio State University	502	502	100.0	%	501	99.8	%	0.2	%	2.9	%	3.1	%
East Edge	University of Alabama	774	772	99.7	%	739	95.5	%	4.2	%	2.8	%	7.0	%
University Towers	North Carolina State University	889	842	94.7	%	809	84.9	%	9.8	%	2.8	%	12.6	%
Players Club	Florida State University	336	336	100.0	%	336	100.0	%	—	%	2.7	%	2.7	%
Carrollton Crossing	University of West Georgia	336	336	100.0	%	336	100.0	%	—	%	2.6	%	2.6	%
River Pointe	University of West Georgia	504	459	91.1	%	495	98.2	%	(7.1	)%	2.5	%	(4.6	)%
Campus Lodge	University of Florida	1,115	1,073	96.2	%	1,053	94.4	%	1.8	%	2.3	%	4.1	%
GrandMarc at The Corner	University of Virginia	641	591	92.2	%	574	89.5	%	2.7	%	1.9	%	4.6	%
College Station at West Lafayette	Purdue University	960	870	90.6	%	752	78.3	%	12.3	%	1.9	%	14.2	%
The Pointe at South Florida	University of South Florida	1,002	924	92.2	%	916	91.4	%	0.8	%	1.6	%	2.4	%
The Reserve at Columbia	University of Missouri	676	634	93.8	%	676	100.0	%	(6.2	)%	1.5	%	(4.7	)%
Commons at Knoxville	University of Tennessee	708	708	100.0	%	625	88.3	%	11.7	%	1.1	%	12.8	%
The Reserve at Saluki Pointe	Southern Illinois University	768	735	95.7	%	649	84.5	%	11.2	%	0.9	%	12.1	%
The Pointe at Western	Western Michigan University	876	786	89.7	%	808	92.2	%	(2.5	)%	(0.3	)%	(2.8	)%
The Avenue at Southern	Georgia Southern University	624	514	82.4	%	478	76.6	%	5.8	%	(0.4	)%	5.4	%
The Reserve on South College	Auburn University	576	513	89.1	%	523	90.8	%	(1.7	)%	(0.4	)%	(2.1	)%
The Lofts	University of Central Florida	730	678	92.9	%	675	92.5	%	0.4	%	(0.6	)%	(0.2	)%
The Reserve on West 31st	University of Kansas	720	597	82.9	%	566	78.6	%	4.3	%	(1.4	)%	2.9	%
Irish Row	University of Notre Dame	326	298	91.4	%	326	100.0	%	(8.6	)%	(2.7	)%	(11.3	)%
The Commons	Florida State University	732	653	89.2	%	622	85.0	%	4.2	%	(8.3	)%	(4.1	)%
University Village Towers	University of California at Riverside	554	518	93.5	%	277	50.0	%	43.5	%	(10.2	)%	33.3	%
The Berk	University of California at Berkeley	165	154	93.3	%	98	58.7	%	34.6	%	(10.5	)%	24.1	%
Total Same-Communities		20,761	19,531	94.1	%	18,971	91.1	%	3.0	%	2.0	%	5.0	%
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged.

Third Quarter 2013 Page 11

Same-Communities Leasing Update Sorted by Total Revenue

			2013-2014			2012-2013			Change In
Community	Primary University	Design Beds	Leases	%		Leases	%		Occupancy		Rate		Total Revenue
University Village Towers	University of California at Riverside	554	518	93.5	%	277	50.0	%	43.5	%	(10.2	)%	33.3	%
The Berk	University of California at Berkeley	165	154	93.3	%	98	58.7	%	34.6	%	(10.5	)%	24.1	%
The Reserve at Athens	University of Georgia	612	612	100.0	%	554	90.5	%	9.5	%	4.9	%	14.4	%
College Station at West Lafayette	Purdue University	960	870	90.6	%	752	78.3	%	12.3	%	1.9	%	14.2	%
University Towers	North Carolina State University	889	842	94.7	%	809	84.9	%	9.8	%	2.8	%	12.6	%
Commons at Knoxville	University of Tennessee	708	708	100.0	%	625	88.3	%	11.7	%	1.1	%	12.8	%
The Reserve at Saluki Pointe	Southern Illinois University	768	735	95.7	%	649	84.5	%	11.2	%	0.9	%	12.1	%
The Lotus	University of Colorado, Boulder	37	37	100.0	%	37	100.0	%	—	%	9.8	%	9.8	%
East Edge	University of Alabama	774	772	99.7	%	739	95.5	%	4.2	%	2.8	%	7.0	%
The Avenue at Southern	Georgia Southern University	624	514	82.4	%	478	76.6	%	5.8	%	(0.4	)%	5.4	%
Campus Creek	University of Mississippi	636	610	95.9	%	636	100.0	%	(4.1	)%	9.3	%	5.2	%
GrandMarc at The Corner	University of Virginia	641	591	92.2	%	574	89.5	%	2.7	%	1.9	%	4.6	%
Pointe West	University of South Carolina	480	479	99.8	%	480	100.0	%	(0.2	)%	4.8	%	4.6	%
Campus West (ONE Plan)	Syracuse University	313	304	97.1	%	303	96.8	%	0.3	%	4.1	%	4.4	%
The Pointe	Pennsylvania State University	984	980	99.6	%	983	99.9	%	(0.3	)%	4.7	%	4.4	%
Campus Lodge	University of Florida	1,115	1,073	96.2	%	1,053	94.4	%	1.8	%	2.3	%	4.1	%
Jefferson Commons	University of Virginia	82	82	100.0	%	82	100.0	%	—	%	3.8	%	3.8	%
The Oaks on the Square - Phase I	University of Connecticut	253	253	100.0	%	253	100.0	%	—	%	3.2	%	3.2	%
Commons on Kinnear	The Ohio State University	502	502	100.0	%	501	99.8	%	0.2	%	2.9	%	3.1	%
Cape Trails	Southeast Missouri State University	360	359	99.7	%	360	100.0	%	(0.3	)%	3.2	%	2.9	%
The Reserve on West 31st	University of Kansas	720	597	82.9	%	566	78.6	%	4.3	%	(1.4	)%	2.9	%
Wertland Square	University of Virginia	152	152	100.0	%	152	100.0	%	—	%	2.9	%	2.9	%
The Reserve on Perkins	Oklahoma State University	732	706	96.4	%	726	99.2	%	(2.8	)%	5.6	%	2.8	%
Players Club	Florida State University	336	336	100.0	%	336	100.0	%	—	%	2.7	%	2.7	%
Carrollton Crossing	University of West Georgia	336	336	100.0	%	336	100.0	%	—	%	2.6	%	2.6	%
The Pointe at South Florida	University of South Florida	1,002	924	92.2	%	916	91.4	%	0.8	%	1.6	%	2.4	%
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	562	509	90.6	%	527	93.8	%	(3.2	)%	4.8	%	1.6	%
The Lofts	University of Central Florida	730	678	92.9	%	675	92.5	%	0.4	%	(0.6	)%	(0.2	)%
The Reserve on South College	Auburn University	576	513	89.1	%	523	90.8	%	(1.7	)%	(0.4	)%	(2.1	)%
University Village on Colvin (ONE Plan)	Syracuse University	432	407	94.2	%	432	100.0	%	(5.8	)%	3.3	%	(2.5	)%
The Pointe at Western	Western Michigan University	876	786	89.7	%	808	92.2	%	(2.5	)%	(0.3	)%	(2.8	)%
The Commons	Florida State University	732	653	89.2	%	622	85.0	%	4.2	%	(8.3	)%	(4.1	)%
River Pointe	University of West Georgia	504	459	91.1	%	495	98.2	%	(7.1	)%	2.5	%	(4.6	)%
The Reserve on Stinson	University of Oklahoma	612	548	89.5	%	612	100.0	%	(10.5	)%	5.8	%	(4.7	)%
The Reserve at Columbia	University of Missouri	676	634	93.8	%	676	100.0	%	(6.2	)%	1.5	%	(4.7	)%
Irish Row	University of Notre Dame	326	298	91.4	%	326	100.0	%	(8.6	)%	(2.7	)%	(11.3	)%
Total Same-Communities		20,761	19,531	94.1	%	18,971	91.1	%	3.0	%	2.0	%	5.0	%
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged.

Third Quarter 2013 Page 12

New-Community Leasing Results

			2013-2014
Community	Primary University	Design Beds	Leases	%
2013 Developments
2400 Nueces (ONE Plan)	University of Texas at Austin	622	653	105.0	%
Central Hall I & II (ONE Plan)	University of Kentucky	601	601	100.0	%
The Oaks on the Square Ph II	University of Connecticut	250	250	100.0	%
The Retreat at Oxford	University of Mississippi	668	668	100.0	%
Roosevelt Point	Arizona State University - Downtown Phoenix	609	370	60.8	%
Total 2013 Developments		2,750	2,542	92.4	%
2013 Acquisitions
The Cottages on Lindberg	Purdue University	745	745	100.0	%
The Retreat at State College	Pennsylvania State University	587	587	100.0	%
Total 2013 Acquisitions		1,332	1,332	100.0	%
Total 2013 Developments and Acquisitions		4,082	3,874	94.9	%
2012 Acquisitions
Campus Village	Michigan State University	355	355	100.0	%
The Province	East Carolina University	728	724	99.5	%
The Suites at Overton Park	Texas Tech University	465	455	97.8	%
The Province	Kent State University	596	581	97.5	%
The Centre at Overton Park	Texas Tech University	400	368	92.0	%
The District on 5th	University of Arizona	764	671	87.8	%
Total 2012 Acquisitions		3,308	3,154	95.3	%
Total New-Communities		7,390	7,028	95.1	%
Note: Excludes 3949 at Saint Louis University, which was damaged by fire in July 2012. Redevelopment of the community was completed in September 2013. At September 30, 2013, the community was 76.0% leased. Any business interruption losses related to occupancy below historical rates would be covered by insurance proceeds through next fall.

Third Quarter 2013 Page 13

Owned Community Projected 2014 New Supply and Demand Information

Owned Community Projected 2014 New Supply and Demand Information by Region
Region	Owned Beds (1)	Percentage of Owned Beds (1)	Pro Forma EdR NOI % (1)	Enrollment Growth 3 Year CAGR - Universities Served	2014 New Supply %	Variance
West	2,331	7%	8%	1.5%	1.7%	0.2%
Mid Atlantic	5,811	18%	27%	1.2%	1.2%	—%
North	5,128	16%	12%	0.2%	0.9%	0.7%
South Central	7,043	21%	23%	1.7%	2.5%	0.8%
South East	8,363	25%	20%	2.1%	3.3%	1.2%
Mid West	4,238	13%	10%	1.7%	3.1%	1.4%
Total	32,914	100%	100%	1.4%	2.2%	0.8%
Region	Anticipated 2014 Enrollment Growth(2)	2014 Supply Growth	Variance
West	2,710	3,004	294
Mid Atlantic	2,029	2,101	72
North	576	1,684	1,108
South Central	2,871	3,875	1,004
South East	7,395	10,758	3,363
Mid West	2,998	5,006	2,008
Total	18,579	26,428	7,849
NOTE: Schedule represents all markets served by EdR communities and includes all announced developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
(1) Includes 2014 development deliveries. NOI is based on current 2013 forecasted net operating income with proforma adjustments for 2014 developments and developments or acquisitions that have been operating less than 12 months.
(2) Extrapolated from 2012 enrollment statistics from Nation Center of Education Statistics using the previous 3-year enrollment growth percentage.

Third Quarter 2013 Page 14

Owned Community Projected 2014 New Supply and Demand Information

Projected 2014 New Supply Sorted by Percentage Increase
New Supply Growth	University Markets		EdR Bed Count		Pro Forma EdR NOI %(1)
0%	9	21%	7,447	23%	20%
0.1% to 1.0%	8	19%	4,732	14%	21%
1.0% - 3.0%	9	21%	5,816	18%	17%
3.0% - 5.0%	13	30%	11,573	35%	34%
> 5.0%	4	9%	3,346	10%	8%
Total	43	100%	32,914	100%	100%
University Markets with > 5% Increase in 2014 New Supply
University	New Supply Increase	Pro Forma EdR NOI %(1)
University of West Georgia	9.3%	1.6%
Florida State University/Florida A&M University	6.1%	1.7%
University of Tennessee	5.5%	2.0%
University of Central Florida	5.2%	2.5%
		7.8%
NOTE: Schedule represents all markets served by EdR communities and includes all announced developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
(1) Includes 2014 development deliveries. NOI is based on current 2013 forecasted net operating income with proforma adjustments for 2014 developments and developments or acquisitions that have been operating less than 12 months.

Third Quarter 2013 Page 15

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
	University of Colorado - The Lotus	Wholly Owned	202	In progress	Summer 2014	20,830	100	%	20,830	10,179
	University of Kentucky - Haggin Hall I	ONE Plan (1)	396	In progress	Summer 2014	23,802	100	%	23,802	21,193
	University of Kentucky - Champions Court I	ONE Plan (1)	740	In progress	Summer 2014	45,924	100	%	45,924	28,560
	University of Kentucky - Champions Court II	ONE Plan (1)	427	In progress	Summer 2014	23,808	100	%	23,808	14,976
	University of Kentucky - Woodland Glen I & II	ONE Plan (1)	818	In progress	Summer 2014	44,491	100	%	44,491	29,428
	University of Minnesota - The Marshall	Joint Venture	882	In progress	Summer 2014	94,044	50	%	47,022	30,823
	Duke University - 605 West	Joint Venture	384	In progress	Summer 2014	46,133	90	%	41,520	31,039
	University of Connecticut - Storrs Center Ph III	Wholly Owned	116	In progress	Summer 2014	12,819	100	%	12,819	9,325
	Total - 2014 Deliveries		3,965			311,851			260,216	175,523
	University of Kentucky - Woodland Glen III, IV & V	ONE Plan (1)	1,610	In progress	Summer 2015	101,172	100	%	101,172	98,141
	Total - 2015 Deliveries		1,610			101,172			101,172	98,141
	Total Active Projects		5,575			413,023			361,388	273,664
Presale
	Project	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Purchase Price
	Florida International University	Presale	542	In progress	Summer 2014	43,500

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

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

meet the needs of today's students.

Third Quarter 2013 Page 16

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 Nine Months Ended September 30, 2013(1)		Remaining Fees to Earn
Mansfield University of Pennsylvania Phase II	684	In progress	Fall 2013	$	47,901	$	1,781	$	417	$	1,224	$	140
East Stroudsburg University - Pennsylvania Ph II	488	TBD	TBD	TBD		TBD		—		—		—
Clarion University of Pennsylvania	728	Spring 2014	Fall 2015	54,492		2,069		—		—		2,069
West Chester University of Pennsylvania Phase II	653	In progress	Summer 2014	56,639		1,499		—		577		922
Wichita State University	784	In progress	Summer 2014	60,034		1,902		—		121		1,781
Total	3,337			$	219,066	$	7,251	$	417	$	1,922	$	4,912
(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.

Third Quarter 2013 Page 17

Capital Structure

as of September 30, 2013
(dollars in thousands)
Total Debt to Gross Assets											Net Debt to Enterprise Value
	Debt (1)	$	701,119								Net Debt (1)		$	684,784
	Gross Assets (2)	$	1,745,101								Market Equity (3)		1,054,238
	Debt to Gross Assets	40.2		%							Enterprise Value		$	1,739,022
Interest coverage (TTM)		4.6			x						Net Debt to Enterprise Value		39.4		%
Net Debt to EBITDA - Adjusted (TTM)(4)		6.2			x
Total Debt Outstanding (1)
		Principal			Weighted Average						Average Term
		Outstanding			Interest Rate			Percentage			to Maturity
	Fixed Rate - Mortgage Debt (1)	$	227,948		5.6		%	32.5		%	3.6		years
	Variable Rate - Mortgage Debt	69,861			3.6		%	9.9		%	4.6		years
	Variable Rate - Construction Debt	134,410			2.4		%	19.2		%	1.5		years
	Variable Rate - Unsecured Revolving Credit Facility (5)	268,900			1.6		%	38.4		%	3.3		years
	Total / Weighted Average	$	701,119		3.3		%	100.0		%	3.2		years
Future Maturities (1)
	Fiscal Year Ending	Amortization			Maturities			Total			Percentage
	2013	$	1,090		$	—		$	1,090		0.3	%
	2014	4,381			54,890			59,271			13.7	%
	2015	4,757			96,080			100,837			23.3	%
	2016	3,291			122,088			125,379			29.0	%
	2017	2,286			37,528			39,814			9.2	%
	Thereafter	3,741			102,087			105,828			24.5	%
	Mortgage Debt (1)	19,546			412,673			432,219			100.0	%
	Unsecured Revolving Credit Facility - 2017 (5)	—			—			268,900
	Gross Debt (1)	$	19,546		$	412,673		$	701,119
(1) Excludes unamortized debt premium of $2.5 million as of September 30, 2013.
(2) Excludes accumulated depreciation of $200.6 million as of September 30, 2013.
(3) Market equity includes 114,812,693 shares of the Company's common stock and 1,037,600 operating partnership units and is calculated using $9.10 per share, the closing price of the Company's common stock on September 30, 2013.
(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 less cash and excludes non-producing debt related to assets under development at time of calculation. EBITDA is Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions and development assets that have been opened as if such had occurred at the beginning of the 12 month period being presented.
(5) Subsequent to September 30, 2013, the Unsecured Revolving Credit Facility was expanded from $375 million to $500 million. At the the same time the term was extended to 2018 and other terms, including interest rate spreads were amended.

Third Quarter 2013 Page 18

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	Jefferson Commons	University of Virginia	Mar ’11	82
The Commons		Florida State University	Jan ’05	732	The Berk	University of California, Berkeley	May ’11	165
University Towers		North Carolina State University	Jan ’05	889	University Village Towers	University of California, Riverside	Sept '11	554
The Reserve on Perkins		Oklahoma State University	Jan ’05	732	Irish Row	University of Notre Dame	Nov '11	326
The Pointe		Pennsylvania State University	Jan ’05	984	GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	Dec '11	562
College Station at West Lafayette		Purdue University	Jan ’05	960	The Reserve on Stinson	University of Oklahoma	Jan '12	612
Commons on Kinnear		The Ohio State University	Jan ’05	502		Total Same-Communities		19,384
The Lofts		University of Central Florida	Jan ’05	730
The Reserve at Athens		University of Georgia	Jan ’05	612	Campus West (ONE Plan)	Syracuse University	Aug '12	313
The Reserve on West 31st		University of Kansas	Jan ’05	720	East Edge	University of Alabama	Aug '12	774
The Reserve at Columbia		University of Missouri	Jan ’05	676	The Oaks on the Square - Ph I	University of Connecticut	Aug '12	253
The Pointe at South Florida		University of South Florida	Jan ’05	1,002	The Lotus	University of Colorado, Boulder	Nov '11	37
Commons at Knoxville		University of Tennessee	Jan ’05	708	The Province	East Carolina University	Sept '12	728
The Pointe at Western		Western Michigan University	Jan ’05	876	The District on 5th	University of Arizona	Oct '12	764
Campus Creek		University of Mississippi	Feb ’05	636	Campus Village	Michigan State University	Oct '12	355
Pointe West		University of South Carolina	Mar ’05	480	The Province	Kent State University	Nov '12	596
Campus Lodge		University of Florida	Jun ’05	1,115	The Suites at Overton Park	Texas Tech University	Dec '12	465
The Reserve on South College		Auburn University	Jul ’05	576	The Centre at Overton Park	Texas Tech University	Dec '12	400
Cape Trails		Southeast Missouri State University	Jan ’06	360	2400 Nueces (ONE Plan)	University of Texas at Austin	Aug '13	622
Carrollton Crossing		University of West Georgia	Jan ’06	336	3949	Saint Louis University	Aug '13	256
River Pointe		University of West Georgia	Jan ’06	504	Central Hall I & II (ONE Plan)	University of Kentucky	Aug '13	601
The Avenue at Southern		Georgia Southern University	Jun ’06	624	Roosevelt Point	Arizona State University - Downtown Phoenix	Aug '13	609
The Reserve at Saluki Pointe		Southern Illinois University	Aug '08, Aug '09	768	The Oaks on the Square - Ph II	University of Connecticut	Aug '13	250
University Village on Colvin (ONE Plan)	��	Syracuse University	Aug '09	432	The Retreat at Oxford	University of Mississippi	Aug '13	668
GrandMarc at The Corner		University of Virginia	Oct '10	641	The Cottages on Lindberg	Purdue University	Sept '13	745
Wertland Square		University of Virginia	Mar ’11	152	The Retreat at State College	Pennsylvania State University	Sept '13	587
						Total New-Communities		9,023
						Total Owned-Communities		28,407

Third Quarter 2013 Page 19

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 #	Email
	Bank of America - Merrill	Jana Galan	(646) 855-3081	jana.galan@baml.com
	Green Street Advisors	Dave Bragg	(949) 706-8142	dbragg@greenstreetadvisors.com
	Hilliard Lyons	Carol Kemple	(502) 588-1839	ckemple@hilliard.com
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293	kford@keybanccm.com
	MLV & Co., LLC	Ryan Meliker	(212) 542-5872	rmeliker@mlvco.com
	Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782	pposkon@rwbaird.com
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306	rpetrik@stifel.com
	UBS Securities	Ross Nussbaum	(212) 713-2484	ross.nussbaum@ubs.com
	Wunderlich Securities	Craig Kucera	(540) 277-3366	ckucera@wundernet.com

Third Quarter 2013 Page 20

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/application 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.

Third Quarter 2013 Page 21

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.

Third Quarter 2013 Page 22