Education Realty Trust 8-K EdR ANNOUNCES SECOND QUARTER 2014 RESULTS

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three months ended June 30,											Six months ended June 30,
		2014			2013			$ Chg			% Chg		2014		2013		$ Chg			% Chg
	Same-community revenue	$	33,860		$	33,043		$	817		2.5	%	$	69,936	$	68,065	$	1,871		2.7	%
	Total community revenue	46,309			37,335			8,974			24.0	%	97,020		76,788		20,232			26.3	%
	Total revenue	50,040			41,038			9,002			21.9	%	104,585		85,709		18,876			22.0	%
	Same-community net operating income	18,713			18,245			468			2.6	%	39,528		38,762		766			2.0	%
	Total community net operating income	25,334			19,523			5,811			29.8	%	53,877		41,257		12,620			30.6	%
	Total operating income (loss)	(3,651		)	3,694			(7,345		)	(198.8	)%	4,661		10,807		(6,146		)	(56.9	)%
	Net income (loss)	(8,808		)	3,832			(12,640		)	(329.9	)%	3,258		7,141		(3,883		)	(54.4	)%
	Per share - basic & diluted	$	(0.08	)	$	0.03		$	(0.11	)	(366.7	)%	$	0.03	$	0.06	$	(0.03	)	(50.0	)%
	Funds from operations (FFO)	15,284			11,836			3,448			29.1	%	32,334		26,445		5,889			22.3	%
	Per weighted average share/unit (1)	$	0.13		$	0.10		$	0.03		30.0	%	$	0.28	$	0.23	$	0.05		21.7	%
	Core funds from operations (Core FFO)	17,258			14,532			2,726			18.8	%	36,621		30,910		5,711			18.5	%
	Per weighted average share/unit (1)	$	0.15		$	0.13		$	0.02		15.4	%	$	0.31	$	0.27	$	0.04		14.8	%
BALANCE SHEET DATA:
		6/30/2014			12/31/2013
	Debt to gross assets	32.5		%	42.8		%
	Net debt to enterprise value	28.5		%	42.5		%
	Interest coverage ratio (TTM)	4.4		x	4.6		x
	Net debt to EBITDA - Adjusted (TTM)	5.6		x	6.3		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.

SECOND QUARTER 2014 1

BALANCE SHEET

(Amount in thousands, except share and per share data)		June 30, 2014			December 31, 2013
Assets		(unaudited)
	Collegiate housing properties, net (1)	$	1,307,519		$	1,388,885
	Collegiate housing properties - held for sale, net (1)	21,166			—
	Assets under development	233,441			116,787
	Cash and cash equivalents	11,162			22,073
	Restricted cash	14,069			12,253
	Other assets	78,690			70,567
Total assets		$	1,666,047		$	1,610,565
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	361,173		$	422,681
	Unsecured revolving credit facility	66,000			356,900
	Unsecured term loan	187,500			—
	Accounts payable and accrued expenses	78,566			67,646
	Deferred revenue	19,963			23,498
Total liabilities		713,202			870,725
Commitments and contingencies		—			—
Redeemable noncontrolling interests		9,780			9,871
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 139,437,355 and 114,740,155 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	1,394			1,148
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,027,816			813,540
	Accumulated deficit	(85,706		)	(88,964		)
	Accumulated other comprehensive loss	(3,757		)	—
Total EdR stockholders' equity		939,747			725,724
Noncontrolling interests		3,318			4,245
Total equity		943,065			729,969
Total liabilities and equity		$	1,666,047		$	1,610,565
(1) Amount is net of accumulated depreciation of $216,530 and $204,181 as of June 30, 2014 and December 31, 2013, respectively. Of this amount for June 30, 2014, $9,982 relates to collegiate housing properties held for sale.

SECOND QUARTER 2014 2

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)	Three months ended June 30,									Six months ended June 30,
	2014			2013			$ Change			2014			2013			$ Change
Revenues:
Collegiate housing leasing revenue	$	46,309		$	37,335		$	8,974		$	97,020		$	76,788		$	20,232
Third-party development services	757			759			(2		)	1,559			1,150			409
Third-party management services	786			823			(37		)	1,804			1,792			12
Operating expense reimbursements	2,188			2,121			67			4,202			5,979			(1,777		)
Total revenues	50,040			41,038			9,002			104,585			85,709			18,876
Operating expenses:
Collegiate housing leasing operations	20,975			17,812			3,163			43,143			35,531			7,612
Development and management services	2,282			1,618			664			4,623			3,389			1,234
General and administrative	1,677			1,942			(265		)	3,794			3,776			18
Development pursuit, acquisition costs and severance	307			79			228			308			268			40
Depreciation and amortization	14,458			11,562			2,896			28,241			22,161			6,080
Ground lease expense	1,934			2,210			(276		)	3,833			3,798			35
Loss on impairment of collegiate housing properties	9,870			—			9,870			11,780			—			11,780
Reimbursable operating expenses	2,188			2,121			67			4,202			5,979			(1,777		)
Total operating expenses	53,691			37,344			16,347			99,924			74,902			25,022
Operating income (loss)	(3,651		)	3,694			(7,345		)	4,661			10,807			(6,146		)
Nonoperating expenses:
Interest expense	4,967			3,855			1,112			10,568			7,909			2,659
Amortization of deferred financing costs	514			410			104			1,017			830			187
Interest income	(41		)	(124		)	83			(111		)	(243		)	132
Loss on extinguishment of debt	—			—			—			649			—			649
Total nonoperating expenses	5,440			4,141			1,299			12,123			8,496			3,627
Income (loss) before equity in earnings (losses) of unconsolidated entities, income taxes, discontinued operations and gain on sale of collegiate housing communities	(9,091		)	(447		)	(8,644		)	(7,462		)	2,311			(9,773		)
Equity in earnings (losses) of unconsolidated entities	(112		)	(22		)	(90		)	(134		)	(42		)	(92		)
Income (loss) before income taxes, discontinued operations, and gain on sale of collegiate housing properties	(9,203		)	(469		)	(8,734		)	(7,596		)	2,269			(9,865		)
Income tax benefit	(357		)	—			(357		)	(312		)	(237		)	(75		)
Income (loss) from continuing operations	(8,846		)	(469		)	(8,377		)	(7,284		)	2,506			(9,790		)
Income from discontinued operations	—			4,159			(4,159		)	—			4,662			(4,662		)
Income (loss) before gain on sale of collegiate housing communities	(8,846		)	3,690			(12,536		)	(7,284		)	7,168			(14,452		)
Gain on sale of collegiate housing communities	—			—			—			10,902			—			10,902
Net income (loss)	(8,846		)	3,690			(12,536		)	3,618			7,168			(3,550		)
Less: Net income (loss) attributable to the noncontrolling interests	(38		)	(142		)	104			360			27			333
Net income (loss) attributable to EdR	$	(8,808	)	$	3,832		$	(12,640	)	$	3,258		$	7,141		$	(3,883	)
Other comprehensive loss:
Loss on cash flow hedging derivatives	(2,394		)	—			(2,394		)	(3,757		)	—			(3,757		)
Comprehensive income (loss)	$	(11,202	)	$	3,832		$	(15,034	)	$	(499	)	$	7,141		$	(7,640	)
Earnings per share information:
Net income (loss) attributable to EdR common stockholders per share – basic and diluted	$	(0.08	)	$	0.03		$	(0.11	)	$	0.03		$	0.06		$	(0.03	)
Weighted average shares of common stock outstanding – basic	116,657			114,452						115,833			114,045
Weighted average shares of common stock outstanding – diluted	116,657			114,452						116,871			115,083

SECOND QUARTER 2014 3

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)
		Three months ended June 30,									Six months ended June 30,
		2014			2013			$ Change			2014			2013			$ Change
Net income (loss) attributable to EdR		$	(8,808	)	$	3,832		$	(12,640	)	$	3,258		$	7,141		$	(3,883	)
	Gain on sale of collegiate housing assets (1)	—			(3,895		)	3,895			(10,902		)	(3,895		)	(7,007		)
	Impairment losses	9,870			—			9,870			11,780			—			11,780
	Real estate related depreciation and amortization	14,299			11,949			2,350			27,921			23,032			4,889
	Equity portion of real estate depreciation and amortization on equity investees	50			48			2			99			96			3
	Noncontrolling interests	(127		)	(98		)	(29		)	178			71			107
Funds from operations ("FFO")		15,284			11,836			3,448			32,334			26,445			5,889
FFO adjustments:
	Loss on extinguishment of debt	—			—			—			649			—			649
	Acquisition costs	22			72			(50		)	23			299			(276		)
	Severance costs, net of tax	285			—			285			285			—			285
	Straight-line adjustment for ground leases (2)	1,212			1,715			(503		)	2,425			2,807			(382		)
FFO adjustments:		1,519			1,787			(268		)	3,382			3,106			276
FFO on Participating Developments:(3)
	Interest on loan to Participating Development	455			455			—			905			905			—
	Development fees on Participating Development, net of costs and taxes	—			454			(454		)	—			454			(454		)
FFO on Participating Developments		455			909			(454		)	905			1,359			(454		)
Core funds from operations ("Core FFO")		$	17,258		$	14,532		$	2,726		$	36,621		$	30,910		$	5,711
FFO per weighted average share/unit (4)		$	0.13		$	0.10		$	0.03		$	0.28		$	0.23		$	0.05
Core FFO per weighted average share/unit (4)		$	0.15		$	0.13		$	0.02		$	0.31		$	0.27		$	0.04
Weighted average shares/units (4)		117,694			115,489			2,205			116,871			115,083			1,788
(1)  The gain on sale of collegiate housing assets in 2013 is included in discontinued operations and the gain recognized in 2014 is included as gain on sale of collegiate housing communities on the Condensed Consolidated Statements of Comprehensive Income.
(2)  Represents the straight-line rent expense adjustment required by GAAP related to ground leases. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(3)  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 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.

SECOND QUARTER 2014 4

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)
		Three months ended June 30,										Six months ended June 30,
		2014		2013			$ Change			% Change		2014		2013			$ Change			% Change
Revenues
	Same-communities	$	33,860	$	33,043		$	817		2.5	%	$	69,936	$	68,065		$	1,871		2.7	%
	New-communities (1)	11,116		1,310			9,806			NM		22,887		2,829			20,058			NM
	Other-communities (3)	1,333		2,982			(1,649		)	NM		4,197		5,894			(1,697		)	NM
Total revenues		46,309		37,335			8,974			24.0	%	97,020		76,788			20,232			26.3	%
Operating expenses (2)
	Same-communities	15,147		14,798			349			2.4	%	30,408		29,303			1,105			3.8	%
	New-communities (1)	5,008		1,351			3,657			NM		10,224		2,831			7,393			NM
	Other-communities (3)	820		1,663			(843		)	NM		2,511		3,397			(886		)	NM
Total operating expenses		20,975		17,812			3,163			17.8	%	43,143		35,531			7,612			21.4	%
Net operating income
	Same-communities	18,713		18,245			468			2.6	%	39,528		38,762			766			2.0	%
	New-communities (1)	6,108		(41		)	6,149			NM		12,663		(2		)	12,665			NM
	Other-communities (3)	513		1,319			(806		)	NM		1,686		2,497			(811		)	NM
Total net operating income		$	25,334	$	19,523		$	5,811		29.8	%	$	53,877	$	41,257		$	12,620		30.6	%
(1) See page 18 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.
(3) Effective January 1, 2014, the Trust adopted the new accounting guidance relating to the reporting of discontinued operations. It is anticipated that the Trust's one-off property dispositions will no longer qualify as discontinued operations. This category represents the operating results of communities sold prior to their disposition and the operating results of communities held for sale as of June 30, 2014.

SECOND QUARTER 2014 5

SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data)
	Three months ended June 30, 2014						Three months ended June 30, 2013
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		$ Change			% Change
Utilities (1)	$	4,412	$	219	29	%	$	4,360	$	216	$	52		1.2	%
On-Site Payroll	2,759		137		18	%	2,604		129		155			6.0	%
General & Administrative (2)	2,526		125		17	%	2,532		126		(6		)	(0.2	)%
Maintenance & Repairs (3)	1,101		55		7	%	1,134		56		(33		)	(2.9	)%
Marketing	709		35		5	%	792		39		(83		)	(10.5	)%
Total Direct Operating Expenses	$	11,507	$	571	76	%	$	11,422	$	566	$	85		0.7	%
Real Estate Taxes	3,190		158		21	%	2,899		144		291			10.0	%
Insurance	450		22		3	%	477		24		(27		)	(5.7	)%
Total Fixed Operating Expenses	$	3,640	$	180	24	%	$	3,376	$	168	$	264		7.8	%
Total Property Operating Expenses	$	15,147	$	751	100	%	$	14,798	$	734	$	349		2.4	%
	Six months ended June 30, 2014						Six months ended June 30, 2013
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		$ Change			% Change
Utilities (1)	$	9,125	$	452	30	%	$	8,754	434		$	371		4.2	%
On-Site Payroll	5,509		273		18	%	5,312		263		197			3.7	%
General & Administrative (2)	5,026		249		17	%	5,007		248		19			0.4	%
Maintenance & Repairs (3)	2,006		99		7	%	2,078		103		(72		)	(3.5	)%
Marketing	1,588		79		5	%	1,639		81		(51		)	(3.1	)%
Total Direct Operating Expenses	$	23,254	$	1,152	76	%	$	22,790	$	1,129	$	464		2.0	%
Real Estate Taxes	6,253		310		21	%	5,555		275		698			12.6	%
Insurance	901		45		3	%	958		48		(57		)	(5.9	)%
Total Fixed Operating Expenses	$	7,154	$	355	24	%	$	6,513	$	323	$	641		9.8	%
Total Property Operating Expenses	$	30,408	$	1,507	100	%	$	29,303	$	1,452	$	1,105		3.8	%
Same-community beds	20,167
(1) Represents gross costs before recoveries and includes student amenities such as internet.
(2) Includes property-level general and administrative cost, dining and retail costs as well as regional and other corporate costs of supporting the communities.
(3) Includes general maintenance costs, grounds and landscaping, turn costs and life safety costs.

SECOND QUARTER 2014 6

COMMUNITY STATISTICS

	Three months ended June 30,									Six months ended June 30,
	2014			2013			Change			2014			2013			Change
Occupancy
Physical	87.6		%	87.3		%	30		bps	90.3		%	89.5		%	80		bps
Economic	85.6		%	84.6		%	100		bps	88.8		%	87.4		%	140		bps
NarPAB	$	544		$	492		10.6	%		$	563		$	509		10.6	%
Other income per avail. bed	$	43		$	40		7.5	%		$	39		$	40		(2.5	)%
RevPAB	$	587		$	532		10.3	%		$	602		$	549		9.7	%
Operating expense per bed	$	266		$	254		4.7	%		$	268		$	254		5.5	%
Operating margin	54.7		%	52.3		%	240		bps	55.5		%	53.7		%	180		bps
Design Beds	78,906			70,154			12.5	%		161,172			139,934			15.2	%
NOTE: Operating statistics for the prior year exclude communities classified as discontinued operations. Effective January 1, 2014, the Trust adopted the new accounting guidance relating to the reporting of discontinued operations. It is anticipated that the Trust's one-off property dispositions will no longer quality as discontinued operations.

SECOND QUARTER 2014 7

SAME-COMMUNITY STATISTICS

	Three Months Ended June 30,									Six Months Ended June 30,
	2014			2013			Change			2014			2013			Change
Occupancy
Physical	88.0		%	88.2		%	(20	)	bps	90.6		%	90.5		%	10		bps
Economic	85.8		%	84.8		%	100		bps	89.3		%	87.8		%	150		bps
NarPAB	$	521		$	509		2.4	%		$	543		$	528		2.8	%
Other income per avail. bed	$	39		$	37		5.4	%		$	35		$	35		—	%
RevPAB	$	560		$	546		2.5	%		$	578		$	563		2.7	%
Operating expense per bed	$	251		$	245		2.4	%		$	251		$	242		3.8	%
Operating margin	55.2		%	55.2		%	—		bps	56.5		%	56.9		%	(40	)	bps
Design Beds (1)	60,501			60,501			—	%		121,002			121,002			—	%
(1) In June 2013 we converted 64 historically double occupancy rooms at University Towers to single occupancy. This reduced design beds by 64 beds. In August, we reconfigured rooms at the Berk reducing design beds by 2. As these changes did not impact occupied beds they were made to the prior year design beds so that information between periods is comparable.

SECOND QUARTER 2014 8

PRELEASING SUMMARY

						Preleasing at July 21,
	Design Beds	% of NOI		2013 Opening Occupancy		2014		2013		Preleasing Ahead/(Behind)		Projected Rate Growth
Same-Communities - by Tier
Prior Year Occupancy Below 90% (Tier 1)	3,597	12.5	%	81.7	%	82.6	%	66.3	%	16.3	%	(0.6	)%
Prior Year Occupancy 90% to 94.9% (Tier 2)	5,992	27.3	%	92.3	%	87.0	%	81.9	%	5.1	%	1.1	%
Prior Year Occupancy 95% to 97.9% (Tier 3)	5,514	21.6	%	96.4	%	90.6	%	90.6	%	—	%	2.5	%
Subtotal - Tiers 1 - 3	15,103	61.4	%	91.3	%	87.3	%	81.4	%	5.9	%
Prior Year Occupancy 98% and Above (Tier 4)	7,755	38.6	%	99.8	%	97.9	%	98.8	%	(0.9	)%	3.1	%
Total Same-Communities (1)	22,858	100.0	%	94.2	%	90.9	%	87.3	%	3.6	%	2.0	%
Total New-Communities (1)	6,006					94.7	%
Total Communities	28,864					91.7	%
Projected Fall Revenue:
Based on current leasing velocity shown above and individual market conditions, we are projecting fall revenue to be up 3% to 4%, including a 1% to 2% increase in occupancy and an approximate 2% growth in net rental rates.
(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 process for at least two leasing cycles, including the Fall 2014 lease cycle. New-communities include existing new communities listed on page 18 that are not ticked (1) and all more than 50% owned developments delivering in 2014, including the presale at FIU.

SECOND QUARTER 2014 9

SAME-COMMUNITY PRELEASING BY REGION AND DISTANCE

						Preleasing at July 21,
	Design Beds	% of NOI		2013 Opening Occupancy		2014		2013		Preleasing Ahead/(Behind)		Projected Rate Growth
Same-Communities - by Region (1)
Mid-Atlantic	4,724	28.8	%	97.2	%	96.8	%	94.3	%	2.5	%	1.7	%
Midwest	2,636	8.9	%	92.2	%	83.6	%	83.0	%	0.6	%	2.8	%
North	2,547	10.4	%	97.0	%	95.4	%	90.4	%	5.0	%	2.7	%
South Central	4,094	21.7	%	97.0	%	95.5	%	92.9	%	2.6	%	3.4	%
Southeast	6,765	20.6	%	94.0	%	86.1	%	85.3	%	0.8	%	1.5	%
West	2,092	9.6	%	81.5	%	87.4	%	68.7	%	18.7	%	(0.9	)%
Total Same-Communities	22,858	100.0	%	94.2	%	90.9	%	87.3	%	3.6	%	2.0	%
Same-Communities - by Distance from Campus
0-0.2 miles	13,127	66.6	%	93.8	%	92.3	%	87.5	%	4.8	%	1.8	%
0.21-0.49 miles	2,144	8.3	%	91.1	%	90.2	%	82.1	%	8.1	%	(0.2	)%
0.5-0.99 miles	2,006	6.8	%	96.1	%	92.4	%	89.3	%	3.1	%	3.5	%
1.0-1.99 miles	4,466	15.2	%	95.5	%	85.4	%	87.3	%	(1.9	)%	3.1	%
2.0 & > miles	1,115	3.1	%	96.2	%	95.2	%	91.0	%	4.2	%	1.7	%
Total Same-Communities	22,858	100.0	%	94.2	%	90.9	%	87.3	%	3.6	%	2.0	%
(1) See definition of regions on page 20.

SECOND QUARTER 2014 10

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

New supply slowed 9% from 2014 to 2015

EdR Market and Revenue Growth

*Enrollment projection represents the 4-year enrollment CAGR through 2013 for our markets. The mid-point of previously provided fall leasing guidance was used for 2014 revenue growth projections.

SECOND QUARTER 2014 11

OWNED COMMUNITY PROJECTED 2015 NEW SUPPLY AND DEMAND INFORMATION

Owned Community Projected 2015 New Supply and Demand Information by Region
Region (4)	Owned Beds (3)	Percentage of Owned Beds		EdR NOI % (1)		Enrollment Growth 3 Year CAGR - Universities Served		2015 New Supply %		Variance
West	3,227	10	%	12	%	1.9	%	0.3	%	1.6	%
Mid Atlantic	6,201	19	%	25	%	0.8	%	2.6	%	(1.8	)%
North	3,707	11	%	10	%	0.3	%	1.8	%	(1.5	)%
South Central	9,342	29	%	33	%	2.0	%	2.4	%	(0.4	)%
Southeast	7,307	23	%	15	%	1.4	%	1.5	%	(0.1	)%
Midwest	2,636	8	%	6	%	2.2	%	4.3	%	(2.1	)%
Total	32,420	100	%	101	%	1.4	%	1.8	%	(0.4	)%
Region (4)	Anticipated 2015 Enrollment Growth (2)	2015 Supply Growth		Variance
West	2,749	637		(2,112	)
Mid Atlantic	1,269	4,534		3,265
North	2,031	4,087		2,056
South Central	2,671	4,207		1,536
Southeast	3,208	4,082		874
Midwest	2,053	4,064		2,011
Total	13,981	21,611		7,630
NOTE: Schedule represents all markets served by EdR communities and includes all announced 2014 and 2015 developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
(1) Includes 2014 and 2015 development deliveries, the planned acquisition of The District on Apache at Arizona State University and the presale at Florida International University (see page 14). NOI is based on current 2014 forecasted net operating income with annualization for 2014 developments and acquisitions and proforma NOI for 2015 developments.
(2) Extrapolated from 2013 enrollment statistics from Nation Center of Education Statistics using the previous 3-year enrollment growth percentage.
(3) Total Owned Beds reported herein include Total Communities design beds on page 9 of 28,864 plus 1,610 of beds related to the 2015 deliveries at the University of Kentucky, 390 beds for 2015 delivery at the University of Connecticut, 656 beds for 2015 delivery at the University of Louisville, and 900 beds related to the planned acquisition at Arizona State University in 2014 (see page 14).
(4) See definition of regions on page 20.

SECOND QUARTER 2014 12

OWNED COMMUNITY PROJECTED 2015 NEW SUPPLY AND DEMAND INFORMATION

Projected 2015 New Supply Sorted by Percentage Increase
New Supply Growth	University Markets		EdR Bed Count		Pro Forma EdR NOI %(1)
0%	11	28%	8,428	26%	27%
0.1% to 1.0%	5	12%	2,661	8%	7%
1.0% - 3.0%	10	25%	11,249	35%	35%
3.0% - 5.0%	10	25%	7,254	22%	23%
> 5.0%	4	10%	2,828	9%	8%
Total	40	100%	32,420	100%	100%
University Markets with > 5% Increase in 2015 New Supply
University	New Supply Increase	Pro Forma EdR NOI %
University of Louisville	8.4%	2.4%
Saint Louis University	7.3%	1.1%
University of Oklahoma	6.8%	1.1%
University of Mississippi	6.5%	3.3%
		7.9%
NOTE: Schedule represents all markets served by EdR communities and includes all announced 2014 developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
(1) Includes 2014 and 2015 development deliveries, the planned acquisition of The District on Apache at Arizona State University and the presale at Florida International University (see page 14). NOI is based on current 2014 forecasted net operating income with annualization for 2014 developments and acquisitions and proforma NOI for 2015 developments.

SECOND QUARTER 2014 13

OWNED DEVELOPMENT SUMMARY

(Amounts in thousands except bed counts)
Active Projects
	Project	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Total Project Development Cost	EdR's Ownership Percentage		EdR's Share of Development Cost	EdR's Share of Development Cost to be Funded
	University of Colorado - The Lotus	Wholly Owned	195	In progress	Summer 2014	20,830	100	%	20,830	—
	University of Kentucky - Haggin Hall	ONE Plan (1)	396	In progress	Summer 2014	23,802	100	%	23,802	3,835
	University of Kentucky - Champions Court I	ONE Plan (1)	740	In progress	Summer 2014	45,924	100	%	45,924	2,759
	University of Kentucky - Champions Court II	ONE Plan (1)	427	In progress	Summer 2014	23,808	100	%	23,808	1,022
	University of Kentucky - Woodland Glen I & II	ONE Plan (1)	818	In progress	Summer 2014	44,491	100	%	44,491	4,022
	University of Minnesota - The Marshall	Joint Venture (2)	994	In progress	Summer 2014	94,044	50	%	47,022	—	(2)
	Duke University - 605 West	Joint Venture	384	In progress	Summer 2014	46,133	90	%	41,520	4,725
	University of Connecticut - The Oaks on the Square Ph III	Wholly Owned	116	In progress	Summer 2014	12,819	100	%	12,819	1,584
	Total - 2014 Deliveries		4,070			311,851			260,216	17,947
	University of Kentucky - Woodland Glen III, IV & V	ONE Plan (1)	1,610	In progress	Summer 2015	101,172	100	%	101,172	67,648
	University of Georgia - Georgia Heights	Joint Venture (2)	292	In progress	Summer 2015	55,615	50	%	27,808	4,665	(2)
	University of Connecticut - The Oaks on the Square Ph IV	Wholly Owned	390	In progress	Summer 2015	45,000	100	%	45,000	44,771
	University of Louisville - The Retreat at Louisville	Joint Venture	656	In Progress	Summer 2015	45,000	75	%	33,750	33,750
	Total - 2015 Deliveries		2,948			246,787			207,730	150,834
	University of Kentucky - Limestone Park I & II	ONE Plan (1)	1,141	In progress	Summer 2016	83,911	100	%	83,911	81,272
	Total - 2016 Deliveries		1,141			83,911			83,911	81,272
	Total Active Projects		8,159			642,549			551,857	250,053
Pre-sale
	Project	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Purchase Price
	Florida International University - 109 Tower	Presale	542	In progress	Summer 2014	43,500
	(1) The On-Campus Equity Plan, or The ONE Plan SM, is our equity program for universities, which allows universities to use EdR's equity and financial stability to develop and revitalize campus housing while preserving their credit capacity for other campus projects. The ONE Plan SM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.
	(2) These projects are not majority owned. As such, they will not be consolidated and we will recognize our portion of profits through equity in earnings on the income statement. Also as a result, the costs to be funded only represent EdR’s remaining required equity contribution.

SECOND QUARTER 2014 14

THIRD-PARTY DEVELOPMENT SUMMARY

(Amounts in thousands except bed counts)
THIRD-PARTY PROJECTS
Project	Bed Count	Estimated Start Date	Anticipated Completion Date	Project Development Cost	Total Project Fees	Fees Earned Prior Year (1)	Fees Earned Six Months Ended June 30, 2014 (1)	Remaining Fees to Earn
West Chester University of Pennsylvania Phase II	653	In progress	Summer 2014	56,639	1,499	934	412	153
Wichita State University - Shocker Hall	784	In progress	Summer 2014	60,034	1,902	614	960	328
Clarion University of Pennsylvania	728	Spring 2014	Fall 2015	55,104	2,092	—	152	1,940
East Stroudsburg University - Pennsylvania Ph II	488	Spring 2015	Summer 2016	TBD	TBD	—	—	—
Total	2,653			171,777	5,493	1,548	1,524	2,421
NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.
(1) Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress or recently completed.

SECOND QUARTER 2014 15

CAPITAL STRUCTURE

as of June 30, 2014					Principal Outstanding (5)			Weighted Average Interest Rate (5)		Average Term to Maturity (5)   (in years)
(dollars in thousands)
Total Debt to Gross Assets
Debt (1)	$	612,773		Fixed Rate - Mortgage Debt (1)	$	225,097		5.6	%	2.8
Gross Assets (2)	1,882,577			Variable Rate - Mortgage Debt	34,000			2.3	%	2.0
Debt to Gross Assets	32.5		%	Variable Rate - Construction Debt	100,176			2.3	%	1.1
				Fixed Rate - 5 Yr. Unsecured Term Loan (5)	65,000			3.0	%	4.5
Net Debt to Enterprise Value				Fixed Rate - 7 Yr. Unsecured Term Loan (5)	122,500			4.0	%	6.5
Net Debt (1)	$	601,611		Variable Rate - Unsecured Revolving Credit Facility	66,000			1.6	%	3.5
Market Equity (3)	1,509,974			Debt (1) / Weighted Average	$	612,773		3.8	%	3.5
Enterprise Value	$	2,111,585		Less Cash	11,162
				Net Debt	$	601,611
Net Debt to Enterprise Value	28.5		%
				Interest Coverage (TTM)	4.4		x
				Net Debt to EBITDA - Adjusted (TTM) (4)	5.6		x
				Variable Rate Debt to Total Debt	32.7		%
Debt Maturity Schedule (in millions)

Weighted Average Interest Rate of Debt Maturing Each Year (5)
	2014	2015	2016	2017	2018	2019	2020	2021
Fixed Rate Mortgage Loans	4.9%	5.0%	5.5%	5.5%	—%	6.0%	5.7%	—%
Total Debt	4.9%	2.5%	4.6%	5.0%	1.6%	4.4%	5.7%	4.0%
(1)  Excludes unamortized debt premium of $1.9 million as of June 30, 2014.
(2)  Excludes accumulated depreciation of $216.5 million as of June 30, 2014 including $10.0 million related to held for sale assets.
(3)  Market equity includes 139,555,846 shares of the Company's common stock and 1,037,600 Operating Partnership units and is calculated using $10.74 per share, the closing price of the Company's common stock on June 30, 2014.
(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 Proforma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions and development assets that are opened as if such had occurred at the beginning of the 12 month period being presented.
(5) In connection with the term loans, the Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.

SECOND QUARTER 2014 16

2014 GUIDANCE

Amounts in thousands, except share and per share data	Year ending December 31, 2014
(Unaudited)	Low End			High End
Net income attributable to EdR	$	28,135		$	31,999
Gain on sale of collegiate housing assets	(19,078)			(19,078)
Impairment losses	11,780			11,780
Real estate related depreciation and amortization	58,373			58,373
Equity portion of real estate depreciation and amortization on equity investees	198			198
Noncontrolling interests	513			513
FFO	$	79,921		$	83,785
FFO adjustments:
Loss on extinguishment of debt	649			649
Straight-line adjustment for ground leases (1)	4,835			4,835
Acquisition costs	23			23
Severance costs, net of tax	285			285
FFO adjustments	5,792			5,792
FFO on Participating Developments: (2)
Interest on loan to Participating Development	(5,582		)	(5,582		)
Development fees on Participating Development, net of costs and tax	(1,560		)	(1,560		)
FFO on Participating Developments	(7,142		)	(7,142		)
Core FFO	$	78,571		$	82,435
FFO per weighted average share/unit (3)	$	0.62		$	0.65
Core FFO per weighted average share/unit (3)	$	0.61		$	0.64
Weighted average shares/units (3)	128,805			128,805
(1) 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 recognized 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 operating partnership units outstanding, regardless of their dilutive impact.

SECOND QUARTER 2014 17

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	Irish Row	University of Notre Dame	Nov '11	326
The Commons	Florida State University	Jan ’05	732	GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	Dec '11	562
University Towers	North Carolina State University	Jan ’05	889	The Reserve on Stinson	University of Oklahoma	Jan '12	612
The Reserve on Perkins	Oklahoma State University	Jan ’05	732	Campus West (ONE Plan)	Syracuse University	Aug '12	313
The Pointe	Pennsylvania State University	Jan ’05	984	East Edge	University of Alabama	Aug '12	774
Commons on Kinnear	The Ohio State University	Jan ’05	502	The Province	East Carolina University	Sept '12	728
The Lofts	University of Central Florida	Jan ’05	730	The District on 5th	University of Arizona	Oct '12	764
The Reserve at Athens	University of Georgia	Jan ’05	612	Campus Village	Michigan State University	Oct '12	355
The Reserve at Columbia	University of Missouri	Jan ’05	676	The Province	Kent State University	Nov '12	596
The Pointe at South Florida	University of South Florida	Jan ’05	1,002	The Suites at Overton Park	Texas Tech University	Dec '12	465
Commons at Knoxville	University of Tennessee	Jan ’05	708	The Centre at Overton Park	Texas Tech University	Dec '12	400
Campus Creek	University of Mississippi	Feb ’05	636
Campus Lodge	University of Florida	Jun ’05	1,115		Total Same-Communities		20,167
Cape Trails	Southeast Missouri State University	Jan ’06	360
Carrollton Crossing	University of West Georgia	Jan ’06	336	The Lotus	University of Colorado, Boulder	Nov '11	40
River Pointe	University of West Georgia	Jan ’06	504	The Oaks on the Square (1)	University of Connecticut	Aug '12, Aug ' 13	503
The Avenue at Southern	Georgia Southern University	Jun ’06	624	3949 (1)	Saint Louis University	Aug '13	256
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09	768	Central Hall I & II (ONE Plan)	University of Kentucky	Aug '13	601
University Village on Colvin (ONE Plan)	Syracuse University	Aug '09	432	2400 Nueces (ONE Plan) (1)	University of Texas at Austin	Aug '13	655
GrandMarc at The Corner	University of Virginia	Oct '10	641	Roosevelt Point (1)	Arizona State University - Downtown Phoenix	Aug '13	609
Wertland Square	University of Virginia	Mar ’11	152	The Retreat at Oxford (1)	University of Mississippi	Aug '13	668
Jefferson Commons	University of Virginia	Mar ’11	82	The Retreat at State College	Pennsylvania State University	Sept '13	587
The Berk	University of California, Berkeley	May ’11	165	The Cottages on Lindberg	Purdue University	Sept '13	745
University Village Towers	University of California, Riverside	Sept '11	554	The Varsity	University of Michigan	Dec '13	415
					Total New-Communities		5,079
					Total Owned-Communities		25,246
(1) The same-community designation for leasing purposes is different than for financial statement purposes. This community is considered same-community for purposes of leasing, as the Company has managed the leasing process for the 2013/2014 lease cycle and is managing the leasing process for the 2014/2015 lease cycle.

SECOND QUARTER 2014 18

INVESTOR RELATIONS

Executive Management
	Randy Churchey	Chief Executive Officer
	Tom Trubiana	Chief Investment Officer
	Christine Richards	Chief Operating Officer
	J. Drew Koester	Chief Accounting 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	(571) 203-1677	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

SECOND QUARTER 2014 19

DEFINITIONS

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

SECOND QUARTER 2014 20

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.

SECOND QUARTER 2014 21