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

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three months ended September 30,										Nine months ended September 30,
		2014			2013			$ Chg		% Chg		2014		2013		$ Chg			% Chg
	Same-community revenue	$	30,394		$	29,358		$	1,036	3.5	%	$	97,645	$	94,772	$	2,873		3.0	%
	Total community revenue	47,657			39,550			8,107		20.5	%	144,677		116,338		28,339			24.4	%
	Total revenue	54,704			43,469			11,235		25.8	%	159,289		129,178		30,111			23.3	%
	Same-community net operating income	12,445			11,923			522		4.4	%	50,737		49,356		1,381			2.8	%
	Total community net operating income	20,737			15,703			5,034		32.1	%	74,615		56,908		17,707			31.1	%
	Total operating income	1,765			705			1,060		150.4	%	6,427		11,511		(5,084		)	(44.2	)%
	Net income (loss)	21,400			(4,462		)	25,862		NM		24,658		2,679		21,979			820.4	%
	Per share - basic and diluted	$	0.15		$	(0.04	)	$	0.19	NM		$	0.20	$	0.02	$	0.18		900.0	%
	Funds from operations (FFO)	20,359			7,061			13,298		188.3	%	52,696		33,506		19,190			57.3	%
	Per weighted average share/unit (1)	$	0.14		$	0.06		$	0.08	133.3	%	$	0.42	$	0.29	$	0.13		44.8	%
	Core funds from operations (Core FFO)	14,840			8,719			6,121		70.2	%	51,465		39,629		11,836			29.9	%
	Per weighted average share/unit (1)	$	0.11		$	0.08		$	0.03	37.5	%	$	0.41	$	0.34	$	0.07		20.6	%
BALANCE SHEET DATA:
		9/30/2014			12/31/2013
	Debt to gross assets	36.0		%	42.8		%
	Net debt to enterprise value	32.6		%	42.5		%
	Interest coverage ratio (TTM)	4.9		x	4.6		x
	Net debt to EBITDA - Adjusted (TTM)	5.2		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.

THIRD QUARTER 2014 1

BALANCE SHEET

(Amount in thousands, except share and per share data)		September 30, 2014			December 31, 2013
Assets		(unaudited)
	Collegiate housing properties, net (1)	$	1,619,531		$	1,388,885
	Collegiate housing properties - held for sale, net (1)	27,834			—
	Assets under development	69,635			116,787
	Cash and cash equivalents	18,422			22,073
	Restricted cash	13,482			12,253
	Other assets	64,000			70,567
Total assets		$	1,812,904		$	1,610,565
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	336,114		$	422,681
	Unsecured revolving credit facility	210,000			356,900
	Unsecured term loan	187,500			—
	Accounts payable and accrued expenses	70,133			67,646
	Deferred revenue	25,517			23,498
Total liabilities		829,264			870,725
Commitments and contingencies		—			—
Redeemable noncontrolling interests		12,052			9,871
Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 142,402,758 and 114,740,155 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	1,424			1,148
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,033,860			813,540
	Accumulated deficit	(64,306		)	(88,964		)
	Accumulated other comprehensive loss	(2,414		)	—
Total EdR stockholders' equity		968,564			725,724
Noncontrolling interests		3,024			4,245
Total equity		971,588			729,969
Total liabilities and equity		$	1,812,904		$	1,610,565
(1) Amount is net of accumulated depreciation of $220,695 and $204,181 as of September 30, 2014 and December 31, 2013, respectively. Of this amount for September 30, 2014, $12,953 relates to collegiate housing properties held for sale.

THIRD QUARTER 2014 2

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)	Three months ended September 30,									Nine months ended September 30,
	2014			2013			$ Change			2014			2013			$ Change
Revenues:
Collegiate housing leasing revenue	$	47,657		$	39,550		$	8,107		$	144,677		$	116,338		$	28,339
Third-party development services	3,705			839			2,866			5,264			1,989			3,275
Third-party management services	1,052			918			134			2,856			2,710			146
Operating expense reimbursements	2,290			2,162			128			6,492			8,141			(1,649		)
Total revenues	54,704			43,469			11,235			159,289			129,178			30,111
Operating expenses:
Collegiate housing leasing operations	26,920			23,847			3,073			70,062			59,430			10,632
Development and management services	2,337			1,826			511			6,964			5,224			1,740
General and administrative	2,358			1,628			730			6,147			5,344			803
Development pursuit, acquisition costs and severance	1,064			81			983			1,373			349			1,024
Depreciation and amortization	14,688			11,387			3,301			42,928			33,548			9,380
Ground lease expense	2,329			1,833			496			6,162			5,631			531
Loss on impairment of collegiate housing properties	953			—			953			12,734			—			12,734
Reimbursable operating expenses	2,290			2,162			128			6,492			8,141			(1,649		)
Total operating expenses	52,939			42,764			10,175			152,862			117,667			35,195
Operating income (loss)	1,765			705			1,060			6,427			11,511			(5,084		)
Nonoperating (income) expenses:
Interest expense	4,508			4,569			(61		)	15,076			12,478			2,598
Amortization of deferred financing costs	516			438			78			1,533			1,268			265
Interest and other nonoperating income	(9,527		)	(129		)	(9,398		)	(9,638		)	(372		)	(9,266		)
Gain on insurance settlement	(8,133		)	—			(8,133		)	(8,133		)	—			(8,133		)
Loss on extinguishment of debt	243			—			243			892			—			892
Total nonoperating (income) expenses	(12,393		)	4,878			(17,271		)	(270		)	13,374			(13,644		)
Income (loss) before equity in earnings (losses) of unconsolidated entities, income taxes, discontinued operations and gain on sale of collegiate housing communities	14,158			(4,173		)	18,331			6,697			(1,863		)	8,560
Equity in earnings (losses) of unconsolidated entities	(236		)	(61		)	(175		)	(370		)	(102		)	(268		)
Income (loss) before income taxes, discontinued operations, and gain on sale of collegiate housing properties	13,922			(4,234		)	18,156			6,327			(1,965		)	8,292
Income tax (benefit) expense	910			(32		)	942			598			(269		)	867
Income (loss) from continuing operations	13,012			(4,202		)	17,214			5,729			(1,696		)	7,425
Income (loss) from discontinued operations	—			(280		)	280			—			4,381			(4,381		)
Income (loss) before gain on sale of collegiate housing communities	13,012			(4,482		)	17,494			5,729			2,685			3,044
Gain on sale of collegiate housing communities	8,421			—			8,421			19,322			—			19,322
Net income (loss)	21,433			(4,482		)	25,915			25,051			2,685			22,366
Less: Net income (loss) attributable to the noncontrolling interests	33			(20		)	53			393			6			387
Net income (loss) attributable to EdR	$	21,400		$	(4,462	)	$	25,862		$	24,658		$	2,679		$	21,979
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	1,343			—			1,343			(2,414		)	—			(2,414		)
Comprehensive income (loss)	$	22,743		$	(4,462	)	$	27,205		$	22,244		$	2,679		$	19,565
Earnings per share information:
Net income (loss) attributable to EdR common stockholders per share – basic and diluted	$	0.15		$	(0.04	)	$	0.19		$	0.20		$	0.02		$	0.18
Weighted average shares of common stock outstanding – basic	140,301			114,813						124,019			114,302
Weighted average shares of common stock outstanding – diluted	141,339			114,813						125,057			115,339

THIRD QUARTER 2014 3

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)
		Three months ended September 30,									Nine months ended September 30,
		2014			2013			$ Change			2014			2013			$ Change
Net income (loss) attributable to EdR		$	21,400		$	(4,462	)	$	25,862		$	24,658		$	2,679		$	21,979
	Gain on sale of collegiate housing assets (1)	(8,421		)	—			(8,421		)	(19,322		)	(3,895		)	(15,427		)
	Gain on insurance settlement (2)	(8,133		)	—			(8,133		)	(8,133		)	—			(8,133		)
	Impairment losses	953			—			953			12,734			—			12,734
	Real estate related depreciation and amortization	14,444			11,548			2,896			42,365			34,580			7,785
	Equity portion of real estate depreciation and amortization on equity investees	45			48			(3		)	144			144			—
	Noncontrolling interests	71			(73		)	144			250			(2		)	252
Funds from operations ("FFO")		20,359			7,061			13,298			52,696			33,506			19,190
FFO adjustments:
	Loss on extinguishment of debt	243			—			243			892			—			892
	Acquisition costs	1,034			(19		)	1,053			1,058			280			778
	Severance costs, net of tax	29			—			29			314			—			314
	Straight-line adjustment for ground leases (3)	1,209			1,217			(8		)	3,634			4,024			(390		)
FFO adjustments:		2,515			1,198			1,317			5,898			4,304			1,594
FFO on Participating Developments:(4)
	Interest on loan to Participating Development	(6,486		)	460			(6,946		)	(5,581		)	1,365			(6,946		)
	Development fees on Participating Development, net of costs and taxes	(1,548		)	—			(1,548		)	(1,548		)	454			(2,002		)
FFO on Participating Developments		(8,034		)	460			(8,494		)	(7,129		)	1,819			(8,948		)
Core funds from operations ("Core FFO")		$	14,840		$	8,719		$	6,121		$	51,465		$	39,629		$	11,836
FFO per weighted average share/unit (5)		$	0.14		$	0.06		$	0.08		$	0.42		$	0.29		$	0.13
Core FFO per weighted average share/unit (5)		$	0.11		$	0.08		$	0.03		$	0.41		$	0.34		$	0.07
Weighted average shares/units (5)		141,339			115,850			25,489			125,057			115,339			9,718
(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 gain on insurance settlement at 3949 Lindell. The Community was damaged by fire in July 2012. All claims were settled during the three months ended September 30, 2014, at which time the gain was recognized.
(3)  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.
(4)  On July 1, 2014, the owner of the participating development at Johns Hopkins successfully closed on permanent financing for the community and repaid in-full their construction loan as well as the $18.0 million mezzanine investment made by EdR. As a result of the repayment of the mezzanine investment, the Company recognized $6.5 million of interest income and $1.5 million of development fees, net of costs and taxes, in the quarter that had previously been received from the owner but deferred for GAAP purposes. Since the previously deferred amounts were added to Core FFO in prior periods when the fees would have been earned, they have been removed from Core FFO for the quarter. The adjustment for interest income for the nine months ended September 30, 2014, is $0.9 million less, which reflects the interest income earned in the first six months of 2014 that should flow through to Core FFO.
(5)  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 2014 4

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)
		Three months ended September 30,									Nine months ended September 30,
		2014		2013		$ Change			% Change		2014		2013		$ Change			% Change
Revenues
	Same-communities	$	30,394	$	29,358	$	1,036		3.5	%	$	97,645	$	94,772	$	2,873		3.0	%
	New-communities (1)	15,923		6,077		9,846			NM		38,811		8,905		29,906			NM
	Other-communities (3)	1,340		4,115		(2,775		)	NM		8,221		12,661		(4,440		)	NM
Total revenues		47,657		39,550		8,107			20.5	%	144,677		116,338		28,339			24.4	%
Operating expenses (2)
	Same-communities	17,949		17,435		514			2.9	%	46,908		45,416		1,492			3.3	%
	New-communities (1)	7,761		3,117		4,644			NM		17,984		5,954		12,030			NM
	Other-communities (3)	1,210		3,295		(2,085		)	NM		5,170		8,060		(2,890		)	NM
Total operating expenses		26,920		23,847		3,073			12.9	%	70,062		59,430		10,632			17.9	%
Net operating income
	Same-communities	12,445		11,923		522			4.4	%	50,737		49,356		1,381			2.8	%
	New-communities (1)	8,162		2,960		5,202			NM		20,827		2,951		17,876			NM
	Other-communities (3)	130		820		(690		)	NM		3,051		4,601		(1,550		)	NM
Total net operating income		$	20,737	$	15,703	$	5,034		32.1	%	$	74,615	$	56,908	$	17,707		31.1	%
(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 September 30, 2014.

THIRD QUARTER 2014 5

SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended September 30, 2014						Three months ended September 30, 2013
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		$ Change			% Change
Utilities (1)	$	4,512	$	235	25	%	$	4,493	$	234	$	19		0.4	%
On-Site Payroll	2,866		150		16	%	2,769		144		97			3.5	%
General & Administrative (2)	2,741		143		15	%	2,853		149		(112		)	(3.9	)%
Maintenance & Repairs (3)	3,762		196		21	%	3,590		187		172			4.8	%
Marketing	760		40		4	%	767		40		(7		)	(0.9	)%
Total Direct Operating Expenses	$	14,641	$	764	82	%	$	14,472	$	754	$	169		1.2	%
Real Estate Taxes	2,871		150		16	%	2,509		131		362			14.4	%
Insurance	437		23		2	%	454		24		(17		)	(3.7	)%
Total Fixed Operating Expenses	$	3,308	$	173	18	%	$	2,963	$	155	$	345		11.6	%
Total Property Operating Expenses	$	17,949	$	937	100	%	$	17,435	$	909	$	514		2.9	%
	Nine months ended September 30, 2014						Nine months ended September 30, 2013
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		$ Change			% Change
Utilities (1)	$	13,001	$	678	28	%	$	12,641	660		360			2.8	%
On-Site Payroll	8,190		427		17	%	7,900		412		290			3.7	%
General & Administrative (2)	7,567		395		16	%	7,717		403		(150		)	(1.9	)%
Maintenance & Repairs (3)	5,668		296		12	%	5,557		290		111			2.0	%
Marketing	2,284		119		5	%	2,351		123		(67		)	(2.8	)%
Total Direct Operating Expenses	$	36,710	$	1,915	78	%	$	36,166	$	1,888	$	544		1.5	%
Real Estate Taxes	8,888		464		19	%	7,867		410		1,021			13.0	%
Insurance	1,310		68		3	%	1,383		72		(73		)	(5.3	)%
Total Fixed Operating Expenses	$	10,198	$	532	22	%	$	9,250	$	483	$	948		10.2	%
Total Property Operating Expenses	$	46,908	$	2,447	100	%	$	45,416	$	2,371	$	1,492		3.3	%
Same-community beds	19,165
(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.

THIRD QUARTER 2014 6

COMMUNITY STATISTICS

	Three months ended September 30,									Nine months ended September 30,
	2014			2013			Change			2014			2013			Change
Occupancy
Physical	89.8		%	88.9		%	90		bps	90.1		%	89.3		%	80		bps
Economic	75.6		%	75.7		%	(10	)	bps	84.1		%	83.1		%	100		bps
NarPAB	$	514		$	453		13.5	%		$	546		$	489		11.7	%
Other income per avail. bed	$	54		$	53		1.9	%		$	44		$	44		—	%
RevPAB	$	568		$	506		12.3	%		$	590		$	533		10.7	%
Operating expense per bed	$	321		$	305		5.2	%		$	286		$	272		5.1	%
Operating margin	43.5		%	39.7		%	380		bps	51.6		%	48.9		%	270		bps
Design Beds	83,876			78,232			7.2	%		245,048			218,166			12.3	%
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.

THIRD QUARTER 2014 7

SAME-COMMUNITY STATISTICS

	Three Months Ended September 30,									Nine Months Ended September 30,
	2014			2013			Change			2014			2013			Change
Occupancy
Physical	89.1		%	89.0		%	10		bps	90.0		%	89.9		%	10		bps
Economic	76.1		%	74.9		%	120		bps	84.8		%	83.3		%	150		bps
NarPAB	$	476		$	462		3.0	%		$	524		$	509		2.9	%
Other income per avail. bed	$	53		$	49		8.2	%		$	42		$	40		5.0	%
RevPAB	$	529		$	511		3.5	%		$	566		$	549		3.1	%
Operating expense per bed	$	312		$	303		2.9	%		$	272		$	263		3.3	%
Operating margin	40.9		%	40.6		%	30		bps	52.0		%	52.1		%	(10	)	bps
Design Beds (1)	57,495			57,495			—	%		172,485			172,485			—	%
(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.

THIRD QUARTER 2014 8

LEASING RESULTS SUMMARY

				Opening Occupancy
	Design Beds	% of NOI		2014		2013		Ahead/(Behind)		Opening Rate Growth
Same-Communities - by Tier
Prior Year Occupancy Below 90% (Tier 1)	3,597	12.5	%	91.8	%	81.7	%	10.1	%	(0.4	)%
Prior Year Occupancy 90% to 94.9% (Tier 2)	5,992	27.3	%	95.5	%	92.3	%	3.2	%	1.3	%
Prior Year Occupancy 95% to 97.9% (Tier 3)	5,514	21.6	%	95.6	%	96.4	%	(0.8	)%	2.6	%
Prior Year Occupancy 98% and Above (Tier 4)	8,356	38.6	%	99.3	%	99.9	%	(0.6	)%	3.1	%
Total Same-Communities (1)	23,459	100.0	%	96.3	%	94.3	%	2.0	%	2.0	%
Total New-Communities (1)	5,405			96.1	%
Total Communities	28,864			96.3	%
Fall 2014 and Spring 2015 Revenue Growth(1):
Based on different portfolio mix for supplemental financial reporting purposes and absent other quarterly leasing fluctuations, the above leasing results are expected to equate to same-community revenue growth of just under 3% for the fourth quarter of 2014 and approximately 4% for the first and second quarters of 2015 on a supplemental financial reporting basis.
(1) The same-community designation for leasing purposes is different than for supplemental financial reporting purposes. A community is considered same-community for leasing when the Company has managed the leasing process for at least two leasing cycles, including the Fall 2014 lease cycle. Same-communities above include those listed on page 18 of 19,165 plus the properties denoted with a (1), representing 3,292 beds, that are considered same-community for leasing purposes. In addition, included in same-communities above are 1,002 beds for The Pointe at South Florida, which was included in our portfolio at the time leasing results were announced, but has subsequently sold. This community is not presented in the community listing page on page 18. New-communities include new communities listed on page 18 that are denoted with a (2) for a total of 5,405 beds.

THIRD QUARTER 2014 9

SAME-COMMUNITY LEASING RESULTS BY REGION AND DISTANCE

				Opening Occupancy
	Design Beds	% of NOI		2014		2013		Ahead/(Behind)		Opening Rate Growth
Same-Communities - by Region (1)
Mid-Atlantic	4,724	28.8	%	98.3	%	97.2	%	1.1	%	1.7	%
Midwest	2,636	8.9	%	93.6	%	92.2	%	1.4	%	2.8	%
North	2,547	10.4	%	99.1	%	97.0	%	2.1	%	2.6	%
South Central	4,695	21.7	%	98.2	%	97.4	%	0.8	%	3.2	%
Southeast	6,765	20.6	%	94.0	%	94.0	%	—	%	1.5	%
West	2,092	9.6	%	94.9	%	81.5	%	13.4	%	(0.8	)%
Total Same-Communities	23,459	100.0	%	96.3	%	94.3	%	2.0	%	2.0	%
Same-Communities - by Distance from Campus
0-0.2 miles	13,728	66.6	%	96.4	%	94.0	%	2.4	%	1.7	%
0.21-0.49 miles	2,144	8.3	%	97.1	%	91.1	%	6.0	%	(0.6	)%
0.5-0.99 miles	2,006	6.8	%	97.5	%	96.1	%	1.4	%	3.5	%
1.0-1.99 miles	4,466	15.2	%	95.0	%	95.5	%	(0.5	)%	3.1	%
2.0 & > miles	1,115	3.1	%	96.7	%	96.2	%	0.5	%	1.8	%
Total Same-Communities	23,459	100.0	%	96.3	%	94.3	%	2.0	%	2.0	%
(1) See definition of regions on page 20.

THIRD QUARTER 2014 10

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

New supply expected to slow 15% from 2014 to 2015

EdR Market and Revenue Growth

*Enrollment projection represents the 4-year enrollment CAGR through 2013 for our markets.

THIRD 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	%	2.2	%	0.5	%	1.7	%
Mid Atlantic	6,201	20	%	25	%	0.8	%	1.6	%	(0.8	)%
North	3,707	12	%	10	%	0.3	%	1.5	%	(1.2	)%
South Central	9,342	30	%	33	%	1.9	%	1.2	%	0.7	%
Southeast	6,305	20	%	14	%	1.6	%	2.5	%	(0.9	)%
Midwest	2,636	8	%	6	%	2.2	%	3.2	%	(1.0	)%
Total	31,418	100	%	100	%	1.5	%	1.6	%	(0.1	)%
Region (4)	Anticipated 2015 Enrollment Growth (2)	2015 Supply Growth		Variance
West	3,259	882		2,377
Mid Atlantic	1,269	2,721		(1,452	)
North	2,031	3,393		(1,362	)
South Central	2,671	2,117		554
Southeast	3,553	6,458		(2,905	)
Midwest	2,053	3,064		(1,011	)
Total	14,836	18,635		(3,799	)
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, University websites, Axiometrics and local market data.
(1) Includes 2014 and 2015 development deliveries. 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 and University websites, using the previous 3-year enrollment growth percentage.
(3) Total Owned Beds reported herein include Total Communities design beds on page 18 of 28,762 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, and 656 beds for 2015 delivery at the University of Louisville (see page 14).
(4) See definition of regions on page 20.

THIRD 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%	12		31	%	7,328	23	%	25	%
0.1% to 1.0%	7		18	%	5,310	17	%	15	%
1.0% - 3.0%	11		28	%	12,758	41	%	44	%
3.0% - 5.0%	5		13	%	3,724	12	%	8	%
> 5.0%	4		10	%	2,298	7	%	8	%
Total	39		100	%	31,418	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	%	1.2	%
University of Oklahoma	6.8	%	1.2	%
University of Alabama	5.8	%	2.9	%
			7.7	%
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. NOI is based on current 2014 forecasted net operating income with annualization for 2014 developments and acquisitions and proforma NOI for 2015 developments.

THIRD QUARTER 2014 13

OWNED DEVELOPMENT SUMMARY - RECENT DELIVERIES

(Amounts in thousands except bed counts)
August 2014 Delivered Communities
	Project	Project Type	Bed Count	Total Project Development Cost	EdR's Ownership Percentage		EdR's Share of Development Cost
	University of Colorado - The Lotus	Wholly Owned	195	20,830	100	%	20,830
	University of Kentucky - Haggin Hall	ONE Plan (1)	396	23,802	100	%	23,802
	University of Kentucky - Champions Court I	ONE Plan (1)	740	45,924	100	%	45,924
	University of Kentucky - Champions Court II	ONE Plan (1)	427	23,808	100	%	23,808
	University of Kentucky - Woodland Glen I & II	ONE Plan (1)	818	44,491	100	%	44,491
	University of Minnesota - The Marshall	Joint Venture (2)	994	94,044	50	%	47,022
	Duke University - 605 West	Joint Venture	384	46,133	90	%	41,520
	University of Connecticut - The Oaks on the Square Ph III	Wholly Owned	116	12,819	100	%	12,819
	Florida International University - 109 Tower	Presale	542	43,500	100	%	43,500
	Total - August 2014 Delivered Communities		4,612	355,351			303,716
	(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) This project is not majority owned. As such, it 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.

THIRD QUARTER 2014 14

OWNED DEVELOPMENT SUMMARY - ACTIVE PROJECTS

(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 Kentucky - Woodland Glen III, IV & V	ONE Plan (1)	1,610	In progress	Summer 2015	101,172	100	%	101,172	52,076
	University of Georgia - Georgia Heights	Joint Venture (2)	292	In progress	Summer 2015	55,615	50	%	27,808	241
	University of Connecticut - The Oaks on the Square Ph IV	Wholly Owned	390	In progress	Summer 2015	45,000	100	%	45,000	38,690
	University of Louisville - The Retreat at Louisville	Joint Venture	656	In Progress	Summer 2015	45,000	75	%	33,750	27,008
	Total - 2015 Deliveries		2,948			246,787			207,730	118,015
	University of Kentucky - Limestone Park I & II	ONE Plan (1)	1,141	In progress	Summer 2016	83,911	100	%	83,911	80,960
	Total - 2016 Deliveries		1,141			83,911			83,911	80,960
	Total Active Projects		4,089			330,698			291,641	198,975
	(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) This project is not majority owned. As such, it 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.

THIRD QUARTER 2014 15

THIRD-PARTY DEVELOPMENT SUMMARY

(Amounts in thousands except bed counts)
THIRD-PARTY PROJECTS
Completed and Delivered Projects	Bed Count	Project Development Cost	Total Project Fees	Fees Earned Prior Year (1)	Fees Earned Nine Months Ended September 30, 2014 (1)
West Chester University of Pennsylvania Phase II	653	56,639	1,499	934	442
Wichita State University - Shocker Hall	784	60,034	1,902	614	1,736	(2)
	1,437	116,673	3,401	1,548	2,178
Active Projects	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, 2014 (1)	Remaining Fees to Earn
Clarion University of Pennsylvania	728	Spring 2014	Fall 2015	55,104	2,092		—	471	1,621
East Stroudsburg University - Pennsylvania Ph II	488	Spring 2015	Summer 2016	TBD	TBD		—	—	—
Total	1,216			55,104	2,092		—	471	1,621
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.
(2) Includes cost savings recognized during the nine months ended September 30, 2014 of $600.

THIRD QUARTER 2014 16

CAPITAL STRUCTURE

as of September 30, 2014					Principal Outstanding			Weighted Average Interest Rate		Average Term to Maturity (in years)
(dollars in thousands)
Total Debt to Gross Assets
Debt (1)	$	731,920		Fixed Rate - Mortgage Debt (1)	$	207,525		5.7	%	2.7
Gross Assets (2)	2,033,599			Variable Rate - Mortgage Debt	34,000			2.3	%	1.8
Debt to Gross Assets	36.0		%	Variable Rate - Construction Debt	92,895			2.3	%	0.7
				Fixed Rate - 5 Yr. Unsecured Term Loan (5)	65,000			3.0	%	4.3
Net Debt to Enterprise Value				Fixed Rate - 7 Yr. Unsecured Term Loan (5)	122,500			4.0	%	6.3
Net Debt (1)	$	713,498		Variable Rate - Unsecured Revolving Credit Facility	210,000			1.5	%	3.3
Market Equity (3)	1,474,567			Debt (1) / Weighted Average	$	731,920		3.35	%	3.3
Enterprise Value	$	2,188,065		Less Cash	18,422
				Net Debt	$	713,498
Net Debt to Enterprise Value	32.6		%
				Interest Coverage (TTM)	4.9		x
				Net Debt to EBITDA - Adjusted (TTM) (4)	5.2		x
				Variable Rate Debt to Total Debt	46.0		%

Weighted Average Interest Rate of Debt Maturing Each Year (5)
	2014	2015	2016	2017	2018	2019	2020	2021
Fixed Rate Mortgage Loans	—%	—%	5.5%	5.5%	—%	6.0%	6.1%	—%
Total Debt	—%	2.3%	4.6%	5.5%	1.5%	4.4%	5.7%	4.0%
(1)  Excludes unamortized debt premium of $1.7 million as of September 30, 2014.
(2)  Excludes accumulated depreciation of $220.7 million as of September 30, 2014 including $13.0 million related to held for sale assets.
(3)  Market equity includes 142,402,758 shares of the Company's common stock and 1,037,600 Operating Partnership units and is calculated using $10.28 per share, the closing price of the Company's common stock on September 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) 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.

THIRD 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	Campus Village	Michigan State University	Oct '12	355
The Commons	Florida State University	Jan ’05	732	The Province	Kent State University	Nov '12	596
University Towers	North Carolina State University	Jan ’05	889	The Suites at Overton Park	Texas Tech University	Dec '12	465
The Reserve on Perkins	Oklahoma State University	Jan ’05	732	The Centre at Overton Park	Texas Tech University	Dec '12	400
The Pointe	Pennsylvania State University	Jan ’05	984		Total Same-Communities		19,165
Commons on Kinnear	The Ohio State University	Jan ’05	502
The Lofts	University of Central Florida	Jan ’05	730	The Lotus(2)	University of Colorado, Boulder	Nov '11, Aug '14	235
The Reserve at Athens	University of Georgia	Jan ’05	612	The Oaks on the Square (1)	University of Connecticut	Aug '12, Aug ' 13	503
The Reserve at Columbia	University of Missouri	Jan ’05	676	3949 (1)	Saint Louis University	Aug '13	256
Commons at Knoxville	University of Tennessee	Jan ’05	708	Central Hall I & II (ONE Plan) (1)	University of Kentucky	Aug '13	601
Campus Creek	University of Mississippi	Feb ’05	636	2400 Nueces (ONE Plan) (1)	University of Texas at Austin	Aug '13	655
Campus Lodge	University of Florida	Jun ’05	1,115	Roosevelt Point (1)	Arizona State University - Downtown Phoenix	Aug '13	609
Cape Trails	Southeast Missouri State University	Jan ’06	360	The Retreat at Oxford (1)	University of Mississippi	Aug '13	668
Carrollton Crossing	University of West Georgia	Jan ’06	336	The Retreat at State College(2)	Pennsylvania State University	Sept '13	587
River Pointe	University of West Georgia	Jan ’06	504	The Cottages on Lindberg(2)	Purdue University	Sept '13	745
The Avenue at Southern	Georgia Southern University	Jun ’06	624	The Varsity(2)	University of Michigan	Dec '13	415
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09	768	605 West(2)	Duke University	Aug '14	384
University Village on Colvin (ONE Plan)	Syracuse University	Aug '09	432	109 Tower(2)	Florida International University	Aug '14	542
GrandMarc at The Corner	University of Virginia	Oct '10	641	The Oaks on the Square- Ph III(2)	University of Connecticut	Aug '14	116
Wertland Square	University of Virginia	Mar ’11	152	Champions Court II (ONE Plan)(2)	University of Kentucky	Aug '14	427
Jefferson Commons	University of Virginia	Mar ’11	82	Haggin Hall I (ONE Plan)(2)	University of Kentucky	Aug '14	396
The Berk	University of California, Berkeley	May ’11	165	Champions Court II (ONE Plan)(2)	University of Kentucky	Aug '14	740
University Village Towers	University of California, Riverside	Sept '11	554	Woodland Glen I & II (ONE Plan)(2)	University of Kentucky	Aug '14	818
Irish Row	University of Notre Dame	Nov '11	326	The District on Apache	Arizona State University - Tempe	Sept '14	900
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	Dec '11	562		Total New-Communities		9,597
The Reserve on Stinson	University of Oklahoma	Jan '12	612		Total Owned-Communities		28,762
Campus West (ONE Plan)	Syracuse University	Aug '12	313
East Edge	University of Alabama	Aug '12	774
The Province	East Carolina University	Sept '12	728
The District on 5th	University of Arizona	Oct '12	764
(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 managed the leasing process for the 2013/2014 and 2014/2015 lease cycles.
(2) These properties are considered new for purposes of leasing, as we did not manage the leasing process for 2013/2014. Opening occupancy for the 2014/2015 lease year is presented on page 9 for these beds (5,405 total new beds).

THIRD QUARTER 2014 18

INVESTOR RELATIONS

Executive Management
	Randy Churchey	Chief Executive Officer
	Bill Brewer	Chief Financial 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
	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 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; North: Michigan, Ohio, Indiana, Illinois; South Central: Texas, Tennessee, Mississippi, Kentucky; Southeast: Florida, 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.

THIRD 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.

THIRD QUARTER 2014 21