Education Realty Trust 8-K EdR ANNOUNCES 2017 RESULTS AND 2018 FINANCIAL GUIDANCE

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data, unaudited)
OPERATING DATA:
		Three months ended December 31,								Year ended December 31,
		2017		2016		$ Chg		% Chg		2017		2016		$ Chg			% Chg
	Same-community revenue	$	66,031	$	64,900	$	1,131	1.7	%	$	238,342	$	233,893	$	4,449		1.9	%
	Total community revenue	91,786		80,437		11,349		14.1	%	313,727		274,187		39,540			14.4	%
	Total revenue	95,866		84,224		11,642		13.8	%	331,066		288,968		42,098			14.6	%
	Same-community net operating income	43,363		42,719		644		1.5	%	143,524		142,437		1,087			0.8	%
	Total community net operating income	59,719		52,626		7,093		13.5	%	185,369		162,809		22,560			13.9	%
	Total operating income	32,026		18,133		13,893		76.6	%	62,961		49,066		13,895			28.3	%
	Net income attributable to EdR	25,378		14,133		11,245		79.6	%	47,440		44,924		2,516			5.6	%
	Per share - basic and diluted	$	0.32	$	0.19	$	0.13	68.4	%	$	0.60	$	0.65	$	(0.05	)	(7.7	)%
	Funds from operations (FFO)	48,399		39,692		8,707		21.9	%	142,753		105,973		36,780			34.7	%
	Per weighted average share/unit (1)	$	0.63	$	0.54	$	0.09	16.7	%	$	1.92	$	1.52	$	0.40		26.3	%
	Core funds from operations (Core FFO)	44,740		43,219		1,521		3.5	%	141,465		122,980		18,485			15.0	%
	Per weighted average share/unit (1)	$	0.59	$	0.59	$	—	—	%	$	1.90	$	1.77	$	0.13		7.3	%
FINANCIAL RATIOS:
		12/31/2017				12/31/2016
	Debt to gross assets	27.5%				18.5%
	Net debt to gross assets	27.0%				17.5%
	Debt, net of cash and undrawn forward equity proceeds to gross assets	21.4%				7.1%
	Net debt to enterprise value	25.6%				13.5%
	Interest coverage ratio (TTM)	10.3x				9.0x
	Net debt to EBITDA - Adjusted (TTM)	3.3x				1.7x
(1) FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact. See page 5 for a detailed calculation.

FOURTH QUARTER 2017 1

BALANCE SHEET

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

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

FOURTH QUARTER 2017 2

OPERATING RESULTS

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

FOURTH QUARTER 2017 3

OPERATING RESULTS

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

FOURTH QUARTER 2017 4

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)		Three months ended December 31,								Year ended December 31,
		2017			2016		$ Change			2017			2016			$ Change
Net income attributable to EdR		$	25,378		$	14,133	$	11,245		$	47,440		$	44,924		$	2,516
	Gain on sale of collegiate housing assets	—			—		—			(691		)	(23,956		)	23,265
	Impairment losses	—			2,500		(2,500		)	—			2,500			(2,500		)
	Real estate related depreciation and amortization	22,074			22,229		(155		)	93,390			79,653			13,737
	Equity portion of real estate depreciation and amortization on equity investees	913			676		237			2,923			2,699			224
	Noncontrolling interests	34			154		(120		)	(309		)	153			(462		)
Funds from operations ("FFO") available to stockholders and unitholders		48,399			39,692		8,707			142,753			105,973			36,780
	percent change						21.9		%							34.7		%
FFO adjustments:
	Loss on extinguishment of debt	—			—		—			22			10,611			(10,589		)
	Acquisition costs	8			206		(198		)	35			619			(584		)
	Change in fair value of contingent consideration liability and settlement(1)	(4,837		)	2,146		(6,983		)	(6,041		)	1,046			(7,087		)
	Straight-line adjustment for ground leases (2)	1,170			1,175		(5		)	4,696			4,731			(35		)
FFO adjustments		(3,659		)	3,527		(7,186		)	(1,288		)	17,007			(18,295		)
Core funds from operations ("Core FFO") available to stockholders and unitholders		$	44,740		$	43,219	$	1,521		$	141,465		$	122,980		$	18,485
	percent change						3.5		%							15.0		%
Earnings per share - diluted (3)		$	0.32		$	0.19	$	0.13		$	0.60		$	0.65		$	(0.05	)
	percent change						68.4		%							(7.7		)%
FFO per weighted average share/unit (4)		$	0.63		$	0.54	$	0.09		$	1.92		$	1.52		$	0.40
	percent change						16.7		%							26.3		%
Core FFO per weighted average share/unit (4)		$	0.59		$	0.59	$	—		$	1.90		$	1.77		$	0.13
	percent change						—		%							7.3		%
Weighted average shares/units (4)		76,388			73,595		2,793			74,465			69,600			4,865
	percent change						3.8		%							7.0		%
Note: The Tax Cuts and Jobs Act was signed into law in December 2017, and as a result we incurred an increased tax charge of $835 thousand for the fourth quarter and year ended December 31, 2017. This charge reduced earnings per share, FFO and Core FFO per share each by $0.01 for the fourth quarter and year ended December 31, 2017.
(1) Included in this line item for the periods above are the changes in fair value of contingent consideration liabilities associated with two of our 2016 acquisitions. Also included for the fourth quarter 2017 was a $4.8 million gain on the settlement of a dispute that arose with the seller of one of our acquired properties post-acquisition.
(2) This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As the ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(3) The numerator for earnings per share - diluted also includes $0.7 million and $2.7 million of accretion of redeemable noncontrolling interests for the three and twelve months ended December 31, 2017, respectively.
(4) FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

FOURTH QUARTER 2017 5

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)
		Three Months Ended December 31,									Year Ended December 31,
		2017		2016		$ Change			% Change		2017		2016			$ Change			% Change
Revenues
	Same-communities(1)	$	66,031	$	64,900	$	1,131		1.7	%	$	238,342	$	233,893		$	4,449		1.9	%
	New-communities (2)	23,315		11,795		11,520			NM		65,580		23,014			42,566			NM
	Other-communities(3)	2,440		3,090		(650		)	NM		8,871		10,460			(1,589		)	NM
	Sold-communities(4)	—		652		(652		)	NM		934		6,820			(5,886		)	NM
Total revenues		91,786		80,437		11,349			14.1	%	313,727		274,187			39,540			14.4	%
Operating expenses (5)
	Same-communities(1)	22,668		22,181		487			2.2	%	94,818		91,456			3,362			3.7	%
	New-communities (2)	8,038		3,673		4,365			NM		27,172		9,752			17,420			NM
	Other-communities(3)	1,361		1,508		(147		)	NM		5,538		6,031		��	(493		)	NM
	Sold-communities(4)	—		449		(449		)	NM		830		4,139			(3,309		)	NM
Total operating expenses		32,067		27,811		4,256			15.3	%	128,358		111,378			16,980			15.2	%
Net operating income
	Same-communities(1)	43,363		42,719		644			1.5	%	143,524		142,437			1,087			0.8	%
	New-communities (2)	15,277		8,122		7,155			NM		38,408		13,262			25,146			NM
	Other-communities(3)	1,079		1,582		(503		)	NM		3,333		4,429			(1,096		)	NM
	Sold-communities(4)	—		203		(203		)	NM		104		2,681			(2,577		)	NM
Total net operating income		$	59,719	$	52,626	$	7,093		13.5	%	$	185,369	$	162,809		$	22,560		13.9	%
(1) Same-communities are defined as those communities that were owned and operating for the full year as of December 31, 2017 and 2016 and are not conducting substantial development or redevelopment activities or have other significant changes in design beds. See page 29 of this supplement for a listing of same-communities.
(2) See page 30 of this supplement for a listing of which communities are categorized as new-communities.
(3) Effective January 1, 2017, the following communities moved from same-community to other-community: 1) Players Club serving Florida State University due to the demolition and redevelopment of the property and 2) University Towers, serving North Carolina State University. As a result of the university implementing a new freshman live-on requirement in fall 2017, we anticipated changing the way the community will be leased and operated in 2017 making year over year results incomparable.
(4) Represents operating results from communities sold in 2016 or 2017.
(5) Represents community level operating expenses, excluding management fees, depreciation, amortization, ground lease expense and impairment charges, plus regional and other corporate costs of supporting the communities.

FOURTH QUARTER 2017 6

SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended December 31, 2017						Three months ended December 31, 2016
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities(1)	$	6,908	$	264	29	%	$	6,753	$	258	30	%	$	155		2.3	%
On-Site Payroll	3,879		148		17	%	3,821		146		16	%	58			1.5	%
General & Administrative(2)	3,834		147		17	%	3,571		136		16	%	263			7.4	%
Maintenance & Repairs(3)	1,677		64		7	%	1,479		57		7	%	198			13.4	%
Marketing	1,080		41		5	%	909		35		4	%	171			18.8	%
Total Direct Operating Expenses	$	17,378	$	664	76	%	$	16,533	$	632	75	%	$	845		5.1	%
Real Estate Taxes	4,781		183		21	%	5,086		194		23	%	(305		)	(6.0	)%
Insurance	509		19		2	%	562		21		3	%	(53		)	(9.4	)%
Total Fixed Operating Expenses	$	5,290	$	202	24	%	$	5,648	$	215	25	%	$	(358	)	(6.3	)%
Total Property Operating Expenses	$	22,668	$	866	100	%	$	22,181	$	847	100	%	$	487		2.2	%
	Year ended December 31, 2017						Year ended December 31, 2016
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities(1)	$	26,798	$	1,024	28	%	$	26,278	$	1,004	29	%	$	520		2.0	%
On-Site Payroll	15,993		611		17	%	16,162		618		18	%	(169		)	(1.0	)%
General & Administrative(2)	13,454		514		15	%	13,011		497		14	%	443			3.4	%
Maintenance & Repairs(3)	11,111		425		12	%	10,528		402		12	%	583			5.5	%
Marketing	3,852		147		4	%	3,661		140		4	%	191			5.2	%
Total Direct Operating Expenses	$	71,208	$	2,721	76	%	$	69,640	$	2,661	76	%	$	1,568		2.3	%
Real Estate Taxes	21,568		824		23	%	19,553		747		21	%	2,015			10.3	%
Insurance	2,042		78		2	%	2,263		86		2	%	(221		)	(9.8	)%
Total Fixed Operating Expenses	$	23,610	$	902	24	%	$	21,816	$	834	24	%	$	1,794		8.2	%
Total Property Operating Expenses	$	94,818	$	3,623	100	%	$	91,456	$	3,495	100	%	$	3,362		3.7	%
Same-community beds	26,167
(1) Represents gross costs before recoveries from tenants and includes student amenities such as internet.
(2) Includes property-level general and administrative cost and dining costs as well as regional and other corporate costs of supporting the communities.
(3) Includes general maintenance costs, grounds and landscaping, turn costs and life safety costs.

FOURTH QUARTER 2017 7

COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

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

FOURTH QUARTER 2017 8

COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Year Ended December 31, 2017
		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
2017 Sold-Communities
	Revenue	$	652		$	625		$	309		$	—		$	—		$	934
	Operating Expenses	449			455			375			—			—			830
	Net Operating Income	$	203		$	170		$	(66	)	$	—		$	—		$	104
	Margin	31		%	27		%	(21		)%	—		%	—		%	11		%
	Beds	1,836			1,836			1,224			—			—			3,060
	Occupancy(1)	61.4		%	61.4		%	63.1		%	—		%	—		%	62.1		%
	Net Apartment Rent per Occupied Bed	$	563		$	530		$	372		$	—		$	—		$	466
	Other Income per Occupied Bed	15			24			27			—			—			25
	Total Revenue per Occupied Bed	$	578		$	554		$	399		$	—		$	—		$	491
	Operating Expense per Available Bed	$	244		$	248		$	307		$	—		$	—		$	271
2017 Total Communities
	Revenue	$	80,437		$	80,785		$	70,071		$	71,085		$	91,786		$	313,727
	Operating Expenses	27,811			28,877			30,338			37,076			32,067			128,358
	Net Operating Income	$	52,626		$	51,908		$	39,733		$	34,009		$	59,719		$	185,369
	Margin	65		%	64		%	57		%	48		%	65		%	59		%
	Beds	98,187			101,845			101,202			105,312			109,260			417,619
	Occupancy(1)	94.8		%	93.3		%	79.9		%	86.2		%	94		%	88.5		%
	Net Apartment Rent per Occupied Bed	$	819		$	800		$	800		$	702		$	844		$	788
	Other Income per Occupied Bed	46			50			66			81			49			61
	Total Revenue per Occupied Bed	$	865		$	850		$	866		$	783		$	893		$	849
	Operating Expense per Available Bed	$	283		$	284		$	300		$	352		$	293		$	307
(1) Represents the weighted average physical occupancy for the period presented.
(2) Effective January 1, 2017, the following communities moved from same-community to other-community: 1) Players Club serving Florida State University due to the demolition and redevelopment of the property and 2) University Towers, serving North Carolina State University, as we previously anticipated changing the way the community will be leased and operated in 2017.

FOURTH QUARTER 2017 9

2017 RESULTS PRESENTED IN 2018 SAME-COMMUNITY MIX

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

FOURTH QUARTER 2017 10

2017 RESULTS PRESENTED IN 2018 SAME-COMMUNITY MIX

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

FOURTH QUARTER 2017 11

TOP EdR MARKETS AND STATES BY REVENUE

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

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

FOURTH QUARTER 2017 12

TOP EdR MARKETS AND STATES BY REVENUE

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

FOURTH QUARTER 2017 13

NEW SUPPLY AND ENROLLMENT - EdR MARKETS

EdR Market Supply, Enrollment and Revenue Growth

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

FOURTH QUARTER 2017 14

OWNED COMMUNITY PROJECTED 2018 NEW SUPPLY AND DEMAND INFORMATION

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

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

FOURTH QUARTER 2017 15

OWNED DEVELOPMENT SUMMARY

(Amounts in thousands, except bed counts)
	Active Projects	Project Type	EdR's Ownership Percentage	Bed Count	Estimated Start Date	Anticipated Completion Date	Total Project Development Cost		EdR's Economic Ownership Cost(1)		Development Cost Funded by EdR's Balance Sheet (Excludes Partner Contribution)(2)		EdR's Remaining Cost to be Funded
	Northern Michigan University - The Woods	ONE Plan (3)	100%	433	Completed(4)	Completed(4)	$	24,600	$	24,600	$	24,600	$	—
	University of Pittsburgh	Joint Venture	80%	723	In progress	Summer 2018	106,100		84,900		100,300		45,700
	Florida State University - Players Club redevelopment	Wholly Owned	100%	592	In progress	Summer 2018	38,000		38,000		38,000		23,000
	Northern Michigan University - The Woods	ONE Plan (3)	100%	379	In progress	Summer 2018(4)	29,000		29,000		29,000		23,700
	University of Minnesota - Hub at Minneapolis	Joint Venture	51%	707	In progress	Summer 2018	97,900		49,900		83,500		47,100
	Arizona State University - Union Tempe	Joint Venture	90%	839	In progress	Summer 2018	164,900		148,400		159,100		65,000
	Cornell University - Maplewood	ONE Plan (3)	100%	872	In progress	Summer 2018	86,000		86,000		86,000		60,500
	Colorado State University - Union on Plum	Joint Venture	70%	229	In progress	Summer 2018	28,200		19,700		25,700		14,700
	Iowa State University - Union on Lincoln Way	Joint Venture	70%	542	In progress	Summer 2018	51,900		36,300		47,300		28,000
	University of Hawai'i - Hale Mahana	Joint Venture	90%	589	In progress	Summer 2018	109,600		98,600		106,300		53,200
	Oklahoma State University - One on 4th	Joint Venture	70%	475	In progress	2018	47,200		33,000		43,700		11,200
	Total - 2018 Deliveries			6,380			$	783,400	$	648,400	$	743,500	$	372,100
	Lehigh University - Southside Commons	ONE Plan (3)	100%	428	In progress	Summer 2019	48,300		48,300		48,300		47,200
	Mississippi State University	ONE Plan (3)	100%	656	Summer 2018	Summer 2019	69,200		69,200		69,200		69,200
	Total - 2019 Deliveries			1,084			$	117,500	$	117,500	$	117,500	$	116,400
	Total Active Projects			7,464			$	900,900	$	765,900	$	861,000	$	488,500
	(1) Represents total project cost multiplied by EdR's ownership percentage, which is reflective of EdR's economic interest in operating results.
	(2) For developments that are consolidated in EdR's financials but less than 100% owned, 100% of the developments costs and debt related to the development is included in EdR's balance sheet. As such, EdR's funding requirement and impact on leverage is equal to total project cost less equity contributed by our joint venture partner.
	(3) The On-Campus Equity Plan, or The ONE PlanSM, is our equity program for universities, which allows universities to use EdR's equity and financial stability to develop and revitalize campus housing while preserving their credit capacity for other campus projects. The ONE PlanSM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.
	(4) The second phase of NMU delivered in January 2018 with the third and final phase anticipated for a Summer 2018 delivery.

FOURTH QUARTER 2017 16

CAPITAL ALLOCATION – LONG TERM FUNDING PLAN

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

FOURTH QUARTER 2017 17

RECENTLY AWARDED OWNED & THIRD-PARTY DEVELOPMENTS

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

NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements, construction agreements and ground leases.

FOURTH QUARTER 2017 18

CAPITAL STRUCTURE

								Weighted Average Interest Rate		Average Term to Maturity (in years)
as of December 31, 2017					Principal Outstanding
(Amounts in thousands)
Total Debt to Gross Assets				Fixed Rate - Unsecured Term Loan maturing 2022 (6)	$	65,000		2.9	%	4.1
Debt(1)	$	936,500		Fixed Rate - Unsecured Term Loan maturing 2021	122,500			3.5	%	3.0
Gross Assets(2)	3,400,282			Fixed Rate - 12 Yr. Unsecured Senior Notes	75,000			4.2	%	11.7
Debt to Gross Assets	27.5		%	Fixed Rate - 15 Yr. Unsecured Senior Notes	75,000			4.3	%	14.7
				Fixed Rate - Unsecured Senior Notes	250,000			4.6	%	6.9
Net Debt to Gross Assets				Variable Rate - Unsecured Revolving Credit Facility	349,000			2.7	%	0.9	(9)
Net Debt	$	911,713		Debt(1) / Weighted Average	936,500			3.6	%	5.0
Gross Assets(3)	3,375,495			Less: Cash	24,787
Net Debt to Gross Assets	27.0		%	Net Debt	911,713
Debt, Net of Cash and Undrawn Forward Equity Proceeds to Gross Assets(3)				Net Debt to Enterprise Value
Net debt	$	911,713		Net Debt	$	911,713
Less: Undrawn Forward Equity Proceeds(4)	190,215			Market Equity(7)	2,653,070
Debt, Net of Cash and Undrawn Forward Equity Proceeds	721,498			Enterprise Value	3,564,783
Gross Assets(3)	3,375,495			Net Debt to Enterprise Value	25.6		%
Debt, Net of Cash and Undrawn Forward Equity Proceeds to Gross Assets(3)	21.4		%
Variable Rate Debt to Total Debt	37.3		%	Interest Coverage (TTM) (8)	10.3		x
Net Debt to EBITDA - Adjusted (TTM) (5)	3.3		x
(1) Excludes unamortized deferred financing costs of $3.1 million.
(2) Excludes accumulated depreciation of $385.1 million.
(3) Gross Assets excludes accumulated depreciation of $385.1 million and cash of $24.8 million.
(4) Represents available proceeds from sales of common stock sold under ATM forward agreements through December 31, 2017. The forward transactions can be settled, shares issued and proceeds received at any time at the Company's option through December 31, 2018. Undrawn proceeds from the completed ATM forward sales are not factored into the metrics above.
(5)  Net Debt to EBITDA - Adjusted is calculated to normalize the impact of non-producing construction debt. In the calculation, Net Debt is total debt (excluding the unamortized deferred financing costs) less cash and excludes non income-producing debt related to assets under development at time of calculation. EBITDA is Proforma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, development deliveries and dispositions as if such had occurred at the beginning of the 12 month period being presented.
(6) The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.
(7) Market equity includes 75,779,932 shares of the Company's common stock and 195,737 units outstanding, which are convertible into common shares, and is calculated using $34.92 per share, the closing price of the Company's common stock on December 31, 2017.
(8) Equals Adjusted EBITDA of $157.1 million divided by interest expense of $15.3 million. See page 22 for reconciliation to Adjusted EBITDA.
(9) The Revolver was amended in February 2018 and the maturity was extended until 2023.

FOURTH QUARTER 2017 19

CAPITAL STRUCTURE

as of December 31, 2017

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

Weighted Average Interest Rate of Debt Maturing Each Year (2)
	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032
Fixed Rate Debt	—%	—%	—%	3.5%	2.9%	—%	4.6%	—%	—%	—%	—%	4.2%	—%	—%	4.3%
Variable Rate Debt	—%	—%	—%	—%	—%	2.7%	—%	—%	—%	—%	—%	—%	—%	—%	—%
Total Debt	—%	—%	—%	3.5%	2.9%	2.7%	4.6%	—%	—%	—%	—%	4.2%	—%	—%	4.3%
(1) The unsecured revolving credit facility has an initial maturity of November 19, 2018. In February 2018, the unsecured revolving credit facility was amended, extending the maturity for five years to 2023, increasing the facility $100 million to $600 million and improving pricing, among other things. The debt maturity schedule above uses the extended maturity.
(2) The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.

FOURTH QUARTER 2017 20

UNSECURED SENIOR NOTE COVENANTS

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

FOURTH QUARTER 2017 21

RECONCILIATION OF NON-GAAP MEASURES

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

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

FOURTH QUARTER 2017 22

RECONCILIATION OF NON-GAAP MEASURES

Net operating income (NOI)

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

Debt to gross assets

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

FOURTH QUARTER 2017 23

2018 GUIDANCE

(Amounts in thousands, except per share/unit data)	Year ending December 31, 2018
	Without Capital Transactions						With Capital Transactions
	Low			High			Low			High
Net income attributable to EdR  (1)	$	45,300		$	49,200		$	47,000		$	51,400
Real estate related depreciation and amortization	94,500			98,500			89,200			93,200
Equity portion of real estate depreciation and amortization on equity investees	2,400			2,400			2,400			2,400
Redeemable noncontrolling interests	(400		)	(400		)	(400		)	(400		)
Noncontrolling interest depreciation	(2,100		)	(2,100		)	(2,100		)	(2,100		)
Funds from operations ("FFO") available to stockholders and unitholders	$	139,700		$	147,600		$	136,100		$	144,500
FFO adjustments:
Straight-line adjustment for ground leases (2)	4,600			4,600			4,600			4,600
FFO adjustments	4,600			4,600			4,600			4,600
Core funds from operations ("Core FFO") available to stockholders and unitholders	$	144,300		$	152,200		$	140,700		$	149,100
Earnings per share – diluted (3)	$	0.56		$	0.62		$	0.58		$	0.63
FFO per weighted average share/unit (4)	$	1.83		$	1.93		$	1.75		$	1.85
Core FFO per weighted average share/unit (4)	$	1.89		$	1.99		$	1.81		$	1.91
Weighted average shares/units (4)	76,400			76,400			77,900			77,900
Note:  See pages 25 to 28 for details on guidance assumptions.
(1) Does not include any gain or loss on dispositions included in 2018 guidance.
(2) This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As the ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
(3) The numerator for earnings per share - diluted also includes $2.2 million of accretion of redeemable noncontrolling interests for the year ended December 31, 2018.
(4) FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

FOURTH QUARTER 2017 24

2018 GUIDANCE

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

FOURTH QUARTER 2017 25

2018 GUIDANCE

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

FOURTH QUARTER 2017 26

2018 GUIDANCE

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

FOURTH QUARTER 2017 27

2018 GUIDANCE

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

FOURTH QUARTER 2017 28

COMMUNITY LISTING - OWNED

Name	Primary University Served	Acquisition/Development Date	# of Beds	Name	Primary University Served	Acquisition/Development Date	# of Beds
Same Communities
The Reserve on Perkins	Oklahoma State University	Jan '05	732	The Centre at Overton Park	Texas Tech University	Dec '12	400
The Pointe	Pennsylvania State University	Jan '05	984	The Oaks on the Square	University of Connecticut	Aug '12, Aug '13	503
The Lofts	University of Central Florida	Jan '05	730	3949	Saint Louis University	Aug '13	256
The Reserve at Columbia	University of Missouri	Jan '05	676	Lymon T. Johnson Hall (ONE Plan)	University of Kentucky	Aug '13	301
Commons at Knoxville	University of Tennessee	Jan '05	708	Herman Lee Donovan Hall (ONE Plan)	University of Kentucky	Aug '13	300
Campus Creek	University of Mississippi	Feb '05	636	2400 Nueces (ONE Plan)	University of Texas at Austin	Aug '13	655
Campus Lodge	University of Florida	Jun '05	1,115	Roosevelt Point	Arizona State University - Downtown Phoenix	Aug '13	609
Carrollton Crossing	University of West Georgia	Jan '06	336	The Retreat at State College	Pennsylvania State University	Sept '13	587
River Pointe	University of West Georgia	Jan '06	504	The Cottages on Lindberg	Purdue University	Sept '13	745
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09	768	The Varsity	University of Michigan	Dec '13	415
University Village on Colvin (ONE Plan)	Syracuse University	Aug '09	432	The Lotus	University of Colorado - Boulder	Nov '11, Aug '14	235
GrandMarc at The Corner	University of Virginia	Oct '10	641	109 Tower	Florida International University	Aug '14	542
Wertland Square	University of Virginia	Mar '11	152	The Oaks on the Square- Ph III	University of Connecticut	Aug '14	116
Jefferson Commons	University of Virginia	Mar '11	82	Frances Jewell Hall (ONE Plan)	University of Kentucky	Aug '14	740
The Berk on College	University of California, Berkeley	May '11	122	Georgia M. Blazer Hall (ONE Plan)	University of Kentucky	Aug '14	427
The Berk on Arch	University of California, Berkeley	May '11	43	Haggin Hall (ONE Plan)	University of Kentucky	Aug '14	396
University Village Towers	University of California, Riverside	Sept '11	554	Chellgren Hall (ONE Plan)	University of Kentucky	Aug '14	409
Irish Row	University of Notre Dame	Nov '11	326	Woodland Glen II (ONE Plan)	University of Kentucky	Aug '14	409
GrandMarc at Westberry Place (ONE Plan)	Texas Christian University	Dec '11	562	The District on Apache	Arizona State University - Tempe	Sept '14	900
Campus West (ONE Plan)	Syracuse University	Aug '12	313	Commons on Bridge	University of Tennessee	June '15	150
East Edge	University of Alabama	Aug '12	774	Oaks on the Square- Ph IV	University of Connecticut	Aug '15	391
The Province	East Carolina University	Sept '12	728	The Retreat at Louisville	University of Louisville	Aug '15	656
The District on 5th	University of Arizona	Oct '12	764	Woodland Glen III (ONE Plan)	University of Kentucky	Aug '15	782
Campus Village	Michigan State University	Oct '12	355	Woodland Glen IV (ONE Plan)	University of Kentucky	Aug '15	578
The Province	Kent State University	Nov '12	596	Woodland Glen V (ONE Plan)	University of Kentucky	Aug '15	250
The Suites at Overton Park	Texas Tech University	Dec '12	465	The Province Boulder	University of Colorado - Boulder	Sept '15	317
					Total Same-Communities		26,167

FOURTH QUARTER 2017 29

COMMUNITY LISTING - OWNED

Name	Primary University Served	Acquisition/Development Date	# of Beds	Name	Primary University Served	Acquisition/Development Date	# of Beds
New Communities
The Retreat at Oxford(1)	University of Mississippi	Aug '13, Aug '16	1,018	Sawtooth Hall (ONE Plan)	Boise State University	Aug '17	656
Lokal(1)	Colorado State University	March '16	194	Lewis Hall (ONE Plan)	University of Kentucky	Aug '17	346
The Hub at Madison(1)	University of Wisconsin	May '16	1,038	SkyVue	Michigan State University	Aug '17	824
Holmes Hall (ONE Plan)(1)	University of Kentucky	Aug '16	645	The Local: Downtown	Texas State University	Aug '17	304
Boyd Hall (ONE Plan)(1)	University of Kentucky	Aug '16	496	The Woods (ONE Plan)	Northern Michigan University	Aug '17	417
The Retreat at Blacksburg(1)	Virginia Tech	Aug '16	829		Total New-Communities		9,364
Pura Vida Place(1)	Colorado State University	Aug '16	100
Carriage House(1)	Colorado State University	Aug '16	94	Other-Communities
Urbane(1)	University of Arizona	Sept '16	311	University Towers(2)	North Carolina State University	Jan '05	889
Retreat at Corvallis	Oregon State University	Jan '17	1,016		Total Other-Communities		889
319 Bragg	Auburn University	Feb '17	305
University Flats (ONE Plan)	University of Kentucky	Aug '17	771		Total Owned-Communities		36,420
(1) These properties will move into same-communities effective January 1, 2018 for financial statement reporting purposes.
(2) University Towers moved into other-communities on January 1, 2017 due to an anticipated change in the operations of the property related to the University's new live-on requirement.

FOURTH QUARTER 2017 30

INVESTOR RELATIONS

Executive Management
	Randy Churchey	Chief Executive Officer
	Tom Trubiana	President
	Bill Brewer	Chief Financial Officer
	Christine Richards	Chief Operating Officer
	Lindsey Mackie	Chief Accounting Officer
	J. Drew Koester	Senior Vice President - Capital Markets and Investor Relations
Corporate Headquarters
	EdR
	999 South Shady Grove Road, Suite 600
	Memphis, TN 38120
	(901) 259-2500
Covering Analysts
	Firm	Analyst	Contact #	Email
	Bank of America - Merrill	Juan Sanabria	(646) 855-1589	juan.sanabria@baml.com
	Citi	Nicholas Joseph	(212) 816-1909	nicholas.joseph@citi.com
	Evercore ISI	Samir Khanal	(212) 888-3796	samir.khanal@evercoreisi.com
	FBR Capital Markets & Co.	David Corak	(703) 312-1610	dcorak@fbr.com
	Green Street Advisors	Ryan Burke	(949) 640-8780	rburke@greenstreetadvisors.com
	Goldman Sachs	Andrew Rosivach	(212) 902-2796	andrew.rosivach@gs.com
	Hilliard Lyons	Carol Kemple	(502) 588-1839	ckemple@hilliard.com
	JMP Securities	Aaron Hecht	(415) 835-3963	ahecht@jmpsecurities.com
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
	KeyBanc Capital Markets	Austin Wurschmidt	(917) 368-2311	awurschmidt@key.com
	Robert W Baird & Co.	Drew Babin	(215) 553-7816	dbabin@rwbaird.com
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com

FOURTH QUARTER 2017 31

DEFINITIONS

Design beds	Represents the sum of the monthly design beds in the portfolio during the period.
FFO	Funds from operations as defined by the National Association of Real Estate Investment Trusts.
GAAP	U.S. generally accepted accounting principles.
Net apartment rent per occupied bed (NarPOB)	Represents GAAP net apartment rent for the respective period divided by the sum of occupied beds in the portfolio for each month included in the period reported.
Net debt to EBITDA - adjusted	Net debt to EBITDA - adjusted is calculated to normalize the impact of non-producing construction debt. In the calculation, net debt is total debt (excluding the unamortized deferred financing costs) less cash and excludes non income-producing debt related to assets under development at time of calculation. EBITDA is Pro Forma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, dispositions and development assets that are open as if such had occurred at the beginning of the 12 month period being presented.
Operating expense per bed	Represents community-level operating expenses excluding management fees, depreciation and amortization.
Other income per available bed	Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/application fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.
Physical occupancy	Represents a weighted average of the month end occupancies for each month included in the period reported.
Regional Definitions	Regions are defined as follows: Mid-Atlantic: North Carolina, Pennsylvania, Connecticut, New York, Virginia; Midwest: Idaho, Iowa, Oklahoma, Missouri; North: Michigan, Minnesota, Ohio, Indiana, Illinois, Wisconsin; South Central: Texas, Tennessee, Mississippi, Kentucky; Southeast: Florida, Alabama, Georgia; West: Arizona, California, Colorado, Oregon.
Revenue per occupied bed (RevPOB)	Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of occupied beds in the portfolio for each month included in the period reported.
Same community	Same-communities are defined as those communities that were owned and operating for the full year as of December 31, 2017 and 2016 and are not conducting substantial development or redevelopment activities or have other significant changes in design beds.
EdR's Economic Ownership of Developments	Represents total project cost multiplied by EdR's ownership percentage, which is reflective of EdR's economic interest in operating results.
Development Cost Funded by EdR's Balance Sheet	For developments that are consolidated in EdR's financials but less than 100% owned, 100% of the developments costs and debt related to the development is included in EdR's balance sheet. As such, EdR's funding requirement and impact on leverage is equal to total project cost less equity contributed by our joint venture partner.

FOURTH QUARTER 2017 32

SAFE HARBOR

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise except as required by law.

FOURTH QUARTER 2017 33