Education Realty Trust 10-K 27 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
Entity Information [Line Items]
Entity Registrant Name	EDUCATION REALTY TRUST, INC.
Entity Central Index Key	1,302,343
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	EDR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		75,781,670
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.8
Education Realty Operating Partnership L.P.
Entity Information [Line Items]
Entity Registrant Name	EDUCATION REALTY OPERATING PARTNERSHIP L P
Entity Central Index Key	1,351,345
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	EDR
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Collegiate housing properties, net	$ 2,424,304	$ 2,108,706
Assets under development	488,614	289,942
Cash and cash equivalents	24,787	34,475
Restricted cash	4,368	7,838
Student contracts receivable, net	6,121	4,366
Receivable from managed third parties	457	422
Notes receivable	500	500
Goodwill	3,070	3,070
Other intangibles, net	1,161	3,792
Other assets	61,782	53,074
Total assets	3,015,164	2,506,185
Liabilities:
Unsecured debt, net of unamortized deferred financing costs	933,449	454,676
Mortgage and construction loans, net of unamortized deferred financing costs	0	62,520
Accounts payable	4,204	4,222
Accrued expenses	158,230	123,650
Deferred revenue	20,473	20,727
Total liabilities	1,116,356	665,795
Commitments and contingencies	0	0
Redeemable noncontrolling interests	52,843	38,949
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 shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	1,844,639	1,802,852
Retained earnings	0	0
Accumulated other comprehensive loss	(660)	(3,564)
Total Education Realty Trust, Inc. stockholders’ equity	1,844,736	1,800,019
Noncontrolling interests	1,229	1,422
Total equity	1,845,965	1,801,441
Total liabilities and equity	3,015,164	2,506,185
Education Realty Operating Partnership L.P.
Assets:
Collegiate housing properties, net	2,424,304	2,108,706
Assets under development	488,614	289,942
Cash and cash equivalents	24,787	34,475
Restricted cash	4,368	7,838
Student contracts receivable, net	6,121	4,366
Receivable from managed third parties	457	422
Notes receivable	500	500
Goodwill	3,070	3,070
Other intangibles, net	1,161	3,792
Other assets	61,782	53,074
Total assets	3,015,164	2,506,185
Liabilities:
Unsecured debt, net of unamortized deferred financing costs	933,449	454,676
Accounts payable	4,204	4,222
Accrued expenses	158,230	123,650
Deferred revenue	20,473	20,727
Total liabilities	1,116,356	665,795
Commitments and contingencies	0	0
Redeemable limited partner units	4,353	6,789
Redeemable noncontrolling interests	48,490	32,160
Equity:
General partner - 6,920 units outstanding at December 31, 2017 and 2016	177	178
Limited partners - 75,773,012 and 73,068,535 units issued and outstanding as of December 31, 2017 and 2016, respectively	1,845,219	1,803,405
Accumulated other comprehensive loss	(660)	(3,564)
Total partners' capital	1,844,736	1,800,019
Noncontrolling interests	1,229	1,422
Total capital	1,845,965	1,801,441
Total liabilities and equity	$ 3,015,164	$ 2,506,185

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	200,000,000	200,000,000
Common stock, shares issued (shares)	75,779,932	73,075,455
Common stock, shares outstanding (shares)	75,779,932	73,075,455
Preferred shares, par value (usd per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (shares)	50,000,000	50,000,000
Preferred shares, shares issued (shares)	0	0
Preferred shares, shares outstanding (shares)	0	0
Education Realty Operating Partnership L.P.
General partner, units outstanding (shares)	6,920	6,920
Limited partners, units issued (shares)	75,773,012	73,068,535
Limited partners, units outstanding (shares)	75,773,012	73,068,535

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Collegiate housing leasing revenue	$ 313,727,000	$ 274,187,000	$ 240,623,000
Third-party development consulting services	5,256,000	2,364,000	2,233,000
Third-party management services	3,736,000	3,588,000	3,670,000
Operating expense reimbursements	8,347,000	8,829,000	8,636,000
Total revenues	331,066,000	288,968,000	255,162,000
Operating expenses:
Collegiate housing leasing operations	128,358,000	111,378,000	101,283,000
Development and management services	14,147,000	10,671,000	11,446,000
General and administrative	14,369,000	11,603,000	9,452,000
Depreciation and amortization	95,501,000	81,413,000	68,022,000
Ground lease expense	13,424,000	12,462,000	11,268,000
Loss on impairment of collegiate housing properties	0	2,500,000	0
Other operating (income) expense	(6,041,000)	1,046,000	0
Reimbursable operating expenses	8,347,000	8,829,000	8,636,000
Total operating expenses	268,105,000	239,902,000	210,107,000
Operating income	62,961,000	49,066,000	45,055,000
Nonoperating (income) expenses:
Interest expense	15,268,000	15,454,000	24,449,000
Amortization of deferred financing costs	1,574,000	1,731,000	2,089,000
Interest income	(98,000)	(490,000)	(213,000)
Loss on extinguishment of debt	22,000	10,611,000	403,000
Total nonoperating expenses	16,766,000	27,306,000	26,728,000
Income before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	46,195,000	21,760,000	18,327,000
Equity in losses of unconsolidated entities	(65,000)	(328,000)	(668,000)
Income before income taxes and gain on sale of collegiate housing properties	46,130,000	21,432,000	17,659,000
Income tax expense	584,000	684,000	347,000
Income before gain on sale of collegiate housing properties	45,546,000	20,748,000	17,312,000
Gain on sale of collegiate housing properties	691,000	23,956,000	2,770,000
Net income	46,237,000	44,704,000	20,082,000
Less: Net (loss) income attributable to the noncontrolling interests	(1,203,000)	(220,000)	171,000
Net income attributable to Education Realty Trust, Inc.	47,440,000	44,924,000	19,911,000
Comprehensive income:
Net income	46,237,000	44,704,000	20,082,000
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	2,904,000	1,911,000	(1,010,000)
Comprehensive income	49,141,000	46,615,000	19,072,000
Less: Comprehensive (loss) income attributable to the noncontrolling interests	(1,203,000)	(220,000)	171,000
Comprehensive income attributable to Education Realty Trust, Inc.	$ 50,344,000	$ 46,835,000	$ 18,901,000
Earnings (loss) per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted (in dollars per share)	$ 0.60	$ 0.65	$ 0.40
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	74,263	69,336	49,676
Weighted average common shares outstanding - diluted (in shares)	74,465	69,600	49,991
Education Realty Operating Partnership L.P.
Revenues:
Collegiate housing leasing revenue	$ 313,727,000	$ 274,187,000	$ 240,623,000
Third-party development consulting services	5,256,000	2,364,000	2,233,000
Third-party management services	3,736,000	3,588,000	3,670,000
Operating expense reimbursements	8,347,000	8,829,000	8,636,000
Total revenues	331,066,000	288,968,000	255,162,000
Operating expenses:
Collegiate housing leasing operations	128,358,000	111,378,000	101,283,000
Development and management services	14,147,000	10,671,000	11,446,000
General and administrative	14,369,000	11,603,000	9,452,000
Depreciation and amortization	95,501,000	81,413,000	68,022,000
Ground lease expense	13,424,000	12,462,000	11,268,000
Loss on impairment of collegiate housing properties	0	2,500,000	0
Other operating (income) expense	(6,041,000)	1,046,000	0
Reimbursable operating expenses	8,347,000	8,829,000	8,636,000
Total operating expenses	268,105,000	239,902,000	210,107,000
Operating income	62,961,000	49,066,000	45,055,000
Nonoperating (income) expenses:
Interest expense	15,268,000	15,454,000	24,449,000
Amortization of deferred financing costs	1,574,000	1,731,000	2,089,000
Interest income	(98,000)	(490,000)	(213,000)
Loss on extinguishment of debt	22,000	10,611,000	403,000
Total nonoperating expenses	16,766,000	27,306,000	26,728,000
Income before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	46,195,000	21,760,000	18,327,000
Equity in losses of unconsolidated entities	(65,000)	(328,000)	(668,000)
Income before income taxes and gain on sale of collegiate housing properties	46,130,000	21,432,000	17,659,000
Income tax expense	584,000	684,000	347,000
Income before gain on sale of collegiate housing properties	45,546,000	20,748,000	17,312,000
Gain on sale of collegiate housing properties	691,000	23,956,000	2,770,000
Net income	46,237,000	44,704,000	20,082,000
Less: Net (loss) income attributable to the noncontrolling interests	(1,283,000)	(358,000)	80,000
Net income attributable to Education Realty Trust, Inc.	47,520,000	45,062,000	20,002,000
Comprehensive income:
Net income	46,237,000	44,704,000	20,082,000
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	2,904,000	1,911,000	(1,010,000)
Comprehensive income	49,141,000	46,615,000	19,072,000
Less: Comprehensive (loss) income attributable to the noncontrolling interests	(1,283,000)	(358,000)	80,000
Comprehensive income attributable to Education Realty Trust, Inc.	$ 50,424,000	$ 46,973,000	$ 18,992,000
Earnings (loss) per share information:
Net income attributable to unitholders per unit - basic and diluted (in dollars per share)	$ 0.60	$ 0.65	$ 0.40
Weighted average common shares outstanding:
Weighted average units outstanding - basic (in shares)	74,396	69,530	49,922
Weighted average units outstanding - diluted (in shares)	74,465	69,600	49,991

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2014		47,999,427
Beginning balance at Dec. 31, 2014	$ 991,818	$ 480	$ 1,034,683	$ (41,909)	$ (4,465)	$ 3,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuances of common stock, net of offering costs (in shares)		8,852,813
Proceeds from issuances of common stock, net of offering costs	298,614	$ 89	298,525
Common stock issued to officers and directors (in shares)		12,300
Common stock issued to officers and directors	408		408
Amortization of restricted stock (in shares)		14,463
Amortization of restricted stock and long-term incentive plan awards	1,925		1,925
Cash dividends	(70,512)		(70,512)	0		0
Return of equity to noncontrolling interests	(310)					(310)
Contributions from noncontrolling interests	5,547					5,547
Adjustments to reflect redeemable noncontrolling interests at fair value	(1,426)		(1,426)
Comprehensive income (loss)	18,806			19,911	(1,010)	(95)
Ending balance (in shares) at Dec. 31, 2015		56,879,003
Ending balance at Dec. 31, 2015	1,244,870	$ 569	1,263,603	(21,998)	(5,475)	8,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuances of common stock, net of offering costs (in shares)		16,177,696
Proceeds from issuances of common stock, net of offering costs	626,320	$ 162	626,158
Common stock issued to officers and directors (in shares)		10,800
Common stock issued to officers and directors	450		450
Amortization of restricted stock (in shares)		7,956
Amortization of restricted stock and long-term incentive plan awards	3,076		3,076
Cash dividends	(103,543)		(80,492)	(22,926)		(125)
Contributions from noncontrolling interests	1,760					1,760
Purchase of noncontrolling interests	(16,746)		(8,508)			(8,238)
Adjustments to reflect redeemable noncontrolling interests at fair value	(1,435)		(1,435)
Comprehensive income (loss)	46,689			44,924	1,911	(146)
Ending balance (in shares) at Dec. 31, 2016		73,075,455
Ending balance at Dec. 31, 2016	1,801,441	$ 731	1,802,852	0	(3,564)	1,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuances of common stock, net of offering costs (in shares)		2,695,100
Proceeds from issuances of common stock, net of offering costs	111,319	$ 26	111,293
Common stock issued to officers and directors (in shares)		12,654
Common stock issued to officers and directors	480		480
Amortization of restricted stock (in shares)		6
Amortization of restricted stock and long-term incentive plan awards	3,071		3,071
Cash dividends	(113,761)		(66,321)	(47,440)		0
Surrender of shares to cover taxes on vesting of restricted stock (in shares)		(3,283)
Surrender of shares to cover taxes on vesting of restricted stock	(2,564)		(2,564)
Purchase of noncontrolling interests	98		98			0
Adjustments to reflect redeemable noncontrolling interests at fair value	(1,616)		(1,616)
Accretion of redeemable noncontrolling interests	(2,654)		(2,654)
Comprehensive income (loss)	50,151			47,440	2,904	(193)
Ending balance (in shares) at Dec. 31, 2017		75,779,932
Ending balance at Dec. 31, 2017	$ 1,845,965	$ 757	$ 1,844,639	$ 0	$ (660)	$ 1,229

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Education Realty Operating Partnership L.P.	Education Realty Operating Partnership L.P.Accumulated Other Comprehensive Loss	Education Realty Operating Partnership L.P.Noncontrolling Interests	Education Realty Operating Partnership L.P.General Partner	Education Realty Operating Partnership L.P.Limited Partners
Balance, Units (units) at Dec. 31, 2014					6,920	47,992,507
Balance at Dec. 31, 2014		$ 991,818	$ (4,465)	$ 3,029	$ 191	$ 993,063
Increase (Decrease) in Partners' Capital [Roll Forward]
Common stock issued to officers and directors (units)						12,300
Common stock issued to officers and directors		408				$ 408
Issuance of units in exchange for contributions of gross equity offering proceeds (units)						8,852,813
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		298,614				$ 298,614
Amortization of restricted stock awards and long-term incentive plan awards (units)						14,463
Amortization of restricted stock awards and long-term incentive plan awards		1,925				$ 1,925
Distributions		(70,512)			(10)	(70,502)
Return of equity to noncontrolling interests	$ (310)	(310)		(310)
Adjustments to reflect redeemable noncontrolling interests at fair value		(1,426)				(1,426)
Contributions from noncontrolling interests	5,547	5,547		5,547
Comprehensive income (loss)	18,806	18,806	(1,010)	(95)	$ 3	$ 19,908
Balance, Units (units) at Dec. 31, 2015					6,920	56,872,083
Balance at Dec. 31, 2015		1,244,870	(5,475)	8,171	$ 184	$ 1,241,990
Increase (Decrease) in Partners' Capital [Roll Forward]
Common stock issued to officers and directors (units)						10,800
Common stock issued to officers and directors		450				$ 450
Issuance of units in exchange for contributions of gross equity offering proceeds (units)						16,177,696
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		626,320				$ 626,320
Amortization of restricted stock awards and long-term incentive plan awards (units)						7,956
Amortization of restricted stock awards and long-term incentive plan awards		3,076				$ 3,076
Distributions		(103,543)		(125)	(10)	(103,408)
Purchase of noncontrolling interests	(16,746)	(16,746)		(8,238)		(8,508)
Adjustments to reflect redeemable noncontrolling interests at fair value		(1,435)				(1,435)
Contributions from noncontrolling interests	1,760	1,760		1,760
Comprehensive income (loss)	46,689	46,689	1,911	(146)	$ 4	$ 44,920
Balance, Units (units) at Dec. 31, 2016					6,920	73,068,535
Balance at Dec. 31, 2016		1,801,441	(3,564)	1,422	$ 178	$ 1,803,405
Increase (Decrease) in Partners' Capital [Roll Forward]
Common stock issued to officers and directors (units)						12,654
Common stock issued to officers and directors		480				$ 480
Issuance of units in exchange for contributions of gross equity offering proceeds (units)						2,695,100
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		111,319				$ 111,319
Amortization of restricted stock awards and long-term incentive plan awards (units)						6
Amortization of restricted stock awards and long-term incentive plan awards		3,071				$ 3,071
Surrender of shares to cover taxes on vesting of restricted stock (in shares)						(3,283)
Surrender of shares to cover taxes on vesting of restricted stock	(2,564)	(2,564)				$ (2,564)
Distributions		(113,761)			(4)	(113,757)
Purchase of noncontrolling interests	98	98				98
Adjustments to reflect redeemable noncontrolling interests at fair value		(1,616)				(1,616)
Accretion of redeemable noncontrolling interests	(2,654)	(2,654)				(2,654)
Comprehensive income (loss)	$ 50,151	50,151	2,904	(193)	$ 3	$ 47,437
Balance, Units (units) at Dec. 31, 2017					6,920	75,773,012
Balance at Dec. 31, 2017		$ 1,845,965	$ (660)	$ 1,229	$ 177	$ 1,845,219

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Operating activities:
Net income	$ 46,237,000	$ 44,704,000	$ 20,082,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	95,501,000	81,413,000	68,022,000
Deferred tax expense	1,928,000	285,000	87,000
Excess tax benefit related to the vesting of restricted stock	(1,610,000)	0	0
Loss on disposal of assets	317,000	115,000	60,000
Gain on sale of collegiate housing property	(691,000)	(23,956,000)	(2,770,000)
Write-off of development costs	927,000	0	0
Noncash rent expense related to the straight-line adjustment for long-term ground leases	4,696,000	4,731,000	4,782,000
Loss on impairment of collegiate housing properties	0	2,500,000	0
Loss on extinguishment of debt	22,000	10,611,000	403,000
Amortization of deferred financing costs	1,574,000	1,731,000	2,089,000
Amortization of unamortized debt premiums	0	(49,000)	(843,000)
Distributions of earnings from unconsolidated entities	3,515,000	423,000	0
Noncash compensation expense related to stock-based incentive awards	3,789,000	3,898,000	2,814,000
Noncash adjustment of contingent consideration liability and gain on settlement	(6,041,000)	1,046,000	0
Equity in losses of unconsolidated entities	65,000	328,000	668,000
Change in operating assets and liabilities (net of acquisitions):
Student contracts receivable	(1,762,000)	(1,425,000)	(813,000)
Management fees receivable	(35,000)	(106,000)	57,000
Other assets	(6,809,000)	2,632,000	4,245,000
Accounts payable and accrued expenses	10,582,000	2,744,000	(1,740,000)
Deferred revenue	(761,000)	1,006,000	1,614,000
Net cash provided by operating activities	151,444,000	132,631,000	98,757,000
Investing activities:
Property acquisitions	(127,647,000)	(267,425,000)	(57,876,000)
Purchase of corporate assets	(1,744,000)	(1,278,000)	(920,000)
Investment in collegiate housing properties	(15,943,000)	(22,827,000)	(14,396,000)
Proceeds from sale of collegiate housing properties	17,738,000	94,951,000	12,333,000
Notes receivable	0	1,667,000
Notes receivable			(1,792,000)
Earnest money deposits	(15,000)	(912,000)	(100,000)
Investment in assets under development	(459,023,000)	(331,907,000)	(184,429,000)
Reimbursement of development related costs	14,197,000	0	0
Distributions from unconsolidated entities	178,000	266,000	1,584,000
Investments in unconsolidated entities	0	0	(580,000)
Net cash used in investing activities	(572,259,000)	(527,465,000)	(246,176,000)
Financing activities:
Payment of mortgage and construction loans	(62,721,000)	(183,862,000)	(108,179,000)
Borrowings under mortgage and construction loans	146,000	40,974,000	65,491,000
Borrowings on unsecured notes	150,000,000	0	0
Debt issuance costs	(775,000)	(69,000)	(958,000)
Debt extinguishment costs	0	(10,290,000)	(403,000)
Borrowings on line of credit	602,000,000	20,000,000	199,000,000
Repayments of line of credit	(273,000,000)	0	(223,000,000)
Proceeds from issuance of common stock	110,000,000	625,242,000	297,247,000
Payment of offering costs	(405,000)	(896,000)	(571,000)
Purchase and return of equity to noncontrolling interests	0	(19,656,000)	0
Contributions from noncontrolling interests	14,789,000	27,125,000	5,547,000
Dividends and distributions paid to common and restricted stockholders	(113,761,000)	(103,419,000)	(70,512,000)
Dividends and distributions paid to noncontrolling interests	(1,136,000)	(546,000)	(1,231,000)
Repurchases of common stock for payments of restricted stock tax withholding	(2,563,000)	(315,000)	(213,000)
Redemption of redeemable noncontrolling interest	0	(667,000)	0
Settlement of financing arrangement	(14,917,000)	0	0
Net cash provided by financing activities	407,657,000	393,621,000	162,218,000
Net increase (decrease) in cash and cash equivalents and restricted cash	(13,158,000)	(1,213,000)	14,799,000
Cash and cash equivalents and restricted cash, beginning of period	42,313,000	43,526,000	28,727,000
Cash and cash equivalents and restricted cash, end of period	29,155,000	42,313,000	43,526,000
Cash and cash equivalents	34,475,000	33,742,000
Restricted cash	4,368,000	7,838,000	9,784,000
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	14,110,000	10,694,000	25,715,000
Income taxes paid	318,000	293,000	73,000
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder	2,004,000	2,036,000	1,748,000
Capital expenditures in accounts payable and accrued expenses related to developments	77,384,000	39,125,000	22,225,000
Noncash contribution of land from joint venture partner	1,350,000	0	0
Noncash acquisition of noncontrolling interest	2,889,000	0	0
Education Realty Operating Partnership L.P.
Operating activities:
Net income	46,237,000	44,704,000	20,082,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	95,501,000	81,413,000	68,022,000
Deferred tax expense	1,928,000	285,000	87,000
Excess tax benefit related to the vesting of restricted stock	(1,610,000)	0	0
Loss on disposal of assets	317,000	115,000	60,000
Gain on sale of collegiate housing property	(691,000)	(23,956,000)	(2,770,000)
Write-off of development costs	927,000	0	0
Noncash rent expense related to the straight-line adjustment for long-term ground leases	4,696,000	4,731,000	4,782,000
Loss on impairment of collegiate housing properties	0	2,500,000	0
Loss on extinguishment of debt	22,000	10,611,000	403,000
Amortization of deferred financing costs	1,574,000	1,731,000	2,089,000
Amortization of unamortized debt premiums	0	(49,000)	(843,000)
Distributions of earnings from unconsolidated entities	3,515,000	423,000	0
Noncash compensation expense related to stock-based incentive awards	3,789,000	3,898,000	2,814,000
Noncash adjustment of contingent consideration liability and gain on settlement	(6,041,000)	1,046,000	0
Equity in losses of unconsolidated entities	65,000	328,000	668,000
Change in operating assets and liabilities (net of acquisitions):
Student contracts receivable	(1,762,000)	(1,425,000)	(813,000)
Management fees receivable	(35,000)	(106,000)	57,000
Other assets	(6,809,000)	2,632,000	4,245,000
Accounts payable and accrued expenses	10,582,000	2,744,000	(1,740,000)
Deferred revenue	(761,000)	1,006,000	1,614,000
Net cash provided by operating activities	151,444,000	132,631,000	98,757,000
Investing activities:
Property acquisitions	(127,647,000)	(267,425,000)	(57,876,000)
Purchase of corporate assets	(1,744,000)	(1,278,000)	(920,000)
Investment in collegiate housing properties	(15,943,000)	(22,827,000)	(14,396,000)
Proceeds from sale of collegiate housing properties	17,738,000	94,951,000	12,333,000
Notes receivable	0	1,667,000
Notes receivable			(1,792,000)
Earnest money deposits	(15,000)	(912,000)	(100,000)
Investment in assets under development	(459,023,000)	(331,907,000)	(184,429,000)
Reimbursement of development related costs	14,197,000	0	0
Distributions from unconsolidated entities	178,000	266,000	1,584,000
Investments in unconsolidated entities	0	0	(580,000)
Net cash used in investing activities	(572,259,000)	(527,465,000)	(246,176,000)
Financing activities:
Payment of mortgage and construction loans	(62,721,000)	(183,862,000)	(108,179,000)
Borrowings under mortgage and construction loans	146,000	40,974,000	65,491,000
Borrowings on unsecured notes	150,000,000	0	0
Debt issuance costs	(775,000)	(69,000)	(958,000)
Debt extinguishment costs	0	(10,290,000)	(403,000)
Borrowings on line of credit	602,000,000	20,000,000	199,000,000
Repayments of line of credit	(273,000,000)	0	(223,000,000)
Proceeds from issuance of common stock	110,000,000	625,242,000	297,247,000
Payment of offering costs	(405,000)	(896,000)	(571,000)
Purchase and return of equity to noncontrolling interests	0	(19,656,000)	0
Contributions from noncontrolling interests	14,789,000	27,125,000	5,547,000
Distributions paid on unvested restricted stock and long-term incentive plan awards	(612,000)	(398,000)	(203,000)
Distributions paid to unitholders	(113,149,000)	(103,021,000)	(70,309,000)
Dividends and distributions paid to noncontrolling interests	(1,136,000)	(546,000)	(1,231,000)
Repurchases of common stock for payments of restricted stock tax withholding	(2,563,000)	(315,000)	(213,000)
Redemption of redeemable noncontrolling interest	0	(667,000)	0
Settlement of financing arrangement	(14,917,000)	0	0
Net cash provided by financing activities	407,657,000	393,621,000	162,218,000
Net increase (decrease) in cash and cash equivalents and restricted cash	(13,158,000)	(1,213,000)	14,799,000
Cash and cash equivalents and restricted cash, beginning of period	42,313,000	43,526,000	28,727,000
Cash and cash equivalents and restricted cash, end of period	29,155,000	42,313,000	43,526,000
Cash and cash equivalents	34,475,000
Restricted cash	4,368,000	7,838,000
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	14,110,000	10,694,000	25,715,000
Income taxes paid	318,000	293,000	73,000
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder	2,004,000	2,036,000	1,748,000
Capital expenditures in accounts payable and accrued expenses related to developments	77,384,000	39,125,000	22,225,000
Noncash contribution of land from joint venture partner	1,350,000	0	0
Noncash acquisition of noncontrolling interest	$ 2,889,000	$ 0	$ 0

Organization and description of

Organization and description of business	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business	Organization and description of business Education Realty Trust, Inc. ("EdR" and collectively with its consolidated subsidiaries, the “Trust”) was organized in the state of Maryland on July 12, 2004 and commenced operations effective with the initial public offering that was completed on January 31, 2005. Through the Trust's controlling interest in both the sole general partner and the majority owning limited partner of Education Realty Operating Partnership L.P. ("EROP" and collectively with its consolidated subsidiaries, the "Operating Partnership"), the Trust is one of the largest developers, owners and managers of collegiate housing communities in the United States in terms of beds owned and under management. The Trust is a self-administered and self-managed REIT that is publicly traded on the New York Stock Exchange under the ticker symbol "EDR." Under the Articles of Incorporation, as amended, restated and supplemented, the Trust is authorized to issue up to 200 million shares of common stock and 50 million shares of preferred stock, each having a par value of $0.01 per share. The sole general partner of EROP is Education Realty OP GP, Inc. (“OP GP”), an entity that is wholly-owned by EdR. As of December 31, 2017 , OP GP held an ownership interest in EROP of less than 1% . The limited partners of EROP are Education Realty OP Limited Partner Trust, a wholly-owned subsidiary of EdR, and other limited partners consisting of current and former members of management. OP GP, as the sole general partner of EROP, has the responsibility and discretion in the management and control of EROP, and the limited partners of EROP, in such capacity, have no authority to transact business for, or participate in the management activities of EROP. Management operates the Trust and the Operating Partnership as one business. The management of the Trust consists of the same members as the management of the Operating Partnership. EdR consolidates the Operating Partnership for financial reporting purposes, and EdR does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Trust and the Operating Partnership are the same on their respective financial statements. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The Trust also provides real estate facility management, development and other advisory services through its taxable REIT subsidiaries ("TRS"), EDR Management Inc. (the “Management Company”), a Delaware corporation that performs collegiate housing management activities. EDR Development LLC (the “Development Company”), a Delaware limited liability company and wholly-owned subsidiary of the Management Company, which provides development consulting services for third-party collegiate housing communities, is a disregarded entity for federal income tax purposes and all assets owned and income earned by our Development Company are deemed to be owned and earned by our Management Company. The Trust is subject to the risks involved with the ownership and operation of residential real estate near major universities throughout the United States. The risks include, among others, those normally associated with changes in the demand for housing by students at the related universities, competition for residents, creditworthiness of residents, changes in tax laws, interest rate levels, the availability of financing and potential liability under environmental and other laws.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States (“GAAP”). The accompanying consolidated financial statements of the Trust represent the assets and liabilities and operating results of the Trust and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements. Principles of consolidation The Trust accounts for interests in partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the variable interest entity ("VIE") guidance. Under the VIE model, the Trust consolidates an entity when it has control to direct the activities of the VIE and where it is determined to be the primary beneficiary. Under the voting interest model, the Trust consolidates an entity when it controls the entity through the ownership of a majority voting interest. The Operating Partnership and certain properties that have noncontrolling interests (see Note 11) are VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Trust consolidates these entities as the primary beneficiary because it directs the activities that most significantly impact the economic performance of the VIEs and has an obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the VIEs. EdR has the power and economic exposure through the rights held by OP GP as it relates to the Operating Partnership, while EROP has power and economic exposure through its role as the property manager and equity interest holder of certain properties with noncontrolling interests (see Note 11). All of the Trust's property ownership, development and related business operations are conducted through the Operating Partnership. See the assets and liabilities of the Operating Partnership in the accompanying consolidated financial statements. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used by management in determining the recognition of third-party development consulting services revenue under the percentage of completion method, useful lives of collegiate housing assets, the initial valuations and underlying allocations of purchase price in connection with collegiate housing property acquisitions and the determination of fair value for impairment assessments and derivative valuation. Actual results could differ from those estimates. Cash and cash equivalents All highly-liquid investments with a maturity of three months or less when purchased are considered cash equivalents. The Trust maintains cash balances in various banks. At times, the amounts of cash may exceed the amount the Federal Deposit Insurance Corporation (“FDIC”) insures. As of December 31, 2017 , the Trust had $23.7 million of cash on deposit that was uninsured by the FDIC or in excess of the FDIC limits. Restricted cash Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements, certain security deposits received from tenants and retainage held by financial institutions. During the year ended December 31, 2017 , the Trust elected to early adopt Accounting Standards Update (ASU) 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows, and transfers between cash and cash equivalents and restricted cash are no longer presented within the statement of cash flows. As a result of the adoption of ASU 2016-18, cash flows related to restricted cash within the investing section of the statement of cash flows have been retrospectively adjusted for the years ended December 31, 2016 and 2015 , as follows (dollars in thousands): As Previously Reported As Adjusted per ASU 2016-18 Effect of Change Year ended December 31, 2016: Investing activities: Restricted cash $ 1,946 $ — $ (1,946 ) Net cash used in investing activities (525,519 ) (527,465 ) (1,946 ) Net change in cash and cash equivalents and restricted cash $ 733 $ (1,213 ) $ (1,946 ) Cash and cash equivalents and restricted cash, beginning of year 33,742 43,526 9,784 Cash and cash equivalents and restricted cash, end of year $ 34,475 $ 42,313 $ 7,838 As Previously Reported As Adjusted per ASU 2016-18 Effect of Change Year ended December 31, 2015: Operating activities: Change in operating assets: Other assets $ 5,383 $ 4,245 $ (1,138 ) Net cash provided by operating activities 99,895 98,757 (1,138 ) Investing activities: Restricted cash $ (580 ) $ — $ 580 Net cash used in investing activities (246,756 ) (246,176 ) 580 Net change in cash and cash equivalents and restricted cash $ 15,357 $ 14,799 $ (558 ) Cash and cash equivalents and restricted cash, beginning of year 18,385 28,727 10,342 Cash and cash equivalents and restricted cash, end of year $ 33,742 $ 43,526 $ 9,784 Notes receivable On August 26, 2013, the Trust provided a $0.5 million promissory loan to College Park Apartments, Inc. ("CPA"), the Trust's partner in the unconsolidated University Village-Greensboro LLC joint venture (see Note 8), at an interest rate of 10% per annum and a maturity date of August 1, 2020. Under the loan, CPA can make one draw per calendar quarter. At December 31, 2017 and 2016 , the outstanding balance was $0.5 million for both periods. The loan is secured by CPA's interest in the joint venture. Collegiate housing properties Land, land improvements, buildings and improvements, and furniture, fixtures and equipment are recorded at cost. Buildings and improvements are depreciated over 15 to 40 years, land improvements are depreciated over 15 years and furniture, fixtures, and equipment are depreciated over 3 to 7 years. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful life. The Trust capitalizes interest based on the weighted average interest cost of the total debt and internal development costs while developments are ongoing as assets under development. When the property opens, these costs, along with other direct costs of the development, are transferred into the applicable asset category and depreciation commences. Acquired collegiate housing communities’ results of operations are included in the Trust’s results of operations from the respective dates of acquisition. Appraisals, estimates of cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, land improvements, buildings and improvements, furniture, fixtures and equipment and identifiable intangibles, such as amounts related to in-place leases. Acquisition costs are expensed as incurred for acquisitions completed prior to the adoption of Accounting Standards Update ("ASU") 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01") and are included in general and administrative expenses in the accompanying consolidated statements of income and comprehensive income. The Trust adopted ASU 2017-01 prospectively on January 1, 2017 and, as a result, acquisition costs have been capitalized for subsequent acquisitions that are not deemed to be business combinations. Management assesses impairment of long-lived assets to be held and used whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management uses an estimate of future undiscounted cash flows of the related asset based on its intended use to determine whether the carrying value is recoverable. If the Trust determines that the carrying value of an asset is not recoverable, the fair value of the asset is estimated and an impairment loss is recorded to the extent the carrying value exceeds estimated fair value. Management estimates fair value using discounted cash flow models, market appraisals if available and other market participant data. During the year ended December 31, 2016, the Trust recorded a $2.5 million loss on impairment of a collegiate housing property. During the years ended December 31, 2017 and 2015, there were no impairment losses recognized. The impairment loss recorded in 2016 was due to a change in circumstances that indicated the respective carrying value may not be recoverable. The change in circumstances for the property could be attributable to changes in property specific market conditions, changes in anticipated future use and/or leasing results or a combination of these factors. When a collegiate housing community has met the criteria to be classified as held for sale, the fair value less cost to sell such asset is estimated. If the fair value less cost to sell the asset is less than the carrying amount of the asset, an impairment charge is recorded for the estimated loss. Depreciation expense is no longer recorded once a collegiate housing community has met the held for sale criteria. Dispositions that represent a strategic shift in the business will qualify for treatment as discontinued operations. The property dispositions during the years ended December 31, 2017, 2016 and 2015 did not qualify for treatment as discontinued operations and, as a result, the operations of the properties are included in continuing operations in the accompanying consolidated statements of income and comprehensive income. During August 2016, the Trust committed and finalized plans to demolish and redevelop Players Club, an off-campus community that serves Florida State University. Depreciation estimates were revised to reflect the shortened remaining useful life. During the years ended December 31, 2017 and 2016 , the Trust recorded $2.9 million of accelerated depreciation for each period related to the change in estimate. The impact on net income attributable to EdR common stockholders per share - basic and diluted for the years ended December 31, 2017 and 2016 was $0.04 for both periods. Deferred financing costs Deferred financing costs represent costs incurred in connection with acquiring debt facilities. The deferred financing costs incurred for years ended December 31, 2017, 2016 and 2015 were $0.8 million , $0.7 million and $1.0 million , respectively, and are being amortized over the terms of the related debt using a method that approximates the effective interest method. Amortization expense totaled $1.6 million , $1.7 million and $2.1 million for the years ended December 31, 2017, 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , accumulated amortization totaled $9.1 million and $8.1 million , respectively. Unamortized deferred financing costs related to the Trust's mortgage and construction loans and unsecured debt are presented as a direct deduction from the carrying amount of the debt liability. Unamortized deferred financing costs related to the unsecured revolving credit facility are classified in other assets in the accompanying consolidated balance sheets (see Note 7). Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP) The Trust follows the guidance issued by the Financial Accounting Standards Board ("FASB") regarding the classification and measurement of redeemable securities. The Trust classifies redeemable noncontrolling interests, which include redeemable interests in consolidated joint ventures with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP and in the Operating Partnership in the mezzanine section of the accompanying consolidated balance sheets. The Trust accounts for certain noncontrolling interests with embedded put and call features with fixed exercise prices and exercise dates as a financing arrangement, and these amounts are recorded as accrued liabilities in the accompanying balance sheets. The liability is initially measured at present value of the fixed price settlement amount. Subsequently, the liability is accreted to the fixed price over the term of the contract, with the resulting expense recognized as interest expense. The Trust also has certain noncontrolling interests with put options at substantially fixed prices. These noncontrolling interests are accounted for as noncontrolling interests redeemable at other than fair value. The Trust accounts for the change in redemption value through the use of an accretion model from the date of inception to the expected redemption date. Changes in redemption value are recorded in equity, either through retained earnings or additional paid-in capital (absent any retained earnings). The impact of the changes in redemption value (accretion) is included in earnings per share using the two-class method. In the accompanying consolidated balance sheets of the Operating Partnership, the redeemable units of limited partnership in the Operating Partnership are classified as redeemable limited partners. The redeemable interests in consolidated joint ventures with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP are classified as redeemable noncontrolling interests in the accompanying consolidated balance sheets of the Operating Partnership and the Trust. The redeemable noncontrolling interest / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the price per share of EdR's common stock or redemption value at the end of each respective reporting period. Common stock issuances and offering costs Specific incremental costs directly attributable to the issuance of EdR common stock are charged against the gross proceeds of the related issuance. Accordingly, underwriting commissions and other stock issuance costs are reflected as a reduction of additional paid-in capital in the accompanying consolidated statement of changes in equity. The Trust is structured as an umbrella partnership REIT ("UPREIT") and contributes all proceeds from its various equity offerings to EROP. For every one share of common stock offered and sold by EdR for cash, EdR must contribute the net proceeds to EROP and, in return, EROP will issue one OP Unit to EdR. Income taxes EdR qualifies as a REIT under the Internal Revenue Code (the "Code"). EdR is generally not subject to federal, state and local income taxes on any of its taxable income that it distributes if it distributes at least 90% of its REIT taxable income for each tax year to its stockholders and meets certain other requirements. If EdR fails to qualify as a REIT for any taxable year, EdR will be subject to federal, state and local income taxes (including any applicable alternative minimum tax) on its taxable income. The Trust has elected to treat certain of its subsidiaries, including the Management Company, as TRSs. A TRS is subject to federal, state and local income taxes. Our Management Company provides management services and through our Development Company, provides development services, which if directly provided by the Trust would jeopardize EdR’s REIT status. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Repairs, maintenance and major improvements The costs of ordinary repairs and maintenance are charged to operations when incurred. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. Planned major repair, maintenance and improvement projects are capitalized when performed. In some circumstances, lenders require the Trust to maintain a reserve account for future repairs and capital expenditures. These amounts are classified as restricted cash in the accompanying consolidated balance sheets as the funds are not available for use. Ground lease expense Long-term ground leases are accounted for as operating leases and the rent is recognized on a straight-line basis over the applicable lease term. The lease term begins when the Trust first attains the right to use the property. Goodwill and other intangible assets Goodwill is tested annually for impairment at the reporting unit level as of December 31, and is tested for impairment more frequently if events and circumstances indicate that the assets might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. The accumulated impairment loss recorded is $0.4 million . No additional impairment has been recorded through December 31, 2017 . The carrying value of goodwill was $3.1 million as of December 31, 2017 and 2016 , of which $2.1 million was recorded on the management services segment and $0.9 million was recorded on the development consulting services segment. Goodwill is not subject to amortization. Other intangible assets generally include in-place leases acquired in connection with acquisitions of collegiate housing properties. As of December 31, 2017 and 2016 , gross in-place leases totaled $12.2 million and $7.4 million , respectively, and are being amortized over the estimated life of the remaining lease term, which is less than one year for student housing leases. Amortization expense totaled $7.5 million , $3.9 million and $0.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. Accumulated amortization for the years ended December 31, 2017 and 2016 totaled $11.1 million and $3.6 million , respectively. The unamortized residential in-place leases were fully amortized at December 31, 2017 . The carrying value of other intangible assets related to commercial in-place leases was $1.2 million and $3.8 million as of December 31, 2017 and 2016 , respectively. Investment in unconsolidated entities The Trust accounts for its investments in unconsolidated joint ventures using the equity method whereby the costs of an investment are adjusted for the Trust’s share of earnings of the respective investment reduced by distributions received. The earnings and distributions of the unconsolidated joint ventures are allocated based on each owner’s respective ownership interests. These investments are classified as other assets or accrued expenses, depending on whether the distributions exceed the Trust’s contributions and share of earnings in the joint ventures, in the accompanying consolidated balance sheets (see Note 8). Revenue recognition The Trust recognizes revenue related to leasing activities at the collegiate housing communities owned by the Trust, management fees related to managing third-party collegiate housing communities, development consulting fees related to the general oversight of third-party collegiate housing development and operating expense reimbursements for payroll and related expenses incurred for third-party collegiate housing communities managed by the Trust. Collegiate housing leasing revenue — Collegiate housing leasing revenue is comprised of all activities related to leasing and operating the collegiate housing communities and includes revenues from leasing apartments by the bed, food services, parking lot rentals and providing certain ancillary services. Students are required to execute lease contracts with payment schedules that vary from semester to monthly payments. Generally, the Trust requires each executed leasing contract to be accompanied by a signed parental guarantee. Receivables are recorded when billed. Revenues and nonrefundable application and service fees are recognized on a straight-line basis over the term of the contracts. At certain collegiate housing facilities, the Trust offers parking lot rentals to the residents. The related revenues are recognized on a straight-line basis over the term of the related agreement. Deferred revenue related to collegiate housing revenue consists primarily of prepaid rent and deferred rent revenue and totaled $20.5 million and $19.8 million at December 31, 2017 and 2016 , respectively. Due to the nature of the Trust’s business, accounts receivable result primarily from monthly billings of student rents. Payments are normally received within 30 days. Balances are considered past due when payment is not received on the contractual due date. Allowances for uncollectible accounts are established by management when it is determined that collection is doubtful. Such allowances are reviewed periodically based upon experience. The following table reconciles the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 561 $ 306 $ 58 Provision for uncollectible accounts 1,217 1,012 1,000 Deductions (1,246 ) (757 ) (752 ) Balance, end of period $ 532 $ 561 $ 306 At December 31, 2017 and 2016 , the Trust had 14 and 12 communities, respectively, located at the University of Kentucky. This geographic location represented 18.3% and 17.6% of our collegiate housing revenues for the years ended December 31, 2017 and 2016 , respectively. No other market generated more than 10% of collegiate housing revenue. Third-party development services revenue — The Trust provides development consulting services in an agency capacity with third parties whereby the fee is determined based upon the total construction costs. Total fees vary from 3 – 5% of the total estimated costs, and the Trust typically receives a portion of the fees up front. These fees, including the up-front fee, are recognized using the percentage of completion method in proportion to the contract costs incurred by the owner over the course of construction of the respective projects. Occasionally, the development consulting contracts include a provision whereby the Trust can participate in project savings resulting from successful cost management efforts. These revenues are recognized once all contractual terms have been satisfied and no future performance requirements exist. This typically occurs after construction is complete. During the year ended December 31, 2017, there was $2.2 million of revenue recognized, related to cost savings agreements and no development fees were deferred at December 31, 2017. For the years ended December 31, 2016 and 2015, there was no revenue recognized related to cost savings agreements and deferred development fees totaled $1.0 million . Future rental income on noncancelable operating leases At several of our collegiate housing communities, a portion of the property contains retail space. The following is a schedule of minimum future rental income to be received on noncancelable commercial operating leases exceeding one year as of December 31, 2017 (in thousands): Year ending December 31, 2018 $ 3,062 2019 2,917 2020 2,804 2021 2,669 2022 2,401 Total minimum future rents $ 13,853 Third-party management services revenue — The Trust enters into management contracts to manage third-party collegiate housing communities. Management revenues are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. Operating expense reimbursements — The Trust pays certain payroll and related costs to operate and manage third-party collegiate housing communities. Under the terms of the related management agreements, the third-party property owners reimburse these costs. The amounts billed to the third-party owners are recognized as revenue. Costs related to development consulting services Costs associated with the pursuit of third-party development consulting contracts are expensed as incurred, until such time that management has been notified of a contract award. At such time, the reimbursable costs are recorded as receivables and are reflected as other assets in the accompanying consolidated balance sheets (see Note 7). Costs directly associated with internal development projects are capitalized as part of the cost of the project (see Note 4). Advertising expense Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense was $5.4 million , $4.9 million and $4.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively. Segment information The Trust discloses certain operating and financial data with respect to separate business activities within its enterprise. The Trust has identified three reportable business segments: collegiate housing leasing, development consulting services and management services. Stock-based compensation On May 10, 2017, the Trust’s stockholders approved the Education Realty Trust, Inc. 2017 Omnibus Equity Incentive Plan (the “2017 Plan”). The 2017 Plan replaced the Education Realty Trust, Inc. 2011 Incentive Plan (“2011 Plan”) in its entirety. The 2017 Plan is described more fully in Note 9. Compensation costs related to share-based payments are recognized in the accompanying consolidated financial statements in accordance with authoritative guidance. Earnings per share Earnings per Share — The Trust Basic earnings per share is calculated by dividing net income available to common stockholders after accretion of certain redeemable noncontrolling interests by weighted average shares of common stock outstanding, including outstanding units in the Operating Partnership designated as LTIP Units ("LTIP Units"). Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of potentially dilutive securities and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. The Trust follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. All unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are included in the computation of earnings per share under the two-class method. This results in shares of unvested restricted stock and LTIP Units being included in the computation of basic earnings per share for all periods presented. When noncontrolling interests are redeemable at other than fair value, increases or decreases in the carrying amount of the redeemable noncontrolling interests are reflected in earnings per share using the two-class method. Earnings per OP Unit — EROP Basic earnings per unit is calculated by dividing net income available to unitholders after accretion of certain redeemable noncontrolling interests by the weighted average number of Operating Partnership ("OP Units") and LTIP Units outstanding. Diluted earnings per unit is calculated similarly, except that it includes the dilutive effect of the assumed exercise of potentially dilutive securities and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. EROP follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. Fair value measurements The Trust follows the guidance contained in FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures ("ASC 820"). Fair value is generally defined as the exit price at which an asset or liability could be exchanged in a current transaction between willing unrelated parties, other than in a forced liquidation or sale. ASC 820 establishes a fair value hierarchy, giving the highest priority to quoted prices in active markets and the lowest priority to unobservable data, and requires disclosures for assets and liabilities measured at fair value based on their level in the hierarchy. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions used to value the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 — Observable inputs other than those included in Level 1, for example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 — Unobservable inputs reflecting management's own assumption about the inputs used in pricing the asset or liability at the measurement date. Derivative instruments and hedging activities All derivative financial instruments are recorded on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income (loss), depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. Hedge accounting is discontinued when it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated, or exercised; it is no longer probable that the forecasted transaction will occur; or management determines that designating the derivative as a hedging instrument is no longer appropriate. The Trust uses interest rate swaps to effectively convert a portion of its variable rate debt to fixed rate, thus reducing the impact of changes in interest rates on interest payments (see Notes 10 and 15). These instruments are designated as cash flow hedges and the interest differential to be paid or received is recorded as interest expense. Recent accounting pronouncements In August 2017, the FASB issued ASU 2017-12, " Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Trust to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The adoption did not have a material impact on the consolidated financial statements, and the Trust has early adopted on January 1, 2018. In January 2017, the FASB issued ASU 2017-01. The ASU is intended to provide a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. ASU 2017-01 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years with early adoption permitted. The Trust adopted ASU 2017-01 effective January 1, 2017. As a result of this adoption, acquisitions of real estate properties during 2017 wer

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Deferred tax assets: Deferred revenue $ 2 $ 393 Accrued expenses 324 394 Straight line rent 170 281 Restricted stock amortization — 759 Net operating loss carryforwards 2,300 1,271 Total deferred tax assets 2,796 3,098 Deferred tax liabilities: Depreciation and amortization (943 ) (927 ) Total deferred tax liabilities (943 ) (927 ) Net deferred tax assets $ 1,853 $ 2,171 Significant components of the income tax provision for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands): 2017 2016 2015 Deferred: Federal $ 318 $ 243 $ 148 State — 42 (61 ) Deferred expense (benefit) 318 285 87 Current: Federal 37 183 101 State 229 216 159 Current expense 266 399 260 Total provision $ 584 $ 684 $ 347 TRS net income (losses) subject to tax consisted of $0.7 million , $(0.4) million and $(0.2) million for the years ended December 31, 2017, 2016 and 2015 , respectively. The reconciliation of income tax attributable to income before noncontrolling interest computed at the U.S. statutory rate to income tax provision is as follows (in thousands): 2017 2016 2015 Tax provision at U.S. statutory rates on TRS net income (losses) subject to tax $ 355 $ 426 $ 236 State income tax, net of federal benefit 7 77 (31 ) Other 222 181 142 Tax provision $ 584 $ 684 $ 347 Income taxes for the year ended December 31, 2017 includes expense of $0.8 million related to the effects of the enactment of tax reform from the reduction in the Trust's net deferred tax asset attributable to the change in the federal rate. The TRS has net operating loss carryforwards that expire at various dates through fiscal year 2035. The Trust has assessed the need for a valuation allowance against its deferred tax assets and determined such is not necessary because it is more likely than not the deferred tax assets will be fully realized. The Trust had no unrecognized tax benefits as of December 31, 2017 and 2016 . As of December 31, 2017 , the Trust does not expect to record any unrecognized tax benefits. The Trust, and its subsidiaries, file federal and state income tax returns. As of December 31, 2017 , open tax years generally included tax years for 2014, 2015, and 2016. The Trust’s policy is to include interest and penalties related to unrecognized tax benefits in general and administrative expenses. For each of the years ended December 31, 2017, 2016 and 2015 , the Trust had no interest or penalties recorded related to unrecognized tax benefits. Characterization of Distributions EdR pays regular quarterly cash distributions to stockholders. At the same time, EROP pays an equivalent amount per unit to holders of limited partnership units of the OP Units as of the applicable record date. These distributions are determined quarterly by the Board of Directors (“Board”) based on the operating results, economic conditions, capital expenditure requirements, the REIT annual distribution requirements of the Code, leverage covenants imposed by our revolving credit facility and other debt documents and any other matters the Board deems relevant. For income tax purposes, distributions paid to our common stockholders and to the limited partners in the Operating Partnership primarily consist of ordinary income and non-taxable returns of capital. Distributions for the year ended December 31, 2017 totaled $ 113.8 million , or $1.54 per share to our common stockholders, and $1.1 million , or $1.54 per OP Unit, to the limited partners in the Operating Partnership. For the years ended December 31, 2017, 2016 and 2015 , distributions per share/unit were characterized as follows: Year ended December 31, 2017 2016 2015 Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 0.94 61.0 % $ 0.75 50.0 % $ 0.89 61.0 % Return of capital 0.60 39.0 % 0.75 50.0 % 0.57 39.0 % Total $ 1.54 100.0 % $ 1.50 100.0 % $ 1.46 100.0 %

Acquisition and development of

Acquisition and development of real estate investments	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Acquisition and development of real estate investments	Acquisition and development of real estate investments Acquisition of collegiate housing properties 2017 Acquisitions During the year ended December 31, 2017 , the Trust completed the following two collegiate housing property acquisitions, which were determined to be asset acquisitions under ASU 2017-01: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Retreat at Corvallis Oregon State University, January 2017 1,016 330 $ 99,450 319 Bragg Auburn University, February 2017 305 86 $ 28,500 Below is the allocation of the purchase price as of the date of the acquisition (in thousands): Retreat at Corvallis 319 Bragg Total Collegiate housing property $ 95,785 $ 27,475 $ 123,260 In-place leases 3,780 1,055 4,835 Other assets 617 2 619 Current liabilities (936 ) (131 ) (1,067 ) Total net assets acquired $ 99,246 $ 28,401 $ 127,647 The $0.3 million difference between the aggregate contracted price of $128.0 million and the net assets set forth in the table above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. 2016 Acquisitions During the year ended December 31, 2016 , the following collegiate housing property acquisitions were completed: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Lokal Colorado State University, Colorado March 2016 194 79 $ 24,600 The Hub at Madison University of Wisconsin, Wisconsin May 2016 1,038 341 $ 188,500 Pura Vida Place Colorado State University, Colorado August 2016 100 52 $ 12,000 Carriage House Colorado State University, Colorado August 2016 94 54 $ 12,000 Urbane University of Arizona, Arizona September 2016 311 104 $ 50,000 Below is the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Lokal The Hub at Madison Pura Vida Place Carriage House Urbane Total Collegiate housing property $ 23,653 $ 189,832 $ 11,498 $ 11,528 $ 47,999 $ 284,510 In-place leases 849 3,588 502 472 1,984 7,395 Other assets 3 87 5 4 18 117 Current liabilities (148 ) (7,442 ) (144 ) (67 ) (584 ) (8,385 ) Total net assets acquired $ 24,357 $ 186,065 $ 11,861 $ 11,937 $ 49,417 $ 283,637 The $3.5 million difference between the aggregate contracted price of $287.1 million and the net assets set forth in the table above primarily relates to contingent consideration related to the acquisition of The Hub at Madison. The remaining difference between the contracted price and the net assets set forth above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. In connection with the acquisition of Urbane, the Trust formed a limited liability company to acquire an interest in the legal entity owning the collegiate housing property. In addition to the $10.0 million capital contribution, the Trust advanced $23.6 million to the seller. Under the terms of the agreement, the Trust had a call exercisable on September 8, 2017 to acquire the remaining ownership interest from the seller and the seller similarly had a put to sell their interests to the Trust. The exercise price was substantially fixed with exercise dates within one month of each other. The Trust evaluated the LLC as a VIE and determined they were the primary beneficiary because it directs the activities that most significantly impact the economic performance of the entity. Therefore the Trust has consolidated the VIE from the date of acquisition. The put and call arrangement was evaluated, and it was determined the noncontrolling interests represent a liability because of the substantially fixed exercise prices and stated exercise dates and, therefore, the economic substance was a financing arrangement. The Trust had recorded the liability at the present value of the fixed price settlement amount ( $14.9 million reflected in accounts payable and accrued expenses) as of December 31, 2016 . During the year ended December 31, 2017 , the joint venture partner exercised its put option, and the Trust paid the seller $14.9 million . No earnings have been attributed to noncontrolling interests in the accompanying consolidated statement of net income and comprehensive income. In connection with two of the 2016 acquisitions, the Trust evaluated the contingent consideration liabilities contained in both agreements related to the future operating performance of the properties (2017/2018 lease year) and initially estimated and recorded $5.3 million related to one of the properties. The liabilities were evaluated each reporting period and estimated based on the assessment of the probability of achieving the underlying performance metrics. Of the $5.3 million initially estimated, $3.1 million was paid and settled in 2016, and an additional $1.0 million was estimated and recorded during the year ended December 31, 2016. During the year ended December 31, 2017, the Trust revised the liability estimates as final leasing results for the 2017/2018 lease year became known. Additionally, the Trust and the seller of these two properties were in negotiations to settle a dispute that arose post acquisition with a settlement reached in December 2017. As a result, the Trust recognized approximately $4.8 million in other operating income during the year ended December 31, 2017 representing the settlement of the dispute in exchange for the forgiveness of the amounts due related to operating performance and the transfer of the outstanding noncontrolling interest on one of the properties for no consideration. 2015 Acquisitions During the year ended December 31, 2015 , the following collegiate housing property acquisitions were completed: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) The Commons on Bridge University of Tennessee Knoxville, Tennessee June 2015 150 51 $ 9,700 The Province at Boulder University of Colorado Boulder, Colorado September 2015 317 84 $ 48,800 The 2016 and 2015 acquisitions were accounted for as business combinations as they occurred prior to the adoption of ASU 2017-01. Combined acquisition costs for the 2016 and 2015 purchases were $0.4 million and $0.3 million , respectively and are included in general and administrative expenses in the accompanying statements of income and comprehensive income for the years ended December 31, 2016 and 2015 . Below is the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): The Commons on Bridge The Province at Boulder Total Collegiate housing properties $ 9,624 $ 48,522 $ 58,146 In-place leases 76 278 354 Other assets 5 85 90 Current liabilities (338 ) (376 ) (714 ) Total net assets acquired $ 9,367 $ 48,509 $ 57,876 The $0.6 million difference between the aggregate contracted price of $58.5 million and the net assets above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. A summary of the actual revenue and net income from the 2017 , 2016 and 2015 property acquisitions included in the accompanying consolidated statements of income and comprehensive income since the respective dates of acquisition is as follows (in thousands): Years Ended December 31, 2017 2016 2015 2017 Acquisitions Revenue $ 10,905 $ — $ — Net loss $ (1,485 ) (1) $ — $ — 2016 Acquisitions Revenue $ 19,517 $ 9,898 $ — Net income (loss) $ 866 $ (2,098 ) $ — 2015 Acquisitions Revenue $ 4,967 $ 4,957 $ 1,754 Net income $ 1,392 $ 1,471 $ 532 (1) The net loss recorded on the 2017 acquisitions during 2017 is mostly attributable to noncash charges such as depreciation and amortization of in-place lease intangibles during the period. The following unaudited pro forma information assumes the 2015 and 2016 acquisitions occurred as of the first day of the prior period and is not indicative of results that would have occurred or which may occur (in thousands, except per share and per unit amounts): Years Ended December 31, 2016 2015 2014 2016 Acquisitions (1) Total revenue $ 294,374 $ 261,196 Net income attributable to the Trust $ 45,412 $ 19,384 Net income attributable to common shareholders - basic and diluted $ 0.65 $ 0.39 Net income attributable to EROP $ 45,551 $ 19,468 Net income attributable to unitholders - basic and diluted $ 0.65 $ 0.39 2015 Acquisitions (2) Total revenue $ 257,758 $ 227,968 Net income attributable to the Trust $ 20,992 $ 47,275 Net income attributable to common shareholders - basic $ 0.42 $ 1.10 Net income attributable to common shareholders - diluted $ 0.42 $ 1.09 Net income attributable to EROP $ 21,087 $ 47,643 Net income attributable to unitholders - basic and diluted $ 0.42 $ 1.10 (1) As Urbane opened for the 2016/2017 lease year, the supplemental pro forma revenue and net income for the year ended December 31, 2016 only includes its operations from the date it opened. (2) As Lokal, The Hub at Madison and Carriage House opened for the 2015/2016 lease year, the supplemental pro forma revenue and net income for the year ended December 31, 2015 only includes their operations from the date they opened. Development of collegiate housing properties During 2017 , the Trust completed the development of and placed in service the following communities. The costs incurred to date for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2017 (dollars in thousands): Years Ended December 31, Name Primary University Served Bed Count Costs Incurred-to-Date Internal Development Costs Capitalized Interest Costs Capitalized 2017 2016 2017 2016 University Flats University of Kentucky 771 $ 75,241 $ 249 $ 226 $ 1,617 $ 1,163 Sawtooth Hall Boise State University 656 35,350 262 260 639 252 Lewis Hall University of Kentucky 346 26,325 206 204 538 196 The Woods - Phase I Northern Michigan University 417 25,742 83 203 212 66 SkyVue Michigan State University 824 87,142 153 201 1,757 1,253 The Local: Downtown Texas State University 304 31,131 129 178 393 318 Total 3,318 $ 280,931 $ 1,082 $ 1,272 $ 5,156 $ 3,248 During 2016 , the Trust developed and placed in service the following communities. The costs incurred as of December 31, 2016 for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2016 (dollars in thousands): Years Ended December 31, Name Primary University Served Bed Count Costs Incurred as of 12/31/16 Internal Development Costs Capitalized Interest Costs Capitalized 2016 2015 2016 2015 Holmes Hall and Boyd Hall University of Kentucky 1,141 $ 85,691 $ 339 $ 382 $ 1,900 $ 984 Retreat at Blacksburg - Phase I & II (1) Virginia Tech 829 64,549 143 116 709 208 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 77 590 211 Total 2,320 $ 176,985 $ 540 $ 575 $ 3,199 $ 1,403 (1) During 2015, the Operating Partnership entered into an agreement with a subsidiary of Landmark Property Holdings, LLC to develop, own and manage a cottage-style collegiate housing property located adjacent to Virginia Tech. The Retreat at Blacksburg was initially a joint venture. During the year ended December 31, 2016, the Trust purchased the remaining 25% joint venture partner's ownership in the property. The following represents a summary of active developments at December 31, 2017 , including internal development costs and interest costs capitalized (in thousands): Years Ended December 31, Name Primary University Served Costs Incurred as of 12/31/17 Internal Development Costs Capitalized Interest Costs Capitalized 2017 2016 2017 2016 One on 4th Oklahoma State University $ 38,078 $ 134 $ 116 $ 1,011 $ 231 The Woods - Phase II and III (1) Northern Michigan University 34,455 228 — 681 — Maplewood Cornell University 32,115 277 81 337 24 University of Pittsburgh University of Pittsburgh 68,495 156 95 1,101 238 Players Club Redevelopment Florida State University 18,156 147 62 157 22 Hale Mahana University of Hawai'i 65,764 171 82 1,178 98 Hub at Minneapolis University of Minnesota 60,384 110 43 483 — Union at Tempe Arizona State University 113,695 232 102 1,810 113 Union on Lincoln Way Iowa State University 26,314 120 — 305 — Union on Plum Colorado State University 15,755 118 — 186 — Southside Commons Lehigh University 1,336 22 — 4 — Undeveloped land 14,067 54 41 118 34 Total active projects under development $ 488,614 $ 1,769 $ 622 $ 7,371 $ 760 (1) Phase II of this development, including 433 beds for a total cost of $24.6 million , was delivered in January 2018. As of December 31, 2017 , the Trust is contractually obligated to fund remaining amounts under guaranteed maximum price contracts with the general contractor of approximately $266.7 million to complete these developments. All costs related to the development of collegiate housing communities are classified as assets under development in the accompanying consolidated balance sheets until the community is completed and opened. Expenditures for development-related costs accrued in accounts payable and accrued expenses totaled $1.3 million and $76.1 million , respectively, as of December 31, 2017 . As of December 31, 2016 , expenditures for development-related costs accrued in accounts payable and accrued expenses totaled $2.9 million and $36.0 million , respectively.

Disposition of real estate inve

Disposition of real estate investments	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposition of real estate investments	Disposition of real estate investments During the year ended December 31, 2017 , the Trust sold The Reserve on Stinson collegiate housing community located in Norman, Oklahoma for a gross sales price of approximately $18.2 million . The Trust received net proceeds of approximately $17.7 million after deducting closing costs and recognized a $0.7 million gain on this disposition. During the year ended December 31, 2016 , the following collegiate housing communities were sold for an aggregate of approximately $96.6 million . The Trust received combined net proceeds of approximately $95.0 million after deducting closing costs and recognized an aggregate $24.0 million gain on these dispositions. • 605 West located in Durham, North Carolina; • The Reserve at Athens located in Athens, Georgia; and • The Commons at Tallahassee located in Tallahassee, Florida. During the year ended December 31, 2015, the Cape Trails housing community located in Cape Girardeau, Missouri was sold for a sales price of $12.9 million . The Trust received net proceeds of $12.3 million after closing costs and recognized a $2.8 million gain on this disposition.

Collegiate housing properties a

Collegiate housing properties and assets under development	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Collegiate housing properties and assets under development	Collegiate housing properties and assets under development Collegiate housing properties and assets under development consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Land $ 247,259 $ 221,065 Land improvements 69,048 66,440 Leasehold improvements 74 74 Construction in progress 426,803 239,186 Buildings and improvements 2,446,098 2,092,546 Furniture, fixtures and equipment 108,754 90,406 3,298,036 2,709,717 Less accumulated depreciation (385,118 ) (311,069 ) Collegiate housing properties and assets under development, net $ 2,912,918 $ 2,398,648 Following is certain information related to investment in collegiate housing properties and assets under development as of December 31, 2017 (amounts in thousands): Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction The Commons at Knoxville (6) $ — $ 4,630 $ 18,386 $ 23,016 $ 4,250 $ 4,585 $ 22,681 $ 27,266 $ 10,036 1/31/2005 The Lofts (6) — 2,801 34,117 36,918 4,069 2,801 38,186 40,987 15,157 1/31/2005 The Pointe at Penn State (6) — 2,151 35,094 37,245 6,586 2,150 41,681 43,831 17,470 1/31/2005 The Reserve at Columbia (6) — 1,071 26,134 27,205 4,839 1,071 30,973 32,044 12,867 1/31/2005 The Reserve on Perkins (6) — 913 15,795 16,708 5,560 913 21,355 22,268 9,411 1/31/2005 University Towers (8) — — 28,652 28,652 18,418 2,364 44,706 47,070 20,566 1/31/2005 Campus Creek (6) — 2,251 21,604 23,855 2,702 2,251 24,306 26,557 9,727 2/22/2005 Campus Lodge (6) — 2,746 44,415 47,161 6,818 2,746 51,233 53,979 19,419 6/7/2005 Carrollton Place (6) — 682 12,166 12,848 2,376 682 14,542 15,224 5,415 1/1/2006 River Pointe (6) — 837 17,746 18,583 3,116 837 20,862 21,699 7,554 1/1/2006 The Reserve at Saluki Pointe (6) — 1,099 32,377 33,476 2,510 1,099 34,887 35,986 9,770 8/1/2008 University Apartments on Colvin (6) — — 25,792 25,792 1,243 — 27,035 27,035 6,940 8/1/2009 2400 Nueces (3)(8) — — 64,152 64,152 7,013 — 71,165 71,165 11,047 8/1/2010 The Oaks on the Square - Phase I and II (9) — 1,800 48,636 50,436 2,266 1,800 50,902 52,702 8,262 9/30/2010 GrandMarc at the Corner (10) — — 45,384 45,384 2,504 — 47,888 47,888 10,762 10/22/2010 Campus West (10) — — 25,842 25,842 1,964 — 27,806 27,806 5,542 3/1/2011 Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction East Edge (6) — 10,420 10,783 21,203 21,475 10,420 32,258 42,678 7,089 3/1/2011 Jefferson Commons (6) — 1,420 4,915 6,335 355 1,420 5,270 6,690 1,163 3/15/2011 Wertland Square (10) — 3,230 13,285 16,515 1,006 3,230 14,291 17,521 3,062 3/15/2011 The Berk (6) — 2,687 13,718 16,405 956 2,687 14,674 17,361 3,080 5/23/2011 Roosevelt Point (10) — 3,093 47,528 50,621 2,441 3,093 49,969 53,062 7,671 7/1/2011 University Village Towers (6) — 3,434 34,424 37,858 1,536 3,434 35,960 39,394 6,952 9/22/2011 Irish Row (10) — 2,637 24,679 27,316 665 2,637 25,344 27,981 4,739 11/1/2011 The Lotus (10) — 5,245 20,830 26,075 2,344 5,245 23,174 28,419 2,766 11/14/2011 GrandMarc at Westberry Place (10) — — 53,935 53,935 2,454 — 56,389 56,389 10,073 12/8/2011 3949 (10) — 3,822 24,448 28,270 9,274 3,822 33,722 37,544 5,946 12/21/2011 Lymon T. Johnson Hall and Central Hall II (4)(7) — — 22,896 22,896 3,439 — 26,335 26,335 4,911 6/1/2012 The Retreat at Oxford (11) — 4,743 52,946 57,689 5,773 8,811 54,651 63,462 6,166 6/14/2012 The Province (6) — 4,436 45,173 49,609 869 4,436 46,042 50,478 8,279 9/21/2012 The District on 5th (8) — 2,601 63,396 65,997 641 2,601 64,037 66,638 12,260 10/4/2012 Campus Village (10) — 2,650 18,077 20,727 1,337 2,650 19,414 22,064 4,840 10/19/2012 Frances Jewell Hall (4)(7) — — 45,924 45,924 2,062 — 47,986 47,986 5,562 11/1/2012 Georgia M. Blazer Hall (4)(7) — — 23,808 23,808 920 — 24,728 24,728 2,893 11/1/2012 Haggin Hall I (4)(7) — — 23,802 23,802 532 — 24,334 24,334 3,106 11/1/2012 Woodland Glen I & II (4)(7) — — 44,491 44,491 2,129 — 46,620 46,620 5,349 11/1/2012 The Province at Kent State (6) — 4,239 40,441 44,680 723 4,239 41,164 45,403 7,463 11/16/2012 The Centre at Overton Park (10) — 3,781 35,232 39,013 2,146 3,781 37,378 41,159 6,279 12/7/2012 The Suites at Overton Park (10) — 4,384 33,281 37,665 1,847 4,384 35,128 39,512 5,993 12/7/2012 Woodland Glen III, IV & V (4)(7) — — 101,172 101,172 3,558 — 104,730 104,730 8,093 5/1/2013 The Oaks on the Square - Phase III (9) — 1,531 10,734 12,265 320 1,531 11,054 12,585 1,186 2/13/2013 The Cottages on Lindberg (11) — 1,800 31,224 33,024 3,540 1,800 34,764 36,564 5,464 8/28/2013 The Retreat at State College (11) — 6,251 46,004 52,255 4,338 6,251 50,342 56,593 7,431 9/11/2013 The Varsity (8) — 3,300 50,330 53,630 505 3,300 50,835 54,135 6,489 12/19/2013 Holmes Hall and Boyd Hall (4)(7) — — 85,556 85,556 209 — 85,765 85,765 3,646 12/31/2013 Oaks on the Square - Phase IV (9) — 3,308 36,748 40,056 6,726 3,308 43,474 46,782 3,305 6/1/2014 Retreat at Louisville (11) — 4,257 33,750 38,007 6,284 4,257 40,034 44,291 3,255 7/1/2014 109 Towers (8) — 1,779 40,115 41,894 2,981 1,779 43,096 44,875 4,851 8/12/2014 District on Apache (10) — 8,203 81,016 89,219 834 8,203 81,850 90,053 9,699 9/15/2014 The Commons on Bridge (10) — 1,852 7,772 9,624 416 1,852 8,188 10,040 1,230 6/16/2015 The Province Boulder (10) — 7,800 40,722 48,522 363 7,800 41,085 48,885 2,949 9/15/2015 University Flats (4)(10) — — 75,225 75,225 16 — 75,241 75,241 860 7/1/2015 Retreat at Blacksburg (11) — 8,988 53,984 62,972 1,621 8,988 55,605 64,593 2,715 7/10/2015 Sawtooth Hall (4)(7) — — 32,805 32,805 2,545 — 35,350 35,350 470 12/15/2015 The Local: Downtown (10) — 2,687 25,632 28,319 2,812 2,687 28,444 31,131 529 1/4/2016 SkyVue (10) — 7,056 79,383 86,439 703 7,056 80,086 87,142 999 1/15/2016 Lokal (10) — 2,180 21,271 23,451 615 2,180 21,886 24,066 1,301 3/31/2016 One on 4th (12) — 4,500 33,578 38,078 — 4,500 33,578 38,078 — 4/11/2016 Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction Hub at Madison (9) — 14,251 175,656 189,907 417 14,251 176,073 190,324 8,641 5/12/2016 Lewis Hall (4)(7) — — 25,928 25,928 397 — 26,325 26,325 320 6/30/2016 Maplewood (4)(12) — — 31,995 31,995 120 — 32,115 32,115 — 6/30/2016 Northern Michigan University (4)(7) - The Woods - Ph I — — 25,742 25,742 — — 25,742 25,742 294 6/30/2016 Northern Michigan University (4)(12) - The Woods - Ph II & III — — 34,455 34,455 — — 34,455 34,455 — 6/30/2016 University of Pittsburgh (12) — 7,636 60,859 68,495 — 7,636 60,859 68,495 — 7/1/2016 Pura Vida Place (6) — 1,850 9,331 11,181 363 1,850 9,694 11,544 381 8/30/2016 Carriage House (6) — 2,470 8,760 11,230 329 2,470 9,089 11,559 351 8/30/2016 Urbane (8) — 4,101 43,929 48,030 254 4,101 44,183 48,284 1,752 9/9/2016 Arizona State University - Union at Tempe (12) — 14,147 99,547 113,694 1 14,147 99,548 113,695 — 11/1/2016 Hale Mahana (12) — 16,641 49,057 65,698 — 16,641 49,057 65,698 — 11/20/2016 Hub at Minneapolis (12) — — 59,985 59,985 399 — 60,384 60,384 — 11/21/2016 Retreat at Corvallis (11) — 5,901 87,993 93,894 2,049 5,901 90,042 95,943 2,727 1/10/2017 319 Bragg (10) — 2,444 24,599 27,043 571 2,442 25,172 27,614 593 2/23/2017 Union on Lincoln Way (12) — 5,454 20,860 26,314 — 5,454 20,860 26,314 — 3/1/2017 Union on Plum (12) — 2,806 12,949 15,755 — 2,806 12,949 15,755 — 3/1/2017 Players Club (5)(12) — 727 17,429 18,156 — 727 17,429 18,156 — 5/15/2017 Southside Commons (4)(12) — — 1,336 1,336 — — 1,336 1,336 — TBD Mississippi State University (12) — — — — — — — — — TBD Undeveloped Land — 13,152 982 14,134 — 13,152 982 14,134 — TBD Totals $ — $ 240,875 $ 2,872,717 $ 3,113,592 $ 184,444 $ 247,259 $ 3,050,777 $ 3,298,036 $ 385,118 (1) Total aggregate costs for federal income tax purposes is approximately $3,355.8 million . (2) Assets have useful lives ranging from 3 to 40 years. (3) Pursuant to the ground lease for 2400 Nueces, the lessor has the option to purchase the Trust's leasehold estate and interest in the property at certain times during the term of the ground lease for a pre-determined amount which exceeds carrying value. (4) Pursuant to the lease agreement for the respective property, the lessor has the option to terminate the lease at certain times during the term of the agreement for a termination fee. (5) This property was originally acquired on January 1, 2005. A complete redevelopment of the property began on May 15, 2017. (6) These collegiate housing properties are garden-style communities. (7) These collegiate housing properties are residence halls. (8) These collegiate housing properties are high-rise buildings. (9) These collegiate housing properties are mixed-use projects. (10) These collegiate housing properties are mid-rise buildings. (11) These collegiate housing properties are cottage-style communities. (12) These collegiate housing properties are under development. The following table reconciles the historical cost of the Trust’s investment in collegiate housing properties and assets under development for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 2,709,717 $ 2,163,173 $ 1,916,758 Collegiate housing acquisitions or completed developments 403,082 444,657 250,329 Collegiate housing dispositions (17,608 ) (92,827 ) (14,149 ) Impairment loss — (2,500 ) — Additions (net of reimbursed amounts) 215,057 211,982 10,917 Normal disposals (2,206 ) (10,203 ) (682 ) Write-offs of fully depreciated amounts due to redevelopment (10,006 ) (4,565 ) — Balance, end of period $ 3,298,036 $ 2,709,717 $ 2,163,173 The following table reconciles the accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 311,069 $ 270,993 $ 210,047 Depreciation 85,955 75,539 65,952 Normal disposals (1,647 ) (9,910 ) (622 ) Write-offs of fully depreciated amounts due to redevelopment (10,006 ) (4,565 ) — Collegiate housing dispositions (253 ) (20,988 ) (4,384 ) Balance, end of period $ 385,118 $ 311,069 $ 270,993 When determined that an asset is not recoverable, management estimates fair value using discounted cash flow models, market appraisals if available, and other market participant data. There were no impairment losses in 2017 and 2015. During 2016, management determined that the carrying value of one collegiate housing community may not be recoverable. The fair value of this property was estimated and management recorded an impairment loss during the year ended December 31, 2016 of $2.5 million .

Other assets

Other assets	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment and Other Assets [Abstract]
Other assets	Other assets Other assets consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Prepaid expenses $ 7,155 $ 4,368 Deferred tax asset 1,853 2,171 Deferred financing costs - revolving credit facility 828 1,821 Investments in unconsolidated entities 23,227 26,981 Corporate assets, net (1) 12,613 12,598 Reimbursable predevelopment costs and development project receivables 1,753 — Other 14,353 5,135 Total other assets $ 61,782 $ 53,074 (1) As of December 31, 2017 and 2016 , the Trust had corporate assets with a historical cost of $21.0 million and $19.3 million , and accumulated depreciation of $8.3 million and $6.7 million , respectively. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful lives of the related assets, generally 3 to 7 years. Depreciation expense totaled $1.7 million , $1.7 million and $1.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively.

Investments in unconsolidated e

Investments in unconsolidated entities	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated entities	Investments in unconsolidated entities As of December 31, 2017 and 2016 , the Trust had investments in the following unconsolidated joint ventures (see Note 2), which are accounted for under the equity method: • a 50% interest in 1313 5th Street MN Holdings, LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as The Marshall at the University of Minnesota; • a 50% interest in West Clayton Athens GA Owner, LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as Georgia Heights at the University of Georgia; • a 25% interest in University Village-Greensboro LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as University Village - Greensboro; and • a 14% interest in Elauwit Networks, a South Carolina limited liability company. The Trust participates in major operating decisions of, but does not control, these entities; therefore, the equity method is used to account for these investments. The following is a summary of financial information related to unconsolidated joint ventures (in thousands): Financial Position: As of December 31, 2017 2016 Total assets $ 169,183 $ 177,820 Total liabilities 131,930 132,370 Equity $ 37,253 $ 45,450 Investment in unconsolidated entities $ 23,227 $ 26,981 Results of Operations: For the years ended December 31, 2017 2016 2015 Revenues $ 45,106 $ 37,969 $ 37,915 Net income (loss) 213 (30 ) (1,134 ) Equity in losses of unconsolidated entities $ (65 ) $ (328 ) $ (668 ) As of December 31, 2017 and 2016, liabilities are recorded totaling $2.0 million and $1.9 million , respectively, related to investments in unconsolidated entities where distributions exceeded contributions and equity in earnings and the Trust has historically provided financial support; therefore, these investments are classified in accrued expenses in the accompanying consolidated balance sheets.

Incentive plans

Incentive plans	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive plans	Incentive plans On May 10, 2017, EdR’s stockholders approved the Education Realty Trust, Inc. 2017 Omnibus Equity Incentive Plan (the "2017 Plan"). The purpose of the 2017 Plan is to promote the interests of the Trust and its stockholders by attracting, motivating and retaining talented executive officers, employees and directors of the Trust and linking their compensation to the long-term interests of the Trust and its stockholders. The 2017 Plan replaced the Education Realty Trust, Inc. 2011 Omnibus Equity Incentive Plan (the "2011 Plan") in its entirety and authorized the grant of the 346,111 shares that remained available for grant under the 2011 Plan, as well as 1,000,000 additional shares. As of December 31, 2017 , the Trust had 1,346,111 shares of its common stock reserved for issuance pursuant to the 2017 Plan. Automatic increases in the number of shares available for issuance are not provided. The 2017 Plan provides for the grant of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, other stock-based incentive awards to employees, directors and other key persons providing services to the Trust. The 2017 Plan limits the number of shares and LTIP units subject to awards granted during any calendar year to any non-employee director, together with cash fees paid during the calendar year, to a maximum of $500,000 in total value. The Trust's 2014 Long Term Incentive Plan (the "2014 LTIP") and prior plans granted participants restricted stock awards and RSUs. A restricted stock award is an award of EdR’s common stock that is subject to restrictions on transferability and other restrictions as EdR’s compensation committee determines in its sole discretion on the date of grant. The restrictions may lapse over a specified period of employment or the satisfaction of pre-established criteria as the compensation committee may determine. Except to the extent restricted under the award agreement, a participant awarded restricted stock will have all of the rights of a stockholder as to those shares, including, without limitation, the right to vote and the right to receive dividends or distributions on the shares. As of December 31, 2017 and 2016 , there was no unearned compensation related to restricted stock. Unearned compensation related to restricted stock was recorded as expense over the applicable vesting period. The value is determined based on the market value of EdR’s common stock on the grant date. During the years ended December 31, 2016 and 2015 , compensation expense of $0.2 million and $0.4 million , respectively, was recognized in the accompanying consolidated statements of income and comprehensive income, related to the vesting of restricted stock. As the applicable service period of all restricted stock ended on December 31, 2016 , there was no compensation expense recorded during the year ended December 31, 2017 related to restricted stock. An RSU award is an award that will vest based upon the Trust’s achievement of total stockholder returns at specified levels as compared to the average total stockholder returns of a peer group of companies and/or the National Association of Real Estate Investment Trusts Equity Index over three years (the “Performance Period”). At the end of the applicable Performance Period, EdR's compensation committee will determine the level and the extent to which the performance goal was achieved. RSUs that satisfy the performance goal will be converted into fully-vested shares of EdR’s common stock and the Trust will receive a tax deduction for the compensation expense at the time of vesting. Prior to vesting, the participants are not eligible to vote or receive dividends or distributions on the RSUs. As of December 31, 2017 and 2016 , there was no unearned compensation related to RSUs. As of December 31, 2015 , unearned compensation related to RSUs totaled $0.6 million . Unearned compensation related to RSUs was recorded as expense over the applicable vesting period. The value was determined using a Monte Carlo simulation technique. During the years ended December 31, 2016 and 2015 , compensation expense of $0.6 million and $0.9 million , respectively, was recognized in the accompanying consolidated statements of income and comprehensive income, related to the vesting of RSUs. As the applicable service period of all outstanding RSUs ended on December 31, 2016 , there was no compensation expense recorded during the year ended December 31, 2017 related to RSUs. On January 1, 2017 , 79,699 fully-vested shares of EdR's common stock were issued upon vesting of RSUs granted in 2014. The Trust's 2015 Long-Term Incentive Plan ("2015 LTIP"), adopted in February 2015, 2016 Long-Term Incentive Plan ("2016 LTIP"), adopted in February 2016, and 2017 Long-Term Incentive Plan ("2017 LTIP") adopted in March 2017, differ in two respects from the prior plans: (i) the participants have elected to receive LTIP Units in the Operating Partnership instead of time restricted stock or RSUs; and (ii) the performance criteria for the performance-based award has been revamped to measure the Trust's performance based on a mixture of objective internal achievement goals and relative performance against its industry peers and other REITs. Under the 2015, 2016 and 2017 LTIPs, 155,774 , 131,745 and 146,728 LTIP Units, respectively, were issued to the participants. The 2015, 2016 and 2017 LTIPs provide that 25% of a participant’s award consists of a time-vested grant of LTIP Units in the Operating Partnership subject to the rights, preferences and other privileges as designated in the partnership agreement of the Operating Partnership (the “Partnership Agreement”). Similar to the treatment of restricted stock under prior plans, the time-vested 2015, 2016 and 2017 LTIP Units vest over a three -year period and are valued for award purposes at a value equal to the price of EdR's common stock on the grant date. The time-vested 2015, 2016 and 2017 LTIP Units are entitled to voting and distribution rights from the effective date of the grant in accordance with the Partnership Agreement, but are nontransferable and non-convertible until fully vested. The remaining 75% of a participant’s award consists of a grant of performance-based 2015, 2016 and 2017 LTIP Units. The vesting of performance-based 2015, 2016 and 2017 LTIP Units is dependent upon the Trust's achievement of six performance criteria approved by EdR's compensation committee, over a three -year period, with a minimum, threshold, and maximum performance standard for each performance criterion. Three of the performance criteria are based on market conditions and three have performance vesting conditions under ASC 718, "Compensation - Stock Compensation" . The fair value of the awards subject to market conditions was determined using a Monte Carlo simulation technique by an independent third party consultant. The fair value of the awards subject to performance conditions was calculated based on the closing market value of EdR's common stock on the grant date. The probability of achieving the performance conditions is assessed quarterly. The performance-based 2015, 2016 and 2017 LTIP Units are entitled to voting and distribution rights from the effective date of the grant in accordance with the Partnership Agreement, but are nontransferable and non-convertible until fully vested. After the determination of the achievement of the performance criteria, any performance-based 2015, 2016 and 2017 LTIP Units that were awarded but did not become vested LTIP Units will be canceled. Once fully vested, the 2015, 2016 and 2017 LTIP Units may be converted to OP Units in the Operating Partnership and thereafter, at the election of the unitholder, may be tendered for redemption for cash or for shares of EdR's common stock on a one-for-one basis at EdR's election in accordance with the terms of the Partnership Agreement. Compensation expense recognized in general and administrative expense in the accompanying consolidated statements of income and comprehensive income related to the LTIP Units was $3.1 million , $2.7 million and $0.9 million for the years ended December 31, 2017, 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , unearned compensation related to LTIP Units totaled $3.9 million and $4.2 million , respectively, and will be recorded as expense over the applicable vesting period. Compensation expense for the years ended December 31, 2017 and 2016 includes an adjustment to increase life-to-date expense related to the performance conditions under the 2015 and 2016 LTIPs due to a change in the probability of achieving certain performance conditio ns. Total stock-based compensation expense recognized in general and administrative expense in the accompanying consolidated statements of income and comprehensive income for the years ended December 31, 2017, 2016 and 2015 was $3.1 million , $3.4 million and $2.2 million , respectively. Additionally during the years ended December 31, 2017 and 2016 , the Trust issued 12,654 and 10,800 shares, respectively, to its independent directors under the 2011 Plan discussed above. A summary of the stock-based incentive plan activity as of and for the years ended December 31, 2017, 2016 and 2015 is as follows: Restricted Stock Awards Weighted-Average Grant Date Fair Value Per Restricted Stock Award RSU Awards Weighted-Average Grant Date Fair Value Per RSU LTIP Units Weighted-Average Grant Date Fair Value Per LTIP Unit Outstanding as of December 31, 2014 (1) 46,810 $ 27.94 146,911 $ 20.58 — $ — Granted — — — — 155,774 18.83 Vested (17,774 ) 27.76 — — — — Surrendered (3,467 ) 29.72 — — — — Outstanding as of December 31, 2015 (1) 25,569 28.32 146,911 20.58 155,774 18.83 Granted — — — — 131,745 26.20 Vested (10,199 ) 28.93 (10,776 ) 22.95 (7,067 ) 18.83 Surrendered (7,571 ) 28.93 (44,379 ) 22.95 — — Outstanding as of December 31, 2016 (1) 7,799 26.46 91,756 19.20 280,452 22.29 Granted — — — — 146,728 25.85 Vested (4,516 ) 26.46 (53,131 ) 19.20 (14,385 ) 36.30 Surrendered (3,283 ) 26.46 (38,625 ) 19.20 — — Outstanding as of December 31, 2017 (1) — $ — — $ — 412,795 $ 22.80 (1) Represents unvested shares of restricted stock awards and LTIP Units as of the date indicated.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2017 and 2016 , the Trust had the following debt outstanding: December 31, 2017 2016 Unsecured indebtedness: Revolving credit facility $ 349,000 $ 20,000 Unsecured term loan facility 187,500 187,500 Unsecured senior notes 250,000 250,000 Unsecured private placement notes 150,000 — Total 936,500 457,500 Less: Unamortized deferred financing costs (3,051 ) (2,824 ) Unsecured indebtedness, net 933,449 454,676 Mortgage and construction loans, net of unamortized deferred financing costs — 62,520 Total outstanding debt, net of unamortized deferred financing costs $ 933,449 $ 517,196 Revolving credit facility On November 19, 2014 , the Operating Partnership entered into a Fifth Amended and Restated Credit Agreement (the “Revolver”). The Revolver has a maximum availability of $500.0 million and an accordion feature to $1.0 billion , which may be exercised during the first four years subject to satisfaction of certain conditions. The Revolver is scheduled to mature on November 19, 2018 with a one -year extension option, provided certain conditions are met. As discussed in Note 22, the maturity date of the Revolver was extended to February 16, 2023. EdR serves as the guarantor for any funds borrowed by the Operating Partnership under the Revolver. The interest rate per annum applicable to the Revolver is, at the Operating Partnership’s option, equal to a base rate or LIBOR plus an applicable margin based upon our leverage. As of December 31, 2017 , the weighted-average interest rate applicable to the Revolver was 2.71% . If amounts are drawn, due to the fact that the Revolver bears interest at variable rates, cost approximates the fair value. In addition, the Operating Partnership also incurs an unused fee equal to either 0.15% or 0.25% of the unused balance, based on outstanding commitments. As of December 31, 2017 and 2016 , the outstanding balance under the Revolver was $349.0 million and $20.0 million , respectively. Our remaining availability was $151.0 million at December 31, 2017 . The Revolver contains customary affirmative and negative covenants and contains financial covenants that, among other things, require the maintenance of certain minimum ratios of EBITDA (earnings before payment or charges of interest, taxes, depreciation, amortization or extraordinary items) as compared to interest expense and total fixed charges. The financial covenants also include consolidated net worth and leverage ratio tests, and distributions are prohibited in excess of 95% of FFO except to comply with the legal requirements to maintain REIT status. As of December 31, 2017 , the Operating Partnership was in compliance with all covenants of the Revolver. Unsecured term loan facility On January 18, 2017, the Operating Partnership and certain subsidiaries entered into the Second Amended and Restated Credit Agreement (the "Second Amended and Restated Credit Agreement"). Under the Second Amended and Restated Credit Agreement, the unsecured term loans have an aggregate principal amount of $187.5 million , consisting of a $122.5 million Tranche A term loan (the "Tranche A Term Loan") and a $65.0 million Tranche B term loan (the “Tranche B Term Loan” and, together with the Tranche A Term Loan, the “Term Loans”). The Tranche A Term Loan matures on January 13, 2021 and the Tranche B Term Loan matures on January 18, 2022. The Second Amended and Restated Credit Agreement contains an accordion feature pursuant to which the borrowers may request that the total aggregate amount of the Term Loans be increased to $250.0 million , which may be allocated to Tranche A or Tranche B, subject to certain conditions, including obtaining commitments from any one or more lenders to provide such additional commitments. The Operating Partnership used proceeds from the Term Loans to repay a portion of the outstanding balance under the Revolver. The interest rate per annum on the Tranche A Term Loan is, at the Operating Partnership’s option, equal to a base rate or LIBOR plus an applicable margin ranging from 120 to 190 basis points. The interest rate per annum on the Tranche B Term Loan is, at the Operating Partnership’s option, equal to a base rate or LIBOR plus an applicable margin ranging from 120 to 190 basis points. The applicable margin for the Term Loans is based on leverage. At December 31, 2017 and 2016 , the outstanding balance under the Term Loans was $186.5 million and $186.7 million , respectively, which is presented net of unamortized deferred financing costs of $1.0 million and $0.8 million , respectively, in the accompanying consolidated balance sheets. The Second Amended and Restated Credit Agreement contains customary affirmative and restrictive covenants substantially similar to those contained in the Revolver. EdR serves as the guarantor for any funds borrowed under the Second Amended and Restated Credit Agreement. As of December 31, 2017 , the Operating Partnership was in compliance with all covenants of the Second Amended and Restated Credit Agreement. In connection with entering into the First Amended and Restated Credit Agreement on November 14, 2014, which was superseded by the Second Amended and Restated Credit Agreement, the Operating Partnership entered into multiple interest rate swaps with notional amounts totaling $187.5 million to hedge the interest payments on the LIBOR-based Term Loans (see Note 15) through the Term Loans' initial maturity date. The Operating Partnership also entered into forward starting interest rate swaps (see Note 15) concurrently with executing the Second Amended and Restated Credit Agreement, which extended the term of the Tranche B Term Loan by three years to January 18, 2022. As of December 31, 2017 , the effective interest rate on the Tranche A Term Loan was 3.50% (weighted average swap rate of 2.30% plus the current margin of 1.20% ) and the effective interest rate on the Tranche B Term Loan was 2.86% (weighted average swap rate of 1.66% plus the current margin of 1.20% ). Unsecured notes payable Unsecured senior notes On November 24, 2014, the Operating Partnership completed the public offering of $250.0 million aggregate principal amount of unsecured senior notes (the "Unsecured Senior Notes") under an existing shelf registration statement. The 10 -year Unsecured Senior Notes were issued at 99.991% of par value with a coupon of 4.6% per annum and are fully and unconditionally guaranteed by EdR. Interest on the Unsecured Senior Notes is payable semi-annually on June 1 and December 1 of each year. The Unsecured Senior Notes will mature on December 1, 2024. Net proceeds from the issuance of the Unsecured Senior Notes were approximately $247.0 million , after deducting the underwriting discount and offering expenses payable by the Operating Partnership. The Operating Partnership used the offering proceeds to prepay $69.0 million of mortgage debt (including $2.6 million in prepayment penalties and other fees), pay down the outstanding balance of the Revolver and for general corporate purposes. At December 31, 2017 and 2016 , the outstanding balance under the Unsecured Senior Notes was $248.2 million and $247.9 million , respectively, which is presented net of unamortized deferred financing costs of $1.8 million and $2.1 million , respectively, in the accompanying consolidated balance sheets. The terms of Unsecured Senior Notes contain certain covenants that restrict the ability of EdR and the Operating Partnership to incur additional secured and unsecured indebtedness. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as minimum interest coverage level. As of December 31, 2017 , the Operating Partnership was in compliance with all covenants. Unsecured private placement notes On August 31, 2017, the Operating Partnership issued $150.0 million aggregate principal amount of unsecured notes in a private placement. The private placement notes were issued in two tranches with $75.0 million bearing interest at 4.22% and due August 31, 2029 (the “Series A Notes”), and $75.0 million bearing interest at 4.30% and due August 31, 2032 (the “Senior B Notes” and together with the Senior A Notes, the “Notes”). The Notes are guaranteed by EdR. Net proceeds from the issuance of the Notes were used to repay a portion of the outstanding balance on the Revolver. At December 31, 2017 , the outstanding balance under the Notes was $149.7 million , which is presented net of unamortized deferred financing costs of $0.3 million . The Notes contain customary affirmative and restricted covenants substantially similar to those in the Revolver and Second Amended and Restated Credit Agreement. Additionally, the Notes contain cross-default provisions if the Operating Partnership defaults on other indebtedness exceeding a threshold of $35.0 million . As of December 31, 2017 , the Operating Partnership was in compliance with all covenants. Mortgage and construction debt The mortgage debt and construction loans outstanding at December 31, 2016 with balances of $33.0 million and $29.6 million , respectively, and interest rates of 2.73% and 2.60% , respectively, were repaid during 2017 with proceeds from borrowings on the Revolver. The Trust had no secured debt outstanding at December 31, 2017 . The following table reconciles the carrying amount of mortgage and construction notes payable, net of unamortized deferred financing costs, for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Balance, beginning of period $ 62,520 $ 204,511 Additions to principal 146 40,974 Repayments of principal (62,722 ) (183,862 ) Amortization of debt premium — (49 ) Write-off of debt premium related to debt pay off — (523 ) (Increase) decrease in deferred financing costs, net 56 1,469 Balance, end of period $ — $ 62,520 The scheduled maturities of outstanding indebtedness as of December 31, 2017 are as follows (in thousands): Year 2018 $ 349,000 (1 ) 2019 — 2020 — 2021 122,500 2022 65,000 Thereafter 400,000 Total 936,500 Unamortized deferred financing costs 3,051 Outstanding as of December 31, 2017, net of unamortized deferred financing costs $ 933,449 (1) In February 2018, the Operating Partnership amended the Revolver (see Note 22), which increased the maximum availability to $600.0 million and extended the maturity date to February 16, 2023 , among other items.

Noncontrolling interests

Noncontrolling interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Operating Partnership Joint Ventures: As of December 31, 2017 , EROP had entered into 11 joint venture agreements to develop, own and manage certain collegiate housing communities. Eight of the developments were still under construction at December 31, 2017 . All of these joint ventures are VIEs that meet the criteria for consolidation (see Note 2). EROP's joint venture partners' investments in all but one of the communities under development met the requirements to be classified outside of permanent equity, and are therefore classified as redeemable noncontrolling interests in the accompanying consolidated balance sheets and net income (loss) attributable to noncontrolling interests in the accompanying consolidated statements of income and comprehensive income due to the partners' ability to put their ownership interests to EROP for cash based on fair value or at substantially fixed exercise prices as provided in the operating agreements. In connection with the acquisitions of The Hub at Madison and Urbane (see Note 4), the Trust, through joint ventures, acquired a controlling interest in the legal entity owning the collegiate housing properties. In December 2017, the Trust acquired the 1.6% noncontrolling interest in the Hub at Madison, resulting in the property being wholly owned by the Trust. At December 31, 2017 , the partners' interest in the Urbane joint venture was 3.0% . The partners' ownership interests is accounted for as redeemable noncontrolling interests in the accompanying consolidated balance sheets due to the partners' ability to further put their remaining ownership interests to the Operating Partnership for cash based on fair value. The share in net income (loss) attributable to noncontrolling interests is recorded in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2016 , the Urbane joint venture partner also had an additional interest in the legal entity; however, it was determined the noncontrolling interest represented a financing arrangement that was recorded as an accrued liability. During the year ended December 31, 2017 , the Trust settled the amount (see Note 4). The value of the joint venture partners' investments in the development projects and acquired properties redeemable at fair value are reported at the greater of fair value or historical cost at the end of each reporting period. At December 31, 2017 and 2016 , the joint venture partners' investment in development projects was recorded at historical cost, as the carrying value approximates fair value. At December 31, 2017 and 2016 , the joint venture partners' interest in the acquired properties was recorded at fair value. The joint venture partners’ investments in development projects redeemable at substantially fixed prices are considered redeemable at other than fair value. The change in redemption value during the year ended December 31, 2017 is reflected in additional paid-in capital and is also included in the calculation of earnings per share using the two-class method. At December 31, 2015, EROP held a 95% ownership interest in the Roosevelt Point collegiate housing property serving Arizona State University: Downtown Phoenix Campus, a 75% ownership interest in The Retreat at Louisville collegiate housing property serving The University of Louisville, and a 75% ownership interest in The Retreat at Blacksburg near Virginia Tech. During the year ended December 31, 2016, EROP purchased the remaining 5% ownership interest in Roosevelt Point, 25% ownership interest in The Retreat at Louisville, and 25% ownership interest in The Retreat at Blacksburg. EROP also owns a 72.7% interest in University Towers Operating Partnership, LP. This entity is considered a VIE that meets the criteria for consolidation (see Note 2). The units of the limited partnership interest of University Towers Operating Partnership, LP (“University Towers Operating Partnership Units”) are also classified as noncontrolling interests. The University Towers Operating Partnership Units are redeemable at the option of the holder, and they participate in net income and distributions. Accordingly, EROP has determined that the University Towers Operating Partnership Units meet the requirements to be classified outside of permanent equity, and are therefore also classified as redeemable noncontrolling interests in the accompanying consolidated balance sheets. Income related to such units are recorded as net income (loss) attributable to noncontrolling interests in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2017 and 2016 , there were 69,086 University Towers Operating Partnership Units outstanding. The value of redeemable University Towers Operating Partnership Units is reported at the greater of fair value or historical cost at the end of each reporting period. As of December 31, 2017 and 2016 , EROP reported the redeemable noncontrolling interests at fair value, which was greater than historical cost. Fair value at each reporting period is determined based on the market price of the Trust's common stock and is considered Level 2 in the fair value hierarchy. The following table sets forth activity with the redeemable noncontrolling interests for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Beginning balance $ 32,160 $ 5,248 Net income (1,090 ) (212 ) Contributions from redeemable noncontrolling interests 16,139 29,824 Adjustments to report redeemable noncontrolling interests at fair value 2,405 334 Purchase and return of equity to noncontrolling partner's interest (2,890 ) (2,910 ) Distributions (888 ) (124 ) Accretion of redeemable noncontrolling interests 2,654 — Ending balance $ 48,490 $ 32,160 Redeemable Limited Partner Units: The units of limited partnership of the Operating Partnership (“OP Units”) that EROP is required, either by contract or securities law, to deliver registered shares of common stock of the Trust or cash, at the general partner's discretion, to the exchanging Operating Partnership unitholder are classified as redeemable limited partner units in the mezzanine section of the accompanying consolidated balance sheets of the Operating Partnership. The redeemable limited partner units are reported at the greater of fair value or historical cost at the end of each reporting period. As of December 31, 2017 and 2016 , EROP reported the redeemable limited partner units at fair value (considered Level 2 as determined based on the market price of the Trust's common stock), which was greater than historical cost. During the year ended December 31, 2017 , 54,500 OP units were redeemed for 54,500 shares of EdR's common stock. During the year ended December 31, 2016 , 50,000 OP Units were redeemed for 50,000 shares of EdR's common stock and 14,611 OP Units were redeemed for cash. As of December 31, 2017 and 2016 , there were 105,198 and 159,698 OP Units outstanding, respectively, not including OP Units held by EdR. Below is a table summarizing the activity of redeemable limited partner units for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Beginning balance $ 6,789 $ 8,312 Net income 80 138 Distributions (246 ) (304 ) Reclassification of vested LTIP Units to redeemable limited partners 522 244 Conversion of redeemable partner units into common stock or cash (2,003 ) (2,703 ) Adjustments to report redeemable limited partner units at fair value (789 ) 1,102 Ending balance $ 4,353 $ 6,789 The Trust The Trust accounts for the joint ventures discussed above as VIEs and consolidates such entities in the same manner as EROP. The noncontrolling interests of the Trust include third-party equity interests in one joint venture development which is presented as a component of equity in the Trust’s accompanying consolidated balance sheets. The Trust’s redeemable noncontrolling interests include: (1) the redeemable limited partners presented in the accompanying consolidated balance sheets of EROP; (2) the University Towers Operating Partnership Units; (3) our partners' investments in certain joint venture developments; and (4) our partners' investments in certain acquired communities, which are presented as redeemable noncontrolling interests in the accompanying consolidated balance sheets of EROP.

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Stockholders’ Equity - The Trust During October 2014, the Trust entered into agreements to establish an at-the-market equity offering program ("ATM Program") pursuant to which the Trust was authorized to sell a maximum of $150.0 million in shares of EdR common stock. During the years ended December 31, 2016 and 2015 , the Trust sold approximately 2.3 million and 0.7 million shares pursuant to the ATM Program, with net proceeds of approximately $93.5 million and $26.7 million , respectively, after deducting sales agents' fees and other expenses payable by the Trust, which exhausted the ATM Program. On November 9, 2015, the Trust completed a follow-on equity offering of 8.1 million shares of EdR common stock. The Trust received approximately $270.1 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses payable by the Trust. On January 15, 2016, the Trust completed a follow-on equity offering of approximately 6.3 million shares of EdR common stock. The Trust received approximately $215.1 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses payable by the Trust. Of the total net proceeds, approximately $108.5 million was used to pay off $98.2 million of fixed rate mortgage debt bearing an average effective interest rate of 5.4% and $10.3 million of prepayment penalties associated with the early extinguishment of debt. On March 24, 2016, EdR issued approximately 0.5 million shares of its common stock for a total of approximately $20.0 million pursuant to the direct stock purchase component of the Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan. On May 2, 2016, the Trust entered into equity distribution agreements to establish a new ATM Program under which the Trust was authorized to sell a maximum of $300.0 million in additional shares of its common stock. The Trust sold approximately 7.0 million shares under these equity distribution agreements during the year ended December 31, 2016 and received net proceeds of approximately $296.2 million which exhausted this ATM Program. On August 1, 2016 and February 28, 2017, the Trust entered into equity distribution agreements to establish new ATM Programs (the "2016 ATM Program" and the "2017 ATM Program," respectively) under which the Trust is authorized to sell a maximum of $300.0 million and $500.0 million , respectively, in shares of EdR common stock. Under these equity distribution agreements, EdR may make sales of common stock through at-the-market transactions or pursuant to forward sales agreements (the “Forward Agreements”) with certain counterparties. In connection with any Forward Agreement, the relevant forward purchaser will borrow from third parties and, through the relevant sales agent, sell a number of shares of EdR common stock underlying the particular Forward Agreement. The Trust does not initially receive any proceeds from any sale of borrowed shares. At December 31, 2017 , a summary of the outstanding Forward Agreements is set forth in the table below (shares in thousands): Date of Forward Agreement Shares Sold Volume Weighted Average Sale Price Per Share Initial Forward Price (1) Final Settlement Date (2) August 29, 2016 1,990 42.39 42.82 December 31, 2018 (3) October 3, 2016 2,408 41.00 40.51 December 31, 2018 (3) February 28, 2017 361 41.55 41.14 December 31, 2018 4,759 $ 41.62 $ 41.55 (1) The initial forward price under each Forward Agreement is equal to 99.00% of the volume weighted average price at which the shares of EdR common stock are sold by the applicable forward seller as adjusted to reflect changes in the federal funds rate and to account for dividends paid to holders of EdR common stock. The initial forward prices presented in this table are for illustrative purposes only as the actual amount of proceeds per share to be received by the Trust upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of EdR common stock over the term of the Forward Agreement. (2) Represents the final date on which shares sold under each Forward Agreement may be settled. (3) During the year ended December 31, 2017 , the final date on which shares sold under the Forward Agreements may be settled was amended from December 29, 2017 to December 31, 2018. During 2017, the Trust had fully settled three Forward Agreements by delivering 2.6 million shares of newly issued common stock, receiving $110.0 million of net proceeds, which were used to repay a portion of the outstanding balance on the Revolver and for general corporate purposes. These settlements exhausted the remaining availability under the 2016 ATM Program. As of December 31, 2017 , the Trust had approximately $485.0 million available for issuance under its 2017 ATM Program. The Trust generally has the ability to determine the dates and method of settlement, subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Trust currently expects to fully physically settle each Forward Agreement by issuing shares of EdR common stock on one or more dates specified by the Trust prior to the maturity date of the applicable Forward Agreement, in which case the Trust expects to receive aggregate net cash proceeds at settlement equal to the number of shares of common stock underlying the applicable Forward Agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Trust may also elect, in its discretion, to cash settle or net share settle a particular Forward Agreement, in which case the Trust may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Trust may owe cash (in the case of cash settlement) or shares of EdR common stock (in the case of net share settlement) to the relevant counterparty. The Trust accounts for shares of EdR common stock reserved for issuance upon settlement of each Forward Agreement as equity. Before the issuance of shares of EdR common stock, if any, upon physical or net share settlement of the Forward Agreements, the Trust expects that the shares issuable upon settlement of the Forward Agreements will be reflected in its diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of EdR common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward Agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Trust physically or net share settles any Forward Agreement, the delivery of shares of EdR's common stock would result in an increase in the number of shares outstanding and dilution to basic earnings per share. Partners’ Capital - Operating Partnership In connection with the equity offering and ATM Programs discussed above, the Operating Partnership issues OP Units to EdR equivalent to the number of shares of common stock issued by EdR.

Earnings per share_unit

Earnings per share/unit	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings per share/unit	Earnings per share/unit Earnings per Share - The Trust The following is a summary of the components used in calculating earnings per share for the years ended December 31, 2017, 2016 and 2015 (dollars and shares in thousands, except per share data): 2017 2016 2015 Numerator - basic and diluted earnings per share: Net income attributable to common shareholders $ 47,440 $ 44,924 $ 19,911 Accretion of redeemable noncontrolling interests (2,654 ) — — Net income attributable to common shareholders after accretion of redeemable noncontrolling interests $ 44,786 $ 44,924 $ 19,911 Denominator: Basic weighted average shares of common stock outstanding 74,263 69,336 49,676 OP Units 133 (1) 194 (1) 246 (1) University Towers Operating Partnership Units 69 69 69 Shares issuable upon settlement of the Forward Agreements — 1 — Diluted weighted average shares of common stock outstanding 74,465 69,600 49,991 Earnings per share - basic and diluted: Net income attributable to common shareholders $ 0.60 $ 0.65 $ 0.40 Distributions declared per common share $ 1.54 $ 1.50 $ 1.46 (1) Includes the impact of weighted average number of OP Units outstanding during the period. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the years ended December 31, 2017, 2016 and 2015 (dollars and units in thousands, except per unit data): 2017 2016 2015 Numerator - basic and diluted earnings per unit: Net income attributable to unitholders $ 47,520 $ 45,062 $ 20,002 Accretion of redeemable noncontrolling interests (2,654 ) — — Net income attributable to common unitholders after accretion of redeemable noncontrolling interests $ 44,866 $ 45,062 $ 20,002 Denominator: Weighted average units outstanding 73,849 69,062 49,535 Redeemable Operating Partnership Units 133 194 246 LTIP units 414 274 141 Weighted average units outstanding - basic 74,396 69,530 49,922 Redeemable University Towers Operating Partnership Units 69 69 69 Units issuable upon settlement of the Forward Agreements — 1 — Weighted average units outstanding - diluted 74,465 69,600 49,991 2017 2016 2015 Earnings per unit - basic and diluted: Net income attributable to unitholders $ 0.60 $ 0.65 $ 0.40 Distributions declared per unit $ 1.54 $ 1.50 $ 1.46

Segments

Segments	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segments	Segments The Trust defines business segments by their distinct customer base and service provided. The Trust has identified three reportable segments: collegiate housing leasing, development consulting services and management services. Management evaluates each segment’s performance based on net operating income, which is defined as income before depreciation, amortization, ground leases, impairment losses, interest expense (income), gains (losses) on extinguishment of debt, equity in earnings of unconsolidated entities and noncontrolling interests. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intercompany fees are reflected at the contractually stipulated amounts. The following tables represent the Trust’s segment information for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 313,727 $ 274,187 $ 240,623 Collegiate housing leasing operations 128,358 111,378 101,283 Net operating income $ 185,369 $ 162,809 $ 139,340 Total segment assets at end of period (1) $ 2,962,829 $ 2,437,205 $ 1,920,582 Development Consulting Services: Third-party development consulting services $ 5,256 $ 2,364 $ 2,233 General and administrative (2) 4,751 2,044 2,802 Net operating income (loss) $ 505 $ 320 $ (569 ) Total segment assets at end of period (3) $ 4,194 $ 6,739 $ 4,615 Management Services: Third-party management services $ 3,736 $ 3,588 $ 3,670 General and administrative (2) 2,105 2,308 2,844 Net operating income $ 1,631 $ 1,280 $ 826 Total segment assets at end of period (3) $ 10,411 $ 10,294 $ 10,090 Reconciliations: Segment revenue $ 322,719 $ 280,139 $ 246,526 Operating expense reimbursements 8,347 8,829 8,636 Total segment revenues $ 331,066 $ 288,968 $ 255,162 Segment operating expenses $ 135,214 $ 115,730 $ 106,929 Reimbursable operating expenses 8,347 8,829 8,636 Total segment operating expenses $ 143,561 $ 124,559 $ 115,565 2017 2016 2015 Segment net operating income $ 187,505 $ 164,409 $ 139,597 Other unallocated general and administrative expenses (4) (21,660 ) (17,922 ) (15,252 ) Depreciation and amortization (95,501 ) (81,413 ) (68,022 ) Ground lease expense (13,424 ) (12,462 ) (11,268 ) Loss on impairment of collegiate housing properties — (2,500 ) — Interest expense (15,268 ) (15,454 ) (24,449 ) Amortization of deferred financing costs (1,574 ) (1,731 ) (2,089 ) Interest income 98 490 213 Loss on extinguishment of debt (22 ) (10,611 ) (403 ) Other operating income (expense) 6,041 (1,046 ) — Equity in losses of unconsolidated entities (65 ) (328 ) (668 ) Income before income taxes and gain on sale of collegiate housing properties $ 46,130 $ 21,432 $ 17,659 Total segment assets, end of period (3) $ 2,977,434 $ 2,454,238 $ 1,935,287 Unallocated corporate amounts: Cash 6,764 11,344 21,757 Notes receivable (see Note 2) 500 500 2,167 Other receivables 727 708 646 Investments in unconsolidated entities (see Note 8) 23,227 26,981 28,068 Other assets 5,684 10,593 11,092 Deferred financing costs, net (revolver) 828 1,821 2,814 Total assets, end of period $ 3,015,164 $ 2,506,185 $ 2,001,831 (1) The increase in segment assets related to collegiate housing leasing during the year ended December 31, 2017 is primarily related to the purchase of two additional communities, the completed development of six collegiate housing communities for the Trust’s ownership and the continued development of 12 assets under development offset by the sale of a collegiate housing community (see Notes 4 and 5). The increase in segment assets related to collegiate housing leasing during the year ended December 31, 2016 is primarily related to the purchase of five additional communities and completed development of three collegiate housing communities for the Trust's ownership and the continued development of 13 assets under developments offset by the sale of one collegiate housing community (see Notes 4 and 5). (2) General and administrative expenses for the development consulting services and management services segments represent those expenses that are directly attributable to these segments and also include an allocation of corporate general and administrative expenses based on the extent of effort or resources expended. (3) Total segment assets include goodwill of $2,149 related to management services and $921 related to development consulting services. (4) Other unallocated general and administrative expenses includes costs directly attributable to our owned developments and corporate general and administrative expenses that are not allocated to any of the segments.

Derivatives and hedging activit

Derivatives and hedging activities	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and hedging activities	Derivatives and hedging activities Cash Flow Hedges of Interest Rate Risk The objectives in using interest rate derivatives are to add stability to interest expense and to manage the exposure to interest rate movements. To accomplish this objective, interest rate swaps are used as part of the interest rate risk management strategy. During the years ended December 31, 2017 and 2016 , such derivatives were used to hedge the variable cash flows associated with variable-rate debt. As of December 31, 2017 and 2016 , six interest rate swaps were outstanding with a combined notional amount of $187.5 million that were designated as cash flow hedges of interest rate risk. Also as of December 31, 2017 , the Trust had three forward-starting interest rate swap agreements with an aggregate notional amount of $65.0 million . The Trust entered into these forward-starting interest rate swaps in order to lock in fixed interest rates on the extended term of the Tranche B Term Loan concurrently with executing the Second Amended and Restated Credit Agreement (see Note 10). Accordingly, the forward-starting interest rate swaps were designated as cash flow hedges of interest rate risk. The counter-parties to such swaps are major financial institutions. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for all periods presented, is recognized directly in earnings. During the next twelve months, an additional $0.6 million is estimated to be reclassified to earnings as an increase to interest expense. As of December 31, 2017 and 2016 , the fair value of the derivatives is a liability of $0.7 million and $3.6 million , respectively, and is included in accrued expenses in the accompanying consolidated balance sheets. As of December 31, 2017 and 2016 , the fair value of the derivatives is as follows (in thousands): Liability Derivatives Derivatives designated as hedging instruments Balance Sheet Location December 31, 2017 December 31, 2016 Fair Value Fair Value Interest rate contracts Accounts payable and accrued expenses $ 941 $ 3,564 Interest rate contracts Other assets (281 ) — Total derivatives designated as hedging instruments $ 660 $ 3,564 The following table discloses the effect of the derivative instruments on the consolidated statements of income and comprehensive income for the years ended December 31, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 2017 Interest rate contracts $ 804 Interest expense $ (1,898 ) 2017 Forward-starting interest rate contracts $ 202 Interest expense $ — 2016 Interest rate contracts $ (1,127 ) Interest expense $ (3,038 ) The above contracts are subject to enforceable master netting arrangements that provide a right of offset with each counterparty; however, no offsetting positions exist due to certain duplicate terms across all contracts. Therefore, the derivatives are not subject to offset in the accompanying consolidated balance sheets. Credit-Risk-Related Contingent Features The Operating Partnership has agreements with each of its derivative counterparties that contain a provision where if the Operating Partnership defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Operating Partnership could also be declared in default on its derivative obligations. In addition, the Operating Partnership has agreements with each of its derivative counterparties that contain a provision where the Operating Partnership could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Operating Partnership's default on the indebtedness. As of December 31, 2017 and 2016 , the fair value of derivatives related to these agreements, which includes accrued interest, but excludes any adjustment for nonperformance risk, was a liability of $0.8 million and $3.8 million , respectively. As of December 31, 2017 , the Operating Partnership has not posted any collateral related to these agreements. If the Operating Partnership had breached any of these provisions at December 31, 2017 , it could have been required to settle its obligations under the agreements at their termination value of $0.8 million .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Non-financial assets measured at fair value on a nonrecurring basis consist of real estate assets and investments in partially owned entities that have been written-down to estimated fair value when it has been determined that asset values are not recoverable. Fair value is estimated relating to impairment assessments based upon an income capitalization approach (which considers prevailing market capitalization rates and operations of the community) or the negotiated sales price, if applicable. Based upon the inputs used to value properties under the income capitalization approach, valuations under this method are classified within Level 3 of the fair value hierarchy. For the communities for which the estimated fair value was based on negotiated sales prices, the valuation is classified within Level 2 of the fair value hierarchy. One non-financial asset was impaired during the year ended December 31, 2016 and was recorded on the accompanying consolidated balance sheet as of December 31, 2016 . The valuation was classified within Level 2 of the fair value hierarchy. The asset was subsequently sold during the year ended December 31, 2017 (see Note 6). As discussed in Note 15, interest rate swaps are used to manage interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, credit valuation adjustments are incorporated to appropriately reflect both nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the derivative contracts for the effect of nonperformance risk, the Trust has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Trust has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Trust has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all derivatives held as of December 31, 2017 and 2016 were classified as Level 2 of the fair value hierarchy. The contingent consideration recognized in connection with two of our 2016 acquisitions (see Note 4) are recurring fair value adjustments. The initial determination of fair value was based on a Monte Carlo simulation analysis of the potential payout. The fair value has been adjusted at each reporting date. During the years ended December 31, 2017 and 2016 , the Trust recorded adjustments, which were reflected in other operating (income) expense in the accompanying consolidated statements of income and comprehensive income. The Trust has determined that the inputs used to value the contingent consideration fell within Level 3 of the fair value hierarchy, as such represent unobservable inputs. As discussed in Note 4, these amounts were settled in December 2017. Redeemable noncontrolling interests in the Trust (OP Units and University Towers Operating Partnership Units) have a redemption feature and are marked to their redemption value. The redemption value is based on the average fair value of EdR's common stock ten business days prior to the redemption date, adjusted for certain items. As the valuation is based on adjusted quoted prices in active markets for identical assets or liabilities at the measurement date, these instruments are classified in Level 2 of the fair value hierarchy. Redeemable noncontrolling interests representing certain joint venture partners’ interest in development joint ventures and acquisitions are redeemable due to put features available to the partners. The redemption feature allows the partner to put its ownership interest to the Trust at fair market value, which is generally defined as stabilized net operating income of the underlying property at a market cap rate. As the valuation is based on unobservable inputs that are based on internal information, these instruments are classified in Level 3 of the fair value hierarchy. The table below presents the assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall and summarizes the carrying amounts and fair values of these financial instruments as of December 31, 2017 and 2016 (in thousands): Estimated Fair Value Carrying value Level 1 Level 2 Level 3 December 31, 2017: Derivative financial instruments (liability position) $ 660 $ — $ 660 $ — Deferred compensation plan assets 904 904 — — Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 6,499 — 6,499 — Joint venture partners' interest in development joint ventures and acquisitions 39,169 — — 39,169 December 31, 2016: Derivative financial instruments (liability position) $ 3,564 $ — $ 3,564 $ — Deferred compensation plan assets 503 503 — — Contingent consideration liability 3,250 — — 3,250 Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 9,361 — 9,361 — Joint venture partners' interest in development joint ventures and acquisitions 29,588 — — 29,588 The table below shows the reconciliation of Level 3 liabilities measured at fair value on a recurring basis (in thousands): Year Ended December 31, 2017 2016 Beginning balance $ 32,838 $ 2,943 Purchases, issuances and settlements, net 7,165 28,849 Adjustment of fair value during the period reflected in net income (3,250 ) 1,046 Adjustment of fair value during the period reflected in additional paid in capital 2,416 — Transfers into Level 3 — — Ending balance $ 39,169 $ 32,838 Financial assets and liabilities that are not measured at fair value in our consolidated financial statements include mezzanine notes receivable and debt. Estimates of the fair values of these instruments are based on assessments of available market information and valuation methodologies, including discounted cash flow analyses. Due to the fact that the Trust's unsecured revolving credit facility and unsecured term loan facility bear interest at variable rates, carrying value approximates the fair value. The tables below summarizes the gross carrying amounts and fair values of these financial instruments as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Estimated Fair Value Carrying value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 463 $ — Unsecured senior notes 250,000 — 261,034 — Revolving credit facility 349,000 — 349,000 — Unsecured term loan facility 187,500 — 187,500 — Unsecured private placement notes 150,000 — 153,711 — December 31, 2016 Estimated Fair Value Carrying value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 450 $ — Unsecured senior notes 250,000 — 246,305 — Revolving credit facility 20,000 — 20,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 62,576 — 62,576 — The Trust discloses the fair value of financial instruments for which it is practicable to estimate. The Trust considers the carrying amounts of cash and cash equivalents, restricted cash, student contracts receivable, accounts payable and accrued expenses to approximate fair value due to the short maturity of these instruments.

Lease commitments and unconditi

Lease commitments and unconditional purchase obligations	12 Months Ended
	Dec. 31, 2017
Disclosure Lease Commitments And Unconditional Purchase Obligations Additional Information [Abstract]
Lease commitments and unconditional purchase obligations	Lease commitments and unconditional purchase obligations The Trust has various long-term ground lease agreements with terms ranging from 40 to 99 years. Some of these agreements contain an annual rent increase equal to the greater of 3% or the increase in the consumer price index. Additionally, the Trust leases corporate office space and the agreement contains rent escalation clauses based on pre-determined annual rate increases. The Trust recognizes rent expense under the straight-line method over the terms of the leases. Any difference between the straight-line rent amounts and amounts payable under the leases’ terms are recorded as deferred straight-line rent in accrued expenses in the accompanying consolidated balance sheets. As of December 31, 2017 and 2016 , deferred straight-line rent totaled $36.3 million and $36.7 million , respectively. The Trust also has various operating leases for furniture, office and technology equipment which expire at varying times through fiscal year 2028 . Rental expense under the operating lease agreements totaled $0.8 million , $0.8 million and $0.7 million for each of the years ended December 31, 2017, 2016 and 2015 , respectively. Future minimum rental payments required under operating leases (including ground leases) that have initial or remaining noncancellable lease terms in excess of one year as of December 31, 2017 are as follows (in thousands): Year Ending 2018 $ 19,009 2019 16,130 2020 13,197 2021 10,376 2022 9,011 Thereafter 646,967 Total $ 714,690

Employee savings plan

Employee savings plan	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee savings plan	Employee savings plan Eligible employees may participate in a 401(k) savings plan (the “Plan”). Participants may contribute up to 15% of their earnings to the Plan. Employees are eligible to participate in the Plan on the first day of the next calendar quarter following six months of service and reaching 21 years of age. Additionally, a matching contribution of 50% is provided on eligible employees’ contributions up to the first 4% of compensation. Employees vest in the matching contribution over their first 3 years of employment then immediately vest in the matching contribution from then on. Matching contributions were approximately $0.4 million , $0.3 million , and $0.3 million for each of the years ended December 31, 2017, 2016 and 2015 , respectively.

Accrued expenses

Accrued expenses	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued expenses	Accrued expenses Accrued expenses consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Payroll $ 5,815 $ 5,990 Real estate taxes 13,694 11,105 Interest 3,188 2,029 Utilities 2,435 1,858 Ground leases and deferred straight-line rent 38,714 30,674 Development-related costs 76,104 35,990 Fair value of derivative liability 941 3,564 Noncontrolling interest recognized as a financing arrangement — 14,966 Other 17,339 17,474 Total accrued expenses $ 158,230 $ 123,650

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies For its third-party development projects, the Trust commonly provides alternate housing and project cost guarantees, subject to certain conditions. Alternate housing guarantees generally require the university to provide on-campus housing or the Trust to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon date. Under project cost guarantees, the Trust is responsible for the construction costs of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. During the year ended December 31, 2017 , the Trust experienced unanticipated additional costs of approximately $2.8 million related to unforeseen issues on one of the third-party development deliveries. These amounts have been recorded in development and management services operating expenses in the accompanying consolidated statements of income and comprehensive income. The Operating Partnership and various joint venture partners have jointly and severally guaranteed partial repayment on third-party mortgage and construction debt secured by the following underlying collegiate housing properties, all of which are unconsolidated joint ventures. The Operating Partnership is liable to the lender for any loss, damage, cost, expense, liability, claim or other obligation incurred by the lender arising out of or in connection with certain non-recourse exceptions in connection with the debt. Pursuant to the respective operating agreement, the joint venture partner agreed to indemnify, defend and hold harmless the Trust with respect to such obligations, except to the extent such obligations were caused by the willful misconduct, gross negligence, fraud or bad faith of the Operating Partnership or its employees, agents or affiliates. Therefore, exposure under the guaranties for obligations not caused by the willful misconduct, gross negligence, fraud or bad faith of the Operating Partnership or its employees, agents or affiliates are not expected to exceed the Operating Partnership's proportionate interest in the related mortgage debt in the case of the non-recourse, carve-out guaranty, or in the Operating Partnership's proportionate interest in the partial repayment guaranty, as applicable. The following summarizes the Operating Partnership's potential exposure under such guaranties (dollars in thousands): December 31, 2017 December 31, 2016 Joint Venture Balance Operating Partnership's Proportionate Interest Joint Venture Balance Operating Partnership's Proportionate Interest Ownership Percent Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee University Village - Greensboro 25 % $ 22,546 n/a $ 5,637 n/a $ 22,934 n/a $ 5,734 n/a The Marshall 50 % 54,956 8,767 27,478 4,384 55,838 8,767 27,919 4,384 Georgia Heights 50 % 34,796 7,230 17,398 3,615 34,914 7,230 17,457 3,615 During October 2014, the Operating Partnership and LeylandAlliance LLC entered into a $38.0 million construction loan for the fourth phase of the The Oaks on the Square project. The Operating Partnership and LeylandAlliance LLC jointly committed to provide a guarantee of repayment for the construction loan. During the year ended December 31, 2017 , the construction loan was repaid in full. As owners and operators of real estate, environmental laws impose ongoing compliance requirements on the Trust. The Trust is not aware of any environmental matters or liabilities with respect to the collegiate housing communities that would have a material adverse effect on the Trust’s consolidated financial condition or results of operations. In the normal course of business, the Trust is subject to claims, lawsuits and legal proceedings. While it is not possible to ascertain the ultimate outcome of such matters, in management’s opinion, the liabilities, if any, are not expected to have a material effect on our financial position, results of operations or liquidity. After being awarded a development consulting contract, the Trust will enter into predevelopment consulting contracts with educational institutions to develop collegiate housing communities on their behalf. The Trust will enter into reimbursement agreements that provide for the Trust to be reimbursed for the predevelopment costs incurred prior to the institution’s governing body formally approving the final development contract. As of December 31, 2017 , the Trust had reimbursable predevelopment costs of $1.0 million , reflected in other assets in the accompanying consolidated balance sheets. As of December 31, 2016 , there were no reimbursable predevelopment costs recognized in the accompanying consolidated balance sheets.

Quarterly financial information

Quarterly financial information (unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial information (unaudited)	Quarterly financial information (unaudited) Quarterly financial information for the years ended December 31, 2017 and 2016 is summarized below (in thousands, except per share data): 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 85,798 $ 74,042 $ 75,360 $ 95,866 $ 331,066 Operating expenses 67,357 65,417 71,491 63,840 268,105 Operating income 18,441 8,625 3,869 32,026 62,961 Nonoperating expenses 3,439 3,403 4,673 5,251 16,766 Equity in earnings (losses) of unconsolidated entities 255 129 (243 ) (206 ) (65 ) Income tax (benefit) expense (885 ) 353 (416 ) 1,532 584 Noncontrolling interests (15 ) (371 ) (476 ) (341 ) (1,203 ) Gain on sale of collegiate housing community — 691 (1) — — 691 Net income (loss) attributable to Education Realty Trust, Inc. $ 16,157 $ 6,060 $ (155 ) $ 25,378 $ 47,440 Net income (loss) per share - basic and diluted $ 0.21 $ 0.07 $ (0.01 ) $ 0.32 $ 0.60 Net income (loss) attributable to Education Realty Operating Partnership $ 16,192 $ 6,070 $ (157 ) $ 25,415 $ 47,520 Net income (loss) per unit - basic and diluted $ 0.21 $ 0.07 $ (0.01 ) $ 0.32 $ 0.60 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 73,379 $ 65,140 $ 66,225 $ 84,224 $ 288,968 Operating expenses 53,163 55,654 64,994 66,091 239,902 Operating income 20,216 9,486 1,231 18,133 49,066 Nonoperating expenses 14,989 4,108 4,574 3,635 27,306 Equity in earnings (losses) of unconsolidated entities (244 ) 107 (480 ) 289 (328 ) Income tax expense 51 89 84 460 684 Noncontrolling interests 136 (176 ) (374 ) 194 (220 ) Gain on sale of collegiate housing communities 11,873 (1) 12,083 (1) — — 23,956 Net income (loss) attributable to Education Realty Trust, Inc. $ 16,669 $ 17,655 $ (3,533 ) $ 14,133 $ 44,924 Net income (loss) per share - basic $ 0.27 $ 0.26 $ (0.05 ) $ 0.19 $ 0.65 Net income (loss) per share - diluted $ 0.26 $ 0.26 $ (0.05 ) $ 0.19 $ 0.65 Net income (loss) attributable to Education Realty Operating Partnership $ 16,727 $ 17,708 $ (3,547 ) $ 14,174 $ 45,062 Net income (loss) per unit - basic and diluted $ 0.27 $ 0.26 $ (0.05 ) $ 0.19 $ 0.65 (1) See Note 5 for details related to the gain on sale of collegiate housing communities. Prior to the commencement of each new lease period, primarily during the first two weeks of August, but also during September at some communities, and during the summer months for the on-campus properties leased by semester units are prepared for new incoming residents. Other than revenue generated by in-place leases for renewing residents, lease revenue is not recognized during this period referred to as “Turn,” as no leases are in place. In addition, significant expenses are incurred during Turn to make units ready for occupancy, which are recognized when incurred. This Turn period results in seasonality in our operating results during the second and third quarters of each year.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent events	Subsequent events In February 2018, the Operating Partnership amended the Revolver. The amendment increased the maximum availability to $600.0 million and contains an accordion feature to $1.0 billion , which may be exercised during the term subject to satisfaction of certain conditions. The amended Revolver is scheduled to mature on February 16, 2023 . EdR serves as the guarantor for any funds borrowed by the Operating Partnership. The amended Revolver contains customary affirmative and negative covenants and contains financial covenants similar to those previous to the amendment. Additionally, in February 2018, the Operating Partnership entered into second amendment to Second Amended and Restated Credit Agreement, dated January 18, 2017, as amended on September 14, 2017 (the “Term Loan Facility”). The Second Amendment to Second Amended and Restated Credit Agreement amends the Term Loan Facility to, among other things, modify the financial covenants of the Term Loan Facility to reflect the changes made to the financial covenants of the Revolver pursuant to the Sixth Amended and Restated Credit Amendment. In February 2018, the Trust sold Campus Lodge, located in Gainesville, Florida, River Pointe, located in Carrollton, Georgia, and Carrollton Crossing, also located in Carrollton, Georgia, for an aggregate sales price of $81.4 million resulting in net proceeds of approximately $78.5 million after closing costs. The Trust expects to record a gain on the sale of these communities of approximately $22.2 million in the aggregate in 2018. The Board declared a fourth quarter distribution of $0.39 per share of common stock for the quarter ended on December 31, 2017 . The distributions were paid on February 15, 2018 to stockholders of record at the close of business on January 31, 2018 .

Summary of significant accoun30

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States (“GAAP”).
Principles of consolidation	The accompanying consolidated financial statements of the Trust represent the assets and liabilities and operating results of the Trust and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements. Principles of consolidation The Trust accounts for interests in partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the variable interest entity ("VIE") guidance. Under the VIE model, the Trust consolidates an entity when it has control to direct the activities of the VIE and where it is determined to be the primary beneficiary. Under the voting interest model, the Trust consolidates an entity when it controls the entity through the ownership of a majority voting interest. The Operating Partnership and certain properties that have noncontrolling interests (see Note 11) are VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Trust consolidates these entities as the primary beneficiary because it directs the activities that most significantly impact the economic performance of the VIEs and has an obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the VIEs. EdR has the power and economic exposure through the rights held by OP GP as it relates to the Operating Partnership, while EROP has power and economic exposure through its role as the property manager and equity interest holder of certain properties with noncontrolling interests (see Note 11). All of the Trust's property ownership, development and related business operations are conducted through the Operating Partnership. See the assets and liabilities of the Operating Partnership in the accompanying consolidated financial statements.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used by management in determining the recognition of third-party development consulting services revenue under the percentage of completion method, useful lives of collegiate housing assets, the initial valuations and underlying allocations of purchase price in connection with collegiate housing property acquisitions and the determination of fair value for impairment assessments and derivative valuation. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents All highly-liquid investments with a maturity of three months or less when purchased are considered cash equivalents. The Trust maintains cash balances in various banks. At times, the amounts of cash may exceed the amount the Federal Deposit Insurance Corporation (“FDIC”) insures.
Restricted cash	Restricted cash Restricted cash includes escrow accounts held by lenders for the purpose of paying taxes, insurance and funding capital improvements, certain security deposits received from tenants and retainage held by financial institutions. During the year ended December 31, 2017 , the Trust elected to early adopt Accounting Standards Update (ASU) 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows, and transfers between cash and cash equivalents and restricted cash are no longer presented within the statement of cash flows.
Notes receivable	Notes receivable On August 26, 2013, the Trust provided a $0.5 million promissory loan to College Park Apartments, Inc. ("CPA"), the Trust's partner in the unconsolidated University Village-Greensboro LLC joint venture (see Note 8), at an interest rate of 10% per annum and a maturity date of August 1, 2020. Under the loan, CPA can make one draw per calendar quarter. At December 31, 2017 and 2016 , the outstanding balance was $0.5 million for both periods. The loan is secured by CPA's interest in the joint venture.
Collegiate housing properties	Collegiate housing properties Land, land improvements, buildings and improvements, and furniture, fixtures and equipment are recorded at cost. Buildings and improvements are depreciated over 15 to 40 years, land improvements are depreciated over 15 years and furniture, fixtures, and equipment are depreciated over 3 to 7 years. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful life. The Trust capitalizes interest based on the weighted average interest cost of the total debt and internal development costs while developments are ongoing as assets under development. When the property opens, these costs, along with other direct costs of the development, are transferred into the applicable asset category and depreciation commences. Acquired collegiate housing communities’ results of operations are included in the Trust’s results of operations from the respective dates of acquisition. Appraisals, estimates of cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, land improvements, buildings and improvements, furniture, fixtures and equipment and identifiable intangibles, such as amounts related to in-place leases. Acquisition costs are expensed as incurred for acquisitions completed prior to the adoption of Accounting Standards Update ("ASU") 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01") and are included in general and administrative expenses in the accompanying consolidated statements of income and comprehensive income. The Trust adopted ASU 2017-01 prospectively on January 1, 2017 and, as a result, acquisition costs have been capitalized for subsequent acquisitions that are not deemed to be business combinations. Management assesses impairment of long-lived assets to be held and used whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management uses an estimate of future undiscounted cash flows of the related asset based on its intended use to determine whether the carrying value is recoverable. If the Trust determines that the carrying value of an asset is not recoverable, the fair value of the asset is estimated and an impairment loss is recorded to the extent the carrying value exceeds estimated fair value. Management estimates fair value using discounted cash flow models, market appraisals if available and other market participant data. During the year ended December 31, 2016, the Trust recorded a $2.5 million loss on impairment of a collegiate housing property. During the years ended December 31, 2017 and 2015, there were no impairment losses recognized. The impairment loss recorded in 2016 was due to a change in circumstances that indicated the respective carrying value may not be recoverable. The change in circumstances for the property could be attributable to changes in property specific market conditions, changes in anticipated future use and/or leasing results or a combination of these factors. When a collegiate housing community has met the criteria to be classified as held for sale, the fair value less cost to sell such asset is estimated. If the fair value less cost to sell the asset is less than the carrying amount of the asset, an impairment charge is recorded for the estimated loss. Depreciation expense is no longer recorded once a collegiate housing community has met the held for sale criteria. Dispositions that represent a strategic shift in the business will qualify for treatment as discontinued operations. The property dispositions during the years ended December 31, 2017, 2016 and 2015 did not qualify for treatment as discontinued operations and, as a result, the operations of the properties are included in continuing operations in the accompanying consolidated statements of income and comprehensive income.
Deferred financing costs	Deferred financing costs Deferred financing costs represent costs incurred in connection with acquiring debt facilities. The deferred financing costs incurred for years ended December 31, 2017, 2016 and 2015 were $0.8 million , $0.7 million and $1.0 million , respectively, and are being amortized over the terms of the related debt using a method that approximates the effective interest method. Amortization expense totaled $1.6 million , $1.7 million and $2.1 million for the years ended December 31, 2017, 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , accumulated amortization totaled $9.1 million and $8.1 million , respectively. Unamortized deferred financing costs related to the Trust's mortgage and construction loans and unsecured debt are presented as a direct deduction from the carrying amount of the debt liability. Unamortized deferred financing costs related to the unsecured revolving credit facility are classified in other assets in the accompanying consolidated balance sheets (see Note 7).
Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP)	Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP) The Trust follows the guidance issued by the Financial Accounting Standards Board ("FASB") regarding the classification and measurement of redeemable securities. The Trust classifies redeemable noncontrolling interests, which include redeemable interests in consolidated joint ventures with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP and in the Operating Partnership in the mezzanine section of the accompanying consolidated balance sheets. The Trust accounts for certain noncontrolling interests with embedded put and call features with fixed exercise prices and exercise dates as a financing arrangement, and these amounts are recorded as accrued liabilities in the accompanying balance sheets. The liability is initially measured at present value of the fixed price settlement amount. Subsequently, the liability is accreted to the fixed price over the term of the contract, with the resulting expense recognized as interest expense. The Trust also has certain noncontrolling interests with put options at substantially fixed prices. These noncontrolling interests are accounted for as noncontrolling interests redeemable at other than fair value. The Trust accounts for the change in redemption value through the use of an accretion model from the date of inception to the expected redemption date. Changes in redemption value are recorded in equity, either through retained earnings or additional paid-in capital (absent any retained earnings). The impact of the changes in redemption value (accretion) is included in earnings per share using the two-class method. In the accompanying consolidated balance sheets of the Operating Partnership, the redeemable units of limited partnership in the Operating Partnership are classified as redeemable limited partners. The redeemable interests in consolidated joint ventures with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP are classified as redeemable noncontrolling interests in the accompanying consolidated balance sheets of the Operating Partnership and the Trust. The redeemable noncontrolling interest / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the price per share of EdR's common stock or redemption value at the end of each respective reporting period.
Common stock issuances and offering costs	Common stock issuances and offering costs Specific incremental costs directly attributable to the issuance of EdR common stock are charged against the gross proceeds of the related issuance. Accordingly, underwriting commissions and other stock issuance costs are reflected as a reduction of additional paid-in capital in the accompanying consolidated statement of changes in equity. The Trust is structured as an umbrella partnership REIT ("UPREIT") and contributes all proceeds from its various equity offerings to EROP. For every one share of common stock offered and sold by EdR for cash, EdR must contribute the net proceeds to EROP and, in return, EROP will issue one OP Unit to EdR.
Income taxes	Income taxes EdR qualifies as a REIT under the Internal Revenue Code (the "Code"). EdR is generally not subject to federal, state and local income taxes on any of its taxable income that it distributes if it distributes at least 90% of its REIT taxable income for each tax year to its stockholders and meets certain other requirements. If EdR fails to qualify as a REIT for any taxable year, EdR will be subject to federal, state and local income taxes (including any applicable alternative minimum tax) on its taxable income. The Trust has elected to treat certain of its subsidiaries, including the Management Company, as TRSs. A TRS is subject to federal, state and local income taxes. Our Management Company provides management services and through our Development Company, provides development services, which if directly provided by the Trust would jeopardize EdR’s REIT status. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse.
Repairs, maintenance and major improvements	Repairs, maintenance and major improvements The costs of ordinary repairs and maintenance are charged to operations when incurred. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. Planned major repair, maintenance and improvement projects are capitalized when performed. In some circumstances, lenders require the Trust to maintain a reserve account for future repairs and capital expenditures. These amounts are classified as restricted cash in the accompanying consolidated balance sheets as the funds are not available for use.
Ground lease expense	Ground lease expense Long-term ground leases are accounted for as operating leases and the rent is recognized on a straight-line basis over the applicable lease term. The lease term begins when the Trust first attains the right to use the property.
Goodwill and other intangible assets	Goodwill and other intangible assets Goodwill is tested annually for impairment at the reporting unit level as of December 31, and is tested for impairment more frequently if events and circumstances indicate that the assets might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. The accumulated impairment loss recorded is $0.4 million . No additional impairment has been recorded through December 31, 2017 . The carrying value of goodwill was $3.1 million as of December 31, 2017 and 2016 , of which $2.1 million was recorded on the management services segment and $0.9 million was recorded on the development consulting services segment. Goodwill is not subject to amortization. Other intangible assets generally include in-place leases acquired in connection with acquisitions of collegiate housing properties. As of December 31, 2017 and 2016 , gross in-place leases totaled $12.2 million and $7.4 million , respectively, and are being amortized over the estimated life of the remaining lease term, which is less than one year for student housing leases.
Investment in unconsolidated entities	Investment in unconsolidated entities The Trust accounts for its investments in unconsolidated joint ventures using the equity method whereby the costs of an investment are adjusted for the Trust’s share of earnings of the respective investment reduced by distributions received. The earnings and distributions of the unconsolidated joint ventures are allocated based on each owner’s respective ownership interests. These investments are classified as other assets or accrued expenses, depending on whether the distributions exceed the Trust’s contributions and share of earnings in the joint ventures, in the accompanying consolidated balance sheets (see Note 8).
Revenue recognition	Revenue recognition The Trust recognizes revenue related to leasing activities at the collegiate housing communities owned by the Trust, management fees related to managing third-party collegiate housing communities, development consulting fees related to the general oversight of third-party collegiate housing development and operating expense reimbursements for payroll and related expenses incurred for third-party collegiate housing communities managed by the Trust. Collegiate housing leasing revenue — Collegiate housing leasing revenue is comprised of all activities related to leasing and operating the collegiate housing communities and includes revenues from leasing apartments by the bed, food services, parking lot rentals and providing certain ancillary services. Students are required to execute lease contracts with payment schedules that vary from semester to monthly payments. Generally, the Trust requires each executed leasing contract to be accompanied by a signed parental guarantee. Receivables are recorded when billed. Revenues and nonrefundable application and service fees are recognized on a straight-line basis over the term of the contracts. At certain collegiate housing facilities, the Trust offers parking lot rentals to the residents. The related revenues are recognized on a straight-line basis over the term of the related agreement. Deferred revenue related to collegiate housing revenue consists primarily of prepaid rent and deferred rent revenue and totaled $20.5 million and $19.8 million at December 31, 2017 and 2016 , respectively. Due to the nature of the Trust’s business, accounts receivable result primarily from monthly billings of student rents. Payments are normally received within 30 days. Balances are considered past due when payment is not received on the contractual due date. Allowances for uncollectible accounts are established by management when it is determined that collection is doubtful. Such allowances are reviewed periodically based upon experience. The following table reconciles the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 561 $ 306 $ 58 Provision for uncollectible accounts 1,217 1,012 1,000 Deductions (1,246 ) (757 ) (752 ) Balance, end of period $ 532 $ 561 $ 306 At December 31, 2017 and 2016 , the Trust had 14 and 12 communities, respectively, located at the University of Kentucky. This geographic location represented 18.3% and 17.6% of our collegiate housing revenues for the years ended December 31, 2017 and 2016 , respectively. No other market generated more than 10% of collegiate housing revenue. Third-party development services revenue — The Trust provides development consulting services in an agency capacity with third parties whereby the fee is determined based upon the total construction costs. Total fees vary from 3 – 5% of the total estimated costs, and the Trust typically receives a portion of the fees up front. These fees, including the up-front fee, are recognized using the percentage of completion method in proportion to the contract costs incurred by the owner over the course of construction of the respective projects. Occasionally, the development consulting contracts include a provision whereby the Trust can participate in project savings resulting from successful cost management efforts. These revenues are recognized once all contractual terms have been satisfied and no future performance requirements exist. This typically occurs after construction is complete. During the year ended December 31, 2017, there was $2.2 million of revenue recognized, related to cost savings agreements and no development fees were deferred at December 31, 2017. For the years ended December 31, 2016 and 2015, there was no revenue recognized related to cost savings agreements and deferred development fees totaled $1.0 million . Future rental income on noncancelable operating leases At several of our collegiate housing communities, a portion of the property contains retail space. The following is a schedule of minimum future rental income to be received on noncancelable commercial operating leases exceeding one year as of December 31, 2017 (in thousands): Year ending December 31, 2018 $ 3,062 2019 2,917 2020 2,804 2021 2,669 2022 2,401 Total minimum future rents $ 13,853 Third-party management services revenue — The Trust enters into management contracts to manage third-party collegiate housing communities. Management revenues are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. Operating expense reimbursements — The Trust pays certain payroll and related costs to operate and manage third-party collegiate housing communities. Under the terms of the related management agreements, the third-party property owners reimburse these costs. The amounts billed to the third-party owners are recognized as revenue.
Costs related to development consulting services	Costs related to development consulting services Costs associated with the pursuit of third-party development consulting contracts are expensed as incurred, until such time that management has been notified of a contract award. At such time, the reimbursable costs are recorded as receivables and are reflected as other assets in the accompanying consolidated balance sheets (see Note 7). Costs directly associated with internal development projects are capitalized as part of the cost of the project (see Note 4).
Advertising expense	Advertising expense Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements.
Segment information	Segment information The Trust discloses certain operating and financial data with respect to separate business activities within its enterprise. The Trust has identified three reportable business segments: collegiate housing leasing, development consulting services and management services.
Stock based compensation	Stock-based compensation On May 10, 2017, the Trust’s stockholders approved the Education Realty Trust, Inc. 2017 Omnibus Equity Incentive Plan (the “2017 Plan”). The 2017 Plan replaced the Education Realty Trust, Inc. 2011 Incentive Plan (“2011 Plan”) in its entirety. The 2017 Plan is described more fully in Note 9. Compensation costs related to share-based payments are recognized in the accompanying consolidated financial statements in accordance with authoritative guidance.
Earnings per share	Earnings per share Earnings per Share — The Trust Basic earnings per share is calculated by dividing net income available to common stockholders after accretion of certain redeemable noncontrolling interests by weighted average shares of common stock outstanding, including outstanding units in the Operating Partnership designated as LTIP Units ("LTIP Units"). Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of potentially dilutive securities and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. The Trust follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. All unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are included in the computation of earnings per share under the two-class method. This results in shares of unvested restricted stock and LTIP Units being included in the computation of basic earnings per share for all periods presented. When noncontrolling interests are redeemable at other than fair value, increases or decreases in the carrying amount of the redeemable noncontrolling interests are reflected in earnings per share using the two-class method. Earnings per OP Unit — EROP Basic earnings per unit is calculated by dividing net income available to unitholders after accretion of certain redeemable noncontrolling interests by the weighted average number of Operating Partnership ("OP Units") and LTIP Units outstanding. Diluted earnings per unit is calculated similarly, except that it includes the dilutive effect of the assumed exercise of potentially dilutive securities and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. EROP follows the authoritative guidance regarding the determination of whether certain instruments are participating securities.
Fair value measurement	Fair value measurements The Trust follows the guidance contained in FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures ("ASC 820"). Fair value is generally defined as the exit price at which an asset or liability could be exchanged in a current transaction between willing unrelated parties, other than in a forced liquidation or sale. ASC 820 establishes a fair value hierarchy, giving the highest priority to quoted prices in active markets and the lowest priority to unobservable data, and requires disclosures for assets and liabilities measured at fair value based on their level in the hierarchy. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions used to value the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 — Observable inputs other than those included in Level 1, for example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 — Unobservable inputs reflecting management's own assumption about the inputs used in pricing the asset or liability at the measurement date.
Derivative instruments and hedging activities	Derivative instruments and hedging activities All derivative financial instruments are recorded on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income (loss), depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. Hedge accounting is discontinued when it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated, or exercised; it is no longer probable that the forecasted transaction will occur; or management determines that designating the derivative as a hedging instrument is no longer appropriate. The Trust uses interest rate swaps to effectively convert a portion of its variable rate debt to fixed rate, thus reducing the impact of changes in interest rates on interest payments (see Notes 10 and 15). These instruments are designated as cash flow hedges and the interest differential to be paid or received is recorded as interest expense.
Recent accounting pronouncements	Recent accounting pronouncements In August 2017, the FASB issued ASU 2017-12, " Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Trust to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The adoption did not have a material impact on the consolidated financial statements, and the Trust has early adopted on January 1, 2018. In January 2017, the FASB issued ASU 2017-01. The ASU is intended to provide a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. ASU 2017-01 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years with early adoption permitted. The Trust adopted ASU 2017-01 effective January 1, 2017. As a result of this adoption, acquisitions of real estate properties during 2017 were not considered acquisitions of a business, but rather asset acquisitions. In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments " ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows and will be applied retrospectively. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Trust adopted ASU 2016-15 effective January 1, 2017. As a result of this adoption, there was no impact to the accompanying consolidated statements of cash flows for either period presented as the Trust's presentation of certain items was consistent with the new guidance. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) " ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, on a modified retrospective basis. The Trust's primary revenue is collegiate housing rental income; as such, the Trust is a lessor on a significant number of leases. The Trust is continuing to evaluate the potential impact of the ASU and believes it will continue to account for its leases in substantially the same manner due to the short-term nature (less than 12 months) of the leases. The most significant change for the Trust relates to ground lease agreements, which could result in recording the right-of-use asset and related liability on the balance sheet. The Trust plans to adopt ASU 2016-02 effective January 1, 2019 and is continuing to evaluate and quantify the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606) " ("ASU 2014-09"), as amended by ASU 2015-04 to defer the effective date. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. ASU 2014-09 provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years and permits the use of the cumulative effect transition method, retrospective method, or modified retrospective method (utilizing the practical expedient described below). Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Since the issuance of ASU 2014-09, the FASB has issued ASU 2016-08 that is intended to improve the understandability of the implementation guidance regarding principal versus agent considerations and has issued ASU 2016-10 to clarify the identification of performance obligations and the implementation guidance related to licensing. The effective dates of these amendments are the same as ASU 2014-09. The Trust adopted the new revenue standard using the modified retrospective approach as of January 1, 2018, and has completed its assessment of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard. The adoption of this standard did not have a material impact on its consolidated financial statements, as a substantial portion (approximately 87% ) of revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. The Trust's other non-lease related revenue streams, which have been evaluated under ASU 2014-09 and related guidance, include but are not limited to third-party development consulting services, third-party management services, operating expense reimbursements and other income from residents. Based on management's analysis of the Trust’s non-lease related revenue streams, the primary impact of the new revenue standard will be enhanced disclosures that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Trust utilized the practical expedient to recognize the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings only for contracts that are not completed contracts at January 1, 2018, and the retained earnings impact of the adoption was zero, primarily because there were no third-party development consulting agreements outstanding at December 31, 2017.

Summary of significant accoun31

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of new accounting pronouncement, early adoption	As a result of the adoption of ASU 2016-18, cash flows related to restricted cash within the investing section of the statement of cash flows have been retrospectively adjusted for the years ended December 31, 2016 and 2015 , as follows (dollars in thousands): As Previously Reported As Adjusted per ASU 2016-18 Effect of Change Year ended December 31, 2016: Investing activities: Restricted cash $ 1,946 $ — $ (1,946 ) Net cash used in investing activities (525,519 ) (527,465 ) (1,946 ) Net change in cash and cash equivalents and restricted cash $ 733 $ (1,213 ) $ (1,946 ) Cash and cash equivalents and restricted cash, beginning of year 33,742 43,526 9,784 Cash and cash equivalents and restricted cash, end of year $ 34,475 $ 42,313 $ 7,838 As Previously Reported As Adjusted per ASU 2016-18 Effect of Change Year ended December 31, 2015: Operating activities: Change in operating assets: Other assets $ 5,383 $ 4,245 $ (1,138 ) Net cash provided by operating activities 99,895 98,757 (1,138 ) Investing activities: Restricted cash $ (580 ) $ — $ 580 Net cash used in investing activities (246,756 ) (246,176 ) 580 Net change in cash and cash equivalents and restricted cash $ 15,357 $ 14,799 $ (558 ) Cash and cash equivalents and restricted cash, beginning of year 18,385 28,727 10,342 Cash and cash equivalents and restricted cash, end of year $ 33,742 $ 43,526 $ 9,784
Schedule of allowance for doubtful accounts	The following table reconciles the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 561 $ 306 $ 58 Provision for uncollectible accounts 1,217 1,012 1,000 Deductions (1,246 ) (757 ) (752 ) Balance, end of period $ 532 $ 561 $ 306
Schedule of future minimum rental payments for operating leases	The following is a schedule of minimum future rental income to be received on noncancelable commercial operating leases exceeding one year as of December 31, 2017 (in thousands): Year ending December 31, 2018 $ 3,062 2019 2,917 2020 2,804 2021 2,669 2022 2,401 Total minimum future rents $ 13,853

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Significant Components of Deferred Tax Assets	Significant components of the deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Deferred tax assets: Deferred revenue $ 2 $ 393 Accrued expenses 324 394 Straight line rent 170 281 Restricted stock amortization — 759 Net operating loss carryforwards 2,300 1,271 Total deferred tax assets 2,796 3,098 Deferred tax liabilities: Depreciation and amortization (943 ) (927 ) Total deferred tax liabilities (943 ) (927 ) Net deferred tax assets $ 1,853 $ 2,171
Significant Components of Income Tax Provisions Benefits	Significant components of the income tax provision for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands): 2017 2016 2015 Deferred: Federal $ 318 $ 243 $ 148 State — 42 (61 ) Deferred expense (benefit) 318 285 87 Current: Federal 37 183 101 State 229 216 159 Current expense 266 399 260 Total provision $ 584 $ 684 $ 347
Reconciliation of Income Tax Attributable to Income before Noncontrolling Interest Computed at United States Statutory Rate to Income Tax Provision	The reconciliation of income tax attributable to income before noncontrolling interest computed at the U.S. statutory rate to income tax provision is as follows (in thousands): 2017 2016 2015 Tax provision at U.S. statutory rates on TRS net income (losses) subject to tax $ 355 $ 426 $ 236 State income tax, net of federal benefit 7 77 (31 ) Other 222 181 142 Tax provision $ 584 $ 684 $ 347
Distributions Made to Common Stockholders and Limited Partners	Distributions for the year ended December 31, 2017 totaled $ 113.8 million , or $1.54 per share to our common stockholders, and $1.1 million , or $1.54 per OP Unit, to the limited partners in the Operating Partnership. For the years ended December 31, 2017, 2016 and 2015 , distributions per share/unit were characterized as follows: Year ended December 31, 2017 2016 2015 Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 0.94 61.0 % $ 0.75 50.0 % $ 0.89 61.0 % Return of capital 0.60 39.0 % 0.75 50.0 % 0.57 39.0 % Total $ 1.54 100.0 % $ 1.50 100.0 % $ 1.46 100.0 %

Acquisition and development o33

Acquisition and development of real estate investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Asset Acquisitions, by Acquisition	During the year ended December 31, 2017 , the Trust completed the following two collegiate housing property acquisitions, which were determined to be asset acquisitions under ASU 2017-01: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Retreat at Corvallis Oregon State University, January 2017 1,016 330 $ 99,450 319 Bragg Auburn University, February 2017 305 86 $ 28,500
Fair Values of Assets Acquired and Liabilities Assumed	Below is the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): The Commons on Bridge The Province at Boulder Total Collegiate housing properties $ 9,624 $ 48,522 $ 58,146 In-place leases 76 278 354 Other assets 5 85 90 Current liabilities (338 ) (376 ) (714 ) Total net assets acquired $ 9,367 $ 48,509 $ 57,876 Below is the allocation of the purchase price as of the date of the acquisition (in thousands): Retreat at Corvallis 319 Bragg Total Collegiate housing property $ 95,785 $ 27,475 $ 123,260 In-place leases 3,780 1,055 4,835 Other assets 617 2 619 Current liabilities (936 ) (131 ) (1,067 ) Total net assets acquired $ 99,246 $ 28,401 $ 127,647 Below is the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Lokal The Hub at Madison Pura Vida Place Carriage House Urbane Total Collegiate housing property $ 23,653 $ 189,832 $ 11,498 $ 11,528 $ 47,999 $ 284,510 In-place leases 849 3,588 502 472 1,984 7,395 Other assets 3 87 5 4 18 117 Current liabilities (148 ) (7,442 ) (144 ) (67 ) (584 ) (8,385 ) Total net assets acquired $ 24,357 $ 186,065 $ 11,861 $ 11,937 $ 49,417 $ 283,637
Schedule of Business Acquisitions, by Acquisition	During the year ended December 31, 2015 , the following collegiate housing property acquisitions were completed: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) The Commons on Bridge University of Tennessee Knoxville, Tennessee June 2015 150 51 $ 9,700 The Province at Boulder University of Colorado Boulder, Colorado September 2015 317 84 $ 48,800 During the year ended December 31, 2016 , the following collegiate housing property acquisitions were completed: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Lokal Colorado State University, Colorado March 2016 194 79 $ 24,600 The Hub at Madison University of Wisconsin, Wisconsin May 2016 1,038 341 $ 188,500 Pura Vida Place Colorado State University, Colorado August 2016 100 52 $ 12,000 Carriage House Colorado State University, Colorado August 2016 94 54 $ 12,000 Urbane University of Arizona, Arizona September 2016 311 104 $ 50,000
Acquisitions Revenue Net Income and Earnings Per Share of Combined Entity had Acquisition Date Been as of Beginning of Period	A summary of the actual revenue and net income from the 2017 , 2016 and 2015 property acquisitions included in the accompanying consolidated statements of income and comprehensive income since the respective dates of acquisition is as follows (in thousands): Years Ended December 31, 2017 2016 2015 2017 Acquisitions Revenue $ 10,905 $ — $ — Net loss $ (1,485 ) (1) $ — $ — 2016 Acquisitions Revenue $ 19,517 $ 9,898 $ — Net income (loss) $ 866 $ (2,098 ) $ — 2015 Acquisitions Revenue $ 4,967 $ 4,957 $ 1,754 Net income $ 1,392 $ 1,471 $ 532 (1) The net loss recorded on the 2017 acquisitions during 2017 is mostly attributable to noncash charges such as depreciation and amortization of in-place lease intangibles during the period. The following unaudited pro forma information assumes the 2015 and 2016 acquisitions occurred as of the first day of the prior period and is not indicative of results that would have occurred or which may occur (in thousands, except per share and per unit amounts): Years Ended December 31, 2016 2015 2014 2016 Acquisitions (1) Total revenue $ 294,374 $ 261,196 Net income attributable to the Trust $ 45,412 $ 19,384 Net income attributable to common shareholders - basic and diluted $ 0.65 $ 0.39 Net income attributable to EROP $ 45,551 $ 19,468 Net income attributable to unitholders - basic and diluted $ 0.65 $ 0.39 2015 Acquisitions (2) Total revenue $ 257,758 $ 227,968 Net income attributable to the Trust $ 20,992 $ 47,275 Net income attributable to common shareholders - basic $ 0.42 $ 1.10 Net income attributable to common shareholders - diluted $ 0.42 $ 1.09 Net income attributable to EROP $ 21,087 $ 47,643 Net income attributable to unitholders - basic and diluted $ 0.42 $ 1.10 (1) As Urbane opened for the 2016/2017 lease year, the supplemental pro forma revenue and net income for the year ended December 31, 2016 only includes its operations from the date it opened. (2) As Lokal, The Hub at Madison and Carriage House opened for the 2015/2016 lease year, the supplemental pro forma revenue and net income for the year ended December 31, 2015 only includes their operations from the date they opened.
Development of Collegiate Housing Properties	During 2017 , the Trust completed the development of and placed in service the following communities. The costs incurred to date for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2017 (dollars in thousands): Years Ended December 31, Name Primary University Served Bed Count Costs Incurred-to-Date Internal Development Costs Capitalized Interest Costs Capitalized 2017 2016 2017 2016 University Flats University of Kentucky 771 $ 75,241 $ 249 $ 226 $ 1,617 $ 1,163 Sawtooth Hall Boise State University 656 35,350 262 260 639 252 Lewis Hall University of Kentucky 346 26,325 206 204 538 196 The Woods - Phase I Northern Michigan University 417 25,742 83 203 212 66 SkyVue Michigan State University 824 87,142 153 201 1,757 1,253 The Local: Downtown Texas State University 304 31,131 129 178 393 318 Total 3,318 $ 280,931 $ 1,082 $ 1,272 $ 5,156 $ 3,248 During 2016 , the Trust developed and placed in service the following communities. The costs incurred as of December 31, 2016 for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2016 (dollars in thousands): Years Ended December 31, Name Primary University Served Bed Count Costs Incurred as of 12/31/16 Internal Development Costs Capitalized Interest Costs Capitalized 2016 2015 2016 2015 Holmes Hall and Boyd Hall University of Kentucky 1,141 $ 85,691 $ 339 $ 382 $ 1,900 $ 984 Retreat at Blacksburg - Phase I & II (1) Virginia Tech 829 64,549 143 116 709 208 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 77 590 211 Total 2,320 $ 176,985 $ 540 $ 575 $ 3,199 $ 1,403 (1) During 2015, the Operating Partnership entered into an agreement with a subsidiary of Landmark Property Holdings, LLC to develop, own and manage a cottage-style collegiate housing property located adjacent to Virginia Tech. The Retreat at Blacksburg was initially a joint venture. During the year ended December 31, 2016, the Trust purchased the remaining 25% joint venture partner's ownership in the property. The following represents a summary of active developments at December 31, 2017 , including internal development costs and interest costs capitalized (in thousands): Years Ended December 31, Name Primary University Served Costs Incurred as of 12/31/17 Internal Development Costs Capitalized Interest Costs Capitalized 2017 2016 2017 2016 One on 4th Oklahoma State University $ 38,078 $ 134 $ 116 $ 1,011 $ 231 The Woods - Phase II and III (1) Northern Michigan University 34,455 228 — 681 — Maplewood Cornell University 32,115 277 81 337 24 University of Pittsburgh University of Pittsburgh 68,495 156 95 1,101 238 Players Club Redevelopment Florida State University 18,156 147 62 157 22 Hale Mahana University of Hawai'i 65,764 171 82 1,178 98 Hub at Minneapolis University of Minnesota 60,384 110 43 483 — Union at Tempe Arizona State University 113,695 232 102 1,810 113 Union on Lincoln Way Iowa State University 26,314 120 — 305 — Union on Plum Colorado State University 15,755 118 — 186 — Southside Commons Lehigh University 1,336 22 — 4 — Undeveloped land 14,067 54 41 118 34 Total active projects under development $ 488,614 $ 1,769 $ 622 $ 7,371 $ 760 (1) Phase II of this development, including 433 beds for a total cost of $24.6 million , was delivered in January 2018. Collegiate housing properties and assets under development consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Land $ 247,259 $ 221,065 Land improvements 69,048 66,440 Leasehold improvements 74 74 Construction in progress 426,803 239,186 Buildings and improvements 2,446,098 2,092,546 Furniture, fixtures and equipment 108,754 90,406 3,298,036 2,709,717 Less accumulated depreciation (385,118 ) (311,069 ) Collegiate housing properties and assets under development, net $ 2,912,918 $ 2,398,648 Following is certain information related to investment in collegiate housing properties and assets under development as of December 31, 2017 (amounts in thousands): Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction The Commons at Knoxville (6) $ — $ 4,630 $ 18,386 $ 23,016 $ 4,250 $ 4,585 $ 22,681 $ 27,266 $ 10,036 1/31/2005 The Lofts (6) — 2,801 34,117 36,918 4,069 2,801 38,186 40,987 15,157 1/31/2005 The Pointe at Penn State (6) — 2,151 35,094 37,245 6,586 2,150 41,681 43,831 17,470 1/31/2005 The Reserve at Columbia (6) — 1,071 26,134 27,205 4,839 1,071 30,973 32,044 12,867 1/31/2005 The Reserve on Perkins (6) — 913 15,795 16,708 5,560 913 21,355 22,268 9,411 1/31/2005 University Towers (8) — — 28,652 28,652 18,418 2,364 44,706 47,070 20,566 1/31/2005 Campus Creek (6) — 2,251 21,604 23,855 2,702 2,251 24,306 26,557 9,727 2/22/2005 Campus Lodge (6) — 2,746 44,415 47,161 6,818 2,746 51,233 53,979 19,419 6/7/2005 Carrollton Place (6) — 682 12,166 12,848 2,376 682 14,542 15,224 5,415 1/1/2006 River Pointe (6) — 837 17,746 18,583 3,116 837 20,862 21,699 7,554 1/1/2006 The Reserve at Saluki Pointe (6) — 1,099 32,377 33,476 2,510 1,099 34,887 35,986 9,770 8/1/2008 University Apartments on Colvin (6) — — 25,792 25,792 1,243 — 27,035 27,035 6,940 8/1/2009 2400 Nueces (3)(8) — — 64,152 64,152 7,013 — 71,165 71,165 11,047 8/1/2010 The Oaks on the Square - Phase I and II (9) — 1,800 48,636 50,436 2,266 1,800 50,902 52,702 8,262 9/30/2010 GrandMarc at the Corner (10) — — 45,384 45,384 2,504 — 47,888 47,888 10,762 10/22/2010 Campus West (10) — — 25,842 25,842 1,964 — 27,806 27,806 5,542 3/1/2011 Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction East Edge (6) — 10,420 10,783 21,203 21,475 10,420 32,258 42,678 7,089 3/1/2011 Jefferson Commons (6) — 1,420 4,915 6,335 355 1,420 5,270 6,690 1,163 3/15/2011 Wertland Square (10) — 3,230 13,285 16,515 1,006 3,230 14,291 17,521 3,062 3/15/2011 The Berk (6) — 2,687 13,718 16,405 956 2,687 14,674 17,361 3,080 5/23/2011 Roosevelt Point (10) — 3,093 47,528 50,621 2,441 3,093 49,969 53,062 7,671 7/1/2011 University Village Towers (6) — 3,434 34,424 37,858 1,536 3,434 35,960 39,394 6,952 9/22/2011 Irish Row (10) — 2,637 24,679 27,316 665 2,637 25,344 27,981 4,739 11/1/2011 The Lotus (10) — 5,245 20,830 26,075 2,344 5,245 23,174 28,419 2,766 11/14/2011 GrandMarc at Westberry Place (10) — — 53,935 53,935 2,454 — 56,389 56,389 10,073 12/8/2011 3949 (10) — 3,822 24,448 28,270 9,274 3,822 33,722 37,544 5,946 12/21/2011 Lymon T. Johnson Hall and Central Hall II (4)(7) — — 22,896 22,896 3,439 — 26,335 26,335 4,911 6/1/2012 The Retreat at Oxford (11) — 4,743 52,946 57,689 5,773 8,811 54,651 63,462 6,166 6/14/2012 The Province (6) — 4,436 45,173 49,609 869 4,436 46,042 50,478 8,279 9/21/2012 The District on 5th (8) — 2,601 63,396 65,997 641 2,601 64,037 66,638 12,260 10/4/2012 Campus Village (10) — 2,650 18,077 20,727 1,337 2,650 19,414 22,064 4,840 10/19/2012 Frances Jewell Hall (4)(7) — — 45,924 45,924 2,062 — 47,986 47,986 5,562 11/1/2012 Georgia M. Blazer Hall (4)(7) — — 23,808 23,808 920 — 24,728 24,728 2,893 11/1/2012 Haggin Hall I (4)(7) — — 23,802 23,802 532 — 24,334 24,334 3,106 11/1/2012 Woodland Glen I & II (4)(7) — — 44,491 44,491 2,129 — 46,620 46,620 5,349 11/1/2012 The Province at Kent State (6) — 4,239 40,441 44,680 723 4,239 41,164 45,403 7,463 11/16/2012 The Centre at Overton Park (10) — 3,781 35,232 39,013 2,146 3,781 37,378 41,159 6,279 12/7/2012 The Suites at Overton Park (10) — 4,384 33,281 37,665 1,847 4,384 35,128 39,512 5,993 12/7/2012 Woodland Glen III, IV & V (4)(7) — — 101,172 101,172 3,558 — 104,730 104,730 8,093 5/1/2013 The Oaks on the Square - Phase III (9) — 1,531 10,734 12,265 320 1,531 11,054 12,585 1,186 2/13/2013 The Cottages on Lindberg (11) — 1,800 31,224 33,024 3,540 1,800 34,764 36,564 5,464 8/28/2013 The Retreat at State College (11) — 6,251 46,004 52,255 4,338 6,251 50,342 56,593 7,431 9/11/2013 The Varsity (8) — 3,300 50,330 53,630 505 3,300 50,835 54,135 6,489 12/19/2013 Holmes Hall and Boyd Hall (4)(7) — — 85,556 85,556 209 — 85,765 85,765 3,646 12/31/2013 Oaks on the Square - Phase IV (9) — 3,308 36,748 40,056 6,726 3,308 43,474 46,782 3,305 6/1/2014 Retreat at Louisville (11) — 4,257 33,750 38,007 6,284 4,257 40,034 44,291 3,255 7/1/2014 109 Towers (8) — 1,779 40,115 41,894 2,981 1,779 43,096 44,875 4,851 8/12/2014 District on Apache (10) — 8,203 81,016 89,219 834 8,203 81,850 90,053 9,699 9/15/2014 The Commons on Bridge (10) — 1,852 7,772 9,624 416 1,852 8,188 10,040 1,230 6/16/2015 The Province Boulder (10) — 7,800 40,722 48,522 363 7,800 41,085 48,885 2,949 9/15/2015 University Flats (4)(10) — — 75,225 75,225 16 — 75,241 75,241 860 7/1/2015 Retreat at Blacksburg (11) — 8,988 53,984 62,972 1,621 8,988 55,605 64,593 2,715 7/10/2015 Sawtooth Hall (4)(7) — — 32,805 32,805 2,545 — 35,350 35,350 470 12/15/2015 The Local: Downtown (10) — 2,687 25,632 28,319 2,812 2,687 28,444 31,131 529 1/4/2016 SkyVue (10) — 7,056 79,383 86,439 703 7,056 80,086 87,142 999 1/15/2016 Lokal (10) — 2,180 21,271 23,451 615 2,180 21,886 24,066 1,301 3/31/2016 One on 4th (12) — 4,500 33,578 38,078 — 4,500 33,578 38,078 — 4/11/2016 Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction Hub at Madison (9) — 14,251 175,656 189,907 417 14,251 176,073 190,324 8,641 5/12/2016 Lewis Hall (4)(7) — — 25,928 25,928 397 — 26,325 26,325 320 6/30/2016 Maplewood (4)(12) — — 31,995 31,995 120 — 32,115 32,115 — 6/30/2016 Northern Michigan University (4)(7) - The Woods - Ph I — — 25,742 25,742 — — 25,742 25,742 294 6/30/2016 Northern Michigan University (4)(12) - The Woods - Ph II & III — — 34,455 34,455 — — 34,455 34,455 — 6/30/2016 University of Pittsburgh (12) — 7,636 60,859 68,495 — 7,636 60,859 68,495 — 7/1/2016 Pura Vida Place (6) — 1,850 9,331 11,181 363 1,850 9,694 11,544 381 8/30/2016 Carriage House (6) — 2,470 8,760 11,230 329 2,470 9,089 11,559 351 8/30/2016 Urbane (8) — 4,101 43,929 48,030 254 4,101 44,183 48,284 1,752 9/9/2016 Arizona State University - Union at Tempe (12) — 14,147 99,547 113,694 1 14,147 99,548 113,695 — 11/1/2016 Hale Mahana (12) — 16,641 49,057 65,698 — 16,641 49,057 65,698 — 11/20/2016 Hub at Minneapolis (12) — — 59,985 59,985 399 — 60,384 60,384 — 11/21/2016 Retreat at Corvallis (11) — 5,901 87,993 93,894 2,049 5,901 90,042 95,943 2,727 1/10/2017 319 Bragg (10) — 2,444 24,599 27,043 571 2,442 25,172 27,614 593 2/23/2017 Union on Lincoln Way (12) — 5,454 20,860 26,314 — 5,454 20,860 26,314 — 3/1/2017 Union on Plum (12) — 2,806 12,949 15,755 — 2,806 12,949 15,755 — 3/1/2017 Players Club (5)(12) — 727 17,429 18,156 — 727 17,429 18,156 — 5/15/2017 Southside Commons (4)(12) — — 1,336 1,336 — — 1,336 1,336 — TBD Mississippi State University (12) — — — — — — — — — TBD Undeveloped Land — 13,152 982 14,134 — 13,152 982 14,134 — TBD Totals $ — $ 240,875 $ 2,872,717 $ 3,113,592 $ 184,444 $ 247,259 $ 3,050,777 $ 3,298,036 $ 385,118 (1) Total aggregate costs for federal income tax purposes is approximately $3,355.8 million . (2) Assets have useful lives ranging from 3 to 40 years. (3) Pursuant to the ground lease for 2400 Nueces, the lessor has the option to purchase the Trust's leasehold estate and interest in the property at certain times during the term of the ground lease for a pre-determined amount which exceeds carrying value. (4) Pursuant to the lease agreement for the respective property, the lessor has the option to terminate the lease at certain times during the term of the agreement for a termination fee. (5) This property was originally acquired on January 1, 2005. A complete redevelopment of the property began on May 15, 2017. (6) These collegiate housing properties are garden-style communities. (7) These collegiate housing properties are residence halls. (8) These collegiate housing properties are high-rise buildings. (9) These collegiate housing properties are mixed-use projects. (10) These collegiate housing properties are mid-rise buildings. (11) These collegiate housing properties are cottage-style communities. (12) These collegiate housing properties are under development. The following table reconciles the historical cost of the Trust’s investment in collegiate housing properties and assets under development for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 2,709,717 $ 2,163,173 $ 1,916,758 Collegiate housing acquisitions or completed developments 403,082 444,657 250,329 Collegiate housing dispositions (17,608 ) (92,827 ) (14,149 ) Impairment loss — (2,500 ) — Additions (net of reimbursed amounts) 215,057 211,982 10,917 Normal disposals (2,206 ) (10,203 ) (682 ) Write-offs of fully depreciated amounts due to redevelopment (10,006 ) (4,565 ) — Balance, end of period $ 3,298,036 $ 2,709,717 $ 2,163,173 The following table reconciles the accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 311,069 $ 270,993 $ 210,047 Depreciation 85,955 75,539 65,952 Normal disposals (1,647 ) (9,910 ) (622 ) Write-offs of fully depreciated amounts due to redevelopment (10,006 ) (4,565 ) — Collegiate housing dispositions (253 ) (20,988 ) (4,384 ) Balance, end of period $ 385,118 $ 311,069 $ 270,993

Collegiate housing properties34

Collegiate housing properties and assets under development (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Collegiate Housing Properties	During 2017 , the Trust completed the development of and placed in service the following communities. The costs incurred to date for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2017 (dollars in thousands): Years Ended December 31, Name Primary University Served Bed Count Costs Incurred-to-Date Internal Development Costs Capitalized Interest Costs Capitalized 2017 2016 2017 2016 University Flats University of Kentucky 771 $ 75,241 $ 249 $ 226 $ 1,617 $ 1,163 Sawtooth Hall Boise State University 656 35,350 262 260 639 252 Lewis Hall University of Kentucky 346 26,325 206 204 538 196 The Woods - Phase I Northern Michigan University 417 25,742 83 203 212 66 SkyVue Michigan State University 824 87,142 153 201 1,757 1,253 The Local: Downtown Texas State University 304 31,131 129 178 393 318 Total 3,318 $ 280,931 $ 1,082 $ 1,272 $ 5,156 $ 3,248 During 2016 , the Trust developed and placed in service the following communities. The costs incurred as of December 31, 2016 for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2016 (dollars in thousands): Years Ended December 31, Name Primary University Served Bed Count Costs Incurred as of 12/31/16 Internal Development Costs Capitalized Interest Costs Capitalized 2016 2015 2016 2015 Holmes Hall and Boyd Hall University of Kentucky 1,141 $ 85,691 $ 339 $ 382 $ 1,900 $ 984 Retreat at Blacksburg - Phase I & II (1) Virginia Tech 829 64,549 143 116 709 208 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 77 590 211 Total 2,320 $ 176,985 $ 540 $ 575 $ 3,199 $ 1,403 (1) During 2015, the Operating Partnership entered into an agreement with a subsidiary of Landmark Property Holdings, LLC to develop, own and manage a cottage-style collegiate housing property located adjacent to Virginia Tech. The Retreat at Blacksburg was initially a joint venture. During the year ended December 31, 2016, the Trust purchased the remaining 25% joint venture partner's ownership in the property. The following represents a summary of active developments at December 31, 2017 , including internal development costs and interest costs capitalized (in thousands): Years Ended December 31, Name Primary University Served Costs Incurred as of 12/31/17 Internal Development Costs Capitalized Interest Costs Capitalized 2017 2016 2017 2016 One on 4th Oklahoma State University $ 38,078 $ 134 $ 116 $ 1,011 $ 231 The Woods - Phase II and III (1) Northern Michigan University 34,455 228 — 681 — Maplewood Cornell University 32,115 277 81 337 24 University of Pittsburgh University of Pittsburgh 68,495 156 95 1,101 238 Players Club Redevelopment Florida State University 18,156 147 62 157 22 Hale Mahana University of Hawai'i 65,764 171 82 1,178 98 Hub at Minneapolis University of Minnesota 60,384 110 43 483 — Union at Tempe Arizona State University 113,695 232 102 1,810 113 Union on Lincoln Way Iowa State University 26,314 120 — 305 — Union on Plum Colorado State University 15,755 118 — 186 — Southside Commons Lehigh University 1,336 22 — 4 — Undeveloped land 14,067 54 41 118 34 Total active projects under development $ 488,614 $ 1,769 $ 622 $ 7,371 $ 760 (1) Phase II of this development, including 433 beds for a total cost of $24.6 million , was delivered in January 2018. Collegiate housing properties and assets under development consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Land $ 247,259 $ 221,065 Land improvements 69,048 66,440 Leasehold improvements 74 74 Construction in progress 426,803 239,186 Buildings and improvements 2,446,098 2,092,546 Furniture, fixtures and equipment 108,754 90,406 3,298,036 2,709,717 Less accumulated depreciation (385,118 ) (311,069 ) Collegiate housing properties and assets under development, net $ 2,912,918 $ 2,398,648 Following is certain information related to investment in collegiate housing properties and assets under development as of December 31, 2017 (amounts in thousands): Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction The Commons at Knoxville (6) $ — $ 4,630 $ 18,386 $ 23,016 $ 4,250 $ 4,585 $ 22,681 $ 27,266 $ 10,036 1/31/2005 The Lofts (6) — 2,801 34,117 36,918 4,069 2,801 38,186 40,987 15,157 1/31/2005 The Pointe at Penn State (6) — 2,151 35,094 37,245 6,586 2,150 41,681 43,831 17,470 1/31/2005 The Reserve at Columbia (6) — 1,071 26,134 27,205 4,839 1,071 30,973 32,044 12,867 1/31/2005 The Reserve on Perkins (6) — 913 15,795 16,708 5,560 913 21,355 22,268 9,411 1/31/2005 University Towers (8) — — 28,652 28,652 18,418 2,364 44,706 47,070 20,566 1/31/2005 Campus Creek (6) — 2,251 21,604 23,855 2,702 2,251 24,306 26,557 9,727 2/22/2005 Campus Lodge (6) — 2,746 44,415 47,161 6,818 2,746 51,233 53,979 19,419 6/7/2005 Carrollton Place (6) — 682 12,166 12,848 2,376 682 14,542 15,224 5,415 1/1/2006 River Pointe (6) — 837 17,746 18,583 3,116 837 20,862 21,699 7,554 1/1/2006 The Reserve at Saluki Pointe (6) — 1,099 32,377 33,476 2,510 1,099 34,887 35,986 9,770 8/1/2008 University Apartments on Colvin (6) — — 25,792 25,792 1,243 — 27,035 27,035 6,940 8/1/2009 2400 Nueces (3)(8) — — 64,152 64,152 7,013 — 71,165 71,165 11,047 8/1/2010 The Oaks on the Square - Phase I and II (9) — 1,800 48,636 50,436 2,266 1,800 50,902 52,702 8,262 9/30/2010 GrandMarc at the Corner (10) — — 45,384 45,384 2,504 — 47,888 47,888 10,762 10/22/2010 Campus West (10) — — 25,842 25,842 1,964 — 27,806 27,806 5,542 3/1/2011 Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction East Edge (6) — 10,420 10,783 21,203 21,475 10,420 32,258 42,678 7,089 3/1/2011 Jefferson Commons (6) — 1,420 4,915 6,335 355 1,420 5,270 6,690 1,163 3/15/2011 Wertland Square (10) — 3,230 13,285 16,515 1,006 3,230 14,291 17,521 3,062 3/15/2011 The Berk (6) — 2,687 13,718 16,405 956 2,687 14,674 17,361 3,080 5/23/2011 Roosevelt Point (10) — 3,093 47,528 50,621 2,441 3,093 49,969 53,062 7,671 7/1/2011 University Village Towers (6) — 3,434 34,424 37,858 1,536 3,434 35,960 39,394 6,952 9/22/2011 Irish Row (10) — 2,637 24,679 27,316 665 2,637 25,344 27,981 4,739 11/1/2011 The Lotus (10) — 5,245 20,830 26,075 2,344 5,245 23,174 28,419 2,766 11/14/2011 GrandMarc at Westberry Place (10) — — 53,935 53,935 2,454 — 56,389 56,389 10,073 12/8/2011 3949 (10) — 3,822 24,448 28,270 9,274 3,822 33,722 37,544 5,946 12/21/2011 Lymon T. Johnson Hall and Central Hall II (4)(7) — — 22,896 22,896 3,439 — 26,335 26,335 4,911 6/1/2012 The Retreat at Oxford (11) — 4,743 52,946 57,689 5,773 8,811 54,651 63,462 6,166 6/14/2012 The Province (6) — 4,436 45,173 49,609 869 4,436 46,042 50,478 8,279 9/21/2012 The District on 5th (8) — 2,601 63,396 65,997 641 2,601 64,037 66,638 12,260 10/4/2012 Campus Village (10) — 2,650 18,077 20,727 1,337 2,650 19,414 22,064 4,840 10/19/2012 Frances Jewell Hall (4)(7) — — 45,924 45,924 2,062 — 47,986 47,986 5,562 11/1/2012 Georgia M. Blazer Hall (4)(7) — — 23,808 23,808 920 — 24,728 24,728 2,893 11/1/2012 Haggin Hall I (4)(7) — — 23,802 23,802 532 — 24,334 24,334 3,106 11/1/2012 Woodland Glen I & II (4)(7) — — 44,491 44,491 2,129 — 46,620 46,620 5,349 11/1/2012 The Province at Kent State (6) — 4,239 40,441 44,680 723 4,239 41,164 45,403 7,463 11/16/2012 The Centre at Overton Park (10) — 3,781 35,232 39,013 2,146 3,781 37,378 41,159 6,279 12/7/2012 The Suites at Overton Park (10) — 4,384 33,281 37,665 1,847 4,384 35,128 39,512 5,993 12/7/2012 Woodland Glen III, IV & V (4)(7) — — 101,172 101,172 3,558 — 104,730 104,730 8,093 5/1/2013 The Oaks on the Square - Phase III (9) — 1,531 10,734 12,265 320 1,531 11,054 12,585 1,186 2/13/2013 The Cottages on Lindberg (11) — 1,800 31,224 33,024 3,540 1,800 34,764 36,564 5,464 8/28/2013 The Retreat at State College (11) — 6,251 46,004 52,255 4,338 6,251 50,342 56,593 7,431 9/11/2013 The Varsity (8) — 3,300 50,330 53,630 505 3,300 50,835 54,135 6,489 12/19/2013 Holmes Hall and Boyd Hall (4)(7) — — 85,556 85,556 209 — 85,765 85,765 3,646 12/31/2013 Oaks on the Square - Phase IV (9) — 3,308 36,748 40,056 6,726 3,308 43,474 46,782 3,305 6/1/2014 Retreat at Louisville (11) — 4,257 33,750 38,007 6,284 4,257 40,034 44,291 3,255 7/1/2014 109 Towers (8) — 1,779 40,115 41,894 2,981 1,779 43,096 44,875 4,851 8/12/2014 District on Apache (10) — 8,203 81,016 89,219 834 8,203 81,850 90,053 9,699 9/15/2014 The Commons on Bridge (10) — 1,852 7,772 9,624 416 1,852 8,188 10,040 1,230 6/16/2015 The Province Boulder (10) — 7,800 40,722 48,522 363 7,800 41,085 48,885 2,949 9/15/2015 University Flats (4)(10) — — 75,225 75,225 16 — 75,241 75,241 860 7/1/2015 Retreat at Blacksburg (11) — 8,988 53,984 62,972 1,621 8,988 55,605 64,593 2,715 7/10/2015 Sawtooth Hall (4)(7) — — 32,805 32,805 2,545 — 35,350 35,350 470 12/15/2015 The Local: Downtown (10) — 2,687 25,632 28,319 2,812 2,687 28,444 31,131 529 1/4/2016 SkyVue (10) — 7,056 79,383 86,439 703 7,056 80,086 87,142 999 1/15/2016 Lokal (10) — 2,180 21,271 23,451 615 2,180 21,886 24,066 1,301 3/31/2016 One on 4th (12) — 4,500 33,578 38,078 — 4,500 33,578 38,078 — 4/11/2016 Initial Cost Total Costs Property Encumbrances Land Buildings and Improvements and Furniture, Fixtures and Equipment Total Cost Capitalized Subsequently Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation (2) Date of Acquisition/ Construction Hub at Madison (9) — 14,251 175,656 189,907 417 14,251 176,073 190,324 8,641 5/12/2016 Lewis Hall (4)(7) — — 25,928 25,928 397 — 26,325 26,325 320 6/30/2016 Maplewood (4)(12) — — 31,995 31,995 120 — 32,115 32,115 — 6/30/2016 Northern Michigan University (4)(7) - The Woods - Ph I — — 25,742 25,742 — — 25,742 25,742 294 6/30/2016 Northern Michigan University (4)(12) - The Woods - Ph II & III — — 34,455 34,455 — — 34,455 34,455 — 6/30/2016 University of Pittsburgh (12) — 7,636 60,859 68,495 — 7,636 60,859 68,495 — 7/1/2016 Pura Vida Place (6) — 1,850 9,331 11,181 363 1,850 9,694 11,544 381 8/30/2016 Carriage House (6) — 2,470 8,760 11,230 329 2,470 9,089 11,559 351 8/30/2016 Urbane (8) — 4,101 43,929 48,030 254 4,101 44,183 48,284 1,752 9/9/2016 Arizona State University - Union at Tempe (12) — 14,147 99,547 113,694 1 14,147 99,548 113,695 — 11/1/2016 Hale Mahana (12) — 16,641 49,057 65,698 — 16,641 49,057 65,698 — 11/20/2016 Hub at Minneapolis (12) — — 59,985 59,985 399 — 60,384 60,384 — 11/21/2016 Retreat at Corvallis (11) — 5,901 87,993 93,894 2,049 5,901 90,042 95,943 2,727 1/10/2017 319 Bragg (10) — 2,444 24,599 27,043 571 2,442 25,172 27,614 593 2/23/2017 Union on Lincoln Way (12) — 5,454 20,860 26,314 — 5,454 20,860 26,314 — 3/1/2017 Union on Plum (12) — 2,806 12,949 15,755 — 2,806 12,949 15,755 — 3/1/2017 Players Club (5)(12) — 727 17,429 18,156 — 727 17,429 18,156 — 5/15/2017 Southside Commons (4)(12) — — 1,336 1,336 — — 1,336 1,336 — TBD Mississippi State University (12) — — — — — — — — — TBD Undeveloped Land — 13,152 982 14,134 — 13,152 982 14,134 — TBD Totals $ — $ 240,875 $ 2,872,717 $ 3,113,592 $ 184,444 $ 247,259 $ 3,050,777 $ 3,298,036 $ 385,118 (1) Total aggregate costs for federal income tax purposes is approximately $3,355.8 million . (2) Assets have useful lives ranging from 3 to 40 years. (3) Pursuant to the ground lease for 2400 Nueces, the lessor has the option to purchase the Trust's leasehold estate and interest in the property at certain times during the term of the ground lease for a pre-determined amount which exceeds carrying value. (4) Pursuant to the lease agreement for the respective property, the lessor has the option to terminate the lease at certain times during the term of the agreement for a termination fee. (5) This property was originally acquired on January 1, 2005. A complete redevelopment of the property began on May 15, 2017. (6) These collegiate housing properties are garden-style communities. (7) These collegiate housing properties are residence halls. (8) These collegiate housing properties are high-rise buildings. (9) These collegiate housing properties are mixed-use projects. (10) These collegiate housing properties are mid-rise buildings. (11) These collegiate housing properties are cottage-style communities. (12) These collegiate housing properties are under development. The following table reconciles the historical cost of the Trust’s investment in collegiate housing properties and assets under development for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 2,709,717 $ 2,163,173 $ 1,916,758 Collegiate housing acquisitions or completed developments 403,082 444,657 250,329 Collegiate housing dispositions (17,608 ) (92,827 ) (14,149 ) Impairment loss — (2,500 ) — Additions (net of reimbursed amounts) 215,057 211,982 10,917 Normal disposals (2,206 ) (10,203 ) (682 ) Write-offs of fully depreciated amounts due to redevelopment (10,006 ) (4,565 ) — Balance, end of period $ 3,298,036 $ 2,709,717 $ 2,163,173 The following table reconciles the accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Balance, beginning of period $ 311,069 $ 270,993 $ 210,047 Depreciation 85,955 75,539 65,952 Normal disposals (1,647 ) (9,910 ) (622 ) Write-offs of fully depreciated amounts due to redevelopment (10,006 ) (4,565 ) — Collegiate housing dispositions (253 ) (20,988 ) (4,384 ) Balance, end of period $ 385,118 $ 311,069 $ 270,993

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment and Other Assets [Abstract]
Other Assets	Other assets consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Prepaid expenses $ 7,155 $ 4,368 Deferred tax asset 1,853 2,171 Deferred financing costs - revolving credit facility 828 1,821 Investments in unconsolidated entities 23,227 26,981 Corporate assets, net (1) 12,613 12,598 Reimbursable predevelopment costs and development project receivables 1,753 — Other 14,353 5,135 Total other assets $ 61,782 $ 53,074 (1) As of December 31, 2017 and 2016 , the Trust had corporate assets with a historical cost of $21.0 million and $19.3 million , and accumulated depreciation of $8.3 million and $6.7 million , respectively. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful lives of the related assets, generally 3 to 7 years. Depreciation expense totaled $1.7 million , $1.7 million and $1.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively.

Investments in unconsolidated36

Investments in unconsolidated entities (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Financial Information of Unconsolidated Joint Ventures	The following is a summary of financial information related to unconsolidated joint ventures (in thousands): Financial Position: As of December 31, 2017 2016 Total assets $ 169,183 $ 177,820 Total liabilities 131,930 132,370 Equity $ 37,253 $ 45,450 Investment in unconsolidated entities $ 23,227 $ 26,981 Results of Operations: For the years ended December 31, 2017 2016 2015 Revenues $ 45,106 $ 37,969 $ 37,915 Net income (loss) 213 (30 ) (1,134 ) Equity in losses of unconsolidated entities $ (65 ) $ (328 ) $ (668 )

Incentive plans (Tables)

Incentive plans (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Incentive Plan Activity	A summary of the stock-based incentive plan activity as of and for the years ended December 31, 2017, 2016 and 2015 is as follows: Restricted Stock Awards Weighted-Average Grant Date Fair Value Per Restricted Stock Award RSU Awards Weighted-Average Grant Date Fair Value Per RSU LTIP Units Weighted-Average Grant Date Fair Value Per LTIP Unit Outstanding as of December 31, 2014 (1) 46,810 $ 27.94 146,911 $ 20.58 — $ — Granted — — — — 155,774 18.83 Vested (17,774 ) 27.76 — — — — Surrendered (3,467 ) 29.72 — — — — Outstanding as of December 31, 2015 (1) 25,569 28.32 146,911 20.58 155,774 18.83 Granted — — — — 131,745 26.20 Vested (10,199 ) 28.93 (10,776 ) 22.95 (7,067 ) 18.83 Surrendered (7,571 ) 28.93 (44,379 ) 22.95 — — Outstanding as of December 31, 2016 (1) 7,799 26.46 91,756 19.20 280,452 22.29 Granted — — — — 146,728 25.85 Vested (4,516 ) 26.46 (53,131 ) 19.20 (14,385 ) 36.30 Surrendered (3,283 ) 26.46 (38,625 ) 19.20 — — Outstanding as of December 31, 2017 (1) — $ — — $ — 412,795 $ 22.80 (1) Represents unvested shares of restricted stock awards and LTIP Units as of the date indicated.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt	As of December 31, 2017 and 2016 , the Trust had the following debt outstanding: December 31, 2017 2016 Unsecured indebtedness: Revolving credit facility $ 349,000 $ 20,000 Unsecured term loan facility 187,500 187,500 Unsecured senior notes 250,000 250,000 Unsecured private placement notes 150,000 — Total 936,500 457,500 Less: Unamortized deferred financing costs (3,051 ) (2,824 ) Unsecured indebtedness, net 933,449 454,676 Mortgage and construction loans, net of unamortized deferred financing costs — 62,520 Total outstanding debt, net of unamortized deferred financing costs $ 933,449 $ 517,196 The following table reconciles the carrying amount of mortgage and construction notes payable, net of unamortized deferred financing costs, for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Balance, beginning of period $ 62,520 $ 204,511 Additions to principal 146 40,974 Repayments of principal (62,722 ) (183,862 ) Amortization of debt premium — (49 ) Write-off of debt premium related to debt pay off — (523 ) (Increase) decrease in deferred financing costs, net 56 1,469 Balance, end of period $ — $ 62,520
Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness	The scheduled maturities of outstanding indebtedness as of December 31, 2017 are as follows (in thousands): Year 2018 $ 349,000 (1 ) 2019 — 2020 — 2021 122,500 2022 65,000 Thereafter 400,000 Total 936,500 Unamortized deferred financing costs 3,051 Outstanding as of December 31, 2017, net of unamortized deferred financing costs $ 933,449 (1) In February 2018, the Operating Partnership amended the Revolver (see Note 22), which increased the maximum availability to $600.0 million and extended the maturity date to February 16, 2023 , among other items.

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Below is a table summarizing the activity of redeemable limited partner units for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Beginning balance $ 6,789 $ 8,312 Net income 80 138 Distributions (246 ) (304 ) Reclassification of vested LTIP Units to redeemable limited partners 522 244 Conversion of redeemable partner units into common stock or cash (2,003 ) (2,703 ) Adjustments to report redeemable limited partner units at fair value (789 ) 1,102 Ending balance $ 4,353 $ 6,789 The following table sets forth activity with the redeemable noncontrolling interests for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Beginning balance $ 32,160 $ 5,248 Net income (1,090 ) (212 ) Contributions from redeemable noncontrolling interests 16,139 29,824 Adjustments to report redeemable noncontrolling interests at fair value 2,405 334 Purchase and return of equity to noncontrolling partner's interest (2,890 ) (2,910 ) Distributions (888 ) (124 ) Accretion of redeemable noncontrolling interests 2,654 — Ending balance $ 48,490 $ 32,160

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Forward Contracts Indexed to Issuer's Equity	The Trust does not initially receive any proceeds from any sale of borrowed shares. At December 31, 2017 , a summary of the outstanding Forward Agreements is set forth in the table below (shares in thousands): Date of Forward Agreement Shares Sold Volume Weighted Average Sale Price Per Share Initial Forward Price (1) Final Settlement Date (2) August 29, 2016 1,990 42.39 42.82 December 31, 2018 (3) October 3, 2016 2,408 41.00 40.51 December 31, 2018 (3) February 28, 2017 361 41.55 41.14 December 31, 2018 4,759 $ 41.62 $ 41.55 (1) The initial forward price under each Forward Agreement is equal to 99.00% of the volume weighted average price at which the shares of EdR common stock are sold by the applicable forward seller as adjusted to reflect changes in the federal funds rate and to account for dividends paid to holders of EdR common stock. The initial forward prices presented in this table are for illustrative purposes only as the actual amount of proceeds per share to be received by the Trust upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of EdR common stock over the term of the Forward Agreement. (2) Represents the final date on which shares sold under each Forward Agreement may be settled. (3) During the year ended December 31, 2017 , the final date on which shares sold under the Forward Agreements may be settled was amended from December 29, 2017 to December 31, 2018.

Earnings per share_unit (Tables

Earnings per share/unit (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the components used in calculating earnings per unit for the years ended December 31, 2017, 2016 and 2015 (dollars and units in thousands, except per unit data): 2017 2016 2015 Numerator - basic and diluted earnings per unit: Net income attributable to unitholders $ 47,520 $ 45,062 $ 20,002 Accretion of redeemable noncontrolling interests (2,654 ) — — Net income attributable to common unitholders after accretion of redeemable noncontrolling interests $ 44,866 $ 45,062 $ 20,002 Denominator: Weighted average units outstanding 73,849 69,062 49,535 Redeemable Operating Partnership Units 133 194 246 LTIP units 414 274 141 Weighted average units outstanding - basic 74,396 69,530 49,922 Redeemable University Towers Operating Partnership Units 69 69 69 Units issuable upon settlement of the Forward Agreements — 1 — Weighted average units outstanding - diluted 74,465 69,600 49,991 2017 2016 2015 Earnings per unit - basic and diluted: Net income attributable to unitholders $ 0.60 $ 0.65 $ 0.40 Distributions declared per unit $ 1.54 $ 1.50 $ 1.46 The following is a summary of the components used in calculating earnings per share for the years ended December 31, 2017, 2016 and 2015 (dollars and shares in thousands, except per share data): 2017 2016 2015 Numerator - basic and diluted earnings per share: Net income attributable to common shareholders $ 47,440 $ 44,924 $ 19,911 Accretion of redeemable noncontrolling interests (2,654 ) — — Net income attributable to common shareholders after accretion of redeemable noncontrolling interests $ 44,786 $ 44,924 $ 19,911 Denominator: Basic weighted average shares of common stock outstanding 74,263 69,336 49,676 OP Units 133 (1) 194 (1) 246 (1) University Towers Operating Partnership Units 69 69 69 Shares issuable upon settlement of the Forward Agreements — 1 — Diluted weighted average shares of common stock outstanding 74,465 69,600 49,991 Earnings per share - basic and diluted: Net income attributable to common shareholders $ 0.60 $ 0.65 $ 0.40 Distributions declared per common share $ 1.54 $ 1.50 $ 1.46 (1) Includes the impact of weighted average number of OP Units outstanding during the period.

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	The following tables represent the Trust’s segment information for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 313,727 $ 274,187 $ 240,623 Collegiate housing leasing operations 128,358 111,378 101,283 Net operating income $ 185,369 $ 162,809 $ 139,340 Total segment assets at end of period (1) $ 2,962,829 $ 2,437,205 $ 1,920,582 Development Consulting Services: Third-party development consulting services $ 5,256 $ 2,364 $ 2,233 General and administrative (2) 4,751 2,044 2,802 Net operating income (loss) $ 505 $ 320 $ (569 ) Total segment assets at end of period (3) $ 4,194 $ 6,739 $ 4,615 Management Services: Third-party management services $ 3,736 $ 3,588 $ 3,670 General and administrative (2) 2,105 2,308 2,844 Net operating income $ 1,631 $ 1,280 $ 826 Total segment assets at end of period (3) $ 10,411 $ 10,294 $ 10,090 Reconciliations: Segment revenue $ 322,719 $ 280,139 $ 246,526 Operating expense reimbursements 8,347 8,829 8,636 Total segment revenues $ 331,066 $ 288,968 $ 255,162 Segment operating expenses $ 135,214 $ 115,730 $ 106,929 Reimbursable operating expenses 8,347 8,829 8,636 Total segment operating expenses $ 143,561 $ 124,559 $ 115,565 2017 2016 2015 Segment net operating income $ 187,505 $ 164,409 $ 139,597 Other unallocated general and administrative expenses (4) (21,660 ) (17,922 ) (15,252 ) Depreciation and amortization (95,501 ) (81,413 ) (68,022 ) Ground lease expense (13,424 ) (12,462 ) (11,268 ) Loss on impairment of collegiate housing properties — (2,500 ) — Interest expense (15,268 ) (15,454 ) (24,449 ) Amortization of deferred financing costs (1,574 ) (1,731 ) (2,089 ) Interest income 98 490 213 Loss on extinguishment of debt (22 ) (10,611 ) (403 ) Other operating income (expense) 6,041 (1,046 ) — Equity in losses of unconsolidated entities (65 ) (328 ) (668 ) Income before income taxes and gain on sale of collegiate housing properties $ 46,130 $ 21,432 $ 17,659 Total segment assets, end of period (3) $ 2,977,434 $ 2,454,238 $ 1,935,287 Unallocated corporate amounts: Cash 6,764 11,344 21,757 Notes receivable (see Note 2) 500 500 2,167 Other receivables 727 708 646 Investments in unconsolidated entities (see Note 8) 23,227 26,981 28,068 Other assets 5,684 10,593 11,092 Deferred financing costs, net (revolver) 828 1,821 2,814 Total assets, end of period $ 3,015,164 $ 2,506,185 $ 2,001,831 (1) The increase in segment assets related to collegiate housing leasing during the year ended December 31, 2017 is primarily related to the purchase of two additional communities, the completed development of six collegiate housing communities for the Trust’s ownership and the continued development of 12 assets under development offset by the sale of a collegiate housing community (see Notes 4 and 5). The increase in segment assets related to collegiate housing leasing during the year ended December 31, 2016 is primarily related to the purchase of five additional communities and completed development of three collegiate housing communities for the Trust's ownership and the continued development of 13 assets under developments offset by the sale of one collegiate housing community (see Notes 4 and 5). (2) General and administrative expenses for the development consulting services and management services segments represent those expenses that are directly attributable to these segments and also include an allocation of corporate general and administrative expenses based on the extent of effort or resources expended. (3) Total segment assets include goodwill of $2,149 related to management services and $921 related to development consulting services. (4) Other unallocated general and administrative expenses includes costs directly attributable to our owned developments and corporate general and administrative expenses that are not allocated to any of the segments.

Derivatives and hedging activ43

Derivatives and hedging activities (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	As of December 31, 2017 and 2016 , the fair value of the derivatives is as follows (in thousands): Liability Derivatives Derivatives designated as hedging instruments Balance Sheet Location December 31, 2017 December 31, 2016 Fair Value Fair Value Interest rate contracts Accounts payable and accrued expenses $ 941 $ 3,564 Interest rate contracts Other assets (281 ) — Total derivatives designated as hedging instruments $ 660 $ 3,564
Derivative Instruments, Gain (Loss)	The following table discloses the effect of the derivative instruments on the consolidated statements of income and comprehensive income for the years ended December 31, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 2017 Interest rate contracts $ 804 Interest expense $ (1,898 ) 2017 Forward-starting interest rate contracts $ 202 Interest expense $ — 2016 Interest rate contracts $ (1,127 ) Interest expense $ (3,038 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents the assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall and summarizes the carrying amounts and fair values of these financial instruments as of December 31, 2017 and 2016 (in thousands): Estimated Fair Value Carrying value Level 1 Level 2 Level 3 December 31, 2017: Derivative financial instruments (liability position) $ 660 $ — $ 660 $ — Deferred compensation plan assets 904 904 — — Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 6,499 — 6,499 — Joint venture partners' interest in development joint ventures and acquisitions 39,169 — — 39,169 December 31, 2016: Derivative financial instruments (liability position) $ 3,564 $ — $ 3,564 $ — Deferred compensation plan assets 503 503 — — Contingent consideration liability 3,250 — — 3,250 Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 9,361 — 9,361 — Joint venture partners' interest in development joint ventures and acquisitions 29,588 — — 29,588
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The table below shows the reconciliation of Level 3 liabilities measured at fair value on a recurring basis (in thousands): Year Ended December 31, 2017 2016 Beginning balance $ 32,838 $ 2,943 Purchases, issuances and settlements, net 7,165 28,849 Adjustment of fair value during the period reflected in net income (3,250 ) 1,046 Adjustment of fair value during the period reflected in additional paid in capital 2,416 — Transfers into Level 3 — — Ending balance $ 39,169 $ 32,838
Fair Value, by Balance Sheet Grouping	The tables below summarizes the gross carrying amounts and fair values of these financial instruments as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Estimated Fair Value Carrying value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 463 $ — Unsecured senior notes 250,000 — 261,034 — Revolving credit facility 349,000 — 349,000 — Unsecured term loan facility 187,500 — 187,500 — Unsecured private placement notes 150,000 — 153,711 — December 31, 2016 Estimated Fair Value Carrying value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 450 $ — Unsecured senior notes 250,000 — 246,305 — Revolving credit facility 20,000 — 20,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 62,576 — 62,576 —

Lease commitments and uncondi45

Lease commitments and unconditional purchase obligations (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Lease Commitments And Unconditional Purchase Obligations Additional Information [Abstract]
Future Minimum Payments Required under Advertising Contracts and Operating Leases	Future minimum rental payments required under operating leases (including ground leases) that have initial or remaining noncancellable lease terms in excess of one year as of December 31, 2017 are as follows (in thousands): Year Ending 2018 $ 19,009 2019 16,130 2020 13,197 2021 10,376 2022 9,011 Thereafter 646,967 Total $ 714,690

Accrued expenses (Tables)

Accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following as of December 31, 2017 and 2016 (in thousands): 2017 2016 Payroll $ 5,815 $ 5,990 Real estate taxes 13,694 11,105 Interest 3,188 2,029 Utilities 2,435 1,858 Ground leases and deferred straight-line rent 38,714 30,674 Development-related costs 76,104 35,990 Fair value of derivative liability 941 3,564 Noncontrolling interest recognized as a financing arrangement — 14,966 Other 17,339 17,474 Total accrued expenses $ 158,230 $ 123,650

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Partnership's Exposure	The following summarizes the Operating Partnership's potential exposure under such guaranties (dollars in thousands): December 31, 2017 December 31, 2016 Joint Venture Balance Operating Partnership's Proportionate Interest Joint Venture Balance Operating Partnership's Proportionate Interest Ownership Percent Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee University Village - Greensboro 25 % $ 22,546 n/a $ 5,637 n/a $ 22,934 n/a $ 5,734 n/a The Marshall 50 % 54,956 8,767 27,478 4,384 55,838 8,767 27,919 4,384 Georgia Heights 50 % 34,796 7,230 17,398 3,615 34,914 7,230 17,457 3,615

Quarterly financial informati48

Quarterly financial information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	Quarterly financial information for the years ended December 31, 2017 and 2016 is summarized below (in thousands, except per share data): 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 85,798 $ 74,042 $ 75,360 $ 95,866 $ 331,066 Operating expenses 67,357 65,417 71,491 63,840 268,105 Operating income 18,441 8,625 3,869 32,026 62,961 Nonoperating expenses 3,439 3,403 4,673 5,251 16,766 Equity in earnings (losses) of unconsolidated entities 255 129 (243 ) (206 ) (65 ) Income tax (benefit) expense (885 ) 353 (416 ) 1,532 584 Noncontrolling interests (15 ) (371 ) (476 ) (341 ) (1,203 ) Gain on sale of collegiate housing community — 691 (1) — — 691 Net income (loss) attributable to Education Realty Trust, Inc. $ 16,157 $ 6,060 $ (155 ) $ 25,378 $ 47,440 Net income (loss) per share - basic and diluted $ 0.21 $ 0.07 $ (0.01 ) $ 0.32 $ 0.60 Net income (loss) attributable to Education Realty Operating Partnership $ 16,192 $ 6,070 $ (157 ) $ 25,415 $ 47,520 Net income (loss) per unit - basic and diluted $ 0.21 $ 0.07 $ (0.01 ) $ 0.32 $ 0.60 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 73,379 $ 65,140 $ 66,225 $ 84,224 $ 288,968 Operating expenses 53,163 55,654 64,994 66,091 239,902 Operating income 20,216 9,486 1,231 18,133 49,066 Nonoperating expenses 14,989 4,108 4,574 3,635 27,306 Equity in earnings (losses) of unconsolidated entities (244 ) 107 (480 ) 289 (328 ) Income tax expense 51 89 84 460 684 Noncontrolling interests 136 (176 ) (374 ) 194 (220 ) Gain on sale of collegiate housing communities 11,873 (1) 12,083 (1) — — 23,956 Net income (loss) attributable to Education Realty Trust, Inc. $ 16,669 $ 17,655 $ (3,533 ) $ 14,133 $ 44,924 Net income (loss) per share - basic $ 0.27 $ 0.26 $ (0.05 ) $ 0.19 $ 0.65 Net income (loss) per share - diluted $ 0.26 $ 0.26 $ (0.05 ) $ 0.19 $ 0.65 Net income (loss) attributable to Education Realty Operating Partnership $ 16,727 $ 17,708 $ (3,547 ) $ 14,174 $ 45,062 Net income (loss) per unit - basic and diluted $ 0.27 $ 0.26 $ (0.05 ) $ 0.19 $ 0.65 (1) See Note 5 for details related to the gain on sale of collegiate housing communities.

Organization and description 49

Organization and description of business - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jul. 12, 2004
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized (shares)	200,000,000	200,000,000	200,000,000
Preferred stock, shares authorized (shares)	50,000,000	50,000,000	50,000,000
Common stock, par value per share (usd per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, par value per share (usd per share)	$ 0.01	$ 0.01	$ 0.01
Education Realty Operating Partnership L.P. | Education Realty OP GP, Inc.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest (less than)	1.00%

Summary of significant accoun50

Summary of significant accounting policies - Cash and Cash Equivalents (Details) $ in Millions	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
Cash on deposit uninsured by the FDIC	$ 23.7

Summary of significant accoun51

Summary of significant accounting policies - Early Adoption of ASU 2016-18 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Change in operating assets: Other assets	$ (6,809)	$ 2,632	$ 4,245
Net cash provided by operating activities	151,444	132,631	98,757
Investing activities:
Restricted cash		0	0
Net cash used in investing activities	(572,259)	(527,465)	(246,176)
Net change in cash and cash equivalents and restricted cash	(13,158)	(1,213)	14,799
Cash and cash equivalents and restricted cash, beginning of period	42,313	43,526	28,727
Cash and cash equivalents and restricted cash, end of period	29,155	42,313	43,526
As Previously Reported
Operating activities:
Change in operating assets: Other assets			5,383
Net cash provided by operating activities			99,895
Investing activities:
Restricted cash		1,946	(580)
Net cash used in investing activities		(525,519)	(246,756)
Net change in cash and cash equivalents and restricted cash		733	15,357
Cash and cash equivalents and restricted cash, beginning of period	34,475	33,742	18,385
Cash and cash equivalents and restricted cash, end of period		34,475	33,742
Accounting Standards Update 2016-18 [Member] | Effect of Change
Operating activities:
Change in operating assets: Other assets			(1,138)
Net cash provided by operating activities			(1,138)
Investing activities:
Restricted cash		(1,946)	580
Net cash used in investing activities		(1,946)	580
Net change in cash and cash equivalents and restricted cash		(1,946)	(558)
Cash and cash equivalents and restricted cash, beginning of period	$ 7,838	9,784	10,342
Cash and cash equivalents and restricted cash, end of period		$ 7,838	$ 9,784

Summary of significant accoun52

Summary of significant accounting policies - Notes Receivable (Details) - USD ($) $ in Thousands	Aug. 26, 2013	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Notes receivable	$ 500	$ 500	$ 500
Notes receivable, interest rate (percent)	10.00%

Summary of significant accoun53

Summary of significant accounting policies - Collegiate Housing Properties (Details) - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Loss on impairment of collegiate housing properties					$ 0	$ 2,500,000	$ 0
Net income attributable to unitholders per unit (usd per share)	$ (0.32)	$ 0.01	$ (0.07)	$ (0.21)	$ (0.60)	$ (0.65)	$ (0.40)
Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					3 years
Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					7 years
Buildings and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					15 years
Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					15 years
Furniture, Fixtures and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					3 years
Furniture, Fixtures and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life					7 years
Service Life | Redevelopment of Players Club
Property, Plant and Equipment [Line Items]
Accelerated depreciation					$ 2,900,000	$ 2,900,000
Net income attributable to unitholders per unit (usd per share)					$ 0.04	$ 0.04

Summary of significant accoun54

Summary of significant accounting policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Deferred financing cost	$ 800	$ 700	$ 1,000
Amortization of deferred financing cost	1,574	1,731	$ 2,089
Deferred financing cost, accumulated amortization	$ 9,100	$ 8,100

Summary of significant accoun55

Summary of significant accounting policies - Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill accumulated impairment loss	$ 400,000
Goodwill impairment	0
Goodwill carrying value	$ 3,070,000	$ 3,070,000
Remaining amortization period	1 year
Other intangibles, net	$ 1,161,000	3,792,000
Management Services
Finite-Lived Intangible Assets [Line Items]
Goodwill carrying value	2,149,000	2,149,000	$ 2,149,000
Development Consulting Services
Finite-Lived Intangible Assets [Line Items]
Goodwill carrying value	921,000	921,000	921,000
Leases, Acquired-in-Place
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	12,200,000	7,400,000
Amortization of intangible assets	7,500,000	3,900,000	$ 500,000
Accumulated amortization	11,100,000	3,600,000
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Other intangibles, net	$ 1,200,000	$ 3,800,000

Summary of significant accoun56

Summary of significant accounting policies - Revenue Recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)community	Dec. 31, 2016USD ($)community	Dec. 31, 2015USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Deferred revenue related to college housing leasing	$ 20,500	$ 19,800
Revenue recognized related to cost savings agreements	2,200
Deferred revenue	$ 20,473	20,727
Minimum
Revenues from External Customers and Long-Lived Assets [Line Items]
Third-party development services revenue fee as a percentage total estimated costs (percent)	3.00%
Maximum
Revenues from External Customers and Long-Lived Assets [Line Items]
Third-party development services revenue fee as a percentage total estimated costs (percent)	5.00%
Deferred Development Fee
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue recognized related to cost savings agreements		0	$ 0
Deferred revenue	$ 0	$ 1,000
University of Kentucky | Sales Revenue, Net | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of real estate properties | community	14	12
Concentration risk (as a percent)	18.30%	17.60%

Summary of significant accoun57

Summary of significant accounting policies - Reconciliation of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ 561	$ 306	$ 58
Provision for uncollectible accounts	1,217	1,012	1,000
Deductions	(1,246)	(757)	(752)
Balance, end of period	$ 532	$ 561	$ 306

Summary of significant accoun58

Summary of significant accounting policies - Future Rental Income on Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
2,018	$ 3,062
2,019	2,917
2,020	2,804
2,021	2,669
2,022	2,401
Total minimum future rents	$ 13,853

Summary of significant accoun59

Summary of significant accounting policies - Advertising Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Advertising expense	$ 5.4	$ 4.9	$ 4.5

Summary of significant accoun60

Summary of significant accounting policies - Recent Accounting Pronouncements (Details)	12 Months Ended
	Dec. 31, 2017
Product Concentration Risk | Sales Revenue, Net
Concentration Risk [Line Items]
Concentration risk (as a percent)	87.00%

Income taxes - Significant Comp

Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Deferred revenue	$ 2	$ 393
Accrued expenses	324	394
Straight line rent	170	281
Restricted stock amortization	0	759
Net operating loss carryforwards	2,300	1,271
Total deferred tax assets	2,796	3,098
Deferred tax liabilities:
Depreciation and amortization	(943)	(927)
Total deferred tax liabilities:	(943)	(927)
Net deferred tax assets	$ 1,853	$ 2,171

Income taxes - Significant Co62

Income taxes - Significant Components of Income Tax Provisions Benefits (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred:
Federal									$ 318	$ 243	$ 148
State									0	42	(61)
Deferred expense (benefit)									318	285	87
Current:
Federal									37	183	101
State									229	216	159
Current (benefit) expense									266	399	260
Tax provision	$ 1,532	$ (416)	$ 353	$ (885)	$ 460	$ 84	$ 89	$ 51	$ 584	$ 684	$ 347

Income taxes - Additional Infor

Income taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
TRS earnings or (loss) subject to tax	$ 46,130,000	$ 21,432,000	$ 17,659,000
Expense recognized for effects of the enactments of tax reform	800,000
Unrecognized tax benefits	0	0
Unrecognized tax benefits, interest or penalties	0	0	0
Taxable REIT Subsidiary
Income Taxes [Line Items]
TRS earnings or (loss) subject to tax	$ (700,000)	$ 400,000	$ 200,000

Income taxes - Reconciliation o

Income taxes - Reconciliation of Income Tax Attributable to Income before Noncontrolling Interest Computed at United States Statutory Rate to Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Tax provision at U.S. statutory rates on TRS net income (losses) subject to tax									$ 355	$ 426	$ 236
State income tax, net of federal benefit									7	77	(31)
Other									222	181	142
Tax provision	$ 1,532	$ (416)	$ 353	$ (885)	$ 460	$ 84	$ 89	$ 51	$ 584	$ 684	$ 347

Income taxes - Distributions (D

Income taxes - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Distribution Made to Limited Partner [Line Items]
Dividends and distributions paid to common and restricted stockholders	$ 113,761	$ 103,419	$ 70,512
Dividends and distributions paid to noncontrolling interests	$ 1,136	$ 546	$ 1,231
Distribution per OP Unit (in dollars per share)	$ 1.54
Ordinary income (in dollars per share)	$ 0.94	$ 0.75	$ 0.89
Ordinary income (as a percent)	61.00%	50.00%	61.00%
Return of capital (in dollars per share)	$ 0.60	$ 0.75	$ 0.57
Return of capital (as a percent)	39.00%	50.00%	39.00%
Total (usd per share)	$ 1.54	$ 1.50	$ 1.46
Total (as a percent)	100.00%	100.00%	100.00%
Education Realty Operating Partnership L.P.
Distribution Made to Limited Partner [Line Items]
Dividends and distributions paid to noncontrolling interests	$ 1,136	$ 546	$ 1,231

Acquisition and development o66

Acquisition and development of real estate investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	May 31, 2016USD ($)
Business Acquisition [Line Items]
Number of properties acquired | property	2
Working capital and other assets acquired but not part of the contractual purchase price	$ 300
Contracted price	128,000
Working capital and other assets acquired but not part of the contractual purchase price			$ 600
Contracted purchase price			58,500
Noncash adjustment of contingent consideration liability	6,041	$ (1,046)	0
Acquisition costs		400	300
Accounts payable	4,204	4,222
Accrued expenses	158,230	$ 123,650
Retreat at Blacksburg Phase I and II
Business Acquisition [Line Items]
Ownership interest acquired in joint venture (as a percent)		25.00%
Assets under development
Business Acquisition [Line Items]
Accounts payable	1,300	$ 2,900
Accrued expenses	76,100	$ 36,000
2016 Acquisitions
Business Acquisition [Line Items]
Number of properties acquired | property		2
Working capital and other assets acquired but not part of the contractual purchase price		$ 3,500
Contracted purchase price		287,100
Contingent consideration, liability		1,000		$ 5,300
Payment for contingent consideration		3,100
Noncash adjustment of contingent consideration liability	4,800
Urbane
Business Acquisition [Line Items]
Contracted purchase price		50,000
Capital contribution		10,000
Advance to affiliate		23,600
Redeemable noncontrolling interest, settlement amount	14,900
Capital Addition Purchase Commitments
Business Acquisition [Line Items]
Contractual obligation under guaranteed maximum price contracts	266,700
Education Realty Operating Partnership L.P.
Business Acquisition [Line Items]
Noncash adjustment of contingent consideration liability	6,041	(1,046)	$ 0
Accounts payable	4,204	4,222
Accrued expenses	$ 158,230	$ 123,650

Acquisition and development o67

Acquisition and development of real estate investments - Asset Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)unitbed
Business Acquisition [Line Items]
Contract Price	$ 128,000
Retreat at Corvallis
Business Acquisition [Line Items]
Bed Count | bed	1,016
Number of Units | unit	330
Contract Price	$ 99,450
319 Bragg
Business Acquisition [Line Items]
Bed Count | bed	305
Number of Units | unit	86
Contract Price	$ 28,500

Acquisition and development o68

Acquisition and development of real estate investments - Fair Value of Current Period Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Collegiate housing property	$ 21,000	$ 19,300
Retreat at Corvallis
Business Acquisition [Line Items]
Collegiate housing property	95,785
In-place leases	3,780
Other assets	617
Current liabilities	(936)
Total net assets acquired	99,246
319 Bragg
Business Acquisition [Line Items]
Collegiate housing property	27,475
In-place leases	1,055
Other assets	2
Current liabilities	(131)
Total net assets acquired	28,401
Total
Business Acquisition [Line Items]
Collegiate housing property	123,260
In-place leases	4,835
Other assets	619
Current liabilities	(1,067)
Total net assets acquired	$ 127,647

Acquisition and development o69

Acquisition and development of real estate investments - Collegiate Housing Community Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)unitbed	Dec. 31, 2015USD ($)unitbed
Business Acquisition [Line Items]
Contract Price		$ 58,500
Lokal
Business Acquisition [Line Items]
Bed Count | bed	194
Number of Units | unit	79
Contract Price	$ 24,600
The Hub at Madison
Business Acquisition [Line Items]
Bed Count | bed	1,038
Number of Units | unit	341
Contract Price	$ 188,500
Pura Vida Place
Business Acquisition [Line Items]
Bed Count | bed	100
Number of Units | unit	52
Contract Price	$ 12,000
Carriage House
Business Acquisition [Line Items]
Bed Count | bed	94
Number of Units | unit	54
Contract Price	$ 12,000
Urbane
Business Acquisition [Line Items]
Bed Count | bed	311
Number of Units | unit	104
Contract Price	$ 50,000
The Commons on Bridge
Business Acquisition [Line Items]
Bed Count | bed		150
Number of Units | unit		51
Contract Price		$ 9,700
The Province at Boulder
Business Acquisition [Line Items]
Bed Count | bed		317
Number of Units | unit		84
Contract Price		$ 48,800

Acquisition and development o70

Acquisition and development of real estate investments - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Collegiate housing properties	$ 284,510	$ 58,146
In-place leases	7,395	354
Other assets	117	90
Current liabilities	(8,385)	(714)
Total net assets acquired	283,637	57,876
Lokal
Business Acquisition [Line Items]
Collegiate housing properties	23,653
In-place leases	849
Other assets	3
Current liabilities	(148)
Total net assets acquired	24,357
The Hub at Madison
Business Acquisition [Line Items]
Collegiate housing properties	189,832
In-place leases	3,588
Other assets	87
Current liabilities	(7,442)
Total net assets acquired	186,065
Pura Vida Place
Business Acquisition [Line Items]
Collegiate housing properties	11,498
In-place leases	502
Other assets	5
Current liabilities	(144)
Total net assets acquired	11,861
Carriage House
Business Acquisition [Line Items]
Collegiate housing properties	11,528
In-place leases	472
Other assets	4
Current liabilities	(67)
Total net assets acquired	11,937
Urbane
Business Acquisition [Line Items]
Collegiate housing properties	47,999
In-place leases	1,984
Other assets	18
Current liabilities	(584)
Total net assets acquired	$ 49,417
The Commons on Bridge
Business Acquisition [Line Items]
Collegiate housing properties		9,624
In-place leases		76
Other assets		5
Current liabilities		(338)
Total net assets acquired		9,367
The Province at Boulder
Business Acquisition [Line Items]
Collegiate housing properties		48,522
In-place leases		278
Other assets		85
Current liabilities		(376)
Total net assets acquired		$ 48,509

Acquisition and development o71

Acquisition and development of real estate investments - Pro Forma Revenue and Net Loss of Combined Entity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial Results since Acquisition Date, Actual
Revenue	$ 95,866	$ 75,360	$ 74,042	$ 85,798	$ 84,224	$ 66,225	$ 65,140	$ 73,379	$ 331,066	$ 288,968	$ 255,162
Net loss	25,378	(155)	6,060	16,157	14,133	(3,533)	17,655	16,669	47,440	44,924	19,911
2016 Acquisitions
Financial Results since Acquisition Date, Actual
Revenue									19,517	9,898
Net income (loss)									866	(2,098)
Pro Forma Information
Total revenue										294,374	261,196
Net income										$ 45,412	$ 19,384
Net income attributable to common shareholders - basic (usd per share)										$ 0.65	$ 0.39
Net income attributable to common shareholders - diluted (usd per share)										$ 0.65	$ 0.39
2015 Acquisitions
Financial Results since Acquisition Date, Actual
Revenue									4,967	$ 4,957	$ 1,754
Net income (loss)									1,392	1,471	532
Pro Forma Information
Total revenue											257,758	$ 227,968
Net income											$ 20,992	$ 47,275
Net income attributable to common shareholders - basic (usd per share)											$ 0.42	$ 1.10
Net income attributable to common shareholders - diluted (usd per share)											$ 0.42	$ 1.09
2017 Acquisitions
Financial Results since Acquisition Date, Actual
Revenue									10,905
Net loss									(1,485)
Education Realty Operating Partnership L.P.
Financial Results since Acquisition Date, Actual
Revenue									331,066	288,968	$ 255,162
Net loss	$ 25,415	$ (157)	$ 6,070	$ 16,192	$ 14,174	$ (3,547)	$ 17,708	$ 16,727	$ 47,520	45,062	20,002
Education Realty Operating Partnership L.P. | 2016 Acquisitions
Pro Forma Information
Net income										$ 45,551	$ 19,468
Net income attributable to common shareholders - basic (usd per share)										$ 0.65	$ 0.39
Net income attributable to common shareholders - diluted (usd per share)										$ 0.65	$ 0.39
Education Realty Operating Partnership L.P. | 2015 Acquisitions
Pro Forma Information
Net income											$ 21,087	$ 47,643
Net income attributable to common shareholders - basic (usd per share)											$ 0.42	$ 1.10
Net income attributable to common shareholders - diluted (usd per share)											$ 0.42	$ 1.10

Acquisition and development o72

Acquisition and development of real estate investments - Development of Collegiate Housing Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)bed	Dec. 31, 2016USD ($)bed	Dec. 31, 2015USD ($)	Jan. 31, 2018USD ($)bed
Real Estate Properties [Line Items]
Costs Incurred-to-Date	$ 3,298,036	$ 2,709,717
Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	488,614
Internal Development Costs Capitalized	1,769	622
Interest Costs Capitalized	$ 7,371	760
2017 Additions [Member] | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	3,318
Costs Incurred-to-Date	$ 280,931
Internal Development Costs Capitalized	1,082	1,272
Interest Costs Capitalized	$ 5,156	3,248
University Flats | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	771
Costs Incurred-to-Date	$ 75,241
Internal Development Costs Capitalized	249	226
Interest Costs Capitalized	$ 1,617	1,163
Sawtooth Hall | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	656
Costs Incurred-to-Date	$ 35,350
Internal Development Costs Capitalized	262	260
Interest Costs Capitalized	$ 639	252
Lewis Hall | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	346
Costs Incurred-to-Date	$ 26,325
Internal Development Costs Capitalized	206	204
Interest Costs Capitalized	$ 538	196
The Woods - Phase I | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	417
Costs Incurred-to-Date	$ 25,742
Internal Development Costs Capitalized	83	203
Interest Costs Capitalized	$ 212	66
SkyVue | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	824
Costs Incurred-to-Date	$ 87,142
Internal Development Costs Capitalized	153	201
Interest Costs Capitalized	$ 1,757	1,253
The Local: Downtown | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed	304
Costs Incurred-to-Date	$ 31,131
Internal Development Costs Capitalized	129	178
Interest Costs Capitalized	393	$ 318
2016 Additions [Member] | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed		2,320
Costs Incurred-to-Date		$ 176,985
Internal Development Costs Capitalized		540	$ 575
Interest Costs Capitalized		$ 3,199	1,403
Holmes Hall and Boyd Hall | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed		1,141
Costs Incurred-to-Date		$ 85,691
Internal Development Costs Capitalized		339	382
Interest Costs Capitalized		$ 1,900	984
Retreat at Blacksburg - Phase I & II | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed		829
Costs Incurred-to-Date		$ 64,549
Internal Development Costs Capitalized		143	116
Interest Costs Capitalized		$ 709	208
Retreat at Oxford - Phase II | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed		350
Costs Incurred-to-Date		$ 26,745
Internal Development Costs Capitalized		58	77
Interest Costs Capitalized		590	$ 211
One on 4th | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	38,078
Internal Development Costs Capitalized	134	116
Interest Costs Capitalized	1,011	231
The Woods - Phase II and III | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	34,455
Internal Development Costs Capitalized	228	0
Interest Costs Capitalized	681	0
Maplewood | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	32,115
Internal Development Costs Capitalized	277	81
Interest Costs Capitalized	337	24
University of Pittsburgh | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	68,495
Internal Development Costs Capitalized	156	95
Interest Costs Capitalized	1,101	238
Players Club Redevelopment | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	18,156
Internal Development Costs Capitalized	147	62
Interest Costs Capitalized	157	22
Hale Mahana | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	65,764
Internal Development Costs Capitalized	171	82
Interest Costs Capitalized	1,178	98
Hub at Minneapolis | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	60,384
Internal Development Costs Capitalized	110	43
Interest Costs Capitalized	483	0
Union at Tempe | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	113,695
Internal Development Costs Capitalized	232	102
Interest Costs Capitalized	1,810	113
Union on Lincoln Way | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	26,314
Internal Development Costs Capitalized	120	0
Interest Costs Capitalized	305	0
Union on Plum | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	15,755
Internal Development Costs Capitalized	118	0
Interest Costs Capitalized	186	0
Southside Commons | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	1,336
Internal Development Costs Capitalized	22	0
Interest Costs Capitalized	4	0
Undeveloped land | Undeveloped Land
Real Estate Properties [Line Items]
Costs Incurred-to-Date	14,067
Internal Development Costs Capitalized	54	41
Interest Costs Capitalized	$ 118	$ 34
Subsequent Event | The Woods - Phase II | Wholly Owned Properties
Real Estate Properties [Line Items]
Bed Count | bed				433
Costs Incurred-to-Date				$ 24,600

Disposition of real estate in73

Disposition of real estate investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price										$ 96,600
Proceeds from sale of collegiate housing properties									$ 17,738	94,951	$ 12,333
Gain on sale of collegiate housing properties	$ 0	$ 0	$ 691	$ 0	$ 0	$ 0	$ 12,083	$ 11,873	691	$ 23,956	2,770
The Reserve on Stinson
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price									18,200
Proceeds from sale of collegiate housing properties									17,700
Gain on sale of collegiate housing properties									$ 700
Cape Trails Housing Community
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price											12,900
Proceeds from sale of collegiate housing properties											12,300
Gain on sale of collegiate housing properties											$ 2,800

Collegiate housing properties74

Collegiate housing properties and assets under development - Components of Collegiate Housing Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 247,259	$ 221,065
Land improvements	69,048	66,440
Leasehold improvements	74	74
Construction in progress	426,803	239,186
Buildings	2,446,098	2,092,546
Furniture, fixtures and equipment	108,754	90,406
Collegiate housing properties, gross	3,298,036	2,709,717
Less accumulated depreciation	(385,118)	(311,069)
Collegiate housing properties and assets under development, net	$ 2,912,918	$ 2,398,648

Collegiate housing properties75

Collegiate housing properties and assets under development - Investment in Collegiate Housing Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Encumbrances	$ 0
Initial Cost, Land	240,875
Initial Cost, Buildings and Improvements	2,872,717
Initial Costs, Total	3,113,592
Cost Capitalized Subsequently	184,444
Total Costs, Land	247,259
Total Costs, Buildings and improvements	3,050,777
Total Costs, Total	3,298,036	$ 2,709,717	$ 2,163,173	$ 1,916,758
Accumulated Depreciation	385,118	$ 311,069	$ 270,993	$ 210,047
The Commons at Knoxville
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,630
Initial Cost, Buildings and Improvements	18,386
Initial Costs, Total	23,016
Cost Capitalized Subsequently	4,250
Total Costs, Land	4,585
Total Costs, Buildings and improvements	22,681
Total Costs, Total	27,266
Accumulated Depreciation	10,036
The Lofts
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,801
Initial Cost, Buildings and Improvements	34,117
Initial Costs, Total	36,918
Cost Capitalized Subsequently	4,069
Total Costs, Land	2,801
Total Costs, Buildings and improvements	38,186
Total Costs, Total	40,987
Accumulated Depreciation	15,157
The Pointe at Penn State
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,151
Initial Cost, Buildings and Improvements	35,094
Initial Costs, Total	37,245
Cost Capitalized Subsequently	6,586
Total Costs, Land	2,150
Total Costs, Buildings and improvements	41,681
Total Costs, Total	43,831
Accumulated Depreciation	17,470
The Reserve at Columbia
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,071
Initial Cost, Buildings and Improvements	26,134
Initial Costs, Total	27,205
Cost Capitalized Subsequently	4,839
Total Costs, Land	1,071
Total Costs, Buildings and improvements	30,973
Total Costs, Total	32,044
Accumulated Depreciation	12,867
The Reserve on Perkins
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	913
Initial Cost, Buildings and Improvements	15,795
Initial Costs, Total	16,708
Cost Capitalized Subsequently	5,560
Total Costs, Land	913
Total Costs, Buildings and improvements	21,355
Total Costs, Total	22,268
Accumulated Depreciation	9,411
University Towers
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	28,652
Initial Costs, Total	28,652
Cost Capitalized Subsequently	18,418
Total Costs, Land	2,364
Total Costs, Buildings and improvements	44,706
Total Costs, Total	47,070
Accumulated Depreciation	20,566
Campus Creek
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,251
Initial Cost, Buildings and Improvements	21,604
Initial Costs, Total	23,855
Cost Capitalized Subsequently	2,702
Total Costs, Land	2,251
Total Costs, Buildings and improvements	24,306
Total Costs, Total	26,557
Accumulated Depreciation	9,727
Campus Lodge
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,746
Initial Cost, Buildings and Improvements	44,415
Initial Costs, Total	47,161
Cost Capitalized Subsequently	6,818
Total Costs, Land	2,746
Total Costs, Buildings and improvements	51,233
Total Costs, Total	53,979
Accumulated Depreciation	19,419
Carrollton Place
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	682
Initial Cost, Buildings and Improvements	12,166
Initial Costs, Total	12,848
Cost Capitalized Subsequently	2,376
Total Costs, Land	682
Total Costs, Buildings and improvements	14,542
Total Costs, Total	15,224
Accumulated Depreciation	5,415
River Pointe
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	837
Initial Cost, Buildings and Improvements	17,746
Initial Costs, Total	18,583
Cost Capitalized Subsequently	3,116
Total Costs, Land	837
Total Costs, Buildings and improvements	20,862
Total Costs, Total	21,699
Accumulated Depreciation	7,554
The Reserve at Saluki Pointe
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,099
Initial Cost, Buildings and Improvements	32,377
Initial Costs, Total	33,476
Cost Capitalized Subsequently	2,510
Total Costs, Land	1,099
Total Costs, Buildings and improvements	34,887
Total Costs, Total	35,986
Accumulated Depreciation	9,770
University Apartments on Colvin
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	25,792
Initial Costs, Total	25,792
Cost Capitalized Subsequently	1,243
Total Costs, Land	0
Total Costs, Buildings and improvements	27,035
Total Costs, Total	27,035
Accumulated Depreciation	6,940
2400 Nueces
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	64,152
Initial Costs, Total	64,152
Cost Capitalized Subsequently	7,013
Total Costs, Land	0
Total Costs, Buildings and improvements	71,165
Total Costs, Total	71,165
Accumulated Depreciation	11,047
The Oaks on the Square - Phase I and II
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,800
Initial Cost, Buildings and Improvements	48,636
Initial Costs, Total	50,436
Cost Capitalized Subsequently	2,266
Total Costs, Land	1,800
Total Costs, Buildings and improvements	50,902
Total Costs, Total	52,702
Accumulated Depreciation	8,262
GrandMarc at the Corner
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	45,384
Initial Costs, Total	45,384
Cost Capitalized Subsequently	2,504
Total Costs, Land	0
Total Costs, Buildings and improvements	47,888
Total Costs, Total	47,888
Accumulated Depreciation	10,762
Campus West
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	25,842
Initial Costs, Total	25,842
Cost Capitalized Subsequently	1,964
Total Costs, Land	0
Total Costs, Buildings and improvements	27,806
Total Costs, Total	27,806
Accumulated Depreciation	5,542
East Edge
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	10,420
Initial Cost, Buildings and Improvements	10,783
Initial Costs, Total	21,203
Cost Capitalized Subsequently	21,475
Total Costs, Land	10,420
Total Costs, Buildings and improvements	32,258
Total Costs, Total	42,678
Accumulated Depreciation	7,089
Jefferson Commons
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,420
Initial Cost, Buildings and Improvements	4,915
Initial Costs, Total	6,335
Cost Capitalized Subsequently	355
Total Costs, Land	1,420
Total Costs, Buildings and improvements	5,270
Total Costs, Total	6,690
Accumulated Depreciation	1,163
Wertland Square
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,230
Initial Cost, Buildings and Improvements	13,285
Initial Costs, Total	16,515
Cost Capitalized Subsequently	1,006
Total Costs, Land	3,230
Total Costs, Buildings and improvements	14,291
Total Costs, Total	17,521
Accumulated Depreciation	3,062
The Berk
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,687
Initial Cost, Buildings and Improvements	13,718
Initial Costs, Total	16,405
Cost Capitalized Subsequently	956
Total Costs, Land	2,687
Total Costs, Buildings and improvements	14,674
Total Costs, Total	17,361
Accumulated Depreciation	3,080
Roosevelt Point
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,093
Initial Cost, Buildings and Improvements	47,528
Initial Costs, Total	50,621
Cost Capitalized Subsequently	2,441
Total Costs, Land	3,093
Total Costs, Buildings and improvements	49,969
Total Costs, Total	53,062
Accumulated Depreciation	7,671
University Village Towers
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,434
Initial Cost, Buildings and Improvements	34,424
Initial Costs, Total	37,858
Cost Capitalized Subsequently	1,536
Total Costs, Land	3,434
Total Costs, Buildings and improvements	35,960
Total Costs, Total	39,394
Accumulated Depreciation	6,952
Irish Row
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,637
Initial Cost, Buildings and Improvements	24,679
Initial Costs, Total	27,316
Cost Capitalized Subsequently	665
Total Costs, Land	2,637
Total Costs, Buildings and improvements	25,344
Total Costs, Total	27,981
Accumulated Depreciation	4,739
The Lotus
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	5,245
Initial Cost, Buildings and Improvements	20,830
Initial Costs, Total	26,075
Cost Capitalized Subsequently	2,344
Total Costs, Land	5,245
Total Costs, Buildings and improvements	23,174
Total Costs, Total	28,419
Accumulated Depreciation	2,766
GrandMarc at Westberry Place
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	53,935
Initial Costs, Total	53,935
Cost Capitalized Subsequently	2,454
Total Costs, Land	0
Total Costs, Buildings and improvements	56,389
Total Costs, Total	56,389
Accumulated Depreciation	10,073
3,949
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,822
Initial Cost, Buildings and Improvements	24,448
Initial Costs, Total	28,270
Cost Capitalized Subsequently	9,274
Total Costs, Land	3,822
Total Costs, Buildings and improvements	33,722
Total Costs, Total	37,544
Accumulated Depreciation	5,946
Lymon T. Johnson Hall and Central Hall II
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	22,896
Initial Costs, Total	22,896
Cost Capitalized Subsequently	3,439
Total Costs, Land	0
Total Costs, Buildings and improvements	26,335
Total Costs, Total	26,335
Accumulated Depreciation	4,911
The Retreat at Oxford
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,743
Initial Cost, Buildings and Improvements	52,946
Initial Costs, Total	57,689
Cost Capitalized Subsequently	5,773
Total Costs, Land	8,811
Total Costs, Buildings and improvements	54,651
Total Costs, Total	63,462
Accumulated Depreciation	6,166
The Province
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,436
Initial Cost, Buildings and Improvements	45,173
Initial Costs, Total	49,609
Cost Capitalized Subsequently	869
Total Costs, Land	4,436
Total Costs, Buildings and improvements	46,042
Total Costs, Total	50,478
Accumulated Depreciation	8,279
The District on 5th
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,601
Initial Cost, Buildings and Improvements	63,396
Initial Costs, Total	65,997
Cost Capitalized Subsequently	641
Total Costs, Land	2,601
Total Costs, Buildings and improvements	64,037
Total Costs, Total	66,638
Accumulated Depreciation	12,260
Campus Village
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,650
Initial Cost, Buildings and Improvements	18,077
Initial Costs, Total	20,727
Cost Capitalized Subsequently	1,337
Total Costs, Land	2,650
Total Costs, Buildings and improvements	19,414
Total Costs, Total	22,064
Accumulated Depreciation	4,840
Frances Jewell Hall
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	45,924
Initial Costs, Total	45,924
Cost Capitalized Subsequently	2,062
Total Costs, Land	0
Total Costs, Buildings and improvements	47,986
Total Costs, Total	47,986
Accumulated Depreciation	5,562
Georgia M. Blazer Hall
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	23,808
Initial Costs, Total	23,808
Cost Capitalized Subsequently	920
Total Costs, Land	0
Total Costs, Buildings and improvements	24,728
Total Costs, Total	24,728
Accumulated Depreciation	2,893
Haggin Hall I
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	23,802
Initial Costs, Total	23,802
Cost Capitalized Subsequently	532
Total Costs, Land	0
Total Costs, Buildings and improvements	24,334
Total Costs, Total	24,334
Accumulated Depreciation	3,106
Woodland Glen I & II
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	44,491
Initial Costs, Total	44,491
Cost Capitalized Subsequently	2,129
Total Costs, Land	0
Total Costs, Buildings and improvements	46,620
Total Costs, Total	46,620
Accumulated Depreciation	5,349
The Province at Kent State
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,239
Initial Cost, Buildings and Improvements	40,441
Initial Costs, Total	44,680
Cost Capitalized Subsequently	723
Total Costs, Land	4,239
Total Costs, Buildings and improvements	41,164
Total Costs, Total	45,403
Accumulated Depreciation	7,463
The Centre at Overton Park
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,781
Initial Cost, Buildings and Improvements	35,232
Initial Costs, Total	39,013
Cost Capitalized Subsequently	2,146
Total Costs, Land	3,781
Total Costs, Buildings and improvements	37,378
Total Costs, Total	41,159
Accumulated Depreciation	6,279
The Suites at Overton Park
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,384
Initial Cost, Buildings and Improvements	33,281
Initial Costs, Total	37,665
Cost Capitalized Subsequently	1,847
Total Costs, Land	4,384
Total Costs, Buildings and improvements	35,128
Total Costs, Total	39,512
Accumulated Depreciation	5,993
Woodland Glen III, IV & V
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	101,172
Initial Costs, Total	101,172
Cost Capitalized Subsequently	3,558
Total Costs, Land	0
Total Costs, Buildings and improvements	104,730
Total Costs, Total	104,730
Accumulated Depreciation	8,093
The Oaks on the Square - Phase III
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,531
Initial Cost, Buildings and Improvements	10,734
Initial Costs, Total	12,265
Cost Capitalized Subsequently	320
Total Costs, Land	1,531
Total Costs, Buildings and improvements	11,054
Total Costs, Total	12,585
Accumulated Depreciation	1,186
The Cottages on Lindberg
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,800
Initial Cost, Buildings and Improvements	31,224
Initial Costs, Total	33,024
Cost Capitalized Subsequently	3,540
Total Costs, Land	1,800
Total Costs, Buildings and improvements	34,764
Total Costs, Total	36,564
Accumulated Depreciation	5,464
The Retreat at State College
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	6,251
Initial Cost, Buildings and Improvements	46,004
Initial Costs, Total	52,255
Cost Capitalized Subsequently	4,338
Total Costs, Land	6,251
Total Costs, Buildings and improvements	50,342
Total Costs, Total	56,593
Accumulated Depreciation	7,431
The Varsity
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,300
Initial Cost, Buildings and Improvements	50,330
Initial Costs, Total	53,630
Cost Capitalized Subsequently	505
Total Costs, Land	3,300
Total Costs, Buildings and improvements	50,835
Total Costs, Total	54,135
Accumulated Depreciation	6,489
Holmes Hall and Boyd Hall
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	85,556
Initial Costs, Total	85,556
Cost Capitalized Subsequently	209
Total Costs, Land	0
Total Costs, Buildings and improvements	85,765
Total Costs, Total	85,765
Accumulated Depreciation	3,646
Oaks on the Square - Phase IV
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	3,308
Initial Cost, Buildings and Improvements	36,748
Initial Costs, Total	40,056
Cost Capitalized Subsequently	6,726
Total Costs, Land	3,308
Total Costs, Buildings and improvements	43,474
Total Costs, Total	46,782
Accumulated Depreciation	3,305
Retreat at Louisville
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,257
Initial Cost, Buildings and Improvements	33,750
Initial Costs, Total	38,007
Cost Capitalized Subsequently	6,284
Total Costs, Land	4,257
Total Costs, Buildings and improvements	40,034
Total Costs, Total	44,291
Accumulated Depreciation	3,255
109 Towers
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,779
Initial Cost, Buildings and Improvements	40,115
Initial Costs, Total	41,894
Cost Capitalized Subsequently	2,981
Total Costs, Land	1,779
Total Costs, Buildings and improvements	43,096
Total Costs, Total	44,875
Accumulated Depreciation	4,851
District on Apache
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	8,203
Initial Cost, Buildings and Improvements	81,016
Initial Costs, Total	89,219
Cost Capitalized Subsequently	834
Total Costs, Land	8,203
Total Costs, Buildings and improvements	81,850
Total Costs, Total	90,053
Accumulated Depreciation	9,699
The Commons on Bridge
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,852
Initial Cost, Buildings and Improvements	7,772
Initial Costs, Total	9,624
Cost Capitalized Subsequently	416
Total Costs, Land	1,852
Total Costs, Buildings and improvements	8,188
Total Costs, Total	10,040
Accumulated Depreciation	1,230
The Province at Boulder
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	7,800
Initial Cost, Buildings and Improvements	40,722
Initial Costs, Total	48,522
Cost Capitalized Subsequently	363
Total Costs, Land	7,800
Total Costs, Buildings and improvements	41,085
Total Costs, Total	48,885
Accumulated Depreciation	2,949
University Flats
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	75,225
Initial Costs, Total	75,225
Cost Capitalized Subsequently	16
Total Costs, Land	0
Total Costs, Buildings and improvements	75,241
Total Costs, Total	75,241
Accumulated Depreciation	860
Retreat at Blacksburg
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	8,988
Initial Cost, Buildings and Improvements	53,984
Initial Costs, Total	62,972
Cost Capitalized Subsequently	1,621
Total Costs, Land	8,988
Total Costs, Buildings and improvements	55,605
Total Costs, Total	64,593
Accumulated Depreciation	2,715
Sawtooth Hall
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	32,805
Initial Costs, Total	32,805
Cost Capitalized Subsequently	2,545
Total Costs, Land	0
Total Costs, Buildings and improvements	35,350
Total Costs, Total	35,350
Accumulated Depreciation	470
The Local: Downtown
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,687
Initial Cost, Buildings and Improvements	25,632
Initial Costs, Total	28,319
Cost Capitalized Subsequently	2,812
Total Costs, Land	2,687
Total Costs, Buildings and improvements	28,444
Total Costs, Total	31,131
Accumulated Depreciation	529
SkyVue
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	7,056
Initial Cost, Buildings and Improvements	79,383
Initial Costs, Total	86,439
Cost Capitalized Subsequently	703
Total Costs, Land	7,056
Total Costs, Buildings and improvements	80,086
Total Costs, Total	87,142
Accumulated Depreciation	999
Lokal
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,180
Initial Cost, Buildings and Improvements	21,271
Initial Costs, Total	23,451
Cost Capitalized Subsequently	615
Total Costs, Land	2,180
Total Costs, Buildings and improvements	21,886
Total Costs, Total	24,066
Accumulated Depreciation	1,301
One on 4th
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,500
Initial Cost, Buildings and Improvements	33,578
Initial Costs, Total	38,078
Cost Capitalized Subsequently	0
Total Costs, Land	4,500
Total Costs, Buildings and improvements	33,578
Total Costs, Total	38,078
Accumulated Depreciation	0
Hub at Madison
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	14,251
Initial Cost, Buildings and Improvements	175,656
Initial Costs, Total	189,907
Cost Capitalized Subsequently	417
Total Costs, Land	14,251
Total Costs, Buildings and improvements	176,073
Total Costs, Total	190,324
Accumulated Depreciation	8,641
Lewis Hall
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	25,928
Initial Costs, Total	25,928
Cost Capitalized Subsequently	397
Total Costs, Land	0
Total Costs, Buildings and improvements	26,325
Total Costs, Total	26,325
Accumulated Depreciation	320
Maplewood
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	31,995
Initial Costs, Total	31,995
Cost Capitalized Subsequently	120
Total Costs, Land	0
Total Costs, Buildings and improvements	32,115
Total Costs, Total	32,115
Accumulated Depreciation	0
Northern Michigan University - The Woods Phase I
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	25,742
Initial Costs, Total	25,742
Cost Capitalized Subsequently	0
Total Costs, Land	0
Total Costs, Buildings and improvements	25,742
Total Costs, Total	25,742
Accumulated Depreciation	294
Northern Michigan University - The Woods Phase II and III
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	34,455
Initial Costs, Total	34,455
Cost Capitalized Subsequently	0
Total Costs, Land	0
Total Costs, Buildings and improvements	34,455
Total Costs, Total	34,455
Accumulated Depreciation	0
University of Pittsburgh
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	7,636
Initial Cost, Buildings and Improvements	60,859
Initial Costs, Total	68,495
Cost Capitalized Subsequently	0
Total Costs, Land	7,636
Total Costs, Buildings and improvements	60,859
Total Costs, Total	68,495
Accumulated Depreciation	0
Pura Vida Place
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	1,850
Initial Cost, Buildings and Improvements	9,331
Initial Costs, Total	11,181
Cost Capitalized Subsequently	363
Total Costs, Land	1,850
Total Costs, Buildings and improvements	9,694
Total Costs, Total	11,544
Accumulated Depreciation	381
Carriage House
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,470
Initial Cost, Buildings and Improvements	8,760
Initial Costs, Total	11,230
Cost Capitalized Subsequently	329
Total Costs, Land	2,470
Total Costs, Buildings and improvements	9,089
Total Costs, Total	11,559
Accumulated Depreciation	351
Urbane
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	4,101
Initial Cost, Buildings and Improvements	43,929
Initial Costs, Total	48,030
Cost Capitalized Subsequently	254
Total Costs, Land	4,101
Total Costs, Buildings and improvements	44,183
Total Costs, Total	48,284
Accumulated Depreciation	1,752
Arizona State University - Union at Tempe
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	14,147
Initial Cost, Buildings and Improvements	99,547
Initial Costs, Total	113,694
Cost Capitalized Subsequently	1
Total Costs, Land	14,147
Total Costs, Buildings and improvements	99,548
Total Costs, Total	113,695
Accumulated Depreciation	0
Hale Mahana
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	16,641
Initial Cost, Buildings and Improvements	49,057
Initial Costs, Total	65,698
Cost Capitalized Subsequently	0
Total Costs, Land	16,641
Total Costs, Buildings and improvements	49,057
Total Costs, Total	65,698
Accumulated Depreciation	0
Hub at Minneapolis
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	59,985
Initial Costs, Total	59,985
Cost Capitalized Subsequently	399
Total Costs, Land	0
Total Costs, Buildings and improvements	60,384
Total Costs, Total	60,384
Accumulated Depreciation	0
Retreat at Corvallis
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	5,901
Initial Cost, Buildings and Improvements	87,993
Initial Costs, Total	93,894
Cost Capitalized Subsequently	2,049
Total Costs, Land	5,901
Total Costs, Buildings and improvements	90,042
Total Costs, Total	95,943
Accumulated Depreciation	2,727
319 Bragg
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,444
Initial Cost, Buildings and Improvements	24,599
Initial Costs, Total	27,043
Cost Capitalized Subsequently	571
Total Costs, Land	2,442
Total Costs, Buildings and improvements	25,172
Total Costs, Total	27,614
Accumulated Depreciation	593
Union on Lincoln Way
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	5,454
Initial Cost, Buildings and Improvements	20,860
Initial Costs, Total	26,314
Cost Capitalized Subsequently	0
Total Costs, Land	5,454
Total Costs, Buildings and improvements	20,860
Total Costs, Total	26,314
Accumulated Depreciation	0
Union on Plum
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	2,806
Initial Cost, Buildings and Improvements	12,949
Initial Costs, Total	15,755
Cost Capitalized Subsequently	0
Total Costs, Land	2,806
Total Costs, Buildings and improvements	12,949
Total Costs, Total	15,755
Accumulated Depreciation	0
Players Club
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	727
Initial Cost, Buildings and Improvements	17,429
Initial Costs, Total	18,156
Cost Capitalized Subsequently	0
Total Costs, Land	727
Total Costs, Buildings and improvements	17,429
Total Costs, Total	18,156
Accumulated Depreciation	0
Southside Commons
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	1,336
Initial Costs, Total	1,336
Cost Capitalized Subsequently	0
Total Costs, Land	0
Total Costs, Buildings and improvements	1,336
Total Costs, Total	1,336
Accumulated Depreciation	0
Mississippi State University
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	0
Initial Costs, Total	0
Cost Capitalized Subsequently	0
Total Costs, Land	0
Total Costs, Buildings and improvements	0
Total Costs, Total	0
Accumulated Depreciation	0
Undeveloped Land
Real Estate Properties [Line Items]
Encumbrances	0
Initial Cost, Land	13,152
Initial Cost, Buildings and Improvements	982
Initial Costs, Total	14,134
Cost Capitalized Subsequently	0
Total Costs, Land	13,152
Total Costs, Buildings and improvements	982
Total Costs, Total	14,134
Accumulated Depreciation	$ 0

Collegiate housing properties76

Collegiate housing properties and assets under development - Investment in Collegiate Housing Properties (References) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Aggregate costs for federal income tax purposes	$ 3,355.8
Minimum
Real Estate Properties [Line Items]
Useful lives of assets	3 years
Maximum
Real Estate Properties [Line Items]
Useful lives of assets	40 years

Collegiate housing properties77

Collegiate housing properties and assets under development - Historical Cost of Trusts Investment in Collegiate Housing Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	$ 2,709,717,000	$ 2,163,173,000	$ 1,916,758,000
Collegiate housing acquisitions or completed developments	403,082,000	444,657,000	250,329,000
Collegiate housing dispositions	(17,608,000)	(92,827,000)	(14,149,000)
Impairment loss	0	(2,500,000)	0
Additions (net of reimbursed amounts)	215,057,000	211,982,000	10,917,000
Normal disposals	(2,206,000)	(10,203,000)	(682,000)
Write-offs of fully depreciated amounts due to redevelopment	(10,006,000)	(4,565,000)	0
Balance, end of period	$ 3,298,036,000	$ 2,709,717,000	$ 2,163,173,000

Collegiate housing properties78

Collegiate housing properties and assets under development - Reconciliation of Accumulated Investment Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	$ 311,069	$ 270,993	$ 210,047
Depreciation	85,955	75,539	65,952
Disposals	(1,647)	(9,910)	(622)
Write-offs of fully depreciated amounts due to redevelopment	(10,006)	(4,565)	0
Collegiate housing dispositions	(253)	(20,988)	(4,384)
Balance, end of period	$ 385,118	$ 311,069	$ 270,993

Collegiate housing properties79

Collegiate housing properties and assets under development - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Loss on impairment of collegiate housing properties	$ 0	$ 2,500,000	$ 0

Other assets - Other Assets (De

Other assets - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment and Other Assets [Abstract]
Prepaid expenses	$ 7,155	$ 4,368
Deferred tax asset	1,853	2,171
Deferred financing costs - revolving credit facility	828	1,821
Investments in unconsolidated entities	23,227	26,981
Corporate assets, net	12,613	12,598
Reimbursable predevelopment costs and development project receivables	1,753	0
Other	14,353	5,135
Total other assets	$ 61,782	$ 53,074

Other assets - Additional Infor

Other assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Office furniture, historical cost	$ 21	$ 19.3
Office furniture, accumulated depreciation	8.3	6.7
Depreciation expense	$ 1.7	$ 1.7	$ 1.5
Minimum
Property, Plant and Equipment [Line Items]
Office furniture, estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Office furniture, estimated useful lives	7 years

Investments in unconsolidated82

Investments in unconsolidated entities - Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Total assets	$ 169,183	$ 177,820
Total liabilities	131,930	132,370
Equity	37,253	45,450
Investment in unconsolidated entities	$ 23,227	$ 26,981

Investment in unconsolidated en

Investment in unconsolidated entities - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Revenues									$ 45,106	$ 37,969	$ 37,915
Net income (loss)									213	(30)	(1,134)
Equity in losses of unconsolidated entities	$ (206)	$ (243)	$ 129	$ 255	$ 289	$ (480)	$ 107	$ (244)	$ (65)	$ (328)	$ (668)

Investments in unconsolidated84

Investments in unconsolidated entities - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments classified in accrued expenses	$ 2	$ 1.9
1313 5th Street MN Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
West Clayton Athens GA Owner LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
University Village-Greensboro LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
Elauwit Networks
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	14.00%

Incentive plans - Additional In

Incentive plans - Additional Information (Details)	May 04, 2011shares	Mar. 31, 2017shares	Feb. 29, 2016shares	Feb. 28, 2015shares	Dec. 31, 2017USD ($)criteriashares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	May 10, 2017USD ($)shares
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $					$ 3,100,000	$ 3,400,000	$ 2,200,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $					0
Equity incentive plan, compensation expense | $					0	200,000	400,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $					0		600,000
Equity incentive plan, compensation expense | $					$ 0	600,000	900,000
Equity incentive plan, vesting period					3 years
Equity incentive plan, shares issued | shares					79,699
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $					$ 3,900,000	4,200,000
LTIP Units | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $					$ 3,100,000	$ 2,700,000	$ 900,000
2011 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, common stock shares authorized | shares								346,111
2017 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, additional common stock shares | shares	1,000,000
Equity incentive plan, common stock shares reserved for issuance | shares					1,346,111
Maximum annual award value, non-employee directors | $								$ 500,000
2012 Long Term Incentive Plan | Independent Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, shares issued | shares					12,654	10,800
2015 Long Term Incentive Plan Twenty | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, shares issued | shares				155,774
2016 Long Term Incentive Plan Twenty | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, shares issued | shares			131,745
2017 Long Term Incentive Plan | Time-based Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period					3 years
Award type allocation (as a percent)					25.00%
2017 Long Term Incentive Plan | Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award type allocation (as a percent)					75.00%
Number of award performance criteria | criteria					6
Award performance period					3 years
2017 Long Term Incentive Plan | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, shares issued | shares		146,728

Incentive plans - Stock Based I

Incentive plans - Stock Based Incentive Plan Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	7,799	25,569	46,810
Granted (shares)	0	0	0
Vested (shares)	(4,516)	(10,199)	(17,774)
Surrendered (shares)	(3,283)	(7,571)	(3,467)
Ending balance (shares)	0	7,799	25,569
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	$ 26.46	$ 28.32	$ 27.94
Granted, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	0	0	0
Vested, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	26.46	28.93	27.76
Surrendered, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	26.46	28.93	29.72
Beginning balance, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	$ 0	$ 26.46	$ 28.32
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	91,756	146,911	146,911
Granted (shares)	0	0	0
Vested (shares)	(53,131)	(10,776)	0
Surrendered (shares)	(38,625)	(44,379)	0
Ending balance (shares)	0	91,756	146,911
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	$ 19.20	$ 20.58	$ 20.58
Granted, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	0	0	0
Vested, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	19.20	22.95	0
Surrendered, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	19.20	22.95	0
Beginning balance, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	$ 0	$ 19.20	$ 20.58
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	280,452	155,774	0
Granted (shares)	146,728	131,745	155,774
Vested (shares)	(14,385)	(7,067)	0
Surrendered (shares)	0	0	0
Ending balance (shares)	412,795	280,452	155,774
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	$ 22.29	$ 18.83	$ 0
Granted, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	25.85	26.20	18.83
Vested, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	36.30	18.83	0
Surrendered, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	0	0	0
Beginning balance, Weighted-Average Grant Date Fair Value Per Restricted Stock Award (usd per share)	$ 22.80	$ 22.29	$ 18.83

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total	$ 936,500
Less: Unamortized deferred financing costs	(3,051)
Total outstanding debt, net of unamortized deferred financing costs	933,449
Mortgage and construction loans, net of unamortized deferred financing costs	0	$ 62,520
Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Total outstanding debt, net of unamortized deferred financing costs	933,449	517,196
Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Total	936,500	457,500
Less: Unamortized deferred financing costs	(3,051)	(2,824)
Total outstanding debt, net of unamortized deferred financing costs	933,449	454,676
Education Realty Operating Partnership L.P. | Unsecured Debt | Unsecured term loan facility
Debt Instrument [Line Items]
Total	187,500	187,500
Less: Unamortized deferred financing costs	(1,000)	(800)
Total outstanding debt, net of unamortized deferred financing costs	186,500	186,700
Education Realty Operating Partnership L.P. | Unsecured Debt | Unsecured senior notes
Debt Instrument [Line Items]
Total	250,000	250,000
Less: Unamortized deferred financing costs	(1,800)	(2,100)
Total outstanding debt, net of unamortized deferred financing costs	248,200	247,900
Education Realty Operating Partnership L.P. | Unsecured Debt | Unsecured private placement notes
Debt Instrument [Line Items]
Total	150,000	0
Less: Unamortized deferred financing costs	(300)
Total outstanding debt, net of unamortized deferred financing costs	149,700
Education Realty Operating Partnership L.P. | Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Total	$ 349,000	$ 20,000

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Unsecured Debt - Revolving Credit Facility - USD ($)	Nov. 19, 2014	Dec. 31, 2017	Feb. 26, 2018	Dec. 31, 2016
Line of Credit Facility [Line Items]
Line of credit facility, amount outstanding		$ 349,000,000		$ 20,000,000
Education Realty Operating Partnership L.P.
Line of Credit Facility [Line Items]
Revolving credit facility, maximum availability	$ 500,000,000
Accordion feature, increased borrowing capacity option	$ 1,000,000,000
Debt term	4 years
Maturity extension period	1 year
Line of credit facility, interest rate (as a percent)		2.71%
Line of credit facility, amount outstanding		$ 151,000,000
Covenant dividend payout (as a percent)		95.00%
Minimum | Education Realty Operating Partnership L.P.
Line of Credit Facility [Line Items]
Unused capacity, commitment fee (as a percent)		0.15%
Maximum | Education Realty Operating Partnership L.P.
Line of Credit Facility [Line Items]
Unused capacity, commitment fee (as a percent)		0.25%
Subsequent Event | Education Realty Operating Partnership L.P.
Line of Credit Facility [Line Items]
Revolving credit facility, maximum availability			$ 600,000,000
Accordion feature, increased borrowing capacity option			$ 1,000,000,000

Debt - Unsecured Term Loan Faci

Debt - Unsecured Term Loan Facility (Details) - USD ($)	Jan. 18, 2017	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt		$ 933,449,000
Deferred financing costs, net (revolver)		3,051,000
Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Long-term debt		933,449,000	$ 517,196,000
Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		933,449,000	454,676,000
Deferred financing costs, net (revolver)		3,051,000	2,824,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Face amount of debt	$ 187,500,000
Accordion feature, increased borrowing capacity option	250,000,000
Long-term debt		186,500,000	186,700,000
Deferred financing costs, net (revolver)		$ 1,000,000	$ 800,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche A
Debt Instrument [Line Items]
Face amount of debt	$ 122,500,000
Effective interest rate (as a percent)		3.50%
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche A | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.20%
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche A | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.90%
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche B
Debt Instrument [Line Items]
Face amount of debt	$ 65,000,000
Effective interest rate (as a percent)		2.86%
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche B | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.20%
Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche B | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.90%
Interest Rate Swap | Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Notional amount	$ 187,500,000
Interest Rate Swap | Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche A
Debt Instrument [Line Items]
Derivative, variable interest rate (as a percent)		2.30%
Derivative, basis spread on variable rate (as a percent)		1.20%
Interest Rate Swap | Education Realty Operating Partnership L.P. | Unsecured Debt | Second Amended and Restated Credit Agreement, Term Loan Tranche B
Debt Instrument [Line Items]
Derivative, variable interest rate (as a percent)		1.66%
Derivative, basis spread on variable rate (as a percent)		1.20%

Debt - Unsecured Notes Payable

Debt - Unsecured Notes Payable (Details) - USD ($)	Nov. 24, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2017
Debt Instrument [Line Items]
Prepayments penalties and other fees		$ 0	$ 10,290,000	$ 403,000
Long-term debt		933,449,000
Deferred financing costs, net (revolver)		3,051,000
Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Repayments of mortgage debt	$ 69,000,000
Prepayments penalties and other fees	2,600,000	0	10,290,000	$ 403,000
Long-term debt		933,449,000	517,196,000
Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		933,449,000	454,676,000
Deferred financing costs, net (revolver)		3,051,000	2,824,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Face amount of debt	$ 250,000,000
Debt term	10 years
Percentage of par value	99.991%
Stated interest rate (as a percent)	4.60%
Proceeds from issuance of unsecured debt	$ 247,000,000
Long-term debt		248,200,000	247,900,000
Deferred financing costs, net (revolver)		1,800,000	$ 2,100,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Private Placement Notes Due 2029
Debt Instrument [Line Items]
Face amount of debt					$ 150,000,000
Long-term debt		149,700,000
Deferred financing costs, net (revolver)		300,000
Cross-default provision, default threshold amount		$ 35,000,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Private Placement Notes Due 2029, Senior A Notes
Debt Instrument [Line Items]
Face amount of debt					$ 75,000,000
Stated interest rate (as a percent)					4.22%
Education Realty Operating Partnership L.P. | Unsecured Debt | Private Placement Notes Due 2029, Senior B Notes
Debt Instrument [Line Items]
Face amount of debt					$ 75,000,000
Stated interest rate (as a percent)					4.30%

Debt - Mortgage and Constructio

Debt - Mortgage and Construction Debt (Details) - USD ($) $ in Millions	Jan. 15, 2016	Dec. 31, 2017
Mortgage Debt
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 98.2
Mortgage Debt | Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 33
Interest rate (as a percent)		2.73%
Construction Loans | Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 29.6
Interest rate (as a percent)		2.60%

Debt - Carrying Amount of Mortg

Debt - Carrying Amount of Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	Jan. 15, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Repayments of principal	$ (108,500)
Amortization of debt premium		$ 0	$ 49	$ 843
Balance, end of period		933,449
Education Realty Operating Partnership L.P.
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of period		517,196
Amortization of debt premium		0	49	843
Balance, end of period		933,449	517,196
Education Realty Operating Partnership L.P. | Mortgage and Construction Debt
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of period		62,520	204,511
Additions to principal		146	40,974
Repayments of principal		(62,722)	(183,862)
Amortization of debt premium		0	(49)
Write-off of debt premium related to debt pay off		0	(523)
(Increase) decrease in deferred financing costs, net		56	1,469
Balance, end of period		$ 0	$ 62,520	$ 204,511

Debt - Scheduled Maturities of

Debt - Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 349,000
2,019	0
2,020	0
2,021	122,500
2,022	65,000
Thereafter	400,000
Total	936,500
Deferred financing costs, net (revolver)	3,051
Total outstanding debt, net of unamortized deferred financing costs	$ 933,449

Noncontrolling interest - Addit

Noncontrolling interest - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017developmentjoint_ventureshares	Dec. 31, 2016shares	Dec. 31, 2015
Education Realty Operating Partnership L.P. | Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest [Line Items]
Number of new joint venture agreements | joint_venture	11
Number of developments under construction | development	8
Education Realty Operating Partnership L.P. | Redeemable Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Number of units converted (in units)	54,500	50,000
Number of operating partnership units redeemed for cash		14,611
Redeemable operating partnership units (in shares)	105,198	159,698
University Towers Operating Partnership L.P. | Redeemable University Towers Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Partnership units outstanding (in shares)	69,086	69,086
Common Stock | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Shares issued for conversion of units	54,500	50,000
The Hub at Madison
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest (as a percent)	1.60%
Urbane
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest (as a percent)	3.00%
Roosevelt Point | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage			95.00%
Ownership interest acquired in joint venture (as a percent)		5.00%
Retreat at Louisville | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage			75.00%
Ownership interest acquired in joint venture (as a percent)		25.00%
Retreat at Blacksburg | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage			75.00%
Ownership interest acquired in joint venture (as a percent)		25.00%
University Towers Operating Partnership L.P. | Education Realty Operating Partnership L.P. | Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage	72.70%

Noncontrolling interest - Activ

Noncontrolling interest - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 38,949
Contributions from redeemable noncontrolling interests		$ 1,760	$ 5,547
Purchase of noncontrolling interests	98	(16,746)
Ending balance	52,843	38,949
Education Realty Operating Partnership L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	32,160
Contributions from redeemable noncontrolling interests		1,760	5,547
Purchase of noncontrolling interests	98	(16,746)
Ending balance	48,490	32,160
Education Realty Operating Partnership L.P. | Variable Interest Entity, Primary Beneficiary
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	32,160	5,248
Net income	(1,090)	(212)
Contributions from redeemable noncontrolling interests	16,139	29,824
Adjustments to report redeemable noncontrolling interests at fair value	2,405	334
Purchase of noncontrolling interests	(2,890)	(2,910)
Distributions	(888)	(124)
Accretion of redeemable noncontrolling interests	2,654	0
Ending balance	48,490	32,160	5,248
Education Realty Operating Partnership L.P. | Redeemable Limited Partner
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	6,789	8,312
Net income	80	138
Adjustments to report redeemable noncontrolling interests at fair value	(789)	1,102
Purchase of noncontrolling interests	(2,003)	(2,703)
Distributions	(246)	(304)
Reclassification of vested LTIP Units to redeemable limited partners	522	244
Ending balance	$ 4,353	$ 6,789	$ 8,312

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) shares in Millions	Mar. 24, 2016	Jan. 15, 2016	Nov. 09, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2017	Aug. 01, 2016	May 02, 2016	Oct. 31, 2014
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, under distribution agreement (in shares)			8.1
Proceeds from issuance of common stock			$ 270,100,000	$ 110,000,000	$ 625,242,000	$ 297,247,000
Payments for extinguishment of debt		$ 108,500,000
Debt prepayment costs				$ 0	$ 10,290,000	$ 403,000
Common stock issued for dividend reinvestment and direct stock purchase plan (in shares)	0.5
Common stock issued for dividend reinvestment and direct stock purchase plan	$ 20,000,000
Forward agreements settled in period				99.00%
2014 At-the-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount										$ 150,000,000
Issuance of common stock, under distribution agreement (in shares)					2.3	0.7
Proceeds from issuance of common stock					$ 93,500,000	$ 26,700,000
Follow-on Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, under distribution agreement (in shares)		6.3
Proceeds from issuance of common stock		$ 215,100,000
May 2016 At-the-Market Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount									$ 300,000,000
Issuance of common stock, under distribution agreement (in shares)					7
Proceeds from issuance of common stock					$ 296,200,000
August 2016 At-the-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount								$ 300,000,000
Issuance of common stock for settlement of Forward Agreements				2.6
Proceeds from settlement of Forward Agreements				$ 110,000,000
2017 At-the-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount							$ 500,000,000
Sale of stock, remaining authorized amount				$ 485,000,000
Mortgage Debt
Subsidiary, Sale of Stock [Line Items]
Extinguishment of debt, amount		$ 98,200,000
Interest rate (as a percent)		5.40%
Debt prepayment costs		$ 10,300,000

Equity - Forward Contracts (Det

Equity - Forward Contracts (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	4,759
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 41.62
Initial Forward Price (in dollars per share)	$ 41.55
August 29, 2016
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	1,990
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 42.39
Initial Forward Price (in dollars per share)	$ 42.82
October 3, 2016
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	2,408
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 41
Initial Forward Price (in dollars per share)	$ 40.51
February 28, 2017
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	361
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 41.55
Initial Forward Price (in dollars per share)	$ 41.14

Earnings per share_unit - The T

Earnings per share/unit - The Trust (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ 25,378	$ (155)	$ 6,060	$ 16,157	$ 14,133	$ (3,533)	$ 17,655	$ 16,669	$ 47,440	$ 44,924	$ 19,911
Accretion of redeemable noncontrolling interests									(2,654)	0	0
Net income attributable to common shareholders after accretion of redeemable noncontrolling interests									$ 44,786	$ 44,924	$ 19,911
Denominator:
Basic weighted average shares of common stock outstanding									74,263	69,336	49,676
Shares issuable upon settlement of the Forward Agreements (in shares)									0	1	0
Diluted weighted average shares of common stock outstanding									74,465	69,600	49,991
Earnings per share - basic and diluted:
Net income attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted (in dollars per share)	$ 0.32	$ (0.01)	$ 0.07	$ 0.21					$ 0.60	$ 0.65	$ 0.40
Distributions declared per common share (in usd per share)									$ 1.54	$ 1.50	$ 1.46
Education Realty Operating Partnership L.P. | Redeemable Limited Partner
Denominator:
Redeemable operating partnership units (in shares)									133	194	246
University Towers Operating Partnership L.P. | Redeemable Limited Partner
Denominator:
Redeemable operating partnership units (in shares)									69	69	69

Earnings per share_unit - EROP

Earnings per share/unit - EROP (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ 25,378	$ (155)	$ 6,060	$ 16,157	$ 14,133	$ (3,533)	$ 17,655	$ 16,669	$ 47,440	$ 44,924	$ 19,911
Accretion of redeemable noncontrolling interests									(2,654)	0	0
Net income attributable to common shareholders after accretion of redeemable noncontrolling interests									$ 44,786	$ 44,924	$ 19,911
Denominator:
Units issuable upon settlement of the Forward Agreements (in units)									0	1	0
Education Realty Operating Partnership L.P.
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ 25,415	$ (157)	$ 6,070	$ 16,192	$ 14,174	$ (3,547)	$ 17,708	$ 16,727	$ 47,520	$ 45,062	$ 20,002
Accretion of redeemable noncontrolling interests									(2,654)	0	0
Net income attributable to common shareholders after accretion of redeemable noncontrolling interests									$ 44,866	$ 45,062	$ 20,002
Denominator:
Weighted average units outstanding									73,849	69,062	49,535
Redeemable Operating Partnership Units (in units)									133	194	246
LTIP units (in units)									414	274	141
Weighted average units outstanding - basic									74,396	69,530	49,922
Units issuable upon settlement of the Forward Agreements (in units)									0	1	0
Weighted average units outstanding - diluted									74,465	69,600	49,991
Earnings per unit - basic and diluted:
Net income attributable to unitholders per unit - basic and diluted (in dollars per share)	$ 0.32	$ (0.01)	$ 0.07	$ 0.21	$ 0.19	$ (0.05)	$ 0.26	$ 0.27	$ 0.60	$ 0.65	$ 0.40
Distributions declared per unit (in usd per unit)									$ 1.54	$ 1.50	$ 1.46
Redeemable Limited Partner | Education Realty Operating Partnership L.P.
Denominator:
Redeemable University Towers Operating Partnership Units (in units)									69	69	69

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)communitypropertysegment	Dec. 31, 2016USD ($)community	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of properties purchased | property	2
Goodwill | $	$ 3,070	$ 3,070
Management Services
Segment Reporting Information [Line Items]
Goodwill | $	2,149	2,149	$ 2,149
Development Consulting Services
Segment Reporting Information [Line Items]
Goodwill | $	$ 921	$ 921	$ 921
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Number of properties purchased	2	5
Number of properties opened	6	3
Number of housing communities developed during period	12	13
Number of properties sold		1

Segments - Segment Information

Segments - Segment Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 26, 2013
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue									$ 313,727,000	$ 274,187,000	$ 240,623,000
Collegiate housing leasing operations									128,358,000	111,378,000	101,283,000
Net operating income (loss)	$ 32,026,000	$ 3,869,000	$ 8,625,000	$ 18,441,000	$ 18,133,000	$ 1,231,000	$ 9,486,000	$ 20,216,000	62,961,000	49,066,000	45,055,000
Third-party development consulting services									5,256,000	2,364,000	2,233,000
General and administrative									14,369,000	11,603,000	9,452,000
Third-party management services									3,736,000	3,588,000	3,670,000
Total assets, end of period	3,015,164,000				2,506,185,000				3,015,164,000	2,506,185,000	2,001,831,000
Operating expense reimbursements									8,347,000	8,829,000	8,636,000
Total revenues	95,866,000	75,360,000	74,042,000	85,798,000	84,224,000	66,225,000	65,140,000	73,379,000	331,066,000	288,968,000	255,162,000
Reimbursable operating expenses									8,347,000	8,829,000	8,636,000
Total operating expenses	63,840,000	71,491,000	65,417,000	67,357,000	66,091,000	64,994,000	55,654,000	53,163,000	268,105,000	239,902,000	210,107,000
Net operating income (loss)	32,026,000	3,869,000	8,625,000	18,441,000	18,133,000	1,231,000	9,486,000	20,216,000	62,961,000	49,066,000	45,055,000
Depreciation and amortization									(95,501,000)	(81,413,000)	(68,022,000)
Ground lease expense									(13,424,000)	(12,462,000)	(11,268,000)
Loss on impairment of collegiate housing properties									0	(2,500,000)	0
Interest expense									(15,268,000)	(15,454,000)	(24,449,000)
Amortization of deferred financing costs									(1,574,000)	(1,731,000)	(2,089,000)
Interest income									98,000	490,000	213,000
Loss on extinguishment of debt									(22,000)	(10,611,000)	(403,000)
Other operating income (expense)									6,041,000	(1,046,000)	0
Equity in losses of unconsolidated entities	(206,000)	$ (243,000)	$ 129,000	$ 255,000	289,000	$ (480,000)	$ 107,000	$ (244,000)	(65,000)	(328,000)	(668,000)
Income before income taxes and gain on sale of collegiate housing properties									46,130,000	21,432,000	17,659,000
Notes receivable	500,000				500,000				500,000	500,000		$ 500,000
Investments in unconsolidated entities	23,227,000				26,981,000				23,227,000	26,981,000
Other assets	61,782,000				53,074,000				61,782,000	53,074,000
Deferred financing costs, net (revolver)	3,051,000								3,051,000
Unallocated Corporate
Segment Reporting Information [Line Items]
Cash	6,764,000				11,344,000				6,764,000	11,344,000	21,757,000
Notes receivable	500,000				500,000				500,000	500,000	2,167,000
Other receivables	727,000				708,000				727,000	708,000	646,000
Investments in unconsolidated entities	23,227,000				26,981,000				23,227,000	26,981,000	28,068,000
Other assets	5,684,000				10,593,000				5,684,000	10,593,000	11,092,000
Deferred financing costs, net (revolver)	828,000				1,821,000				828,000	1,821,000	2,814,000
Operating Segments
Segment Reporting Information [Line Items]
Net operating income (loss)									187,505,000	164,409,000	139,597,000
Total assets, end of period	2,977,434,000				2,454,238,000				2,977,434,000	2,454,238,000	1,935,287,000
Segment revenue									322,719,000	280,139,000	246,526,000
Operating expense reimbursements									8,347,000	8,829,000	8,636,000
Total revenues									331,066,000	288,968,000	255,162,000
Segment operating expenses									135,214,000	115,730,000	106,929,000
Reimbursable operating expenses									8,347,000	8,829,000	8,636,000
Total operating expenses									143,561,000	124,559,000	115,565,000
Net operating income (loss)									187,505,000	164,409,000	139,597,000
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue									313,727,000	274,187,000	240,623,000
Collegiate housing leasing operations									128,358,000	111,378,000	101,283,000
Net operating income (loss)									185,369,000	162,809,000	139,340,000
Total assets, end of period	2,962,829,000				2,437,205,000				2,962,829,000	2,437,205,000	1,920,582,000
Net operating income (loss)									185,369,000	162,809,000	139,340,000
Operating Segments | Development Consulting Services
Segment Reporting Information [Line Items]
Net operating income (loss)									505,000	320,000	(569,000)
Third-party development consulting services									5,256,000	2,364,000	2,233,000
General and administrative									4,751,000	2,044,000	2,802,000
Total assets, end of period	4,194,000				6,739,000				4,194,000	6,739,000	4,615,000
Net operating income (loss)									505,000	320,000	(569,000)
Operating Segments | Management Services
Segment Reporting Information [Line Items]
Net operating income (loss)									1,631,000	1,280,000	826,000
General and administrative									2,105,000	2,308,000	2,844,000
Third-party management services									3,736,000	3,588,000	3,670,000
Total assets, end of period	$ 10,411,000				$ 10,294,000				10,411,000	10,294,000	10,090,000
Net operating income (loss)									1,631,000	1,280,000	826,000
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other unallocated general and administrative expenses									(21,660,000)	(17,922,000)	(15,252,000)
Depreciation and amortization									(95,501,000)	(81,413,000)	(68,022,000)
Ground lease expense									(13,424,000)	(12,462,000)	(11,268,000)
Loss on impairment of collegiate housing properties									0	(2,500,000)	0
Interest expense									(15,268,000)	(15,454,000)	(24,449,000)
Amortization of deferred financing costs									(1,574,000)	(1,731,000)	(2,089,000)
Interest income									98,000	490,000	213,000
Loss on extinguishment of debt									(22,000)	(10,611,000)	(403,000)
Other operating income (expense)									6,041,000	(1,046,000)	0
Equity in losses of unconsolidated entities									$ (65,000)	$ (328,000)	$ (668,000)

Derivatives and hedging acti102

Derivatives and hedging activities (Details) $ in Thousands	Dec. 31, 2017USD ($)swap	Dec. 31, 2016USD ($)swap
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 600
Interest rate derivative liabilities, at fair value	800	$ 3,800
Credit risk derivatives, at fair value, net	800
Designated as Hedging Instrument
Derivative [Line Items]
Total derivatives designated as hedging instruments	$ 660	$ 3,564
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of interest rate swaps outstanding | swap	6	6
Derivative, notional amount	$ 187,500	$ 187,500
Cash Flow Hedging | Designated as Hedging Instrument | Forward-Starting Interest Rate Contracts
Derivative [Line Items]
Number of interest rate swaps outstanding | swap	3
Derivative, notional amount	$ 65,000

Derivatives and hedging acti103

Derivatives and hedging activities - Schedule of Fair Value of Derivatives and Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 660	$ 3,564
Interest Rate Swap | Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives	941	3,564
Interest Rate Swap | Other assets
Derivatives, Fair Value [Line Items]
Interest rate contracts	$ (281)	$ 0

Derivatives and hedging acti104

Derivatives and hedging activities - Schedule of Derivative Instruments in Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Interest Rate Contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 804	$ (1,127)
Forward-Starting Interest Rate Contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	202
Interest expense | Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(1,898)	$ (3,038)
Interest expense | Forward-Starting Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest recognized as a financing arrangement	$ 941	$ 3,564
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest recognized as a financing arrangement	0	0
Deferred compensation plan assets	904	503
Contingent consideration liability		0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest recognized as a financing arrangement	660	3,564
Deferred compensation plan assets	0	0
Contingent consideration liability		0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest recognized as a financing arrangement	0	0
Deferred compensation plan assets	0	0
Contingent consideration liability		3,250
Carrying value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest recognized as a financing arrangement	660	3,564
Deferred compensation plan assets	904	503
Contingent consideration liability		3,250
OP Units, LTIP Units and University Towers Operating Units | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	0	0
OP Units, LTIP Units and University Towers Operating Units | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	6,499	9,361
OP Units, LTIP Units and University Towers Operating Units | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	0	0
OP Units, LTIP Units and University Towers Operating Units | Carrying value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	6,499	9,361
Joint venture partners' interest in development joint ventures and acquisitions | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	0	0
Joint venture partners' interest in development joint ventures and acquisitions | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	0	0
Joint venture partners' interest in development joint ventures and acquisitions | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	39,169	29,588
Joint venture partners' interest in development joint ventures and acquisitions | Carrying value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value:	$ 39,169	$ 29,588

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Beginning balance	$ 32,838	$ 2,943
Purchases, issuances and settlements, net	7,165	28,849
Adjustment of fair value during the period reflected in net income	(3,250)	1,046
Adjustment of fair value during the period reflected in additional paid in capital	2,416	0
Transfers into Level 3	0	0
Ending balance	$ 39,169	$ 32,838

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	$ 500	$ 500
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	463	450
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Unsecured senior notes | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	250,000	250,000
Unsecured senior notes | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Unsecured senior notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	261,034	246,305
Unsecured senior notes | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Revolving credit facility | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	349,000	20,000
Revolving credit facility | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Revolving credit facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	349,000	20,000
Revolving credit facility | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Unsecured term loan facility | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	187,500	187,500
Unsecured term loan facility | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Unsecured term loan facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	187,500	187,500
Unsecured term loan facility | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Unsecured private placement notes | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	150,000
Unsecured private placement notes | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0
Unsecured private placement notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	153,711
Unsecured private placement notes | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 0
Variable rate mortgage and construction loans | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		62,576
Variable rate mortgage and construction loans | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		0
Variable rate mortgage and construction loans | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		62,576
Variable rate mortgage and construction loans | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		$ 0

Lease commitments and uncond108

Lease commitments and unconditional purchase obligations - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Long-term Purchase Commitment [Line Items]
Annual increase in rent expense, equal to or greater than (percent)	3.00%
Deferred accrued rental expense	$ 36.3	$ 36.7
Operating lease, rent expense	$ 0.8	$ 0.8	$ 0.7
Minimum
Long-term Purchase Commitment [Line Items]
Ground lease period	40 years
Maximum
Long-term Purchase Commitment [Line Items]
Ground lease period	99 years

Lease commitments and uncond109

Lease commitments and unconditional purchase obligations - Future Minimum Payments Required under Advertising Contracts and Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Leases
2,018	$ 19,009
2,019	16,130
2,020	13,197
2,021	10,376
2,022	9,011
Thereafter	646,967
Total	$ 714,690

Employee savings plan - Additio

Employee savings plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Employee saving plan, maximum contribution as percentage of earnings	15.00%
Employee saving plan, minimum required service period	6 months
Employee saving plan, minimum required years of employee age	21 years
Employee saving plan, employer matching contribution	50.00%
Employee saving plan, employer matching contribution	4.00%
Employee saving plan, vesting period	3 years
Employee saving plan, matching contributions amount	$ 0.4	$ 0.3	$ 0.3

Accrued expenses (Details)

Accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Payroll	$ 5,815	$ 5,990
Real estate taxes	13,694	11,105
Interest	3,188	2,029
Utilities	2,435	1,858
Ground leases (including straight-line rent)	38,714	30,674
Assets under development	76,104	35,990
Noncontrolling interest recognized as a financing arrangement	941	3,564
Fair value of derivative liability	0	14,966
Other	17,339	17,474
Total accrued expenses	$ 158,230	$ 123,650

Commitments and contingencies -

Commitments and contingencies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2014
Commitments and Contingencies Disclosure [Line Items]
Unanticipated additional costs included in third-party development deliveries	$ 2,800
Reimbursable predevelopment costs	$ 1,000	$ 0
University Village-Greensboro LLC
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%
University Village-Greensboro LLC | Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%
Loan Balance, Joint Venture	$ 22,546	22,934
Loan Balance, Operating Partnership's Proportionate Interest	$ 5,637	5,734
The Marshall | Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	50.00%
Loan Balance, Joint Venture	$ 54,956	55,838
Partial Repayment Guarantee, Joint Venture	8,767	8,767
Loan Balance, Operating Partnership's Proportionate Interest	$ 27,478	27,919
Georgia Heights | Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	50.00%
Loan Balance, Joint Venture	$ 34,796	34,914
Partial Repayment Guarantee, Joint Venture	7,230	7,230
Loan Balance, Operating Partnership's Proportionate Interest	17,398	17,457
The Oaks on the Square | Construction Loan | Education Realty Operating Partnership L.P. and LeylandAlliance LLC
Commitments and Contingencies Disclosure [Line Items]
Construction loan, maximum borrowing capacity			$ 38,000
Financial Guarantee | The Marshall | Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Partial Repayment Guarantee, Operation Partnership's Proportionate Interest	4,384	4,384
Financial Guarantee | Georgia Heights | Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Partial Repayment Guarantee, Operation Partnership's Proportionate Interest	$ 3,615	$ 3,615

Quarterly financial informat113

Quarterly financial information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Revenues	$ 95,866	$ 75,360	$ 74,042	$ 85,798	$ 84,224	$ 66,225	$ 65,140	$ 73,379	$ 331,066	$ 288,968	$ 255,162
Operating expenses	63,840	71,491	65,417	67,357	66,091	64,994	55,654	53,163	268,105	239,902	210,107
Net operating income (loss)	32,026	3,869	8,625	18,441	18,133	1,231	9,486	20,216	62,961	49,066	45,055
Nonoperating expenses	5,251	4,673	3,403	3,439	3,635	4,574	4,108	14,989	16,766	27,306	26,728
Equity in losses of unconsolidated entities	(206)	(243)	129	255	289	(480)	107	(244)	(65)	(328)	(668)
Income taxes expense/(benefit)	1,532	(416)	353	(885)	460	84	89	51	584	684	347
Noncontrolling interests	(341)	(476)	(371)	(15)	194	(374)	(176)	136	(1,203)	(220)	171
Gain on sale of collegiate housing properties	0	0	691	0	0	0	12,083	11,873	691	23,956	2,770
Net income attributable to Education Realty Trust, Inc.	$ 25,378	$ (155)	$ 6,060	$ 16,157	$ 14,133	$ (3,533)	$ 17,655	$ 16,669	$ 47,440	$ 44,924	$ 19,911
Net income (loss) per share - basic and diluted (in dollars per share)	$ 0.32	$ (0.01)	$ 0.07	$ 0.21					$ 0.60	$ 0.65	$ 0.40
Earnings per share - basic (in usd per share)					$ 0.19	$ (0.05)	$ 0.26	$ 0.27		0.65
Earnings per share - diluted (in dollars per share)					$ 0.19	$ (0.05)	$ 0.26	$ 0.26		$ 0.65
Education Realty Operating Partnership L.P.
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Revenues									$ 331,066	$ 288,968	$ 255,162
Operating expenses									268,105	239,902	210,107
Net operating income (loss)									62,961	49,066	45,055
Nonoperating expenses									16,766	27,306	26,728
Equity in losses of unconsolidated entities									(65)	(328)	(668)
Income taxes expense/(benefit)									584	684	347
Noncontrolling interests									(1,283)	(358)	80
Gain on sale of collegiate housing properties									691	23,956	2,770
Net income attributable to Education Realty Trust, Inc.	$ 25,415	$ (157)	$ 6,070	$ 16,192	$ 14,174	$ (3,547)	$ 17,708	$ 16,727	$ 47,520	$ 45,062	$ 20,002
Net income attributable to unitholders per unit - basic and diluted (in dollars per share)	$ 0.32	$ (0.01)	$ 0.07	$ 0.21	$ 0.19	$ (0.05)	$ 0.26	$ 0.27	$ 0.60	$ 0.65	$ 0.40

Subsequent events - Additional

Subsequent events - Additional Information (Details) - USD ($)	Jan. 31, 2018	Feb. 28, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 26, 2018	Nov. 19, 2014
Subsequent Event [Line Items]
Gross sales price												$ 96,600,000
Proceeds from sale of collegiate housing properties											$ 17,738,000	94,951,000	$ 12,333,000
Gain on sale of collegiate housing properties			$ 0	$ 0	$ 691,000	$ 0	$ 0	$ 0	$ 12,083,000	$ 11,873,000	$ 691,000	$ 23,956,000	$ 2,770,000
Distributions declared per common share (in usd per share)											$ 1.54	$ 1.50	$ 1.46
Subsequent Event
Subsequent Event [Line Items]
Distributions declared per common share (in usd per share)	$ 0.39
Education Realty Operating Partnership L.P.
Subsequent Event [Line Items]
Proceeds from sale of collegiate housing properties											$ 17,738,000	$ 94,951,000	$ 12,333,000
Gain on sale of collegiate housing properties											$ 691,000	$ 23,956,000	$ 2,770,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility, maximum availability															$ 500,000,000
Accordion feature, increased borrowing capacity option															$ 1,000,000,000
Education Realty Operating Partnership L.P. | Unsecured Debt | Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Revolving credit facility, maximum availability														$ 600,000,000
Accordion feature, increased borrowing capacity option														$ 1,000,000,000
Campus Lodge | Subsequent Event
Subsequent Event [Line Items]
Gross sales price		$ 81,400,000
Proceeds from sale of collegiate housing properties		78,500,000
Gain on sale of collegiate housing properties		$ 22,200,000