Education Realty Operating Partnership L P 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 29, 2015
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-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	EDR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		48,406,179
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-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Collegiate housing properties, net	$ 1,798,809	$ 1,586,009
Assets under development	71,065	120,702
Cash and cash equivalents	14,169	18,385
Restricted cash	10,442	10,342
Other assets	81,870	76,199
Total assets	1,976,355	1,811,637
Liabilities:
Mortgage and construction loans, net of unamortized premium	233,081	249,637
Unsecured revolving credit facility	221,000	24,000
Unsecured term loans	187,500	187,500
Senior unsecured notes	250,000	250,000
Accounts payable and accrued expenses	92,088	76,869
Deferred revenue	22,699	17,301
Total liabilities	$ 1,006,368	$ 805,307
Commitments and contingencies
Redeemable noncontrolling interests	$ 12,450	$ 14,512
Equity:
Common stock, $0.01 par value per share, 200,000,000 shares authorized, 48,362,091 and 47,999,427 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	484	480
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	996,039	1,034,683
Accumulated deficit	(36,771)	(41,909)
Accumulated other comprehensive loss	(7,894)	(4,465)
Total Education Realty Trust, Inc. stockholders’ equity	951,858	988,789
Noncontrolling interests	5,679	3,029
Total equity	957,537	991,818
Total liabilities and equity	1,976,355	1,811,637
Education Realty Operating Partnership L.P.
Assets:
Collegiate housing properties, net	1,798,809	1,586,009
Assets under development	71,065	120,702
Cash and cash equivalents	14,169	18,385
Restricted cash	10,442	10,342
Other assets	81,870	76,199
Total assets	1,976,355	1,811,637
Liabilities:
Mortgage and construction loans, net of unamortized premium	233,081	249,637
Unsecured revolving credit facility	221,000	24,000
Unsecured term loans	187,500	187,500
Senior unsecured notes	250,000	250,000
Accounts payable and accrued expenses	92,088	76,869
Deferred revenue	22,699	17,301
Total liabilities	$ 1,006,368	$ 805,307
Commitments and contingencies
Redeemable limited partner units	$ 7,850	$ 10,081
Redeemable noncontrolling interests	4,600	4,431
Equity:
General partner - 6,920 units outstanding as of September 30, 2015 and December 31, 2014, respectively	184	191
Limited partners - 48,355,171 and 47,992,507 units issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	959,568	993,063
Accumulated other comprehensive loss	(7,894)	(4,465)
Total partners' capital	951,858	988,789
Noncontrolling interests	5,679	3,029
Total partners' capital	957,537	991,818
Total liabilities and equity	$ 1,976,355	$ 1,811,637

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
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)	48,362,091	47,999,427
Common stock, shares outstanding (shares)	48,362,091	47,999,427
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)	48,355,171	47,992,507
Limited partners, units outstanding (shares)	48,355,171	47,992,507

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Collegiate housing leasing revenue	$ 54,725	$ 47,657	$ 168,842	$ 144,677
Third-party development consulting services	490	3,705	1,531	5,264
Third-party management services	865	1,052	2,698	2,856
Operating expense reimbursements	2,109	2,290	6,571	6,492
Total revenues	58,189	54,704	179,642	159,289
Operating expenses:
Collegiate housing leasing operations	28,444	26,920	75,452	70,062
Development and management services	3,019	2,337	8,228	6,964
General and administrative	1,434	3,422	6,632	7,520
Depreciation and amortization	17,828	14,688	49,605	42,928
Ground lease expense	2,938	2,329	7,956	6,162
Loss on impairment of collegiate housing properties	0	953	0	12,734
Reimbursable operating expenses	2,109	2,290	6,571	6,492
Total operating expenses	55,772	52,939	154,444	152,862
Operating income	2,417	1,765	25,198	6,427
Nonoperating (income) expenses:
Interest expense	6,223	4,508	17,615	15,076
Amortization of deferred financing costs	520	516	1,527	1,533
Interest income	(39)	(9,527)	(144)	(9,638)
Gain on insurance settlement	0	(8,133)	0	(8,133)
Loss on extinguishment of debt	0	243	0	892
Total nonoperating expenses (income)	6,704	(12,393)	18,998	(270)
Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	(4,287)	14,158	6,200	6,697
Equity in losses of unconsolidated entities	(427)	(236)	(823)	(370)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(4,714)	13,922	5,377	6,327
Income tax expense	157	910	325	598
Income (loss) before gain on sale of collegiate housing properties	(4,871)	13,012	5,052	5,729
Gain on sale of collegiate housing properties	0	8,421	0	19,322
Net income (loss)	(4,871)	21,433	5,052	25,051
Less: Net income (loss) attributable to the noncontrolling interests	(151)	33	(86)	393
Net income (loss) attributable to Education Realty Trust, Inc.	(4,720)	21,400	5,138	24,658
Comprehensive income (loss):
Net income (loss)	(4,871)	21,433	5,052	25,051
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	(3,081)	1,343	(3,429)	(2,414)
Comprehensive income (loss)	(7,952)	22,776	1,623	22,637
Less: Comprehensive income (loss) attributable to the noncontrolling interests	(151)	33	(86)	393
Comprehensive income (loss) attributable to Education Realty Trust, Inc.	$ (7,801)	$ 22,743	$ 1,709	$ 22,244
Earnings per share/unit information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic (usd per share)	$ (0.10)	$ 0.46	$ 0.11	$ 0.60
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – diluted (usd per share)	(0.10)	0.45	0.11	0.59
Distributions per share of common stock (usd per share)	$ 0.37	$ 0.36	$ 1.09	$ 1.02
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (shares)	48,526	46,767	48,406	41,340
Weighted average common shares outstanding - diluted (shares)	48,526	47,113	48,726	41,686
Education Realty Operating Partnership L.P.
Revenues:
Collegiate housing leasing revenue	$ 54,725	$ 47,657	$ 168,842	$ 144,677
Third-party development consulting services	490	3,705	1,531	5,264
Third-party management services	865	1,052	2,698	2,856
Operating expense reimbursements	2,109	2,290	6,571	6,492
Total revenues	58,189	54,704	179,642	159,289
Operating expenses:
Collegiate housing leasing operations	28,444	26,920	75,452	70,062
Development and management services	3,019	2,337	8,228	6,964
General and administrative	1,434	3,422	6,632	7,520
Depreciation and amortization	17,828	14,688	49,605	42,928
Ground lease expense	2,938	2,329	7,956	6,162
Loss on impairment of collegiate housing properties	0	953	0	12,734
Reimbursable operating expenses	2,109	2,290	6,571	6,492
Total operating expenses	55,772	52,939	154,444	152,862
Operating income	2,417	1,765	25,198	6,427
Nonoperating (income) expenses:
Interest expense	6,223	4,508	17,615	15,076
Amortization of deferred financing costs	520	516	1,527	1,533
Interest income	(39)	(9,527)	(144)	(9,638)
Gain on insurance settlement	0	(8,133)	0	(8,133)
Loss on extinguishment of debt	0	243	0	892
Total nonoperating expenses (income)	6,704	(12,393)	18,998	(270)
Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	(4,287)	14,158	6,200	6,697
Equity in losses of unconsolidated entities	(427)	(236)	(823)	(370)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(4,714)	13,922	5,377	6,327
Income tax expense	157	910	325	598
Income (loss) before gain on sale of collegiate housing properties	(4,871)	13,012	5,052	5,729
Gain on sale of collegiate housing properties	0	8,421	0	19,322
Net income (loss)	(4,871)	21,433	5,052	25,051
Less: Net income (loss) attributable to the noncontrolling interests	(133)	(103)	(119)	136
Net income (loss) attributable to Education Realty Trust, Inc.	(4,738)	21,536	5,171	24,915
Comprehensive income (loss):
Net income (loss)	(4,871)	21,433	5,052	25,051
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	(3,081)	1,343	(3,429)	(2,414)
Comprehensive income (loss)	(7,952)	22,776	1,623	22,637
Less: Comprehensive income (loss) attributable to the noncontrolling interests	(133)	(103)	(119)	136
Comprehensive income (loss) attributable to Education Realty Trust, Inc.	$ (7,819)	$ 22,879	$ 1,742	$ 22,501
Earnings per share/unit information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic (usd per share)	$ (0.10)	$ 0.46	$ 0.11	$ 0.60
Net income (loss) attributable to unitholders – basic and diluted (usd per share)	(0.10)	0.46	0.11	0.60
Distributions per share of common stock (usd per share)	$ 0.37	$ 0.36	$ 1.09	$ 1.02
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (shares)	48,775	47,044	48,657	41,617
Weighted average common shares outstanding - diluted (shares)	48,775	47,113	48,726	41,686

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2013		38,246,718
Beginning balance at Dec. 31, 2013	$ 729,969	$ 383	$ 814,305	$ (88,964)	$ 0	$ 4,245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs (in shares)		9,149,099
Proceeds from issuance of common stock, net of offering costs	270,946	$ 91	270,855
Amortization of restricted stock and long-term incentive plan awards (in shares)		58,364
Amortization of restricted stock and long-term incentive plan awards	562	$ 1	561
Common stock issued to officers and directors (in shares)		13,384
Common stock issued to officers and directors	420		420
Cash dividends	(42,050)		(42,050)			0
Return of equity to noncontrolling interests	(818)					(818)
Contributions from noncontrolling interests	2,205					2,205
Purchase of noncontrolling interests	(9,302)		(6,507)			(2,795)
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,775)		(2,775)			(1,765)
Comprehensive income (loss)	22,431			24,658	(2,414)	187
Ending balance (in shares) at Sep. 30, 2014		47,467,565
Ending balance at Sep. 30, 2014	971,588	$ 475	1,034,809	(64,306)	(2,414)	3,024
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 issuance of common stock, net of offering costs (in shares)		339,557
Proceeds from issuance of common stock, net of offering costs	11,703	$ 4	11,699
Amortization of restricted stock and long-term incentive plan awards (in shares)		10,807
Amortization of restricted stock and long-term incentive plan awards	1,429		1,429
Common stock issued to officers and directors (in shares)		12,300
Common stock issued to officers and directors	408		408
Cash dividends	(52,765)		(52,602)			(163)
Contributions from noncontrolling interests	2,913					2,913
Adjustments to reflect redeemable noncontrolling interests at fair value	422		422			(496)
Comprehensive income (loss)	1,609			5,138	(3,429)	(100)
Ending balance (in shares) at Sep. 30, 2015		48,362,091
Ending balance at Sep. 30, 2015	$ 957,537	$ 484	$ 996,039	$ (36,771)	$ (7,894)	$ 5,679

CONDENSED CONSOLIDATED STATEME6

CONDENSED 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 (shares) at Dec. 31, 2013					6,920	38,239,798
Balance at Dec. 31, 2013		$ 729,969	$ 0	$ 4,245	$ 190	$ 725,534
Increase (Decrease) in Partners' Capital [Roll Forward]
Vesting of restricted stock and restricted stock units (shares)						13,384
Vesting of restricted stock and restricted stock units		420				$ 420
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (shares)						9,149,099
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		270,946				$ 270,946
Amortization of restricted stock and long-term incentive plan awards (shares)						58,364
Amortization of restricted stock and long-term incentive plan awards		562				$ 562
Distributions		(42,050)		0	(7)	(42,043)
Return of equity to noncontrolling interests		(818)		(818)
Contributions from noncontrolling interests		2,205		2,205
Purchase of noncontrolling interests	$ (9,302)	(9,302)		(2,795)		(6,507)
Adjustments to reflect redeemable noncontrolling interests at fair value		(2,775)				(2,775)
Comprehensive income (loss)		22,431	(2,414)	187	$ 10	$ 24,648
Balance, Units (shares) at Sep. 30, 2014					6,920	47,460,645
Balance at Sep. 30, 2014		971,588	(2,414)	3,024	$ 193	$ 970,785
Balance, Units (shares) 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]
Vesting of restricted stock and restricted stock units (shares)						12,300
Vesting of restricted stock and restricted stock units		408				$ 408
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (shares)						339,557
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		11,703				$ 11,703
Amortization of restricted stock and long-term incentive plan awards (shares)						10,807
Amortization of restricted stock and long-term incentive plan awards		1,429				$ 1,429
Distributions		(52,765)		(163)	(8)	(52,594)
Contributions from noncontrolling interests		2,913		2,913
Adjustments to reflect redeemable noncontrolling interests at fair value		422				422
Comprehensive income (loss)		1,609	(3,429)	(100)	$ 1	$ 5,137
Balance, Units (shares) at Sep. 30, 2015					6,920	48,355,171
Balance at Sep. 30, 2015		$ 957,537	$ (7,894)	$ 5,679	$ 184	$ 959,568

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income	$ 5,052	$ 25,051
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	49,605	42,928
Loss on disposal of assets	0	54
Gain on sale of collegiate housing property	0	(19,322)
Gain on insurance settlement	0	(8,133)
Noncash rent expense related to the straight-line adjustment for long-term ground leases	3,596	3,634
Loss on impairment of collegiate housing properties	0	12,734
Loss on extinguishment of debt	0	892
Amortization of deferred financing costs	1,527	1,533
Amortization of unamortized debt premiums	(632)	(598)
Distributions of earnings from unconsolidated entities	233	52
Noncash compensation expense related to stock-based incentive awards	2,032	1,775
Equity in losses of unconsolidated entities	823	370
Change in operating assets and liabilities (net of acquisitions)	4,001	10,310
Net cash provided by operating activities	66,237	71,280
Investing activities:
Property acquisitions	(57,876)	(132,202)
Purchase of corporate assets	(728)	(759)
Restricted cash	(100)	(1,229)
Insurance proceeds received on property losses	0	2,129
Investment in collegiate housing properties	(11,517)	(14,676)
Proceeds from sale of collegiate housing properties	0	69,000
Notes receivable	(2,069)	(250)
Repayment on notes receivable	0	18,000
Earnest money deposits	(335)	0
Investment in assets under development	(138,165)	(177,847)
Distributions from unconsolidated entities	692	0
Investments in unconsolidated entities	(575)	(8,342)
Net cash used in investing activities	(210,673)	(246,176)
Financing activities:
Payment of mortgage and construction notes	(67,799)	(95,720)
Borrowings under mortgage and construction loans	51,875	9,751
Borrowings on unsecured term loan	0	187,500
Debt issuance costs	(756)	(2,183)
Debt extinguishment costs	0	(446)
Borrowings on line of credit	199,000	344,000
Repayments of line of credit	(2,000)	(490,900)
Proceeds from issuance of common stock	10,881	271,461
Payment of offering costs	(221)	(514)
Purchase and return of equity to noncontrolling interests	0	(10,138)
Contributions from noncontrolling interests	2,936	2,205
Dividends and distributions paid to common and restricted stockholders	(52,602)	(42,050)
Dividends and distributions paid to noncontrolling interests	(881)	(800)
Repurchases of common stock for payments of restricted stock tax withholding	(213)	(921)
Net cash provided by financing activities	140,220	171,245
Net decrease in cash and cash equivalents	(4,216)	(3,651)
Cash and cash equivalents, beginning of period	18,385	22,073
Cash and cash equivalents, end of period	14,169	18,422
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	15,561	19,939
Income taxes paid	32	121
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder	960	0
Capital expenditures in accounts payable and accrued expenses related to developments	21,371	7,670
Education Realty Operating Partnership L.P.
Operating activities:
Net income	5,052	25,051
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	49,605	42,928
Loss on disposal of assets	0	54
Gain on sale of collegiate housing property	0	(19,322)
Gain on insurance settlement	0	(8,133)
Noncash rent expense related to the straight-line adjustment for long-term ground leases	3,596	3,634
Loss on impairment of collegiate housing properties	0	12,734
Loss on extinguishment of debt	0	892
Amortization of deferred financing costs	1,527	1,533
Amortization of unamortized debt premiums	(632)	(598)
Distributions of earnings from unconsolidated entities	233	52
Noncash compensation expense related to stock-based incentive awards	2,032	1,775
Equity in losses of unconsolidated entities	823	370
Change in operating assets and liabilities (net of acquisitions)	4,001	10,310
Net cash provided by operating activities	66,237	71,280
Investing activities:
Property acquisitions	(57,876)	(132,202)
Purchase of corporate assets	(728)	(759)
Restricted cash	(100)	(1,229)
Insurance proceeds received on property losses	0	2,129
Investment in collegiate housing properties	(11,517)	(14,676)
Proceeds from sale of collegiate housing properties	0	69,000
Notes receivable	(2,069)	(250)
Repayment on notes receivable	0	18,000
Earnest money deposits	(335)	0
Investment in assets under development	(138,165)	(177,847)
Distributions from unconsolidated entities	692	0
Investments in unconsolidated entities	(575)	(8,342)
Net cash used in investing activities	(210,673)	(246,176)
Financing activities:
Payment of mortgage and construction notes	(67,799)	(95,720)
Borrowings under mortgage and construction loans	51,875	9,751
Borrowings on unsecured term loan	0	187,500
Debt issuance costs	(756)	(2,183)
Debt extinguishment costs	0	(446)
Borrowings on line of credit	199,000	344,000
Repayments of line of credit	(2,000)	(490,900)
Proceeds from issuance of common stock	10,881	271,461
Payment of offering costs	(221)	(514)
Purchase and return of equity to noncontrolling interests	0	(10,138)
Contributions from noncontrolling interests	2,936	2,205
Distributions paid on unvested restricted stock and long-term incentive plan awards	(138)	(52)
Distributions paid to unitholders	(52,464)	(41,998)
Distributions paid to noncontrolling interests	(881)	(800)
Repurchases of common stock for payments of restricted stock tax withholding	(213)	(921)
Net cash provided by financing activities	140,220	171,245
Net decrease in cash and cash equivalents	(4,216)	(3,651)
Cash and cash equivalents, beginning of period	18,385	22,073
Cash and cash equivalents, end of period	14,169	18,422
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	15,561	19,939
Income taxes paid	32	121
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder	960	0
Capital expenditures in accounts payable and accrued expenses related to developments	$ 21,371	$ 7,670

Organization and description of

Organization and description of business	9 Months Ended
	Sep. 30, 2015
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 real estate investment trust ("REIT") that is publicly traded on the New York Stock Exchange under the ticker symbol "EDR." Under the Articles of Incorporation, as amended, 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 indirectly wholly-owned by EdR. As of September 30, 2015, 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 Condensed 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 EDR Management Inc. (the “Management Company”), a Delaware corporation performing collegiate housing management activities. The Management Company has been designated as a taxable REIT subsidiary ("TRS"). Through EDR Development LLC (the “Development Company”), a Delaware limited liability company and wholly owned subsidiary of the Management Company, the Trust provides development consulting services for third party collegiate housing communities.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The accompanying condensed 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 condensed 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 condensed consolidated financial statements. Interim financial information The accompanying unaudited interim financial statements include all adjustments, consisting only of normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the Trust's financial position, results of operations and cash flows for such periods. Because of the seasonal nature of the business, the operating results and cash flows are not necessarily indicative of results that may be expected for any other interim periods or for the full fiscal year. These financial statements should be read in conjunction with the Trust's consolidated financial statements and related notes included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the "SEC") on February 27, 2015. 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 periods. 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. Restricted cash is excluded from cash for the purpose of preparing the condensed consolidated statements of cash flows. 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 September 30, 2015 , the Trust had $11.3 million cash on deposit that was uninsured by the FDIC or in excess of the FDIC limits. Restricted cash Restricted cash includes resident security deposits, as required by law in certain states, and escrow accounts held by lenders for the purpose of paying taxes, insurance, principal and interest and funding capital improvements. 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 joint venture University Village-Greensboro LLC (see Note 5), 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. As of September 30, 2015 and December 31, 2014 , the outstanding balance was $0.5 million and $0.4 million , respectively. The loan is secured by CPA's interest in the joint venture. On March 20, 2015, the Trust provided a $1.7 million promissory loan to Concord Eastridge, Inc, the Trust's partner in the joint venture at Roosevelt Point, at an interest rate equal to 2% plus London InterBank Offered Rate ("LIBOR") per annum compounded monthly and a maturity date of March 1, 2017. The loan is secured by Concord Eastridge's interest in the joint venture. As of September 30, 2015 , $1.7 million was outstanding. 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. For assets under development, the Trust capitalizes interest and internal development costs as assets under development. Capitalized interest is determined using the weighted average interest costs of total debt. 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 and are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income. 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 three and nine months ended September 30, 2014 , the Trust recorded a $1.0 million and $12.7 million loss on impairment of collegiate housing properties, respectively. The impairment losses were 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. Only dispositions that represent a strategic shift in the business will qualify for treatment as discontinued operations. The four property dispositions during the nine months ended September 30, 2014 did not qualify for treatment as discontinued operations. 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 and units of limited partnership interest in University Towers Operating Partnership, LP and in the Operating Partnership in the mezzanine section of the accompanying condensed consolidated balance sheets. In the accompanying condensed 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 noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the common share price of EdR 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 condensed 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. During October 2014, the Trust entered into agreements to establish an at-the-market equity offering program ("ATM Program") authorized to sell a maximum of $150.0 million in additional shares of EdR common stock. The Trust sold 0.3 million shares under these distribution agreements during the nine months ended September 30, 2015 and received net proceeds of $10.8 million . The Trust used the net proceeds to repay debt, fund its development pipeline and for general corporate purposes. On November 20, 2014, the Board authorized a 1-for-3 reverse stock split of shares of EdR common stock, effective December 1, 2014. On April 30, 2015, the Operating Partnership entered into a Second Amended and Restated Agreement of Limited Partnership, which reduced the number of units of limited partnership of the Operating Partnership (the "OP Units") outstanding as a result of the 1-for-3 reverse stock split the Trust completed in December 2014. Accordingly, every three issued and outstanding shares of EdR common stock and OP Units prior to the split were reduced to one. All shares and units and related per-share and per-unit information presented in these financial statements for periods prior to the effective date have been retroactively adjusted to reflect the decreased number of shares and OP Units. Debt premiums Differences between the estimated fair value of debt and the principal value of debt assumed in connection with collegiate housing property acquisitions are amortized over the term of the related debt as an offset to interest expense using the effective interest method. As of September 30, 2015 and December 31, 2014 , net unamortized debt premiums totaled $0.9 million and $1.5 million , respectively. These amounts are included in mortgage and construction loans in the accompanying condensed consolidated balance sheets. Income taxes EdR qualifies as a REIT under the Internal Revenue Code of 1986, as amended (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. The Management Company provides management services and through the 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. The Trust had no unrecognized tax benefits as of September 30, 2015 and December 31, 2014. The Trust and its subsidiaries file federal and state income tax returns. As of September 30, 2015, open tax years generally included tax years for 2012, 2013 and 2014. The Trust’s policy is to include interest and penalties related to unrecognized tax benefits in general and administrative expenses. As of September 30, 2015 and December 31, 2014, the Trust had no interest or penalties recorded related to unrecognized tax benefits. Goodwill and other intangible assets Goodwill is not subject to amortization, but is tested annually for impairment 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 as of December 31, 2008 was $0.4 million . No additional impairment has been recorded through September 30, 2015 . The carrying value of goodwill was $3.1 million as of September 30, 2015 and December 31, 2014 , of which $2.1 million was recorded on the management services segment and $0.9 million was recorded on the development consulting services segment. Other intangible assets generally include in-place leases acquired in connection with acquisitions and are amortized over the estimated life of the lease/contract term. The carrying value of other intangible assets was $0.3 million and $0.4 million as of September 30, 2015 and December 31, 2014 , 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 condensed consolidated balance sheets (see Note 5). Stock-based compensation On May 4, 2011, the Trust’s stockholders approved the Education Realty Trust, Inc. 2011 Omnibus Equity Incentive Plan (the “2011 Plan”). The 2011 Plan replaced the Education Realty Trust, Inc. 2004 Incentive Plan (“2004 Plan”) in its entirety. The 2011 Plan is described more fully in Note 9. Compensation costs related to share-based payments are recognized in the accompanying condensed 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 earnings available to common stockholders 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. 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. Earnings per OP Unit - EROP Basic earnings per unit is calculated by dividing net earnings available to unitholders by the weighted average number of 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. 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 6 and 10). 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 April 2015, the FASB issued ASU 2015-03, " Interest - Imputation of Interest (Subtopic 835-30) " ("ASU 2015-03"). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in ASU 2015-03. In August 2015, the FASB issued ASU 2015-15 to supplement the requirements of ASU 2015-03 by allowing an entity to defer and present debt issuance costs related to a line of credit arrangement as an asset and subsequently amortize the deferred cost ratably over the term of the line of credit. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years, with retrospective application required. The Trust is currently evaluating the provisions of this guidance. In February 2015, the FASB issued ASU 2015-02, " Consolidation (Topic 810) " ("ASU 2015-02"), which amends the consolidation requirements in ASC 810, Consolidation . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years and permits the use of either the retrospective or cumulative effect transition method. The Trust is currently evaluating the provisions of this guidance. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606) " ("ASU 2014-09"). 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 either the retrospective or cumulative effect transition method. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Trust is currently evaluating the provisions of this guidance.

Acquisition and development of

Acquisition and development of real estate investments	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Acquisition and development of real estate investments	Acquisition and development of real estate investments Acquisition of collegiate housing properties 2015 Acquisitions During the nine months ended September 30, 2015 , the Trust completed the following two collegiate housing property acquisitions: Acquisition Contract Price Name Primary University Served Date # of Beds # of Units (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 Sept 2015 317 84 $ 48,800 Combined acquisition costs for these purchases were $0.2 million and are included in general and administrative expenses in the accompanying condensed statements of income and comprehensive income for the nine months ended September 30, 2015 . The Trust funded these acquisitions with proceeds from draws on the Fifth Amended Revolver (as defined in Note 6). Due to the timing of the completion of the acquisition of The Province at Boulder, work is still ongoing to determine the fair value of the assets and liabilities as of the acquisition date, and as a result, the following amounts are preliminary. 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 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. In conjunction with the acquisition of the The Province at Boulder, the Trust entered into a reverse Section 1031 like-kind exchange agreement with a third party intermediary, which, for a maximum of 180 days, allows us to defer for tax purposes, gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition date, the third party intermediary is the legal owner of the property; however, the Trust controls the activities that most significantly impact the property and retains all of the economic benefits and risks associated with the property. Therefore, at the date of the acquisition, it was determined that the Trust was the primary beneficiary of this VIE and consolidated the property and its operations as of the respective acquisition date. As of September 30, 2015, this VIE had total assets of $49.0 million , no significant liabilities, and no significant cash flows. The unaudited pro forma information had the acquisition date been January 1, 2014 is as follows (in thousands, except per share and per unit amounts): Nine months ended September 30, 2015 2014 Total revenue $ 182,238 $ 160,311 Net income attributable to the Trust $ 6,210 $ 24,767 Net income attributable to common shareholders - basic $ 0.13 $ 0.60 Net income attributable to common shareholders - diluted $ 0.13 $ 0.59 Net income attributable to EROP $ 6,248 $ 25,024 Net income attributable to unitholders - basic and diluted $ 0.13 $ 0.60 2014 Acquisitions During the year ended December 31, 2014 , the following collegiate housing property acquisitions were completed: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) 109 Tower Florida International University Miami, Florida Aug 2014 542 149 $ 43,500 District on Apache Arizona State University Tempe, Arizona Sept 2014 900 279 $ 89,800 Combined acquisition costs for these purchases were $0.9 million . These acquisitions were funded with proceeds from the follow-on equity offering in June 2014, draws on the Fourth Amended Revolver and the Fifth Amended Revolver (see Note 6) and cash on hand. A summary follows of the fair values of the assets acquired and the liabilities assumed as of the dates of the acquisitions (in thousands): 109 Tower District on Apache Total Collegiate housing properties $ 43,384 $ 89,216 $ 132,600 In-place leases — 643 643 Other assets 200 36 236 Current liabilities (746 ) (1,341 ) (2,087 ) Total net assets acquired $ 42,838 $ 88,554 $ 131,392 The contracted purchase price of $133.3 million , reflected in the table above, net of $2.1 million in assumed liabilities, represents a net asset value of $131.2 million . The $0.2 million difference between this amount and the net assets reflected in the second table above represents working capital and other assets that were not part of the contractual purchase price, but were acquired. During 2014, the Trust also purchased the remaining 30% of its joint venture partner's interest in The Retreat at Oxford and a portion of its joint venture partner's interest in Roosevelt Point (see Note 8). The unaudited pro forma information had the acquisition date been January 1, 2013 is as follows (in thousands, except per share and per unit amounts): Nine months ended September 30, 2014 Total revenue (1) $ 165,458 Net income attributable to the Trust (1) $ 28,383 Net income attributable to common shareholders - basic $ 0.69 Net income attributable to common shareholders - diluted $ 0.68 Net income attributable to EROP (1) $ 28,664 Net income attributable to unitholders - basic and diluted $ 0.69 (1) As the 109 Tower opened for 2014/2015 lease year, the supplemental pro forma revenue and net income for the period between January 1, 2014 to September 30, 2014 only includes its operations from the date it opened. Development of collegiate housing properties During the nine months ended September 30, 2015 , the Trust developed the following communities which opened during the 2015/2016 lease year. The costs incurred to date represent the balance capitalized in collegiate housing properties, net as of September 30, 2015 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2015 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2015 Three months ended September 30, 2015 Woodland Glen III, IV & V University of Kentucky 1,610 $ 102,991 $ 353 $ 2,414 $ 163 $ 558 The Oaks on the Square - Phase IV University of Connecticut 391 44,005 301 633 193 228 The Retreat at Louisville (1) University of Louisville 656 43,923 176 568 60 186 Total - owned communities 2,657 190,919 830 3,615 416 972 Georgia Heights (2) University of Georgia 292 51,227 216 273 89 54 Total joint ventures 292 51,227 216 273 89 54 Total 2,949 $ 242,146 $ 1,046 $ 3,888 $ 505 $ 1,026 (1) In June 2014, the Trust announced an agreement with a subsidiary of Landmark Property Holdings, LLC ("Landmark") to develop, own and manage cottage-style collegiate housing property adjacent to The University of Louisville. The Trust is the majority owner and managing member of the joint venture. (2) In 2013, the Trust entered into an agreement to develop, own and manage a mixed-use development adjacent to the main entrance of the University of Georgia. The costs above represent total costs incurred for the joint venture development. The Trust holds a 50% interest in the joint venture and manages the community. The Trust does not consolidate the joint venture and its investment in the community of $10.5 million and $10.2 million as of September 30, 2015 and December 31, 2014 , respectively, is classified as other assets in the accompanying condensed consolidated balance sheets. During 2014 , the Trust developed the following communities which opened during the 2014/2015 lease year. The costs incurred to date represent the balance capitalized in collegiate housing properties, net as of December 31, 2014 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of December 31, 2014 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2014 Three months ended September 30, 2014 The Lotus (1) University of Colorado 195 $ 27,800 $ 131 $ 254 $ 34 $ 81 Haggin Hall (2) University of Kentucky 396 23,840 121 319 60 110 Champions Court I (2) University of Kentucky 740 47,368 145 778 81 233 Champions Court II (2) University of Kentucky 427 24,329 96 405 20 123 Woodland Glen I & II (2) University of Kentucky 818 45,730 146 714 80 222 605 West (3) Duke University 384 45,258 84 607 12 174 The Oaks on the Square - Phase III (4) University of Connecticut 116 12,482 124 156 73 44 Total owned communities 3,076 226,807 847 3,233 360 987 The Marshall (5) University of Minnesota 994 93,976 96 383 27 110 Total joint ventures 994 93,976 96 383 27 110 Total 4,070 $ 320,783 $ 943 $ 3,616 $ 387 $ 1,097 (1) In November 2011, the Trust purchased a collegiate housing property near the University of Colorado, Boulder ("The Lotus"). The Trust developed additional housing on the existing land, which opened for the 2014/2015 lease year. (2) In December 2011, the Trust was selected by the University of Kentucky to develop, own and manage new collegiate housing on its campus. This project will be financed through the ONE Plan SM . Phase I opened in August 2013 and Phase II, which includes these communities, opened for the 2014-2015 lease year. The third phase opened in August 2015. (3) In March 2013, the Trust announced an agreement with Javelin 19 Investments, LLC ("Javelin 19") to develop, own and manage 605 West, a new collegiate housing property near Duke University. The Trust is the majority owner and managing member of the joint venture and manages the community, which opened in August 2014. For a period of five years from the date on which the property receives its initial certificate of occupancy, Javelin 19 has the right to require the Trust to purchase Javelin 19’s 10% interest in the joint venture at a price to be determined. (4) In 2010, LeylandAlliance LLC and the Trust entered into an agreement to develop the first two phases of Storrs Center, a mixed-use town center project, adjacent to the University of Connecticut. The Trust developed, owns and manages the collegiate housing properties in these first two phases and both phases include commercial and residential offerings. The first phase opened in August 2012 and the second phase opened in August 2013. LeylandAlliance LLC and the Trust subsequently entered into additional agreements to develop the third and fourth phases of the project. The third phase opened in August 2014 and the fourth phase opened in August 2015. (5) In 2012, Trust entered into an agreement to develop, own and manage a mixed-use development located two blocks from University of Minnesota. The costs above represent total costs incurred for the joint venture development. The Trust holds a 50% interest in the joint venture and manages the community, which opened in August 2014. The Trust does not consolidated the joint venture and its investment in the community of $17.2 million and $18.4 million as of September 30, 2015 and December 31, 2014 , respectively, is classified as other assets in the accompanying condensed consolidated balance sheets. The following represents a summary of active developments as of September 30, 2015 , including development costs and costs capitalized (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2015 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2015 Three months ended September 30, 2015 Limestone Park I & II University of Kentucky 1,141 $ 39,571 $ 276 $ 586 $ 82 $ 283 Retreat at Oxford - Phase II University of Mississippi 350 8,998 44 112 14 59 University Flats University of Kentucky 771 5,752 161 27 87 25 Honors College University of Kentucky 350 307 — — — — Boise State University Boise State University 656 173 26 — 26 — Retreat at Blacksburg - Phase I & II Virginia Tech 829 15,563 79 56 74 56 Total active projects under development 4,097 $ 70,364 $ 586 $ 781 $ 283 $ 423 All costs related to the development of collegiate housing communities are classified as assets under development in the accompanying condensed consolidated balance sheets until the community is completed and opened.

Disposition of real estate inve

Disposition of real estate investments	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposition of real estate investments	Disposition of real estate investments During the nine months ended September 30, 2014 , the Trust sold four owned off-campus communities: College Station at W. Lafayette, the Reserve on West 31st, the Pointe West, and the Reserve on South College, containing an aggregate of 2,736 beds for a combined sales price of approximately $71.7 million , resulting in total net proceeds of approximately $52.2 million , after payoffs of mortgage debt of $16.7 million and closing costs. The net income attributable to these properties is included in operations in the accompanying condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2014 . The Trust recognized a $19.3 million gain on these dispositions.

Investments in unconsolidated e

Investments in unconsolidated entities	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated entities	Investments in unconsolidated entities As of September 30, 2015 and December 31, 2014 , 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 10% interest in Elauwit Networks, a South Carolina limited liability company, which is a student housing technology services provider. 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 the results of operations related to the Trust's unconsolidated joint ventures for the nine months ended September 30, 2015 and 2014 (in thousands): Results of Operations of Unconsolidated Entities: For the nine months ended September 30, 2015 2014 Revenues $ 26,776 $ 22,006 Net loss $ (1,766 ) $ (1,246 ) Equity in losses of unconsolidated entities $ (823 ) $ (370 ) As of September 30, 2015 and December 31, 2014 , the Trust had $28.5 million and $29.5 million , respectively, of investments in unconsolidated entities classified in other assets in the accompanying condensed consolidated balance sheets. As of September 30, 2015 and December 31, 2014 , liabilities are recorded totaling $1.9 million and $1.7 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 condensed consolidated balance sheets (see Note 2).

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Revolving credit facility On November 19, 2014 , the Operating Partnership entered into a Fifth Amended and Restated Credit Agreement (the “Fifth Amended Revolver”). The Fifth Amended Revolver amended and restated that certain Fourth Amended and Restated Credit Agreement (the "Fourth Amended Revolver"). The Fifth Amended 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 Fifth Amended Revolver is scheduled to mature on November 19, 2018 . EdR serves as the guarantor for any funds borrowed by the Operating Partnership under the Fifth Amended Revolver. The interest rate per annum applicable to the Fifth Amended Revolver is, at the Operating Partnership’s option, equal to a base rate or the LIBOR plus an applicable margin based upon our leverage. As of September 30, 2015 , the interest rate applicable to the Fifth Amended Revolver was 1.45% . As of September 30, 2015 , the outstanding balance under the Fifth Amended Revolver was $221.0 million , thus, our remaining availability was $279.0 million . The Fifth Amended 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 funds from operations ("FFO") except to comply with the legal requirements to maintain REIT status. As of September 30, 2015 , the Operating Partnership was in compliance with all covenants of the Fifth Amended Revolver. Unsecured term loan facility On January 13, 2014, the Operating Partnership and certain subsidiaries entered into an unsecured term loan facility under a Credit Agreement (the "Credit Agreement"), which was subsequently amended and restated on November 19, 2014 (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement removed certain subsidiaries as borrowers and amended certain financial covenants to align with the Fifth Amended Revolver. Under the 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 with a seven -year maturity (the “Tranche A Term Loan”) and a $65.0 million Tranche B term loan with a five -year maturity (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 13, 2019. The 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 Loan to repay a portion of the outstanding balance under the Fourth Amended 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 155 to 225 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. The Amended and Restated Credit Agreement contains customary affirmative and restrictive covenants substantially similar to those contained in the Fifth Amended Revolver. EdR serves as the guarantor for any funds borrowed under the Amended and Restated Credit Agreement. As of September 30, 2015 , the Operating Partnership was in compliance with all covenants of the Credit Agreement. In connection with entering into the 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 10). As of September 30, 2015 , the effective interest rate on the Tranche A Term Loan was 3.85% (weighted average swap rate of 2.30% plus the current margin of 1.55% ) 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% ). Senior unsecured notes On November 24, 2014, the Operating Partnership completed the public offering of $250.0 million senior unsecured notes (the "Senior Unsecured Notes") under an existing shelf registration statement. The 10 -year Senior Unsecured 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 Senior Unsecured Notes is payable semi-annually on June 1 and December 1 of each year. The Senior Unsecured Notes will mature on December 1, 2024. The terms of Senior Unsecured 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 a minimum interest coverage level. As of September 30, 2015 , the Operating Partnership was in compliance with all covenants of the Senior Unsecured Notes. Mortgage and construction debt As of September 30, 2015 and December 31, 2014 , mortgage and construction notes payable consist of the following, which were secured by the underlying collegiate housing properties (amounts in thousands): Outstanding Balance at Property September 30, 2015 December 31, 2014 Interest Rate at September 30, 2015 Interest Rate Type Initial Maturity Date Various Communities (1) $ 21,417 $ 21,696 5.67 % Fixed 1/1/2020 Various Communities (2) 54,793 55,523 6.02 % Fixed 1/1/2019 Various Communities (3) 15,920 16,137 5.45 % Fixed 1/1/2017 Master Secured Credit Facility 92,130 93,356 5.84 % (4) The Suites at Overton Park 23,844 24,216 4.16 % (5) Fixed 4/1/2016 (5) The Centre at Overton Park 22,440 22,697 5.60 % (5) Fixed 1/1/2017 (5) University Towers 33,825 34,000 2.35 % (6) Variable 7/1/2016 (6) Mortgage Debt 80,109 80,913 3.80 % (4) The Retreat at Louisville 33,942 8,114 2.26 % (7) Variable 8/1/2017 (7) The Varsity — 32,420 n/a The Oaks on the Square - Phase IV 25,571 — 2.21 % (8) Variable 10/20/2017 (8) The Retreat at Blacksburg 475 — 2.24 % (9) Variable 2/4/2019 Roosevelt Point — 33,348 n/a Construction Loans 59,988 73,882 2.24 % (4) Total debt / weighted average rate 232,227 248,151 4.20 % (4) Unamortized premium 854 1,486 Total net of unamortized premium 233,081 249,637 Less current portion (58,185 ) (68,675 ) Total long-term debt, net of current portion $ 174,896 $ 180,962 (1) As of September 30, 2015 and December 31, 2014 , the following properties secured this note: The Reserve at Saluki Pointe and River Pointe. (2) As of September 30, 2015 and December 31, 2014 , the following properties secured this note: The Reserve at Athens, The Reserve at Perkins, The Commons at Knoxville and The Reserve on Stinson. (3) As of September 30, 2015 and December 31, 2014 , The Reserve at Columbia secured this note. (4) Represents the weighted average interest rate as of September 30, 2015 . (5) In connection with the acquisitions of The Suites at Overton Park and The Centre at Overton Park during 2012, the Trust assumed fixed-rate mortgage debt. If no event of default occurs, the Trust has the option to extend the maturity dates for one year at a base rate plus a margin of 2.5% . Principal and interest are repaid monthly on these loans. (6) The interest rate per year applicable to the loan is, at the option of the Trust, equal to a prime rate plus a 0.50% margin or LIBOR plus a 2.10% margin and was interest only through July 1, 2015. The loan may be extended for two 12 -month periods, provided that the debt service coverage ratio calculated as of the preceding quarter is at least 1.30 to 1.00 and an extension fee is paid. (7) During 2014, the Trust entered into a $35.7 million construction loan related to the development of a jointly owned cottage-style community located in Louisville, Kentucky (The Retreat at Louisville). The Operating Partnership is the majority owner and will manage the community following its completion. The interest rate per year applicable to the loan is, at the option of the Operating Partnership, equal to a base rate plus a 1.05% margin or LIBOR plus a 2.05% margin and is interest only through August 1, 2017. If certain conditions are met, the Operating Partnership has the option to extend the loan for two one -year extension periods. During the extension periods, if applicable, principal and interest are to be repaid on a monthly basis. (8) During 2014, the Operating Partnership entered into a construction loan of $38.0 million related to the development of the fourth phase of a wholly-owned collegiate housing community in Storrs, Connecticut (The Oaks on the Square - Phase IV). The interest rate per year applicable to the loan is, at the option of the Operating Partnership, equal to a base rate plus a 1.00% margin or LIBOR plus a 2.00% margin and is interest only through October 20, 2017. If certain conditions are met, the Operating Partnership has the option to extend the loan for two one -year extension periods. During the extension periods, if applicable, principal and interest are to be repaid on a monthly basis. (9) During 2015, the Operating Partnership entered into a construction loan of $49.6 million related to the development of a jointly owned cottage-style community located in Blacksburg, Virginia (The Retreat at Blacksburg). The Operating Partnership is the majority owner and will manage the community following its completion. The interest rate per year applicable to the loan is, at the option of the Operating Partnership, equal to a base rate plus a 1.05% margin or LIBOR plus a 2.05% margin and is interest only through February 4, 2019. If certain conditions are met, the Operating Partnership has the option to extend the loan for two one -year extension periods. During the extension periods, if applicable, principal and interest are to be repaid on a monthly basis. Master Secured Credit Facility The Operating Partnership has a credit facility with Fannie Mae (the "Master Secured Credit Facility") that was entered into on December 31, 2008 and expanded on December 2, 2009. All notes under the Master Secured Credit Facility contain cross-default provisions; all properties securing the notes are cross-collateralized. The Operating Partnership was in compliance with all financial covenants, including consolidated net worth and liquidity tests, contained in the Master Secured Credit Facility as of September 30, 2015 . Mortgage debt All mortgage loans contain customary financial covenants, such as minimum debt service ratios. As of September 30, 2015 , the Operating Partnership was in compliance with all covenants. Construction loans On March 20, 2015, the Operating Partnership paid in full variable rate construction debt with an outstanding principal balance of $33.3 million related to the development of Roosevelt Point. The effective interest rate at the repayment date was 2.44% . On June 8, 2015, the Operating Partnership paid in full variable rate construction debt with an outstanding principal balance of $32.4 million related to The Varsity. The effective interest rate at the repayment date was 1.78% . All constructions loans contain customary financial covenants, such as minimum debt service ratios. As of September 30, 2015 , the Operating Partnership was in compliance with all covenants. The scheduled maturities of outstanding indebtedness (excluding the Fifth Amended Revolver) as of September 30, 2015 are as follows (in thousands): Year 2015 (three months ending December 31, 2015) $ 818 2016 59,468 2017 98,575 2018 1,629 2019 117,163 2020 19,574 Thereafter 372,500 Total 669,727 Debt premium 854 Outstanding as of September 30, 2015, net of debt premium $ 670,581

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies 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 is 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 exposure under such guaranties (dollars in thousands): September 30, 2015 December 31, 2014 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 % $ 23,386 n/a $ 5,847 n/a $ 23,643 n/a $ 5,911 n/a The Marshall 50 % 56,575 8,767 28,288 4,384 55,663 8,767 27,832 4,384 Georgia Heights 50 % 26,121 7,230 13,061 3,615 — 7,230 — 3,615 In connection with the development agreement entered into on July 14, 2010 for a project at the Science + Technology Park at Johns Hopkins Medical Institute, the Trust committed to provide a guarantee of repayment of a $42.0 million third-party construction loan for a $3.0 million fee, of which the carrying value approximated fair value. On July 1, 2014, the third-party owners refinanced the construction loan and the Trust was released from the guarantee obligations. The Trust collected and recognized the $3.0 million guarantee fee during the third quarter of 2014. 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 (see Note 3). The Operating Partnership and LeylandAlliance LLC jointly committed to provide a guarantee of repayment for the construction loan. As of September 30, 2015 , $30.9 million had been drawn on the construction loan, of which $5.4 million was attributable to LeylandAlliance LLC, and has not been included in our condensed consolidated financial statements. 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 condensed consolidated financial condition or results of operations. During the six months ended June 30, 2015, an arbitration proceeding was filed against a subsidiary of the Trust and a companion federal suit was filed against the Trust itself, both actions related to a change order dispute by the general contractor on a completed third-party development project. The general contractor is seeking damages in the amount of $1.6 million plus attorney and other fees. Since that time, the federal suit was dismissed; and, the subsidiary of the Trust is involved in ongoing arbitration proceedings. The Trust has accrued an estimate of costs to settle such claims in the condensed consolidated financial statements; however, the Trust continues to vigorously defend this matter and believes it has viable counterclaims. 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. Under the terms of the limited partnership agreement of University Towers Operating Partnership, LP, so long as the contributing owners of such property hold at least 25% of the University Towers Partnership Units, the Trust has agreed to maintain certain minimum amounts of debt on the property to avoid triggering gain to the contributing owners. If the Trust fails to do this, the Trust must repay the contributing owners the amount of taxes they incur. 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 September 30, 2015 and December 31, 2014 , the Trust had reimbursable predevelopment costs of $1.8 million and $1.7 million , respectively, which are reflected in other assets in the accompanying condensed consolidated balance sheets.

Noncontrolling interests

Noncontrolling interests	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Operating Partnership Joint Ventures: As of September 30, 2015 , EROP had entered into four joint venture agreements to develop, own and manage properties near: Arizona State University - Downtown Phoenix (Roosevelt Point), Duke University (605 West), The University of Louisville (The Retreat at Louisville) and Virginia Tech (The Retreat at Blacksburg). EROP is deemed to be the primary beneficiary of these communities; therefore, EROP accounts for the joint ventures using the consolidation method of accounting. EROP's joint venture partner's investments in 605 West met the requirements to be classified outside of permanent equity, and is therefore classified as redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets and net income (loss) attributable to noncontrolling interests in the accompanying condensed consolidated statements of income and comprehensive income due to the partner's ability to put their ownership interests to EROP as stipulated in the operating agreements. EROP's joint venture partner's investments in the Arizona State University - Downtown Phoenix joint venture, The University of Louisville joint venture and the Virginia Tech joint venture are accounted for as noncontrolling interests in the accompanying condensed consolidated balance sheets and statements of changes in partner's capital and noncontrolling interests and net income (loss) attributable to noncontrolling interests in the accompanying condensed consolidated statements of income and comprehensive income. On August 29, 2014, EROP purchased its joint venture partner's 30% interest in The Retreat at Oxford for $8.5 million . Prior to the acquisition of EROP's joint venture partners' interest, the investment was accounted for as noncontrolling interests in the accompanying condensed consolidated financial statements. This collegiate housing property is now wholly-owned by EROP. On April 15, 2014, EROP purchased a portion of its joint venture partner's interest in Roosevelt Point for $0.8 million . As a result of this purchase, EROP now holds a 95% ownership in the Roosevelt Point collegiate housing property. The units of the limited partnership interest of University Towers Operating Partnership, LP (“University Towers Operating Partnership Units”) are also referred to as noncontrolling interests. EROP follows the guidance issued by the FASB regarding the classification and measurement of redeemable securities. 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 condensed consolidated balance sheets. Income related to such units are recorded as net income attributable to noncontrolling interests in the accompanying condensed consolidated statements of income and comprehensive income. As of September 30, 2015 , there were 69,086 University Towers Operating Partnership Units outstanding. The following table sets forth activity with the redeemable noncontrolling interests for the nine months ended September 30, 2015 and 2014 (in thousands): Nine months ended September 30, 2015 2014 Beginning balance $ 4,431 $ 2,359 Net loss (19 ) (55 ) Contributions from redeemable noncontrolling interests 26 — Adjustments to report redeemable noncontrolling interests at fair value 496 1,765 Distributions (334 ) (518 ) Ending balance $ 4,600 $ 3,551 The value of redeemable noncontrolling interests is reported at the greater of fair value or historical cost at the end of each reporting period. As of September 30, 2015 and 2014, EROP reported the redeemable noncontrolling interests at fair value, which was greater than historical cost. Redeemable Limited Partner Units: The 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 is classified as redeemable limited partner units in the mezzanine section of the accompanying condensed 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 September 30, 2015 and 2014, EROP reported the redeemable limited partner units at fair value, which was greater than historical cost. During the nine months ended September 30, 2015 , 25,000 OP Units were redeemed for 25,000 shares of common stock. As of September 30, 2015 , there were 249,317 OP Units outstanding. Below is a table summarizing the activity of redeemable limited partners' unit for the nine months ended September 30, 2015 and 2014 (in thousands): Nine months ended September 30, 2015 2014 Beginning balance $ 10,081 $ 7,512 Net income 33 261 Distributions (386 ) (282 ) Redemption of operating partnership units (960 ) — Adjustments to report redeemable limited partner units at fair value (918 ) 1,010 Ending balance $ 7,850 $ 8,501 The Trust The noncontrolling interests of the Trust include the third-party equity interests in the joint venture properties at Roosevelt Pointe, The Retreat at Louisville and Virginia Tech, as discussed above, which are presented as a component of equity in the Trust’s accompanying condensed consolidated balance sheets. The Trust’s redeemable noncontrolling interests include: (1) the redeemable limited partners presented in the accompanying condensed consolidated balance sheets of EROP; and (2) the University Towers Operating Partnership Units and the Trust's joint venture partner's investments in 605 West which are also presented as redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets of EROP. The redeemable noncontrolling interests are reported at the greater of fair value or historical cost at the end of each reporting period.

Incentive plans

Incentive plans	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive plans	Incentive plans On May 4, 2011, the Trust’s stockholders approved the Education Realty Trust, Inc. 2011 Omnibus Equity Incentive Plan (the "2011 Plan"). The purpose of the 2011 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 2011 Plan replaced the Education Realty Trust, Inc. 2004 Incentive Plan in its entirety and authorizes the grant of the 105,000 shares that remained available for grant under the 2004 plan, as well as 1,049,167 additional shares. As of September 30, 2015 , the Trust had 652,356 shares of its common stock reserved for issuance pursuant to the 2011 Plan. Automatic increases in the number of shares available for issuance are not provided. The 2011 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. A restricted stock award is an award of the Trust’s common stock that is subject to restrictions on transferability and other restrictions as the Trust’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. Restricted stock is generally taxed at the time of vesting. As of September 30, 2015 and December 31, 2014 , unearned compensation related to restricted stock totaled $0.4 million and $0.6 million , respectively, and will be recorded as expense over the applicable vesting period. The value is determined based on the market value of the Trust’s common stock on the grant date. During the nine months ended September 30, 2015 and 2014 , compensation expense of $0.3 million and $0.5 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of restricted stock. During the three months ended September 30, 2015 and 2014 , compensation expense of $0.1 million and $0.2 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of restricted stock. Effective January 1, 2014, the Trust adopted the 2014 Long-Term Incentive Plan (the "2014 LTIP"). The purpose of the 2014 LTIP is to attract, retain and motivate the executive officers and certain key employees of the Trust to promote the long-term growth and profitability of the Trust. On January 1, 2014, the Trust issued 24,742 time vested restricted stock to executives and key employees under the 2014 LTIP. Additional shares were issued in August 2014 pursuant to the 2014 LTIP. The restricted stock granted under the 2014 LTIP will vest ratably over three years as long as the participants remain employed by the Trust. 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 Performance Period, the compensation committee of the Board 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 the Trust’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. On January 1, 2014, the Trust granted 102,297 performance vested RSUs to executives and key employees under the 2014 LTIP described above. As of September 30, 2015 and December 31, 2014 , unearned compensation related to RSUs totaled $0.9 million and $1.5 million , respectively, and will be recorded as expense over the applicable vesting period. The value was determined using a Monte Carlo simulation technique. During the nine months ended September 30, 2015 and 2014 , compensation expense of $0.7 million and $1.0 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of RSUs. During the three months ended September 30, 2015 and 2014 , compensation expense of $0.2 million and $0.3 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of RSUs. On January 1, 2015, 8,754 fully-vested shares of common stock were issued pursuant to the vesting of RSUs granted in 2012. On February 4, 2015, the compensation committee approved the structure, including the awards, for the 2015 Long-Term Incentive Plan (the “2015 LTIP”). The 2015 LTIP differs 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 LTIP, 155,778 LTIP Units were issued to the participants. The 2015 LTIP provides that 25% of a participant’s award consists of a time-vested grant of LTIP Units 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 the 2014 LTIP, the time-vested 2015 LTIP Units vest over a three -year period and are valued for award purposes at a value equal to the price of the Trust's stock on the grant date. The time-vested 2015 LTIP Units are entitled to voting and distribution rights from the effective date of the grant in accordance with the Partnership Agreement, but are non-transferable and non-convertible until fully vested. The remaining 75% of a participant’s award consists of a grant of performance-based 2015 LTIP Units. Similar to the 2014 LTIP, the vesting of performance-based 2015 LTIP Units is dependent upon the Trust's achievement of six performance criteria approved by the 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. 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 will be assessed quarterly. The performance-based 2015 LTIP Units are entitled to voting and distribution rights from the effective date of the grant in accordance with the operating agreement of the Operating Partnership, but are non-transferable and non-convertible until fully vested. After the determination of the achievement of the performance criteria, any performance-based 2015 LTIP Units that were awarded but did not become vested LTIP Units will be canceled. Once fully vested, the 2015 LTIP Units may be converted to OP Units in the Operating Partnership and thereafter, at the election of the unitholder, redeemable into shares of EdR’s stock or cash, at the discretion of the general partner, in accordance with the terms of the Partnership Agreement. Compensation expense recognized in general and administrative expense in the accompanying condensed consolidated statement of income and comprehensive income related to the LTIP Units was $0.3 million and $0.7 million for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 , unearned compensation related to LTIP Units totaled $2.3 million , and will be recorded as expense over the applicable vesting period. Total stock-based compensation recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2015 and 2014 was $1.6 million and $1.7 million , respectively. Total stock-based compensation recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income for the three months ended September 30, 2015 and 2014 was $0.6 million for both periods. A summary of the stock-based incentive plan activity as of and for the nine months ended September 30, 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 46,810 (1) $ 27.94 146,911 $ 20.58 — $ — Granted — — — — 155,778 18.83 Vested (17,774 ) 27.76 — (2) — — — Surrendered (3,467 ) 29.72 — — — — Outstanding as of September 30, 2015 25,569 (1) $ 28.32 146,911 $ 20.58 155,778 $ 18.83 (1) Represents unvested shares of restricted stock awards as of the date indicated. (2) On January 1, 2012, the Trust granted a total of $1.1 million of performance vesting RSUs that were denominated in cash and converted into common stock at the end of the performance period to executives and key employees under the 2012 LTIP. On January 1, 2015, the Trust issued 8,754 shares of common stock related to the vesting of the RSUs under the 2012 LTIP.

Derivatives and hedging activit

Derivatives and hedging activities	9 Months Ended
	Sep. 30, 2015
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 nine months ended September 30, 2015 and 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of September 30, 2015 , 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. 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 $3.2 million is estimated to be reclassified to earnings as an increase to interest expense. As of September 30, 2015 and December 31, 2014 , the fair value of the derivatives is a liability of $7.9 million and $4.5 million , respectively, and is included in accrued expenses in the accompanying condensed consolidated balance sheets. The following table discloses the effect of the derivative instruments on the condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2015 and 2014 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2015 Interest rate contracts $ (6,121 ) Interest expense $ 2,691 2014 Interest rate contracts $ (5,021 ) Interest expense $ 2,607 The following table discloses the effect of the derivative instruments on the condensed consolidated statements of income and comprehensive income for the three months ended September 30, 2015 and 2014 (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 Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2015 Interest rate contracts $ (3,985 ) Interest expense $ 903 2014 Interest rate contracts $ 423 Interest expense $ 919 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 condensed 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 September 30, 2015 and December 31, 2014 , the fair value of derivatives related to these agreements, which includes accrued interest, but excludes any adjustment for nonperformance risk, was a liability of $8.2 million and $4.7 million , respectively. As of September 30, 2015 , the Operating Partnership has not posted any collateral related to these agreements. If the Operating Partnership had breached any of these provisions at September 30, 2015 , it could have been required to settle its obligations under the agreements at their termination value of $8.3 million .

Earnings per share_unit

Earnings per share/unit	9 Months Ended
	Sep. 30, 2015
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 three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator - basic and diluted earnings per share: Net income (loss) attributable to common shareholders $ (4,720 ) $ 21,400 $ 5,138 $ 24,658 Denominator: Basic weighted average shares of common stock outstanding 48,526 46,767 48,406 41,340 OP Units (1) — 277 251 (2 ) 277 University Towers Operating Partnership Units — 69 69 69 Diluted weighted average shares of common stock outstanding 48,526 (3 ) 47,113 48,726 41,686 Earnings per share - basic: Net income (loss) attributable to common shareholders $ (0.10 ) $ 0.46 $ 0.11 $ 0.60 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Earnings per share - diluted: Net income (loss) attributable to common shareholders $ (0.10 ) $ 0.45 $ 0.11 $ 0.59 Distributions declared per common share $ 0.37 $ 0.36 $ 1.09 $ 1.02 (1) In April 2015, the Operating Partnership entered into a Second Amended and Restated Agreement of Limited Partnership. The units presented above have been recast in accordance with the terms of the Second Amended and Restated Agreement of Limited Partnership, taking into account the 1-for-3 reverse stock split that the Trust completed in December 2014. (2) Includes the impact of weighted average number of OP Units outstanding during the period. (3) For the three months ended September 30, 2015, diluted weighted average shares of common stock does not include 249,317 OP Units and 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator - basic and diluted earnings per unit: Net income (loss) attributable to unitholders $ (4,738 ) $ 21,536 $ 5,171 $ 24,915 Denominator: Weighted average units outstanding 48,370 46,767 48,269 41,340 Redeemable Operating Partnership units 249 277 251 277 LTIP units 156 — 137 — Weighted average units outstanding - basic 48,775 47,044 48,657 41,617 Redeemable University Towers Operating Partnership Units — (1 ) 69 69 69 Weighted average units outstanding - diluted 48,775 47,113 48,726 41,686 Earnings per unit - basic and diluted: Net income (loss) attributable to unitholders $ (0.10 ) $ 0.46 $ 0.11 $ 0.60 Distributions declared per unit $ 0.37 $ 0.36 $ 1.09 $ 1.02 (1) For the three months ended September 30, 2015, diluted weighted average shares of common stock does not include 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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, 2014 and has remained on the accompanying condensed consolidated balance sheet as of September 30, 2015 . The asset was written down to $15.0 million and the valuation was classified within Level 2 of the fair value hierarchy. As discussed in Note 10, 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 of the Trust's derivatives held as of September 30, 2015 and December 31, 2014 were classified as Level 2 of the fair value hierarchy. The table below presents the assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2015: Derivative financial instruments (liability position) $ 7,894 $ — $ 7,894 $ — Deferred compensation plan assets 364 364 — — December 31, 2014: Derivative financial instruments (liability position) $ 4,465 $ — $ 4,465 $ — Deferred compensation plan assets 520 520 — — Financial assets and liabilities that are not measured at fair value in our condensed 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 our unsecured revolving credit facility, unsecured term loan facility and variable rate mortgage and construction loans bear interest at variable rates, carrying value approximates the fair value. The table below summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 2,167 $ — $ 2,100 $ — Senior unsecured notes 250,000 — 246,938 — Unsecured revolving credit facility 221,000 — 221,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 93,814 — 93,814 — Fixed rate mortgage and construction loans 138,414 — 153,393 — December 31, 2014 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 375 $ — $ 318 $ — Senior unsecured notes 250,000 — 234,583 — Unsecured revolving credit facility 24,000 — 24,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 107,882 — 107,882 — Fixed rate mortgage and construction loans 140,270 — 154,542 — 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. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts.

Segments

Segments	9 Months Ended
	Sep. 30, 2015
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 table represents the Trust’s segment information for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 54,725 $ 47,657 $ 168,842 $ 144,677 Collegiate housing leasing operations 28,444 26,920 75,452 70,062 Net operating income $ 26,281 $ 20,737 $ 93,390 $ 74,615 Total segment assets at end of period (1) $ 1,907,740 $ 1,750,705 $ 1,907,740 $ 1,750,705 Development Consulting Services: Third-party development consulting services $ 490 $ 1,124 $ 1,531 $ 2,683 General and administrative 975 692 2,344 1,922 Net operating income (loss) $ (485 ) $ 432 $ (813 ) $ 761 Total segment assets at end of period (2) $ 4,317 $ 4,941 $ 4,317 $ 4,941 Management Services: Third-party management services $ 865 $ 1,052 $ 2,698 $ 2,856 General and administrative 648 630 2,119 1,933 Net operating income $ 217 $ 422 $ 579 $ 923 Total segment assets at end of period (2) $ 11,110 $ 9,106 $ 11,110 $ 9,106 Reconciliations: Segment revenue $ 56,080 $ 49,833 $ 173,071 $ 150,216 Operating expense reimbursements 2,109 2,290 6,571 6,492 Eliminations / adjustments (3) — 2,581 — 2,581 Total segment revenues $ 58,189 $ 54,704 $ 179,642 $ 159,289 Segment operating expenses $ 30,067 $ 28,242 $ 79,915 $ 73,917 Reimbursable operating expenses 2,109 2,290 6,571 6,492 Total segment operating expenses $ 32,176 $ 30,532 $ 86,486 $ 80,409 Segment net operating income $ 26,013 $ 24,172 $ 93,156 $ 78,880 Other unallocated general and administrative expenses (2,830 ) (4,437 ) (10,397 ) (10,629 ) Depreciation and amortization (17,828 ) (14,688 ) (49,605 ) (42,928 ) Ground lease (2,938 ) (2,329 ) (7,956 ) (6,162 ) Loss on impairment of collegiate housing properties — (953 ) — (12,734 ) Nonoperating income (expenses) (6,704 ) 12,393 (18,998 ) 270 Equity in losses of unconsolidated entities (427 ) (236 ) (823 ) (370 ) Income (loss) before income taxes and gain on sale of collegiate housing properties $ (4,714 ) $ 13,922 $ 5,377 $ 6,327 (1) The increase in segment assets related to the collegiate housing segment during the three and nine months ended September 30, 2015 as compared to the same periods in 2014 is primarily related to the opening of five new communities, two property acquisitions and continued development of seven communities for ownership by the Trust. (2) Total segment assets also include goodwill of $2,149 related to management services and $921 related to development consulting services. (3) In 2014, the eliminations / adjustments to segment revenues (specifically to development consulting) is to add the previously deferred development fee recognized relating to the participating project at the Science + Technology Park at Johns Hopkins to total revenues. The related revenue was recognized in the accompanying consolidated financial statements during 2014, but was recognized in segment revenues in prior periods.

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent events	Subsequent events On October 15, 2015, the Board declared a third quarter distribution of $0.37 per share of common stock and OP Unit for the quarter ended on September 30, 2015 . The distributions will be paid on November 13, 2015 to stockholders of record at the close of business on October 30, 2015 .

Summary of significant accoun22

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed 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 condensed 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 condensed 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 periods. 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. Restricted cash is excluded from cash for the purpose of preparing the condensed consolidated statements of cash flows. 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 resident security deposits, as required by law in certain states, and escrow accounts held by lenders for the purpose of paying taxes, insurance, principal and interest and funding capital improvements.
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 joint venture University Village-Greensboro LLC (see Note 5), 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. As of September 30, 2015 and December 31, 2014 , the outstanding balance was $0.5 million and $0.4 million , respectively. The loan is secured by CPA's interest in the joint venture. On March 20, 2015, the Trust provided a $1.7 million promissory loan to Concord Eastridge, Inc, the Trust's partner in the joint venture at Roosevelt Point, at an interest rate equal to 2% plus London InterBank Offered Rate ("LIBOR") per annum compounded monthly and a maturity date of March 1, 2017. The loan is secured by Concord Eastridge's interest in the joint venture. As of September 30, 2015 , $1.7 million was outstanding.
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. For assets under development, the Trust capitalizes interest and internal development costs as assets under development. Capitalized interest is determined using the weighted average interest costs of total debt. 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 and are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income. 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 three and nine months ended September 30, 2014 , the Trust recorded a $1.0 million and $12.7 million loss on impairment of collegiate housing properties, respectively. The impairment losses were 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. Only dispositions that represent a strategic shift in the business will qualify for treatment as discontinued operations. The four property dispositions during the nine months ended September 30, 2014 did not qualify for treatment as discontinued operations.
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 and units of limited partnership interest in University Towers Operating Partnership, LP and in the Operating Partnership in the mezzanine section of the accompanying condensed consolidated balance sheets. In the accompanying condensed 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 noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the common share price of EdR 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 condensed 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.
Debt premiums	Debt premiums Differences between the estimated fair value of debt and the principal value of debt assumed in connection with collegiate housing property acquisitions are amortized over the term of the related debt as an offset to interest expense using the effective interest method. As of September 30, 2015 and December 31, 2014 , net unamortized debt premiums totaled $0.9 million and $1.5 million , respectively. These amounts are included in mortgage and construction loans in the accompanying condensed consolidated balance sheets.
Income taxes	Income taxes EdR qualifies as a REIT under the Internal Revenue Code of 1986, as amended (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. The Management Company provides management services and through the 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.
Goodwill and other intangible assets	Goodwill and other intangible assets Goodwill is not subject to amortization, but is tested annually for impairment 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 as of December 31, 2008 was $0.4 million . No additional impairment has been recorded through September 30, 2015 . The carrying value of goodwill was $3.1 million as of September 30, 2015 and December 31, 2014 , of which $2.1 million was recorded on the management services segment and $0.9 million was recorded on the development consulting services segment. Other intangible assets generally include in-place leases acquired in connection with acquisitions and are amortized over the estimated life of the lease/contract term.
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 condensed consolidated balance sheets (see Note 5).
Stock based compensation	Stock-based compensation On May 4, 2011, the Trust’s stockholders approved the Education Realty Trust, Inc. 2011 Omnibus Equity Incentive Plan (the “2011 Plan”). The 2011 Plan replaced the Education Realty Trust, Inc. 2004 Incentive Plan (“2004 Plan”) in its entirety. The 2011 Plan is described more fully in Note 9. Compensation costs related to share-based payments are recognized in the accompanying condensed 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 earnings available to common stockholders 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. 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. Earnings per OP Unit - EROP Basic earnings per unit is calculated by dividing net earnings available to unitholders by the weighted average number of 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. EROP follows the authoritative guidance regarding the determination of whether certain instruments are participating securities.
Fair value measurements	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. 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.
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 6 and 10). 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 April 2015, the FASB issued ASU 2015-03, " Interest - Imputation of Interest (Subtopic 835-30) " ("ASU 2015-03"). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in ASU 2015-03. In August 2015, the FASB issued ASU 2015-15 to supplement the requirements of ASU 2015-03 by allowing an entity to defer and present debt issuance costs related to a line of credit arrangement as an asset and subsequently amortize the deferred cost ratably over the term of the line of credit. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years, with retrospective application required. The Trust is currently evaluating the provisions of this guidance. In February 2015, the FASB issued ASU 2015-02, " Consolidation (Topic 810) " ("ASU 2015-02"), which amends the consolidation requirements in ASC 810, Consolidation . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years and permits the use of either the retrospective or cumulative effect transition method. The Trust is currently evaluating the provisions of this guidance. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606) " ("ASU 2014-09"). 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 either the retrospective or cumulative effect transition method. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Trust is currently evaluating the provisions of this guidance.

Acquisition and development o23

Acquisition and development of real estate investments (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the year ended December 31, 2014 , the following collegiate housing property acquisitions were completed: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) 109 Tower Florida International University Miami, Florida Aug 2014 542 149 $ 43,500 District on Apache Arizona State University Tempe, Arizona Sept 2014 900 279 $ 89,800 During the nine months ended September 30, 2015 , the Trust completed the following two collegiate housing property acquisitions: Acquisition Contract Price Name Primary University Served Date # of Beds # of Units (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 Sept 2015 317 84 $ 48,800
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 A summary follows of the fair values of the assets acquired and the liabilities assumed as of the dates of the acquisitions (in thousands): 109 Tower District on Apache Total Collegiate housing properties $ 43,384 $ 89,216 $ 132,600 In-place leases — 643 643 Other assets 200 36 236 Current liabilities (746 ) (1,341 ) (2,087 ) Total net assets acquired $ 42,838 $ 88,554 $ 131,392
Acquisitions Revenue Net Income and Earnings Per Share of Combined Entity had Acquisition Date Been as of Beginning of Period	The unaudited pro forma information had the acquisition date been January 1, 2014 is as follows (in thousands, except per share and per unit amounts): Nine months ended September 30, 2015 2014 Total revenue $ 182,238 $ 160,311 Net income attributable to the Trust $ 6,210 $ 24,767 Net income attributable to common shareholders - basic $ 0.13 $ 0.60 Net income attributable to common shareholders - diluted $ 0.13 $ 0.59 Net income attributable to EROP $ 6,248 $ 25,024 Net income attributable to unitholders - basic and diluted $ 0.13 $ 0.60 The unaudited pro forma information had the acquisition date been January 1, 2013 is as follows (in thousands, except per share and per unit amounts): Nine months ended September 30, 2014 Total revenue (1) $ 165,458 Net income attributable to the Trust (1) $ 28,383 Net income attributable to common shareholders - basic $ 0.69 Net income attributable to common shareholders - diluted $ 0.68 Net income attributable to EROP (1) $ 28,664 Net income attributable to unitholders - basic and diluted $ 0.69 (1) As the 109 Tower opened for 2014/2015 lease year, the supplemental pro forma revenue and net income for the period between January 1, 2014 to September 30, 2014 only includes its operations from the date it opened.
Development of Collegiate Housing Properties	The costs incurred to date represent the balance capitalized in collegiate housing properties, net as of September 30, 2015 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2015 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2015 Three months ended September 30, 2015 Woodland Glen III, IV & V University of Kentucky 1,610 $ 102,991 $ 353 $ 2,414 $ 163 $ 558 The Oaks on the Square - Phase IV University of Connecticut 391 44,005 301 633 193 228 The Retreat at Louisville (1) University of Louisville 656 43,923 176 568 60 186 Total - owned communities 2,657 190,919 830 3,615 416 972 Georgia Heights (2) University of Georgia 292 51,227 216 273 89 54 Total joint ventures 292 51,227 216 273 89 54 Total 2,949 $ 242,146 $ 1,046 $ 3,888 $ 505 $ 1,026 (1) In June 2014, the Trust announced an agreement with a subsidiary of Landmark Property Holdings, LLC ("Landmark") to develop, own and manage cottage-style collegiate housing property adjacent to The University of Louisville. The Trust is the majority owner and managing member of the joint venture. (2) In 2013, the Trust entered into an agreement to develop, own and manage a mixed-use development adjacent to the main entrance of the University of Georgia. The costs above represent total costs incurred for the joint venture development. The Trust holds a 50% interest in the joint venture and manages the community. The Trust does not consolidate the joint venture and its investment in the community of $10.5 million and $10.2 million as of September 30, 2015 and December 31, 2014 , respectively, is classified as other assets in the accompanying condensed consolidated balance sheets. During 2014 , the Trust developed the following communities which opened during the 2014/2015 lease year. The costs incurred to date represent the balance capitalized in collegiate housing properties, net as of December 31, 2014 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of December 31, 2014 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2014 Three months ended September 30, 2014 The Lotus (1) University of Colorado 195 $ 27,800 $ 131 $ 254 $ 34 $ 81 Haggin Hall (2) University of Kentucky 396 23,840 121 319 60 110 Champions Court I (2) University of Kentucky 740 47,368 145 778 81 233 Champions Court II (2) University of Kentucky 427 24,329 96 405 20 123 Woodland Glen I & II (2) University of Kentucky 818 45,730 146 714 80 222 605 West (3) Duke University 384 45,258 84 607 12 174 The Oaks on the Square - Phase III (4) University of Connecticut 116 12,482 124 156 73 44 Total owned communities 3,076 226,807 847 3,233 360 987 The Marshall (5) University of Minnesota 994 93,976 96 383 27 110 Total joint ventures 994 93,976 96 383 27 110 Total 4,070 $ 320,783 $ 943 $ 3,616 $ 387 $ 1,097 (1) In November 2011, the Trust purchased a collegiate housing property near the University of Colorado, Boulder ("The Lotus"). The Trust developed additional housing on the existing land, which opened for the 2014/2015 lease year. (2) In December 2011, the Trust was selected by the University of Kentucky to develop, own and manage new collegiate housing on its campus. This project will be financed through the ONE Plan SM . Phase I opened in August 2013 and Phase II, which includes these communities, opened for the 2014-2015 lease year. The third phase opened in August 2015. (3) In March 2013, the Trust announced an agreement with Javelin 19 Investments, LLC ("Javelin 19") to develop, own and manage 605 West, a new collegiate housing property near Duke University. The Trust is the majority owner and managing member of the joint venture and manages the community, which opened in August 2014. For a period of five years from the date on which the property receives its initial certificate of occupancy, Javelin 19 has the right to require the Trust to purchase Javelin 19’s 10% interest in the joint venture at a price to be determined. (4) In 2010, LeylandAlliance LLC and the Trust entered into an agreement to develop the first two phases of Storrs Center, a mixed-use town center project, adjacent to the University of Connecticut. The Trust developed, owns and manages the collegiate housing properties in these first two phases and both phases include commercial and residential offerings. The first phase opened in August 2012 and the second phase opened in August 2013. LeylandAlliance LLC and the Trust subsequently entered into additional agreements to develop the third and fourth phases of the project. The third phase opened in August 2014 and the fourth phase opened in August 2015. (5) In 2012, Trust entered into an agreement to develop, own and manage a mixed-use development located two blocks from University of Minnesota. The costs above represent total costs incurred for the joint venture development. The Trust holds a 50% interest in the joint venture and manages the community, which opened in August 2014. The Trust does not consolidated the joint venture and its investment in the community of $17.2 million and $18.4 million as of September 30, 2015 and December 31, 2014 , respectively, is classified as other assets in the accompanying condensed consolidated balance sheets. The following represents a summary of active developments as of September 30, 2015 , including development costs and costs capitalized (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2015 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2015 Three months ended September 30, 2015 Limestone Park I & II University of Kentucky 1,141 $ 39,571 $ 276 $ 586 $ 82 $ 283 Retreat at Oxford - Phase II University of Mississippi 350 8,998 44 112 14 59 University Flats University of Kentucky 771 5,752 161 27 87 25 Honors College University of Kentucky 350 307 — — — — Boise State University Boise State University 656 173 26 — 26 — Retreat at Blacksburg - Phase I & II Virginia Tech 829 15,563 79 56 74 56 Total active projects under development 4,097 $ 70,364 $ 586 $ 781 $ 283 $ 423

Investments in unconsolidated24

Investments in unconsolidated entities (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Results of Operations of Unconsolidated Joint Ventures Limited Liability Companies and Limited Partnerships	The following is a summary of the results of operations related to the Trust's unconsolidated joint ventures for the nine months ended September 30, 2015 and 2014 (in thousands): Results of Operations of Unconsolidated Entities: For the nine months ended September 30, 2015 2014 Revenues $ 26,776 $ 22,006 Net loss $ (1,766 ) $ (1,246 ) Equity in losses of unconsolidated entities $ (823 ) $ (370 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Mortgage and Construction Notes Payable	As of September 30, 2015 and December 31, 2014 , mortgage and construction notes payable consist of the following, which were secured by the underlying collegiate housing properties (amounts in thousands): Outstanding Balance at Property September 30, 2015 December 31, 2014 Interest Rate at September 30, 2015 Interest Rate Type Initial Maturity Date Various Communities (1) $ 21,417 $ 21,696 5.67 % Fixed 1/1/2020 Various Communities (2) 54,793 55,523 6.02 % Fixed 1/1/2019 Various Communities (3) 15,920 16,137 5.45 % Fixed 1/1/2017 Master Secured Credit Facility 92,130 93,356 5.84 % (4) The Suites at Overton Park 23,844 24,216 4.16 % (5) Fixed 4/1/2016 (5) The Centre at Overton Park 22,440 22,697 5.60 % (5) Fixed 1/1/2017 (5) University Towers 33,825 34,000 2.35 % (6) Variable 7/1/2016 (6) Mortgage Debt 80,109 80,913 3.80 % (4) The Retreat at Louisville 33,942 8,114 2.26 % (7) Variable 8/1/2017 (7) The Varsity — 32,420 n/a The Oaks on the Square - Phase IV 25,571 — 2.21 % (8) Variable 10/20/2017 (8) The Retreat at Blacksburg 475 — 2.24 % (9) Variable 2/4/2019 Roosevelt Point — 33,348 n/a Construction Loans 59,988 73,882 2.24 % (4) Total debt / weighted average rate 232,227 248,151 4.20 % (4) Unamortized premium 854 1,486 Total net of unamortized premium 233,081 249,637 Less current portion (58,185 ) (68,675 ) Total long-term debt, net of current portion $ 174,896 $ 180,962 (1) As of September 30, 2015 and December 31, 2014 , the following properties secured this note: The Reserve at Saluki Pointe and River Pointe. (2) As of September 30, 2015 and December 31, 2014 , the following properties secured this note: The Reserve at Athens, The Reserve at Perkins, The Commons at Knoxville and The Reserve on Stinson. (3) As of September 30, 2015 and December 31, 2014 , The Reserve at Columbia secured this note. (4) Represents the weighted average interest rate as of September 30, 2015 . (5) In connection with the acquisitions of The Suites at Overton Park and The Centre at Overton Park during 2012, the Trust assumed fixed-rate mortgage debt. If no event of default occurs, the Trust has the option to extend the maturity dates for one year at a base rate plus a margin of 2.5% . Principal and interest are repaid monthly on these loans. (6) The interest rate per year applicable to the loan is, at the option of the Trust, equal to a prime rate plus a 0.50% margin or LIBOR plus a 2.10% margin and was interest only through July 1, 2015. The loan may be extended for two 12 -month periods, provided that the debt service coverage ratio calculated as of the preceding quarter is at least 1.30 to 1.00 and an extension fee is paid. (7) During 2014, the Trust entered into a $35.7 million construction loan related to the development of a jointly owned cottage-style community located in Louisville, Kentucky (The Retreat at Louisville). The Operating Partnership is the majority owner and will manage the community following its completion. The interest rate per year applicable to the loan is, at the option of the Operating Partnership, equal to a base rate plus a 1.05% margin or LIBOR plus a 2.05% margin and is interest only through August 1, 2017. If certain conditions are met, the Operating Partnership has the option to extend the loan for two one -year extension periods. During the extension periods, if applicable, principal and interest are to be repaid on a monthly basis. (8) During 2014, the Operating Partnership entered into a construction loan of $38.0 million related to the development of the fourth phase of a wholly-owned collegiate housing community in Storrs, Connecticut (The Oaks on the Square - Phase IV). The interest rate per year applicable to the loan is, at the option of the Operating Partnership, equal to a base rate plus a 1.00% margin or LIBOR plus a 2.00% margin and is interest only through October 20, 2017. If certain conditions are met, the Operating Partnership has the option to extend the loan for two one -year extension periods. During the extension periods, if applicable, principal and interest are to be repaid on a monthly basis. (9) During 2015, the Operating Partnership entered into a construction loan of $49.6 million related to the development of a jointly owned cottage-style community located in Blacksburg, Virginia (The Retreat at Blacksburg). The Operating Partnership is the majority owner and will manage the community following its completion. The interest rate per year applicable to the loan is, at the option of the Operating Partnership, equal to a base rate plus a 1.05% margin or LIBOR plus a 2.05% margin and is interest only through February 4, 2019. If certain conditions are met, the Operating Partnership has the option to extend the loan for two one -year extension periods. During the extension periods, if applicable, principal and interest are to be repaid on a monthly basis.
Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness	The scheduled maturities of outstanding indebtedness (excluding the Fifth Amended Revolver) as of September 30, 2015 are as follows (in thousands): Year 2015 (three months ending December 31, 2015) $ 818 2016 59,468 2017 98,575 2018 1,629 2019 117,163 2020 19,574 Thereafter 372,500 Total 669,727 Debt premium 854 Outstanding as of September 30, 2015, net of debt premium $ 670,581

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guaranties	The following summarizes the Operating Partnership's exposure under such guaranties (dollars in thousands): September 30, 2015 December 31, 2014 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 % $ 23,386 n/a $ 5,847 n/a $ 23,643 n/a $ 5,911 n/a The Marshall 50 % 56,575 8,767 28,288 4,384 55,663 8,767 27,832 4,384 Georgia Heights 50 % 26,121 7,230 13,061 3,615 — 7,230 — 3,615

Noncontrolling interests (Table

Noncontrolling interests (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	The following table sets forth activity with the redeemable noncontrolling interests for the nine months ended September 30, 2015 and 2014 (in thousands): Nine months ended September 30, 2015 2014 Beginning balance $ 4,431 $ 2,359 Net loss (19 ) (55 ) Contributions from redeemable noncontrolling interests 26 — Adjustments to report redeemable noncontrolling interests at fair value 496 1,765 Distributions (334 ) (518 ) Ending balance $ 4,600 $ 3,551 Below is a table summarizing the activity of redeemable limited partners' unit for the nine months ended September 30, 2015 and 2014 (in thousands): Nine months ended September 30, 2015 2014 Beginning balance $ 10,081 $ 7,512 Net income 33 261 Distributions (386 ) (282 ) Redemption of operating partnership units (960 ) — Adjustments to report redeemable limited partner units at fair value (918 ) 1,010 Ending balance $ 7,850 $ 8,501

Incentive plans (Tables)

Incentive plans (Tables)	9 Months Ended
	Sep. 30, 2015
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 nine months ended September 30, 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 46,810 (1) $ 27.94 146,911 $ 20.58 — $ — Granted — — — — 155,778 18.83 Vested (17,774 ) 27.76 — (2) — — — Surrendered (3,467 ) 29.72 — — — — Outstanding as of September 30, 2015 25,569 (1) $ 28.32 146,911 $ 20.58 155,778 $ 18.83 (1) Represents unvested shares of restricted stock awards as of the date indicated. (2) On January 1, 2012, the Trust granted a total of $1.1 million of performance vesting RSUs that were denominated in cash and converted into common stock at the end of the performance period to executives and key employees under the 2012 LTIP. On January 1, 2015, the Trust issued 8,754 shares of common stock related to the vesting of the RSUs under the 2012 LTIP.

Derivatives and hedging activ29

Derivatives and hedging activities (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table discloses the effect of the derivative instruments on the condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2015 and 2014 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2015 Interest rate contracts $ (6,121 ) Interest expense $ 2,691 2014 Interest rate contracts $ (5,021 ) Interest expense $ 2,607 The following table discloses the effect of the derivative instruments on the condensed consolidated statements of income and comprehensive income for the three months ended September 30, 2015 and 2014 (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 Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2015 Interest rate contracts $ (3,985 ) Interest expense $ 903 2014 Interest rate contracts $ 423 Interest expense $ 919

Earnings per share_unit (Tables

Earnings per share/unit (Tables)	9 Months Ended
	Sep. 30, 2015
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 share for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator - basic and diluted earnings per share: Net income (loss) attributable to common shareholders $ (4,720 ) $ 21,400 $ 5,138 $ 24,658 Denominator: Basic weighted average shares of common stock outstanding 48,526 46,767 48,406 41,340 OP Units (1) — 277 251 (2 ) 277 University Towers Operating Partnership Units — 69 69 69 Diluted weighted average shares of common stock outstanding 48,526 (3 ) 47,113 48,726 41,686 Earnings per share - basic: Net income (loss) attributable to common shareholders $ (0.10 ) $ 0.46 $ 0.11 $ 0.60 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Earnings per share - diluted: Net income (loss) attributable to common shareholders $ (0.10 ) $ 0.45 $ 0.11 $ 0.59 Distributions declared per common share $ 0.37 $ 0.36 $ 1.09 $ 1.02 (1) In April 2015, the Operating Partnership entered into a Second Amended and Restated Agreement of Limited Partnership. The units presented above have been recast in accordance with the terms of the Second Amended and Restated Agreement of Limited Partnership, taking into account the 1-for-3 reverse stock split that the Trust completed in December 2014. (2) Includes the impact of weighted average number of OP Units outstanding during the period. (3) For the three months ended September 30, 2015, diluted weighted average shares of common stock does not include 249,317 OP Units and 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator - basic and diluted earnings per unit: Net income (loss) attributable to unitholders $ (4,738 ) $ 21,536 $ 5,171 $ 24,915 Denominator: Weighted average units outstanding 48,370 46,767 48,269 41,340 Redeemable Operating Partnership units 249 277 251 277 LTIP units 156 — 137 — Weighted average units outstanding - basic 48,775 47,044 48,657 41,617 Redeemable University Towers Operating Partnership Units — (1 ) 69 69 69 Weighted average units outstanding - diluted 48,775 47,113 48,726 41,686 Earnings per unit - basic and diluted: Net income (loss) attributable to unitholders $ (0.10 ) $ 0.46 $ 0.11 $ 0.60 Distributions declared per unit $ 0.37 $ 0.36 $ 1.09 $ 1.02 (1) For the three months ended September 30, 2015, diluted weighted average shares of common stock does not include 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive.

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
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 as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2015: Derivative financial instruments (liability position) $ 7,894 $ — $ 7,894 $ — Deferred compensation plan assets 364 364 — — December 31, 2014: Derivative financial instruments (liability position) $ 4,465 $ — $ 4,465 $ — Deferred compensation plan assets 520 520 — —
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The table below summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 2,167 $ — $ 2,100 $ — Senior unsecured notes 250,000 — 246,938 — Unsecured revolving credit facility 221,000 — 221,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 93,814 — 93,814 — Fixed rate mortgage and construction loans 138,414 — 153,393 — December 31, 2014 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 375 $ — $ 318 $ — Senior unsecured notes 250,000 — 234,583 — Unsecured revolving credit facility 24,000 — 24,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 107,882 — 107,882 — Fixed rate mortgage and construction loans 140,270 — 154,542 —

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	The following table represents the Trust’s segment information for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 54,725 $ 47,657 $ 168,842 $ 144,677 Collegiate housing leasing operations 28,444 26,920 75,452 70,062 Net operating income $ 26,281 $ 20,737 $ 93,390 $ 74,615 Total segment assets at end of period (1) $ 1,907,740 $ 1,750,705 $ 1,907,740 $ 1,750,705 Development Consulting Services: Third-party development consulting services $ 490 $ 1,124 $ 1,531 $ 2,683 General and administrative 975 692 2,344 1,922 Net operating income (loss) $ (485 ) $ 432 $ (813 ) $ 761 Total segment assets at end of period (2) $ 4,317 $ 4,941 $ 4,317 $ 4,941 Management Services: Third-party management services $ 865 $ 1,052 $ 2,698 $ 2,856 General and administrative 648 630 2,119 1,933 Net operating income $ 217 $ 422 $ 579 $ 923 Total segment assets at end of period (2) $ 11,110 $ 9,106 $ 11,110 $ 9,106 Reconciliations: Segment revenue $ 56,080 $ 49,833 $ 173,071 $ 150,216 Operating expense reimbursements 2,109 2,290 6,571 6,492 Eliminations / adjustments (3) — 2,581 — 2,581 Total segment revenues $ 58,189 $ 54,704 $ 179,642 $ 159,289 Segment operating expenses $ 30,067 $ 28,242 $ 79,915 $ 73,917 Reimbursable operating expenses 2,109 2,290 6,571 6,492 Total segment operating expenses $ 32,176 $ 30,532 $ 86,486 $ 80,409 Segment net operating income $ 26,013 $ 24,172 $ 93,156 $ 78,880 Other unallocated general and administrative expenses (2,830 ) (4,437 ) (10,397 ) (10,629 ) Depreciation and amortization (17,828 ) (14,688 ) (49,605 ) (42,928 ) Ground lease (2,938 ) (2,329 ) (7,956 ) (6,162 ) Loss on impairment of collegiate housing properties — (953 ) — (12,734 ) Nonoperating income (expenses) (6,704 ) 12,393 (18,998 ) 270 Equity in losses of unconsolidated entities (427 ) (236 ) (823 ) (370 ) Income (loss) before income taxes and gain on sale of collegiate housing properties $ (4,714 ) $ 13,922 $ 5,377 $ 6,327 (1) The increase in segment assets related to the collegiate housing segment during the three and nine months ended September 30, 2015 as compared to the same periods in 2014 is primarily related to the opening of five new communities, two property acquisitions and continued development of seven communities for ownership by the Trust. (2) Total segment assets also include goodwill of $2,149 related to management services and $921 related to development consulting services. (3) In 2014, the eliminations / adjustments to segment revenues (specifically to development consulting) is to add the previously deferred development fee recognized relating to the participating project at the Science + Technology Park at Johns Hopkins to total revenues. The related revenue was recognized in the accompanying consolidated financial statements during 2014, but was recognized in segment revenues in prior periods.

Organization and description 33

Organization and description of business - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	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
General partner ownership interest (less than)	1.00%

Summary of significant accoun34

Summary of significant accounting policies - Additional Information (Details)	Nov. 20, 2014	Aug. 26, 2013USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)property	Sep. 30, 2015USD ($)shares	Mar. 20, 2015USD ($)	Dec. 31, 2014USD ($)shares	Oct. 31, 2014USD ($)	Dec. 31, 2008USD ($)
Significant Accounting Policies [Line Items]
Cash on deposit uninsured by the FDIC			$ 11,300,000		$ 11,300,000		$ 11,300,000
Promissory note receivable		$ 500,000
Notes receivable, interest rate (percent)		10.00%
Due from related party			500,000		500,000		$ 500,000		$ 400,000
Loss on impairment of collegiate housing properties			$ 0	$ 953,000	$ 0	$ 12,734,000
Common stock, shares issued (shares) | shares			48,362,091		48,362,091		48,362,091		47,999,427
Proceeds from issuance of common stock					$ 10,881,000	$ 271,461,000
Reverse stock split conversion ratio (as a percent)	0.3333
Mortgage and construction loans, unamortized debt premiums			$ 854,000		$ 854,000		$ 854,000		$ 1,500,000
Taxable income that needs to be distributed to stockholders in order to avoid federal, state and local income taxes (percent)			90.00%		90.00%		90.00%
Goodwill accumulated impairment loss											$ 400,000
Goodwill impairment							$ 0
Goodwill carrying value			$ 3,100,000		$ 3,100,000		3,100,000		3,100,000
Carrying value of other intangible assets			300,000		300,000		300,000		400,000
Operating Segments | Management Services
Significant Accounting Policies [Line Items]
Goodwill carrying value			2,149,000		2,149,000		2,149,000		2,100,000
Operating Segments | Development Consulting Services
Significant Accounting Policies [Line Items]
Goodwill carrying value			$ 921,000		$ 921,000		$ 921,000		$ 900,000
Collegiate Housing Properties or Leaseholds
Significant Accounting Policies [Line Items]
Number of properties sold (properties) | property						4
Equity Distribution Agreement 2014
Significant Accounting Policies [Line Items]
At-the-market equity offering program, authorized amount										$ 150,000,000
Common stock, shares issued (shares) | shares			300,000		300,000		300,000
Proceeds from issuance of common stock					$ 10,800,000
Maximum
Significant Accounting Policies [Line Items]
Maturity period of highly-liquid investments classified as cash equivalents					3 months
Buildings and Improvements | Minimum
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life					15 years
Buildings and Improvements | Maximum
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life					40 years
Land Improvements
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life					15 years
Furniture, Fixtures and Equipment | Minimum
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life					3 years
Furniture, Fixtures and Equipment | Maximum
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life					7 years
Co-venturer
Significant Accounting Policies [Line Items]
Promissory note receivable								$ 1,700,000
Due from related party			$ 1,700,000		$ 1,700,000		$ 1,700,000
Basis spread on variable rate (percent)								2.00%

Acquisition and development o35

Acquisition and development of real estate investments - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Number of properties acquired (properties) | property	2
Acquisition costs		$ 900
Working capital and other assets acquired but not part of the contractual purchase price	$ 600	200
Contract Price	58,500
Fair values of assets acquired	58,146	132,600
Current liabilities assumed	714	2,087
Net asset value acquired		131,200
Assets	1,976,355	$ 1,811,637
The Retreat at Oxford
Business Acquisition [Line Items]
Ownership percentage purchase		30.00%
General and Administrative Expense
Business Acquisition [Line Items]
Acquisition costs	$ 200
Variable Interest Entity, Primary Beneficiary [Member]
Business Acquisition [Line Items]
Variable Interest Entity, Termination Period	180 days
Assets	$ 49,000

Acquisition and development o36

Acquisition and development of real estate investments - Collegiate Housing Community Acquisitions (Details) $ in Thousands	1 Months Ended				9 Months Ended
	Sep. 30, 2015USD ($)bedunit	Jun. 30, 2015USD ($)bedunit	Sep. 30, 2014USD ($)bedunit	Aug. 31, 2014USD ($)bedunit	Sep. 30, 2015USD ($)bedunit
Business Acquisition [Line Items]
Number of beds (beds) | bed	2,949				2,949
Contract Price					$ 58,500
The Commons on Bridge
Business Acquisition [Line Items]
Primary University Served		University of Tennessee Knoxville, Tennessee
Acquisition Date		2015-06
Number of beds (beds) | bed		150,000
Number of units (units) | unit		51,000
Contract Price		$ 9,700
The Province at Boulder
Business Acquisition [Line Items]
Primary University Served	University of Colorado Boulder, Colorado
Acquisition Date	2015-09
Number of beds (beds) | bed	317,000				317,000
Number of units (units) | unit	84,000				84,000
Contract Price	$ 48,800
109 Tower
Business Acquisition [Line Items]
Primary University Served				Florida International University Miami, Florida
Acquisition Date				2014-08
Number of beds (beds) | bed				542
Number of units (units) | unit				149
Contract Price				$ 43,500
District on Apache
Business Acquisition [Line Items]
Primary University Served			Arizona State University Tempe, Arizona
Acquisition Date			2014-09
Number of beds (beds) | bed			900
Number of units (units) | unit			279
Contract Price			$ 89,800

Acquisition and development o37

Acquisition and development of real estate investments - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Aug. 31, 2014
Business Acquisition [Line Items]
Collegiate housing properties		$ 58,146		$ 132,600
In-place leases		354		643
Other assets		90		236
Current liabilities		(714)		(2,087)
Total net assets acquired		57,876		$ 131,392
Contracted purchase price	$ 133,300
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
109 Tower
Business Acquisition [Line Items]
Collegiate housing properties					$ 43,384
In-place leases					0
Other assets					200
Current liabilities					(746)
Total net assets acquired					$ 42,838
District on Apache
Business Acquisition [Line Items]
Collegiate housing properties	89,216
In-place leases	643
Other assets	36
Current liabilities	(1,341)
Total net assets acquired	$ 88,554

Acquisition and development o38

Acquisition and development of real estate investments - Pro Forma Revenue and Net Loss of Combined Entity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
2015 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenue	$ 182,238	$ 160,311
Net income	$ 6,210	$ 24,767
Net income attributable to common shareholders/unitholders - basic (usd per share)	$ 0.13	$ 0.60
Net income attributable to common shareholders/unitholders - diluted (usd per share)	$ 0.13	$ 0.59
2015 Acquisitions | Education Realty Operating Partnership L.P.
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income	$ 6,248	$ 25,024
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)	$ 0.13	$ 0.60
2014 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenue		$ 165,458
Net income		$ 28,383
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)		$ 0.69
2014 Acquisitions | Education Realty Operating Partnership L.P.
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income		$ 28,664
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)		$ 0.69

Acquisition and development o39

Acquisition and development of real estate investments - Development of collegiate housing properties (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2014	Sep. 30, 2015USD ($)bed	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)bed	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)bed
Real Estate Properties [Line Items]
Bed Count (beds) | bed		2,949		2,949
Costs Incurred		$ 242,146		$ 242,146
Internal Development Costs Capitalized		505		1,046
Interest Costs Capitalized		$ 1,026		$ 3,888
Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		4,097		4,097
Costs Incurred		$ 70,364		$ 70,364
Internal Development Costs Capitalized		283		586
Interest Costs Capitalized		$ 423		$ 781
Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed		2,657		2,657
Costs Incurred		$ 190,919		$ 190,919
Internal Development Costs Capitalized		416		830
Interest Costs Capitalized		$ 972		$ 3,615
Joint Venture Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed		292		292
Costs Incurred		$ 51,227		$ 51,227
Internal Development Costs Capitalized		89		216
Interest Costs Capitalized		$ 54		273
The Lotus | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						195
Costs Incurred						$ 27,800
Internal Development Costs Capitalized			$ 34		$ 131
Interest Costs Capitalized			81		254
Haggin Hall | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						396
Costs Incurred						$ 23,840
Internal Development Costs Capitalized			60		121
Interest Costs Capitalized			110		319
Champions Court I | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						740
Costs Incurred						$ 47,368
Internal Development Costs Capitalized			81		145
Interest Costs Capitalized			233		778
Champions Court II | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						427
Costs Incurred						$ 24,329
Internal Development Costs Capitalized			20		96
Interest Costs Capitalized			123		405
Woodland Glen I & II | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						818
Costs Incurred						$ 45,730
Internal Development Costs Capitalized			80		146
Interest Costs Capitalized			222		714
605 West
Real Estate Properties [Line Items]
Joint venture purchase option period	5 years
Joint venture purchase option percentage	10.00%
605 West | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						384
Costs Incurred						$ 45,258
Internal Development Costs Capitalized			12		84
Interest Costs Capitalized			174		607
The Oaks on the Square - Phase III | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						116
Costs Incurred						$ 12,482
Internal Development Costs Capitalized			73		124
Interest Costs Capitalized			44		156
The Marshall
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by Parent						50.00%
Payments to noncontrolling interest				$ 17,200		$ 18,400
The Marshall | Joint Venture Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						994
Costs Incurred						$ 93,976
Internal Development Costs Capitalized			27		96
Interest Costs Capitalized			110		383
Developments In 2014
Real Estate Properties [Line Items]
Bed Count (beds) | bed						4,070
Costs Incurred						$ 320,783
Internal Development Costs Capitalized			387		943
Interest Costs Capitalized			1,097		3,616
Developments In 2014 | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						3,076
Costs Incurred						$ 226,807
Internal Development Costs Capitalized			360		847
Interest Costs Capitalized			987		3,233
Developments In 2014 | Joint Venture Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed						994
Costs Incurred						$ 93,976
Internal Development Costs Capitalized			27		96
Interest Costs Capitalized			$ 110		$ 383
Woodland Glen III, IV & V | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed		1,610		1,610
Costs Incurred		$ 102,991		$ 102,991
Internal Development Costs Capitalized		163		353
Interest Costs Capitalized		$ 558		$ 2,414
The Oaks On The Square - Phase IV | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed		391		391
Costs Incurred		$ 44,005		$ 44,005
Internal Development Costs Capitalized		193		301
Interest Costs Capitalized		$ 228		$ 633
Retreat at Louisville | Owned Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed		656		656
Costs Incurred		$ 43,923		$ 43,923
Internal Development Costs Capitalized		60		176
Interest Costs Capitalized		$ 186		$ 568
Georgia Heights
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by Parent		50.00%		50.00%
Payments to noncontrolling interest				$ 10,500		$ 10,200
Georgia Heights | Joint Venture Properties
Real Estate Properties [Line Items]
Bed Count (beds) | bed		292		292
Costs Incurred		$ 51,227		$ 51,227
Internal Development Costs Capitalized		89		216
Interest Costs Capitalized		$ 54		$ 273
Limestone Park I & II | Owned Properties | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		1,141		1,141
Costs Incurred		$ 39,571		$ 39,571
Internal Development Costs Capitalized		82		276
Interest Costs Capitalized		$ 283		$ 586
The Retreat at Oxford - Phase II | Owned Properties | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		350		350
Costs Incurred		$ 8,998		$ 8,998
Internal Development Costs Capitalized		14		44
Interest Costs Capitalized		$ 59		$ 112
University Flats | Owned Properties | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		771		771
Costs Incurred		$ 5,752		$ 5,752
Internal Development Costs Capitalized		87		161
Interest Costs Capitalized		$ 25		$ 27
Honors College | Owned Properties | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		350		350
Costs Incurred		$ 307		$ 307
Internal Development Costs Capitalized		0		0
Interest Costs Capitalized		$ 0		$ 0
Boise State University | Owned Properties | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		656		656
Costs Incurred		$ 173		$ 173
Internal Development Costs Capitalized		26		26
Interest Costs Capitalized		$ 0		$ 0
Retreat at Blacksburg - Phase I & II | Owned Properties | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Bed Count (beds) | bed		829		829
Costs Incurred		$ 15,563		$ 15,563
Internal Development Costs Capitalized		74		79
Interest Costs Capitalized		$ 56		$ 56

Disposition of real estate in40

Disposition of real estate investments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)bedcommunity
Discontinued Operations and Disposal Groups [Abstract]
Number Of housing communities sold during period | community				4
Number of beds sold | bed				2,736
Disposition of real estate investments, sales price				$ 71,700
Proceeds from sale of real estate				52,200
Repayments of mortgage debt				16,700
Gain on sale of collegiate housing properties	$ 0	$ 8,421	$ 0	$ 19,322

Investments in unconsolidated41

Investments in unconsolidated entities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities
Schedule of Equity Method Investments [Line Items]
Investments classified in accrued expenses	$ 1.9	$ 1.7
Other Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 28.5	$ 29.5
MN Holdings, Llc
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
West Clayton Athens GA Owner LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
University Village-Greensboro LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%
Elauwit Networks
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.00%	10.00%

Investments in unconsolidated42

Investments in unconsolidated entities - Financial Information of Unconsolidated Joint Ventures Limited Liability Companies and Limited Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Revenues			$ 26,776	$ 22,006
Net loss			(1,766)	(1,246)
Equity in losses of unconsolidated entities	$ (427)	$ (236)	$ (823)	$ (370)

Debt - Additional Information (

Debt - Additional Information (Details)	Nov. 24, 2014USD ($)	Nov. 19, 2014USD ($)	Sep. 30, 2015USD ($)period	Dec. 31, 2014USD ($)period	Jun. 08, 2015USD ($)	Mar. 20, 2015USD ($)	Jan. 13, 2014USD ($)
Debt Instrument [Line Items]
Line of credit facility, amount outstanding			$ 221,000,000	$ 24,000,000
Long-term Debt, Gross			669,727,000
Long-term Debt			670,581,000
Construction debt
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 59,988,000	73,882,000
Retreat at Louisville
Debt Instrument [Line Items]
Maturity extension period			1 year
Number of loan extension periods | period			2
Long-term Debt				35,700,000
The Retreat at Blacksburg
Debt Instrument [Line Items]
Maturity extension period			1 year
Number of loan extension periods | period			2
Base Rate | The Suites at Overton Park
Debt Instrument [Line Items]
Margin on variable interest rate			2.50%
Fixed Rate Mortgage Debt | The Suites at Overton Park
Debt Instrument [Line Items]
Maturity extension period			1 year
Mortgage debt | University Towers
Debt Instrument [Line Items]
Maturity extension period			12 months
Number of loan extension periods | period			2
Debt service ratio			1.30
Mortgage debt | Prime Rate | University Towers
Debt Instrument [Line Items]
Margin on variable interest rate			0.50%
Mortgage debt | LIBOR Rate | University Towers
Debt Instrument [Line Items]
Margin on variable interest rate			2.10%
Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Debt Instrument, Accordion Feature, Maximum Allowable Increase		$ 250,000,000
Line of credit facility, amount outstanding			$ 221,000,000	$ 24,000,000
Covenant dividend payout			95.00%
Education Realty Operating Partnership L.P. | The Varsity | Construction debt
Debt Instrument [Line Items]
Interest rate					1.78%
Outstanding construction loan					$ 32,400,000
Education Realty Operating Partnership L.P. | The Oaks On The Square - Phase IV | Construction debt
Debt Instrument [Line Items]
Maturity extension period				1 year
Number of loan extension periods | period				2
Outstanding construction loan				$ 38,000,000
Education Realty Operating Partnership L.P. | The Retreat at Blacksburg | Construction debt
Debt Instrument [Line Items]
Outstanding construction loan			$ 49,600,000
Education Realty Operating Partnership L.P. | Roosevelt Point | Construction debt
Debt Instrument [Line Items]
Interest rate						2.44%
Outstanding construction loan						$ 33,300,000
Education Realty Operating Partnership L.P. | Interest Rate Swap | Swap
Debt Instrument [Line Items]
Derivative Liability, Notional Amount							$ 187,500,000
Education Realty Operating Partnership L.P. | Base Rate | The Oaks On The Square - Phase IV | Construction debt
Debt Instrument [Line Items]
Margin on variable interest rate				1.00%
Education Realty Operating Partnership L.P. | Base Rate | The Retreat at Blacksburg
Debt Instrument [Line Items]
Margin on variable interest rate			1.05%
Education Realty Operating Partnership L.P. | LIBOR Rate | The Oaks On The Square - Phase IV | Construction debt
Debt Instrument [Line Items]
Margin on variable interest rate				2.00%
Education Realty Operating Partnership L.P. | LIBOR Rate | The Retreat at Blacksburg
Debt Instrument [Line Items]
Margin on variable interest rate			2.05%
Credit Agreement | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 187,500,000
Credit Agreement Tranche A | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Debt term		7 years
Long-term Debt, Gross		$ 122,500,000
Interest rate			3.85%
Credit Agreement Tranche A | Education Realty Operating Partnership L.P. | Unsecured Debt | Interest Rate Swap | Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate			2.30%
Derivative, Average Fixed Interest Rate Margin			1.55%
Credit Agreement Tranche A | Education Realty Operating Partnership L.P. | Unsecured Debt | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Margin on variable interest rate		1.55%
Credit Agreement Tranche A | Education Realty Operating Partnership L.P. | Unsecured Debt | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Margin on variable interest rate		2.25%
Credit Agreement Tranche B | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Debt term		5 years
Long-term Debt, Gross		$ 65,000,000
Interest rate			2.86%
Credit Agreement Tranche B | Education Realty Operating Partnership L.P. | Unsecured Debt | Interest Rate Swap | Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate			1.66%
Derivative, Average Fixed Interest Rate Margin			1.20%
Credit Agreement Tranche B | Education Realty Operating Partnership L.P. | Unsecured Debt | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Margin on variable interest rate		1.20%
Credit Agreement Tranche B | Education Realty Operating Partnership L.P. | Unsecured Debt | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Margin on variable interest rate		1.90%
Senior Unsecured Notes Due 2024 | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Debt term	10 years
Face amount of debt	$ 250,000,000
Debt Instrument, Percentage Of Par Value	99.991%
Debt Instrument, Interest Rate, Stated Percentage	4.60%
Revolving Credit Facility | Fifth Amended Revolver | Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Revolving credit facility, maximum availability		$ 500,000,000
Debt Instrument, Accordion Feature, Maximum Allowable Increase		$ 1,000,000,000
Debt term		4 years
Line of credit facility, interest rate			1.45%
Line of credit facility, amount outstanding			$ 221,000,000
Line of credit facility, remaining borrowing base availability			$ 279,000,000

Debt - Mortgage and Constructio

Debt - Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 669,727
Unamortized premium	854	$ 1,500
Total net of unamortized premium	670,581
Master Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 92,130	93,356
Interest Rate	5.84%
Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 80,109	80,913
Interest Rate	3.80%
Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 59,988	73,882
Interest Rate	2.24%
All Mortgage Loans On Real Estate
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 232,227	248,151
Unamortized premium	854	1,486
Total net of unamortized premium	233,081	249,637
Less current portion	(58,185)	(68,675)
Total long-term debt, net of current portion	$ 174,896	180,962
Interest Rate	4.20%
The Reserve at Saluki Pointe and River Pointe | Master Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 21,417	21,696
Interest Rate	5.67%
Initial Maturity Date	Jan. 1, 2020
The Reserve at Athens, The Reserve at Perkins, The Commons at Knoxville and the Reserve on Stinson | Master Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 54,793	55,523
Interest Rate	6.015%
Initial Maturity Date	Jan. 1, 2019
The Reserve at Columbia | Master Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 15,920	16,137
Interest Rate	5.45%
Initial Maturity Date	Jan. 1, 2017
The Suites at Overton Park | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 23,844	24,216
Interest Rate	4.16%
Initial Maturity Date	Apr. 1, 2016
The Centre at Overton Park | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 22,440	22,697
Interest Rate	5.60%
Initial Maturity Date	Jan. 1, 2017
University Towers | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 33,825	34,000
Interest Rate	2.35%
Initial Maturity Date	Jul. 1, 2016
Retreat at Louisville | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 33,942	8,114
Interest Rate	2.26%
Initial Maturity Date	Aug. 1, 2017
The Varsity | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 0	32,420
The Oaks On The Square - Phase IV | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 25,571	0
Interest Rate	2.21%
Initial Maturity Date	Oct. 20, 2017
The Retreat at Blacksburg | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 475	0
Interest Rate	2.24%
Roosevelt Point | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 0	$ 33,348

Debt - Schedule of Repayment (D

Debt - Schedule of Repayment (Details) - Construction Loans - Education Realty Operating Partnership L.P. - USD ($) $ in Millions	Jun. 08, 2015	Mar. 20, 2015
Roosevelt Point
Debt Instrument [Line Items]
Principal balance		$ 33.3
Interest rate		2.44%
The Varsity
Debt Instrument [Line Items]
Principal balance	$ 32.4
Interest rate	1.78%

Debt - Scheduled Maturities of

Debt - Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2015 (three months ending December 31, 2015)	$ 818
2,016	59,468
2,017	98,575
2,018	1,629
2,019	117,163
2,020	19,574
Thereafter	372,500
Total	669,727
Debt premium	854	$ 1,500
Total net of unamortized premium	$ 670,581

Commitments and contingencies -

Commitments and contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Oct. 31, 2014	Sep. 30, 2014	Jul. 14, 2010
Commitments and Contingencies Disclosure [Line Items]
Guarantee fee revenue	$ 22,699	$ 17,301
Construction debt	233,081	249,637
Line of credit facility, amount outstanding	221,000	24,000
Loss contingency, damages sought	1,600
Reimbursable predevelopment costs	1,800	1,700
Science & Technology Park at Johns Hopkins Medical Institute
Commitments and Contingencies Disclosure [Line Items]
Loan Balance					$ 42,000
Guarantee fee revenue				$ 3,000	$ 3,000
Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Guarantee fee revenue	22,699	17,301
Construction debt	233,081	249,637
Line of credit facility, amount outstanding	$ 221,000	24,000
Education Realty Operating Partnership L.P. | University Village - Greensboro
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%
Education Realty Operating Partnership L.P. | University Village - Greensboro | Joint Venture Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	$ 23,386	23,643
Education Realty Operating Partnership L.P. | University Village - Greensboro | Partnership Interest Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	$ 5,847	5,911
Education Realty Operating Partnership L.P. | The Marshall
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	50.00%
Education Realty Operating Partnership L.P. | The Marshall | Joint Venture Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	$ 56,575	55,663
Partial Repayment Guarantee	8,767	8,767
Education Realty Operating Partnership L.P. | The Marshall | Partnership Interest Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	28,288	27,832
Partial Repayment Guarantee	$ 4,384	4,384
Education Realty Operating Partnership L.P. | Georgia Heights
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	50.00%
Education Realty Operating Partnership L.P. | Georgia Heights | Joint Venture Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	$ 26,121
Partial Repayment Guarantee	7,230	7,230
Education Realty Operating Partnership L.P. | Georgia Heights | Partnership Interest Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	13,061
Partial Repayment Guarantee	3,615	$ 3,615
Operating Partnership and LeylandAlliance LLC | The Oaks on the Square Project
Commitments and Contingencies Disclosure [Line Items]
Construction debt			$ 38,000
Line of credit facility, amount outstanding	30,900
Operating Partnership and LeylandAlliance LLC | The Oaks on the Square Project | Co-venturer
Commitments and Contingencies Disclosure [Line Items]
Line of credit facility, amount outstanding	$ 5,400
University Towers Operating Partnership LP | Minimum
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%

Noncontrolling interests - Addi

Noncontrolling interests - Additional Information (Details) $ in Thousands	Aug. 29, 2014USD ($)	Apr. 15, 2014USD ($)	Sep. 30, 2015joint_ventureshares	Sep. 30, 2014shares	Sep. 30, 2015USD ($)joint_ventureshares	Sep. 30, 2014USD ($)shares
Redeemable Noncontrolling Interest [Line Items]
Number of units redeemed (shares)					25,000
Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Number of new joint venture agreements | joint_venture			4		4
Payments to noncontrolling interest | $					$ 881	$ 800
Redeemable operating partnership units (shares)			249,000	277,000	251,000	277,000
Education Realty Operating Partnership L.P. | Redeemable University Towers Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Total potentially dilutive securities (shares)			69,086		69,086
Education Realty Operating Partnership L.P. | Collegiate Housing Community At University Of Mississippi Campus Retreat
Redeemable Noncontrolling Interest [Line Items]
Payments to noncontrolling interest | $	$ 8,500
Education Realty Operating Partnership L.P. | Roosevelt Point
Redeemable Noncontrolling Interest [Line Items]
Payments to noncontrolling interest | $		$ 800
Joint venture, ownership percentage		95.00%
Joint Venture | Collegiate Housing Community At University Of Mississippi Campus Retreat
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage purchase	30.00%

Noncontrolling interests - Acti

Noncontrolling interests - Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 14,512
Adjustments to report redeemable limited partner units at fair value	(422)	$ 2,775
Ending balance	12,450
Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	4,431	2,359
Net income	(19)	(55)
Contributions from redeemable noncontrolling interests	26	0
Adjustments to report redeemable limited partner units at fair value	496	1,765
Distributions	(334)	(518)
Ending balance	4,600	3,551
Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	10,081	7,512
Net income	33	261
Redemption of operating partnership units	(960)	0
Adjustments to report redeemable limited partner units at fair value	(918)	1,010
Distributions	(386)	(282)
Ending balance	$ 7,850	$ 8,501

Incentive plans - Additional In

Incentive plans - Additional Information (Details) $ in Thousands	Feb. 04, 2015shares	Jan. 01, 2015shares	Jan. 01, 2014shares	Jan. 01, 2012USD ($)	May. 04, 2011shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)criteriashares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash compensation expense related to stock-based incentive awards | $								$ 2,032	$ 1,775
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash compensation expense related to stock-based incentive awards | $						$ 600	$ 600	1,600	1,700
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, unearned compensation related to restricted stock | $						400		400		$ 600
Equity incentive plan, compensation expense | $						100	200	$ 300	500
Granted (shares)								0
Time Based Restricted Stock | Long Term Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, shares issued			24,742
Equity incentive plan, vesting period								3 years
Equity incentive plan, performance period								3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, unearned compensation related to restricted stock | $						900		$ 900		$ 1,500
Equity incentive plan, compensation expense | $						200	$ 300	$ 700	$ 1,000
RSU awards vested (in shares)		8,754
Granted (shares)								0
Restricted Stock Units (RSUs) | Long Term Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period								3 years
Equity incentive plan, shares granted			102,297
Restricted Stock Units (RSUs) | Long Term Incentive Plan 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vested RSUs granted | $				$ 1,100
Granted (shares)		8,754
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $						300		$ 700
Unearned compensation | $						$ 2,300		$ 2,300
Granted (shares)								155,778
LTIP Units | Long Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, shares issued	155,778
LTIP Units, Time-Based | Long Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period								3 years
Award type allocation								25.00%
Number of performance based criteria | criteria								6
LTIP Units, Performance-Based | Long Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award type allocation								75.00%
Equity incentive plan, performance period								3 years
Stock Incentive Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, common stock shares authorized					105,000
Equity incentive plan, additional common stock shares					1,049,167
Equity incentive plan, common stock shares reserved for issuance						652,356		652,356

Incentive plans - Stock Based I

Incentive plans - Stock Based Incentive Plan Activity (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	46,810
Granted (shares)	0
Vested (shares)	(17,774)
Surrendered (shares)	(3,467)
Ending balance (shares)	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 (usd per share) | $ / shares	$ 27.94
Granted, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	0
Vested, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	27.76
Surrendered, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	29.72
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	$ 28.32
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	146,911
Granted (shares)	0
Vested (shares)	0
Surrendered (shares)	0
Ending balance (shares)	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 (usd per share) | $ / shares	$ 20.58
Granted, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	0
Vested, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	0
Surrendered, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	0
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	$ 20.58
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	0
Granted (shares)	155,778
Vested (shares)	0
Surrendered (shares)	0
Ending balance (shares)	155,778
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 (usd per share) | $ / shares	$ 0
Granted, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	18.83
Vested, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	0
Surrendered, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	0
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares	$ 18.83

Derivatives and hedging activ52

Derivatives and hedging activities (Details) $ in Millions	Sep. 30, 2015USD ($)swap	Dec. 31, 2014USD ($)
Derivative [Line Items]
Number of interest rate swaps outstanding | swap	6
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 3.2
Interest rate derivatives, at fair value, net	7.9	$ 4.5
Interest rate derivative liabilities, at fair value	8.2	$ 4.7
Credit risk derivatives, at fair value, net	8.3
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 187.5

Derivatives and hedging activ53

Derivatives and hedging activities - Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of Loss Recognized in OCI on Derivative (Effective Portion)	$ (3,985)	$ 423	$ (6,121)	$ (5,021)
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ 903	$ 919	$ 2,691	$ 2,607

Earnings per share_unit - Addit

Earnings per share/unit - Additional information (Details)	Nov. 20, 2014	Sep. 30, 2015shares	Sep. 30, 2014shares	Sep. 30, 2015shares	Sep. 30, 2014shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reverse stock split conversion ratio (as a percent)	0.3333
Education Realty Operating Partnership L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Redeemable Operating Partnership units (shares)		249,000	277,000	251,000	277,000
Education Realty Operating Partnership L.P. | Redeemable University Towers Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (shares)		69,086		69,086

Earnings per share_unit - Recon

Earnings per share/unit - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ (4,720)	$ 21,400	$ 5,138	$ 24,658
Denominator:
Basic weighted average shares of common stock outstanding	48,526	46,767	48,406	41,340
Diluted weighted average shares of common stock outstanding	48,526	47,113	48,726	41,686
Earnings per share - basic:
Net income (loss) attributable to common shareholders/unitholders (usd per share)	$ (0.10)	$ 0.46	$ 0.11	$ 0.60
Earnings per share - diluted:
Net income (loss) attributable to common shareholders/unitholders (usd per share)	(0.10)	0.45	0.11	0.59
Distributions declared per common share/unit (usd per share)	$ 0.37	$ 0.36	$ 1.09	$ 1.02
Education Realty Operating Partnership L.P.
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ (4,738)	$ 21,536	$ 5,171	$ 24,915
Denominator:
Weighted average units outstanding (shares)	48,370	46,767	48,269	41,340
Redeemable Operating Partnership units (shares)	249	277	251	277
Basic weighted average shares of common stock outstanding	48,775	47,044	48,657	41,617
Diluted weighted average shares of common stock outstanding	48,775	47,113	48,726	41,686
Earnings per share - basic:
Net income (loss) attributable to common shareholders/unitholders (usd per share)	$ (0.10)	$ 0.46	$ 0.11	$ 0.60
Earnings per share - diluted:
Distributions declared per common share/unit (usd per share)	$ 0.37	$ 0.36	$ 1.09	$ 1.02
OP Units
Denominator:
Total potentially dilutive securities (shares)	0	277	251	277
University Towers Operating Partnership Units
Denominator:
Total potentially dilutive securities (shares)	0	69	69	69
LTIP Units | Education Realty Operating Partnership L.P.
Denominator:
Redeemable Operating Partnership units (shares)	156	0	137	0
Redeemable University Towers Operating Partnership Units | Education Realty Operating Partnership L.P.
Denominator:
Total potentially dilutive securities (shares)	0	69	69	69

Fair Value of Financial Instr56

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 2,167	$ 375
Senior unsecured notes	250,000	250,000
Unsecured revolving credit facility	221,000	24,000
Unsecured term loan facility	187,500	187,500
Carrying value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	7,894	4
Deferred compensation plan assets	364	1
Carrying value | Variable Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	93,814	107,882
Carrying value | Fixed Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	138,414	140,270
Estimated fair value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	0	0
Senior unsecured notes	0	0
Unsecured revolving credit facility	0	0
Unsecured term loan facility	0	0
Estimated fair value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	2,100	318
Senior unsecured notes	246,938	234,583
Unsecured revolving credit facility	221,000	24,000
Unsecured term loan facility	187,500	187,500
Estimated fair value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	0	0
Senior unsecured notes	0	0
Unsecured revolving credit facility	0	0
Unsecured term loan facility	0	0
Estimated fair value | Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collegiate housing properties, net	15,000
Estimated fair value | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	0	0
Deferred compensation plan assets	364	1
Estimated fair value | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	7,894	4
Deferred compensation plan assets	0	0
Estimated fair value | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	0	0
Deferred compensation plan assets	0	0
Estimated fair value | Variable Rate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	0	0
Estimated fair value | Variable Rate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	93,814	107,882
Estimated fair value | Variable Rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	0	0
Estimated fair value | Fixed Rate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	0	0
Estimated fair value | Fixed Rate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	153,393	154,542
Estimated fair value | Fixed Rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	$ 0	$ 0

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)propertycommunitysegment	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of properties acquired (properties)	2
Goodwill | $	$ 3,100	$ 3,100
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Number of Properties Opened	5
Number of properties acquired (properties)	2
Number of Housing Communities Developed in Period | community	7
Operating Segments | Management Services
Segment Reporting Information [Line Items]
Goodwill | $	$ 2,149	2,100
Operating Segments | Development Consulting Services
Segment Reporting Information [Line Items]
Goodwill | $	$ 921	$ 900

Segments - Segment Information

Segments - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	$ 54,725	$ 47,657	$ 168,842	$ 144,677
Collegiate housing leasing operations	28,444	26,920	75,452	70,062
Net operating income	2,417	1,765	25,198	6,427
Third-party development consulting services	490	3,705	1,531	5,264
Third-party management services	865	1,052	2,698	2,856
Total segment assets at end of period	1,976,355		1,976,355		$ 1,811,637
Segment revenue	58,189	54,704	179,642	159,289
Operating expense reimbursements	2,109	2,290	6,571	6,492
Segment operating expenses	32,176	30,532	86,486	80,409
Reimbursable operating expenses	2,109	2,290	6,571	6,492
Depreciation and amortization	(17,828)	(14,688)	(49,605)	(42,928)
Ground lease	(2,938)	(2,329)	(7,956)	(6,162)
Loss on impairment of collegiate housing properties	0	(953)	0	(12,734)
Nonoperating income (expense)	(6,704)	12,393	(18,998)	270
Equity in losses of unconsolidated entities	(427)	(236)	(823)	(370)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(4,714)	13,922	5,377	6,327
Operating Segments
Segment Reporting Information [Line Items]
Net operating income	26,013	24,172	93,156	78,880
Segment revenue	56,080	49,833	173,071	150,216
Segment operating expenses	30,067	28,242	79,915	73,917
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	54,725	47,657	168,842	144,677
Collegiate housing leasing operations	28,444	26,920	75,452	70,062
Net operating income	26,281	20,737	93,390	74,615
Total segment assets at end of period	1,907,740	1,750,705	1,907,740	1,750,705
Operating Segments | Development Consulting Services
Segment Reporting Information [Line Items]
Net operating income	(485)	432	(813)	761
Third-party development consulting services	490	1,124	1,531	2,683
General and administrative	975	692	2,344	1,922
Total segment assets at end of period	4,317	4,941	4,317	4,941
Operating Segments | Management Services
Segment Reporting Information [Line Items]
Net operating income	217	422	579	923
Third-party management services	865	1,052	2,698	2,856
General and administrative	648	630	2,119	1,933
Total segment assets at end of period	11,110	9,106	11,110	9,106
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating expense reimbursements	2,109	2,290	6,571	6,492
Reimbursable operating expenses	2,109	2,290	6,571	6,492
Other unallocated general and administrative expenses	(2,830)	(4,437)	(10,397)	(10,629)
Depreciation and amortization	(17,828)	(14,688)	(49,605)	(42,928)
Ground lease	(2,938)	(2,329)	(7,956)	(6,162)
Loss on impairment of collegiate housing properties	0	(953)	0	(12,734)
Nonoperating income (expense)	(6,704)	12,393	(18,998)	270
Equity in losses of unconsolidated entities	(427)	(236)	(823)	(370)
Eliminations/adjustments
Segment Reporting Information [Line Items]
Segment revenue	$ 0	$ 2,581	$ 0	$ 2,581

Subsequent events - Additional

Subsequent events - Additional Information (Details) - Subsequent Event - $ / shares	Oct. 30, 2015	Oct. 15, 2015
Subsequent Event [Line Items]
Distribution declared per share (usd per share)		$ 0.37
Distribution declared, payable date		Nov. 13, 2015
Distribution declared, record date	Oct. 30, 2015