Education Realty Operating Partnership L P 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	EDR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		66,068,105
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Collegiate housing properties, net	$ 1,744,189	$ 1,774,796
Assets under development	185,328	117,384
Cash and cash equivalents	195,848	33,742
Restricted cash	8,930	9,784
Other assets	63,005	66,125
Total assets	2,197,300	2,001,831
Liabilities:
Mortgage and construction loans, net of unamortized premium and deferred financing costs	118,266	204,511
Unsecured revolving credit facility	0	0
Unsecured term loan, net of unamortized deferred financing costs	186,581	186,518
Unsecured senior notes, net of unamortized deferred financing costs	247,743	247,678
Accounts payable and accrued expenses	93,459	85,670
Deferred revenue	19,795	19,024
Total liabilities	$ 665,844	$ 743,401
Commitments and contingencies
Redeemable noncontrolling interests	$ 10,676	$ 13,560
Equity:
Common stock, $0.01 par value per share, 200,000,000 shares authorized, 65,011,662 and 56,879,003 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	650	569
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	1,525,104	1,263,603
Accumulated deficit	(5,329)	(21,998)
Accumulated other comprehensive loss	(8,921)	(5,475)
Total Education Realty Trust, Inc. stockholders’ equity	1,511,504	1,236,699
Noncontrolling interests	9,276	8,171
Total equity	1,520,780	1,244,870
Total liabilities and equity	2,197,300	2,001,831
Education Realty Operating Partnership L.P.
Assets:
Collegiate housing properties, net	1,744,189	1,774,796
Assets under development	185,328	117,384
Cash and cash equivalents	195,848	33,742
Restricted cash	8,930	9,784
Other assets	63,005	66,125
Total assets	2,197,300	2,001,831
Liabilities:
Mortgage and construction loans, net of unamortized premium and deferred financing costs	118,266	204,511
Unsecured revolving credit facility	0	0
Unsecured term loan, net of unamortized deferred financing costs	186,581	186,518
Unsecured senior notes, net of unamortized deferred financing costs	247,743	247,678
Accounts payable and accrued expenses	93,459	85,670
Deferred revenue	19,795	19,024
Total liabilities	$ 665,844	$ 743,401
Commitments and contingencies
Redeemable limited partner units	$ 8,114	$ 8,312
Redeemable noncontrolling interests	2,562	5,248
Equity:
General partner - 6,920 units outstanding as of March 31, 2016 and December 31, 2015, respectively	184	184
Limited partners - 65,004,742 and 56,872,083 units issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	1,520,241	1,241,990
Accumulated other comprehensive loss	(8,921)	(5,475)
Total partners' capital	1,511,504	1,236,699
Noncontrolling interests	9,276	8,171
Total partners' capital	1,520,780	1,244,870
Total liabilities and equity	$ 2,197,300	$ 2,001,831

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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)	65,011,662	56,879,003
Common stock, shares outstanding (shares)	65,011,662	56,879,003
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)	65,004,742	56,872,083
Limited partners, units outstanding (shares)	65,004,742	56,872,083

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Collegiate housing leasing revenue	$ 70,183,000	$ 60,383,000
Third-party development consulting services	483,000	597,000
Third-party management services	894,000	1,053,000
Operating expense reimbursements	1,819,000	2,096,000
Total revenues	73,379,000	64,129,000
Operating expenses:
Collegiate housing leasing operations	24,889,000	24,140,000
Development and management services	2,521,000	2,702,000
General and administrative	3,109,000	2,639,000
Depreciation and amortization	17,516,000	15,866,000
Ground lease expense	3,309,000	2,848,000
Loss on impairment of collegiate housing properties	0	0
Reimbursable operating expenses	1,819,000	2,096,000
Total operating expenses	53,163,000	50,291,000
Operating income	20,216,000	13,838,000
Nonoperating (income) expenses:
Interest expense	4,663,000	5,941,000
Amortization of deferred financing costs	480,000	516,000
Interest income	(74,000)	(38,000)
Loss on extinguishment of debt	9,920,000	0
Total nonoperating expenses	14,989,000	6,419,000
Income before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	5,227,000	7,419,000
Equity in losses of unconsolidated entities	(244,000)	(194,000)
Income before income taxes and gain on sale of collegiate housing properties	4,983,000	7,225,000
Income tax expense	51,000	78,000
Income before gain on sale of collegiate housing properties	4,932,000	7,147,000
Gain on sale of collegiate housing properties	11,873,000	0
Net income	16,805,000	7,147,000
Less: Net income attributable to the noncontrolling interests	136,000	206,000
Net income attributable to Education Realty Trust, Inc.	16,669,000	6,941,000
Comprehensive income:
Net income	16,805,000	7,147,000
Other comprehensive loss:
Loss on cash flow hedging derivatives	(3,446,000)	(2,439,000)
Comprehensive income	13,359,000	4,708,000
Less: Comprehensive income attributable to the noncontrolling interests	136,000	206,000
Comprehensive income attributable to Education Realty Trust, Inc.	$ 13,223,000	$ 4,502,000
Earnings per share/unit information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic (usd per share)	$ 0.27	$ 0.14
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – diluted (usd per share)	0.26	0.14
Distributions per share of common stock (usd per share)	$ 0.37	$ 0.36
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (shares)	62,677	48,179
Weighted average common shares outstanding - diluted (shares)	62,963	48,501
Education Realty Operating Partnership L.P.
Revenues:
Collegiate housing leasing revenue	$ 70,183,000	$ 60,383,000
Third-party development consulting services	483,000	597,000
Third-party management services	894,000	1,053,000
Operating expense reimbursements	1,819,000	2,096,000
Total revenues	73,379,000	64,129,000
Operating expenses:
Collegiate housing leasing operations	24,889,000	24,140,000
Development and management services	2,521,000	2,702,000
General and administrative	3,109,000	2,639,000
Depreciation and amortization	17,516,000	15,866,000
Ground lease expense	3,309,000	2,848,000
Reimbursable operating expenses	1,819,000	2,096,000
Total operating expenses	53,163,000	50,291,000
Operating income	20,216,000	13,838,000
Nonoperating (income) expenses:
Interest expense	4,663,000	5,941,000
Amortization of deferred financing costs	480,000	516,000
Interest income	(74,000)	(38,000)
Loss on extinguishment of debt	9,920,000	0
Total nonoperating expenses	14,989,000	6,419,000
Income before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	5,227,000	7,419,000
Equity in losses of unconsolidated entities	(244,000)	(194,000)
Income before income taxes and gain on sale of collegiate housing properties	4,983,000	7,225,000
Income tax expense	51,000	78,000
Income before gain on sale of collegiate housing properties	4,932,000	7,147,000
Gain on sale of collegiate housing properties	11,873,000	0
Net income	16,805,000	7,147,000
Less: Net income attributable to the noncontrolling interests	78,000	166,000
Net income attributable to Education Realty Trust, Inc.	16,727,000	6,981,000
Comprehensive income:
Net income	16,805,000	7,147,000
Other comprehensive loss:
Loss on cash flow hedging derivatives	(3,446,000)	(2,439,000)
Comprehensive income	13,359,000	4,708,000
Less: Comprehensive income attributable to the noncontrolling interests	78,000	166,000
Comprehensive income attributable to Education Realty Trust, Inc.	$ 13,281,000	$ 4,542,000
Earnings per share/unit information:
Net income (loss) attributable to unitholders – basic and diluted (usd per share)	$ 0.27	$ 0.14
Distributions per share of common stock (usd per share)	$ 0.37	$ 0.36
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (shares)	62,894	48,432
Weighted average common shares outstanding - diluted (shares)	62,963	48,501

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	Partnership Interest [Member]	Partnership Interest [Member]Limited Partners
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)		327,605
Proceeds from issuance of common stock, net of offering costs	11,500	$ 3	11,497
Amortization of restricted stock and long-term incentive plan awards (in shares)		3,616
Amortization of restricted stock and long-term incentive plan awards	355	$ 0	355
Cash dividends	(17,299)		(17,299)			0
Contributions from noncontrolling interests	1,667					1,667
Adjustments to reflect redeemable noncontrolling interests at fair value	44		44			(147)
Comprehensive income (loss)	4,480			6,941	(2,439)	(22)
Ending balance (in shares) at Mar. 31, 2015		48,330,648
Ending balance at Mar. 31, 2015	992,565	$ 483	1,029,280	(34,968)	(6,904)	4,674
Beginning balance (in shares) at Dec. 31, 2015		56,879,003
Beginning balance at Dec. 31, 2015	1,244,870	$ 569	1,263,603	(21,998)	(5,475)	8,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs (in shares)		8,130,670
Proceeds from issuance of common stock, net of offering costs	287,045	$ 81	286,964
Amortization of restricted stock and long-term incentive plan awards (in shares)		1,989
Amortization of restricted stock and long-term incentive plan awards	357		357
Cash dividends	(23,392)		(23,392)			0
Contributions from noncontrolling interests	3,571					3,571
Purchase of noncontrolling interests	(4,115)					(2,409)	$ (4,115)	$ (1,706)
Adjustments to reflect redeemable noncontrolling interests at fair value	(722)		(722)			(140)
Comprehensive income (loss)	13,166			16,669	(3,446)	(57)
Ending balance (in shares) at Mar. 31, 2016		65,011,662
Ending balance at Mar. 31, 2016	$ 1,520,780	$ 650	$ 1,525,104	$ (5,329)	$ (8,921)	$ 9,276

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, 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]
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (shares)						327,605
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		11,500				$ 11,500
Amortization of restricted stock and long-term incentive plan awards (shares)						3,616
Amortization of restricted stock and long-term incentive plan awards		355				$ 355
Distributions		(17,299)		0	(2)	(17,297)
Contributions from noncontrolling interests		1,667		1,667
Adjustments to reflect redeemable noncontrolling interests at fair value		44				44
Comprehensive income (loss)		4,480	(2,439)	(22)	$ 1	$ 6,940
Balance, Units (shares) at Mar. 31, 2015					6,920	48,323,728
Balance at Mar. 31, 2015		992,565	(6,904)	4,674	$ 190	$ 994,605
Balance, Units (shares) at Dec. 31, 2015					6,920	56,872,083
Balance at Dec. 31, 2015		1,244,870	(5,475)	8,171	$ 184	$ 1,241,990
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (shares)						8,130,670
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		287,045				$ 287,045
Amortization of restricted stock and long-term incentive plan awards (shares)						1,989
Amortization of restricted stock and long-term incentive plan awards		357				$ 357
Distributions		(23,392)		0	(3)	(23,389)
Contributions from noncontrolling interests		3,571		3,571
Purchase of noncontrolling interests	$ (4,115)	(4,115)		(2,409)		(1,706)
Adjustments to reflect redeemable noncontrolling interests at fair value		(722)				(722)
Comprehensive income (loss)		13,166	(3,446)	(57)	$ 3	$ 16,666
Balance, Units (shares) at Mar. 31, 2016					6,920	65,004,742
Balance at Mar. 31, 2016		$ 1,520,780	$ (8,921)	$ 9,276	$ 184	$ 1,520,241

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income	$ 16,805	$ 7,147
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,516	15,866
Loss on disposal of assets	7	0
Gain on sale of collegiate housing properties	(11,873)	0
Noncash rent expense related to the straight-line adjustment for long-term ground leases	1,187	1,201
Loss on extinguishment of debt	9,920	0
Amortization of deferred financing costs	480	516
Amortization of unamortized debt premiums	(49)	(207)
Distributions of earnings from unconsolidated entities	0	44
Noncash compensation expense related to stock-based incentive awards	827	671
Equity in losses of unconsolidated entities	244	194
Change in operating assets and liabilities (net of acquisitions)	2,486	3,397
Net cash provided by operating activities	37,550	28,829
Investing activities:
Property acquisitions	(24,357)	0
Purchase of corporate assets	(263)	(257)
Restricted cash	854	1,193
Investment in collegiate housing properties	(4,521)	(2,884)
Proceeds from sale of collegiate housing properties	54,107	0
Notes receivable	0	(1,717)
Earnest money deposits	(735)	(200)
Investment in assets under development	(64,975)	(43,781)
Distributions from unconsolidated entities	121	0
Investments in unconsolidated entities	0	(53)
Net cash used in investing activities	(38,102)	(47,699)
Financing activities:
Payment of mortgage loans	(98,384)	(33,986)
Borrowings under construction loans	12,444	15,544
Debt issuance costs	(55)	(39)
Debt extinguishment costs	(10,290)	0
Borrowings on line of credit	0	48,000
Proceeds from issuance of common stock	286,611	10,569
Payment of offering costs	(307)	(29)
Purchase and return of equity to noncontrolling interests	(7,025)	0
Contributions from noncontrolling interests	3,571	1,693
Dividends and distributions paid to common and restricted stockholders	(23,392)	(17,299)
Dividends and distributions paid to noncontrolling interests	(200)	(115)
Repurchases of common stock for payments of restricted stock tax withholding	(315)	(213)
Net cash provided by financing activities	162,658	24,125
Net increase in cash and cash equivalents	162,106	5,255
Cash and cash equivalents, beginning of period	33,742	18,385
Cash and cash equivalents, end of period	195,848	23,640
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	2,285	3,287
Income taxes paid	3	0
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder to shares of common stock	938	960
Capital expenditures in accounts payable and accrued expenses related to developments	25,059	24,939
Proceeds from Collection of Notes Receivable	1,667	0
Education Realty Operating Partnership L.P.
Operating activities:
Net income	16,805	7,147
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,516	15,866
Loss on disposal of assets	7	0
Gain on sale of collegiate housing properties	(11,873)	0
Noncash rent expense related to the straight-line adjustment for long-term ground leases	1,187	1,201
Loss on extinguishment of debt	9,920	0
Amortization of deferred financing costs	480	516
Amortization of unamortized debt premiums	(49)	(207)
Distributions of earnings from unconsolidated entities	0	44
Noncash compensation expense related to stock-based incentive awards	827	671
Equity in losses of unconsolidated entities	244	194
Change in operating assets and liabilities (net of acquisitions)	2,486	3,397
Net cash provided by operating activities	37,550	28,829
Investing activities:
Property acquisitions	(24,357)	0
Purchase of corporate assets	(263)	(257)
Restricted cash	854	1,193
Investment in collegiate housing properties	(4,521)	(2,884)
Proceeds from sale of collegiate housing properties	54,107	0
Notes receivable	0	(1,717)
Earnest money deposits	(735)	(200)
Investment in assets under development	(64,975)	(43,781)
Distributions from unconsolidated entities	121	0
Investments in unconsolidated entities	0	(53)
Net cash used in investing activities	(38,102)	(47,699)
Financing activities:
Payment of mortgage loans	(98,384)	(33,986)
Borrowings under construction loans	12,444	15,544
Debt issuance costs	(55)	(39)
Debt extinguishment costs	(10,290)	0
Borrowings on line of credit	0	48,000
Proceeds from issuance of common stock	286,611	10,569
Payment of offering costs	(307)	(29)
Purchase and return of equity to noncontrolling interests	(7,025)	0
Contributions from noncontrolling interests	3,571	1,693
Distributions paid on unvested restricted stock and long-term incentive plan awards	(69)	(8)
Distributions paid to unitholders	(23,323)	(17,291)
Payments to Noncontrolling Interests	(200)	(115)
Repurchases of common stock for payments of restricted stock tax withholding	(315)	(213)
Net cash provided by financing activities	162,658	24,125
Net increase in cash and cash equivalents	162,106	5,255
Cash and cash equivalents, beginning of period	33,742	18,385
Cash and cash equivalents, end of period	195,848	23,640
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	2,285	3,287
Income taxes paid	3	0
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder to shares of common stock	938	960
Capital expenditures in accounts payable and accrued expenses related to developments	25,059	24,939
Proceeds from Collection of Notes Receivable	$ 1,667	$ 0

Organization and description of

Organization and description of business	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , 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 one of our taxable REIT subsidiaries ("TRS"), EDR Management Inc. (our “Management Company”), a Delaware corporation performing collegiate housing management activities. EDR Development LLC (our “Development Company”), a Delaware limited liability company and wholly owned subsidiary of the Management Company providing development consulting services for third-party collegiate housing communities, is a disregarded entity for federal income tax purposes and all assets owned and income earned by our Development Company are deemed to be owned and earned by our Management Company.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2016
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. Principles of consolidation In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810) ("ASU 2015-02"), which amends the consolidation requirements in ASC 810, Consolidation, and makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015-02, companies will need to reevaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, and eliminates the presumption in the previous voting model that a general partner should consolidate a limited partnership or similar entity unless the presumption can be overcome. ASU 2015-02 was effective for the Trust and the Operating Partnership as of January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. The Trust accounts for interests in partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the amended guidance. The Trust first evaluates whether each entity is a VIE. Under the VIE model, the Trust consolidates an entity when it has control to direct the activities of the VIE and where it is determined to be the primary beneficiary. Under the voting interest model, the Trust consolidates an entity when it controls the entity through the ownership of a majority voting interest. Upon adoption, the Operating Partnership and certain properties that have noncontrolling interests (see Note 8) became VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Trust continues to consolidate these entities as the primary beneficiary because it directs the activities that most significantly impact the economic performance of the VIEs and has an obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the VIEs. EdR has the power and economic exposure through the rights held by OP GP as it relates to the Operating Partnership, while EROP has power and economic exposure through its role as the property manager and equity interest holder of certain properties with noncontrolling interests (see Note 8). All of the Trust's property ownership, development and related business operations are conducted through the Operating Partnership. See the assets and liabilities of the Operating Partnership in the accompanying condensed consolidated financial statements. Interim financial information The accompanying unaudited interim condensed consolidated 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, 2015, as filed with the Securities and Exchange Commission (the "SEC") on February 29, 2016. 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. 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 March 31, 2016 and December 31, 2015 , the outstanding balance was $0.5 million for both periods. 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 was secured by Concord Eastridge's interest in the joint venture. As of December 31, 2015 , $1.7 million was outstanding. In February 2016 , the Trust acquired Concord Eastridge, Inc.'s remaining partnership interest for $4.9 million in cash. The outstanding promissory loan was repaid in full at closing. Collegiate housing properties Land, land improvements, buildings and improvements, and furniture, fixtures and equipment are recorded at cost. Buildings and improvements are depreciated over 15 to 40 years, land improvements are depreciated over 15 years and furniture, fixtures, and equipment are depreciated over 3 to 7 years. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful life. The Trust capitalizes interest based on the weighted average interest costs of total debt, and internal development costs while developments are ongoing, as assets under development. When the property opens, these costs, along with other direct costs of the development, are transferred into the applicable asset category and depreciation commences. Acquired collegiate housing communities’ results of operations are included in the Trust’s results of operations from the respective dates of acquisition. Appraisals, estimates of cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, land improvements, buildings and improvements, furniture, fixtures and equipment and identifiable intangibles such as amounts related to in-place leases. Acquisition costs are expensed as incurred 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 months ended March 31, 2016 and 2015, there were no impairment losses recognized. When a collegiate housing community has met the criteria to be classified as held for sale, the fair value less cost to sell such asset is estimated. If the fair value less cost to sell the asset is less than the carrying amount of the asset, an impairment charge is recorded for the estimated loss. Depreciation expense is no longer recorded once a collegiate housing community has met the held for sale criteria. Dispositions that represent a strategic shift in the business will qualify for treatment as discontinued operations. The property disposition during the three months ended March 31, 2016 did not qualify for treatment as discontinued operations and, as a result, the operations of the property are included in continuing operations in the accompanying condensed consolidated statements of income and comprehensive income. Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP) The Trust follows the guidance issued by the 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 and the redeemable interests in consolidated joint ventures and units of limited partnership in University Towers Operating Partnership, LP are classified as redeemable noncontrolling interests. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the price per share of EdR's common stock 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 approximately 1.3 million shares under these distribution agreements during the three months ended March 31, 2016 and received net proceeds of approximately $51.1 million . The Trust sold 0.3 million shares under these distribution agreements during the three months ended March 31, 2015 and received net proceeds of $10.5 million . On January 15, 2016, the Trust completed a follow-on equity offering of approximately 6.3 million shares of EdR common stock. The Trust received approximately $215.1 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses payable by the Trust. Of the total net proceeds, approximately $108.5 million was used to pay off $98.2 million of fixed rate mortgage debt bearing an average effective interest rate of 5.4% and $10.3 million of prepayment penalties associated with the early extinguishment of debt. On March 24, 2016, we issued approximately 0.5 million shares of our common stock for a total of approximately $20.0 million pursuant to the direct stock purchase component of the Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan. 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 March 31, 2016 and December 31, 2015. The Trust and its subsidiaries file federal and state income tax returns. As of March 31, 2016, open tax years generally included tax years for 2013, 2014 and 2015. The Trust’s policy is to include interest and penalties related to unrecognized tax benefits in general and administrative expenses. For each of the three months ended March 31, 2016 and 2015, the Trust had no interest or penalties recorded related to unrecognized tax benefits. Goodwill and other intangible assets Goodwill is tested annually for impairment as of December 31, and is tested for impairment more frequently if events and circumstances indicate that the carrying value of the assets might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. The accumulated impairment loss recorded is $0.4 million . No additional impairment has been recorded through March 31, 2016 . The carrying value of goodwill was $3.1 million as of March 31, 2016 and December 31, 2015 , of which $2.1 million was recorded on the management services segment and $0.9 million was recorded on the development consulting services segment. Goodwill is not subject to amortization. Other intangible assets generally include in-place leases acquired in connection with acquisitions and are amortized over the estimated life of the lease/contract term. The carrying value of other intangible assets was $0.3 million and $0.2 million as of March 31, 2016 and December 31, 2015 , 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). 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. Recent accounting pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Trust is currently evaluating the impact of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. The Trust is currently evaluating the impact of this guidance. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), as amended by ASU 2015-04 to defer the effective date. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. ASU 2014-09 provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years and permits the use of either the retrospective or cumulative effect transition method. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Since the issuance of ASU 2014-09, the FASB has issued ASU 2016-08 that is intended to improve the understandability of the implementation guidance regarding principal versus agent considerations and has issued ASU 2016-10 to clarify the identification of performance obligations and the implementation guidance related to licensing. The effective dates of these amendments are the same as ASU 2014-09. The Trust is currently evaluating the provisions of this guidance.

Acquisition and development of

Acquisition and development of real estate investments	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Acquisition and development of real estate investments	Acquisition and development of real estate investments Acquisition of collegiate housing properties 2016 Acquisition On March 31, 2016 , the Trust completed the acquisition of the Lokal with 79 units consisting of 194 beds serving Colorado State University in Fort Collins, Colorado for a contract price of $24.6 million . The acquisition was funded from proceeds of the sale of 605 West (see Note 4) and from the follow-on equity offering completed in January 2016 (see Note 2). Acquisition costs of $0.1 million were incurred related to this transaction and are included in general and administrative expenses in the accompanying condensed statements of income and comprehensive income for the three months ended March 31, 2016. Due to the timing of the completion of the acquisition, work is still ongoing to determine the fair values of the assets acquired and liabilities assumed as of the acquisition date. Below is the preliminary allocation of the purchase price as of the date of the acquisition (in thousands): Collegiate housing property $ 24,350 In-place leases 152 Other assets 3 Current liabilities (148 ) Total net assets acquired $ 24,357 The $0.2 million difference between the contracted price of $24.6 million and the net assets set forth in the table above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. The unaudited pro forma information had the acquisition date been January 1, 2016 is as follows (in thousands, except per share and per unit amounts): Three months ended March 31, 2016 Total revenue (1) $ 73,881 Net income attributable to the Trust (1) $ 16,922 Net income attributable to common shareholders - basic and diluted $ 0.27 Net income attributable to EROP (1) $ 16,982 Net income attributable to unitholders - basic and diluted $ 0.27 (1) As the Lokal first opened for the 2015/2016 lease year, supplemental pro forma revenue and net income information is not available for the period January 1, 2015 - March 31, 2015. During the three months ended March 31, 2016, the Trust also entered into binding agreements to acquire the following collegiate housing communities located in Fort Collins, Colorado serving Colorado State University for total consideration of $24.0 million : • Pura Vida Place, which has 52 units consisting of 100 beds; and • Carriage House, which has 54 units consisting of 94 beds. 2015 Acquisitions During the year ended December 31, 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 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 set forth in the table 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 December 31, 2015, this VIE had total assets of $48.6 million and liabilities of $0.3 million . The reverse Section 1031 like-kind exchange was completed during March 2016 in connection with the sale of 605 West (see Note 4). As of March 31, 2016, the exchange agreements were terminated and the Trust is now the legal owner of The Province at Boulder. The unaudited pro forma information had the acquisition date for the 2015 acquisitions been January 1, 2014 is as follows (in thousands, except per share and per unit amounts): Three months ended March 31, 2015 Total revenue $ 65,295 Net income attributable to the Trust $ 7,366 Net income attributable to common shareholders - basic and diluted $ 0.15 Net income attributable to EROP $ 7,408 Net income attributable to unitholders - basic and diluted $ 0.15 Development of collegiate housing properties During 2015 , the Trust developed the following communities which opened during the 2015/2016 lease year. The costs incurred to date for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2015 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of December 31, 2015 Internal Development Costs Capitalized Interest Costs Capitalized Three months ended March 31, 2015 Woodland Glen III, IV & V University of Kentucky 1,610 $ 103,458 $ 90 $ 799 The Oaks on the Square - Phase IV University of Connecticut 391 44,325 47 163 The Retreat at Louisville University of Louisville 656 43,935 57 160 Total - owned communities 2,657 191,718 194 1,122 Georgia Heights (1) University of Georgia 292 51,639 49 106 Total joint ventures 292 51,639 49 106 Total 2,949 $ 243,357 $ 243 $ 1,228 (1) 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 $10.3 million and $10.4 million as of March 31, 2016 and December 31, 2015 , respectively, is classified as other assets in the accompanying condensed consolidated balance sheets. The following represents a summary of active developments as of March 31, 2016 , including internal development costs and interest costs capitalized (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of March 31, 2016 Internal Development Costs Capitalized Interest Costs Capitalized Three months ended March 31, 2016 Limestone Park I & II University of Kentucky 1,141 $ 71,663 $ 83 $ 633 Retreat at Oxford - Phase II University of Mississippi 350 21,874 21 195 University Flats University of Kentucky 771 17,501 60 117 Lewis Hall University of Kentucky 346 2,297 71 2 Boise State University Boise State University 656 1,675 52 9 Retreat at Blacksburg - Phase I & II Virginia Polytechnic Institute and State University 829 42,438 32 208 SkyVue Michigan State University 824 21,678 85 132 The Local: Downtown Texas State University 304 6,202 74 83 Total active projects under development 5,221 $ 185,328 $ 478 $ 1,379 As of March 31, 2016 , the Trust is contractually obligated to fund remaining amounts under guaranteed maximum price contracts with the general contractor of approximately $252.0 million to complete these developments. 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	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposition of real estate investments	Disposition of real estate investments During the three months ended March 31, 2016 , the 605 West collegiate housing community located in Durham, North Carolina was sold for a gross sales price of approximately $54.6 million . The Trust received net proceeds of approximately $54.1 million after deducting the closing costs and recognized a $11.9 million gain on this disposition. Previous to the sale, the Trust acquired the joint venture partner's interest for $2.1 million . The net income attributable to this property is included in the continuing operations in the accompanying condensed consolidated statements of income and comprehensive income through the date of disposition.

Investments in unconsolidated e

Investments in unconsolidated entities	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated entities	Investments in unconsolidated entities As of March 31, 2016 and December 31, 2015 , the Trust had investments in the following unconsolidated joint ventures (see Note 2), which are accounted for under the equity method: • a 50% interest in 1313 5th Street MN Holdings, LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as The Marshall at the University of Minnesota; • a 50% interest in West Clayton Athens GA Owner, LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as Georgia Heights at the University of Georgia; • a 25% interest in University Village-Greensboro LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as University Village - Greensboro; and • a 14% interest in Elauwit Networks, a South Carolina limited liability company, 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 unconsolidated joint ventures for the three months ended March 31, 2016 and 2015 (unaudited, in thousands): Results of Operations of Unconsolidated Entities: For the three months ended March 31, 2016 2015 Revenues $ 7,415 $ 8,517 Net income (loss) $ 14 $ (661 ) Equity in losses of unconsolidated entities $ (244 ) $ (194 ) As of March 31, 2016 and December 31, 2015 , the Trust had $27.4 million and $28.1 million , respectively, of investments in unconsolidated entities classified in other assets in the accompanying condensed consolidated balance sheets. As of March 31, 2016 and December 31, 2015 , liabilities are recorded totaling $1.8 million and $2.0 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 accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets (see Note 2).

Debt

Debt	3 Months Ended
	Mar. 31, 2016
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 with a one -year extension option, provided that certain conditions are met. 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 March 31, 2016 , the interest rate applicable to the Fifth Amended Revolver was 1.68% . If amounts are drawn, due to the fact that the Fifth Amended Revolver bears interest at variable rates, cost approximates the fair value. In addition, the Operating Partnership also incurs an unused fee equal to either 0.15% or 0.25% of the unused balance, based on outstanding commitments. As of March 31, 2016 , there was no outstanding balance under the Fifth Amended Revolver, thus, our remaining availability was $500.0 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 March 31, 2016 , 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. At March 31, 2016 and December 31, 2015 , the outstanding balance under the Term Loans was $186.6 million and $186.5 million , respectively, which is presented net of unamortized deferred financing costs of $0.9 million and $1.0 million , respectively, in the accompanying condensed consolidated balance sheets. 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 March 31, 2016 , 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 March 31, 2016 , 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% ). Unsecured senior notes On November 24, 2014, the Operating Partnership completed the public offering of $250.0 million aggregate principal amount of unsecured senior notes (the "Unsecured Senior Notes") under an existing shelf registration statement. The 10 -year Unsecured Senior Notes were issued at 99.991% of par value with a coupon of 4.6% per annum and are fully and unconditionally guaranteed by EdR. Interest on the Unsecured Senior Notes is payable semi-annually on June 1 and December 1 of each year. The Unsecured Senior Notes will mature on December 1, 2024. At March 31, 2016 and December 31, 2015 , the outstanding balance for both periods under the Unsecured Senior Notes was $247.7 million , which is presented net of unamortized deferred financing costs of $2.3 million in the accompanying condensed consolidated balance sheets. The terms of Unsecured Senior Notes contain certain covenants that restrict the ability of EdR and the Operating Partnership to incur additional secured and unsecured indebtedness. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of March 31, 2016 , the Operating Partnership was in compliance with all covenants. Mortgage and construction debt As of March 31, 2016 and December 31, 2015 , 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 March 31, 2016 December 31, 2015 Interest Rate at March 31, 2016 Interest Rate Type Initial Maturity Date Master Secured Credit Facility $ — $ 75,858 n/a The Centre at Overton Park — 22,351 n/a University Towers 33,475 33,650 2.54 % Variable 7/1/2016 Mortgage Debt 33,475 56,001 2.54 % (1) The Retreat at Louisville 35,672 35,672 2.49 % Variable 8/1/2017 The Oaks on the Square - Phase IV 27,744 27,553 2.44 % Variable 10/20/2017 The Retreat at Blacksburg - Phase I 22,633 10,380 2.49 % Variable 2/4/2019 Construction Loans 86,049 73,605 2.47 % (1) Total mortgage and construction debt / weighted average rate 119,524 205,464 2.49 % (1) Unamortized premium and deferred financing costs (1,258 ) (953 ) Total net of unamortized premium and deferred financing costs 118,266 204,511 Less current portion (33,475 ) (35,446 ) Total mortgage and construction debt, net of current portion $ 84,791 $ 169,065 (1) Represents the weighted average interest rate as of March 31, 2016 . Master Secured Credit Facility The Operating Partnership had 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 contained cross-default provisions; all properties securing the notes were cross-collateralized. In January 2016, the Operating Partnership prepaid in full the two remaining ten-year notes under the Master Secured Credit Facility with proceeds from the January 2016 follow-on equity offering (see Note 2). One of the prepaid notes had a principal balance of $21.3 million , was set to mature on January 1, 2020 and had a fixed interest rate of 5.67% . The second prepaid note had a principal balance of $54.5 million , was set to mature on January 1, 2019 and had a fixed interest rate of 6.02% . The Operating Partnership incurred a prepayment penalty of $9.3 million in connection with the prepayments. Concurrent with the repayment, the Master Secured Credit Facility was terminated and all encumbered properties were released as collateral. Mortgage debt and construction loans In January 2016, the Operating Partnership repaid in full the fixed-rate mortgage debt with a principal balance of $22.3 million that was assumed in connection with the 2012 acquisition of The Centre at Overton Park. The interest rate was equal to 5.6% and the mortgaged debt was scheduled to mature on January 1, 2017. A prepayment penalty of $1.0 million was incurred in connection with the prepayment. All mortgage and construction loans contain customary financial covenants, such as minimum debt service ratios. As of March 31, 2016 , the Operating Partnership was in compliance with all covenants. The following table reconciles the carrying amount of mortgage and construction notes payable, net of unamortized deferred financing costs, for the three months ended March 31, 2016 and the year ended December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Balance, beginning of period $ 204,511 $ 248,128 Additions to principal 12,444 65,491 Repayments of principal (98,384 ) (108,179 ) Amortization of debt premium (49 ) (843 ) Write-off of debt premium related to debt pay off (523 ) (70 ) (Increase) decrease in deferred financing costs, net 267 (16 ) Balance, end of period $ 118,266 $ 204,511 The scheduled maturities of outstanding indebtedness (excluding the Fifth Amended Revolver) as of March 31, 2016 are as follows (in thousands): Year 2016 (nine months ending December 31, 2016) $ 33,475 2017 63,416 2018 — 2019 87,633 2020 — 2021 122,500 Thereafter 250,000 Total 557,024 Unamortized deferred financing costs (4,434 ) Outstanding as of March 31, 2016, net of unamortized deferred financing costs $ 552,590

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies For its third-party development projects, the Trust commonly provides alternate housing and project cost guarantees, subject to certain conditions. Alternate housing guarantees generally require the university to provide on-campus housing or the Trust to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon date. Under project cost guarantees, the Trust is responsible for the construction costs of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. 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): March 31, 2016 December 31, 2015 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 % $ 23,206 n/a $ 5,802 n/a $ 23,297 n/a $ 5,824 n/a The Marshall 50 % 56,489 8,767 28,245 4,384 56,507 8,767 28,254 4,384 Georgia Heights 50 % 34,385 7,230 17,193 3,615 31,430 7,230 15,715 3,615 During October 2014, the Operating Partnership and LeylandAlliance LLC entered into a $38.0 million construction loan for the fourth phase of the The Oaks on the Square project (see Note 3). The Operating Partnership and LeylandAlliance LLC jointly committed to provide a guarantee of repayment for the construction loan. As of March 31, 2016 , $34.0 million had been drawn on the construction loan, of which $6.3 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. We are not currently a party to, nor are any of our communities the subject of material pending legal proceedings. 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 March 31, 2016 and December 31, 2015 , the Trust had reimbursable predevelopment costs of $2.2 million and $1.9 million , respectively, which are reflected in other assets in the accompanying condensed consolidated balance sheets. As described in Notes 3 and 14, the Trust has entered into binding agreements to acquire interests in four collegiate housing communities for an aggregate cash consideration of $258.0 million , which are expected to close at various times in 2016 and 2017, subject to customary closing conditions.

Noncontrolling interests

Noncontrolling interests	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Operating Partnership Joint Ventures: As of March 31, 2016 , EROP had entered into four joint venture agreements to develop, own and manage the following collegiate housing communities: The Retreat at Louisville near The University of Louisville, The Retreat at Blacksburg near Virginia Polytechnic Institute and State University, The Local: Downtown near Texas State University and SkyVue near Michigan State University. All of these joint ventures are VIEs that met the criteria for consolidation (see Note 2). EROP's joint venture partner's investments in The Retreat at Louisville, The Retreat at Blacksburg, The Local: Downtown and SkyVue joint ventures 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. As of December 31, 2015 , EROP's joint venture partner's investment in 605 West met the requirements to be classified outside of permanent equity, and was 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. On March 11, 2016, EROP acquired the joint venture partner's interest and sold this property for a gross sales price of $54.6 million (see Note 4). At December 31, 2015, EROP held a 95% ownership interest in the Roosevelt Point collegiate housing property serving Arizona State University: Downtown Phoenix Campus. In February 2016, EROP purchased the remaining 5% ownership interest in Roosevelt Point. EROP also has a 72.7% investment in University Towers Operating Partnership, LP. This entity is considered a VIE that met the criteria for consolidation (see Note 2). The units of the limited partnership interest of University Towers Operating Partnership, LP (“University Towers Operating Partnership Units”) are also classified as noncontrolling interests. The University Towers Operating Partnership Units are redeemable at the option of the holder and they participate in net income and distributions. Accordingly, EROP has determined that the University Towers Operating Partnership Units meet the requirements to be classified outside of permanent equity, and are therefore also classified as redeemable noncontrolling interests in the accompanying 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 March 31, 2016 , there were 69,086 University Towers Operating Partnership Units outstanding. The following table sets forth activity with the redeemable noncontrolling interests for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Beginning balance $ 5,248 $ 4,431 Net income 135 189 Contributions from redeemable noncontrolling interests — 26 Adjustments to report redeemable noncontrolling interests at fair value 140 147 Purchase and return of equity to noncontrolling partner's interest (2,910 ) — Distributions (51 ) (22 ) Ending balance $ 2,562 $ 4,771 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 March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 , EROP reported the redeemable limited partner units at fair value, which was greater than historical cost. During the three months ended March 31, 2016 and 2015, 25,000 OP Units were redeemed in each period for 25,000 shares of the Trust's common stock. As of March 31, 2016 and December 31, 2015 , there were 199,308 and 224,308 OP Units outstanding. Below is a table summarizing the activity of redeemable limited partners' unit for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Beginning balance $ 8,312 $ 10,081 Net income 58 40 Distributions (149 ) (93 ) Reclassification of vested LTIP Units to redeemable limited partner 244 — Conversion of redeemable limited partner units into common stock (938 ) (960 ) Adjustments to report redeemable limited partner units at fair value 587 (191 ) Ending balance $ 8,114 $ 8,877 The Trust The Trust accounts for the joint ventures noted above as VIEs and consolidates such entities in the same manner as EROP. The noncontrolling interests of the Trust include the third-party equity interests in the joint venture properties at The Retreat at Louisville, The Retreat at Blacksburg, The Local: Downtown and SkyVue as discussed above, which are presented as a component of equity in the Trust’s accompanying condensed consolidated balance sheets. The Trust's equity interest in the joint venture property at Roosevelt Point is presented as a component of equity in the Trust’s accompanying condensed consolidated balance sheets at December 31, 2015. 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 which are 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. As of March 31, 2016 and December 31, 2015 , EROP reported the redeemable noncontrolling interests at fair value, which was greater than historical cost.

Incentive plans

Incentive plans	3 Months Ended
	Mar. 31, 2016
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 authorizes the grant of the 105,000 shares that remained available for grant under the previous plan, as well as 1,049,167 additional shares. As of March 31, 2016 , the Trust had 520,612 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. As of March 31, 2016 and December 31, 2015 , unearned compensation related to restricted stock totaled $0.2 million for each period 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 three months ended March 31, 2016 and 2015 , compensation expense of $0.1 million for each period was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of restricted stock. An RSU award is an award that will vest based upon the Trust’s achievement of total stockholder returns at specified levels as compared to the average total stockholder returns of a peer group of companies and/or the National Association of Real Estate Investment Trusts Equity Index over three years (the “Performance Period”). At the end of the 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. As of March 31, 2016 and December 31, 2015 , unearned compensation related to RSUs totaled $0.4 million and $0.6 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 three months ended March 31, 2016 and 2015 , 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 RSUs. On January 1, 2016, 10,776 fully-vested shares of common stock were issued pursuant to the vesting of RSUs granted in 2013. The Trust's 2015 Long-Term Incentive Plan ("2015 LTIP"), adopted in February 2015, and 2016 Long-Term Incentive Plan ("2016 LTIP"), adopted in February 2016, provide that 25% of a participant’s award consists of a time-vested grant of LTIP Units in the Operating Partnership subject to the rights, preferences and other privileges as designated in the partnership agreement of the Operating Partnership (the “Partnership Agreement”). Similar to the treatment of restricted stock, the time-vested 2015 and 2016 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 and 2016 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 and 2016 LTIP Units. The vesting of performance-based 2015 and 2016 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 and 2016 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 and 2016 LTIP Units that were awarded but did not become vested LTIP Units will be canceled. Once fully vested, the 2015 and 2016 LTIP Units may be converted to OP Units in the Operating Partnership and thereafter, at the election of the unitholder, may be tendered for redemption 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 $0.5 million and $0.2 million for the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 and December 31, 2015 , unearned compensation related to LTIP Units totaled $5.2 million and $2.1 million , respectively, and will be recorded as expense over the applicable vesting period. Total stock-based compensation expense recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2016 and 2015 was $0.7 million and $0.6 million , respectively. A summary of the stock-based incentive plan activity as of and for the three months ended March 31, 2016 and 2015 is as follows: Restricted Stock Awards Weighted-Average Grant Date Fair Value Per Restricted Stock Award RSU Awards Weighted-Average Grant Date Fair Value Per RSU LTIP Units Weighted-Average Grant Date Fair Value Per LTIP Unit Outstanding as of December 31, 2014 46,810 (1) $ 27.94 146,911 $ 20.58 — $ — Granted — — — — 155,778 18.83 Vested (17,774 ) 37.04 — — — — Surrendered (3,467 ) 36.59 — — — — Outstanding as of March 31, 2015 25,569 (1) $ 28.32 146,911 $ 20.58 155,778 $ 18.83 Outstanding as of December 31, 2015 25,569 (1) $ 28.32 146,911 $ 20.58 155,774 $ 18.83 Granted — — — — 131,745 26.20 Vested (10,199 ) 31.92 (10,776 ) 22.95 (7,067 ) 18.83 Surrendered (7,508 ) 31.92 (43,596 ) 22.95 — — Outstanding as of March 31, 2016 7,862 (1) $ 26.46 92,539 $ 19.20 280,452 $ 22.29 (1) Represents unvested shares of restricted stock awards as of the date indicated.

Derivatives and hedging activit

Derivatives and hedging activities	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of March 31, 2016 , six interest rate swaps were outstanding with a combined notional amount of $187.5 million that were designated as cash flow hedges of interest rate risk. 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 $2.9 million is estimated to be reclassified to earnings as an increase to interest expense. As of March 31, 2016 and December 31, 2015 , the fair value of the derivatives is a liability of $8.9 million and $5.5 million , respectively, and is included in accounts payable and 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 three months ended March 31, 2016 and 2015 (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 (Gain) Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2016 Interest rate contracts $ (4,229 ) Interest expense $ (782 ) 2015 Interest rate contracts $ (3,330 ) Interest expense $ 892 The above contracts are subject to enforceable master netting arrangements that provide a right of offset with each counterparty; however, no offsetting positions exist due to certain duplicate terms across all contracts. Therefore, the derivatives are not subject to offset in the accompanying 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 March 31, 2016 and December 31, 2015 , the fair value of derivatives related to these agreements, which includes accrued interest, but excludes any adjustment for nonperformance risk, was a liability of $9.4 million and $5.8 million , respectively. As of March 31, 2016 , the Operating Partnership has not posted any collateral related to these agreements. If the Operating Partnership had breached any of these provisions at March 31, 2016 , it could have been required to settle its obligations under the agreements at their termination value of $9.4 million .

Earnings per share_unit

Earnings per share/unit	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 (amounts in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator - basic and diluted earnings per share: Net income attributable to common shareholders $ 16,669 $ 6,941 Denominator: Basic weighted average shares of common stock outstanding 62,677 48,179 OP Units 217 (1 ) 253 (1) University Towers Operating Partnership Units 69 69 Diluted weighted average shares of common stock outstanding 62,963 48,501 Earnings per share - basic: Net income attributable to common shareholders $ 0.27 $ 0.14 Earnings per share - diluted: Net income attributable to common shareholders $ 0.26 $ 0.14 Distributions declared per common share $ 0.37 $ 0.36 (1) Includes the impact of weighted average number of OP Units outstanding during the period. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the three months ended March 31, 2016 and 2015 (amounts in thousands, except per unit data): Three Months Ended March 31, 2016 2015 Numerator - basic and diluted earnings per unit: Net income attributable to unitholders $ 16,727 $ 6,981 Denominator: Weighted average units outstanding 62,429 48,080 Redeemable Operating Partnership units 217 253 LTIP units 248 99 Weighted average units outstanding - basic 62,894 48,432 Redeemable University Towers Operating Partnership Units 69 69 Weighted average units outstanding - diluted 62,963 48,501 Earnings per unit - basic and diluted: Net income attributable to unitholders $ 0.27 $ 0.14 Distributions declared per unit $ 0.37 $ 0.36

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 in ASC 820, Fair Value Measurements and Disclosures ("ASC 820") 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. 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 March 31, 2016 and December 31, 2015 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, 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 March 31, 2016 and December 31, 2015 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 March 31, 2016: Derivative financial instruments (liability position) $ 8,921 $ — $ 8,921 $ — Deferred compensation plan assets 376 376 — — December 31, 2015: Derivative financial instruments (liability position) $ 5,475 $ — $ 5,475 $ — Deferred compensation plan assets 318 318 — — 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 gross carrying amounts and fair values of these financial instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 440 $ — Senior unsecured notes 250,000 — 248,322 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 119,524 — 119,524 — December 31, 2015 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 2,167 $ — $ 2,104 $ — Senior unsecured notes 250,000 — 246,793 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 107,255 — 107,255 — Fixed rate mortgage loans 98,209 — 110,851 — 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.

Segments

Segments	3 Months Ended
	Mar. 31, 2016
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 following table represents the Trust’s segment information for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 70,183 $ 60,383 Collegiate housing leasing operations 24,889 24,140 Net operating income $ 45,294 $ 36,243 Total segment assets at end of period (1) $ 1,959,749 $ 1,773,965 Development Consulting Services: Third-party development consulting services $ 483 $ 597 General and administrative (3) 686 742 Net operating loss $ (203 ) $ (145 ) Total segment assets at end of period (2) $ 4,671 $ 4,214 Management Services: Third-party management services $ 894 $ 1,053 General and administrative (3) 574 784 Net operating income $ 320 $ 269 Total segment assets at end of period (2) $ 11,607 $ 10,732 Reconciliations: Segment revenue $ 71,560 $ 62,033 Operating expense reimbursements 1,819 2,096 Total segment revenues $ 73,379 $ 64,129 Segment operating expenses $ 26,149 $ 25,666 Reimbursable operating expenses 1,819 2,096 Total segment operating expenses $ 27,968 $ 27,762 Segment net operating income $ 45,411 $ 36,367 Other unallocated general and administrative expenses (4) (4,370 ) (3,815 ) Depreciation and amortization (17,516 ) (15,866 ) Ground lease (3,309 ) (2,848 ) Nonoperating income (expenses) (14,989 ) (6,419 ) Equity in losses of unconsolidated entities (244 ) (194 ) Income before income taxes and gain on sale of collegiate housing properties $ 4,983 $ 7,225 (1) The increase in segment assets related to the collegiate housing segment during the three months ended March 31, 2016 as compared to the same period in 2015 is primarily related to the opening of five new communities, three property acquisitions and continued development of nine communities for ownership by the Trust offset by the sale of two collegiate housing communities. (2) Total segment assets also include goodwill of $2,149 related to management services and $921 related to development consulting services. (3) General and administrative expenses for the development consulting services and management services segments represent those expenses that are directly attributable to these segments and also include an allocation of corporate general and administrative expenses based on the extent of effort or resources expended. (4) Other unallocated general and administrative expenses includes costs directly attributable to our owned developments and corporate general and administrative expenses that are not allocated to any of the segments.

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent events	Subsequent events On April 15, 2016 , the Board declared a first quarter distribution of $0.37 per share of common stock and OP Unit for the quarter ended March 31, 2016 . The distributions will be paid on May 13, 2016 to stockholders and unitholders of record at the close of business on April 29, 2016 . During April 2016, the Trust entered into binding agreements to acquire interests in and provide financing for the following collegiate housing communities for aggregate cash consideration of approximately $234.0 million : • The Hub at Madison, which has 341 units consisting of 946 beds serving the University of Wisconsin in Madison, Wisconsin; and • The Hub at Tucson II, which is currently under development and will have 104 units consisting of 311 beds serving the University of Arizona in Tucson, Arizona. In April 2016, the Trust entered into contracts to sell two properties. Each of the acquisitions and dispositions described above is subject to certain customary closing conditions. During April 2016, EROP also entered into a joint venture agreement to develop a 475 bed, $47.2 million property at Oklahoma State University. EROP will be a 70% owner of this property. Construction is under way for a targeted summer 2017 delivery. During April 2016, the Trust sold 1.0 million shares under the 2014 ATM program for net proceeds of $42.4 million .

Summary of significant accoun22

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2016
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.
Principles of Consolidation	Principles of consolidation In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810) ("ASU 2015-02"), which amends the consolidation requirements in ASC 810, Consolidation, and makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015-02, companies will need to reevaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, and eliminates the presumption in the previous voting model that a general partner should consolidate a limited partnership or similar entity unless the presumption can be overcome. ASU 2015-02 was effective for the Trust and the Operating Partnership as of January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. The Trust accounts for interests in partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the amended guidance. The Trust first evaluates whether each entity is a VIE. Under the VIE model, the Trust consolidates an entity when it has control to direct the activities of the VIE and where it is determined to be the primary beneficiary. Under the voting interest model, the Trust consolidates an entity when it controls the entity through the ownership of a majority voting interest. Upon adoption, the Operating Partnership and certain properties that have noncontrolling interests (see Note 8) became VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Trust continues to consolidate these entities as the primary beneficiary because it directs the activities that most significantly impact the economic performance of the VIEs and has an obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the VIEs. EdR has the power and economic exposure through the rights held by OP GP as it relates to the Operating Partnership, while EROP has power and economic exposure through its role as the property manager and equity interest holder of certain properties with noncontrolling interests (see Note 8). All of the Trust's property ownership, development and related business operations are conducted through the Operating Partnership. See the assets and liabilities of the Operating Partnership in the accompanying condensed consolidated financial statements.
Interim Financial Information	Interim financial information The accompanying unaudited interim condensed consolidated 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, 2015, as filed with the Securities and Exchange Commission (the "SEC") on February 29, 2016.
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.
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 March 31, 2016 and December 31, 2015 , the outstanding balance was $0.5 million for both periods. 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 was secured by Concord Eastridge's interest in the joint venture. As of December 31, 2015 , $1.7 million was outstanding. In February 2016 , the Trust acquired Concord Eastridge, Inc.'s remaining partnership interest for $4.9 million in cash. The outstanding promissory loan was repaid in full at closing.
Collegiate housing properties	Collegiate housing properties Land, land improvements, buildings and improvements, and furniture, fixtures and equipment are recorded at cost. Buildings and improvements are depreciated over 15 to 40 years, land improvements are depreciated over 15 years and furniture, fixtures, and equipment are depreciated over 3 to 7 years. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful life. The Trust capitalizes interest based on the weighted average interest costs of total debt, and internal development costs while developments are ongoing, as assets under development. When the property opens, these costs, along with other direct costs of the development, are transferred into the applicable asset category and depreciation commences. Acquired collegiate housing communities’ results of operations are included in the Trust’s results of operations from the respective dates of acquisition. Appraisals, estimates of cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, land improvements, buildings and improvements, furniture, fixtures and equipment and identifiable intangibles such as amounts related to in-place leases. Acquisition costs are expensed as incurred 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 months ended March 31, 2016 and 2015, there were no impairment losses recognized. When a collegiate housing community has met the criteria to be classified as held for sale, the fair value less cost to sell such asset is estimated. If the fair value less cost to sell the asset is less than the carrying amount of the asset, an impairment charge is recorded for the estimated loss. Depreciation expense is no longer recorded once a collegiate housing community has met the held for sale criteria. Dispositions that represent a strategic shift in the business will qualify for treatment as discontinued operations. The property disposition during the three months ended March 31, 2016 did not qualify for treatment as discontinued operations and, as a result, the operations of the property are included in continuing operations in the accompanying condensed consolidated statements of income and comprehensive income.
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 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 and the redeemable interests in consolidated joint ventures and units of limited partnership in University Towers Operating Partnership, LP are classified as redeemable noncontrolling interests. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the price per share of EdR's common stock 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.
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. The Trust had no unrecognized tax benefits as of March 31, 2016 and December 31, 2015. The Trust and its subsidiaries file federal and state income tax returns. As of March 31, 2016, open tax years generally included tax years for 2013, 2014 and 2015. The Trust’s policy is to include interest and penalties related to unrecognized tax benefits in general and administrative expenses. For each of the three months ended March 31, 2016 and 2015, the Trust had no interest or penalties recorded related to unrecognized tax benefits.
Goodwill and other intangible assets	Goodwill and other intangible assets Goodwill is tested annually for impairment as of December 31, and is tested for impairment more frequently if events and circumstances indicate that the carrying value of the assets might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. The accumulated impairment loss recorded is $0.4 million . No additional impairment has been recorded through March 31, 2016 . The carrying value of goodwill was $3.1 million as of March 31, 2016 and December 31, 2015 , of which $2.1 million was recorded on the management services segment and $0.9 million was recorded on the development consulting services segment. Goodwill is not subject to amortization. Other intangible assets generally include in-place leases acquired in connection with acquisitions 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).
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.
Recent accounting pronouncements	Recent accounting pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Trust is currently evaluating the impact of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. The Trust is currently evaluating the impact of this guidance. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), as amended by ASU 2015-04 to defer the effective date. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. ASU 2014-09 provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years and permits the use of either the retrospective or cumulative effect transition method. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Since the issuance of ASU 2014-09, the FASB has issued ASU 2016-08 that is intended to improve the understandability of the implementation guidance regarding principal versus agent considerations and has issued ASU 2016-10 to clarify the identification of performance obligations and the implementation guidance related to licensing. The effective dates of these amendments are the same as ASU 2014-09. The Trust is currently evaluating the provisions of this guidance.

Fair Value of Financial Instr23

Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	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 in ASC 820, Fair Value Measurements and Disclosures ("ASC 820") 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.

Acquisition and development o24

Acquisition and development of real estate investments (Tables)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Business Acquisitions, by Acquisition			During the year ended December 31, 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 preliminary allocation of the purchase price as of the date of the acquisition (in thousands): Collegiate housing property $ 24,350 In-place leases 152 Other assets 3 Current liabilities (148 ) Total net assets acquired $ 24,357		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
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, 2016 is as follows (in thousands, except per share and per unit amounts): Three months ended March 31, 2016 Total revenue (1) $ 73,881 Net income attributable to the Trust (1) $ 16,922 Net income attributable to common shareholders - basic and diluted $ 0.27 Net income attributable to EROP (1) $ 16,982 Net income attributable to unitholders - basic and diluted $ 0.27 (1) As the Lokal first opened for the 2015/2016 lease year, supplemental pro forma revenue and net income information is not available for the period January 1, 2015 - March 31, 2015.	The unaudited pro forma information had the acquisition date for the 2015 acquisitions been January 1, 2014 is as follows (in thousands, except per share and per unit amounts): Three months ended March 31, 2015 Total revenue $ 65,295 Net income attributable to the Trust $ 7,366 Net income attributable to common shareholders - basic and diluted $ 0.15 Net income attributable to EROP $ 7,408 Net income attributable to unitholders - basic and diluted $ 0.15
Development of Collegiate Housing Properties	The costs incurred to date for our owned communities represent the balance capitalized in collegiate housing properties, net as of December 31, 2015 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of December 31, 2015 Internal Development Costs Capitalized Interest Costs Capitalized Three months ended March 31, 2015 Woodland Glen III, IV & V University of Kentucky 1,610 $ 103,458 $ 90 $ 799 The Oaks on the Square - Phase IV University of Connecticut 391 44,325 47 163 The Retreat at Louisville University of Louisville 656 43,935 57 160 Total - owned communities 2,657 191,718 194 1,122 Georgia Heights (1) University of Georgia 292 51,639 49 106 Total joint ventures 292 51,639 49 106 Total 2,949 $ 243,357 $ 243 $ 1,228 (1) 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 $10.3 million and $10.4 million as of March 31, 2016 and December 31, 2015 , respectively, is classified as other assets in the accompanying condensed consolidated balance sheets. The following represents a summary of active developments as of March 31, 2016 , including internal development costs and interest costs capitalized (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of March 31, 2016 Internal Development Costs Capitalized Interest Costs Capitalized Three months ended March 31, 2016 Limestone Park I & II University of Kentucky 1,141 $ 71,663 $ 83 $ 633 Retreat at Oxford - Phase II University of Mississippi 350 21,874 21 195 University Flats University of Kentucky 771 17,501 60 117 Lewis Hall University of Kentucky 346 2,297 71 2 Boise State University Boise State University 656 1,675 52 9 Retreat at Blacksburg - Phase I & II Virginia Polytechnic Institute and State University 829 42,438 32 208 SkyVue Michigan State University 824 21,678 85 132 The Local: Downtown Texas State University 304 6,202 74 83 Total active projects under development 5,221 $ 185,328 $ 478 $ 1,379

Investments in unconsolidated25

Investments in unconsolidated entities (Tables)	3 Months Ended
	Mar. 31, 2016
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 unconsolidated joint ventures for the three months ended March 31, 2016 and 2015 (unaudited, in thousands): Results of Operations of Unconsolidated Entities: For the three months ended March 31, 2016 2015 Revenues $ 7,415 $ 8,517 Net income (loss) $ 14 $ (661 ) Equity in losses of unconsolidated entities $ (244 ) $ (194 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Mortgage and Construction Notes Payable	As of March 31, 2016 and December 31, 2015 , 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 March 31, 2016 December 31, 2015 Interest Rate at March 31, 2016 Interest Rate Type Initial Maturity Date Master Secured Credit Facility $ — $ 75,858 n/a The Centre at Overton Park — 22,351 n/a University Towers 33,475 33,650 2.54 % Variable 7/1/2016 Mortgage Debt 33,475 56,001 2.54 % (1) The Retreat at Louisville 35,672 35,672 2.49 % Variable 8/1/2017 The Oaks on the Square - Phase IV 27,744 27,553 2.44 % Variable 10/20/2017 The Retreat at Blacksburg - Phase I 22,633 10,380 2.49 % Variable 2/4/2019 Construction Loans 86,049 73,605 2.47 % (1) Total mortgage and construction debt / weighted average rate 119,524 205,464 2.49 % (1) Unamortized premium and deferred financing costs (1,258 ) (953 ) Total net of unamortized premium and deferred financing costs 118,266 204,511 Less current portion (33,475 ) (35,446 ) Total mortgage and construction debt, net of current portion $ 84,791 $ 169,065 (1) Represents the weighted average interest rate as of March 31, 2016 . The following table reconciles the carrying amount of mortgage and construction notes payable, net of unamortized deferred financing costs, for the three months ended March 31, 2016 and the year ended December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Balance, beginning of period $ 204,511 $ 248,128 Additions to principal 12,444 65,491 Repayments of principal (98,384 ) (108,179 ) Amortization of debt premium (49 ) (843 ) Write-off of debt premium related to debt pay off (523 ) (70 ) (Increase) decrease in deferred financing costs, net 267 (16 ) Balance, end of period $ 118,266 $ 204,511
Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness	The scheduled maturities of outstanding indebtedness (excluding the Fifth Amended Revolver) as of March 31, 2016 are as follows (in thousands): Year 2016 (nine months ending December 31, 2016) $ 33,475 2017 63,416 2018 — 2019 87,633 2020 — 2021 122,500 Thereafter 250,000 Total 557,024 Unamortized deferred financing costs (4,434 ) Outstanding as of March 31, 2016, net of unamortized deferred financing costs $ 552,590

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guaranties	The following summarizes the Operating Partnership's exposure under such guaranties (dollars in thousands): March 31, 2016 December 31, 2015 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 % $ 23,206 n/a $ 5,802 n/a $ 23,297 n/a $ 5,824 n/a The Marshall 50 % 56,489 8,767 28,245 4,384 56,507 8,767 28,254 4,384 Georgia Heights 50 % 34,385 7,230 17,193 3,615 31,430 7,230 15,715 3,615

Noncontrolling interests (Table

Noncontrolling interests (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	The following table sets forth activity with the redeemable noncontrolling interests for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Beginning balance $ 5,248 $ 4,431 Net income 135 189 Contributions from redeemable noncontrolling interests — 26 Adjustments to report redeemable noncontrolling interests at fair value 140 147 Purchase and return of equity to noncontrolling partner's interest (2,910 ) — Distributions (51 ) (22 ) Ending balance $ 2,562 $ 4,771 Below is a table summarizing the activity of redeemable limited partners' unit for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Beginning balance $ 8,312 $ 10,081 Net income 58 40 Distributions (149 ) (93 ) Reclassification of vested LTIP Units to redeemable limited partner 244 — Conversion of redeemable limited partner units into common stock (938 ) (960 ) Adjustments to report redeemable limited partner units at fair value 587 (191 ) Ending balance $ 8,114 $ 8,877

Incentive plans (Tables)

Incentive plans (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 is as follows: Restricted Stock Awards Weighted-Average Grant Date Fair Value Per Restricted Stock Award RSU Awards Weighted-Average Grant Date Fair Value Per RSU LTIP Units Weighted-Average Grant Date Fair Value Per LTIP Unit Outstanding as of December 31, 2014 46,810 (1) $ 27.94 146,911 $ 20.58 — $ — Granted — — — — 155,778 18.83 Vested (17,774 ) 37.04 — — — — Surrendered (3,467 ) 36.59 — — — — Outstanding as of March 31, 2015 25,569 (1) $ 28.32 146,911 $ 20.58 155,778 $ 18.83 Outstanding as of December 31, 2015 25,569 (1) $ 28.32 146,911 $ 20.58 155,774 $ 18.83 Granted — — — — 131,745 26.20 Vested (10,199 ) 31.92 (10,776 ) 22.95 (7,067 ) 18.83 Surrendered (7,508 ) 31.92 (43,596 ) 22.95 — — Outstanding as of March 31, 2016 7,862 (1) $ 26.46 92,539 $ 19.20 280,452 $ 22.29 (1) Represents unvested shares of restricted stock awards as of the date indicated.

Derivatives and hedging activ30

Derivatives and hedging activities (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 (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 (Gain) Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2016 Interest rate contracts $ (4,229 ) Interest expense $ (782 ) 2015 Interest rate contracts $ (3,330 ) Interest expense $ 892

Earnings per share_unit (Tables

Earnings per share/unit (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 (amounts in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator - basic and diluted earnings per share: Net income attributable to common shareholders $ 16,669 $ 6,941 Denominator: Basic weighted average shares of common stock outstanding 62,677 48,179 OP Units 217 (1 ) 253 (1) University Towers Operating Partnership Units 69 69 Diluted weighted average shares of common stock outstanding 62,963 48,501 Earnings per share - basic: Net income attributable to common shareholders $ 0.27 $ 0.14 Earnings per share - diluted: Net income attributable to common shareholders $ 0.26 $ 0.14 Distributions declared per common share $ 0.37 $ 0.36 (1) Includes the impact of weighted average number of OP Units outstanding during the period. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the three months ended March 31, 2016 and 2015 (amounts in thousands, except per unit data): Three Months Ended March 31, 2016 2015 Numerator - basic and diluted earnings per unit: Net income attributable to unitholders $ 16,727 $ 6,981 Denominator: Weighted average units outstanding 62,429 48,080 Redeemable Operating Partnership units 217 253 LTIP units 248 99 Weighted average units outstanding - basic 62,894 48,432 Redeemable University Towers Operating Partnership Units 69 69 Weighted average units outstanding - diluted 62,963 48,501 Earnings per unit - basic and diluted: Net income attributable to unitholders $ 0.27 $ 0.14 Distributions declared per unit $ 0.37 $ 0.36

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents the assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall and summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2016 and December 31, 2015 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 March 31, 2016: Derivative financial instruments (liability position) $ 8,921 $ — $ 8,921 $ — Deferred compensation plan assets 376 376 — — December 31, 2015: Derivative financial instruments (liability position) $ 5,475 $ — $ 5,475 $ — Deferred compensation plan assets 318 318 — —
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The table below summarizes the gross carrying amounts and fair values of these financial instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 440 $ — Senior unsecured notes 250,000 — 248,322 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 119,524 — 119,524 — December 31, 2015 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 2,167 $ — $ 2,104 $ — Senior unsecured notes 250,000 — 246,793 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 107,255 — 107,255 — Fixed rate mortgage loans 98,209 — 110,851 —

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	The following table represents the Trust’s segment information for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 70,183 $ 60,383 Collegiate housing leasing operations 24,889 24,140 Net operating income $ 45,294 $ 36,243 Total segment assets at end of period (1) $ 1,959,749 $ 1,773,965 Development Consulting Services: Third-party development consulting services $ 483 $ 597 General and administrative (3) 686 742 Net operating loss $ (203 ) $ (145 ) Total segment assets at end of period (2) $ 4,671 $ 4,214 Management Services: Third-party management services $ 894 $ 1,053 General and administrative (3) 574 784 Net operating income $ 320 $ 269 Total segment assets at end of period (2) $ 11,607 $ 10,732 Reconciliations: Segment revenue $ 71,560 $ 62,033 Operating expense reimbursements 1,819 2,096 Total segment revenues $ 73,379 $ 64,129 Segment operating expenses $ 26,149 $ 25,666 Reimbursable operating expenses 1,819 2,096 Total segment operating expenses $ 27,968 $ 27,762 Segment net operating income $ 45,411 $ 36,367 Other unallocated general and administrative expenses (4) (4,370 ) (3,815 ) Depreciation and amortization (17,516 ) (15,866 ) Ground lease (3,309 ) (2,848 ) Nonoperating income (expenses) (14,989 ) (6,419 ) Equity in losses of unconsolidated entities (244 ) (194 ) Income before income taxes and gain on sale of collegiate housing properties $ 4,983 $ 7,225 (1) The increase in segment assets related to the collegiate housing segment during the three months ended March 31, 2016 as compared to the same period in 2015 is primarily related to the opening of five new communities, three property acquisitions and continued development of nine communities for ownership by the Trust offset by the sale of two collegiate housing communities. (2) Total segment assets also include goodwill of $2,149 related to management services and $921 related to development consulting services. (3) General and administrative expenses for the development consulting services and management services segments represent those expenses that are directly attributable to these segments and also include an allocation of corporate general and administrative expenses based on the extent of effort or resources expended. (4) Other unallocated general and administrative expenses includes costs directly attributable to our owned developments and corporate general and administrative expenses that are not allocated to any of the segments.

Organization and description 34

Organization and description of business - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	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 accoun35

Summary of significant accounting policies - Additional Information (Details)	Apr. 29, 2016USD ($)shares	Mar. 24, 2016USD ($)shares	Feb. 03, 2016USD ($)	Jan. 15, 2016USD ($)shares	Nov. 20, 2014	Aug. 26, 2013USD ($)	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)shares	Mar. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Mar. 20, 2015USD ($)	Oct. 31, 2014USD ($)	Dec. 31, 2008USD ($)
Significant Accounting Policies [Line Items]
Promissory note receivable						$ 500,000
Notes receivable, interest rate (percent)						10.00%
Due from related party							$ 500,000		$ 500,000	$ 500,000
Loss on impairment of collegiate housing properties							$ 0	$ 0
Common stock, shares issued (shares) | shares							65,011,662		65,011,662	56,879,003
Proceeds from issuance of common stock		$ 20,000,000		$ 215,100,000			$ 286,611,000	10,569,000
Reverse stock split conversion ratio (as a percent)					0.3333
Taxable income that needs to be distributed to stockholders in order to avoid federal, state and local income taxes (percent)							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
Carrying value of other intangible assets							300,000		300,000	200,000
Stock Issued During Period, Shares, New Issues | shares		500,000		6,300,000
Repayments of Long-term Debt				$ 108,500,000
Long-term Debt				$ 98,200,000			552,590,000		552,590,000
Debt Instrument, Interest Rate, Stated Percentage				5.40%
Payments of Debt Extinguishment Costs				$ 10,300,000			10,290,000	$ 0
Unrecognized Tax Benefits							0		0	0
Operating Segments | Management Services
Significant Accounting Policies [Line Items]
Goodwill carrying value							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	900,000
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							1,300,000	300,000	1,300,000
Proceeds from issuance of common stock							$ 51,100,000	$ 10,500,000
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
Basis spread on variable rate (percent)											2.00%
Education Realty Operating Partnership L.P.
Significant Accounting Policies [Line Items]
Proceeds from issuance of common stock							$ 286,611,000	10,569,000
Payments to noncontrolling interest							200,000	115,000
Payments of Debt Extinguishment Costs							$ 10,290,000	$ 0
Education Realty Operating Partnership L.P. | Roosevelt Point [Member]
Significant Accounting Policies [Line Items]
Payments to noncontrolling interest			$ 4,900,000
Subsequent Event [Member] | Equity Distribution Agreement 2014
Significant Accounting Policies [Line Items]
Common stock, shares issued (shares) | shares	1,000,000
Proceeds from issuance of common stock	$ 42,400,000

Acquisition and development o36

Acquisition and development of real estate investments - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)property
Business Acquisition [Line Items]
Number of properties acquired (properties) | property			2
Working capital and other assets acquired but not part of the contractual purchase price	$ 200		$ 600
Contract Price	24,600		58,500
Fair values of assets acquired			58,146
Current liabilities assumed			714
Assets	2,197,300		2,001,831
Liabilities	665,844		$ 743,401
Net Cash Provided by (Used in) Operating Activities	37,550	$ 28,829
Variable Interest Entity, Primary Beneficiary [Member]
Business Acquisition [Line Items]
Variable Interest Entity, Termination Period			180 days
Assets			$ 48,600
Liabilities			300
Net Cash Provided by (Used in) Operating Activities			$ 100
General and Administrative Expense
Business Acquisition [Line Items]
Acquisition costs	$ 100

Acquisition and development o37

Acquisition and development of real estate investments - Collegiate Housing Community Acquisitions (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)bed$ / shares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)bedunit
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 24,000
Number Of Beds | bed			2,949
Contract Price	24,600		$ 58,500
Net Cash Provided by (Used in) Operating Activities	37,550	$ 28,829
Twenty Sixteen Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	73,881
Business Acquisition, Pro Forma Net Income (Loss)	$ 16,922
Business Acquisitions Pro Forma Earnings Per Share Basic And Diluted | $ / shares	$ 0.27
The Lokal
Business Acquisition [Line Items]
Primary University Served	Colorado State University
Acquisition Date	2016-03
Number Of Beds | bed	194
Number of units (units) | bed	79
Contract Price	$ 24,600
The Commons on Bridge
Business Acquisition [Line Items]
Primary University Served			University of Tennessee Knoxville, Tennessee
Acquisition Date			2015-06
Number Of Beds | bed			150
Number of units (units) | unit			51
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 | bed			317
Number of units (units) | unit			84
Contract Price			$ 48,800
Pura Vida Place [Member]
Business Acquisition [Line Items]
Number Of Beds | bed	100
Number of units (units) | bed	52
Carriage House [Member]
Business Acquisition [Line Items]
Number Of Beds | bed	94
Number of units (units) | bed	54
Education Realty Operating Partnership L.P.
Business Acquisition [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 37,550	$ 28,829
Education Realty Operating Partnership L.P. | Twenty Sixteen Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Net Income (Loss)	$ 16,982
Business Acquisitions Pro Forma Earnings Per Share Basic And Diluted | $ / shares	$ 0.27
Variable Interest Entity, Primary Beneficiary [Member]
Business Acquisition [Line Items]
Net Cash Provided by (Used in) Operating Activities			$ 100

Acquisition and development o38

Acquisition and development of real estate investments - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Collegiate housing properties		$ 58,146
In-place leases		354
Other assets		90
Current liabilities		(714)
Total net assets acquired		57,876
The Lokal
Business Acquisition [Line Items]
Collegiate housing properties	$ 24,350
In-place leases	152
Other assets	3
Current liabilities	(148)
Total net assets acquired	$ 24,357
The Commons on Bridge
Business Acquisition [Line Items]
Collegiate housing properties		9,624
In-place leases		76
Other assets		5
Current liabilities		(338)
Total net assets acquired		9,367
The Province at Boulder
Business Acquisition [Line Items]
Collegiate housing properties		48,522
In-place leases		278
Other assets		85
Current liabilities		(376)
Total net assets acquired		$ 48,509

Acquisition and development o39

Acquisition and development of real estate investments - Pro Forma Revenue and Net Loss of Combined Entity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Working capital and other assets acquired but not part of the contractual purchase price	$ 200		$ 600
Payments to Acquire Businesses, Gross	$ 24,600		$ 58,500
2015 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Revenue		$ 65,295
Net income		$ 7,366
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)		$ 0.15
2015 Acquisitions | Education Realty Operating Partnership L.P.
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income		$ 7,408
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)		$ 0.15

Acquisition and development o40

Acquisition and development of real estate investments - Development of collegiate housing properties (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)bed	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)bed
Real Estate Properties [Line Items]
Number Of Beds | bed			2,949
Costs Incurred			$ 243,357
Internal Development Costs Capitalized		$ 243
Interest Costs Capitalized		1,228
Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	5,221
Costs Incurred	$ 185,328
Internal Development Costs Capitalized	478
Interest Costs Capitalized	1,379
Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Real Estate, Estimated Project Development Cost	252,000
Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed			2,657
Costs Incurred			$ 191,718
Internal Development Costs Capitalized		194
Interest Costs Capitalized		1,122
Joint Venture Properties
Real Estate Properties [Line Items]
Number Of Beds | bed			292
Costs Incurred			$ 51,639
Internal Development Costs Capitalized		49
Interest Costs Capitalized		106
Woodland Glen III, IV & V | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed			1,610
Costs Incurred			$ 103,458
Internal Development Costs Capitalized		90
Interest Costs Capitalized		799
The Oaks On The Square - Phase IV | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed			391
Costs Incurred			$ 44,325
Internal Development Costs Capitalized		47
Interest Costs Capitalized		163
Retreat at Louisville | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed			656
Costs Incurred			$ 43,935
Internal Development Costs Capitalized		57
Interest Costs Capitalized		160
Georgia Heights
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by Parent			50.00%
Payments to noncontrolling interest	$ 10,300		$ 10,400
Georgia Heights | Joint Venture Properties
Real Estate Properties [Line Items]
Number Of Beds | bed			292
Costs Incurred			$ 51,639
Internal Development Costs Capitalized		49
Interest Costs Capitalized		$ 106
Limestone Park I & II | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	1,141
Costs Incurred	$ 71,663
Internal Development Costs Capitalized	83
Interest Costs Capitalized	$ 633
The Retreat at Oxford - Phase II | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	350
Costs Incurred	$ 21,874
Internal Development Costs Capitalized	21
Interest Costs Capitalized	$ 195
University Flats | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	771
Costs Incurred	$ 17,501
Internal Development Costs Capitalized	60
Interest Costs Capitalized	$ 117
Honors College | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	346
Costs Incurred	$ 2,297
Internal Development Costs Capitalized	71
Interest Costs Capitalized	$ 2
Boise State University | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	656
Costs Incurred	$ 1,675
Internal Development Costs Capitalized	52
Interest Costs Capitalized	$ 9
Retreat at Blacksburg - Phase I & II | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	829
Costs Incurred	$ 42,438
Internal Development Costs Capitalized	32
Interest Costs Capitalized	$ 208
The Local [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	304
Costs Incurred	$ 6,202
Internal Development Costs Capitalized	74
Interest Costs Capitalized	$ 83
SkyVUE [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	824
Costs Incurred	$ 21,678
Internal Development Costs Capitalized	85
Interest Costs Capitalized	$ 132

Disposition of real estate in41

Disposition of real estate investments - Additional Information (Details) - USD ($) $ in Thousands	Jan. 15, 2016	Mar. 31, 2016	Mar. 31, 2015
Disposition of real estate investments, sales price		$ 54,600
Proceeds from sale of real estate		54,100
Repayments of mortgage debt	$ 108,500
Gain on sale of collegiate housing properties		11,873	$ 0
Partnership Interest [Member]
Gain on sale of collegiate housing properties		11,873	0
Payments to Noncontrolling Interests		200	$ 115
605 West Apartments [Member] | Partnership Interest [Member]
Payments to Noncontrolling Interests		$ 2,100

Investments in unconsolidated42

Investments in unconsolidated entities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accrued Liabilities
Schedule of Equity Method Investments [Line Items]
Investments classified in accrued expenses	$ 1.8	$ 2
Other Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 27.4	$ 28.1
MN Holdings, Llc
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
West Clayton Athens GA Owner LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
University Village-Greensboro LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
Elauwit Networks
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	14.00%

Investments in unconsolidated43

Investments in unconsolidated entities - Financial Information of Unconsolidated Joint Ventures Limited Liability Companies and Limited Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Revenues	$ 7,415	$ 8,517
Net income (loss)	14	(661)
Equity in losses of unconsolidated entities	$ (244)	$ (194)

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jan. 15, 2016	Nov. 24, 2014	Nov. 19, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jan. 13, 2014
Debt Instrument [Line Items]
Line of credit facility, amount outstanding				$ 0		$ 0
Long-term Debt, Gross				557,024,000
Unsecured term loan, net of unamortized deferred financing costs				186,581,000		186,518,000
Debt Instrument, Interest Rate, Stated Percentage	5.40%
Repayments of Long-term Debt	$ 108,500,000
Long-term Debt	98,200,000			552,590,000
Payments of Debt Extinguishment Costs	10,300,000			10,290,000	$ 0
Unsecured senior notes, net of unamortized deferred financing costs				247,743,000		247,678,000
Construction debt
Debt Instrument [Line Items]
Long-term Debt, Gross				86,049,000		73,605,000
Unsecured Debt
Debt Instrument [Line Items]
Deferred Finance Costs, Noncurrent, Net				900,000		1,000,000
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Payments of Debt Extinguishment Costs	$ 9,300,000
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				$ 0		0
Covenant dividend payout				95.00%
Unsecured term loan, net of unamortized deferred financing costs				$ 186,581,000		186,518,000
Payments of Debt Extinguishment Costs				10,290,000	$ 0
Unsecured senior notes, net of unamortized deferred financing costs				$ 247,743,000		247,678,000
Education Realty Operating Partnership L.P. | Interest Rate Swap | Swap
Debt Instrument [Line Items]
Derivative Liability, Notional Amount							$ 187,500,000
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 | Unsecured Debt
Debt Instrument [Line Items]
Deferred Finance Costs, Noncurrent, Net				$ 2,300,000		2,300,000
Unsecured senior notes, net of unamortized deferred financing costs				$ 247,700,000		$ 247,700,000
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
Debt Instrument [Line Items]
Maturity extension period			1 year
Revolving Credit Facility | Fifth Amended Revolver | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.15%
Revolving Credit Facility | Fifth Amended Revolver | Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.25%
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				1.68%
Line of credit facility, amount outstanding				$ 0
Line of credit facility, remaining borrowing base availability				$ 500,000,000
The Centre At Overton Park Texas Tech University [Member]
Debt Instrument [Line Items]
Margin on variable interest rate	5.60%
Long-term Debt	$ 22,300,000
Payments of Debt Extinguishment Costs	1,000,000
The Reserve At Saluki Pointe And River Place [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 21,300,000
Debt Instrument, Interest Rate During Period	5.67%
The Commons At Knoxville, The Reserve On Stinson, The Reserve At Perkins And The Reserve At Athens [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 54,500,000
Debt Instrument, Interest Rate During Period	6.02%

Debt - Mortgage and Constructio

Debt - Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Jan. 15, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 557,024
Unamortized premium and deferred financing costs	(4,434)
Total net of unamortized premium and deferred financing costs	552,590	$ 98,200
Master Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	0		$ 75,858
Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 33,475		56,001
Interest Rate	2.54%
Construction Loans
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 86,049		73,605
Interest Rate	2.47%
All Mortgage Loans On Real Estate
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 119,524		205,464
Unamortized premium and deferred financing costs	(1,258)		(953)
Total net of unamortized premium and deferred financing costs	118,266		204,511
Less current portion	(33,475)		(35,446)
Total mortgage and construction debt, net of current portion	$ 84,791		169,065
Interest Rate	2.49%
The Centre at Overton Park | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 0		22,351
Initial Maturity Date
University Towers | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Outstanding mortgage and construction indebtedness, excluding unamortized premium/discount	$ 33,475		33,650
Interest Rate	2.54%
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	$ 35,672		35,672
Interest Rate	2.49%
Initial Maturity Date	Aug. 1, 2017
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	$ 27,744		27,553
Interest Rate	2.44%
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	$ 22,633		$ 10,380
Interest Rate	2.49%
Initial Maturity Date	Feb. 4, 2019

Debt Debt - Carrying Amount of

Debt Debt - Carrying Amount of Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Mortgage Loans on Real Estate	$ 118,266	$ 204,511	$ 248,128
Mortgage Loans on Real Estate, New Mortgage Loans	12,444	65,491
Mortgage Loans on Real Estate, Collections of Principal	(98,384)	(108,179)
Mortgage Loans on Real Estate, Amortization of Premium	(49)	(843)
Write off of Deferred Debt Issuance Cost	(523)	(70)
Increase (Decrease) in Deferred Charges	$ 267	$ (16)

Debt - Scheduled Maturities of

Debt - Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jan. 15, 2016
Debt Disclosure [Abstract]
2016 (nine months ending December 31, 2016)	$ 33,475
2,017	63,416
2,018	0
2,019	87,633
2,020	0
Long-term Debt, Maturities, Repayments of Principal in Year Six	122,500
Thereafter	250,000
Total	557,024
Unamortized deferred financing costs	(4,434)
Total net of unamortized premium and deferred financing costs	$ 552,590	$ 98,200

Commitments and contingencies -

Commitments and contingencies - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)collegiate_housing_community	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 31, 2014USD ($)
Commitments and Contingencies Disclosure [Line Items]
Construction debt	$ 118,266		$ 204,511
Line of credit facility, amount outstanding	0		0
Reimbursable predevelopment costs	$ 2,200		1,900
Collegiate Housing Properties In Development [Member]
Commitments and Contingencies Disclosure [Line Items]
Number of collegiate housing communities | collegiate_housing_community	4
Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Construction debt	$ 118,266		204,511
Line of credit facility, amount outstanding	$ 0		0
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	$ 23,206		23,297
Education Realty Operating Partnership L.P. | University Village - Greensboro | Partnership Interest Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	$ 5,802		5,824
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	$ 56,489		56,507
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	28,245		28,254
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	$ 34,385		31,430
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	17,193		15,715
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	34,000
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	$ 6,300
University Towers Operating Partnership LP | Minimum
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%
Scenario, Forecast [Member] | Collegiate Housing Properties In Development [Member]
Commitments and Contingencies Disclosure [Line Items]
Aggregate consideration expected to be paid		$ 258,000

Noncontrolling interests - Addi

Noncontrolling interests - Additional Information (Details) $ in Millions	Feb. 03, 2016	Mar. 31, 2016USD ($)joint_ventureshares	Dec. 31, 2015shares
Redeemable Noncontrolling Interest [Line Items]
Real Estate Assets Gross Sales Price | $		$ 54.6
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
Redeemable operating partnership units (shares)		199,308	224,308
Education Realty Operating Partnership L.P. | Redeemable University Towers Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Total potentially dilutive securities (shares)		69,086
Education Realty Operating Partnership L.P. | Roosevelt Point
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage	5.00%		95.00%
Education Realty Operating Partnership L.P. | University Towers Operating Partnership LP
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage		72.70%

Noncontrolling interests - Acti

Noncontrolling interests - Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 13,560
Adjustments to report redeemable limited partner units at fair value	722	$ (44)
Ending balance	10,676
Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	5,248	4,431
Net income	135	189
Contributions from redeemable noncontrolling interests	0	26
Adjustments to report redeemable limited partner units at fair value	140	147
Payments to Noncontrolling Interests	(2,910)	0
Distributions	(51)	(22)
Ending balance	2,562	4,771
Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	8,312	10,081
Net income	58	40
Conversion of redeemable limited partner units into common stock	(938)	(960)
Adjustments to report redeemable limited partner units at fair value	587	(191)
Distributions	(149)	(93)
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount	244	0
Ending balance	$ 8,114	$ 8,877

Incentive plans - Additional In

Incentive plans - Additional Information (Details) $ in Thousands	Jan. 01, 2016shares	May. 04, 2011shares	Mar. 31, 2016USD ($)criteriashares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash compensation expense related to stock-based incentive awards			$ 827	$ 671
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash compensation expense related to stock-based incentive awards			700	600
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, unearned compensation related to restricted stock			200		$ 200
Equity incentive plan, compensation expense			$ 100	$ 100
Granted (shares) | shares			0	0
Time Based Restricted Stock | Long Term Incentive Plan Twenty Fourteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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			$ 400		600
Equity incentive plan, compensation expense			$ 100	$ 200
RSU awards vested (in shares) | shares	10,776
Granted (shares) | shares			0	0
Restricted Stock Units (RSUs) | Long Term Incentive Plan Twenty Fourteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period			3 years
Restricted Stock Units (RSUs) | Long Term Incentive Plan Twenty Fifteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period			3 years
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense			$ 500	$ 200
Unearned compensation			$ 5,200		$ 2,100
Granted (shares) | shares			131,745	155,778
LTIP Units, Time-Based | Long Term Incentive Plan Twenty Sixteen [Member]
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, Time-Based | Long Term Incentive Plan Twenty Fifteen [Member]
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 Twenty Sixteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award type allocation			75.00%
Equity incentive plan, performance period			3 years
LTIP Units, Performance-Based | Long Term Incentive Plan Twenty Fifteen [Member]
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 | shares		105,000
Equity incentive plan, additional common stock shares | shares		1,049,167
Equity incentive plan, common stock shares reserved for issuance | shares			520,612

Incentive plans - Stock Based I

Incentive plans - Stock Based Incentive Plan Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	25,569	46,810
Granted (shares)	0	0
Vested (shares)	(10,199)	(17,774)
Surrendered (shares)	(7,508)	(3,467)
Ending balance (shares)	7,862	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)	$ 28.32	$ 27.94
Granted, Weighted-Average Grant Date Fair Value (usd per share)	0	0
Vested, Weighted-Average Grant Date Fair Value (usd per share)	31.92	37.04
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	31.92	36.59
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share)	$ 26.46	$ 28.32
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	146,911	146,911
Granted (shares)	0	0
Vested (shares)	(10,776)	0
Surrendered (shares)	(43,596)	0
Ending balance (shares)	92,539	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)	$ 20.58	$ 20.58
Granted, Weighted-Average Grant Date Fair Value (usd per share)	0	0
Vested, Weighted-Average Grant Date Fair Value (usd per share)	22.95	0
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	22.95	0
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share)	$ 19.20	$ 20.58
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	155,774	0
Granted (shares)	131,745	155,778
Vested (shares)	(7,067)	0
Surrendered (shares)	0	0
Ending balance (shares)	280,452	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)	$ 18.83	$ 0
Granted, Weighted-Average Grant Date Fair Value (usd per share)	26.20	18.83
Vested, Weighted-Average Grant Date Fair Value (usd per share)	18.83	0
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	0	0
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share)	$ 22.29	$ 18.83

Derivatives and hedging activ53

Derivatives and hedging activities (Details) $ in Millions	Mar. 31, 2016USD ($)swap	Dec. 31, 2015USD ($)
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	$ 2.9
Interest rate derivatives, at fair value, net	8.9	$ 5.5
Interest rate derivative liabilities, at fair value	9.4	$ 5.8
Credit risk derivatives, at fair value, net	9.4
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 187.5

Derivatives and hedging activ54

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
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of Loss Recognized in OCI on Derivative (Effective Portion)	$ (4,229)	$ (3,330)
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ (782)	$ 892

Earnings per share_unit - Addit

Earnings per share/unit - Additional information (Details)	Nov. 20, 2014	Mar. 31, 2016shares	Dec. 31, 2015shares
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)		199,308	224,308
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

Earnings per share_unit - Recon

Earnings per share/unit - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ 16,669	$ 6,941
Denominator:
Basic weighted average shares of common stock outstanding	62,677,000	48,179,000
Diluted weighted average shares of common stock outstanding	62,963,000	48,501,000
Earnings per share - basic:
Net income (loss) attributable to common shareholders/unitholders (usd per share)	$ 0.27	$ 0.14
Earnings per share - diluted:
Net income (loss) attributable to common shareholders/unitholders (usd per share)	0.26	0.14
Distributions declared per common share/unit (usd per share)	$ 0.37	$ 0.36
Education Realty Operating Partnership L.P.
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ 16,727	$ 6,981
Denominator:
Weighted average units outstanding (shares)	62,429,000	48,080,000
Redeemable Operating Partnership units (shares)	199,308		224,308
Basic weighted average shares of common stock outstanding	62,894,000	48,432,000
Diluted weighted average shares of common stock outstanding	62,963,000	48,501,000
Earnings per share - diluted:
Net income (loss) attributable to unitholders – basic and diluted (usd per share)	$ 0.27	$ 0.14
Distributions declared per common share/unit (usd per share)	$ 0.37	$ 0.36
Operating Partnership Units [Member]
Denominator:
Redeemable Operating Partnership units (shares)	217,000	253,000
Operating Partnership Units [Member]
Denominator:
Total potentially dilutive securities (shares)	217,000	253,000
University Towers Operating Partnership Units
Denominator:
Total potentially dilutive securities (shares)	69,000	69,000
LTIP Units | Education Realty Operating Partnership L.P.
Denominator:
Redeemable Operating Partnership units (shares)	248,000	99,000
Redeemable University Towers Operating Partnership Units | Education Realty Operating Partnership L.P.
Denominator:
Total potentially dilutive securities (shares)	69,000	69,000

Fair Value of Financial Instr57

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 500	$ 2,167
Senior unsecured notes	250,000	250,000
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)	8,921	5,475
Deferred compensation plan assets	376	318
Carrying value | Variable Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	119,524	107,255
Carrying value | Fixed Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans		98,209
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 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	440	2,104
Senior unsecured notes	248,322	246,793
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 term loan facility	0	0
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	376	318
Estimated fair value | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	8,921	5,475
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	119,524	107,255
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
Estimated fair value | Fixed Rate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans		110,851
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

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)propertycommunitysegment	Mar. 31, 2015community	Dec. 31, 2015USD ($)property
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of properties acquired (properties) | property			2
Goodwill | $	$ 3,100		$ 3,100
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Number of Properties Opened | property	5
Number of properties acquired (properties) | property	3
Number of Housing Communities Developed in Period | community	9
Number Of Properties Sold | community		2
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 ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	$ 70,183,000	$ 60,383,000
Collegiate housing leasing operations	24,889,000	24,140,000
Net operating income	20,216,000	13,838,000
Third-party development consulting services	483,000	597,000
Third-party management services	894,000	1,053,000
Total segment assets at end of period	2,197,300,000		$ 2,001,831,000
Segment revenue	73,379,000	64,129,000
Operating expense reimbursements	1,819,000	2,096,000
Segment operating expenses	27,968,000	27,762,000
Reimbursable operating expenses	1,819,000	2,096,000
Depreciation and amortization	(17,516,000)	(15,866,000)
Ground lease	(3,309,000)	(2,848,000)
Loss on impairment of collegiate housing properties	0	0
Nonoperating income (expense)	(14,989,000)	(6,419,000)
Equity in losses of unconsolidated entities	(244,000)	(194,000)
Income before income taxes and gain on sale of collegiate housing properties	4,983,000	7,225,000
Operating Segments
Segment Reporting Information [Line Items]
Net operating income	45,411,000	36,367,000
Segment revenue	71,560,000	62,033,000
Segment operating expenses	26,149,000	25,666,000
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	70,183,000	60,383,000
Collegiate housing leasing operations	24,889,000	24,140,000
Net operating income	45,294,000	36,243,000
Total segment assets at end of period	1,959,749,000	1,773,965,000
Operating Segments | Development Consulting Services
Segment Reporting Information [Line Items]
Net operating income	(203,000)	(145,000)
Third-party development consulting services	483,000	597,000
General and administrative (3)	686,000	742,000
Total segment assets at end of period	4,671,000	4,214,000
Operating Segments | Management Services
Segment Reporting Information [Line Items]
Net operating income	320,000	269,000
Third-party management services	894,000	1,053,000
General and administrative (3)	574,000	784,000
Total segment assets at end of period	11,607,000	10,732,000
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating expense reimbursements	1,819,000	2,096,000
Reimbursable operating expenses	1,819,000	2,096,000
Other unallocated general and administrative expenses (4)	(4,370,000)	(3,815,000)
Depreciation and amortization	(17,516,000)	(15,866,000)
Ground lease	(3,309,000)	(2,848,000)
Nonoperating income (expense)	(14,989,000)	(6,419,000)
Equity in losses of unconsolidated entities	$ (244,000)	$ (194,000)

Subsequent events - Additional

Subsequent events - Additional Information (Details) $ / shares in Units, $ in Thousands	May. 13, 2016	Apr. 29, 2016USD ($)shares	Apr. 15, 2016$ / shares	Mar. 24, 2016USD ($)	Jan. 15, 2016USD ($)	Apr. 30, 2016USD ($)bedbuilding_unit	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)bedshares
Subsequent Event [Line Items]
Number Of Beds | bed									2,949
Value of property to be developed									$ 243,357
Common Stock, Shares, Issued | shares							65,011,662		56,879,003
Proceeds from Issuance of Common Stock				$ 20,000	$ 215,100		$ 286,611	$ 10,569
Subsequent Event
Subsequent Event [Line Items]
Distribution declared per share (usd per share) | $ / shares			$ 0.37
Distribution declared, payable date	May 13, 2016
Distribution declared, record date		Apr. 29, 2016
Aggregate consideration expected to be paid						$ 234,000
Owned Properties
Subsequent Event [Line Items]
Number Of Beds | bed									2,657
Value of property to be developed									$ 191,718
The Hub at University of Wisconsin [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of units (units) | building_unit						341
Number Of Beds | bed						946
The Hub at University of Arizona [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of units (units) | building_unit						104
Number Of Beds | bed						311
Equity Distribution Agreement 2014 [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued | shares							1,300,000	300,000
Proceeds from Issuance of Common Stock							$ 51,100	$ 10,500
Equity Distribution Agreement 2014 [Member] | Subsequent Event
Subsequent Event [Line Items]
Common Stock, Shares, Issued | shares		1,000,000
Proceeds from Issuance of Common Stock		$ 42,400
Education Realty Operating Partnership L.P.
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock							$ 286,611	$ 10,569
Education Realty Operating Partnership L.P. | Property at Oklahoma State University [Member] | Subsequent Event
Subsequent Event [Line Items]
Number Of Beds | bed						475
Value of property to be developed						$ 47,200
Joint venture ownership (percentage)						70.00%