Education Realty Operating Partnership L P 10-Q 31 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	EDR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		73,075,461
Education Realty Operating Partnership L.P.
Entity Information [Line Items]
Entity Registrant Name	EDUCATION REALTY OPERATING PARTNERSHIP L P
Entity Central Index Key	1,351,345
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Collegiate housing properties, net	$ 2,125,140	$ 1,774,796
Assets under development	162,336	117,384
Cash and cash equivalents	115,486	33,742
Restricted cash	7,492	9,784
Other assets	72,870	66,125
Total assets	2,483,324	2,001,831
Liabilities:
Mortgage and construction loans, net of unamortized premium and deferred financing costs	61,847	204,511
Unsecured revolving credit facility	0	0
Unsecured term loan, net of unamortized deferred financing costs	186,706	186,518
Unsecured senior notes, net of unamortized deferred financing costs	247,873	247,678
Accounts payable and accrued expenses	125,421	85,670
Deferred revenue	30,981	19,024
Total liabilities	652,828	743,401
Commitments and contingencies
Redeemable noncontrolling interests	11,033	13,560
Equity:
Common stock, $0.01 par value per share, 200,000,000 shares authorized, 73,047,395 and 56,879,003 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	730	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	1,813,980	1,263,603
Retained earnings (accumulated deficit)	0	(21,998)
Accumulated other comprehensive loss	(8,312)	(5,475)
Total Education Realty Trust, Inc. stockholders’ equity	1,806,398	1,236,699
Noncontrolling interests	13,065	8,171
Total equity	1,819,463	1,244,870
Total liabilities and equity	2,483,324	2,001,831
Education Realty Operating Partnership L.P.
Assets:
Collegiate housing properties, net	2,125,140	1,774,796
Assets under development	162,336	117,384
Cash and cash equivalents	115,486	33,742
Restricted cash	7,492	9,784
Other assets	72,870	66,125
Total assets	2,483,324	2,001,831
Liabilities:
Mortgage and construction loans, net of unamortized premium and deferred financing costs	61,847	204,511
Unsecured revolving credit facility	0	0
Unsecured term loan, net of unamortized deferred financing costs	186,706	186,518
Unsecured senior notes, net of unamortized deferred financing costs	247,873	247,678
Accounts payable and accrued expenses	125,421	85,670
Deferred revenue	30,981	19,024
Total liabilities	652,828	743,401
Commitments and contingencies
Redeemable limited partner units	8,326	8,312
Redeemable noncontrolling interests	2,707	5,248
Equity:
General partner - 6,920 units outstanding as of September 30, 2016 and December 31, 2015	183	184
Limited partners - 73,040,475 and 56,872,083 units issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	1,814,527	1,241,990
Accumulated other comprehensive loss	(8,312)	(5,475)
Total partners' capital	1,806,398	1,236,699
Noncontrolling interests	13,065	8,171
Total partners' capital	1,819,463	1,244,870
Total liabilities and equity	$ 2,483,324	$ 2,001,831

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	73,047,395	56,879,003
Common stock, shares outstanding (shares)	73,047,395	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)	73,040,475	56,872,083
Limited partners, units outstanding (shares)	73,040,475	56,872,083

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Collegiate housing leasing revenue	$ 61,877,000	$ 54,725,000	$ 193,750,000	$ 168,842,000
Third-party development consulting services	778,000	490,000	1,728,000	1,531,000
Third-party management services	965,000	865,000	2,556,000	2,698,000
Operating expense reimbursements	2,605,000	2,109,000	6,710,000	6,571,000
Total revenues	66,225,000	58,189,000	204,744,000	179,642,000
Operating expenses:
Collegiate housing leasing operations	32,512,000	28,444,000	83,567,000	75,452,000
Development and management services	2,716,000	3,019,000	7,965,000	8,228,000
General and administrative	2,701,000	1,434,000	8,889,000	6,632,000
Depreciation and amortization	22,336,000	17,828,000	58,951,000	49,605,000
Ground lease expense	3,224,000	2,938,000	8,829,000	7,956,000
Loss on impairment of collegiate housing properties			0	0
Other Operating Income	1,100,000	0	1,100,000	0
Reimbursable operating expenses	2,605,000	2,109,000	6,710,000	6,571,000
Total operating expenses	64,994,000	55,772,000	173,811,000	154,444,000
Operating income	1,231,000	2,417,000	30,933,000	25,198,000
Nonoperating (income) expenses:
Interest expense	3,811,000	6,223,000	12,109,000	17,615,000
Amortization of deferred financing costs	443,000	520,000	1,380,000	1,527,000
Interest income	(155,000)	(39,000)	(429,000)	(144,000)
Loss on extinguishment of debt	475,000	0	10,611,000	0
Total nonoperating expenses	4,574,000	6,704,000	23,671,000	18,998,000
Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	(3,343,000)	(4,287,000)	7,262,000	6,200,000
Equity in losses of unconsolidated entities	(480,000)	(427,000)	(617,000)	(823,000)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(3,823,000)	(4,714,000)	6,645,000	5,377,000
Income tax expense	84,000	157,000	224,000	325,000
Income (loss) before gain on sale of collegiate housing properties	(3,907,000)	(4,871,000)	6,421,000	5,052,000
Gain on sale of collegiate housing properties	0	0	23,956,000	0
Net income (loss)	(3,907,000)	(4,871,000)	30,377,000	5,052,000
Less: Net loss attributable to the noncontrolling interests	(374,000)	(151,000)	(414,000)	(86,000)
Net income (loss) attributable to Education Realty Trust, Inc.	(3,533,000)	(4,720,000)	30,791,000	5,138,000
Comprehensive income (loss):
Net income (loss)	(3,907,000)	(4,871,000)	30,377,000	5,052,000
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	1,651,000	(3,081,000)	(2,837,000)	(3,429,000)
Comprehensive income (loss)	(2,256,000)	(7,952,000)	27,540,000	1,623,000
Less: Comprehensive loss attributable to the noncontrolling interests	(374,000)	(151,000)	(414,000)	(86,000)
Comprehensive income (loss) attributable to Education Realty Trust, Inc.	$ (1,882,000)	$ (7,801,000)	$ 27,954,000	$ 1,709,000
Earnings per share/unit information:
Earnings per share, basic and diluted (in dollars per share)	$ (0.05)	$ (0.10)	$ 0.45	$ 0.11
Distributions per share of common stock (usd per share)	$ 0.38	$ 0.37	$ 1.12	$ 1.09
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (shares)	73,205	48,526	67,979	48,406
Weighted average common shares outstanding - diluted (shares)	73,205	48,526	68,281	48,726
Education Realty Operating Partnership L.P.
Revenues:
Collegiate housing leasing revenue	$ 61,877,000	$ 54,725,000	$ 193,750,000	$ 168,842,000
Third-party development consulting services	778,000	490,000	1,728,000	1,531,000
Third-party management services	965,000	865,000	2,556,000	2,698,000
Operating expense reimbursements	2,605,000	2,109,000	6,710,000	6,571,000
Total revenues	66,225,000	58,189,000	204,744,000	179,642,000
Operating expenses:
Collegiate housing leasing operations	32,512,000	28,444,000	83,567,000	75,452,000
Development and management services	2,716,000	3,019,000	7,965,000	8,228,000
General and administrative	2,701,000	1,434,000	8,889,000	6,632,000
Depreciation and amortization	22,336,000	17,828,000	58,951,000	49,605,000
Ground lease expense	3,224,000	2,938,000	8,829,000	7,956,000
Other Operating Income	1,100,000	0	1,100,000	0
Reimbursable operating expenses	2,605,000	2,109,000	6,710,000	6,571,000
Total operating expenses	64,994,000	55,772,000	173,811,000	154,444,000
Operating income	1,231,000	2,417,000	30,933,000	25,198,000
Nonoperating (income) expenses:
Interest expense	3,811,000	6,223,000	12,109,000	17,615,000
Amortization of deferred financing costs	443,000	520,000	1,380,000	1,527,000
Interest income	(155,000)	(39,000)	(429,000)	(144,000)
Loss on extinguishment of debt	475,000	0	10,611,000	0
Total nonoperating expenses	4,574,000	6,704,000	23,671,000	18,998,000
Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	(3,343,000)	(4,287,000)	7,262,000	6,200,000
Equity in losses of unconsolidated entities	(480,000)	(427,000)	(617,000)	(823,000)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(3,823,000)	(4,714,000)	6,645,000	5,377,000
Income tax expense	84,000	157,000	224,000	325,000
Income (loss) before gain on sale of collegiate housing properties	(3,907,000)	(4,871,000)	6,421,000	5,052,000
Gain on sale of collegiate housing properties	0	0	23,956,000	0
Net income (loss)	(3,907,000)	(4,871,000)	30,377,000	5,052,000
Less: Net loss attributable to the noncontrolling interests	(360,000)	(133,000)	(511,000)	(119,000)
Net income (loss) attributable to Education Realty Trust, Inc.	(3,547,000)	(4,738,000)	30,888,000	5,171,000
Comprehensive income (loss):
Net income (loss)	(3,907,000)	(4,871,000)	30,377,000	5,052,000
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	1,651,000	(3,081,000)	(2,837,000)	(3,429,000)
Comprehensive income (loss)	(2,256,000)	(7,952,000)	27,540,000	1,623,000
Less: Comprehensive loss attributable to the noncontrolling interests	(360,000)	(133,000)	(511,000)	(119,000)
Comprehensive income (loss) attributable to Education Realty Trust, Inc.	$ (1,896,000)	$ (7,819,000)	$ 28,051,000	$ 1,742,000
Earnings per share/unit information:
Earnings per share, basic and diluted (in dollars per share)	$ (0.05)	$ (0.10)	$ 0.45	$ 0.11
Distributions per share of common stock (usd per share)	$ 0.38	$ 0.37	$ 1.12	$ 1.09
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (shares)	73,399	48,775	68,182	48,657
Weighted average common shares outstanding - diluted (shares)	73,399	48,775	68,281	48,726

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Limited Partners	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)		339,557
Proceeds from issuance of common stock, net of offering costs	11,703	$ 4	11,699
Amortization of restricted stock and long-term incentive plan awards (in shares)		10,807
Amortization of restricted stock and long-term incentive plan awards	1,429	$ 0	1,429
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		12,300
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	408		408
Cash dividends	(52,765)		(52,602)			(163)
Contributions from noncontrolling interests	2,913					2,913
Adjustments to reflect redeemable noncontrolling interests at fair value	422		422			(496)	$ 918
Comprehensive income (loss)	1,609			5,138	(3,429)	(100)
Ending balance (in shares) at Sep. 30, 2015		48,362,091
Ending balance at Sep. 30, 2015	957,537	$ 484	996,039	(36,771)	(7,894)	5,679
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)		16,151,647
Proceeds from issuance of common stock, net of offering costs	625,307	$ 161	625,146
Amortization of restricted stock and long-term incentive plan awards (in shares)		5,945
Amortization of restricted stock and long-term incentive plan awards	2,201		2,201
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		10,800
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	450		450
Cash dividends	(75,762)		(66,844)	(8,793)		(125)
Contributions from noncontrolling interests	13,502					13,502
Purchase of noncontrolling interests	(16,679)					(8,237)		$ (16,679)	$ (8,442)
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,134)		(2,134)			(614)	$ (1,517)
Comprehensive income (loss)	27,708			30,791	(2,837)	(246)
Ending balance (in shares) at Sep. 30, 2016		73,047,395
Ending balance at Sep. 30, 2016	$ 1,819,463	$ 730	$ 1,813,980	$ 0	$ (8,312)	$ 13,065

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Limited Partners	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]
Vesting of restricted stock and restricted stock units (shares)							12,300
Vesting of restricted stock and restricted stock units			408				$ 408
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (shares)							339,557
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units			11,703				$ 11,703
Amortization of restricted stock and long-term incentive plan awards (shares)							10,807
Amortization of restricted stock and long-term incentive plan awards			1,429				$ 1,429
Distributions			(52,765)		163	(8)	(52,594)
Return of equity to noncontrolling interests		$ (386)
Contributions from noncontrolling interests			2,913		2,913
Adjustments to reflect redeemable noncontrolling interests at fair value			422				422
Comprehensive income (loss)			1,609	(3,429)	(100)	$ 1	$ 5,137
Balance, Units (shares) at Sep. 30, 2015						6,920	48,355,171
Balance at Sep. 30, 2015			957,537	(7,894)	5,679	$ 184	$ 959,568
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]
Vesting of restricted stock and restricted stock units (shares)							10,800
Vesting of restricted stock and restricted stock units			450				$ 450
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (shares)							16,151,647
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units			625,307				$ 625,307
Amortization of restricted stock and long-term incentive plan awards (shares)							5,945
Amortization of restricted stock and long-term incentive plan awards			2,201				$ 2,201
Distributions			(75,762)		(125)	(3)	(75,634)
Return of equity to noncontrolling interests		$ (239)
Contributions from noncontrolling interests			13,502		13,502
Purchase of noncontrolling interests	$ (16,679)		(16,679)		(8,237)		(8,442)
Adjustments to reflect redeemable noncontrolling interests at fair value			(2,134)				(2,134)
Comprehensive income (loss)			27,708	(2,837)	(246)	$ 2	$ 30,789
Balance, Units (shares) at Sep. 30, 2016						6,920	73,040,475
Balance at Sep. 30, 2016			$ 1,819,463	$ (8,312)	$ 13,065	$ 183	$ 1,814,527

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net income	$ 30,377	$ 5,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,951	49,605
Loss on disposal of assets	69	0
Gain on sale of collegiate housing properties	(23,956)	0
Noncash rent expense related to the straight-line adjustment for long-term ground leases	3,556	3,596
Loss on extinguishment of debt	10,611	0
Amortization of deferred financing costs	1,380	1,527
Amortization of unamortized debt premiums	(49)	(632)
Distributions of earnings from unconsolidated entities	249	233
Noncash compensation expense related to stock-based incentive awards	2,978	2,032
Equity in losses of unconsolidated entities	617	823
Change in operating assets and liabilities (net of acquisitions)	14,839	4,001
Net cash provided by operating activities	99,622	66,237
Investing activities:
Property acquisitions	(267,425)	(57,876)
Purchase of corporate assets	(1,029)	(728)
Restricted cash	2,292	(100)
Investment in collegiate housing properties	(19,407)	(11,517)
Proceeds from sale of collegiate housing properties	94,951	0
Advances under notes receivable	0	(2,069)
Collections on notes receivable	1,667	0
Earnest money deposits	(400)	(335)
Investment in assets under development	(213,518)	(138,165)
Distributions from unconsolidated entities	266	692
Investments in unconsolidated entities	0	(575)
Net cash used in investing activities	(402,603)	(210,673)
Financing activities:
Payment of mortgage and construction loans	(183,687)	(67,799)
Borrowings under construction loans	40,963	51,875
Debt issuance costs	(607)	(756)
Debt extinguishment costs	(10,290)	0
Borrowings on line of credit	0	199,000
Repayments of line of credit	0	(2,000)
Proceeds from issuance of common stock	625,242	10,881
Payment of offering costs	(766)	(221)
Purchase and return of equity to noncontrolling interests	(19,589)	0
Contributions from noncontrolling interests	10,540	2,936
Dividends and distributions paid to common and restricted stockholders	(75,637)	(52,602)
Dividends and distributions paid to noncontrolling interests	(462)	(881)
Repurchases of common stock for payments of restricted stock tax withholding	(315)	(213)
Redemption of OP Units for cash	(667)	0
Net cash provided by financing activities	384,725	140,220
Net increase (decrease) in cash and cash equivalents	81,744	(4,216)
Cash and cash equivalents, beginning of period	33,742	18,385
Cash and cash equivalents, end of period	115,486	14,169
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	9,854	15,561
Income taxes paid	238	32
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	30,022	21,371
Education Realty Operating Partnership L.P.
Operating activities:
Net income	30,377	5,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,951	49,605
Loss on disposal of assets	69	0
Gain on sale of collegiate housing properties	(23,956)	0
Noncash rent expense related to the straight-line adjustment for long-term ground leases	3,556	3,596
Loss on extinguishment of debt	10,611	0
Amortization of deferred financing costs	1,380	1,527
Amortization of unamortized debt premiums	(49)	(632)
Distributions of earnings from unconsolidated entities	249	233
Noncash compensation expense related to stock-based incentive awards	2,978	2,032
Equity in losses of unconsolidated entities	617	823
Change in operating assets and liabilities (net of acquisitions)	14,839	4,001
Net cash provided by operating activities	99,622	66,237
Investing activities:
Property acquisitions	(267,425)	(57,876)
Purchase of corporate assets	(1,029)	(728)
Restricted cash	2,292	(100)
Investment in collegiate housing properties	(19,407)	(11,517)
Proceeds from sale of collegiate housing properties	94,951	0
Advances under notes receivable	0	(2,069)
Collections on notes receivable	1,667	0
Earnest money deposits	(400)	(335)
Investment in assets under development	(213,518)	(138,165)
Distributions from unconsolidated entities	266	692
Investments in unconsolidated entities	0	(575)
Net cash used in investing activities	(402,603)	(210,673)
Financing activities:
Payment of mortgage and construction loans	(183,687)	(67,799)
Borrowings under construction loans	40,963	51,875
Debt issuance costs	(607)	(756)
Debt extinguishment costs	(10,290)	0
Borrowings on line of credit	0	199,000
Repayments of line of credit	0	(2,000)
Proceeds from issuance of common stock	625,242	10,881
Payment of offering costs	(766)	(221)
Purchase and return of equity to noncontrolling interests	(19,589)	0
Contributions from noncontrolling interests	10,540	2,936
Distributions paid on unvested restricted stock and long-term incentive plan awards	(288)	(138)
Distributions paid to unitholders	(75,349)	(52,464)
Distributions paid to noncontrolling interests	(462)	(881)
Repurchases of common stock for payments of restricted stock tax withholding	(315)	(213)
Redemption of OP Units for cash	(667)	0
Net cash provided by financing activities	384,725	140,220
Net increase (decrease) in cash and cash equivalents	81,744	(4,216)
Cash and cash equivalents, beginning of period	33,742	18,385
Cash and cash equivalents, end of period	115,486	14,169
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	9,854	15,561
Income taxes paid	238	32
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	$ 30,022	$ 21,371

Organization and description of

Organization and description of business	9 Months Ended
	Sep. 30, 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 September 30, 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 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	9 Months Ended
	Sep. 30, 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 September 30, 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 the 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 nine months ended September 30, 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 dispositions during the nine months ended September 30, 2016 did not qualify for treatment as discontinued operations and, as a result, the operations of the properties are included in continuing operations in the accompanying condensed consolidated statements of income and comprehensive income. During August 2016, the Trust committed and finalized plans to demolish and redevelop the off-campus community Players Club, which serves Florida State University. Redevelopment and construction costs are expected to be $37.5 million , with construction beginning in May 2017 subsequent to the current leasing cycle. Depreciation estimates were revised to reflect the shortened remaining useful life. The Trust recorded $1.2 million of accelerated depreciation during the three and nine months ended September 30, 2016 related to the change in estimate. The impact on net income attributable to EdR common stockholders per share - basic and diluted for the three and nine month periods ending September 30, 2016 is $0.02 . For the year ended December 31, 2016, the Trust estimates recording accelerated depreciation of $3.0 million ( $1.8 million estimated for the three months ending December 31, 2016) with an additional $3.0 million of accelerated depreciation to be recorded in 2017. 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 statements 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 distribution agreements in connection with the establishment of an at-the-market equity offering program ("ATM Program") pursuant to which EdR could, from time to time, sell a maximum of $150.0 million in additional shares of its common stock. The Trust sold approximately 2.3 million shares under these distribution agreements during the nine months ended September 30, 2016 and received net proceeds of approximately $93.5 million . The Trust sold 0.3 million shares under these distribution agreements during the nine months ended September 30, 2015 and received net proceeds of $10.6 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, EdR issued approximately 0.5 million shares of its common stock for a total of approximately $20.0 million pursuant to the direct stock purchase component of the Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan. On May 2, 2016, the Trust entered into distribution agreements in connection with the establishment of a new ATM Program pursuant to which EdR could, from time to time, sell a maximum of $300.0 million in additional shares of its common stock. The Trust sold approximately 7.0 million shares under these distribution agreements during the nine months ended September 30, 2016 and received net proceeds of approximately $296.2 million . On August 1, 2016, the Trust entered into equity distribution agreements to establish a new ATM Program whereby EdR is authorized to sell a maximum of $300.0 million in shares of its common stock. Under these agreements, EdR may make sales of common stock through at-the-market transactions or pursuant to forward sales agreements (the “Forward Agreements”) with certain counterparties. In connection with any Forward Agreement, the relevant forward purchaser will borrow from third parties, and through the relevant sales agent, sell a number of shares of EdR common stock underlying the particular Forward Agreement. The Trust does not initially receive any proceeds from any sale of borrowed shares. During the three months ended September 30, 2016, the Trust entered into six Forward Agreements to sell an aggregate of 4.5 million shares of common stock at a weighted average initial forward price of $43.74 per share, net of offering fees and discounts. The final sales price and proceeds to be received by the Trust from the sales under each Forward Agreement will be determined on the applicable date of settlement, with adjustments during the term of the contract for dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Trust generally has the ability to determine the dates and method of settlement, subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Trust currently expects to fully physically settle each Forward Agreement on one or more dates specified by the Trust prior to the maturity date of the applicable Forward Agreement, in which case the Trust expects to receive aggregate net cash proceeds at settlement equal to the number of shares of common stock underlying the applicable Forward Agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Trust may also elect, in its discretion, to cash settle or net share settle a particular Forward Agreement, in which case the Trust may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Trust may owe cash (in the case of cash settlement) or shares of EdR (in the case of net share settlement) to the relevant counterparty. Settlement of each Forward Agreement currently in place will occur on one or more dates not later than December 29, 2017. The Trust accounts for shares of EdR common stock reserved for issuance upon settlement of each Forward Agreement as equity. Before the issuance of shares of EdR common stock, if any, upon physical or net share settlement of the Forward Agreements, the Trust expects that the shares issuable upon settlement of the Forward Agreements will be reflected in its diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of EdR common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward Agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Trust physically or net share settles any Forward Agreement, the delivery of shares of our common stock would result in an increase in the number of shares outstanding and dilution to basic earnings per share. Income taxes EdR qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). EdR is generally not subject to federal, state and local income taxes on any of its taxable income that it distributes if it distributes at least 90% of its REIT taxable income for each tax year to its stockholders and meets certain other requirements. If EdR fails to qualify as a REIT for any taxable year, EdR will be subject to federal, state and local income taxes (including any applicable alternative minimum tax) on its taxable income. The Trust has elected to treat certain of its subsidiaries, including the Management Company, as TRSs. A TRS is subject to federal, state and local income taxes. The Management Company provides management services and through the Development Company, provides development services, which if directly provided by the Trust would jeopardize EdR’s REIT status. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. The Trust had no unrecognized tax benefits as of September 30, 2016 and December 31, 2015 . The Trust and its subsidiaries file federal and state income tax returns. As of September 30, 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 nine months ended September 30, 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 September 30, 2016 . The carrying value of goodwill was $3.1 million as of September 30, 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 $8.5 million and $0.2 million as of September 30, 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 income 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 and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. The Trust follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. All unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are included in the computation of earnings per share under the two-class method. This results in shares of unvested restricted stock and LTIP Units being included in the computation of basic earnings per share for all periods presented. Earnings per OP Unit - EROP Basic earnings per unit is calculated by dividing net income 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 and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. EROP follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. Recent accounting pronouncements In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments " ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows and will be applied retrospectively. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption is permitted. The Trust is currently evaluating the impact of this guidance. 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 changes certain aspects of accounting for share-based payments to employees, including the accounting for income taxes, forfeitures, and statutory 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 annual periods. Early adoption is permitted in any interim or annual period. If adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year. The Trust early adopted the amendments during the three months ended September 30, 2016 effective as of January 1, 2016 as permitted by the ASU. The amendments were applied using a combination of the modified retrospective transition method, retrospective application or prospectively depending on the applicable amendment being adopted. The adoption of ASU 2016-09 did not have a material impact on the accompanying condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, on a modified prospective basis. 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	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Acquisition and development of real estate investments	Acquisition and development of real estate investments Acquisition of collegiate housing properties 2016 Acquisitions During the nine months ended September 30, 2016 , the Trust completed the following five collegiate housing property acquisitions: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Lokal Colorado State University, Colorado March 2016 194 79 $ 24,600 The Hub at Madison University of Wisconsin, Wisconsin May 2016 1,038 341 $ 188,500 Pura Vida Place Colorado State University, Colorado August 2016 100 52 $ 12,000 Carriage House Colorado State University, Colorado August 2016 94 54 $ 12,000 Urbane University of Arizona, Arizona September 2016 311 104 $ 50,000 Combined acquisition costs for these purchases were $0.3 million and are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2016 . These acquisitions were funded from proceeds of the sale of 605 West (see Note 4), the follow-on equity offering completed in January 2016 (see Note 2) and shares sold under the ATM program (see Note 2). Due to the timing of the completion of the acquisitions, work is still ongoing to determine the fair value of the assets and liabilities as of the respective acquisition dates, and as a result, the following amounts are preliminary. Below is the preliminary allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of the acquisition (in thousands): Lokal The Hub at Madison Pura Vida Place Carriage House Urbane Total Collegiate housing property $ 23,371 $ 189,291 $ 10,976 $ 11,037 $ 46,203 $ 280,878 In-place leases 1,131 4,129 1,024 963 3,780 11,027 Other assets 3 87 5 4 18 117 Current liabilities (148 ) (7,442 ) (144 ) (67 ) (584 ) (8,385 ) Total net assets acquired $ 24,357 $ 186,065 $ 11,861 $ 11,937 $ 49,417 $ 283,637 The $3.5 million difference between the contracted price of $287.1 million and the net assets set forth in the table above includes contingent consideration estimated at $5.3 million representing additional purchase price related to future operating performance of the applicable property and future tax assessments. Of this amount, $3.1 million was paid out subsequent to the acquisition. At September 30, 2016, the remaining contingent consideration of $1.0 million was determined based on the probability of achieving of certain operating performance metrics; the estimated range of possible outcomes is between $0.0 million and $1.0 million . During the three months ended September 30, 2016, a $1.1 million adjustment was recorded in other operating income to reduce the contingent consideration liability to estimated fair value based on the range of possible outcomes. The remaining difference between the contracted price and the net assets set forth above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. In connection with the acquisition of Urbane, the Trust formed a limited liability company to acquire an interest in the legal entity owning the collegiate housing property. In addition to the $10.0 million capital contribution, the Trust advanced $23.6 million to the seller. Under the terms of the agreement, the Trust has a call exercisable on September 8, 2017 to acquire the remaining ownership interest from the seller and the seller similarly has a put to sell their interests to the Trust. The exercise price is substantially fixed and the exercise dates are within one month of each other. The Trust evaluated the LLC as a VIE and determined they were the primary beneficiary because it directs the activities that most significantly impact the economic performance of the entity. Therefore the Trust has consolidated the VIE from the date of acquisition. Additionally, the Trust has evaluated the put and call arrangement related to the acquisition and determined the noncontrolling interests represent a liability as the Trust has the risks and rewards of owning the noncontrolling interests because of the substantially fixed exercise prices and stated exercise dates and therefore the economic substance is a financing arrangement. The Trust has recorded the liability at the present value of the fixed price settlement amount ( $16.4 million reflected in accounts payable and accrued expenses) and will accrete the liability to the fixed price over the contractual term. Accordingly, no earnings have been attributed to noncontrolling interests in the accompanying condensed consolidated statement of net income and comprehensive income. The unaudited pro forma information had the acquisition date been January 1, 2015 is as follows (in thousands, except per share and per unit amounts): Nine months ended September 30, 2016 (1) 2015 (2) Total revenue attributable to the Trust and EROP $ 209,479 $ 182,185 Net income attributable to the Trust $ 26,020 $ 3,461 Net income per share attributable to common shareholders - basic and diluted $ 0.38 $ 0.07 Net income attributable to EROP $ 26,105 $ 3,482 Net income per unit attributable to unitholders - basic and diluted $ 0.38 $ 0.07 (1) As Urbane first opened for the 2016/2017 lease year (September 2016), supplemental pro forma revenue and net income information is not available for the period January 1, 2015 - September 30, 2015. (2) As the Lokal and the Hub at Madison first opened for the 2015/2016 lease year (August 2015), supplemental pro forma revenue and net income information only includes two months of operations. 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 connection 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, allowed the Trust 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 controlled the activities that most significantly impact the property and retained 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). The Trust is now the legal owner of The Province at Boulder. The unaudited pro forma financial information had the acquisition date for the 2015 acquisitions been January 1, 2014 of the respective year as follows and is not indicative of results that would have occurred or which may occur (in thousands, except per share and per unit amounts): Nine months ended September 30, 2015 2014 Total revenue attributable to the Trust and EROP $ 182,238 $ 160,311 Net income attributable to the Trust $ 6,210 $ 24,767 Net income per share attributable to common shareholders - basic $ 0.13 $ 0.60 Net income per share attributable to common shareholders - diluted $ 0.13 $ 0.59 Net income attributable to EROP $ 6,248 $ 25,024 Net income per unit attributable to unitholders - basic and diluted $ 0.13 $ 0.60 A summary of actual revenue and net income from the 2016 and 2015 property acquisitions included in the accompanying condensed consolidated statements of income and comprehensive income since the respective dates of acquisition is as follows (in thousands): Nine months ended September 30, 2016 2015 2016 Acquisitions Revenue $ 4,890 $ — Net income $ 2,873 $ — 2015 Acquisitions Revenue $ 3,712 $ 492 Net income $ 2,458 $ 324 Development of collegiate housing properties During the nine months ended September 30, 2016 , the Trust completed the development of the following communities which opened for the 2016/2017 lease year. The costs incurred as of September 30, 2016 for the owned communities represent the balance capitalized in collegiate housing properties, net as of September 30, 2016 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2016 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2016 Three months ended September 30, 2016 Holmes Hall and Boyd Hall University of Kentucky 1,141 $ 85,520 $ 339 $ 1,900 $ 178 $ 479 Retreat at Blacksburg - Phase I & II Virginia Tech 829 64,523 143 709 69 155 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 590 19 141 Total 2,320 $ 176,788 $ 540 $ 3,199 $ 266 $ 775 During prior years, the Trust developed the following communities which opened for the 2015/2016 lease year. The costs incurred 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 Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2015 Three months ended September 30, 2015 Woodland Glen III, IV & V University of Kentucky 1,610 $ 103,458 $ 353 $ 2,414 $ 163 $ 558 The Oaks on the Square - Phase IV University of Connecticut 391 44,325 301 633 193 228 The Retreat at Louisville University of Louisville 656 43,935 176 568 60 186 Total - owned communities 2,657 191,718 830 3,615 416 972 Georgia Heights (1) University of Georgia 292 51,639 216 273 89 54 Total joint ventures 292 51,639 216 273 89 54 Total 2,949 $ 243,357 $ 1,046 $ 3,888 $ 505 $ 1,026 (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 $10.1 million and $10.4 million as of September 30, 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 September 30, 2016 , including internal development costs and interest costs capitalized (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2016 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2016 Three months ended September 30, 2016 University Flats University of Kentucky 771 40,791 161 665 59 334 Lewis Hall University of Kentucky 346 8,961 154 80 50 52 Boise State University Boise State University 656 13,017 169 114 41 80 SkyVue Michigan State University 824 49,806 167 710 41 333 The Local: Downtown Texas State University 304 12,524 142 205 31 56 Avid Square Oklahoma State University 475 13,686 85 103 31 40 Northern Michigan University Northern Michigan University 1,200 4,380 145 14 123 13 Maplewood Cornell University 850 1,218 36 8 27 7 University of Pittsburgh University of Pittsburgh 723 15,375 66 93 66 93 Players Club Redevelopment Florida State University 592 831 46 12 13 8 Undeveloped land — 1,747 — — — — Total active projects under development 6,741 $ 162,336 $ 1,171 $ 2,004 $ 482 $ 1,016 As of September 30, 2016 , the Trust is contractually obligated to fund remaining amounts under guaranteed maximum price contracts with the general contractor of approximately $354.1 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	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposition of real estate investments	Disposition of real estate investments During the nine months ended September 30, 2016 , the following communities were sold for approximately $96.6 million . The Trust received combined net proceeds of approximately $95.0 million after deducting closing costs and recognized a $24.0 million gain on these dispositions. The net income attributable to these properties is included in the continuing operations in the accompanying condensed consolidated statements of income and comprehensive income through the date of disposition. Name Primary University Served Disposition Date # of Beds # of Units Gross Sales Price (in thousands) 605 West Duke University March 2016 384 340 $ 54,550 The Reserve at Athens University of Georgia June 2016 612 200 25,000 The Commons at Tallahassee Florida State University June 2016 732 252 17,000

Investments in unconsolidated e

Investments in unconsolidated entities	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated entities	Investments in unconsolidated entities As of September 30, 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 nine months ended September 30, 2016 and 2015 (unaudited, in thousands): Results of Operations of Unconsolidated Entities: For the nine months ended September 30, 2016 2015 Revenues $ 26,748 $ 26,776 Net loss (1) $ (781 ) $ (1,766 ) Equity in losses of unconsolidated entities $ (617 ) $ (823 ) (1) Net loss for the period equals loss from continuing operations. As of September 30, 2016 and December 31, 2015 , the Trust had $26.8 million and $28.1 million , respectively, of investments in unconsolidated entities classified in other assets in the accompanying condensed consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , liabilities are recorded totaling $1.9 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 , the interest rate applicable to the Fifth Amended Revolver was 1.78% . 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 amounts outstanding. As of September 30, 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 September 30, 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 September 30, 2016 and December 31, 2015 , the outstanding balance under the Term Loans was $186.7 million and $186.5 million , respectively, which is presented net of unamortized deferred financing costs of $0.8 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 September 30, 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 September 30, 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 September 30, 2016 and December 31, 2015 , the outstanding balance under the Unsecured Senior Notes was $247.9 million and $247.7 million , respectively, which is presented net of unamortized deferred financing costs of $2.1 million and $2.3 million , respectively, 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 September 30, 2016 , the Operating Partnership was in compliance with all covenants. Mortgage and construction debt As of September 30, 2016 and December 31, 2015 , mortgage and construction notes payable consist of the following, which were secured by the underlying collegiate housing properties (dollars in thousands): Outstanding Balance at Property September 30, 2016 December 31, 2015 Interest Rate at September 30, 2016 Interest Rate Type Maturity Date Master Secured Credit Facility $ — $ 75,858 n/a The Centre at Overton Park — 22,351 n/a University Towers 33,125 33,650 2.66 % Variable 7/1/2017 (2) Mortgage Debt 33,125 56,001 2.66 % (1) The Retreat at Louisville — 35,672 n/a The Oaks on the Square - Phase IV 29,615 27,553 2.53 % Variable 10/20/2017 The Retreat at Blacksburg - Phase I — 10,380 n/a Construction Loans 29,615 73,605 2.53 % (1) Total mortgage and construction debt / weighted average rate 62,740 205,464 2.60 % (1) Unamortized premium and deferred financing costs (893 ) (953 ) Total net of unamortized premium and deferred financing costs 61,847 204,511 Less current portion (33 ) (35,446 ) Total mortgage and construction debt, net of current portion $ 61,814 $ 169,065 (1) Represents the weighted average interest rate as of September 30, 2016 . (2) During the nine months ended September 30, 2016, the Operating Partnership extended the mortgage debt for one year and incurred an extension fee of approximately $67 thousand . 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 5.6% per annum 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. On June 30, 2016, the Operating Partnership repaid in full variable rate construction debt with an outstanding principal balance of $35.7 million related to the development of The Retreat at Louisville. The effective interest rate at the repayment date was 2.5% and the loan was scheduled to mature on August 1, 2017. On September 27, 2016, the Operating Partnership repaid in full variable rate construction debt with an outstanding principal balance of $49.3 million related to the development of The Retreat at Blacksburg. The effective interest rate at the repayment date was 2.58% and the loan was scheduled to mature on February 4, 2019. All mortgage and construction loans contain customary financial covenants, such as minimum debt service ratios. As of September 30, 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 nine months ended September 30, 2016 and the year ended December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Balance, beginning of period $ 204,511 $ 248,128 Additions to principal 40,963 65,491 Repayments of principal (183,687 ) (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 632 (16 ) Balance, end of period $ 61,847 $ 204,511 The scheduled maturities of outstanding indebtedness (excluding the Fifth Amended Revolver) as of September 30, 2016 are as follows (in thousands): Year 2016 (three months ending December 31, 2016) $ 175 2017 62,565 2018 — 2019 65,000 2020 — 2021 122,500 Thereafter 250,000 Total 500,240 Unamortized deferred financing costs (3,814 ) Outstanding as of September 30, 2016, net of unamortized deferred financing costs $ 496,426

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 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): September 30, 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 % $ 23,029 n/a $ 5,757 n/a $ 23,297 n/a $ 5,824 n/a The Marshall 50 % 56,058 8,767 28,029 4,384 56,507 8,767 28,254 4,384 Georgia Heights 50 % 34,895 7,230 17,448 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 September 30, 2016 , $36.5 million had been drawn on the construction loan, of which $6.9 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 September 30, 2016 . the Trust had no reimbursable predevelopment costs. As of December 31, 2015 , the Trust had reimbursable predevelopment costs of $1.9 million which are reflected in other assets in the accompanying condensed consolidated balance sheets.

Noncontrolling interests

Noncontrolling interests	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Operating Partnership Joint Ventures: As of September 30, 2016 , EROP had entered into four joint venture agreements to develop, own and manage the following collegiate housing communities: The Local: Downtown near Texas State University, SkyVue near Michigan State University, Avid Square near Oklahoma State University, and our community near University of Pittsburgh. All of these joint ventures are VIEs that meet the criteria for consolidation (see Note 2). EROP's joint venture partner's investments in The Local: Downtown, SkyVue, Avid Square, and Pittsburgh 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. In connection with the acquisition of The Hub at Madison (see Note 3), the Trust, through a joint venture, acquired a controlling interest in the legal entity owning the collegiate housing property. At September 30, 2016, the partner’s interest ( 1.6% ) in the joint venture was 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, a 75% ownership interest in The Retreat at Louisville collegiate housing property serving The University of Louisville, and a 75% ownership interest in The Retreat at Blacksburg near Virginia Tech. During the nine months ended September 30, 2016, EROP purchased the remaining 5% ownership interest in Roosevelt Point, 25% ownership interest in The Retreat at Louisville, and 25% ownership interest in The Retreat at Blacksburg. EROP also owns a 72.7% interest in University Towers Operating Partnership, LP. This entity is considered a VIE that meets the criteria for consolidation (see Note 2). The units of the limited partnership interest of University Towers Operating Partnership, LP (“University Towers Operating Partnership Units”) are also classified as noncontrolling interests. The University Towers Operating Partnership Units are redeemable at the option of the holder and they participate in net income and distributions. Accordingly, EROP has determined that the University Towers Operating Partnership Units meet the requirements to be classified outside of permanent equity, and are therefore also classified as redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets. Income related to such units are recorded as net income attributable to noncontrolling interests in the accompanying condensed consolidated statements of income and comprehensive income. As of September 30, 2016 , there were 69,086 University Towers Operating Partnership Units outstanding. The following table sets forth activity with the redeemable noncontrolling interests for the nine months ended September 30, 2016 and 2015 (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 5,248 $ 4,431 Net income (loss) (265 ) (19 ) Contributions from redeemable noncontrolling interests 117 26 Adjustments to report redeemable noncontrolling interests at fair value 614 496 Purchase and return of equity to noncontrolling partner's interest (2,910 ) — Distributions (97 ) (334 ) Ending balance $ 2,707 $ 4,600 The value of redeemable noncontrolling interests is reported at the greater of fair value or historical cost at the end of each reporting period. As of September 30, 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 are classified as redeemable limited partner units in the mezzanine section of the accompanying condensed consolidated balance sheets of the Operating Partnership. The redeemable limited partner units are reported at the greater of fair value or historical cost at the end of each reporting period. As of September 30, 2016 and December 31, 2015 , EROP reported the redeemable limited partner units at fair value, which was greater than historical cost. During the nine months ended September 30, 2016 , 25,000 OP Units were redeemed for 25,000 shares of the Trust's common stock and 14,611 OP units were redeemed for cash. During the nine months ended September 30, 2015 , 25,000 OP Units were redeemed for 25,000 shares of the Trust's common stock. As of September 30, 2016 and December 31, 2015 , there were 184,697 and 224,308 OP Units outstanding, respectively. Below is a table summarizing the activity of redeemable limited partner units for the nine months ended September 30, 2016 and 2015 (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 8,312 $ 10,081 Net income 97 33 Distributions (239 ) (386 ) Reclassification of vested LTIP Units to redeemable limited partner 244 — Redemption of limited partner units (1,605 ) (960 ) Adjustments to report redeemable limited partner units at fair value 1,517 (918 ) Ending balance $ 8,326 $ 7,850 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 Local: Downtown, SkyVue, Avid Square and University of Pittsburgh as discussed above, which are presented as a component of equity in the Trust’s accompanying condensed consolidated balance sheets. The Trust's equity interests in the joint venture properties at Roosevelt Point, The Retreat at Louisville and The Retreat at Blacksburg are 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 September 30, 2016 and December 31, 2015 , EROP reported the redeemable noncontrolling interests at fair value, which was greater than historical cost.

Incentive plans

Incentive plans	9 Months Ended
	Sep. 30, 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 September 30, 2016 , the Trust had 509,812 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 September 30, 2016 and December 31, 2015 , unearned compensation related to restricted stock totaled $0.1 million and $0.2 million , respectively, and will be recorded as expense over the applicable vesting period. The value is determined based on the market value of the Trust’s common stock on the grant date. During the nine months ended September 30, 2016 and 2015 , compensation expense of $0.2 million and $0.3 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of restricted stock. During the three months ended September 30, 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 September 30, 2016 and December 31, 2015 , unearned compensation related to RSUs totaled $0.2 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 nine months ended September 30, 2016 and 2015 , compensation expense of $0.4 million and $0.7 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of RSUs. During the three months ended September 30, 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 upon 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 is 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 statements of income and comprehensive income related to the LTIP Units was $2.0 million and $0.7 million for the nine months ended September 30, 2016 and 2015 , respectively. Compensation expense recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income related to the LTIP Units was $0.6 million and $0.3 million for the three months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 and December 31, 2015 , unearned compensation related to LTIP Units totaled $4.8 million and $2.1 million , respectively, and will be recorded as expense over the applicable vesting period. Compensation expense for the three and nine months ended September 30, 2016 includes an adjustment to increase life-to-date expense of the performance conditions under the 2015 LTIP and 2016 LTIP due to a change in the probability of achieving certain performance conditions. Total stock-based compensation expense recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2016 and 2015 was $2.5 million and $1.6 million , respectively. 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 September 30, 2016 and 2015 was $0.8 million and $0.6 million , respectively. A summary of the stock-based incentive plan activity as of and for the nine months ended September 30, 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 ) 27.76 — — — — Surrendered (3,467 ) 29.72 — — — — Outstanding as of September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 and 2015 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of September 30, 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 $2.6 million is estimated to be reclassified to earnings as an increase to interest expense. As of September 30, 2016 and December 31, 2015 , the fair value of the derivatives is a liability of $8.3 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 nine months ended September 30, 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 Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2016 Interest rate contracts $ (5,149 ) Interest expense $ 2,312 2015 Interest rate contracts $ (6,121 ) Interest expense $ 2,691 The following table discloses the effect of the derivative instruments on the condensed consolidated statements of income and comprehensive income for the three months ended September 30, 2016 and 2015 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2016 Interest rate contracts $ 895 Interest expense $ 756 2015 Interest rate contracts $ (3,985 ) Interest expense $ 903 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 September 30, 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 $8.7 million and $5.8 million , respectively. As of September 30, 2016 , the Operating Partnership has not posted any collateral related to these agreements. If the Operating Partnership had breached any of these provisions at September 30, 2016 , it could have been required to settle its obligations under the agreements at their termination value of $8.7 million .

Earnings per share_unit

Earnings per share/unit	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 (amounts in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator - basic and diluted earnings per share: Net income (loss) attributable to common shareholders $ (3,533 ) $ (4,720 ) $ 30,791 $ 5,138 Denominator: Basic weighted average shares of common stock outstanding 73,205 48,526 67,979 48,406 OP Units — — 203 (1 ) 251 (1 ) University Towers Operating Partnership Units — — 69 69 Shares issuable upon settlement of the Forward Agreements — — 30 — Diluted weighted average shares of common stock outstanding 73,205 (2 ) 48,526 (3 ) 68,281 48,726 Earnings per share - basic and diluted: Net income (loss) attributable to common shareholders $ (0.05 ) $ (0.10 ) $ 0.45 $ 0.11 Distributions declared per common share $ 0.38 $ 0.37 $ 1.12 $ 1.09 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2016, diluted weighted average shares of common stock does not include 194,439 OP Units, 69,086 University Towers Operating Partnership Units and 89,727 shares issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive. (3) For the three months ended September 30, 2015, diluted weighted average shares of common stock does not include 249,317 OP Units and 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the three and nine months ended September 30, 2016 and 2015 (amounts in thousands, except per unit data): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator - basic and diluted earnings per unit: Net income (loss) attributable to unitholders $ (3,547 ) $ (4,738 ) $ 30,888 $ 5,171 Denominator: Weighted average units outstanding 72,917 48,370 67,705 48,269 Redeemable Operating Partnership units 194 249 203 (1) 251 (1 ) LTIP units 288 156 274 137 Weighted average units outstanding - basic 73,399 48,775 68,182 48,657 Redeemable University Towers Operating Partnership Units — — 69 69 Units issuable upon settlement of the Forward Agreements — — 30 — Weighted average units outstanding - diluted 73,399 (2) 48,775 (2) 68,281 48,726 Earnings per unit - basic and diluted: Net income (loss) attributable to unitholders $ (0.05 ) $ (0.10 ) $ 0.45 $ 0.11 Distributions declared per unit $ 0.38 $ 0.37 $ 1.12 $ 1.09 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2016 and 2015, diluted weighted average units does not include 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive. For the three months ended September 30, 2016, diluted weighted average units does not include 89,727 shares issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 were classified as Level 2 of the fair value hierarchy. The Trust determined that the contingent consideration recognized in connection with the acquisition of the Hub at Madison (see Note 3) is a recurring fair value adjustment. Due to the timing of the completion of the acquisition, the overall allocation of the purchase price is preliminary; however, the determination of fair value was based on a Monte Carlo Simulation analysis of the potential payout. As the performance period extends over two years, it is expected that the fair value will be adjusted at each reporting date. The estimated range of final payout is now estimated to be $0.0 million to $1.0 million . The Trust recorded an adjustment of $1.1 million during the three months ended September 30, 2016. The Trust has determined that the inputs used to value the contingent consideration fall within Level 3 of the fair value hierarchy, as such represent unobservable inputs. In connection with the acquisition of Urbane (see Note 3), the Trust is obligated to pay the seller contingent consideration of up to $1.5 million if certain performance conditions are met for the 2017/2018 lease year. Conversely, if the operating performance of the property does not achieve certain performance metrics, the seller is required to reimburse the Trust for up to $1.5 million of the purchase price. Based on the assessment of the probability of achieving the performance metrics as of the acquisition date and September 30, 2016, no amounts were recorded for such contingent consideration in the allocation of purchase price or at September 30, 2016. The Trust determined that this measurement is a recurring fair value adjustment and will adjust the amount to fair value at each reporting date. The Trust has determined that the inputs used to value the contingent consideration fall within Level 3 of the fair value hierarchy, as such represent unobservable inputs. 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 September 30, 2016 and December 31, 2015 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2016: Derivative financial instruments (liability position) $ 8,312 $ — $ 8,312 $ — Deferred compensation plan assets 454 454 — — Contingent consideration (recorded in accrued expenses) 1,029 — — 1,029 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 446 $ — Senior unsecured notes 250,000 — 262,186 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 62,740 — 62,740 — 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 61,877 $ 54,725 $ 193,750 $ 168,842 Collegiate housing leasing operations 32,512 28,444 83,567 75,452 Net operating income $ 29,365 $ 26,281 $ 110,183 $ 93,390 Total segment assets at end of period (1) $ 2,327,878 $ 1,907,740 $ 2,327,878 $ 1,907,740 Development Consulting Services: Third-party development consulting services $ 778 $ 490 $ 1,728 $ 1,531 General and administrative (3) 585 975 1,613 2,344 Net operating income (loss) $ 193 $ (485 ) $ 115 $ (813 ) Total segment assets at end of period (2) $ 6,777 $ 4,317 $ 6,777 $ 4,317 Management Services: Third-party management services $ 965 $ 865 $ 2,556 $ 2,698 General and administrative (3) 580 648 1,720 2,119 Net operating income $ 385 $ 217 $ 836 $ 579 Total segment assets at end of period (2) $ 10,547 $ 11,110 $ 10,547 $ 11,110 Reconciliations: Segment revenue $ 63,620 $ 56,080 $ 198,034 $ 173,071 Operating expense reimbursements 2,605 2,109 6,710 6,571 Total segment revenues $ 66,225 $ 58,189 $ 204,744 $ 179,642 Segment operating expenses $ 33,677 $ 30,067 $ 86,900 $ 79,915 Reimbursable operating expenses 2,605 2,109 6,710 6,571 Total segment operating expenses $ 36,282 $ 32,176 $ 93,610 $ 86,486 Segment net operating income $ 29,943 $ 26,013 $ 111,134 $ 93,156 Other unallocated general and administrative expenses (4) (4,252 ) (2,830 ) (13,521 ) (10,397 ) Depreciation and amortization (22,336 ) (17,828 ) (58,951 ) (49,605 ) Ground lease (3,224 ) (2,938 ) (8,829 ) (7,956 ) Nonoperating expenses (4,574 ) (6,704 ) (23,671 ) (18,998 ) Other operating income 1,100 — 1,100 — Equity in losses of unconsolidated entities (480 ) (427 ) (617 ) (823 ) Income (loss) before income taxes and gain on sale of collegiate housing properties $ (3,823 ) $ (4,714 ) $ 6,645 $ 5,377 (1) The increase in segment assets related to the collegiate housing segment during the nine months ended September 30, 2016 as compared to the same period in 2015 is primarily related to the opening of four new communities, five property acquisitions and continued development of nine communities for ownership by the Trust offset by the sale of four 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent events	Subsequent events On October 14, 2016 , the Board declared a third quarter distribution of $0.38 per share of common stock and OP Unit for the quarter ended September 30, 2016 . The distributions will be paid on November 15, 2016 to stockholders and unitholders of record at the close of business on October 31, 2016 .

Summary of significant accoun22

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 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 the 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 nine months ended September 30, 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 dispositions during the nine months ended September 30, 2016 did not qualify for treatment as discontinued operations and, as a result, the operations of the properties are included in continuing operations in the accompanying condensed consolidated statements of income and comprehensive income. During August 2016, the Trust committed and finalized plans to demolish and redevelop the off-campus community Players Club, which serves Florida State University. Redevelopment and construction costs are expected to be $37.5 million , with construction beginning in May 2017 subsequent to the current leasing cycle. Depreciation estimates were revised to reflect the shortened remaining useful life. The Trust recorded $1.2 million of accelerated depreciation during the three and nine months ended September 30, 2016 related to the change in estimate. The impact on net income attributable to EdR common stockholders per share - basic and diluted for the three and nine month periods ending September 30, 2016 is $0.02 . For the year ended December 31, 2016, the Trust estimates recording accelerated depreciation of $3.0 million ( $1.8 million estimated for the three months ending December 31, 2016) with an additional $3.0 million of accelerated depreciation to be recorded in 2017.
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 statements 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 September 30, 2016 and December 31, 2015 . The Trust and its subsidiaries file federal and state income tax returns. As of September 30, 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 nine months ended September 30, 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 September 30, 2016 . The carrying value of goodwill was $3.1 million as of September 30, 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 $8.5 million and $0.2 million as of September 30, 2016 and December 31, 2015 , respectively.
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 income 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 and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. The Trust follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. All unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are included in the computation of earnings per share under the two-class method. This results in shares of unvested restricted stock and LTIP Units being included in the computation of basic earnings per share for all periods presented. Earnings per OP Unit - EROP Basic earnings per unit is calculated by dividing net income 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 and the shares issuable upon settlement of the Forward Agreements using the treasury stock method. EROP follows the authoritative guidance regarding the determination of whether certain instruments are participating securities.
Recent accounting pronouncements	Recent accounting pronouncements In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments " ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows and will be applied retrospectively. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption is permitted. The Trust is currently evaluating the impact of this guidance. 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 changes certain aspects of accounting for share-based payments to employees, including the accounting for income taxes, forfeitures, and statutory 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 annual periods. Early adoption is permitted in any interim or annual period. If adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year. The Trust early adopted the amendments during the three months ended September 30, 2016 effective as of January 1, 2016 as permitted by the ASU. The amendments were applied using a combination of the modified retrospective transition method, retrospective application or prospectively depending on the applicable amendment being adopted. The adoption of ASU 2016-09 did not have a material impact on the accompanying condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, on a modified prospective basis. 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)	9 Months Ended
	Sep. 30, 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)	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the nine months ended September 30, 2016 , the Trust completed the following five collegiate housing property acquisitions: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Lokal Colorado State University, Colorado March 2016 194 79 $ 24,600 The Hub at Madison University of Wisconsin, Wisconsin May 2016 1,038 341 $ 188,500 Pura Vida Place Colorado State University, Colorado August 2016 100 52 $ 12,000 Carriage House Colorado State University, Colorado August 2016 94 54 $ 12,000 Urbane University of Arizona, Arizona September 2016 311 104 $ 50,000		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 to the fair values of assets acquired and liabilities assumed as of the date of the acquisition (in thousands): Lokal The Hub at Madison Pura Vida Place Carriage House Urbane Total Collegiate housing property $ 23,371 $ 189,291 $ 10,976 $ 11,037 $ 46,203 $ 280,878 In-place leases 1,131 4,129 1,024 963 3,780 11,027 Other assets 3 87 5 4 18 117 Current liabilities (148 ) (7,442 ) (144 ) (67 ) (584 ) (8,385 ) Total net assets acquired $ 24,357 $ 186,065 $ 11,861 $ 11,937 $ 49,417 $ 283,637		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	A summary of actual revenue and net income from the 2016 and 2015 property acquisitions included in the accompanying condensed consolidated statements of income and comprehensive income since the respective dates of acquisition is as follows (in thousands): Nine months ended September 30, 2016 2015 2016 Acquisitions Revenue $ 4,890 $ — Net income $ 2,873 $ — 2015 Acquisitions Revenue $ 3,712 $ 492 Net income $ 2,458 $ 324 The unaudited pro forma information had the acquisition date been January 1, 2015 is as follows (in thousands, except per share and per unit amounts): Nine months ended September 30, 2016 (1) 2015 (2) Total revenue attributable to the Trust and EROP $ 209,479 $ 182,185 Net income attributable to the Trust $ 26,020 $ 3,461 Net income per share attributable to common shareholders - basic and diluted $ 0.38 $ 0.07 Net income attributable to EROP $ 26,105 $ 3,482 Net income per unit attributable to unitholders - basic and diluted $ 0.38 $ 0.07 (1) As Urbane first opened for the 2016/2017 lease year (September 2016), supplemental pro forma revenue and net income information is not available for the period January 1, 2015 - September 30, 2015. (2) As the Lokal and the Hub at Madison first opened for the 2015/2016 lease year (August 2015), supplemental pro forma revenue and net income information only includes two months of operations.	The unaudited pro forma financial information had the acquisition date for the 2015 acquisitions been January 1, 2014 of the respective year as follows and is not indicative of results that would have occurred or which may occur (in thousands, except per share and per unit amounts): Nine months ended September 30, 2015 2014 Total revenue attributable to the Trust and EROP $ 182,238 $ 160,311 Net income attributable to the Trust $ 6,210 $ 24,767 Net income per share attributable to common shareholders - basic $ 0.13 $ 0.60 Net income per share attributable to common shareholders - diluted $ 0.13 $ 0.59 Net income attributable to EROP $ 6,248 $ 25,024 Net income per unit attributable to unitholders - basic and diluted $ 0.13 $ 0.60
Development of Collegiate Housing Properties	The costs incurred as of September 30, 2016 for the owned communities represent the balance capitalized in collegiate housing properties, net as of September 30, 2016 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2016 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2016 Three months ended September 30, 2016 Holmes Hall and Boyd Hall University of Kentucky 1,141 $ 85,520 $ 339 $ 1,900 $ 178 $ 479 Retreat at Blacksburg - Phase I & II Virginia Tech 829 64,523 143 709 69 155 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 590 19 141 Total 2,320 $ 176,788 $ 540 $ 3,199 $ 266 $ 775 During prior years, the Trust developed the following communities which opened for the 2015/2016 lease year. The costs incurred 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 Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2015 Three months ended September 30, 2015 Woodland Glen III, IV & V University of Kentucky 1,610 $ 103,458 $ 353 $ 2,414 $ 163 $ 558 The Oaks on the Square - Phase IV University of Connecticut 391 44,325 301 633 193 228 The Retreat at Louisville University of Louisville 656 43,935 176 568 60 186 Total - owned communities 2,657 191,718 830 3,615 416 972 Georgia Heights (1) University of Georgia 292 51,639 216 273 89 54 Total joint ventures 292 51,639 216 273 89 54 Total 2,949 $ 243,357 $ 1,046 $ 3,888 $ 505 $ 1,026 (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 $10.1 million and $10.4 million as of September 30, 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 September 30, 2016 , including internal development costs and interest costs capitalized (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2016 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2016 Three months ended September 30, 2016 University Flats University of Kentucky 771 40,791 161 665 59 334 Lewis Hall University of Kentucky 346 8,961 154 80 50 52 Boise State University Boise State University 656 13,017 169 114 41 80 SkyVue Michigan State University 824 49,806 167 710 41 333 The Local: Downtown Texas State University 304 12,524 142 205 31 56 Avid Square Oklahoma State University 475 13,686 85 103 31 40 Northern Michigan University Northern Michigan University 1,200 4,380 145 14 123 13 Maplewood Cornell University 850 1,218 36 8 27 7 University of Pittsburgh University of Pittsburgh 723 15,375 66 93 66 93 Players Club Redevelopment Florida State University 592 831 46 12 13 8 Undeveloped land — 1,747 — — — — Total active projects under development 6,741 $ 162,336 $ 1,171 $ 2,004 $ 482 $ 1,016

Disposition of real estate in25

Disposition of real estate investments Disposition of real estate investments (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The net income attributable to these properties is included in the continuing operations in the accompanying condensed consolidated statements of income and comprehensive income through the date of disposition. Name Primary University Served Disposition Date # of Beds # of Units Gross Sales Price (in thousands) 605 West Duke University March 2016 384 340 $ 54,550 The Reserve at Athens University of Georgia June 2016 612 200 25,000 The Commons at Tallahassee Florida State University June 2016 732 252 17,000

Investments in unconsolidated26

Investments in unconsolidated entities (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 and 2015 (unaudited, in thousands): Results of Operations of Unconsolidated Entities: For the nine months ended September 30, 2016 2015 Revenues $ 26,748 $ 26,776 Net loss (1) $ (781 ) $ (1,766 ) Equity in losses of unconsolidated entities $ (617 ) $ (823 ) (1) Net loss for the period equals loss from continuing operations.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Mortgage and Construction Notes Payable	As of September 30, 2016 and December 31, 2015 , mortgage and construction notes payable consist of the following, which were secured by the underlying collegiate housing properties (dollars in thousands): Outstanding Balance at Property September 30, 2016 December 31, 2015 Interest Rate at September 30, 2016 Interest Rate Type Maturity Date Master Secured Credit Facility $ — $ 75,858 n/a The Centre at Overton Park — 22,351 n/a University Towers 33,125 33,650 2.66 % Variable 7/1/2017 (2) Mortgage Debt 33,125 56,001 2.66 % (1) The Retreat at Louisville — 35,672 n/a The Oaks on the Square - Phase IV 29,615 27,553 2.53 % Variable 10/20/2017 The Retreat at Blacksburg - Phase I — 10,380 n/a Construction Loans 29,615 73,605 2.53 % (1) Total mortgage and construction debt / weighted average rate 62,740 205,464 2.60 % (1) Unamortized premium and deferred financing costs (893 ) (953 ) Total net of unamortized premium and deferred financing costs 61,847 204,511 Less current portion (33 ) (35,446 ) Total mortgage and construction debt, net of current portion $ 61,814 $ 169,065 (1) Represents the weighted average interest rate as of September 30, 2016 . (2) During the nine months ended September 30, 2016, the Operating Partnership extended the mortgage debt for one year and incurred an extension fee of approximately $67 thousand . The following table reconciles the carrying amount of mortgage and construction notes payable, net of unamortized deferred financing costs, for the nine months ended September 30, 2016 and the year ended December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Balance, beginning of period $ 204,511 $ 248,128 Additions to principal 40,963 65,491 Repayments of principal (183,687 ) (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 632 (16 ) Balance, end of period $ 61,847 $ 204,511
Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness	The scheduled maturities of outstanding indebtedness (excluding the Fifth Amended Revolver) as of September 30, 2016 are as follows (in thousands): Year 2016 (three months ending December 31, 2016) $ 175 2017 62,565 2018 — 2019 65,000 2020 — 2021 122,500 Thereafter 250,000 Total 500,240 Unamortized deferred financing costs (3,814 ) Outstanding as of September 30, 2016, net of unamortized deferred financing costs $ 496,426

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guaranties	The following summarizes the Operating Partnership's exposure under such guaranties (dollars in thousands): September 30, 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 % $ 23,029 n/a $ 5,757 n/a $ 23,297 n/a $ 5,824 n/a The Marshall 50 % 56,058 8,767 28,029 4,384 56,507 8,767 28,254 4,384 Georgia Heights 50 % 34,895 7,230 17,448 3,615 31,430 7,230 15,715 3,615

Noncontrolling interests (Table

Noncontrolling interests (Tables)	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	The following table sets forth activity with the redeemable noncontrolling interests for the nine months ended September 30, 2016 and 2015 (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 5,248 $ 4,431 Net income (loss) (265 ) (19 ) Contributions from redeemable noncontrolling interests 117 26 Adjustments to report redeemable noncontrolling interests at fair value 614 496 Purchase and return of equity to noncontrolling partner's interest (2,910 ) — Distributions (97 ) (334 ) Ending balance $ 2,707 $ 4,600 Below is a table summarizing the activity of redeemable limited partner units for the nine months ended September 30, 2016 and 2015 (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 8,312 $ 10,081 Net income 97 33 Distributions (239 ) (386 ) Reclassification of vested LTIP Units to redeemable limited partner 244 — Redemption of limited partner units (1,605 ) (960 ) Adjustments to report redeemable limited partner units at fair value 1,517 (918 ) Ending balance $ 8,326 $ 7,850

Incentive plans (Tables)

Incentive plans (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 ) 27.76 — — — — Surrendered (3,467 ) 29.72 — — — — Outstanding as of September 30, 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 September 30, 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 activ31

Derivatives and hedging activities (Tables)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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 September 30, 2016 and 2015 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2016 Interest rate contracts $ 895 Interest expense $ 756 2015 Interest rate contracts $ (3,985 ) Interest expense $ 903	The following table discloses the effect of the derivative instruments on the condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 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 Loss Reclassified from Accumulated OCI into Income (Effective Portion) 2016 Interest rate contracts $ (5,149 ) Interest expense $ 2,312 2015 Interest rate contracts $ (6,121 ) Interest expense $ 2,691

Earnings per share_unit (Tables

Earnings per share/unit (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 (amounts in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator - basic and diluted earnings per share: Net income (loss) attributable to common shareholders $ (3,533 ) $ (4,720 ) $ 30,791 $ 5,138 Denominator: Basic weighted average shares of common stock outstanding 73,205 48,526 67,979 48,406 OP Units — — 203 (1 ) 251 (1 ) University Towers Operating Partnership Units — — 69 69 Shares issuable upon settlement of the Forward Agreements — — 30 — Diluted weighted average shares of common stock outstanding 73,205 (2 ) 48,526 (3 ) 68,281 48,726 Earnings per share - basic and diluted: Net income (loss) attributable to common shareholders $ (0.05 ) $ (0.10 ) $ 0.45 $ 0.11 Distributions declared per common share $ 0.38 $ 0.37 $ 1.12 $ 1.09 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2016, diluted weighted average shares of common stock does not include 194,439 OP Units, 69,086 University Towers Operating Partnership Units and 89,727 shares issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive. (3) For the three months ended September 30, 2015, diluted weighted average shares of common stock does not include 249,317 OP Units and 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive. Earnings per Unit - EROP The following is a summary of the components used in calculating earnings per unit for the three and nine months ended September 30, 2016 and 2015 (amounts in thousands, except per unit data): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator - basic and diluted earnings per unit: Net income (loss) attributable to unitholders $ (3,547 ) $ (4,738 ) $ 30,888 $ 5,171 Denominator: Weighted average units outstanding 72,917 48,370 67,705 48,269 Redeemable Operating Partnership units 194 249 203 (1) 251 (1 ) LTIP units 288 156 274 137 Weighted average units outstanding - basic 73,399 48,775 68,182 48,657 Redeemable University Towers Operating Partnership Units — — 69 69 Units issuable upon settlement of the Forward Agreements — — 30 — Weighted average units outstanding - diluted 73,399 (2) 48,775 (2) 68,281 48,726 Earnings per unit - basic and diluted: Net income (loss) attributable to unitholders $ (0.05 ) $ (0.10 ) $ 0.45 $ 0.11 Distributions declared per unit $ 0.38 $ 0.37 $ 1.12 $ 1.09 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2016 and 2015, diluted weighted average units does not include 69,086 University Towers Operating Partnership Units because their inclusion would be anti-dilutive. For the three months ended September 30, 2016, diluted weighted average units does not include 89,727 shares issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive.

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2016: Derivative financial instruments (liability position) $ 8,312 $ — $ 8,312 $ — Deferred compensation plan assets 454 454 — — Contingent consideration (recorded in accrued expenses) 1,029 — — 1,029 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 446 $ — Senior unsecured notes 250,000 — 262,186 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 62,740 — 62,740 — 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)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	The following table represents the Trust’s segment information for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 61,877 $ 54,725 $ 193,750 $ 168,842 Collegiate housing leasing operations 32,512 28,444 83,567 75,452 Net operating income $ 29,365 $ 26,281 $ 110,183 $ 93,390 Total segment assets at end of period (1) $ 2,327,878 $ 1,907,740 $ 2,327,878 $ 1,907,740 Development Consulting Services: Third-party development consulting services $ 778 $ 490 $ 1,728 $ 1,531 General and administrative (3) 585 975 1,613 2,344 Net operating income (loss) $ 193 $ (485 ) $ 115 $ (813 ) Total segment assets at end of period (2) $ 6,777 $ 4,317 $ 6,777 $ 4,317 Management Services: Third-party management services $ 965 $ 865 $ 2,556 $ 2,698 General and administrative (3) 580 648 1,720 2,119 Net operating income $ 385 $ 217 $ 836 $ 579 Total segment assets at end of period (2) $ 10,547 $ 11,110 $ 10,547 $ 11,110 Reconciliations: Segment revenue $ 63,620 $ 56,080 $ 198,034 $ 173,071 Operating expense reimbursements 2,605 2,109 6,710 6,571 Total segment revenues $ 66,225 $ 58,189 $ 204,744 $ 179,642 Segment operating expenses $ 33,677 $ 30,067 $ 86,900 $ 79,915 Reimbursable operating expenses 2,605 2,109 6,710 6,571 Total segment operating expenses $ 36,282 $ 32,176 $ 93,610 $ 86,486 Segment net operating income $ 29,943 $ 26,013 $ 111,134 $ 93,156 Other unallocated general and administrative expenses (4) (4,252 ) (2,830 ) (13,521 ) (10,397 ) Depreciation and amortization (22,336 ) (17,828 ) (58,951 ) (49,605 ) Ground lease (3,224 ) (2,938 ) (8,829 ) (7,956 ) Nonoperating expenses (4,574 ) (6,704 ) (23,671 ) (18,998 ) Other operating income 1,100 — 1,100 — Equity in losses of unconsolidated entities (480 ) (427 ) (617 ) (823 ) Income (loss) before income taxes and gain on sale of collegiate housing properties $ (3,823 ) $ (4,714 ) $ 6,645 $ 5,377 (1) The increase in segment assets related to the collegiate housing segment during the nine months ended September 30, 2016 as compared to the same period in 2015 is primarily related to the opening of four new communities, five property acquisitions and continued development of nine communities for ownership by the Trust offset by the sale of four 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 35

Organization and description of business - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 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 accoun36

Summary of significant accounting policies - Additional Information (Details)	Mar. 24, 2016USD ($)shares	Feb. 03, 2016USD ($)	Jan. 15, 2016USD ($)shares	Nov. 20, 2014	Aug. 26, 2013USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)agreement$ / sharesshares	Sep. 30, 2015$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Aug. 01, 2016USD ($)	May 31, 2016USD ($)	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			$ 500,000
Loss on impairment of collegiate housing properties									$ 0	$ 0
Common stock, shares issued (shares) | shares							73,047,395		73,047,395				73,047,395			56,879,003
Proceeds from issuance of common stock	$ 500,000		$ 215,100,000						$ 625,242,000	10,881,000
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%				90.00%
Goodwill accumulated impairment loss																			$ 400,000
Goodwill impairment													$ 0
Goodwill carrying value							$ 3,100,000		$ 3,100,000				3,100,000			$ 3,100,000
Carrying value of other intangible assets							8,500,000		8,500,000				8,500,000			200,000
Proceeds from issuance of common stock, net of offering costs (in shares) | shares	20,000,000		6,300,000
Repayments of Long-term Debt			$ 108,500,000
Long-term Debt			$ 98,200,000				496,426,000		496,426,000				496,426,000
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			0
Earnings per share, basic and diluted (in dollars per share) | $ / shares							$ (0.05)	$ (0.10)	$ 0.45	$ 0.11
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense									$ 0	$ 0
Operating Segments | Management Services
Significant Accounting Policies [Line Items]
Goodwill carrying value							$ 2,149,000		2,149,000				2,149,000			2,100,000
Operating Segments | Development Consulting Services
Significant Accounting Policies [Line Items]
Goodwill carrying value							$ 921,000		$ 921,000				$ 921,000			900,000
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							2,300,000	300,000	2,300,000	300,000			2,300,000
Proceeds from issuance of common stock									$ 93,500,000	$ 10,600,000
Equity Distribution Agreement 2016 [Member]
Significant Accounting Policies [Line Items]
At-the-market equity offering program, authorized amount															$ 300,000,000
Common stock, shares issued (shares) | shares							7,000,000		7,000,000				7,000,000
Proceeds from issuance of common stock									$ 296,200,000
Equity Forward Distribution Agreement 2016 [Member]
Significant Accounting Policies [Line Items]
At-the-market equity offering program, authorized amount														$ 300,000,000
Number of forward agreements entered | agreement							6
Number of shares issued in transaction | shares							4,500,000
Price per share | $ / shares							$ 43.74		$ 43.74				$ 43.74
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									$ 625,242,000	10,881,000
Payments to noncontrolling interest									462,000	881,000
Payments of Debt Extinguishment Costs									$ 10,290,000	$ 0
Earnings per share, basic and diluted (in dollars per share) | $ / shares							$ (0.05)	$ (0.10)	$ 0.45	$ 0.11
Education Realty Operating Partnership L.P. | Roosevelt Point [Member]
Significant Accounting Policies [Line Items]
Payments to noncontrolling interest		$ 4,900,000
Owned Properties | Players Club [Member]
Significant Accounting Policies [Line Items]
Accelerated depreciation							$ 1,200,000
Earnings per share, basic and diluted (in dollars per share) | $ / shares							$ 0.02
Other Restructuring | Owned Properties | Players Club [Member]
Significant Accounting Policies [Line Items]
Redevelopment and construction, expected costs							$ 37,500,000		$ 37,500,000				$ 37,500,000
Accelerated depreciation									$ 1,200,000
Earnings per share, basic and diluted (in dollars per share) | $ / shares									$ 0.02
Scenario, Forecast | Other Restructuring | Owned Properties | Players Club [Member]
Significant Accounting Policies [Line Items]
Accelerated depreciation						$ 1,800,000					$ 3,000,000	$ 3,000,000

Acquisition and development o37

Acquisition and development of real estate investments - Additional Information (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)property
Business Acquisition [Line Items]
Number of properties acquired (properties) | property	5		2
Working capital and other assets acquired but not part of the contractual purchase price			$ 600,000
Contract Price			58,500,000
Fair values of assets acquired	$ 280,878,000		58,146,000
Current liabilities assumed	(8,385,000)		(714,000)
Assets	2,483,324,000		2,001,831,000
Liabilities	652,828,000		743,401,000
Net Cash Provided by (Used in) Operating Activities	99,622,000	$ 66,237,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill	11,027,000		354,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets	117,000		$ 90,000
Variable Interest Entity, Primary Beneficiary [Member]
Business Acquisition [Line Items]
Variable Interest Entity, Termination Period			180 days
Assets			$ 48,600,000
Liabilities			300,000
Net Cash Provided by (Used in) Operating Activities			$ 100,000
General and Administrative Expense
Business Acquisition [Line Items]
Acquisition costs	300,000
The Hub at Tucson [Member]
Business Acquisition [Line Items]
Contract Price	50,000,000
Fair values of assets acquired	46,203,000
Current liabilities assumed	(584,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill	3,780,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets	$ 18,000

Acquisition and development o38

Acquisition and development of real estate investments - Collegiate Housing Community Acquisitions (Details)	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)bed	Sep. 30, 2016USD ($)bed$ / shares	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)bedunit	May 12, 2016USD ($)
Business Acquisition [Line Items]
Working capital and other assets acquired but not part of the contractual purchase price					$ 600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill		$ 11,027,000	$ 11,027,000		354,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets		117,000	117,000		90,000
Current liabilities		$ (8,385,000)	$ (8,385,000)		$ (714,000)
Number Of Beds | bed		2,320	2,320		2,949
Contract Price					$ 58,500,000
Net Cash Provided by (Used in) Operating Activities			$ 99,622,000	$ 66,237,000
Contingent consideration paid subsequent to acquisition		$ (1,100,000)
Contingent consideration, possible outcome, low value		0	0
Contingent consideration, possible outcome, high value		1,000,000	1,000,000
2016 Acquisitions
Business Acquisition [Line Items]
Working capital and other assets acquired but not part of the contractual purchase price		3,500,000	3,500,000
Contract Price			287,100,000
Contingent consideration, liability						$ 5,300,000
Contingent consideration paid subsequent to acquisition	$ (3,100,000)
Twenty Sixteen Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue			209,479,000	182,185,000
Business Acquisition, Pro Forma Net Income (Loss)			$ 26,020,000	$ 3,461,000
Business Acquisitions Pro Forma Earnings Per Share Basic And Diluted | $ / shares			$ 0.38	$ 0.07
The Lokal
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill		1,131,000	$ 1,131,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets		3,000	3,000
Current liabilities		$ (148,000)	$ (148,000)
Primary University Served			Colorado State University, Colorado
Acquisition Date			2016-03
Number Of Beds | bed		194	194
Number of units (units) | bed		79	79
Contract Price			$ 24,600,000
The Commons on Bridge
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill					76,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets					5,000
Current liabilities					$ (338,000)
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					$ 9,700,000
The Province at Boulder
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill					278,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets					85,000
Current liabilities					$ (376,000)
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					$ 48,800,000
Pura Vida Place [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill		$ 1,024,000	1,024,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets		5,000	5,000
Current liabilities		$ (144,000)	$ (144,000)
Primary University Served			Colorado State University, Colorado
Acquisition Date			2016-08
Number Of Beds | bed		100	100
Number of units (units) | bed		52	52
Contract Price			$ 12,000,000
Carriage House [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill		$ 963,000	963,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets		4,000	4,000
Current liabilities		$ (67,000)	$ (67,000)
Primary University Served			Colorado State University, Colorado
Acquisition Date			2016-08
Number Of Beds | bed		94	94
Number of units (units) | bed		54	54
Contract Price			$ 12,000,000
The Hub at University of Wisconsin [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill		$ 4,129,000	4,129,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets		87,000	87,000
Current liabilities		$ (7,442,000)	$ (7,442,000)
Primary University Served			University of Wisconsin, Wisconsin
Acquisition Date			2016-05
Number Of Beds | bed		1,038	1,038
Number of units (units) | bed		341	341
Contract Price			$ 188,500,000
Contingent consideration, liability		$ 1,000,000	1,000,000
Contingent consideration paid subsequent to acquisition		1,100,000
Contingent consideration, possible outcome, low value		0	0
Contingent consideration, possible outcome, high value		1,000,000	1,000,000
The Hub at Tucson [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Including Goodwill		3,780,000	3,780,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets		18,000	18,000
Current liabilities		$ (584,000)	$ (584,000)
Primary University Served			University of Arizona, Arizona
Acquisition Date			2016-09
Number Of Beds | bed		311	311
Number of units (units) | bed		104	104
Contract Price			$ 50,000,000
Contingent consideration, liability		$ 0	0
Contingent consideration, possible outcome, high value		1,500,000	1,500,000
Payments to acquire interest in the legal entity			10,000,000
Advances to settler			23,600,000
Liability for the fixed price settlement amount		$ 16,400,000	16,400,000
Education Realty Operating Partnership L.P.
Business Acquisition [Line Items]
Net Cash Provided by (Used in) Operating Activities			99,622,000	$ 66,237,000
Education Realty Operating Partnership L.P. | Twenty Sixteen Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Net Income (Loss)			$ 26,105,000	$ 3,482,000
Business Acquisitions Pro Forma Earnings Per Share Basic And Diluted | $ / shares			$ 0.38	$ 0.07
Variable Interest Entity, Primary Beneficiary [Member]
Business Acquisition [Line Items]
Net Cash Provided by (Used in) Operating Activities					$ 100,000

Acquisition and development o39

Acquisition and development of real estate investments - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Collegiate housing properties	$ 280,878	$ 58,146
In-place leases	11,027	354
Other assets	117	90
Current liabilities	(8,385)	(714)
Total net assets acquired	283,637	57,876
The Lokal
Business Acquisition [Line Items]
Collegiate housing properties	23,371
In-place leases	1,131
Other assets	3
Current liabilities	(148)
Total net assets acquired	24,357
The Hub at University of Wisconsin [Member]
Business Acquisition [Line Items]
Collegiate housing properties	189,291
In-place leases	4,129
Other assets	87
Current liabilities	(7,442)
Total net assets acquired	186,065
Pura Vida Place [Member]
Business Acquisition [Line Items]
Collegiate housing properties	10,976
In-place leases	1,024
Other assets	5
Current liabilities	(144)
Total net assets acquired	11,861
Carriage House [Member]
Business Acquisition [Line Items]
Collegiate housing properties	11,037
In-place leases	963
Other assets	4
Current liabilities	(67)
Total net assets acquired	11,937
The Hub at Tucson [Member]
Business Acquisition [Line Items]
Collegiate housing properties	46,203
In-place leases	3,780
Other assets	18
Current liabilities	(584)
Total net assets acquired	$ 49,417
The Commons on Bridge
Business Acquisition [Line Items]
Collegiate housing properties		9,624
In-place leases		76
Other assets		5
Current liabilities		(338)
Total net assets acquired		9,367
The Province at Boulder
Business Acquisition [Line Items]
Collegiate housing properties		48,522
In-place leases		278
Other assets		85
Current liabilities		(376)
Total net assets acquired		$ 48,509

Acquisition and development o40

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		9 Months Ended			12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 66,225	$ 58,189	$ 204,744	$ 179,642
Working capital and other assets acquired but not part of the contractual purchase price						$ 600
Payments to Acquire Businesses, Gross						$ 58,500
Net Income (Loss) Attributable to Parent	(3,533)	(4,720)	30,791	5,138
Education Realty Operating Partnership L.P.
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	66,225	58,189	204,744	179,642
Net Income (Loss) Attributable to Parent	$ (3,547)	$ (4,738)	30,888	5,171
Twenty Sixteen Acquisitions [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues			4,890
Business Acquisition, Pro Forma Revenue			209,479	182,185
Net income			$ 26,020	$ 3,461
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)			$ 0.38	$ 0.07
Net Income (Loss) Attributable to Parent			$ 2,873
Twenty Sixteen Acquisitions [Member] | Education Realty Operating Partnership L.P.
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income			$ 26,105	$ 3,482
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)			$ 0.38	$ 0.07
2015 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues			$ 3,712	$ 492
Business Acquisition, Pro Forma Revenue				182,238	$ 160,311
Net income				$ 6,210	$ 24,767
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)					$ 0.60
Business Acquisition, Pro Forma Earnings Per Share, Basic				$ 0.13
Business Acquisition, Pro Forma Earnings Per Share, Diluted				$ 0.13	$ 0.59
Net Income (Loss) Attributable to Parent			$ 2,458	$ 324
2015 Acquisitions | Education Realty Operating Partnership L.P.
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income				$ 6,248	$ 25,024
Net income attributable to common shareholders/unitholders - basic and diluted (usd per share)				$ 0.13	$ 0.60

Acquisition and development o41

Acquisition and development of real estate investments - Development of collegiate housing properties (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)bed	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)bed	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)bed
Real Estate Properties [Line Items]
Number Of Beds | bed	2,320		2,320		2,949
Costs Incurred	$ 176,788		$ 176,788		$ 243,357
Internal Development Costs Capitalized	266	$ 505	540	$ 1,046
Interest Costs Capitalized	$ 775	1,026	$ 3,199	3,888
Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	6,741		6,741
Costs Incurred	$ 162,336		$ 162,336
Internal Development Costs Capitalized	482		1,171
Interest Costs Capitalized	1,016		2,004
Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Real Estate, Estimated Project Development Cost	354,100		354,100
Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed					2,657
Costs Incurred					$ 191,718
Internal Development Costs Capitalized		416		830
Interest Costs Capitalized		972		3,615
Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Costs Incurred	$ 1,747		$ 1,747
Joint Venture Properties
Real Estate Properties [Line Items]
Number Of Beds | bed					292
Costs Incurred					$ 51,639
Internal Development Costs Capitalized		89		216
Interest Costs Capitalized		54		273
Park7 [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	723		723
Costs Incurred	$ 15,375		$ 15,375
Internal Development Costs Capitalized	66		66
Interest Costs Capitalized	$ 93		$ 93
Northern Michigan University [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	1,200		1,200
Costs Incurred	$ 4,380		$ 4,380
Internal Development Costs Capitalized	123		145
Interest Costs Capitalized	$ 13		$ 14
Maplewood [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	850		850
Costs Incurred	$ 1,218		$ 1,218
Internal Development Costs Capitalized	27		36
Interest Costs Capitalized	$ 7		$ 8
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		163		353
Interest Costs Capitalized		558		2,414
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		193		301
Interest Costs Capitalized		228		633
The Retreat at Louisville [Member] | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed					656
Costs Incurred					$ 43,935
Internal Development Costs Capitalized		60		176
Interest Costs Capitalized		186		568
Georgia Heights
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by Parent	50.00%		50.00%
Payments to noncontrolling interest			$ 10,100		$ 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		89		216
Interest Costs Capitalized		$ 54		$ 273
Limestone Park I & II | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed	1,141		1,141
Costs Incurred	$ 85,520		$ 85,520
Internal Development Costs Capitalized	178		339
Interest Costs Capitalized	$ 479		$ 1,900
The Retreat at Oxford - Phase II | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed	350		350
Costs Incurred	$ 26,745		$ 26,745
Internal Development Costs Capitalized	19		58
Interest Costs Capitalized	$ 141		$ 590
University Flats | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	771		771
Costs Incurred	$ 40,791		$ 40,791
Internal Development Costs Capitalized	59		161
Interest Costs Capitalized	$ 334		$ 665
Honors College | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	346		346
Costs Incurred	$ 8,961		$ 8,961
Internal Development Costs Capitalized	50		154
Interest Costs Capitalized	$ 52		$ 80
Boise State University | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	656		656
Costs Incurred	$ 13,017		$ 13,017
Internal Development Costs Capitalized	41		169
Interest Costs Capitalized	$ 80		$ 114
Retreat at Blacksburg - Phase I & II | Owned Properties
Real Estate Properties [Line Items]
Number Of Beds | bed	829		829
Costs Incurred	$ 64,523		$ 64,523
Internal Development Costs Capitalized	69		143
Interest Costs Capitalized	$ 155		$ 709
The Local [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	304		304
Costs Incurred	$ 12,524		$ 12,524
Internal Development Costs Capitalized	31		142
Interest Costs Capitalized	$ 56		$ 205
SkyVUE [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	824		824
Costs Incurred	$ 49,806		$ 49,806
Internal Development Costs Capitalized	41		167
Interest Costs Capitalized	$ 333		$ 710
Oklahoma State University [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	475		475
Costs Incurred	$ 13,686		$ 13,686
Internal Development Costs Capitalized	31		85
Interest Costs Capitalized	$ 40		$ 103
Players Club [Member] | Owned Properties | Collegiate Housing Properties In Development [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	592		592
Costs Incurred	$ 831		$ 831
Internal Development Costs Capitalized	13		46
Interest Costs Capitalized	$ 8		$ 12
The Hub at University of Wisconsin [Member]
Real Estate Properties [Line Items]
Number Of Beds | bed	1,038		1,038
Number of Units in Real Estate Property | bed	341		341

Disposition of real estate in42

Disposition of real estate investments - Additional Information (Details)	Jan. 15, 2016USD ($)	Sep. 30, 2016USD ($)bed	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)bed	Sep. 30, 2015USD ($)
Disposition of real estate investments, sales price				$ 96,600,000
Proceeds from sale of real estate				95,000,000
Repayments of mortgage debt	$ 108,500,000
Gain on sale of collegiate housing properties		$ 0	$ 0	23,956,000	$ 0
Partnership Interest [Member]
Gain on sale of collegiate housing properties		$ 0	$ 0	23,956,000	0
Payments to Noncontrolling Interests				$ 462,000	$ 881,000
605 West Apartments [Member]
Number Of Beds Sold | bed				384
Disposition of real estate investments, sales price				$ 54,550,000
The Reserve At Athens [Member]
Number Of Beds Sold | bed				612
Disposition of real estate investments, sales price				$ 25,000,000
The Commons at Tallahassee [Member]
Number Of Beds Sold | bed				732
Disposition of real estate investments, sales price				$ 17,000,000
The Commons at Tallahassee [Member]
Number of Units in Real Estate Property | bed		252		252
The Reserve At Athens [Member]
Number of Units in Real Estate Property | bed		200		200
605 West Apartments [Member]
Number of Units in Real Estate Property | bed		340		340

Investments in unconsolidated43

Investments in unconsolidated entities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Accrued Liabilities
Schedule of Equity Method Investments [Line Items]
Investments classified in accrued expenses	$ 1.9	$ 2
Other Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 26.8	$ 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 unconsolidated44

Investments in unconsolidated entities - Financial Information of Unconsolidated Joint Ventures Limited Liability Companies and Limited Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Revenues			$ 26,748	$ 26,776
Net loss(1)			(781)	(1,766)
Equity in losses of unconsolidated entities	$ (480)	$ (427)	$ (617)	$ (823)

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Sep. 27, 2016	Jan. 15, 2016	Nov. 24, 2014	Nov. 19, 2014	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Dec. 31, 2015	Jan. 13, 2014
Debt Instrument [Line Items]
Line of credit facility, amount outstanding					$ 0			$ 0
Long-term Debt, Gross					500,240,000
Unsecured term loan, net of unamortized deferred financing costs					186,706,000			186,518,000
Debt Instrument, Interest Rate, Stated Percentage		5.40%
Debt maturity extension fee					67,000
Repayments of Long-term Debt		$ 108,500,000
Long-term Debt		98,200,000			496,426,000
Payments of Debt Extinguishment Costs		10,300,000			10,290,000	$ 0
Unsecured senior notes, net of unamortized deferred financing costs					247,873,000			247,678,000
First Mortgage [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 33,125,000			56,001,000
Mortgage Loans on Real Estate, Interest Rate					2.66%
Construction debt
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 29,615,000			73,605,000
Mortgage Loans on Real Estate, Interest Rate					2.53%
Unsecured Debt
Debt Instrument [Line Items]
Deferred Finance Costs, Noncurrent, Net					$ 800,000			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					$ 186,706,000			186,518,000
Payments of Debt Extinguishment Costs					10,290,000	$ 0
Unsecured senior notes, net of unamortized deferred financing costs					$ 247,873,000			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					$ 2,100,000			2,300,000
Unsecured senior notes, net of unamortized deferred financing costs					$ 247,900,000			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					1.78%
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
University Towers [Member] | First Mortgage [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 33,125,000			33,650,000
Maturity extension period					1 year
Mortgage Loans on Real Estate, Interest Rate					2.66%
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%
The Retreat at Blacksburg
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 49,300,000
The Retreat at Blacksburg | Construction debt
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 0			10,380,000
Mortgage Loans on Real Estate, Interest Rate	2.58%
The Retreat at Louisville [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 35,700,000
The Retreat at Louisville [Member] | Construction debt
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 0			$ 35,672,000
Mortgage Loans on Real Estate, Interest Rate					2.50%

Debt - Mortgage and Constructio

Debt - Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	Sep. 27, 2016	Sep. 30, 2016	Jun. 30, 2016	Jan. 15, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Total		$ 500,240
Unamortized premium and deferred financing costs		(3,814)
Total net of unamortized premium and deferred financing costs		496,426		$ 98,200
Master Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Total		0			$ 75,858
Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Total		$ 33,125			56,001
Interest Rate		2.66%
Construction Loans
Mortgage Loans on Real Estate [Line Items]
Total		$ 29,615			73,605
Interest Rate		2.53%
All Mortgage Loans On Real Estate
Mortgage Loans on Real Estate [Line Items]
Total		$ 62,740			205,464
Unamortized premium and deferred financing costs		(893)			(953)
Total net of unamortized premium and deferred financing costs		61,847			204,511
Less current portion		(33)			(35,446)
Total mortgage and construction debt, net of current portion		$ 61,814			169,065
Interest Rate		2.60%
The Centre at Overton Park | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Total		$ 0			22,351
University Towers | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Total		$ 33,125			33,650
Interest Rate		2.66%
Maturity Date		Jul. 1, 2017
Retreat at Louisville
Mortgage Loans on Real Estate [Line Items]
Total			$ 35,700
Retreat at Louisville | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Total		$ 0			35,672
Interest Rate		2.50%
The Oaks On The Square - Phase IV | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Total		$ 29,615			27,553
Interest Rate		2.53%
Maturity Date		Oct. 20, 2017
The Retreat at Blacksburg
Mortgage Loans on Real Estate [Line Items]
Total	$ 49,300
The Retreat at Blacksburg | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Total		$ 0			$ 10,380
Interest Rate	2.58%
Maturity Date

Debt Debt - Carrying Amount of

Debt Debt - Carrying Amount of Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Mortgage Loans on Real Estate	$ 61,847	$ 204,511	$ 248,128
Mortgage Loans on Real Estate, New Mortgage Loans	40,963	65,491
Mortgage Loans on Real Estate, Collections of Principal	(183,687)	(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	$ 632	$ (16)

Debt - Scheduled Maturities of

Debt - Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jan. 15, 2016
Debt Disclosure [Abstract]
2016 (three months ending December 31, 2016)	$ 175
2,017	62,565
2,018	0
2,019	65,000
2,020	0
Long-term Debt, Maturities, Repayments of Principal in Year Six	122,500
Thereafter	250,000
Total	500,240
Unamortized deferred financing costs	(3,814)
Total net of unamortized premium and deferred financing costs	$ 496,426	$ 98,200

Commitments and contingencies -

Commitments and contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Oct. 31, 2014
Commitments and Contingencies Disclosure [Line Items]
Construction debt	$ 61,847	$ 204,511
Line of credit facility, amount outstanding	0	0
Reimbursable predevelopment costs	0	1,900
Education Realty Operating Partnership L.P.
Commitments and Contingencies Disclosure [Line Items]
Construction debt	61,847	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	$ 23,029	23,297
Education Realty Operating Partnership L.P. | University Village - Greensboro | Partnership Interest Properties
Commitments and Contingencies Disclosure [Line Items]
Loan Balance	$ 5,757	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	$ 56,058	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	28,029	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	$ 34,895	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	17,448	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	36,500
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	$ 6,900
University Towers Operating Partnership LP | Minimum
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%

Noncontrolling interests - Addi

Noncontrolling interests - Additional Information (Details)	Sep. 27, 2016	Jun. 29, 2016	Feb. 03, 2016	Sep. 30, 2016joint_ventureshares	Sep. 30, 2015shares	Sep. 30, 2016USD ($)joint_ventureshares	Sep. 30, 2015shares	Dec. 31, 2015shares
Redeemable Noncontrolling Interest [Line Items]
Real Estate Assets Gross Sales Price | $						$ 96,600,000
Number of units converted (units)						25,000	25,000
Number of units redeemed (units)						14,611
University Towers Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Total potentially dilutive securities (shares)				69,086	69,086
605 West Apartments [Member]
Redeemable Noncontrolling Interest [Line Items]
Real Estate Assets Gross Sales Price | $						$ 54,550,000
Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Number of new joint venture agreements | joint_venture				4		4
Redeemable operating partnership units (shares)						184,697		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	69,086	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. | The Retreat at Louisville [Member]
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage		25.00%						75.00%
Education Realty Operating Partnership L.P. | The Retreat at Blacksburg [Member]
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage	25.00%							75.00%
Education Realty Operating Partnership L.P. | University Towers Operating Partnership LP
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage						72.70%
Common Stock
Redeemable Noncontrolling Interest [Line Items]
Stock issued, Shares, conversion of units						25,000	25,000
The Hub at University of Wisconsin [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest, percent				1.60%		1.60%

Noncontrolling interests - Acti

Noncontrolling interests - Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 13,560
Adjustments to report redeemable limited partner units at fair value	2,134	$ (422)
Ending balance	11,033
Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	5,248	4,431
Net income (loss)	(265)	(19)
Contributions from redeemable noncontrolling interests	117	26
Adjustments to report redeemable limited partner units at fair value	614	496
Payments to Noncontrolling Interests	(2,910)	0
Distributions	(97)	(334)
Ending balance	2,707	4,600
Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	8,312	10,081
Net income (loss)	97	33
Redemption of limited partner units	(1,605)	(960)
Adjustments to report redeemable limited partner units at fair value	1,517	(918)
Distributions	(239)	(386)
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount	244	0
Ending balance	$ 8,326	$ 7,850

Incentive plans - Additional In

Incentive plans - Additional Information (Details) $ in Thousands	Jan. 01, 2016shares	May 04, 2011shares	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)criteriashares	Sep. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash compensation expense related to stock-based incentive awards					$ 2,978	$ 2,032
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash compensation expense related to stock-based incentive awards			$ 800	$ 600	2,500	1,600
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, unearned compensation related to restricted stock			100		100		$ 200
Equity incentive plan, compensation expense			100	100	$ 200	$ 300
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			200		$ 200		600
Equity incentive plan, compensation expense			100	200	$ 400	$ 700
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			600	$ 300	$ 2,000	$ 700
Unearned compensation			$ 4,800		$ 4,800		$ 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%
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%
Number of performance based criteria | criteria					6
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			509,812		509,812

Incentive plans - Stock Based I

Incentive plans - Stock Based Incentive Plan Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	27.76
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	31.92	29.72
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 activ54

Derivatives and hedging activities (Details) $ in Millions	Sep. 30, 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	$ 2.6
Interest rate derivatives, at fair value, net	8.3	$ 5.5
Interest rate derivative liabilities, at fair value	8.7	$ 5.8
Credit risk derivatives, at fair value, net	8.7
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 187.5

Derivatives and hedging activ55

Derivatives and hedging activities - Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of Loss Recognized in OCI on Derivative (Effective Portion)	$ 895	$ (3,985)	$ (5,149)	$ (6,121)
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ 756	$ 903	$ 2,312	$ 2,691

Earnings per share_unit - Recon

Earnings per share/unit - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ (3,533)	$ (4,720)	$ 30,791	$ 5,138
Denominator:
Basic weighted average shares of common stock outstanding	73,205,000	48,526,000	67,979,000	48,406,000
Diluted weighted average shares of common stock outstanding	73,205,000	48,526,000	68,281,000	48,726,000
Earnings per share - basic and diluted:
Earnings per share, basic and diluted (in dollars per share)	$ (0.05)	$ (0.10)	$ 0.45	$ 0.11
Distributions declared per common share/unit (usd per share)	$ 0.38	$ 0.37	$ 1.12	$ 1.09
Education Realty Operating Partnership L.P.
Numerator - basic and diluted earnings per share:
Net income (loss) attributable to common shareholders/unitholders	$ (3,547)	$ (4,738)	$ 30,888	$ 5,171
Denominator:
Weighted average units outstanding (shares)	72,917,000	48,370,000	67,705,000	48,269,000
Redeemable Operating Partnership units (shares)			184,697		224,308
Basic weighted average shares of common stock outstanding	73,399,000	48,775,000	68,182,000	48,657,000
Diluted weighted average shares of common stock outstanding	73,399,000	48,775,000	68,281,000	48,726,000
Earnings per share - basic and diluted:
Earnings per share, basic and diluted (in dollars per share)	$ (0.05)	$ (0.10)	$ 0.45	$ 0.11
Distributions declared per common share/unit (usd per share)	$ 0.38	$ 0.37	$ 1.12	$ 1.09
Operating Partnership Units
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	0	0	203,000	251,000
Earnings per share - basic and diluted:
Total potentially dilutive securities (shares)	194,439	249,317
Operating Partnership Units | Education Realty Operating Partnership L.P.
Denominator:
Redeemable Operating Partnership units (shares)	194,000	249,000	203,000	251,000
University Towers Operating Partnership Units
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	0	0	69,000	69,000
Earnings per share - basic and diluted:
Total potentially dilutive securities (shares)	69,086	69,086
LTIP Units | Education Realty Operating Partnership L.P.
Denominator:
Redeemable Operating Partnership units (shares)	288,000	156,000	274,000	137,000
Redeemable University Towers Operating Partnership Units | Education Realty Operating Partnership L.P.
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	0	0	69,000	69,000
Earnings per share - basic and diluted:
Total potentially dilutive securities (shares)	69,086	69,086	69,086
Shares issuable upon settlement of the Forward Agreements
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	0	0	30,000	0
Earnings per share - basic and diluted:
Total potentially dilutive securities (shares)	89,727
Shares issuable upon settlement of the Forward Agreements | Education Realty Operating Partnership L.P.
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	0	0	30,000	0
Earnings per share - basic and diluted:
Total potentially dilutive securities (shares)	89,727

Fair Value of Financial Instr57

Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, performance period		2 years
Contributions from noncontrolling interests		$ 13,502,000	$ 2,913,000
Contingent consideration, possible outcome, low value	$ 0	0
Contingent consideration, possible outcome, high value	1,000,000	1,000,000
Change in amount of contingent consideration	1,100,000
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	500,000	500,000		$ 2,167,000
Senior unsecured notes	250,000,000	250,000,000		250,000,000
Unsecured term loan facility	187,500,000	187,500,000		187,500,000
Carrying value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	8,312,000	8,312,000		5,475,000
Deferred compensation plan assets	454,000	454,000		318,000
Contingent Consideration (recorded as accrued expense)	1,029,000	1,029,000
Carrying value | Variable Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans	62,740,000	62,740,000		107,255,000
Carrying value | Fixed Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and construction loans				98,209,000
Estimated fair value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	0	0		0
Senior unsecured notes	0	0		0
Unsecured term loan facility	0	0		0
Estimated fair value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	446,000	446,000		2,104,000
Senior unsecured notes	262,186,000	262,186,000		246,793,000
Unsecured term loan facility	187,500,000	187,500,000		187,500,000
Estimated fair value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	0	0		0
Senior unsecured notes	0	0		0
Unsecured term loan facility	0	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		0
Deferred compensation plan assets	454,000	454,000		318,000
Contingent Consideration (recorded as accrued expense)	0	0
Estimated fair value | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	8,312,000	8,312,000		5,475,000
Deferred compensation plan assets	0	0		0
Contingent Consideration (recorded as accrued expense)	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		0
Deferred compensation plan assets	0	0		0
Contingent Consideration (recorded as accrued expense)	1,029,000	1,029,000
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		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	62,740,000	62,740,000		107,255,000
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		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				110,851,000
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
The Hub at Tucson [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, possible outcome, high value	1,500,000	1,500,000
Contingent consideration, asset	1,500,000	1,500,000
Contingent consideration, liability	$ 0	$ 0

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)propertycommunitysegmentcollegiate_housing_community	Dec. 31, 2015USD ($)property
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of properties acquired (properties) | property	5	2
Goodwill | $	$ 3,100	$ 3,100
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Number of Properties Opened | property	4
Number of properties acquired (properties) | property	5
Number of Housing Communities Developed in Period | collegiate_housing_community	9
Number Of Properties Sold | community	4
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	$ 61,877,000	$ 54,725,000	$ 193,750,000	$ 168,842,000
Collegiate housing leasing operations	32,512,000	28,444,000	83,567,000	75,452,000
Net operating income	1,231,000	2,417,000	30,933,000	25,198,000
Third-party development consulting services	778,000	490,000	1,728,000	1,531,000
Third-party management services	965,000	865,000	2,556,000	2,698,000
Total segment assets at end of period	2,483,324,000		2,483,324,000		$ 2,001,831,000
Segment revenue	66,225,000	58,189,000	204,744,000	179,642,000
Operating expense reimbursements	2,605,000	2,109,000	6,710,000	6,571,000
Segment operating expenses	36,282,000	32,176,000	93,610,000	86,486,000
Reimbursable operating expenses	2,605,000	2,109,000	6,710,000	6,571,000
Depreciation and amortization	(22,336,000)	(17,828,000)	(58,951,000)	(49,605,000)
Ground lease	(3,224,000)	(2,938,000)	(8,829,000)	(7,956,000)
Nonoperating income (expense)	(4,574,000)	(6,704,000)	(23,671,000)	(18,998,000)
Other Operating Income	1,100,000	0	1,100,000	0
Loss on impairment of collegiate housing properties			0	0
Equity in losses of unconsolidated entities	(480,000)	(427,000)	(617,000)	(823,000)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(3,823,000)	(4,714,000)	6,645,000	5,377,000
Operating Segments
Segment Reporting Information [Line Items]
Net operating income	29,943,000	26,013,000	111,134,000	93,156,000
Segment revenue	63,620,000	56,080,000	198,034,000	173,071,000
Segment operating expenses	33,677,000	30,067,000	86,900,000	79,915,000
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	61,877,000	54,725,000	193,750,000	168,842,000
Collegiate housing leasing operations	32,512,000	28,444,000	83,567,000	75,452,000
Net operating income	29,365,000	26,281,000	110,183,000	93,390,000
Total segment assets at end of period	2,327,878,000	1,907,740,000	2,327,878,000	1,907,740,000
Operating Segments | Development Consulting Services
Segment Reporting Information [Line Items]
Net operating income	193,000	(485,000)	115,000	(813,000)
Third-party development consulting services	778,000	490,000	1,728,000	1,531,000
General and administrative (3)	585,000	975,000	1,613,000	2,344,000
Total segment assets at end of period	6,777,000	4,317,000	6,777,000	4,317,000
Operating Segments | Management Services
Segment Reporting Information [Line Items]
Net operating income	385,000	217,000	836,000	579,000
Third-party management services	965,000	865,000	2,556,000	2,698,000
General and administrative (3)	580,000	648,000	1,720,000	2,119,000
Total segment assets at end of period	10,547,000	11,110,000	10,547,000	11,110,000
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating expense reimbursements	2,605,000	2,109,000	6,710,000	6,571,000
Reimbursable operating expenses	2,605,000	2,109,000	6,710,000	6,571,000
Other unallocated general and administrative expenses (4)	(4,252,000)	(2,830,000)	(13,521,000)	(10,397,000)
Depreciation and amortization	(22,336,000)	(17,828,000)	(58,951,000)	(49,605,000)
Ground lease	(3,224,000)	(2,938,000)	(8,829,000)	(7,956,000)
Nonoperating income (expense)	(4,574,000)	(6,704,000)	(23,671,000)	(18,998,000)
Other Operating Income	1,100,000	0	1,100,000	0
Equity in losses of unconsolidated entities	$ (480,000)	$ (427,000)	$ (617,000)	$ (823,000)

Subsequent events - Additional

Subsequent events - Additional Information (Details) - Subsequent Event - $ / shares	Nov. 15, 2016	Oct. 31, 2016	Oct. 14, 2016
Subsequent Event [Line Items]
Distribution declared per share (usd per share)			$ 0.38
Distribution declared, payable date	Nov. 15, 2016
Distribution declared, record date		Oct. 31, 2016