Education Realty Operating Partnership L P 10-Q 30 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
Entity Information [Line Items]
Entity Registrant Name	EDUCATION REALTY TRUST, INC.
Entity Central Index Key	1,302,343
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	EDR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		75,752,932
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Collegiate housing properties, net	$ 2,453,702	$ 2,108,706
Assets under development	348,653	289,942
Cash and cash equivalents	47,462	34,475
Restricted cash	6,020	7,838
Other assets	70,242	65,224
Total assets	2,926,079	2,506,185
Liabilities:
Unsecured debt, net of unamortized deferred financing costs	778,309	454,676
Mortgage and construction loans, net of unamortized deferred financing costs	29,772	62,520
Accounts payable and accrued expenses	181,676	127,872
Deferred revenue	32,479	20,727
Total liabilities	1,022,236	665,795
Commitments and contingencies (see Note 7)
Redeemable noncontrolling interests	55,171	38,949
Equity:
Common stock, $0.01 par value per share, 200,000,000 shares authorized, 75,751,216 and 73,075,455 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	757	731
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	1,849,112	1,802,852
Retained earnings	0	0
Accumulated other comprehensive loss	(2,484)	(3,564)
Total Education Realty Trust, Inc. stockholders’ equity	1,847,385	1,800,019
Noncontrolling interests	1,287	1,422
Total equity	1,848,672	1,801,441
Total liabilities and equity	2,926,079	2,506,185
Education Realty Operating Partnership L.P.
Assets:
Collegiate housing properties, net	2,453,702	2,108,706
Assets under development	348,653	289,942
Cash and cash equivalents	47,462	34,475
Restricted cash	6,020	7,838
Other assets	70,242	65,224
Total assets	2,926,079	2,506,185
Liabilities:
Unsecured debt, net of unamortized deferred financing costs	778,309	454,676
Mortgage and construction loans, net of unamortized deferred financing costs	29,772	62,520
Accounts payable and accrued expenses	181,676	127,872
Deferred revenue	32,479	20,727
Total liabilities	1,022,236	665,795
Commitments and contingencies (see Note 7)
Redeemable limited partner units	5,667	6,789
Redeemable noncontrolling interests	49,504	32,160
Equity:
General partner - 6,920 units outstanding as of September 30, 2017 and December 31, 2016	176	178
Limited partners - 75,744,296 and 73,068,535 units issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	1,849,693	1,803,405
Accumulated other comprehensive loss	(2,484)	(3,564)
Total partners' capital	1,847,385	1,800,019
Noncontrolling interests	1,287	1,422
Total capital	1,848,672	1,801,441
Total liabilities and equity	$ 2,926,079	$ 2,506,185

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	200,000,000	200,000,000
Common stock, shares issued (shares)	75,751,216	73,075,455
Common stock, shares outstanding (shares)	75,751,216	73,075,455
Preferred shares, par value (usd per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (shares)	50,000,000	50,000,000
Preferred shares, shares issued (shares)	0	0
Preferred shares, shares outstanding (shares)	0	0
Education Realty Operating Partnership L.P.
General partner, units outstanding (shares)	6,920	6,920
Limited partners, units issued (shares)	75,744,296	73,068,535
Limited partners, units outstanding (shares)	75,744,296	73,068,535

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Collegiate housing leasing revenue	$ 71,085	$ 61,877	$ 221,941	$ 193,750
Third-party development consulting services	1,222	778	4,193	1,728
Third-party management services	858	965	2,634	2,556
Operating expense reimbursements	2,195	2,605	6,432	6,710
Total revenues	75,360	66,225	235,200	204,744
Operating expenses:
Collegiate housing leasing operations	37,076	32,512	96,291	83,567
Development and management services	5,218	2,716	10,894	7,965
General and administrative	2,820	2,701	9,585	8,889
Depreciation and amortization	22,449	22,336	72,808	58,951
Ground lease expense	3,437	3,224	9,459	8,829
Other operating income	(1,704)	(1,100)	(1,204)	(1,100)
Reimbursable operating expenses	2,195	2,605	6,432	6,710
Total operating expenses	71,491	64,994	204,265	173,811
Operating income	3,869	1,231	30,935	30,933
Nonoperating expenses (income) :
Interest expense, net of capitalized interest	4,284	3,811	10,374	12,109
Amortization of deferred financing costs	406	443	1,185	1,380
Interest income	(17)	(155)	(66)	(429)
Loss on extinguishment of debt	0	475	22	10,611
Total nonoperating expenses	4,673	4,574	11,515	23,671
(Loss) income before equity in (losses) earnings of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	(804)	(3,343)	19,420	7,262
Equity in (losses) earnings of unconsolidated entities	(243)	(480)	141	(617)
(Loss) income before income taxes and gain on sale of collegiate housing properties	(1,047)	(3,823)	19,561	6,645
Income tax (benefit) expense	(416)	84	(948)	224
(Loss) income before gain on sale of collegiate housing properties	(631)	(3,907)	20,509	6,421
Gain on sale of collegiate housing properties	0	0	691	23,956
Net (loss) income	(631)	(3,907)	21,200	30,377
Less: Net loss attributable to the noncontrolling interests	(476)	(374)	(862)	(414)
Net (loss) income attributable to Education Realty Trust, Inc.	(155)	(3,533)	22,062	30,791
Comprehensive (loss) income:
Net (loss) income	(631)	(3,907)	21,200	30,377
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	367	1,651	1,080	(2,837)
Comprehensive (loss) income	(264)	(2,256)	22,280	27,540
Less: Comprehensive loss attributable to the noncontrolling interests	(476)	(374)	(862)	(414)
Comprehensive income (loss) attributable to Education Realty Trust, Inc.	$ 212	$ (1,882)	$ 23,142	$ 27,954
Earnings per share/unit information:
Net (loss) income attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted (in dollars per share)	$ (0.01)	$ (0.05)	$ 0.27	$ 0.45
Distributions per share of common stock (in dollars per share)	$ 0.39	$ 0.38	$ 1.15	$ 1.12
Weighted average shares/units outstanding:
Weighted average common shares outstanding - basic (in shares)	73,687	73,205	73,606	67,979
Weighted average common shares outstanding - diluted (in shares)	73,687	73,205	73,820	68,281
Education Realty Operating Partnership L.P.
Revenues:
Collegiate housing leasing revenue	$ 71,085	$ 61,877	$ 221,941	$ 193,750
Third-party development consulting services	1,222	778	4,193	1,728
Third-party management services	858	965	2,634	2,556
Operating expense reimbursements	2,195	2,605	6,432	6,710
Total revenues	75,360	66,225	235,200	204,744
Operating expenses:
Collegiate housing leasing operations	37,076	32,512	96,291	83,567
Development and management services	5,218	2,716	10,894	7,965
General and administrative	2,820	2,701	9,585	8,889
Depreciation and amortization	22,449	22,336	72,808	58,951
Ground lease expense	3,437	3,224	9,459	8,829
Other operating income	(1,704)	(1,100)	(1,204)	(1,100)
Reimbursable operating expenses	2,195	2,605	6,432	6,710
Total operating expenses	71,491	64,994	204,265	173,811
Operating income	3,869	1,231	30,935	30,933
Nonoperating expenses (income) :
Interest expense, net of capitalized interest	4,284	3,811	10,374	12,109
Amortization of deferred financing costs	406	443	1,185	1,380
Interest income	(17)	(155)	(66)	(429)
Loss on extinguishment of debt	0	475	22	10,611
Total nonoperating expenses	4,673	4,574	11,515	23,671
(Loss) income before equity in (losses) earnings of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	(804)	(3,343)	19,420	7,262
Equity in (losses) earnings of unconsolidated entities	(243)	(480)	141	(617)
(Loss) income before income taxes and gain on sale of collegiate housing properties	(1,047)	(3,823)	19,561	6,645
Income tax (benefit) expense	(416)	84	(948)	224
(Loss) income before gain on sale of collegiate housing properties	(631)	(3,907)	20,509	6,421
Gain on sale of collegiate housing properties	0	0	691	23,956
Net (loss) income	(631)	(3,907)	21,200	30,377
Less: Net loss attributable to the noncontrolling interests	(474)	(360)	(906)	(511)
Net (loss) income attributable to Education Realty Trust, Inc.	(157)	(3,547)	22,106	30,888
Comprehensive (loss) income:
Net (loss) income	(631)	(3,907)	21,200	30,377
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	367	1,651	1,080	(2,837)
Comprehensive (loss) income	(264)	(2,256)	22,280	27,540
Less: Comprehensive loss attributable to the noncontrolling interests	(474)	(360)	(906)	(511)
Comprehensive income (loss) attributable to Education Realty Trust, Inc.	$ 210	$ (1,896)	$ 23,186	$ 28,051
Earnings per share/unit information:
Net (loss) income attributable to unitholders - basic and diluted (in dollars per unit)	$ (0.01)	$ (0.05)	$ 0.27	$ 0.45
Distributions per unit (in dollars per unit)	$ 0.39	$ 0.38	$ 1.15	$ 1.12
Weighted average shares/units outstanding:
Weighted average units outstanding – basic (in units)	73,819	73,399	73,747	68,182
Weighted average units outstanding – diluted (in units)	73,819	73,399	73,821	68,281

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
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 long-term incentive plan awards	2,201	$ 0	2,201
Common stock issued to officers and directors (in shares)		10,800
Common stock issued to officers and directors	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)		(8,442)			(8,237)
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,134)		(2,134)
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
Beginning balance (in shares) at Dec. 31, 2016		73,075,455
Beginning balance at Dec. 31, 2016	1,801,441	$ 731	1,802,852	0	(3,564)	1,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs (in shares)		2,666,384
Proceeds from issuance of common stock, net of offering costs	110,459	$ 26	110,433
Amortization of restricted stock and long-term incentive plan awards (in shares)		6
Amortization of long-term incentive plan awards	2,202		2,202
Surrender of shares to cover taxes on vesting of restricted shares (in shares)		(3,283)
Surrender of shares to cover taxes on vesting of restricted shares	(2,564)
Common stock issued to officers and directors (in shares)		12,654
Common stock issued to officers and directors	480		480
Cash dividends	(84,199)		(62,137)	(22,062)		0
Adjustments to reflect redeemable noncontrolling interests at fair value	(223)		(223)
Accretion of redeemable noncontrolling interests	(1,931)		(1,931)
Comprehensive income (loss)	23,007			22,062	1,080	(135)
Ending balance (in shares) at Sep. 30, 2017		75,751,216
Ending balance at Sep. 30, 2017	$ 1,848,672	$ 757	$ 1,849,112	$ 0	$ (2,484)	$ 1,287

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Education Realty Operating Partnership L.P.	Education Realty Operating Partnership L.P.Accumulated Other Comprehensive Loss	Education Realty Operating Partnership L.P.Noncontrolling Interests	Education Realty Operating Partnership L.P.General Partner	Education Realty Operating Partnership L.P.Limited Partners
Balance, units (in 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 (in 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 (in 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 (in shares)						5,945
Amortization of long-term incentive plan awards		2,201				$ 2,201
Distributions		(75,762)		(125)	(3)	(75,634)
Contributions from noncontrolling interests	$ 13,502	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	27,708	(2,837)	(246)	$ 2	$ 30,789
Balance, units (in 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
Balance, units (in shares) at Dec. 31, 2016					6,920	73,068,535
Balance at Dec. 31, 2016		1,801,441	(3,564)	1,422	$ 178	$ 1,803,405
Increase (Decrease) in Partners' Capital [Roll Forward]
Vesting of restricted stock and restricted stock units (in shares)						12,654
Vesting of restricted stock and restricted stock units		480				$ 480
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units (in shares)						2,666,384
Issuance of units in exchange for contributions of equity offering proceeds and redemption of units		110,459				$ 110,459
Amortization of restricted stock and long-term incentive plan awards (in shares)						6
Amortization of long-term incentive plan awards		2,202				$ 2,202
Surrender of shares to cover taxes on vesting of restricted shares (in shares)						(3,283)
Surrender of shares to cover taxes on vesting of restricted shares	(2,564)	(2,564)				$ (2,564)
Distributions		(84,199)			(3)	(84,196)
Adjustments to reflect redeemable noncontrolling interests at fair value		(223)				(223)
Accretion of redeemable noncontrolling interests	(1,931)	(1,931)				(1,931)
Comprehensive income (loss)	$ 23,007	23,007	1,080	(135)	$ 1	$ 22,061
Balance, units (in shares) at Sep. 30, 2017					6,920	75,744,296
Balance at Sep. 30, 2017		$ 1,848,672	$ (2,484)	$ 1,287	$ 176	$ 1,849,693

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net income	$ 21,200	$ 30,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	72,808	58,951
Deferred tax expense	662	0
Excess tax benefit related to the vesting of restricted stock	(1,610)	0
Loss on disposal of assets	250	69
Gain on sale of collegiate housing properties	(691)	(23,956)
Noncash rent expense related to the straight-line adjustment for long-term ground leases	3,526	3,556
Loss on extinguishment of debt	22	10,611
Amortization of deferred financing costs	1,185	1,380
Amortization of unamortized debt premiums	0	(49)
Distributions of earnings from unconsolidated entities	2,932	249
Noncash compensation expense related to stock-based incentive awards	2,738	2,978
Equity in (earnings) losses of unconsolidated entities	(141)	617
Change in operating assets and liabilities	18,001	14,839
Net cash provided by operating activities (net of acquisitions)	120,882	99,622
Investing activities:
Property acquisitions	(127,647)	(267,425)
Purchase of corporate assets	(1,420)	(1,029)
Restricted cash	1,818	2,292
Investment in collegiate housing properties	(13,247)	(19,407)
Proceeds from sale of collegiate housing properties	17,738	94,951
Collections on notes receivable	0	1,667
Earnest money deposits	(215)	(400)
Investment in assets under development	(312,455)	(213,518)
Distributions from unconsolidated entities	153	266
Net cash used in investing activities	(435,275)	(402,603)
Financing activities:
Payment of mortgage and construction loans	(32,950)	(183,687)
Borrowings under construction loans	146	40,963
Borrowings on senior unsecured notes	150,000	0
Debt issuance costs	(775)	(607)
Debt extinguishment costs	0	(10,290)
Borrowings on line of credit	447,000
Repayments of line of credit	(273,000)	0
Proceeds from issuance of common stock	110,000	625,242
Payment of offering costs	(341)	(766)
Purchase and return of equity to noncontrolling interests	0	(19,589)
Contributions from noncontrolling interests	14,789	10,540
Dividends and distributions paid to common and restricted stockholders	(84,198)	(75,637)
Dividends and distributions paid to noncontrolling interests	(728)	(462)
Repurchases of common stock for payments of restricted stock tax withholding	(2,563)	(315)
Redemption of OP Units for cash	0	(667)
Net cash provided by financing activities	327,380	384,725
Net increase in cash and cash equivalents	12,987	81,744
Cash and cash equivalents, beginning of period	34,475	33,742
Cash and cash equivalents, end of period	47,462	115,486
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	6,799	9,854
Income taxes paid	278	238
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder to shares of common stock	1,138	938
Capital expenditures in accounts payable and accrued expenses related to developments	72,061	30,022
Education Realty Operating Partnership L.P.
Operating activities:
Net income	21,200	30,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	72,808	58,951
Deferred tax expense	662	0
Excess tax benefit related to the vesting of restricted stock	(1,610)	0
Loss on disposal of assets	250	69
Gain on sale of collegiate housing properties	(691)	(23,956)
Noncash rent expense related to the straight-line adjustment for long-term ground leases	3,526	3,556
Loss on extinguishment of debt	22	10,611
Amortization of deferred financing costs	1,185	1,380
Amortization of unamortized debt premiums	0	(49)
Distributions of earnings from unconsolidated entities	2,932	249
Noncash compensation expense related to stock-based incentive awards	2,738	2,978
Equity in (earnings) losses of unconsolidated entities	(141)	617
Change in operating assets and liabilities	18,001	14,839
Net cash provided by operating activities (net of acquisitions)	120,882	99,622
Investing activities:
Property acquisitions	(127,647)	(267,425)
Purchase of corporate assets	(1,420)	(1,029)
Restricted cash	1,818	2,292
Investment in collegiate housing properties	(13,247)	(19,407)
Proceeds from sale of collegiate housing properties	17,738	94,951
Collections on notes receivable	0	1,667
Earnest money deposits	(215)	(400)
Investment in assets under development	(312,455)	(213,518)
Distributions from unconsolidated entities	153	266
Net cash used in investing activities	(435,275)	(402,603)
Financing activities:
Payment of mortgage and construction loans	(32,950)	(183,687)
Borrowings under construction loans	146	40,963
Borrowings on senior unsecured notes	150,000	0
Debt issuance costs	(775)	(607)
Debt extinguishment costs	0	(10,290)
Borrowings on line of credit	447,000
Repayments of line of credit	(273,000)	0
Proceeds from issuance of common stock	110,000	625,242
Payment of offering costs	(341)	(766)
Purchase and return of equity to noncontrolling interests	0	(19,589)
Contributions from noncontrolling interests	14,789	10,540
Distributions paid on unvested restricted stock and long-term incentive plan awards	(446)	(288)
Distributions paid to unitholders	(83,752)	(75,349)
Dividends and distributions paid to noncontrolling interests	(728)	(462)
Repurchases of common stock for payments of restricted stock tax withholding	(2,563)	(315)
Redemption of OP Units for cash	0	(667)
Net cash provided by financing activities	327,380	384,725
Net increase in cash and cash equivalents	12,987	81,744
Cash and cash equivalents, beginning of period	34,475	33,742
Cash and cash equivalents, end of period	47,462	115,486
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	6,799	9,854
Income taxes paid	278	238
Supplemental disclosure of noncash activities:
Redemption of redeemable noncontrolling interests from unit holder to shares of common stock	1,138	938
Capital expenditures in accounts payable and accrued expenses related to developments	$ 72,061	$ 30,022

Organization and description of

Organization and description of business	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business	Organization and description of business Education Realty Trust, Inc. ("EdR" and collectively with its consolidated subsidiaries, the “Trust”) was organized in the state of Maryland on July 12, 2004 and commenced operations effective with the initial public offering that was completed on January 31, 2005. Through the Trust's controlling interest in both the sole general partner and the majority owning limited partner of Education Realty Operating Partnership L.P. ("EROP" and collectively with its consolidated subsidiaries, the "Operating Partnership"), the Trust is one of the largest developers, owners and managers of collegiate housing communities in the United States in terms of beds owned and under management. The Trust is a self-administered and self-managed REIT that is publicly traded on the New York Stock Exchange under the ticker symbol "EDR". Under the Articles of Incorporation, as amended, restated and supplemented, the Trust is authorized to issue up to 200 million shares of common stock and 50 million shares of preferred stock, each having a par value of $0.01 per share. The sole general partner of EROP is Education Realty OP GP, Inc. (“OP GP”), an entity that is wholly-owned by EdR. As of September 30, 2017 , OP GP held an ownership interest in EROP of less than 1% . The limited partners of EROP are Education Realty OP Limited Partner Trust, a wholly-owned subsidiary of EdR, and other limited partners consisting of current and former members of management. OP GP, as the sole general partner of EROP, has the responsibility and discretion in the management and control of EROP, and the limited partners of EROP, in such capacity, have no authority to transact business for, or participate in the management activities of EROP. Management operates the Trust and the Operating Partnership as one business. The management of the Trust consists of the same members as the management of the Operating Partnership. EdR consolidates the Operating Partnership for financial reporting purposes, and EdR does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Trust and the Operating Partnership are the same on their respective financial statements. Unless otherwise indicated, the accompanying Notes to the 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 its taxable REIT subsidiaries ("TRS"), EDR Management Inc. (the “Management Company”), a Delaware corporation that performs collegiate housing management activities. EDR Development LLC (the “Development Company”), a Delaware limited liability company and wholly-owned subsidiary of the Management Company, which provides development consulting services for third-party collegiate housing communities, is a disregarded entity for federal income tax purposes and all assets owned and income earned by our Development Company are deemed to be owned and earned by our Management Company.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Sep. 30, 2017
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 The Trust evaluates its interest in partnerships, joint ventures and other similar entities under the variable interest entity (“VIE”) guidance. Under the VIE model, the Trust consolidates an entity when it has control to direct the activities of the VIE and where it is determined to be the primary beneficiary. If it is determined that the legal entity qualifies for a VIE scope exception or the legal entity is not subject to the VIE model, the voting interest model is applied. Under the voting interest model, the Trust consolidates an entity when it controls the entity through the ownership of a majority voting interest. 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, 2016 , as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2017. 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. Collegiate housing properties Land, land improvements, buildings and improvements, and furniture, fixtures and equipment are recorded at cost. Buildings and improvements are depreciated over 15 to 40 years, land improvements are depreciated over 15 years and furniture, fixtures and equipment are depreciated over 3 to 7 years. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful life. The Trust capitalizes interest based on the weighted average interest cost of the total debt and internal development costs while developments are ongoing as assets under development. When the property opens, these costs, along with other direct costs of the development, are transferred into the applicable asset category and depreciation commences. Acquired collegiate housing communities’ results of operations are included in the Trust’s results of operations from the respective dates of acquisition. Appraisals, estimates of cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, land improvements, buildings and improvements, furniture, fixtures and equipment and identifiable intangibles, such as amounts related to in-place leases. Acquisition costs are expensed as incurred for acquisitions completed prior to the adoption of Accounting Standards Update ("ASU") 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01") and are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income. The Trust adopted ASU 2017-01 prospectively on January 1, 2017. Acquisition costs have been capitalized for subsequent acquisitions that are not deemed to be business combinations. Management assesses impairment of long-lived assets to be held and used whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management uses an estimate of future undiscounted cash flows of the related asset based on its intended use to determine whether the carrying value is recoverable. If the Trust determines that the carrying value of an asset is not recoverable, the fair value of the asset is estimated and an impairment loss is recorded to the extent the carrying value exceeds estimated fair value. Management estimates fair value using discounted cash flow models, market appraisals if available and other market participant data. During the nine months ended September 30, 2017 and 2016 , 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, 2017 and 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 Players Club, an off-campus community that serves Florida State University. Depreciation estimates were revised to reflect the shortened remaining useful life. The Trust recorded $2.9 million of accelerated depreciation during the nine months ended September 30, 2017 related to the change in estimate. The impact on net income attributable to EdR common stockholders per share - basic and diluted for the nine months ended September 30, 2017 was $0.04 . The depreciable assets were fully depreciated and subsequently written off when demolition began in the second quarter of 2017. Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP) The Trust follows the guidance issued by the Financial Accounting Standards Board ("FASB") regarding the classification and measurement of redeemable securities. The Trust classifies redeemable noncontrolling interests, which include redeemable interests in consolidated joint ventures with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP and in the Operating Partnership in the mezzanine section of the accompanying condensed consolidated balance sheets. The Trust accounts for certain noncontrolling interests with embedded put and call features with fixed exercise prices and exercise dates as a financing arrangement, and these amounts are recorded as accrued liabilities in the accompanying condensed consolidated balance sheets. The liability is initially measured at present value of the fixed price settlement amount. Subsequently, the liability is accreted to the fixed price over the term of the contract, with the resulting expense recognized as interest expense. The Trust also has certain noncontrolling interests with put options at substantially fixed prices. These noncontrolling interests are accounted for as noncontrolling interests redeemable at other than fair value. The Trust accounts for the change in redemption value through the use of an accretion model from the date of inception to the expected redemption date. Changes in redemption value are recorded in equity, either through retained earnings or additional paid-in capital (absent any retained earnings). The impact of the changes in redemption value (accretion) is included in earnings per share using the two-class method. In the accompanying 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 with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP are classified as redeemable noncontrolling interests. The redeemable noncontrolling interests / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the price per share of EdR's common stock or redemption value at the end of each respective reporting period. Common stock issuances and offering costs Specific incremental costs directly attributable to the issuance of EdR common stock are charged against the gross proceeds of the related issuance. Accordingly, underwriting commissions and other stock issuance costs are reflected as a reduction of additional paid-in capital in the accompanying 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 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, 2017 and December 31, 2016 . The Trust and its subsidiaries file federal and state income tax returns. As of September 30, 2017 , open tax years generally included tax years for 2014, 2015 and 2016. The Trust’s policy is to include interest and penalties related to unrecognized tax benefits in general and administrative expenses. For the three and nine months ended September 30, 2017 and 2016 , 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, 2017 . The carrying value of goodwill was $3.1 million as of September 30, 2017 and December 31, 2016 , of which $2.1 million was recorded on the management services reportable segment and $0.9 million was recorded on the development consulting services reportable segment. Goodwill is not subject to amortization. Other intangible assets generally include in-place leases acquired in connection with acquisitions of collegiate housing properties. As of September 30, 2017 and December 31, 2016 , gross in-place leases totaled $12.2 million and $7.4 million , respectively, and are being amortized over the life of the remaining lease term, which is generally less than one year. Amortization expense totaled $1.0 million and $1.9 million for the three months ended September 30, 2017 and 2016 , respectively. Amortization expense totaled $7.4 million and $2.8 million for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016 , accumulated amortization totaled $11.0 million and $3.6 million , respectively. The carrying value of other intangible assets was $1.2 million and $3.8 million as of September 30, 2017 and December 31, 2016 , respectively. Investment in unconsolidated entities The Trust accounts for its investments in unconsolidated joint ventures using the equity method whereby the costs of an investment are adjusted for the Trust’s share of earnings of the respective investment reduced by distributions received. The earnings and distributions of the unconsolidated joint ventures are allocated based on each owner’s respective ownership interests. These investments are classified as other assets or accrued expenses, depending on whether the distributions exceed the Trust’s contributions and share of earnings in the joint ventures, in the accompanying 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 after accretion of redeemable noncontrolling interests by weighted average shares of common stock outstanding, including outstanding units in the Operating Partnership designated as LTIP Units ("LTIP Units"). Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of potentially dilutive securities and the shares issuable upon settlement of the Forward Agreements (see Note 9) using the treasury stock method. The Trust follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. All unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are included in the computation of earnings per share under the two-class method. This results in shares of unvested restricted stock and LTIP Units being included in the computation of basic earnings per share for all periods presented. When noncontrolling interests are redeemable at other than fair value, increases or decreases in the carrying amount of the redeemable noncontrolling interests are reflected in earnings per share using the two-class method. Earnings per OP Unit - EROP Basic earnings per unit is calculated by dividing net income available to unitholders after accretion of redeemable noncontrolling interests 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 2017, the FASB issued ASU 2017-12, " Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Trust to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year the Trust adopts the update. While the Trust continues to assess the impact of the standard, the Trust currently expects adoption will have an immaterial impact on the consolidated financial statements and anticipates early adopting on January 1, 2018. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows, and transfers between cash and cash equivalents and restricted cash are no longer presented within the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Trust anticipates retrospectively adopting this guidance on January 1, 2018. The Trust's analysis indicates the adoption of this ASU will result in the change in restricted cash to no longer be presented in the statement of cash flows as an investing cash flow. In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments " ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows and will be applied retrospectively. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Trust adopted ASU 2016-15 effective January 1, 2017. As a result of this adoption, there was no impact to the condensed consolidated statements of cash flows for either period presented. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)" ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, on a modified retrospective basis. The Trust's primary revenue is collegiate housing rental income; as such, the Trust is a lessor on a significant number of leases. The Trust is continuing to evaluate the potential impact of the ASU and believes it will continue to account for its leases in substantially the same manner due to the short-term nature (less than 12 months) of the leases. The most significant change for the Trust relates to ground lease agreements, which could result in recording the right-of-use asset and related liability on the balance sheet. The Trust plans to adopt ASU 2016-02 effective January 1, 2019 and is continuing to evaluate and quantify the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), as amended by ASU 2015-04 to defer the effective date. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. ASU 2014-09 provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years and permits the use of 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 plans to adopt the new revenue standard using the modified retrospective approach as of January 1, 2018, and is currently evaluating each of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard. The Trust does not expect the adoption of this standard to have a material impact on its consolidated financial statements, as a substantial portion (approximately 85%) of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. Additional impact of this ASU is expected upon adoption of ASU 2016-02 related to the accounting for leases as certain lease revenue streams will be required to be evaluated as non-lease components. The Trust's other non-lease related revenue streams, which are being evaluated under ASU 2014-09 and related guidance, include but are not limited to third-party development consulting services, third-party management services, operating expense reimbursements and other income from residents.

Acquisition and development of

Acquisition and development of real estate investments	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Acquisition and development of real estate investments	Acquisition and development of real estate investments Acquisition of collegiate housing properties 2017 Acquisitions During the nine months ended September 30, 2017 , the Trust completed the following two collegiate housing property acquisitions, which were determined to be asset acquisitions under ASU 2017-01: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Retreat at Corvallis Oregon State University, Oregon January 2017 1,016 330 $ 99,450 319 Bragg Auburn University, Alabama February 2017 305 86 $ 28,500 Below is the allocation of the purchase price as of the date of the acquisition (in thousands): Retreat at Corvallis 319 Bragg Total Collegiate housing property $ 95,785 $ 27,475 $ 123,260 In-place leases 3,780 1,055 4,835 Other assets 617 2 619 Current liabilities (936 ) (131 ) (1,067 ) Total net assets acquired $ 99,246 $ 28,401 $ 127,647 The $0.3 million difference between the aggregate contracted price of $128.0 million and the net assets set forth in the table above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. 2016 Acquisitions During the year ended December 31, 2016 , the 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 These acquisitions were accounted for as business combinations as they occurred prior to the adoption of ASU 2017-01. Below is the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Lokal The Hub at Madison Pura Vida Place Carriage House Urbane Total Collegiate housing property 23,653 189,832 11,498 11,528 47,999 $ 284,510 In-place leases 849 3,588 502 472 1,984 7,395 Other assets 3 87 5 4 18 117 Current liabilities (148 ) (7,442 ) (144 ) (67 ) (584 ) (8,385 ) Total net assets acquired $ 24,357 $ 186,065 $ 11,861 $ 11,937 $ 49,417 $ 283,637 The $3.5 million difference between the contracted price of $287.1 million and the net assets set forth in the table above primarily relates to contingent consideration related to the acquisition of The Hub at Madison. The remaining difference between the contracted price and the net assets set forth above represents working capital and other liabilities that were not part of the contractual purchase price, but were acquired. The contingent consideration liability relates to the future operating performance of the property and was initially estimated at $5.3 million . $3.1 million of the $5.3 million contingent consideration was paid out during 2016. At December 31, 2016 , $2.3 million was estimated and recorded as a contingent consideration liability, based upon probability of achieving certain operating performance metrics primarily related to the 2017/2018 lease year. The estimated range of possible outcomes was between $0.0 million and $4.5 million at December 31, 2016 . During the nine months ended September 30, 2017 , the Trust revised the liability estimate related to the contingent consideration liability as final leasing results for the property for the 2017/2018 lease year became known. As a result the Trust recognized $1.7 million in other operating income during the three months ended September 30, 2017 . 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 or after 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 it was 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 since the date of acquisition. The put and call arrangement was evaluated, and it was determined the noncontrolling interests represent a liability because of the substantially fixed exercise prices and stated exercise dates; therefore, the economic substance was a financing arrangement. The Trust has recorded the liability at the present value of the fixed price settlement amount ( $14.9 million reflected in accounts payable and accrued expenses) and will accrete the liability to the fixed price over the contractual term. The amount recorded at September 30, 2017 and December 31, 2016 approximated the redemption or settlement amount due to the short term of the contractual period. No earnings have been attributed to noncontrolling interests in the accompanying condensed consolidated statements of net income and comprehensive income. The Trust is also obligated to pay the seller of Urbane 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, no contingent consideration was initially recorded at the acquisition date. As of September 30, 2017 and December 31, 2016 , $1.5 million and $1.0 million , respectively, was estimated and recorded as a contingent consideration liability, based upon probability of achieving certain operating performance metrics. The unaudited pro forma information for the 2016 acquisitions presented below for the nine months ended September 30, 2016 and 2015 assumes an acquisition date of January 1, 2015 and is not necessarily 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, 2016 (1) 2015 (1) (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 (August 2016), supplemental pro forma revenue and net income information is not included for the nine months ended September 30, 2015. Supplemental pro forma and net income for the nine months ended September 30, 2016 includes two months of operations. (2) As the Lokal and 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. For the nine months ended September 30, 2016 , actual revenue and net income from the 2016 property acquisitions included in the accompanying condensed consolidated statements of income and comprehensive income since the respective dates of acquisition was $4.9 million and $2.9 million , respectively. Development of collegiate housing properties During the nine months ended September 30, 2017 , the Trust completed the development of the following communities which opened for the 2017/2018 lease year. The costs incurred as of September 30, 2017 for the owned communities represent the balance capitalized in collegiate housing properties, net as of September 30, 2017 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2017 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2017 Three months ended September 30, 2017 University Flats University of Kentucky 771 $ 75,099 $ 249 $ 1,617 $ 116 $ 351 Sawtooth Hall Boise State University 656 41,097 252 639 119 156 Lewis Hall University of Kentucky 346 30,894 206 538 77 137 SkyVue Michigan State University 824 87,008 153 1,757 74 433 The Local: Downtown Texas State University 304 30,089 129 393 55 34 The Woods - Phase I Northern Michigan University 417 25,732 83 212 29 90 Total 3,318 $ 289,919 $ 1,072 $ 5,156 $ 470 $ 1,201 During prior years, the Trust developed the following communities which opened for the 2016/2017 lease year. The costs incurred represent the balance capitalized in collegiate housing properties, net as of December 31, 2016 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of December 31, 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 $ 85,691 $ 339 $ 1,900 $ 178 $ 479 Retreat at Blacksburg - Phase I & II Virginia Tech 829 64,549 143 709 69 155 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 590 19 141 Total 2,320 $ 176,985 $ 540 $ 3,199 $ 266 $ 775 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. The following represents a summary of active developments as of September 30, 2017 , including internal development costs and interest costs capitalized (dollars in thousands): Name Costs Incurred as of September 30, 2017 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, Nine months ended September 30, Three months ended September 30, Three months ended September 30, 2017 2016 2017 2016 2017 2016 2017 2016 One on 4th $ 39,543 $ 111 $ 85 $ 704 $ 103 $ 27 $ 31 $ 270 $ 40 Maplewood 18,375 222 36 170 8 59 27 90 7 The Woods - Phase II and III 24,750 166 145 425 14 58 123 180 13 University of Pittsburgh 50,831 104 66 654 93 49 66 277 93 Players Club Redevelopment 11,879 112 46 48 12 45 13 24 8 Hale Mahana 46,986 118 — 752 — 41 — 286 — Hub at Minneapolis 39,343 76 — 233 — 33 — 129 — Union at Tempe 80,812 166 — 1,039 — 64 — 456 — Union on Lincoln Way 18,980 91 — 165 — 33 — 97 — Union on Plum 11,225 103 — 98 — 36 — 54 — Undeveloped land 5,929 3 — 43 — 3 — 43 — Total active projects under development $ 348,653 $ 1,272 $ 378 $ 4,331 $ 230 $ 448 $ 260 $ 1,906 $ 161 As of September 30, 2017 , the Trust is contractually obligated to fund remaining amounts under guaranteed maximum price contracts with the general contractor of approximately $352.5 million to complete these developments.

Disposition of real estate inve

Disposition of real estate investments	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposition of real estate investments	Disposition of real estate investments During the nine months ended September 30, 2017, the Trust sold The Reserve on Stinson collegiate housing community located in Norman, Oklahoma for a gross sales price of approximately $18.2 million . The Trust received net proceeds of approximately $17.7 million after deducting closing costs and recognized a $0.7 million gain on this disposition. During the nine months ended September 30, 2016 , the Trust sold the communities set forth in the table below 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. Name Primary University Served Disposition Date # of Beds # of Units Gross Sales Price 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 The net income attributable to all disposed properties is included in continuing operations in the accompanying condensed consolidated statements of income and comprehensive income through the date of disposition.

Investments in unconsolidated e

Investments in unconsolidated entities	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated entities	Investments in unconsolidated entities As of September 30, 2017 and December 31, 2016 , the Trust had investments in the following unconsolidated joint ventures (see Note 2), all of which are accounted for under the equity method: • a 50% interest in 1313 5th Street MN Holdings, LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as The Marshall at the University of Minnesota; • a 50% interest in West Clayton Athens GA Owner, LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as Georgia Heights at the University of Georgia; • a 25% interest in University Village-Greensboro LLC, a Delaware limited liability company, which owns the collegiate housing property referred to as University Village - Greensboro; and • a 14% interest in Elauwit Networks, a South Carolina limited liability company. The Trust participates in major operating decisions of, but does not control, these entities; therefore, the equity method is used to account for these investments. The following is a summary of the results of operations related to the unconsolidated joint ventures for the nine months ended September 30, 2017 and 2016 (unaudited, in thousands): Results of Operations of Unconsolidated Entities: For the nine months ended September 30, 2017 2016 Revenues $ 31,829 $ 26,748 Net income (loss) (1) $ 377 $ (781 ) Equity in earnings (losses) of unconsolidated entities $ 141 $ (617 ) (1) Net income for the periods presented above equals income from continuing operations. As of September 30, 2017 and December 31, 2016 , the Trust had $24.1 million and $27.0 million , respectively, of investments in unconsolidated entities classified in other assets in the accompanying condensed consolidated balance sheets. As of September 30, 2017 and December 31, 2016 , liabilities are recorded totaling $2.1 million and $1.9 million , respectively, related to investments in unconsolidated entities where distributions exceeded contributions and equity in earnings and the Trust has historically provided financial support; therefore, these investments are classified in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets (see Note 2).

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2017 and December 31, 2016 , the Trust had the following debt outstanding: September 30, 2017 December 31, 2016 Unsecured indebtedness: Revolving credit facility 194,000 20,000 Term loan 187,500 187,500 Senior notes 250,000 250,000 Private placement notes 150,000 — Total 781,500 457,500 Less: Unamortized deferred financing costs (3,191 ) (2,824 ) Unsecured indebtedness, net 778,309 454,676 Mortgage and construction loans, net of unamortized deferred financing costs 29,772 62,520 Total outstanding debt, net of unamortized deferred financing costs $ 808,081 $ 517,196 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 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 London InterBank Offered Rate ("LIBOR") plus an applicable margin based upon our leverage. As of September 30, 2017 , the interest rate applicable to the Fifth Amended Revolver was 2.49% . If amounts are drawn, due to the fact that the Fifth Amended Revolver bears interest at variable rates, cost approximates the fair value. In addition, the Operating Partnership also incurs an unused fee equal to either 0.15% or 0.25% of the unused balance, based on outstanding commitments. As of September 30, 2017 , the Trust's remaining availability was $306.0 million at September 30, 2017 . 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, 2017 , the Operating Partnership was in compliance with all covenants under the Fifth Amended Revolver. Unsecured term loan facility On January 18, 2017, the Operating Partnership and certain subsidiaries entered into the Second Amended and Restated Credit Agreement. Under the Second Amended and Restated Credit Agreement, the unsecured term loans have an aggregate principal amount of $187.5 million , consisting of a $122.5 million Tranche A term loan (the “Tranche A Term Loan”) and a $65.0 million Tranche B term loan (the “Tranche B Term Loan” and, together with the Tranche A Term Loan, the “Term Loans”). The Tranche A Term Loan matures on January 13, 2021 and the Tranche B Term Loan matures on January 18, 2022. The Second Amended and Restated Credit Agreement contains an accordion feature pursuant to which the Borrowers may request that the total aggregate amount of the Term Loans be increased to $250.0 million , which may be allocated to Tranche A or Tranche B, subject to certain conditions, including obtaining commitments from any one or more lenders to provide such additional commitments. The interest rate per annum on the Tranche A Term Loan is, at the Operating Partnership’s option, equal to a base rate or LIBOR plus an applicable margin ranging from 120 to 190 basis points. The interest rate per annum on the Tranche B Term Loan is, at the Operating Partnership’s option, equal to a base rate or LIBOR plus an applicable margin ranging from 120 to 190 basis points. The applicable margin for the Term Loans is based on leverage. At September 30, 2017 and December 31, 2016 , the aggregate outstanding balance under the Term Loans was $186.5 million and $186.7 million , respectively, which is presented net of unamortized deferred financing costs of $1.0 million and $0.8 million , respectively, in the accompanying condensed consolidated balance sheets. The Second 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 Second Amended and Restated Credit Agreement. As of September 30, 2017 , the Operating Partnership was in compliance with all covenants of the Second Amended and Restated Credit Agreement. In connection with entering into the First Amended and Restated Credit Agreement on November 19, 2014, which was superseded by the Second Amended and Restated Credit Agreement, the Operating Partnership entered into multiple interest rate swaps with notional amounts totaling $187.5 million to hedge the interest payments on the LIBOR-based Term Loans (see Note 11) through the Term Loans' initial maturity date. The Operating Partnership also entered into forward starting interest rate swaps (see Note 11) concurrently with executing the Second Amended and Restated Credit Agreement, which extended the term of the Tranche B Term Loan by three years to January 18, 2022. As of September 30, 2017 , the effective interest rate on the Tranche A Term Loan was 3.50% (weighted average swap rate of 2.30% plus the current margin of 1.20% ) and the effective interest rate on the Tranche B Term Loan was 2.86% (weighted average swap rate of 1.66% plus the current margin of 1.20% ). Unsecured 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, 2017 and December 31, 2016 , the outstanding balance under the Unsecured Senior Notes was $248.1 million and $247.9 million , respectively, which is presented net of unamortized deferred financing costs of $1.9 million and $2.1 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, 2017 , the Operating Partnership was in compliance with all covenants. Private placement notes On August 31, 2017, the Operating Partnership issued $150.0 million aggregate principal amount of unsecured senior notes in a private placement transaction. The private placement notes were issued in two tranches with $75.0 million bearing interest at 4.22% and due August 31, 2029 (the “Senior A Notes”), and $75.0 million bearing interest at 4.30% and due August 31, 2032 (the “Senior B Notes” and, together with the Senior A Notes, the “Notes”). The Notes are guaranteed by EdR. Proceeds from issuance of the Notes were used to repay a portion of the outstanding balance on the Fifth Amended Revolver. At September 30, 2017 , the outstanding principal balance on the Notes was $149.7 million , which is presented net of unamortized deferred financing costs of $0.3 million . The Notes contain customary affirmative and negative covenants substantially similar to those in the Fifth Amended Revolver and Second Amended and Restated Credit Agreement. Additionally, the Notes contain cross-default provisions if the Operating Partnership defaults on other indebtedness exceeding a threshold of $35.0 million . As of September 30, 2017 , the Operating Partnership was in compliance with all covenants. Mortgage and construction debt As of September 30, 2017 and December 31, 2016 , 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, 2017 December 31, 2016 Interest Rate at September 30, 2017 Interest Rate Type Maturity Date University Towers $ — $ 32,950 n/a Mortgage Debt — 32,950 n/a The Oaks on the Square - Phase IV 29,772 29,626 2.99 % Variable 10/20/2017 Construction Loans 29,772 29,626 2.99 % Total mortgage and construction debt / weighted average rate 29,772 62,576 2.99 % Unamortized deferred financing costs — (56 ) Total net of unamortized deferred financing costs 29,772 62,520 Less current portion, net of unamortized deferred financing costs (29,772 ) (62,520 ) Total mortgage and construction debt, net of current portion $ — $ — Mortgage debt and construction loans During the nine months ended September 30, 2017 , the Operating Partnership repaid in full the variable-rate mortgage debt secured by the University Towers collegiate housing property, which had an unpaid principal balance of $33.0 million . The interest rate was 2.9% per annum and the mortgaged debt was scheduled to mature on July 1, 2017. The construction loan secured by the Oaks of the Square - Phase IV contains customary financial covenants, such as minimum debt service ratios. As of September 30, 2017 , the Operating Partnership was in compliance with all covenants. In October 2017, the Operating Partnership repaid in full the construction loan. 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, 2017 and the year ended December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Balance, beginning of period $ 62,520 $ 204,511 Additions to principal 146 40,974 Repayments of principal (32,950 ) (183,862 ) Amortization of debt premium — (49 ) Write-off of debt premium related to debt pay off — (523 ) (Increase) decrease in deferred financing costs, net 56 1,469 Balance, end of period $ 29,772 $ 62,520 The scheduled maturities of outstanding indebtedness as of September 30, 2017 are as follows (in thousands): Year 2017 (three months ending December 31, 2017) $ 29,772 2018 194,000 2019 — 2020 — 2021 122,500 2022 65,000 Thereafter 400,000 Total 811,272 Unamortized deferred financing costs (3,191 ) Outstanding as of September 30, 2017, net of unamortized deferred financing costs $ 808,081

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies For its third-party development projects, the Trust commonly provides alternate housing and project cost guarantees, subject to certain conditions. Alternate housing guarantees generally require the university to provide on-campus housing or the Trust to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon date. Under project cost guarantees, the Trust can be responsible for the construction costs of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. During the three months ended September 30, 2017 , the Trust experienced unanticipated additional costs of approximately $2.5 million related to unforeseen issues on one of the third-party development deliveries. These amounts have been recorded in development and management services operating expenses in the accompanying condensed consolidated statements of income and comprehensive income. The Operating Partnership and various joint venture partners have jointly and severally guaranteed partial repayment on third-party mortgage and construction debt secured by the following underlying collegiate housing properties, all of which are unconsolidated joint ventures. The Operating Partnership is liable to the lender for any loss, damage, cost, expense, liability, claim or other obligation incurred by the lender arising out of or in connection with certain non-recourse exceptions in connection with the debt. Pursuant to the respective operating agreements, the joint venture partners agreed to indemnify, defend and hold harmless the Trust with respect to such obligations, except to the extent such obligations were caused by the willful misconduct, gross negligence, fraud or bad faith of the Operating Partnership or its employees, agents or affiliates. Therefore, exposure under the guaranties for obligations not caused by the willful misconduct, gross negligence, fraud or bad faith of the Operating Partnership or its employees, agents or affiliates are not expected to exceed the Operating Partnership's proportionate interest in the related mortgage debt in the case of the non-recourse, carve-out guaranty, or in the Operating Partnership's proportionate interest in the partial repayment guaranty, as applicable. The following summarizes the Operating Partnership's exposure under such guaranties (dollars in thousands): September 30, 2017 December 31, 2016 Joint Venture Balance Operating Partnership's Proportionate Interest Joint Venture Balance Operating Partnership's Proportionate Interest Ownership Percent Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee University Village - Greensboro 25 % $ 22,646 n/a $ 5,662 n/a $ 22,934 n/a $ 5,734 n/a The Marshall 50 % 55,177 8,767 27,589 4,384 55,838 8,767 27,919 4,384 Georgia Heights 50 % 34,821 7,230 17,411 3,615 34,914 7,230 17,457 3,615 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. 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 the Trust's financial position, results of operations or liquidity.

Noncontrolling interests

Noncontrolling interests	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Operating Partnership Joint Ventures: As of September 30, 2017 , EROP had entered into eleven joint venture agreements to develop, own and manage certain collegiate housing communities. Seven of the developments are still under construction at September 30, 2017 . All of these joint ventures are VIEs that meet the criteria for consolidation (see Note 2). EROP's joint venture partners' investments in all but one of the communities under development meet the requirements to be classified outside of permanent equity, and are 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 partners' ability to put their ownership interests to EROP for cash based on fair value or at substantially fixed exercise prices as stipulated in the operating agreements. In connection with the acquisitions of The Hub at Madison and Urbane (see Note 3), the Trust, through joint ventures, acquired a controlling interest in the legal entities owning the collegiate housing properties. At September 30, 2017 , the joint venture partners' interests in The Hub at Madison joint venture and Urbane joint venture were 1.6% and 3.0% , respectively. The partners' ownership interests in both joint ventures were accounted for as redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets due to the partners' ability to put their respective ownership interests to the Operating Partnership for cash based on fair value. The share in net income (loss) attributable to noncontrolling interests is recorded in the accompanying condensed consolidated statements of income and comprehensive income. As of September 30, 2017 and December 31, 2016 , the Urbane joint venture partner also has an additional interest in the legal entity; however, it was determined the noncontrolling interest represented a financing arrangement that has been recorded as an accrued liability. The value of the joint venture partners' investments in the development projects and acquired properties redeemable at fair value are reported at the greater of fair value or historical cost at the end of each reporting period. At September 30, 2017 and December 31, 2016 , the joint venture partners' investment in development projects was recorded at historical cost, as the carrying value approximates fair value. At September 30, 2017 and December 31, 2016 , the joint venture partners' interest in the acquired properties was recorded at fair value. The joint venture partners’ investments in development projects redeemable at substantially fixed prices are considered redeemable at other than fair value. The change in redemption value during the nine months ended September 30, 2017 is reflected in additional paid-in capital and is also included in calculating earnings per share using the two-class method. 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 is recorded as net income (loss) attributable to noncontrolling interests in the accompanying condensed consolidated statements of income and comprehensive income. As of September 30, 2017 and December 31, 2016 , there were 69,086 University Towers Operating Partnership Units outstanding. The value of redeemable University Towers Operating Partnership Units is reported at the greater of fair value or historical cost at the end of each reporting period. As of September 30, 2017 and December 31, 2016 , EROP reported the redeemable noncontrolling interests at fair value, which was greater than historical cost. The following table sets forth activity with the redeemable noncontrolling interests for the nine months ended September 30, 2017 and 2016 (in thousands): Nine months ended September 30, 2017 2016 Beginning balance $ 32,160 $ 5,248 Net loss (771 ) (265 ) Contributions from redeemable noncontrolling interests 16,139 117 Adjustments to report redeemable noncontrolling interests at fair value 585 614 Purchase and return of equity to noncontrolling partner's interest — (2,910 ) Distributions (540 ) (97 ) Accretion of redeemable noncontrolling interests 1,931 — Ending balance $ 49,504 $ 2,707 Redeemable Limited Partner Units: The OP Units that may be tendered for redemption by the holders thereof for cash, or at EdR's option, for shares of EdR common stock are classified as redeemable limited partner units in the mezzanine section of the accompanying condensed consolidated balance sheets of the Operating Partnership. The OP Units are reported at the greater of fair value or historical cost at the end of each reporting period. As of September 30, 2017 and December 31, 2016 , EROP reported the redeemable limited partner units at fair value (considered Level 1 as determined based on the market price of EdR's common stock), which was greater than historical cost. During the nine months ended September 30, 2017 and 2016, 27,500 and 25,000 OP Units were redeemed for 27,500 and 25,000 shares of EdR's common stock, respectively. As of September 30, 2017 and December 31, 2016 , there were 153,651 and 159,698 OP Units outstanding, respectively, other than OP Units held by EdR. Below is a table summarizing the activity of redeemable limited partner units for the nine months ended September 30, 2017 and 2016 (in thousands): Nine months ended September 30, 2017 2016 Beginning balance $ 6,789 $ 8,312 Net income 44 97 Distributions (187 ) (239 ) Reclassification of vested LTIP Units to redeemable limited partner units 522 244 Redemption of redeemable partner units in exchange for common stock or redemption for cash (1,138 ) (1,605 ) Adjustments to report redeemable limited partner units at fair value (363 ) 1,517 Ending balance $ 5,667 $ 8,326 The Trust The Trust accounts for the joint ventures discussed above as VIEs and consolidates such entities in the same manner as EROP. The noncontrolling interests of the Trust include third-party equity interests in one joint venture development which is presented as a component of permanent equity in the Trust’s accompanying condensed consolidated balance sheets. The Trust’s redeemable noncontrolling interests include: (1) the redeemable limited partners presented in the accompanying condensed consolidated balance sheets of EROP; (2) the University Towers Operating Partnership Units; (3) our partners' investments in certain joint venture developments; and (4) our partners' investments in certain acquired communities, which are presented as redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets of EROP.

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	Equity Stockholders’ Equity - The Trust During October 2014, the Trust entered into agreements to establish an at-the-market equity offering program (the "2014 ATM Program") pursuant to which the Trust was authorized to sell a maximum of $150.0 million in shares of EdR 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 after deducting sales agents' fees and other expenses payable by the Trust. On January 15, 2016, the Trust completed a follow-on equity offering of approximately 6.3 million shares of EdR common stock. The Trust received approximately $215.1 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses payable by the Trust. Of the total net proceeds, approximately $108.5 million was used to pay off $98.2 million of fixed rate mortgage debt bearing an average effective interest rate of 5.4% and $10.3 million of prepayment penalties associated with the early extinguishment of debt. On March 24, 2016, EdR issued approximately 0.5 million shares of its common stock for a total of approximately $20.0 million pursuant to the direct stock purchase component of the Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan. On August 1, 2016 and February 28, 2017, the Trust entered into equity distribution agreements to establish new ATM Programs under which the Trust is authorized to sell a maximum of $300.0 million and $500.0 million , respectively, in shares of EdR common stock. We refer to the ATM Programs implemented on August 1, 2016 and February 28, 2017 as the "2016 ATM Program" and "2017 ATM Program", respectively. Under these equity distribution agreements, EdR may make sales of common stock through at-the-market transactions or pursuant to forward sales agreements (the “Forward Agreements”) with certain counterparties. In connection with any Forward Agreement, the relevant forward purchaser will borrow from third parties and, through the relevant sales agent, sell a number of shares of EdR common stock underlying the particular Forward Agreement. The Trust does not initially receive any proceeds from any sale of borrowed shares. At September 30, 2017 , a summary of the outstanding Forward Agreements is set forth in the table below (shares in thousands): Date of Forward Agreement Shares Sold Volume Weighted Average Sale Price Per Share Initial Forward Price (1) Final Settlement Date (2) August 29, 2016 1,990 $ 42.39 $ 42.82 December 31, 2018 (3) October 3, 2016 2,408 41.00 40.51 December 31, 2018 (4) February 28, 2017 361 41.55 41.14 December 31, 2018 4,759 $ 41.62 $ 41.55 (1) The initial forward price under each Forward Agreement is equal to 99.00% of the volume weighted average price at which the shares of EdR common stock are sold by the applicable forward seller as adjusted to reflect changes in the federal funds rate and to account for dividends paid to holders of EdR common stock. The initial forward prices presented in this table are for illustrative purposes only as the actual amount of proceeds per share to be received by the Trust upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of EdR common stock over the term of the Forward Agreement. (2) Represents the final date on which shares sold under each Forward Agreement may be settled. (3) During October 2017, the final date, on which shares sold under the Forward Agreement may be settled, was amended from December 29, 2017 to December 31, 2018. (4) During September 2017, the final date, on which shares sold under the Forward Agreement may be settled, was amended from December 29, 2017 to December 31, 2018. During the three months ended September 30, 2017 , the Trust settled four forward agreements under its 2016 ATM Program by delivering 2.6 million shares of newly issued common stock, and received $110.0 million of net proceeds, which were used to repay a portion of the outstanding balance on the Fifth Amended Revolver and for general corporate purposes. As of September 30, 2017 , the Trust had approximately $485.0 million available for issuance under its 2017 ATM Program. The Trust generally has the ability to determine the dates and method of settlement, subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Trust currently expects to fully physically settle each Forward Agreement by issuing shares of EdR common stock on one or more dates specified by the Trust prior to the maturity date of the applicable Forward Agreement, in which case the Trust expects to receive aggregate net cash proceeds at settlement equal to the number of shares of common stock underlying the applicable Forward Agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Trust may also elect, in its discretion, to cash settle or net share settle a particular Forward Agreement, in which case the Trust may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Trust may owe cash (in the case of cash settlement) or shares of EdR common stock (in the case of net share settlement) to the relevant counterparty. The Trust accounts for shares of EdR common stock reserved for issuance upon settlement of each Forward Agreement as equity. Before the issuance of shares of EdR common stock, if any, upon physical or net share settlement of the Forward Agreements, the Trust expects that the shares issuable upon settlement of the Forward Agreements will be reflected in its diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of EdR common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward Agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Trust physically or net share settles any Forward Agreement, the delivery of shares of EdR's common stock would result in an increase in the number of shares outstanding and dilution to basic earnings per share. Partners’ Capital - Operating Partnership In connection with the equity offering and ATM Programs discussed above, the Operating Partnership issues OP Units to EdR equivalent to the number of shares of common stock issued by EdR.

Incentive plans

Incentive plans	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive plans	Incentive plans On May 10, 2017, EdR's stockholders approved the Education Realty Trust, Inc. 2017 Omnibus Equity Incentive Plan (the "2017 Plan"). The purpose of the 2017 Plan is to promote the interests of the Trust and its stockholders by attracting, motivating and retaining talented executive officers, employees and directors of the Trust and linking their compensation to the long-term interests of the Trust and its stockholders. The 2017 Plan replaced the Education Realty Trust, Inc. 2011 Omnibus Equity Incentive Plan (the "2011 Plan") in its entirety and authorized the grant of the 346,111 shares that remained available for grant under the 2011 Plan, as well as 1,000,000 additional shares. As of September 30, 2017 , the Trust had 1,346,111 shares of its common stock reserved for issuance pursuant to the 2017 Plan. Automatic increases in the number of shares available for issuance are not provided. The 2017 Plan provides for the grant of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, other stock-based incentive awards to employees, directors and other key persons providing services to the Trust. The 2017 Plan limits the number of shares and LTIP units subject to awards granted during any calendar year to any non-employee director, together with cash fees paid during the calendar year, to a maximum of $500,000 in total value. A restricted stock award is an award of EdR’s common stock that is subject to restrictions on transferability and other restrictions as EdR's compensation committee determines in its sole discretion on the date of grant. The restrictions may lapse over a specified period of employment or the satisfaction of pre-established criteria as the compensation committee may determine. Except to the extent restricted under the award agreement, a participant awarded restricted stock will have all of the rights of a stockholder as to those shares, including, without limitation, the right to vote and the right to receive dividends or distributions on the shares. Unearned compensation related to restricted stock is recorded as expense over the applicable vesting period. The value is determined based on the market value of EdR’s common stock on the grant date. During the three and nine months ended September 30, 2016 , compensation expense of $0.1 million and $0.2 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of restricted stock. As the applicable service period of all restricted stock ended on December 31, 2016, there was no compensation expense recorded during the three and nine months ended September 30, 2017 related to restricted stock. An RSU award is an award that will vest based upon the Trust’s achievement of total stockholder returns at specified levels as compared to the average total stockholder returns of a peer group of companies and/or the National Association of Real Estate Investment Trusts Equity Index over three years (the “Performance Period”). At the end of the applicable Performance Period, EdR's compensation committee will determine the level and the extent to which the performance goal was achieved. RSUs that satisfy the performance goal will be converted into fully-vested shares of EdR’s common stock and the Trust will receive a tax deduction for the compensation expense at the time of vesting. Prior to vesting, the participants are not eligible to vote or receive dividends or distributions on the RSUs. Unearned compensation related to RSU awards is recorded as expense over the applicable vesting period. During the three and nine months ended September 30, 2016 , compensation expense of $0.1 million and $0.4 million , respectively, was recognized in the accompanying condensed consolidated statements of income and comprehensive income, related to the vesting of RSUs. As the applicable service period of all RSUs ended on December 31, 2016, there was no compensation expense recorded during the three and nine months ended September 30, 2017 related to RSUs. On January 1, 2017, 79,699 fully-vested shares of EdR's common stock were issued upon vesting of performance-based RSUs granted in 2014. The Trust's 2016 Long-Term Incentive Plan ("2016 LTIP"), adopted in 2016, and 2017 Long-Term Incentive Plan ("2017 LTIP"), adopted in 2017, 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 2016 and 2017 LTIP Units vest over a three -year period and are valued for award purposes at a value equal to the price of EdR's common stock on the grant date. The time-vested 2016 and 2017 LTIP Units are entitled to voting and distribution rights from the effective date of the grant in accordance with the Partnership Agreement, but are non-transferable and non-convertible until fully vested. The remaining 75% of a participant’s award consists of a grant of performance-based 2016 and 2017 LTIP Units. The vesting of performance-based 2016 and 2017 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 2016 and 2017 LTIP Units are entitled to voting and distribution rights from the effective date of the grant in accordance with the Partnership Agreement, but are nontransferable and non-convertible until fully vested. After the determination of the achievement of the performance criteria, any performance-based 2016 and 2017 LTIP Units that were awarded but did not become vested LTIP Units will be canceled. Once fully vested, the 2016 and 2017 LTIP Units may be converted to OP Units in the Operating Partnership and thereafter, at the election of the unitholder, may be tendered for redemption for cash or for shares of EdR's common stock on a one-for-one basis at EdR's election in accordance with the terms of the Partnership Agreement. Compensation expense recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income related to the LTIP Units was $2.2 million and $2.0 million for the nine months ended September 30, 2017 and 2016 , 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 $0.7 million and $0.6 million for the three months ended September 30, 2017 and 2016 , respectively. As of September 30, 2017 and December 31, 2016 , unearned compensation related to LTIP Units totaled $4.7 million and $4.2 million , respectively, and will be recorded as expense over the applicable vesting period. Total stock-based compensation expense recognized in general and administrative expense in the accompanying condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2017 and 2016 was $2.2 million and $2.5 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, 2017 and 2016 was $0.7 million and $0.8 million , respectively. A summary of the stock-based incentive plan activity as of and for the nine months ended September 30, 2017 and 2016 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, 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 Outstanding as of December 31, 2016 7,799 (1) $ 26.46 91,756 $ 19.20 280,452 $ 22.29 Granted — — — — 146,728 25.85 Vested (4,516 ) 26.46 (53,131 ) 19.20 (14,385 ) 36.30 Surrendered (3,283 ) 26.46 (38,625 ) 19.20 — — Outstanding as of September 30, 2017 — $ — — $ — 412,795 $ 22.80 (1) Represents unvested shares of restricted stock as of the date indicated.

Derivatives and hedging activit

Derivatives and hedging activities	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and hedging activities	Derivatives and hedging activities Cash Flow Hedges of Interest Rate Risk The objectives in using interest rate derivatives are to add stability to interest expense and to manage the exposure to interest rate movements. To accomplish this objective, interest rate swaps are used as part of the interest rate risk management strategy. During the nine months ended September 30, 2017 and 2016, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. As of September 30, 2017 , six interest rate swaps were outstanding with a combined notional amount of $187.5 million that were designated as cash flow hedges of interest rate risk. Also as of September 30, 2017 , the Trust had three forward-starting interest rate swap agreements with an aggregate notional amount of $65.0 million . The Trust entered into these forward-starting interest rate swaps in order to lock in fixed interest rates on the extended term of the Tranche B Term Loan concurrently with executing the Second Amended and Restated Credit Agreement (see Note 6). Accordingly, the forward-starting interest rate swaps were designated as cash flow hedges of interest rate risk. The counter-parties to such swaps are major financial institutions. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for all periods presented, is recognized directly in earnings. During the next twelve months, an additional $1.2 million is estimated to be reclassified to earnings as an increase to interest expense. As of September 30, 2017 and December 31, 2016 , the fair value of the derivatives is as follows (in thousands): Liability Derivatives Derivatives designated as hedging instruments Balance Sheet Location September 30, 2017 December 31, 2016 Fair Value Fair Value Interest rate contracts Accounts payable and accrued expenses $ 2,484 $ 3,564 Total derivatives designated as hedging instruments $ 2,484 $ 3,564 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, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 2017 Interest rate contracts $ (210 ) Interest expense $ 1,519 2017 Forward-starting interest rate contracts $ (229 ) Interest expense $ — 2016 Interest rate contracts $ (5,149 ) Interest expense $ 2,312 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, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 2017 Interest rate contracts $ 20 Interest expense $ 405 2017 Forward-starting interest rate contracts $ (58 ) Interest expense $ — 2016 Interest rate contracts $ 895 Interest expense $ 756 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, 2017 and December 31, 2016 , the fair value of derivatives related to these agreements, which includes accrued interest, but excludes any adjustment for nonperformance risk, was a liability of $2.6 million and $3.8 million , respectively. As of September 30, 2017 , 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, 2017 , it could have been required to settle its obligations under the agreements at their termination value of $2.6 million .

Earnings per share_unit

Earnings per share/unit	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per share/unit	Earnings per share/unit Earnings per Share - The Trust The following is a summary of the components used in calculating earnings per share for the three and nine months ended September 30, 2017 and 2016 (dollars and shares/units in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Numerator – basic and diluted earnings per share: Net (loss) income attributable to common shareholders $ (155 ) $ (3,533 ) $ 22,062 $ 30,791 Accretion of redeemable noncontrolling interests (724 ) — (1,931 ) — Net (loss) income attributable to common shareholders after accretion of redeemable noncontrolling interests $ (879 ) $ (3,533 ) $ 20,131 $ 30,791 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Denominator: Basic weighted average shares of common stock outstanding 73,687 73,205 73,606 67,979 OP Units (1) — — 140 203 University Towers Operating Partnership Units — — 69 69 Shares issuable upon settlement of the Forward Agreements — — 5 30 Diluted weighted average shares of common stock outstanding 73,687 (2 ) 73,205 (3 ) 73,820 68,281 Earnings per share – basic and diluted: Net (loss) income attributable to common shareholders $ (0.01 ) $ (0.05 ) $ 0.27 $ 0.45 Distributions declared per common share $ 0.39 $ 0.38 $ 1.15 $ 1.12 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2017 , diluted weighted average shares of common stock does not include 132,198 OP Units, 69,086 University Towers Operating Partnership Units and 4,840 shares of common stock issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive. (3) 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 of common stock issuable upon settlement of the Forward Agreements 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, 2017 and 2016 (dollars and shares/units in thousands, except per unit data): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Numerator – basic and diluted earnings per unit: Net (loss) income attributable to unitholders $ (157 ) $ (3,547 ) $ 22,106 $ 30,888 Accretion of redeemable noncontrolling interests (724 ) — (1,931 ) — Net (loss) income attributable to common unitholders after accretion of redeemable noncontrolling interests (881 ) (3,547 ) $ 20,175 $ 30,888 Denominator: Weighted average units outstanding 73,253 72,917 73,200 67,705 Redeemable Operating Partnership units (1) 132 194 140 203 LTIP units 434 288 407 274 Weighted average units outstanding – basic 73,819 73,399 73,747 68,182 Redeemable University Towers Operating Partnership Units — — 69 69 Units issuable upon settlement of the Forward Agreements — — 5 30 Weighted average units outstanding – diluted 73,819 (2) 73,399 (2) 73,821 68,281 Earnings per unit – basic and diluted: Net (loss) income attributable to unitholders $ (0.01 ) $ (0.05 ) $ 0.27 $ 0.45 Distributions declared per unit $ 0.39 $ 0.38 $ 1.15 $ 1.12 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2017 and 2016 , 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, 2017 , diluted weighted average units does not include 4,840 shares of common stock 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, 2017
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. One non-financial asset was impaired during the year ended December 31, 2016 and was recorded on the accompanying condensed consolidated balance sheet as of December 31, 2016 . The asset was subsequently sold during the nine months ended September 30, 2017 . As discussed in Note 11, 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. Credit valuation adjustments are incorporated to appropriately reflect both nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the derivative contracts for the effect of nonperformance risk, the Trust has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Trust has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Trust has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all derivatives held as of September 30, 2017 and December 31, 2016 were classified as Level 2 of the fair value hierarchy. The Trust determined that the contingent consideration liability recognized in connection with the acquisition of the Hub at Madison (see Note 3) is a recurring fair value adjustment. The inputs used to value the contingent consideration fall within Level 3 of the fair value hierarchy, as such represent unobservable inputs. As the performance period extends over two years, it is expected that the fair value will be adjusted at each reporting date (see discussion in Note 3). 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. 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 inputs used to value the contingent consideration fall within Level 3 of the fair value hierarchy, as such represent unobservable inputs. Redeemable noncontrolling interests in the Trust (OP Units and University Towers Operating Partnership Units) have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of EdR's common stock on the redemption date, adjusted for certain items. As the valuation is based on adjusted quoted prices in active markets for identical assets or liabilities at the measurement date, these instruments are classified in Level 2 of the fair value hierarchy. 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, 2017 and December 31, 2016 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2017: Derivative financial instruments (liability position) $ 2,484 $ — $ 2,484 $ — Deferred compensation plan assets 821 821 — — Contingent consideration 2,046 — — 2,046 Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 7,905 — 7,905 — Joint venture partners' interests in development joint ventures and acquisitions 40,716 — — 40,716 December 31, 2016: Derivative financial instruments (liability position) $ 3,564 $ — $ 3,564 $ — Deferred compensation plan assets 503 503 — — Contingent consideration liability 3,250 — — 3,250 Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 9,361 — 9,361 — Joint venture partners' interest in development joint ventures and acquisitions 29,588 — — 29,588 The table below shows the reconciliation of Level 3 liabilities measured at fair value on a recurring basis (in thousands) for the three and nine months ended September 30, 2017 and 2016: Three months ended September 30 Nine months ended September 30 2017 2016 2017 2016 Beginning balance $ 40,589 $ 2,129 $ 32,838 $ 2,943 Purchases, issuances and settlements, net 3,371 — 10,622 1,269 Adjustment of fair value during period reflected in net income (1,704 ) (1,100 ) (1,204 ) (1,100 ) Adjustment of fair value during the period reflected in additional paid in capital 506 — 506 (2,083 ) Transfers into Level 3 — — — — Ending balance $ 42,762 $ 1,029 $ 42,762 $ 1,029 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 the Trust's unsecured revolving credit facility, unsecured term loan facility and construction loan bears 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, 2017 and December 31, 2016 (in thousands): September 30, 2017 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 460 $ — Senior unsecured notes 250,000 — 256,747 — Unsecured revolving credit facility 194,000 — 194,000 — Unsecured term loan facility 187,500 — 187,500 — Private placement notes 150,000 154,248 Variable rate construction loan 29,772 — 29,772 — December 31, 2016 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 450 $ — Senior unsecured notes 250,000 — 246,305 — Unsecured revolving credit facility 20,000 — 20,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 62,576 — 62,576 — The Trust discloses the fair value of financial instruments for which it is practicable to estimate. The Trust considers the carrying amounts of cash and cash equivalents, restricted cash, student contracts receivable, accounts payable and accrued expenses to approximate fair value due to the short maturity of these instruments.

Segments

Segments	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segments	Segments The Trust defines business segments by their distinct customer base and service provided. The Trust has identified three reportable segments: collegiate housing leasing, development consulting services and management services. Management evaluates each segment’s performance based on net operating income, which is defined as income before depreciation, amortization, ground leases, impairment losses, interest expense (income), gains (losses) on extinguishment of debt, equity in earnings of unconsolidated entities and noncontrolling interests. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intercompany fees are reflected at the contractually stipulated amounts. The following table represents the Trust’s segment information for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 71,085 $ 61,877 $ 221,941 $ 193,750 Collegiate housing leasing operations 37,076 32,512 96,291 83,567 Net operating income $ 34,009 $ 29,365 $ 125,650 $ 110,183 Total segment assets at end of period (1) $ 2,849,092 $ 2,327,878 $ 2,849,092 $ 2,327,878 Development Consulting Services: Third-party development consulting services $ 1,222 $ 778 $ 4,193 $ 1,728 General and administrative (3) 3,021 585 4,042 1,613 Net operating (loss) income $ (1,799 ) $ 193 $ 151 $ 115 Total segment assets at end of period (2) $ 2,811 $ 6,777 $ 2,811 $ 6,777 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Management Services: Third-party management services $ 858 $ 965 $ 2,634 $ 2,556 General and administrative (3) 510 580 1,555 1,720 Net operating income $ 348 $ 385 $ 1,079 $ 836 Total segment assets at end of period (2) $ 11,977 $ 10,547 $ 11,977 $ 10,547 Reconciliations: Segment revenue $ 73,165 $ 63,620 $ 228,768 $ 198,034 Operating expense reimbursements 2,195 2,605 6,432 6,710 Total segment revenues $ 75,360 $ 66,225 $ 235,200 $ 204,744 Segment operating expenses $ 40,607 $ 33,677 $ 101,888 $ 86,900 Reimbursable operating expenses 2,195 2,605 6,432 6,710 Total segment operating expenses $ 42,802 $ 36,282 $ 108,320 $ 93,610 Segment net operating income $ 32,558 $ 29,943 $ 126,880 $ 111,134 Other unallocated general and administrative expenses (4) (4,507 ) (4,252 ) (14,882 ) (13,521 ) Depreciation and amortization (22,449 ) (22,336 ) (72,808 ) (58,951 ) Ground leases (3,437 ) (3,224 ) (9,459 ) (8,829 ) Nonoperating expenses (4,673 ) (4,574 ) (11,515 ) (23,671 ) Other operating income 1,704 1,100 1,204 1,100 Equity in (losses) earnings of unconsolidated entities (243 ) (480 ) 141 (617 ) Income (loss) before income taxes and gain on sale of collegiate housing properties $ (1,047 ) $ (3,823 ) $ 19,561 $ 6,645 (1) The increase in segment assets related to the collegiate housing segment during the nine months ended September 30, 2017 as compared to the same period in 2016 is primarily related to the completed development of six collegiate housing communities, two property acquisitions and the continued development of ten assets under development for ownership by the Trust offset by the sale of one collegiate housing community. (2) Total segment assets 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	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent events	Subsequent events On October 12, 2017 , the Board declared a distribution of $0.39 per share of common stock and OP Unit for the quarter ended September 30, 2017 . The distributions will be paid on November 15, 2017 to stockholders and unitholders of record at the close of business on October 31, 2017 . In October 2017, the Trust repaid the $29.8 million construction loan related to the development of the fourth phase of the Oaks on the Square.

Summary of significant accoun23

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2017
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”).
Principles of consolidation	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 The Trust evaluates its interest in partnerships, joint ventures and other similar entities under the variable interest entity (“VIE”) guidance. Under the VIE model, the Trust consolidates an entity when it has control to direct the activities of the VIE and where it is determined to be the primary beneficiary. If it is determined that the legal entity qualifies for a VIE scope exception or the legal entity is not subject to the VIE model, the voting interest model is applied. Under the voting interest model, the Trust consolidates an entity when it controls the entity through the ownership of a majority voting interest. 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.
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.
Collegiate housing properties	Collegiate housing properties Land, land improvements, buildings and improvements, and furniture, fixtures and equipment are recorded at cost. Buildings and improvements are depreciated over 15 to 40 years, land improvements are depreciated over 15 years and furniture, fixtures and equipment are depreciated over 3 to 7 years. Depreciation is computed using the straight-line method for financial reporting purposes over the estimated useful life. The Trust capitalizes interest based on the weighted average interest cost of the total debt and internal development costs while developments are ongoing as assets under development. When the property opens, these costs, along with other direct costs of the development, are transferred into the applicable asset category and depreciation commences. Acquired collegiate housing communities’ results of operations are included in the Trust’s results of operations from the respective dates of acquisition. Appraisals, estimates of cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, land improvements, buildings and improvements, furniture, fixtures and equipment and identifiable intangibles, such as amounts related to in-place leases. Acquisition costs are expensed as incurred for acquisitions completed prior to the adoption of Accounting Standards Update ("ASU") 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01") and are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income. The Trust adopted ASU 2017-01 prospectively on January 1, 2017. Acquisition costs have been capitalized for subsequent acquisitions that are not deemed to be business combinations. Management assesses impairment of long-lived assets to be held and used whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management uses an estimate of future undiscounted cash flows of the related asset based on its intended use to determine whether the carrying value is recoverable. If the Trust determines that the carrying value of an asset is not recoverable, the fair value of the asset is estimated and an impairment loss is recorded to the extent the carrying value exceeds estimated fair value. Management estimates fair value using discounted cash flow models, market appraisals if available and other market participant data. During the nine months ended September 30, 2017 and 2016 , 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, 2017 and 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.
Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP)	Redeemable noncontrolling interests (the Trust) / redeemable limited partners (EROP) The Trust follows the guidance issued by the Financial Accounting Standards Board ("FASB") regarding the classification and measurement of redeemable securities. The Trust classifies redeemable noncontrolling interests, which include redeemable interests in consolidated joint ventures with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP and in the Operating Partnership in the mezzanine section of the accompanying condensed consolidated balance sheets. The Trust accounts for certain noncontrolling interests with embedded put and call features with fixed exercise prices and exercise dates as a financing arrangement, and these amounts are recorded as accrued liabilities in the accompanying condensed consolidated balance sheets. The liability is initially measured at present value of the fixed price settlement amount. Subsequently, the liability is accreted to the fixed price over the term of the contract, with the resulting expense recognized as interest expense. The Trust also has certain noncontrolling interests with put options at substantially fixed prices. These noncontrolling interests are accounted for as noncontrolling interests redeemable at other than fair value. The Trust accounts for the change in redemption value through the use of an accretion model from the date of inception to the expected redemption date. Changes in redemption value are recorded in equity, either through retained earnings or additional paid-in capital (absent any retained earnings). The impact of the changes in redemption value (accretion) is included in earnings per share using the two-class method. In the accompanying 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 with puts exercisable by the joint venture partners and units of limited partnership interest in University Towers Operating Partnership, LP are classified as redeemable noncontrolling interests. The redeemable noncontrolling interests / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the price per share of EdR's common stock or redemption value at the end of each respective reporting period.
Common stock issuances and offering costs	Common stock issuances and offering costs Specific incremental costs directly attributable to the issuance of EdR common stock are charged against the gross proceeds of the related issuance. Accordingly, underwriting commissions and other stock issuance costs are reflected as a reduction of additional paid-in capital in the accompanying 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, 2017 and December 31, 2016 . The Trust and its subsidiaries file federal and state income tax returns. As of September 30, 2017 , open tax years generally included tax years for 2014, 2015 and 2016. The Trust’s policy is to include interest and penalties related to unrecognized tax benefits in general and administrative expenses.
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, 2017 . The carrying value of goodwill was $3.1 million as of September 30, 2017 and December 31, 2016 , of which $2.1 million was recorded on the management services reportable segment and $0.9 million was recorded on the development consulting services reportable segment. Goodwill is not subject to amortization. Other intangible assets generally include in-place leases acquired in connection with acquisitions of collegiate housing properties. As of September 30, 2017 and December 31, 2016 , gross in-place leases totaled $12.2 million and $7.4 million , respectively, and are being amortized over the life of the remaining lease term, which is generally less than one year.
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 after accretion of redeemable noncontrolling interests by weighted average shares of common stock outstanding, including outstanding units in the Operating Partnership designated as LTIP Units ("LTIP Units"). Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of potentially dilutive securities and the shares issuable upon settlement of the Forward Agreements (see Note 9) using the treasury stock method. The Trust follows the authoritative guidance regarding the determination of whether certain instruments are participating securities. All unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are included in the computation of earnings per share under the two-class method. This results in shares of unvested restricted stock and LTIP Units being included in the computation of basic earnings per share for all periods presented. When noncontrolling interests are redeemable at other than fair value, increases or decreases in the carrying amount of the redeemable noncontrolling interests are reflected in earnings per share using the two-class method. Earnings per OP Unit - EROP Basic earnings per unit is calculated by dividing net income available to unitholders after accretion of redeemable noncontrolling interests 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 2017, the FASB issued ASU 2017-12, " Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Trust to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year the Trust adopts the update. While the Trust continues to assess the impact of the standard, the Trust currently expects adoption will have an immaterial impact on the consolidated financial statements and anticipates early adopting on January 1, 2018. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows, and transfers between cash and cash equivalents and restricted cash are no longer presented within the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Trust anticipates retrospectively adopting this guidance on January 1, 2018. The Trust's analysis indicates the adoption of this ASU will result in the change in restricted cash to no longer be presented in the statement of cash flows as an investing cash flow. In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments " ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows and will be applied retrospectively. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Trust adopted ASU 2016-15 effective January 1, 2017. As a result of this adoption, there was no impact to the condensed consolidated statements of cash flows for either period presented. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)" ("ASU 2016-02"), which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, on a modified retrospective basis. The Trust's primary revenue is collegiate housing rental income; as such, the Trust is a lessor on a significant number of leases. The Trust is continuing to evaluate the potential impact of the ASU and believes it will continue to account for its leases in substantially the same manner due to the short-term nature (less than 12 months) of the leases. The most significant change for the Trust relates to ground lease agreements, which could result in recording the right-of-use asset and related liability on the balance sheet. The Trust plans to adopt ASU 2016-02 effective January 1, 2019 and is continuing to evaluate and quantify the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), as amended by ASU 2015-04 to defer the effective date. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. ASU 2014-09 provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years and permits the use of 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 plans to adopt the new revenue standard using the modified retrospective approach as of January 1, 2018, and is currently evaluating each of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard. The Trust does not expect the adoption of this standard to have a material impact on its consolidated financial statements, as a substantial portion (approximately 85%) of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. Additional impact of this ASU is expected upon adoption of ASU 2016-02 related to the accounting for leases as certain lease revenue streams will be required to be evaluated as non-lease components. The Trust's other non-lease related revenue streams, which are being evaluated under ASU 2014-09 and related guidance, include but are not limited to third-party development consulting services, third-party management services, operating expense reimbursements and other income from residents.
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.

Acquisition and development o24

Acquisition and development of real estate investments (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Schedule of Asset Acquisitions, by Acquisition	During the nine months ended September 30, 2017 , the Trust completed the following two collegiate housing property acquisitions, which were determined to be asset acquisitions under ASU 2017-01: Name Primary University Served Acquisition Date # of Beds # of Units Contract Price (in thousands) Retreat at Corvallis Oregon State University, Oregon January 2017 1,016 330 $ 99,450 319 Bragg Auburn University, Alabama February 2017 305 86 $ 28,500
Schedule of Business Acquisitions, by Acquisition	During the year ended December 31, 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
Fair Values of Assets Acquired and Liabilities Assumed	Below is the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Lokal The Hub at Madison Pura Vida Place Carriage House Urbane Total Collegiate housing property 23,653 189,832 11,498 11,528 47,999 $ 284,510 In-place leases 849 3,588 502 472 1,984 7,395 Other assets 3 87 5 4 18 117 Current liabilities (148 ) (7,442 ) (144 ) (67 ) (584 ) (8,385 ) Total net assets acquired $ 24,357 $ 186,065 $ 11,861 $ 11,937 $ 49,417 $ 283,637 Below is the allocation of the purchase price as of the date of the acquisition (in thousands): Retreat at Corvallis 319 Bragg Total Collegiate housing property $ 95,785 $ 27,475 $ 123,260 In-place leases 3,780 1,055 4,835 Other assets 617 2 619 Current liabilities (936 ) (131 ) (1,067 ) Total net assets acquired $ 99,246 $ 28,401 $ 127,647
Acquisitions Revenue Net Income and Earnings Per Share of Combined Entity had Acquisition Date Been as of Beginning of Period	The unaudited pro forma information for the 2016 acquisitions presented below for the nine months ended September 30, 2016 and 2015 assumes an acquisition date of January 1, 2015 and is not necessarily 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, 2016 (1) 2015 (1) (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 (August 2016), supplemental pro forma revenue and net income information is not included for the nine months ended September 30, 2015. Supplemental pro forma and net income for the nine months ended September 30, 2016 includes two months of operations. (2) As the Lokal and 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.
Development of Collegiate Housing Properties	The costs incurred as of September 30, 2017 for the owned communities represent the balance capitalized in collegiate housing properties, net as of September 30, 2017 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of September 30, 2017 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, 2017 Three months ended September 30, 2017 University Flats University of Kentucky 771 $ 75,099 $ 249 $ 1,617 $ 116 $ 351 Sawtooth Hall Boise State University 656 41,097 252 639 119 156 Lewis Hall University of Kentucky 346 30,894 206 538 77 137 SkyVue Michigan State University 824 87,008 153 1,757 74 433 The Local: Downtown Texas State University 304 30,089 129 393 55 34 The Woods - Phase I Northern Michigan University 417 25,732 83 212 29 90 Total 3,318 $ 289,919 $ 1,072 $ 5,156 $ 470 $ 1,201 During prior years, the Trust developed the following communities which opened for the 2016/2017 lease year. The costs incurred represent the balance capitalized in collegiate housing properties, net as of December 31, 2016 (dollars in thousands): Name Primary University Served Bed Count Costs Incurred as of December 31, 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 $ 85,691 $ 339 $ 1,900 $ 178 $ 479 Retreat at Blacksburg - Phase I & II Virginia Tech 829 64,549 143 709 69 155 Retreat at Oxford - Phase II University of Mississippi 350 26,745 58 590 19 141 Total 2,320 $ 176,985 $ 540 $ 3,199 $ 266 $ 775 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. The following represents a summary of active developments as of September 30, 2017 , including internal development costs and interest costs capitalized (dollars in thousands): Name Costs Incurred as of September 30, 2017 Internal Development Costs Capitalized Interest Costs Capitalized Internal Development Costs Capitalized Interest Costs Capitalized Nine months ended September 30, Nine months ended September 30, Three months ended September 30, Three months ended September 30, 2017 2016 2017 2016 2017 2016 2017 2016 One on 4th $ 39,543 $ 111 $ 85 $ 704 $ 103 $ 27 $ 31 $ 270 $ 40 Maplewood 18,375 222 36 170 8 59 27 90 7 The Woods - Phase II and III 24,750 166 145 425 14 58 123 180 13 University of Pittsburgh 50,831 104 66 654 93 49 66 277 93 Players Club Redevelopment 11,879 112 46 48 12 45 13 24 8 Hale Mahana 46,986 118 — 752 — 41 — 286 — Hub at Minneapolis 39,343 76 — 233 — 33 — 129 — Union at Tempe 80,812 166 — 1,039 — 64 — 456 — Union on Lincoln Way 18,980 91 — 165 — 33 — 97 — Union on Plum 11,225 103 — 98 — 36 — 54 — Undeveloped land 5,929 3 — 43 — 3 — 43 — Total active projects under development $ 348,653 $ 1,272 $ 378 $ 4,331 $ 230 $ 448 $ 260 $ 1,906 $ 161

Disposition of real estate in25

Disposition of real estate investments (Tables)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Name Primary University Served Disposition Date # of Beds # of Units Gross Sales Price 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 The net income attributable to all disposed properties is included in continuing operations in the accompanying condensed consolidated statements of income and comprehensive income through the date of disposition.

Investments in unconsolidated26

Investments in unconsolidated entities (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 and 2016 (unaudited, in thousands): Results of Operations of Unconsolidated Entities: For the nine months ended September 30, 2017 2016 Revenues $ 31,829 $ 26,748 Net income (loss) (1) $ 377 $ (781 ) Equity in earnings (losses) of unconsolidated entities $ 141 $ (617 ) (1) Net income for the periods presented above equals income from continuing operations.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt	As of September 30, 2017 and December 31, 2016 , 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, 2017 December 31, 2016 Interest Rate at September 30, 2017 Interest Rate Type Maturity Date University Towers $ — $ 32,950 n/a Mortgage Debt — 32,950 n/a The Oaks on the Square - Phase IV 29,772 29,626 2.99 % Variable 10/20/2017 Construction Loans 29,772 29,626 2.99 % Total mortgage and construction debt / weighted average rate 29,772 62,576 2.99 % Unamortized deferred financing costs — (56 ) Total net of unamortized deferred financing costs 29,772 62,520 Less current portion, net of unamortized deferred financing costs (29,772 ) (62,520 ) Total mortgage and construction debt, net of current portion $ — $ — As of September 30, 2017 and December 31, 2016 , the Trust had the following debt outstanding: September 30, 2017 December 31, 2016 Unsecured indebtedness: Revolving credit facility 194,000 20,000 Term loan 187,500 187,500 Senior notes 250,000 250,000 Private placement notes 150,000 — Total 781,500 457,500 Less: Unamortized deferred financing costs (3,191 ) (2,824 ) Unsecured indebtedness, net 778,309 454,676 Mortgage and construction loans, net of unamortized deferred financing costs 29,772 62,520 Total outstanding debt, net of unamortized deferred financing costs $ 808,081 $ 517,196 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, 2017 and the year ended December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Balance, beginning of period $ 62,520 $ 204,511 Additions to principal 146 40,974 Repayments of principal (32,950 ) (183,862 ) Amortization of debt premium — (49 ) Write-off of debt premium related to debt pay off — (523 ) (Increase) decrease in deferred financing costs, net 56 1,469 Balance, end of period $ 29,772 $ 62,520
Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness	The scheduled maturities of outstanding indebtedness as of September 30, 2017 are as follows (in thousands): Year 2017 (three months ending December 31, 2017) $ 29,772 2018 194,000 2019 — 2020 — 2021 122,500 2022 65,000 Thereafter 400,000 Total 811,272 Unamortized deferred financing costs (3,191 ) Outstanding as of September 30, 2017, net of unamortized deferred financing costs $ 808,081

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guaranties	The following summarizes the Operating Partnership's exposure under such guaranties (dollars in thousands): September 30, 2017 December 31, 2016 Joint Venture Balance Operating Partnership's Proportionate Interest Joint Venture Balance Operating Partnership's Proportionate Interest Ownership Percent Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee Loan Balance Partial Repayment Guarantee University Village - Greensboro 25 % $ 22,646 n/a $ 5,662 n/a $ 22,934 n/a $ 5,734 n/a The Marshall 50 % 55,177 8,767 27,589 4,384 55,838 8,767 27,919 4,384 Georgia Heights 50 % 34,821 7,230 17,411 3,615 34,914 7,230 17,457 3,615

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	The following table sets forth activity with the redeemable noncontrolling interests for the nine months ended September 30, 2017 and 2016 (in thousands): Nine months ended September 30, 2017 2016 Beginning balance $ 32,160 $ 5,248 Net loss (771 ) (265 ) Contributions from redeemable noncontrolling interests 16,139 117 Adjustments to report redeemable noncontrolling interests at fair value 585 614 Purchase and return of equity to noncontrolling partner's interest — (2,910 ) Distributions (540 ) (97 ) Accretion of redeemable noncontrolling interests 1,931 — Ending balance $ 49,504 $ 2,707 Below is a table summarizing the activity of redeemable limited partner units for the nine months ended September 30, 2017 and 2016 (in thousands): Nine months ended September 30, 2017 2016 Beginning balance $ 6,789 $ 8,312 Net income 44 97 Distributions (187 ) (239 ) Reclassification of vested LTIP Units to redeemable limited partner units 522 244 Redemption of redeemable partner units in exchange for common stock or redemption for cash (1,138 ) (1,605 ) Adjustments to report redeemable limited partner units at fair value (363 ) 1,517 Ending balance $ 5,667 $ 8,326

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Forward Contracts Indexed to Issuer's Equity	At September 30, 2017 , a summary of the outstanding Forward Agreements is set forth in the table below (shares in thousands): Date of Forward Agreement Shares Sold Volume Weighted Average Sale Price Per Share Initial Forward Price (1) Final Settlement Date (2) August 29, 2016 1,990 $ 42.39 $ 42.82 December 31, 2018 (3) October 3, 2016 2,408 41.00 40.51 December 31, 2018 (4) February 28, 2017 361 41.55 41.14 December 31, 2018 4,759 $ 41.62 $ 41.55 (1) The initial forward price under each Forward Agreement is equal to 99.00% of the volume weighted average price at which the shares of EdR common stock are sold by the applicable forward seller as adjusted to reflect changes in the federal funds rate and to account for dividends paid to holders of EdR common stock. The initial forward prices presented in this table are for illustrative purposes only as the actual amount of proceeds per share to be received by the Trust upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of EdR common stock over the term of the Forward Agreement. (2) Represents the final date on which shares sold under each Forward Agreement may be settled. (3) During October 2017, the final date, on which shares sold under the Forward Agreement may be settled, was amended from December 29, 2017 to December 31, 2018. (4) During September 2017, the final date, on which shares sold under the Forward Agreement may be settled, was amended from December 29, 2017 to December 31, 2018.

Incentive plans (Tables)

Incentive plans (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Incentive Plan Activity	A summary of the stock-based incentive plan activity as of and for the nine months ended September 30, 2017 and 2016 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, 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 Outstanding as of December 31, 2016 7,799 (1) $ 26.46 91,756 $ 19.20 280,452 $ 22.29 Granted — — — — 146,728 25.85 Vested (4,516 ) 26.46 (53,131 ) 19.20 (14,385 ) 36.30 Surrendered (3,283 ) 26.46 (38,625 ) 19.20 — — Outstanding as of September 30, 2017 — $ — — $ — 412,795 $ 22.80 (1) Represents unvested shares of restricted stock as of the date indicated.

Derivatives and hedging activ32

Derivatives and hedging activities (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives and Forward-Starting Interest Rate	As of September 30, 2017 and December 31, 2016 , the fair value of the derivatives is as follows (in thousands): Liability Derivatives Derivatives designated as hedging instruments Balance Sheet Location September 30, 2017 December 31, 2016 Fair Value Fair Value Interest rate contracts Accounts payable and accrued expenses $ 2,484 $ 3,564 Total derivatives designated as hedging instruments $ 2,484 $ 3,564
Derivative Instruments, Gain (Loss)	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, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 2017 Interest rate contracts $ (210 ) Interest expense $ 1,519 2017 Forward-starting interest rate contracts $ (229 ) Interest expense $ — 2016 Interest rate contracts $ (5,149 ) Interest expense $ 2,312 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, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 2017 Interest rate contracts $ 20 Interest expense $ 405 2017 Forward-starting interest rate contracts $ (58 ) Interest expense $ — 2016 Interest rate contracts $ 895 Interest expense $ 756

Earnings per share_unit (Tables

Earnings per share/unit (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the components used in calculating earnings per share for the three and nine months ended September 30, 2017 and 2016 (dollars and shares/units in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Numerator – basic and diluted earnings per share: Net (loss) income attributable to common shareholders $ (155 ) $ (3,533 ) $ 22,062 $ 30,791 Accretion of redeemable noncontrolling interests (724 ) — (1,931 ) — Net (loss) income attributable to common shareholders after accretion of redeemable noncontrolling interests $ (879 ) $ (3,533 ) $ 20,131 $ 30,791 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Denominator: Basic weighted average shares of common stock outstanding 73,687 73,205 73,606 67,979 OP Units (1) — — 140 203 University Towers Operating Partnership Units — — 69 69 Shares issuable upon settlement of the Forward Agreements — — 5 30 Diluted weighted average shares of common stock outstanding 73,687 (2 ) 73,205 (3 ) 73,820 68,281 Earnings per share – basic and diluted: Net (loss) income attributable to common shareholders $ (0.01 ) $ (0.05 ) $ 0.27 $ 0.45 Distributions declared per common share $ 0.39 $ 0.38 $ 1.15 $ 1.12 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2017 , diluted weighted average shares of common stock does not include 132,198 OP Units, 69,086 University Towers Operating Partnership Units and 4,840 shares of common stock issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive. (3) 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 of common stock issuable upon settlement of the Forward Agreements 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, 2017 and 2016 (dollars and shares/units in thousands, except per unit data): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Numerator – basic and diluted earnings per unit: Net (loss) income attributable to unitholders $ (157 ) $ (3,547 ) $ 22,106 $ 30,888 Accretion of redeemable noncontrolling interests (724 ) — (1,931 ) — Net (loss) income attributable to common unitholders after accretion of redeemable noncontrolling interests (881 ) (3,547 ) $ 20,175 $ 30,888 Denominator: Weighted average units outstanding 73,253 72,917 73,200 67,705 Redeemable Operating Partnership units (1) 132 194 140 203 LTIP units 434 288 407 274 Weighted average units outstanding – basic 73,819 73,399 73,747 68,182 Redeemable University Towers Operating Partnership Units — — 69 69 Units issuable upon settlement of the Forward Agreements — — 5 30 Weighted average units outstanding – diluted 73,819 (2) 73,399 (2) 73,821 68,281 Earnings per unit – basic and diluted: Net (loss) income attributable to unitholders $ (0.01 ) $ (0.05 ) $ 0.27 $ 0.45 Distributions declared per unit $ 0.39 $ 0.38 $ 1.15 $ 1.12 (1) Includes the impact of weighted average number of OP Units outstanding during the period. (2) For the three months ended September 30, 2017 and 2016 , 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, 2017 , diluted weighted average units does not include 4,840 shares of common stock issuable upon settlement of the Forward Agreements because their inclusion would be anti-dilutive.

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents the assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall and summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2017 and December 31, 2016 (in thousands): Carrying value Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2017: Derivative financial instruments (liability position) $ 2,484 $ — $ 2,484 $ — Deferred compensation plan assets 821 821 — — Contingent consideration 2,046 — — 2,046 Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 7,905 — 7,905 — Joint venture partners' interests in development joint ventures and acquisitions 40,716 — — 40,716 December 31, 2016: Derivative financial instruments (liability position) $ 3,564 $ — $ 3,564 $ — Deferred compensation plan assets 503 503 — — Contingent consideration liability 3,250 — — 3,250 Redeemable noncontrolling interests measured at fair value: OP Units, LTIP Units and University Towers Operating Units 9,361 — 9,361 — Joint venture partners' interest in development joint ventures and acquisitions 29,588 — — 29,588
Schedule of Liabilities Measured on Recurring Basis	The table below shows the reconciliation of Level 3 liabilities measured at fair value on a recurring basis (in thousands) for the three and nine months ended September 30, 2017 and 2016: Three months ended September 30 Nine months ended September 30 2017 2016 2017 2016 Beginning balance $ 40,589 $ 2,129 $ 32,838 $ 2,943 Purchases, issuances and settlements, net 3,371 — 10,622 1,269 Adjustment of fair value during period reflected in net income (1,704 ) (1,100 ) (1,204 ) (1,100 ) Adjustment of fair value during the period reflected in additional paid in capital 506 — 506 (2,083 ) Transfers into Level 3 — — — — Ending balance $ 42,762 $ 1,029 $ 42,762 $ 1,029
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, 2017 and December 31, 2016 (in thousands): September 30, 2017 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 460 $ — Senior unsecured notes 250,000 — 256,747 — Unsecured revolving credit facility 194,000 — 194,000 — Unsecured term loan facility 187,500 — 187,500 — Private placement notes 150,000 154,248 Variable rate construction loan 29,772 — 29,772 — December 31, 2016 Carrying value Estimated Fair Value Level 1 Level 2 Level 3 Notes receivable $ 500 $ — $ 450 $ — Senior unsecured notes 250,000 — 246,305 — Unsecured revolving credit facility 20,000 — 20,000 — Unsecured term loan facility 187,500 — 187,500 — Variable rate mortgage and construction loans 62,576 — 62,576 —

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Information	The following table represents the Trust’s segment information for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Collegiate Housing Leasing: Collegiate housing leasing revenue $ 71,085 $ 61,877 $ 221,941 $ 193,750 Collegiate housing leasing operations 37,076 32,512 96,291 83,567 Net operating income $ 34,009 $ 29,365 $ 125,650 $ 110,183 Total segment assets at end of period (1) $ 2,849,092 $ 2,327,878 $ 2,849,092 $ 2,327,878 Development Consulting Services: Third-party development consulting services $ 1,222 $ 778 $ 4,193 $ 1,728 General and administrative (3) 3,021 585 4,042 1,613 Net operating (loss) income $ (1,799 ) $ 193 $ 151 $ 115 Total segment assets at end of period (2) $ 2,811 $ 6,777 $ 2,811 $ 6,777 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Management Services: Third-party management services $ 858 $ 965 $ 2,634 $ 2,556 General and administrative (3) 510 580 1,555 1,720 Net operating income $ 348 $ 385 $ 1,079 $ 836 Total segment assets at end of period (2) $ 11,977 $ 10,547 $ 11,977 $ 10,547 Reconciliations: Segment revenue $ 73,165 $ 63,620 $ 228,768 $ 198,034 Operating expense reimbursements 2,195 2,605 6,432 6,710 Total segment revenues $ 75,360 $ 66,225 $ 235,200 $ 204,744 Segment operating expenses $ 40,607 $ 33,677 $ 101,888 $ 86,900 Reimbursable operating expenses 2,195 2,605 6,432 6,710 Total segment operating expenses $ 42,802 $ 36,282 $ 108,320 $ 93,610 Segment net operating income $ 32,558 $ 29,943 $ 126,880 $ 111,134 Other unallocated general and administrative expenses (4) (4,507 ) (4,252 ) (14,882 ) (13,521 ) Depreciation and amortization (22,449 ) (22,336 ) (72,808 ) (58,951 ) Ground leases (3,437 ) (3,224 ) (9,459 ) (8,829 ) Nonoperating expenses (4,673 ) (4,574 ) (11,515 ) (23,671 ) Other operating income 1,704 1,100 1,204 1,100 Equity in (losses) earnings of unconsolidated entities (243 ) (480 ) 141 (617 ) Income (loss) before income taxes and gain on sale of collegiate housing properties $ (1,047 ) $ (3,823 ) $ 19,561 $ 6,645 (1) The increase in segment assets related to the collegiate housing segment during the nine months ended September 30, 2017 as compared to the same period in 2016 is primarily related to the completed development of six collegiate housing communities, two property acquisitions and the continued development of ten assets under development for ownership by the Trust offset by the sale of one collegiate housing community. (2) Total segment assets 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 36

Organization and description of business - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Jul. 12, 2004
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized (shares)	200,000,000	200,000,000	200,000,000
Preferred stock, shares authorized (shares)	50,000,000	50,000,000	50,000,000
Common stock, par value per share (usd per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, par value per share (usd per share)	$ 0.01	$ 0.01	$ 0.01
Education Realty Operating Partnership L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest (less than)	1.00%

Summary of significant accoun37

Summary of significant accounting policies - Collegiate Housing Properties (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Loss on impairment of collegiate housing properties			$ 0	$ 0
Earnings per share, basic and diluted (in dollars per share)	$ 0.01	$ 0.05	$ (0.27)	$ (0.45)
Building and Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Building and Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life			40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life			15 years
Furniture Fixtures And Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life			3 years
Furniture Fixtures And Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life			7 years
Redevelopment of Players Club | Service Life
Property, Plant and Equipment [Line Items]
Accelerated depreciation			$ 2.9
Earnings per share, basic and diluted (in dollars per share)			$ 0.04

Summary of significant accoun38

Summary of significant accounting policies - Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0		$ 0		$ 0
Income tax penalties and interest expense	$ 0	$ 0	$ 0	$ 0

Summary of significant accoun39

Summary of significant accounting policies - Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated impairment loss	$ 400,000		$ 400,000
Impairment loss			0
Goodwill	3,100,000		$ 3,100,000		$ 3,100,000
Remaining lease term, generally less than			1 year
Management Services
Finite-Lived Intangible Assets [Line Items]
Goodwill	2,149,000		$ 2,149,000		2,100,000
Development Consulting Services
Finite-Lived Intangible Assets [Line Items]
Goodwill	921,000		921,000		900,000
Acquired-in-Place Leases
Finite-Lived Intangible Assets [Line Items]
Acquired-in-place leases	12,200,000		12,200,000		7,400,000
Amortization of intangible assets	1,000,000	$ 1,900,000	7,400,000	$ 2,800,000
Accumulated amortization	11,000,000		11,000,000		3,600,000
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	$ 1,200,000		$ 1,200,000		$ 3,800,000

Acquisition and development o40

Acquisition and development of real estate investments - Additional Information (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)property	May 31, 2016USD ($)
Business Acquisition [Line Items]
Number of properties acquired | property	2		5
2016 Acquisitions
Business Acquisition [Line Items]
Working capital and other assets acquired but not part of the contractual purchase price		$ 3,500
Contracted price		$ 287,100
The Hub at Madison
Business Acquisition [Line Items]
Contracted price			$ 188,500
Contingent consideration, liability	$ 2,300		2,300	$ 5,300
Payments for contingent consideration			3,100
Contingent consideration, possible outcome, low value	0
Contingent consideration, possible outcome, high value	4,500
Increase to contingent consideration liability	1,700
Pura Vida Place
Business Acquisition [Line Items]
Contracted price			12,000
Carriage House
Business Acquisition [Line Items]
Contracted price			12,000
Urbane
Business Acquisition [Line Items]
Contracted price			50,000
Contingent consideration, liability	1,500		1,000
Contingent consideration, possible outcome, high value	1,500
Capital contribution			10,000
Advance to seller			23,600
Redeemable noncontrolling interest, settlement amount			$ 14,900
Contingent consideration, asset, possible outcome, high value	$ 1,500

Acquisition and development o41

Acquisition and development of real estate investments - Current Period Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)bedunit
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Contract Price	$ 128,000
Retreat at Corvallis
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Number of Beds | bed	1,016
Number of Units | unit	330
Contract Price	$ 99,450
319 Bragg
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Number of Beds | bed	305
Number of Units | unit	86
Contract Price	$ 28,500

Acquisition and development o42

Acquisition and development of real estate investments - Current Period Assets Acquired and Liabilities Assumed at Fair Value (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Collegiate housing property	$ 123,260
In-place leases	4,835
Other assets	619
Current liabilities	(1,067)
Total net assets acquired	127,647
Working capital and other liabilities acquired in excess of contractual purchase price	300
Contract Price	128,000
Retreat at Corvallis
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Collegiate housing property	95,785
In-place leases	3,780
Other assets	617
Current liabilities	(936)
Total net assets acquired	99,246
Contract Price	99,450
319 Bragg
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Collegiate housing property	27,475
In-place leases	1,055
Other assets	2
Current liabilities	(131)
Total net assets acquired	28,401
Contract Price	$ 28,500

Acquisition and development o43

Acquisition and development of real estate investments - Collegiate Housing Community Acquisitions (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)bedunit
2016 Acquisitions
Business Acquisition [Line Items]
Contract Price	$ 287,100
Lokal
Business Acquisition [Line Items]
Number of Beds | bed		194
Number of Units | unit		79
Contract Price		$ 24,600
The Hub at Madison
Business Acquisition [Line Items]
Number of Beds | bed		1,038
Number of Units | unit		341
Contract Price		$ 188,500
Pura Vida Place
Business Acquisition [Line Items]
Number of Beds | bed		100
Number of Units | unit		52
Contract Price		$ 12,000
Carriage House
Business Acquisition [Line Items]
Number of Beds | bed		94
Number of Units | unit		54
Contract Price		$ 12,000
Urbane
Business Acquisition [Line Items]
Number of Beds | bed		311
Number of Units | unit		104
Contract Price		$ 50,000

Acquisition and development o44

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

Acquisition and development o45

Acquisition and development of real estate investments - Pro Forma Revenue and Net Loss of Combined Entity (Details) - 2016 Acquisitions - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenue attributable to the Trust and EROP	$ 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
Actual revenue	$ 4,900
Actual net loss	2,873
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

Acquisition and development o46

Acquisition and development of real estate investments - Development of Collegiate Housing Properties (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)bed	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)bed	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)bed
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	3,318		3,318		2,320
Costs Incurred	$ 289,919		$ 289,919		$ 176,985
Internal Development Costs Capitalized	470	$ 266	1,072	$ 540
Interest Costs Capitalized	1,201	775	5,156	3,199
Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	348,653		348,653
Internal Development Costs Capitalized	448	260	1,272	378
Interest Costs Capitalized	$ 1,906	161	$ 4,331	230
University Flats | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	771		771
Costs Incurred	$ 75,099		$ 75,099
Internal Development Costs Capitalized	116		249
Interest Costs Capitalized	$ 351		$ 1,617
Sawtooth Hall | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	656		656
Costs Incurred	$ 41,097		$ 41,097
Internal Development Costs Capitalized	119		252
Interest Costs Capitalized	$ 156		$ 639
Lewis Hall | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	346		346
Costs Incurred	$ 30,894		$ 30,894
Internal Development Costs Capitalized	77		206
Interest Costs Capitalized	$ 137		$ 538
SkyVue | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	824		824
Costs Incurred	$ 87,008		$ 87,008
Internal Development Costs Capitalized	74		153
Interest Costs Capitalized	$ 433		$ 1,757
The Local: Downtown | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	304		304
Costs Incurred	$ 30,089		$ 30,089
Internal Development Costs Capitalized	55		129
Interest Costs Capitalized	$ 34		$ 393
The Woods - Phase I | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed	417		417
Costs Incurred	$ 25,732		$ 25,732
Internal Development Costs Capitalized	29		83
Interest Costs Capitalized	90		212
The Woods - Phase I | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	24,750		24,750
Internal Development Costs Capitalized	58	123	166	145
Interest Costs Capitalized	180	13	425	14
Holmes Hall and Boyd Hall | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed					1,141
Costs Incurred					$ 85,691
Internal Development Costs Capitalized		178		339
Interest Costs Capitalized		479		1,900
Retreat at Blacksburg - Phase I & II | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed					829
Costs Incurred					$ 64,549
Internal Development Costs Capitalized		69		143
Interest Costs Capitalized		155		709
Retreat at Oxford - Phase II | Wholly Owned Properties
Real Estate Properties [Line Items]
Number of Beds | bed					350
Costs Incurred					$ 26,745
Internal Development Costs Capitalized		19		58
Interest Costs Capitalized		141		590
One on 4th | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	39,543		39,543
Internal Development Costs Capitalized	27	31	111	85
Interest Costs Capitalized	270	40	704	103
Maplewood | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	18,375		18,375
Internal Development Costs Capitalized	59	27	222	36
Interest Costs Capitalized	90	7	170	8
University of Pittsburgh | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	50,831		50,831
Internal Development Costs Capitalized	49	66	104	66
Interest Costs Capitalized	277	93	654	93
Players Club Redevelopment | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	11,879		11,879
Internal Development Costs Capitalized	45	13	112	46
Interest Costs Capitalized	24	8	48	12
Hale Mahana | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	46,986		46,986
Internal Development Costs Capitalized	41	0	118	0
Interest Costs Capitalized	286	0	752	0
Hub at Minneapolis | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	39,343		39,343
Internal Development Costs Capitalized	33	0	76	0
Interest Costs Capitalized	129	0	233	0
Union at Tempe | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	80,812		80,812
Internal Development Costs Capitalized	64	0	166	0
Interest Costs Capitalized	456	0	1,039	0
Union on Lincoln Way | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	18,980		18,980
Internal Development Costs Capitalized	33	0	91	0
Interest Costs Capitalized	97	0	165	0
Union on Plum | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	11,225		11,225
Internal Development Costs Capitalized	36	0	103	0
Interest Costs Capitalized	54	0	98	0
Undeveloped land | Collegiate Housing Properties In Development
Real Estate Properties [Line Items]
Costs Incurred	5,929		5,929
Internal Development Costs Capitalized	3	0	3	0
Interest Costs Capitalized	$ 43	$ 0	43	$ 0
Capital Addition Purchase Commitments
Real Estate Properties [Line Items]
Contractual obligation under guaranteed maximum price contracts			$ 352,500

Disposition of real estate in47

Disposition of real estate investments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)bedunit	Mar. 31, 2016USD ($)bedunit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price				$ 96,600
Proceeds from sale of collegiate housing properties			$ 17,738	94,951
Gain on sale of collegiate housing properties	$ 0	$ 0	691	$ 23,956
The Reserve on Stinson
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price			18,200
Proceeds from sale of collegiate housing properties			17,700
Gain on sale of collegiate housing properties			$ 700
605 West | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Beds | bed						384
Number of Units | unit						340
Gross Sales Price						$ 54,550
The Reserve at Athens | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Beds | bed					612
Number of Units | unit					200
Gross Sales Price					$ 25,000
The Commons at Tallahassee | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Beds | bed					732
Number of Units | unit					252
Gross Sales Price					$ 17,000

Investments in unconsolidated48

Investments in unconsolidated entities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 24.1	$ 27
Investment in unconsolidated entities, distributions in excess of contributed capital	$ 2.1	$ 1.9
1313 5th Street MN Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
West Clayton Athens GA Owner LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
University Village-Greensboro LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%
Elauwit Networks
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	14.00%	14.00%

Investments in unconsolidated49

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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Revenues			$ 31,829	$ 26,748
Net income			377	(781)
Equity in earnings (losses) of unconsolidated entities	$ (243)	$ (480)	$ 141	$ (617)

Debt - Unsecured Debt (Details)

Debt - Unsecured Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total	$ 811,272
Unamortized deferred financing costs	(3,191)
Total net of unamortized deferred financing costs	808,081
Mortgage and construction loans, net of unamortized deferred financing costs	29,772	$ 62,520
Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Total net of unamortized deferred financing costs	808,081	517,196
Mortgage and construction loans, net of unamortized deferred financing costs	29,772	62,520
Education Realty Operating Partnership L.P. | Unsecured Indebtedness
Debt Instrument [Line Items]
Total	781,500	457,500
Unamortized deferred financing costs	(3,191)	(2,824)
Total net of unamortized deferred financing costs	778,309	454,676
Education Realty Operating Partnership L.P. | Unsecured Indebtedness | Term Loan
Debt Instrument [Line Items]
Total	187,500	187,500
Education Realty Operating Partnership L.P. | Unsecured Indebtedness | Senior Notes
Debt Instrument [Line Items]
Total	250,000	250,000
Education Realty Operating Partnership L.P. | Unsecured Indebtedness | Private Placement Notes
Debt Instrument [Line Items]
Total	150,000	0
Unamortized deferred financing costs	(300)
Total net of unamortized deferred financing costs	149,700
Education Realty Operating Partnership L.P. | Revolving Credit Facility | Unsecured Indebtedness
Debt Instrument [Line Items]
Total	$ 194,000	$ 20,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jan. 18, 2017	Nov. 24, 2014	Nov. 19, 2014	Sep. 30, 2017	Aug. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt				$ 808,081,000
Unamortized deferred financing costs				3,191,000
Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Long-term debt				808,081,000		$ 517,196,000
Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt				778,309,000		454,676,000
Unamortized deferred financing costs				3,191,000		2,824,000
Second Amended and Restated Credit Agreement, Term Loan | Education Realty Operating Partnership L.P. | Term Loans
Debt Instrument [Line Items]
Accordion feature, increased borrowing capacity option	$ 250,000,000
Face amount of debt	187,500,000
Long-term debt				186,500,000		186,700,000
Unamortized deferred financing costs				$ 1,000,000		800,000
Second Amended and Restated Credit Agreement, Term Loan | Education Realty Operating Partnership L.P. | Term Loans | Interest Rate Swap
Debt Instrument [Line Items]
Derivative liability, notional amount	187,500,000
Second Amended and Restated Credit Agreement, Term Loan Tranche A | Education Realty Operating Partnership L.P. | Term Loans
Debt Instrument [Line Items]
Face amount of debt	$ 122,500,000
Effective interest rate (as a percent)				3.50%
Second Amended and Restated Credit Agreement, Term Loan Tranche A | Education Realty Operating Partnership L.P. | Term Loans | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, variable interest rate (as a percent)				2.30%
Derivative, margin on variable rate (as a percent)				1.20%
Second Amended and Restated Credit Agreement, Term Loan Tranche A | Education Realty Operating Partnership L.P. | Term Loans | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.20%
Second Amended and Restated Credit Agreement, Term Loan Tranche A | Education Realty Operating Partnership L.P. | Term Loans | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.90%
Second Amended and Restated Credit Agreement, Term Loan Tranche B | Education Realty Operating Partnership L.P. | Term Loans
Debt Instrument [Line Items]
Face amount of debt	$ 65,000,000
Effective interest rate (as a percent)				2.86%
Second Amended and Restated Credit Agreement, Term Loan Tranche B | Education Realty Operating Partnership L.P. | Term Loans | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, variable interest rate (as a percent)				1.66%
Derivative, margin on variable rate (as a percent)				1.20%
Second Amended and Restated Credit Agreement, Term Loan Tranche B | Education Realty Operating Partnership L.P. | Term Loans | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.20%
Second Amended and Restated Credit Agreement, Term Loan Tranche B | Education Realty Operating Partnership L.P. | Term Loans | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Margin on variable interest rate (as a percent)	1.90%
Senior Unsecured Notes Due 2024 | Education Realty Operating Partnership L.P. | Senior Notes
Debt Instrument [Line Items]
Debt term		10 years
Face amount of debt		$ 250,000,000
Long-term debt				$ 248,100,000		247,900,000
Unamortized deferred financing costs				1,900,000		$ 2,100,000
Percentage of par value (as a percent)		99.991%
Stated interest rate (as a percent)		4.60%
Private Placement Notes | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Face amount of debt					$ 150,000,000
Long-term debt				149,700,000
Unamortized deferred financing costs				$ 300,000
Cross-default provision, default threshold amount					35,000,000
Private Placement Notes, Senior A Notes | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Face amount of debt					$ 75,000,000
Stated interest rate (as a percent)					4.22%
Private Placement Notes, Senior B Notes | Education Realty Operating Partnership L.P. | Unsecured Debt
Debt Instrument [Line Items]
Face amount of debt					$ 75,000,000
Stated interest rate (as a percent)					4.30%
Revolving Credit Facility | Fifth Amended Revolver | Education Realty Operating Partnership L.P.
Debt Instrument [Line Items]
Revolving credit facility, maximum availability			$ 500,000,000
Accordion feature, increased borrowing capacity option			$ 1,000,000,000
Debt term			4 years
Maturity extension period			1 year
Line of credit facility, interest rate (as a percent)				2.49%
Line of credit facility, remaining borrowing base availability				$ 306,000,000
Covenant dividend payout (as a percent)				95.00%
Revolving Credit Facility | Fifth Amended Revolver | Education Realty Operating Partnership L.P. | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee (as a percent)				0.15%
Revolving Credit Facility | Fifth Amended Revolver | Education Realty Operating Partnership L.P. | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee (as a percent)				0.25%

Debt - Mortgage and Constructio

Debt - Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Jan. 15, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Total	$ 811,272
Unamortized deferred financing costs	(3,191)
Total net of unamortized deferred financing costs	808,081
Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Interest Rate (as a percent)			5.40%
Education Realty Operating Partnership L.P.
Mortgage Loans on Real Estate [Line Items]
Total net of unamortized deferred financing costs	808,081	$ 517,196
Education Realty Operating Partnership L.P. | Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Total	0	32,950
Education Realty Operating Partnership L.P. | Mortgage Debt | University Towers
Mortgage Loans on Real Estate [Line Items]
Total	0	32,950
Education Realty Operating Partnership L.P. | Construction Loans
Mortgage Loans on Real Estate [Line Items]
Total	$ 29,772	29,626
Interest Rate (as a percent)	2.99%
Education Realty Operating Partnership L.P. | Construction Loans | The Oaks On The Square - Phase IV
Mortgage Loans on Real Estate [Line Items]
Total	$ 29,772	29,626
Interest Rate (as a percent)	2.99%
Education Realty Operating Partnership L.P. | Mortgage and Construction Debt
Mortgage Loans on Real Estate [Line Items]
Total	$ 29,772	62,576
Unamortized deferred financing costs	0	(56)
Total net of unamortized deferred financing costs	29,772	62,520		$ 204,511
Less current portion, net of unamortized deferred financing costs	(29,772)	(62,520)
Total mortgage and construction debt, net of current portion	$ 0	$ 0
Interest Rate (as a percent)	2.99%

Debt - Schedule of Repayment (D

Debt - Schedule of Repayment (Details) - Mortgage Debt - USD ($) $ in Millions	Jan. 15, 2016	Sep. 30, 2017
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 98.2
Education Realty Operating Partnership L.P. | University Towers
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 33
Interest rate (as a percent)		2.90%

Debt - Carrying Amount of Mortg

Debt - Carrying Amount of Mortgage and Construction Notes Payable (Details) - USD ($) $ in Thousands	Jan. 15, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Movement in Long-term Debt [Roll Forward]
Repayments of principal	$ (108,500)
Amortization of debt premium		$ 0	$ 49
Balance, end of period		808,081
Education Realty Operating Partnership L.P.
Movement in Long-term Debt [Roll Forward]
Balance, beginning of period		517,196
Amortization of debt premium		0	49
Balance, end of period		808,081		$ 517,196
Education Realty Operating Partnership L.P. | Mortgage and Construction Debt
Movement in Long-term Debt [Roll Forward]
Balance, beginning of period		62,520	$ 204,511	204,511
Additions to principal		146		40,974
Repayments of principal		(32,950)		(183,862)
Amortization of debt premium		0		(49)
Write-off of debt premium related to debt pay off		0		(523)
(Increase) decrease in deferred financing costs, net		56		1,469
Balance, end of period		$ 29,772		$ 62,520

Debt - Scheduled Maturities of

Debt - Scheduled Maturities of Outstanding Mortgage and Construction Indebtedness (Details) $ in Thousands	Sep. 30, 2017USD ($)
Debt Disclosure [Abstract]
2017 (three months ending December 31, 2017)	$ 29,772
2,018	194,000
2,019	0
2,020	0
2,021	122,500
2,022	65,000
Thereafter	400,000
Total	811,272
Unamortized deferred financing costs	(3,191)
Total net of unamortized deferred financing costs	$ 808,081

Commitments and contingencies -

Commitments and contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Line Items]
Additional costs incurred on development deliveries	$ 2,500
University Village - Greensboro
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%	25.00%
Education Realty Operating Partnership L.P. | University Village - Greensboro
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	25.00%
Loan Balance, Joint Venture	$ 22,646	$ 22,934
Loan Balance, Operating Partnership's Proportionate Interest	$ 5,662	5,734
Education Realty Operating Partnership L.P. | The Marshall
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	50.00%
Loan Balance, Joint Venture	$ 55,177	55,838
Partial Repayment Guarantee, Joint Venture	8,767	8,767
Loan Balance, Operating Partnership's Proportionate Interest	$ 27,589	27,919
Education Realty Operating Partnership L.P. | Georgia Heights
Commitments and Contingencies Disclosure [Line Items]
Ownership Percent	50.00%
Loan Balance, Joint Venture	$ 34,821	34,914
Partial Repayment Guarantee, Joint Venture	7,230	7,230
Loan Balance, Operating Partnership's Proportionate Interest	17,411	17,457
Financial Guarantee | Education Realty Operating Partnership L.P. | The Marshall
Commitments and Contingencies Disclosure [Line Items]
Partial Repayment Guarantee, Operating Partnership's Proportionate Interest	4,384	4,384
Financial Guarantee | Education Realty Operating Partnership L.P. | Georgia Heights
Commitments and Contingencies Disclosure [Line Items]
Partial Repayment Guarantee, Operating Partnership's Proportionate Interest	$ 3,615	$ 3,615

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2017joint_venturedevelopmentshares	Sep. 30, 2016shares	Dec. 31, 2016shares
Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Number of new joint venture agreements | joint_venture	11
Number of developments under construction | development	7
University Towers Operating Partnership LP | Redeemable University Towers Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Partnership units outstanding (in shares)	69,086		69,086
Common Stock | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Shares issued for conversion of units	27,500	25,000
The Hub at Madison
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest (as a percent)	1.60%
Urbane
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest (as a percent)	3.00%
Variable Interest Entity, Primary Beneficiary | University Towers Operating Partnership LP | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Joint venture, ownership percentage	72.70%
Redeemable Limited Partner | Education Realty Operating Partnership L.P.
Redeemable Noncontrolling Interest [Line Items]
Number of units converted (units)	27,500	25,000
Redeemable operating partnership units (shares)	153,651		159,698

Noncontrolling Interests - Acti

Noncontrolling Interests - Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 38,949
Purchase and return of equity to noncontrolling partner's interest/redemption of redeemable partner units in exchange for common stock or cash		$ (16,679)
Accretion of redeemable noncontrolling interests	(1,931)
Ending balance	55,171
Education Realty Operating Partnership L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	32,160
Purchase and return of equity to noncontrolling partner's interest/redemption of redeemable partner units in exchange for common stock or cash		(16,679)
Accretion of redeemable noncontrolling interests	(1,931)
Ending balance	49,504
Variable Interest Entity, Primary Beneficiary | Education Realty Operating Partnership L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	32,160	5,248
Net loss	(771)	(265)
Contributions from redeemable noncontrolling interests	16,139	117
Adjustments to report redeemable noncontrolling interests/limited partner units at fair value	585	614
Purchase and return of equity to noncontrolling partner's interest/redemption of redeemable partner units in exchange for common stock or cash	0	(2,910)
Distributions	(540)	(97)
Accretion of redeemable noncontrolling interests	1,931	0
Ending balance	49,504	2,707
Redeemable Limited Partner | Education Realty Operating Partnership L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	6,789	8,312
Net loss	44	97
Adjustments to report redeemable noncontrolling interests/limited partner units at fair value	(363)	1,517
Purchase and return of equity to noncontrolling partner's interest/redemption of redeemable partner units in exchange for common stock or cash	(1,138)	(1,605)
Distributions	(187)	(239)
Reclassification of vested LTIP Units to redeemable limited partner units	522	244
Ending balance	$ 5,667	$ 8,326

Equity - Additional Information

Equity - Additional Information (Details) shares in Millions	Mar. 24, 2016USD ($)shares	Jan. 15, 2016USD ($)shares	Sep. 30, 2017USD ($)agreementshares	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)shares	Feb. 28, 2017USD ($)	Aug. 01, 2016USD ($)	Oct. 31, 2014USD ($)
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock				$ 110,000,000	$ 625,242,000
Payments for extinguishment of debt		$ 108,500,000
Debt prepayment costs				0	$ 10,290,000
Common stock issued for dividend reinvestment and direct stock purchase plan (in shares) | shares	0.5
Common stock issued for dividend reinvestment and direct stock purchase plan	$ 20,000,000
2014 At-the-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount								$ 150,000,000
Issuance of common stock, under distribution agreement (in shares) | shares					2.3
Proceeds from issuance of common stock					$ 93,500,000
Follow-on Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, under distribution agreement (in shares) | shares		6.3
Proceeds from issuance of common stock		$ 215,100,000
2016 At-the-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount							$ 300,000,000
Issuance of common stock, under distribution agreement (in shares) | shares			2.6
Proceeds from issuance of common stock			$ 110,000,000
Forward agreements settled in period | agreement			4
2017 At-the-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized amount						$ 500,000,000
Sale of stock, remaining authorized amount			$ 485,000,000	$ 485,000,000
Mortgage Debt
Subsidiary, Sale of Stock [Line Items]
Extinguishment of debt, amount		$ 98,200,000
Interest rate (as a percent)		5.40%
Debt prepayment costs		$ 10,300,000

Equity - Forward Contracts (Det

Equity - Forward Contracts (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	4,759
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 41.62
Initial Forward Price (in dollars per share)	$ 41.55
Percentage of average sale price per share	99.00%
August 29, 2016
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	1,990
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 42.39
Initial Forward Price (in dollars per share)	$ 42.82
October 3, 2016
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	2,408
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 41
Initial Forward Price (in dollars per share)	$ 40.51
February 28, 2017
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares Sold | shares	361
Volume Weighted Average Sale Price Per Share (in dollars per share)	$ 41.55
Initial Forward Price (in dollars per share)	$ 41.14

Incentive plans - Additional In

Incentive plans - Additional Information (Details)	Jan. 01, 2017shares	May 04, 2011shares	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)criteriashares	Sep. 30, 2016USD ($)shares	May 10, 2017USD ($)shares	Dec. 31, 2016USD ($)
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $			$ 700,000	$ 800,000	$ 2,200,000	$ 2,500,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $			0	100,000	$ 0	$ 200,000
Granted (shares) | shares					0	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $			0	100,000	$ 0	$ 400,000
Equity incentive plan, vesting period					3 years
Shares issued upon vesting of RSUs (in shares) | shares	79,699
Granted (shares) | shares					0	0
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $					$ 2,200,000	$ 2,000,000
Unearned compensation | $			4,700,000		$ 4,700,000			$ 4,200,000
Granted (shares) | shares					146,728	131,745
LTIP Units | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, compensation expense | $			$ 700,000	$ 600,000
2011 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, common stock shares authorized | shares							346,111
2017 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, additional common stock shares | shares		1,000,000
Equity incentive plan, common stock shares reserved for issuance | shares			1,346,111		1,346,111
Equity incentive plan, maximum annual award value, non-employee directors | $							$ 500,000
2016 Long Term Incentive Plan | LTIP Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period					3 years
Award type allocation					25.00%
2016 Long Term Incentive Plan | LTIP Units, Performance-Based
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
2017 Long Term Incentive Plan | LTIP Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity incentive plan, vesting period					3 years
Award type allocation					25.00%
2017 Long Term Incentive Plan | LTIP Units, Performance-Based
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

Incentive plans - Stock-Based I

Incentive plans - Stock-Based Incentive Plan Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	7,799	25,569
Granted (shares)	0	0
Vested (shares)	(4,516)	(10,199)
Surrendered (shares)	(3,283)	(7,508)
Ending balance (shares)	0	7,862
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)	$ 26.46	$ 28.32
Granted, Weighted-Average Grant Date Fair Value (usd per share)	0	0
Vested, Weighted-Average Grant Date Fair Value (usd per share)	26.46	31.92
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	26.46	31.92
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share)	$ 0	$ 26.46
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	91,756	146,911
Granted (shares)	0	0
Vested (shares)	(53,131)	(10,776)
Surrendered (shares)	(38,625)	(43,596)
Ending balance (shares)	0	92,539
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)	$ 19.20	$ 20.58
Granted, Weighted-Average Grant Date Fair Value (usd per share)	0	0
Vested, Weighted-Average Grant Date Fair Value (usd per share)	19.20	22.95
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	19.20	22.95
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share)	$ 0	$ 19.20
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (shares)	280,452	155,774
Granted (shares)	146,728	131,745
Vested (shares)	(14,385)	(7,067)
Surrendered (shares)	0	0
Ending balance (shares)	412,795	280,452
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)	$ 22.29	$ 18.83
Granted, Weighted-Average Grant Date Fair Value (usd per share)	25.85	26.20
Vested, Weighted-Average Grant Date Fair Value (usd per share)	36.30	18.83
Surrendered, Weighted-Average Grant Date Fair Value (usd per share)	0	0
Beginning balance, Weighted-Average Grant Date Fair Value (usd per share)	$ 22.80	$ 22.29

Derivatives and hedging activ63

Derivatives and hedging activities (Details) $ in Millions	Sep. 30, 2017USD ($)swap	Dec. 31, 2016USD ($)
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 1.2
Interest rate derivative liabilities, at fair value	2.6	$ 3.8
Credit risk derivatives, at fair value, net	$ 2.6
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments held | swap	6
Derivative, notional amount	$ 187.5
Cash Flow Hedging | Designated as Hedging Instrument | Forward-Starting Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments held | swap	3
Derivative, notional amount	$ 65

Derivatives and hedging activ64

Derivatives and hedging activities - Schedule of Fair Value of Derivatives and Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 2,484	$ 3,564
Interest Rate Swap | Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 2,484	$ 3,564

Derivatives and hedging activ65

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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest Expense | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 405	$ 756	$ 1,519	$ 2,312
Interest Expense | Forward-Starting Interest Rate Swap
Derivatives, Fair Value [Line Items]
Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	0		0
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	20	$ 895	(210)	$ (5,149)
Cash Flow Hedging | Forward-Starting Interest Rate Swap
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ (58)		$ (229)

Earnings per share_unit - The T

Earnings per share/unit - The Trust (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator – basic and diluted earnings per share:
Net (loss) income attributable to common shareholders/unitholders	$ (155)	$ (3,533)	$ 22,062	$ 30,791
Accretion of redeemable noncontrolling interests	(724)	0	(1,931)	0
Net (loss) income attributable to common shareholders after accretion of redeemable noncontrolling interests	$ (879)	$ (3,533)	$ 20,131	$ 30,791
Denominator:
Basic weighted average shares of common stock outstanding (in shares)	73,687,000	73,205,000	73,606,000	67,979,000
Shares issuable upon settlement of the Forward Agreements (in shares)	0	0	5,000	30,000
Diluted weighted average shares of common stock outstanding (in shares)	73,687,000	73,205,000	73,820,000	68,281,000
Earnings per share – basic and diluted:
Net (loss) income attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted (in dollars per share)	$ (0.01)	$ (0.05)	$ 0.27	$ 0.45
Distributions per share of common stock (in dollars per share)	$ 0.39	$ 0.38	$ 1.15	$ 1.12
Education Realty Operating Partnership L.P. | Redeemable Limited Partner
Denominator:
Redeemable operating partnership units (in shares)	0	0	140,000	203,000
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	132,198	194,439
University Towers Operating Partnership LP | Redeemable Limited Partner
Denominator:
Redeemable operating partnership units (in shares)	0	0	69,000	69,000
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	69,086	69,086
Forward Agreement Shares [Member]
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,840	89,727

Earnings per share_unit - EROP

Earnings per share/unit - EROP (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator – basic and diluted earnings per share:
Net (loss) income attributable to common shareholders/unitholders	$ (155)	$ (3,533)	$ 22,062	$ 30,791
Accretion of redeemable noncontrolling interests	(724)	0	(1,931)	0
Net (loss) income attributable to common shareholders after accretion of redeemable noncontrolling interests	$ (879)	$ (3,533)	$ 20,131	$ 30,791
Denominator:
Units issuable upon settlement of the Forward Agreements (in units)	0	0	5,000	30,000
Education Realty Operating Partnership L.P.
Numerator – basic and diluted earnings per share:
Net (loss) income attributable to common shareholders/unitholders	$ (157)	$ (3,547)	$ 22,106	$ 30,888
Accretion of redeemable noncontrolling interests	(724)	0	(1,931)	0
Net (loss) income attributable to common shareholders after accretion of redeemable noncontrolling interests	$ (881)	$ (3,547)	$ 20,175	$ 30,888
Denominator:
Weighted average units outstanding (in units)	73,253,000	72,917,000	73,200,000	67,705,000
Redeemable Operating Partnership units (in units)	132,000	194,000	140,000	203,000
LTIP units (in units)	434,000	288,000	407,000	274,000
Weighted average units outstanding – basic (in units)	73,819,000	73,399,000	73,747,000	68,182,000
Units issuable upon settlement of the Forward Agreements (in units)	0	0	5,000	30,000
Weighted average units outstanding – diluted (in units)	73,819,000	73,399,000	73,821,000	68,281,000
Earnings per share – basic and diluted:
Net (loss) income attributable to unitholders - basic and diluted (in dollars per unit)	$ (0.01)	$ (0.05)	$ 0.27	$ 0.45
Distributions per unit (in dollars per unit)	$ 0.39	$ 0.38	$ 1.15	$ 1.12
Education Realty Operating Partnership L.P. | Redeemable Limited Partner
Denominator:
Redeemable operating partnership units (in units)	0	0	69,000	69,000
Forward Agreement Shares [Member]
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,840	89,727
Forward Agreement Shares [Member] | Education Realty Operating Partnership L.P.
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,840
University Towers Operating Partnership LP | Redeemable Limited Partner
Denominator:
Redeemable operating partnership units (in units)	0	0	69,000	69,000
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	69,086	69,086
University Towers Operating Partnership LP | Education Realty Operating Partnership L.P. | Redeemable Limited Partner
Earnings per share – basic and diluted:
Antidilutive securities excluded from computation of earnings per share (in shares)	69,086	69,086

Fair Value of Financial Instr68

Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	$ 0	$ 0
Deferred compensation plan assets	821	503
Contingent Consideration (recorded as accrued expense)	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	2,484	3,564
Deferred compensation plan assets	0	0
Contingent Consideration (recorded as accrued expense)	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	0	0
Deferred compensation plan assets	0	0
Contingent Consideration (recorded as accrued expense)	2,046	3,250
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (liability position)	2,484	3,564
Deferred compensation plan assets	821	503
Contingent Consideration (recorded as accrued expense)	2,046	3,250
OP Units, LTIP Units and University Towers Operating Units | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	0	0
OP Units, LTIP Units and University Towers Operating Units | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	7,905	9,361
OP Units, LTIP Units and University Towers Operating Units | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	0	0
OP Units, LTIP Units and University Towers Operating Units | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	7,905	9,361
Joint Venture Partners | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	0	0
Joint Venture Partners | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	0	0
Joint Venture Partners | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	40,716	29,588
Joint Venture Partners | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable noncontrolling interests measured at fair value	$ 40,716	$ 29,588

Fair Value of Financial Instr69

Fair Value of Financial Instruments - Schedule of Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, December 31, 2016	$ 40,589	$ 2,129	$ 32,838	$ 2,943
Purchases, issuances and settlements, net	3,371	0	10,622	1,269
Adjustment of fair value during period	(1,704)	(1,100)	(1,204)	(1,100)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Adjustment to Additional Paid In Capital	506	0	506	(2,083)
Transfers into Level 3	0	0	0	0
Fair value, September 30, 2017	$ 42,762	$ 1,029	$ 42,762	$ 1,029

Fair Value of Financial Instr70

Fair Value of Financial Instruments - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	$ 500	$ 500
Senior unsecured notes | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	250,000	250,000
Unsecured revolving credit facility | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	194,000	20,000
Unsecured term loan facility | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	187,500	187,500
Private placement notes | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	150,000
Variable rate construction loan | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	29,772	62,576
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Level 1 | Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 1 | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 1 | Unsecured term loan facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 1 | Variable rate construction loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	460	450
Level 2 | Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	256,747	246,305
Level 2 | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	194,000	20,000
Level 2 | Unsecured term loan facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	187,500	187,500
Level 2 | Private placement notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	154,248
Level 2 | Variable rate construction loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	29,772	62,576
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Level 3 | Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 3 | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 3 | Unsecured term loan facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 3 | Variable rate construction loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 0	$ 0

Fair Value of Financial Instr71

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
The Hub at Madison
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, performance period	2 years
Contingent consideration, possible outcome, high value	$ 4.5
Urbane
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, possible outcome, high value	1.5
Contingent consideration, asset, possible outcome, high value	$ 1.5

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)propertycommunitysegment	Dec. 31, 2016USD ($)property
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of properties acquired | property	2	5
Goodwill | $	$ 3,100	$ 3,100
Management Services
Segment Reporting Information [Line Items]
Goodwill | $	2,149	2,100
Development Consulting Services
Segment Reporting Information [Line Items]
Goodwill | $	$ 921	$ 900
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Number of properties opened | property	6
Number of properties acquired | property	2
Number of housing communities developed during period | community	10
Number of properties sold | community	1

Segments - Segment Information

Segments - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	$ 71,085	$ 61,877	$ 221,941	$ 193,750
Collegiate housing leasing operations	37,076	32,512	96,291	83,567
Third-party development consulting services	1,222	778	4,193	1,728
Third-party management services	858	965	2,634	2,556
General and administrative	2,820	2,701	9,585	8,889
Net operating income	3,869	1,231	30,935	30,933
Total segment assets at end of period	2,926,079		2,926,079		$ 2,506,185
Operating expense reimbursements	2,195	2,605	6,432	6,710
Total revenues	75,360	66,225	235,200	204,744
Reimbursable operating expenses	2,195	2,605	6,432	6,710
Total operating expenses	71,491	64,994	204,265	173,811
Net operating income	3,869	1,231	30,935	30,933
Depreciation and amortization	(22,449)	(22,336)	(72,808)	(58,951)
Ground leases	(3,437)	(3,224)	(9,459)	(8,829)
Nonoperating expenses	(4,673)	(4,574)	(11,515)	(23,671)
Equity in (losses) earnings of unconsolidated entities	(243)	(480)	141	(617)
Income (loss) before income taxes and gain on sale of collegiate housing properties	(1,047)	(3,823)	19,561	6,645
Operating Segments
Segment Reporting Information [Line Items]
Net operating income	32,558	29,943	126,880	111,134
Segment revenue	73,165	63,620	228,768	198,034
Operating expense reimbursements	2,195	2,605	6,432	6,710
Total revenues	75,360	66,225	235,200	204,744
Segment operating expenses	40,607	33,677	101,888	86,900
Reimbursable operating expenses	2,195	2,605	6,432	6,710
Total operating expenses	42,802	36,282	108,320	93,610
Net operating income	32,558	29,943	126,880	111,134
Operating Segments | Collegiate Housing Leasing
Segment Reporting Information [Line Items]
Collegiate housing leasing revenue	71,085	61,877	221,941	193,750
Collegiate housing leasing operations	37,076	32,512	96,291	83,567
Net operating income	34,009	29,365	125,650	110,183
Total segment assets at end of period	2,849,092	2,327,878	2,849,092	2,327,878
Net operating income	34,009	29,365	125,650	110,183
Operating Segments | Development Consulting Services
Segment Reporting Information [Line Items]
Third-party development consulting services	1,222	778	4,193	1,728
General and administrative	3,021	585	4,042	1,613
Net operating income	(1,799)	193	151	115
Total segment assets at end of period	2,811	6,777	2,811	6,777
Net operating income	(1,799)	193	151	115
Operating Segments | Management Services
Segment Reporting Information [Line Items]
Third-party management services	858	965	2,634	2,556
General and administrative	510	580	1,555	1,720
Net operating income	348	385	1,079	836
Total segment assets at end of period	11,977	10,547	11,977	10,547
Net operating income	348	385	1,079	836
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other unallocated general and administrative expenses (4)	(4,507)	(4,252)	(14,882)	(13,521)
Depreciation and amortization	(22,449)	(22,336)	(72,808)	(58,951)
Ground leases	(3,437)	(3,224)	(9,459)	(8,829)
Nonoperating expenses	(4,673)	(4,574)	(11,515)	(23,671)
Other operating income	1,704	1,100	1,204	1,100
Equity in (losses) earnings of unconsolidated entities	$ (243)	$ (480)	$ 141	$ (617)

Subsequent events - Additional

Subsequent events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 12, 2017	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Distributions declared per common share/unit (in dollars per share)			$ 0.39	$ 0.38	$ 1.15	$ 1.12
Subsequent Event
Subsequent Event [Line Items]
Distributions declared per common share/unit (in dollars per share)	$ 0.39
The Oaks On The Square - Phase IV | Construction Loans | Subsequent Event
Subsequent Event [Line Items]
Extinguishment of debt, amount		$ 29.8