Form 8-K Education Realty Trust, For: Feb 22

February 22, 2016 6:12 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8‑K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 22, 2016

Education Realty Trust, Inc.

Education Realty Operating Partnership, LP

(Exact Name of Registrant as Specified in Charter)



Maryland	001-32417	20-1352180
Delaware	333-199988-01	20-1352332
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)



999 South Shady Grove Road, Suite 600 Memphis, Tennessee		38120
(Address of Principal Executive Offices)		(Zip Code)

901-259-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 22, 2016, Education Realty Trust, Inc. (the "Company") issued a press release announcing its results of operations for the three and twelve months ended December 31, 2015 and made available updated supplemental information concerning the ownership, operations and portfolio of the Company. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

This Current Report on Form 8-K and the exhibits attached hereto are being furnished by the Company pursuant to Item 2.02 and Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company’s results of operations or financial condition for the three and twelve months ended December 31, 2015.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.



Exhibit No.		Description
99.1		Press Release dated February 22, 2016
99.2		Fourth Quarter 2015 Supplemental Financial Report

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	EDUCATION REALTY TRUST, INC.

Date: February 22, 2016	By:	/s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer


	EDUCATION REALTY OPERATING PARTNERSHIP, LP

Date: February 22, 2016	By: EDUCATION REALTY OP GP, INC., its general partner

		By: /s/ Edwin B. Brewer, Jr.
		Edwin B. Brewer, Jr. Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS



Exhibit No.		Description
99.1		Press Release dated February 22, 2016
99.2		Fourth Quarter 2015 Supplemental Financial Report

EdR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2015 RESULTS

- Full-Year Same-Community NOI Growth of 5.8% -

- Balance Sheet Positioned for Growth - Debt to Gross Assets Below 30% -

MEMPHIS, TN, February 22, 2016 - EdR (NYSE: EDR), one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, today announced results for the quarter and year ended December 31, 2015.

Company Highlights


•	Core funds from operations (“Core FFO”) for the fourth quarter increased 13.1% with Core FFO per share/unit up 1.7%. For the full year, Core FFO increased 14.0%, while Core FFO per share/unit declined 1.6%, or $0.03, primarily due to an increase in outstanding shares related to a deleveraging equity raise in November 2015;


•	Same-community NOI increased 2.8% for the quarter and 5.8% for the full year;


•	Preleasing for the 2016-2017 lease term is 490 basis points ahead of last year with the same-community portfolio 58.4% preleased. The same-community portfolio is projected to obtain a 2.5% to 3.5% increase in revenue for the upcoming lease term, with net rates up 3.0% and occupancies consistent with the prior year;


•	Announced two joint venture developments for 2017 delivery, an 824-bed community pedestrian to Michigan State University and a 304-bed community pedestrian to Texas State University;


•	Selected by Cornell University to develop, finance and construct on-campus housing tailored for graduate and professional students. EdR will also manage the 850-bed more than $80 million community upon its targeted opening in 2018;


•	Awarded a new third-party on-campus development at Shepherd University for a 297-bed community anticipated to be delivered in 2017;


•	Completed follow-on equity offerings in November 2015 and January 2016, raising net proceeds of $485 million. Approximately $138 million of the proceeds were used to repay mortgage debt and $221 million to payoff the outstanding balance on the Company's revolving credit facility, reducing proforma debt to gross assets to 23%;


•	Grew collegiate housing assets by 14% in 2015, including the delivery of six developments for $208 million and the acquisition of two communities totaling $58 million;


•	Embedded external growth of 20% from the Company's active development pipeline of over $400 million for delivery in 2016 and 2017;


•	S&P upgraded EdR's corporate credit rating to BBB-, recognizing the Company's recent deleveraging and strong operating performance; and


•	Announced 2016 Core FFO per share/unit guidance range of $1.70 to $1.76, which is derived from Core FFO per share/unit before potential capital transactions of $1.77 to $1.84 less the impact from potential capital transactions of $0.07 to $0.08 per share/unit.

"2015 was a productive and successful year for EDR," stated Randy Churchey, EdR's chairman and chief executive officer. "Our operations team produced another year of industry leading leasing results and outstanding same-community NOI growth. In addition, we grew our collegiate housing assets by 14% through the addition of $266 million in new assets and selective asset recycling. Twice near year end, we accessed favorable equity markets to strengthen our capital structure, improving balance sheet metrics and positioning the Company to take advantage of the many additional growth opportunities we are seeing that will continue to drive shareholder value."

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the fourth quarter 2015 was $14.8 million, or $0.27 per diluted share, compared to $22.4 million, or $0.47 per diluted share, in the fourth quarter of the prior year. For the full year, net income attributable to common stockholders was $19.9 million, or $0.40 per diluted share, compared to $47.1 million, or $1.09 per diluted share. The $27.1 million decrease in net income attributable to common stockholders for the full year relates primarily to the following, a majority of which are excluded from and did not impact Core FFO in the respective period:


•	a total of $11.0 million of deferred interest, guarantee and development fees recognized in 2014 related to our participating development at Johns Hopkins,


•	an $8.1 million gain on insurance settlement recognized in 2014,


•	$20.5 million of gains on sale of collegiate housing assets, net of impairment, recognized in 2014, compared to $2.8 million in 2015,


•	a $9.0 million increase in depreciation, and


•	a $3.8 million increase in net interest expense, partially offset by


•	a $25.7 million increase in total community NOI.

Core Funds From Operations

Core FFO for the fourth quarter was $32.7 million, as compared to $28.9 million in the fourth quarter of the prior year, an increase of 13.1%, while Core FFO per share/unit increased $0.01. The improvement in Core FFO was mainly due to growth in community NOI, which was muted on a per share/unit basis by the November 2015 follow-on equity raise that increased shares/units outstanding and reduced debt to gross assets to 28% at year end, from 35% the prior year.

For the full year, Core FFO increased $11.2 million, or 14.0%, over the prior year to $91.6 million. The improvement in Core FFO mainly reflects growth in NOI from new communities offset by higher ground lease expense, corporate general and administrative costs and interest expense in 2015. Core FFO per share/unit for the year declined 1.6%, with the strong Core FFO growth being diluted as a result of capital market

transactions in June 2014 and November 2015 that significantly increased shares/units outstanding while strengthening the balance sheet and adding additional capacity to fund our development pipeline and other investment opportunities.

A reconciliation of funds from operations (“FFO”) and Core FFO to net income is included with the financial tables accompanying this release.

Same-Community Results

Same-community NOI for the fourth quarter increased 2.8% to $30.5 million. This growth was mainly attributable to a 3.5% increase in revenue, comprised of a 2.7% increase in rental rates, 0.3% increase in occupancy and a 0.5% increase in other income. Same-community operating expenses for the quarter increased 4.7%, or $0.9 million, with over a third of the increase related to property taxes.

For the full year, same-community NOI increased 5.8%, or $5.6 million, with revenue up 5.4% and operating expenses growing 5.0%. Expense growth for the year outpaced expectations mainly due to a $0.8 million real estate tax charge in the first quarter of 2015 related to the settlement of an assessment dispute brought by a local school board that covered several prior assessment years. Excluding this item operating expenses grew 3.9%.

2016-2017 Preleasing

The same-community leasing portfolio is currently 490 basis points ahead of prior year with 58.4% of the beds preleased for the fall. Based on current leasing velocity and market conditions, we expect fall occupancy for the same-community portfolio to be consistent with the prior year and rates to be up approximately 3.0%. Combined, the Company anticipates rent growth for the 2016-2017 lease term to range from 2.5% to 3.5%.

The above leasing update does not reflect the Company's beds at the University of Kentucky (UK), including 4,592 same-community leasing beds and 1,141 new-community beds being delivered in 2016, as the assignment process does not occur until May. However, at this point all UK beds are currently 88% applied for 2016-2017.

The Company provides additional leasing information in its quarterly earnings supplement located at http://www.snl.com/irweblinkx/yearlypresentations.aspx?iid=4095382.

Market Supply and Demand

Based on market data from our community managers as well as AXIOMetrics, we anticipate the volume of new supply being added in EdR markets for fall 2016 to be down more than 20% from 2015 levels. This is a significant trend and the second consecutive year our markets have seen a decline in new supply. In addition, the majority of new supply will be further from campus than our communities.

The Company provides additional enrollment and supply information by market in its quarterly earnings supplement located at http://www.snl.com/irweblinkx/yearlypresentations.aspx?iid=4095382.

Investment Activity

During 2015, the Company grew its collegiate housing assets by 14%, including the 2015 deliveries of 2,949 beds at the universities of Connecticut, Georgia, Kentucky and Louisville with EdR's share of total cost of $207.7 million, and the acquisitions of a community at The University of Tennessee and one at the University of Colorado at Boulder for an aggregate of $58.5 million.

In January 2016, the Company began construction on an $89.9 million community pedestrian to Michigan State University. EdR will be 90% owner and will manage the 824-bed community that is scheduled to open in 2017. The community will feature private bedrooms and baths, washers and dryers, furnishings and granite countertops. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball court. Michigan State's full-time enrollment has seen consistent growth since 2012 with current enrollment of more than 50,000 students.

The Company also began construction in January 2016 on a $29.6 million community pedestrian to Texas State University. EdR will be 80% owner and will manage the 304-bed community. Scheduled to open in 2017, The Local Downtown, will provide river and city views and upscale furnishings and appointments. The community will also include an integrated parking garage, and a clubhouse with a gaming lounge, coffee bar, study lounge, saunas, and a fitness center. Enrollment has increased at Texas State every year for the past 18 years and with 2014-15 enrollment of more than 38,000 students, it is the largest university in the Texas State University System and the fourth-largest in Texas.

Subsequent to year end, Cornell University and EdR entered into a pre-closing agreement with design and site planning underway toward an expected fall 2016 groundbreaking and commencement of construction for an expected 850-bed, $80.0 million on-campus housing community targeted for delivery in 2018. Cornell University reports a graduate and professional student full-time enrollment of 7,589 within its total 21,904 enrollees for the 2015-16 school year. The Ithaca, New York, housing market is one of the strongest in the country with a 99.5% occupancy rate.

In total, EdR's $403.8 million of active 2016 and 2017 developments, at the universities of Boise State, Kentucky, Michigan State, Mississippi, Texas State and Virginia Tech, represent a 20% increase in collegiate housing assets over December 31, 2015.

Third-Party Development Services

Progress continues on the Company's active third-party development projects. The final building at Clarion University of Pennsylvania was delivered in the fourth quarter and the renovation of Bowles Hall at University of California, Berkeley is on budget and on target for its summer 2016 opening. The predevelopment and planning phase of the 2017 development at Texas A&M Commerce is on track for construction to begin summer of 2016 and East Stroudsburg University is expecting to receive final site plan approval by the end of the first quarter 2016, clearing the way for construction to start this summer for an expected 2017 delivery.

In addition, subsequent to year end EdR was awarded a new, third-party, on-campus development for a 297-bed community at Shepherd University targeting a 2017 delivery. This project will most likely be financed with tax exempt bonds.

"We are excited about our active developments, including our recent on-campus development awards at Cornell University, Texas A&M Commerce and Shepherd University," stated Tom Trubiana, EdR's president.

"Our team is involved in a significant number of opportunities, and we are working hard to turn potential deals into accretive developments, including the possibility of adding to our 2017 deliveries."

Dispositions / Capital Recycling

In December, the Company sold Cape Trails, a 360-bed community serving Southeast Missouri State, for $12.9 million. The sale of Cape Trails, a 15-year old asset in a tertiary market, is representative of the Company's normal capital recycling and portfolio management.

The Company has signed contracts for the sale of six assets, which were included as potential capital transactions in our 2016 Core FFO guidance. These asset sales are estimated to generate net proceeds ranging from $150 million to $200 million and close late in the first quarter. At this time there is no guarantee that the assets will be sold.

Capital Structure

In November, the Company completed a follow-on equity offering, selling 8.1 million shares and raising net proceeds of $270.1 million. The proceeds were used to pay-off $260.6 million of debt, including the remaining balance on the revolver, and to fund the Company's development pipeline. The Company also raised $15.9 million of net proceeds during the fourth quarter selling over 400 thousand shares of stock under its at-the-market (ATM) program.

The equity transactions strengthened the Company's capital position with cash and cash equivalents totaling $33.7 million at December 31, 2015 and full availability on its $500 million unsecured revolving credit facility. In addition, the Company's December 31, 2015 debt metrics improved from already strong metrics at December 31, 2014, with debt to gross assets going from 35.1% to 28.3%, net debt to EBITDA - adjusted improving from 4.9x to 4.0x, and interest coverage ratio at 4.8x, relatively unchanged from the prior year as the equity offering occurred at the end of 2015.

Subsequent to year end, the Company completed a second follow-on equity offering, selling 6.3 million shares and raising net proceeds of $215.1 million. Approximately $108 million of the proceeds was used to pay-off $98 million of fixed rate mortgage debt with an average effective interest rate of 5.4% and $10 million of prepayment penalties associated with the early extinguishment of the debt. The remaining proceeds will primarily be used to fund the Company's development pipeline, which includes $403.8 million of active developments of which $96.8 million was already funded at the end of 2015. The remaining $307.0 million will be funded through a combination of operating cash, proceeds from the follow-on equity offerings, debt and property sales/capital market activities.

In December 2015, Standard & Poor’s Ratings Services (S&P) raised its corporate credit rating on EdR to BBB- from BB+. In its report, S&P noted, “We are raising our corporate credit rating on EdR to ‘BBB-’, based on the recent deleveraging and strong recent operating performance, which we believe is sustainable over the next two years, driven by favorable tailwinds in the student housing industry.”

"The Company successfully executed significant capital transactions in late 2015 and early 2016 that were consistent with our strategy to maintain an appropriately capitalized balance sheet with low levels of secured debt, minimal exposure to variable rate debt and well laddered maturities," stated Bill Brewer, EdR's executive vice president and chief financial officer. "Prefunding our development pipeline in this manner positions us to continue taking advantage of the external growth opportunities we are seeing in the market."

Earnings Guidance and Outlook

Based on the Company's current estimates, management reaffirms the initial 2016 Core FFO per share/unit guidance it released on February 2, 2016, of $1.70 to $1.76. This is derived from Core FFO per share/unit of $1.77 to $1.84 less the impact from potential capital transactions of $0.07 to $0.08 per share/unit. Please refer to our February 2, 2016, press release for more details on our guidance assumptions.

Webcast and Conference Call

EdR will host a conference call for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Monday, February 22, 2016. The call will be hosted by Randy Churchey, EdR's chairman and chief executive officer.

The conference call will be accessible by telephone and the Internet. To access the call, participants in the U.S. may dial (877) 705-6003, and participants outside the U.S. may dial (201) 493-6725. Participants may also access the call via live webcast by visiting the Company's investor relations Web site at www.EdRTrust.com.

The replay of the call will be available at approximately 1:00 p.m. Eastern Time on Monday, February 22, 2016 through midnight Eastern Time on March 7, 2016. To access the replay, the domestic dial-in number is (877) 870-5176, the international dial-in number is (858) 384-5517, and the passcode is 13627407. The archive of the webcast will be available on the Company's Web site for a limited time.

About EdR

One of America's largest owners, developers and managers of collegiate housing, EdR (NYSE: EDR) is a self-administered and self-managed real estate investment trust that owns or manages 80 communities with nearly 42,000 beds serving 51 universities in 23 states. EdR is a member of the Russell 2000 Index and the Morgan Stanley REIT indices. For details, please visit the Company's Web site at www.EdRtrust.com.

Contact:

J. Drew Koester

Senior Vice President

Capital Markets and Investor Relations

(901) 259-2500

Bill Brewer

Executive Vice President and

Chief Financial Officer

(901) 259-2500

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements are based on current expectations. You should not rely on forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in EdR's most recent annual report on Form 10-K and quarterly reports on Form 10-Q, and as described in EdR's other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Non-GAAP Financial Measures

Funds from Operations (FFO)

As defined by the National Association of Real Estate Investment Trusts, FFO represents net income (loss) (computed in accordance with U.S. generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of collegiate housing assets and impairment write downs of depreciable real estate plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. The Company presents FFO available to all stockholders and unitholders because management considers it to be an important supplemental measure of the Company’s operating performance, believes it assists in the comparison of the Company’s operating performance between periods to that of other publicly traded REITs and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their operating results. As such, the Company also excludes the impact of noncontrolling interests, only as they relate to operating partnership units, in the calculation. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from collegiate housing asset dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

The Company also uses core funds from operations, or Core FFO, as an operating measure. Core FFO is defined as FFO adjusted to include the economic impact of revenue on participating projects for which recognition is deferred for GAAP purposes. The adjustment for this revenue is calculated on the same percentage of completion method used to recognize revenue on third-party development projects. Core FFO also includes adjustments to exclude the impact of straight-line adjustment for ground leases, gains/losses on extinguishment of debt, transaction costs related to acquisitions and severance costs. The Company believes that these adjustments are appropriate in determining Core FFO as they are not indicative of the operating performance of the Company’s assets. In addition the Company believes that Core FFO is a useful supplemental measure for the investing community to use in comparing the Company to other REITs as most REITs provide some form of adjusted or modified FFO.

Net Operating Income (NOI)

The Company considers NOI to be a useful measure of its collegiate housing operating performance. The Company defines NOI as rental and other community-level revenues earned from our collegiate housing communities less community-level operating expenses, excluding third-party management fees and expenses, third-party development consulting fees and expenses, depreciation, amortization, ground lease expense and impairment charges and including regional and other corporate costs of supporting the communities. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to other REITs. The Company believes that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. The Company uses NOI to evaluate performance on a community-by-community basis because it allows management to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)

Adjusted EBITDA is defined as net income attributable to common stockholders excluding: (1) straight line adjustment for ground leases; (2) acquisition costs; (3) depreciation and amortization; (4) loss on impairment of collegiate housing assets; (5) gain on sale of collegiate housing assets; (6) gain on insurance settlement; (7) interest expense; (8) amortization of deferred financing costs; (9) interest income; (10) interest on loan to participating development; (11) loss on extinguishment of debt; (12) income tax expense; and (13) non-controlling interests. Management considers Adjusted EBITDA useful to an investor in evaluating and facilitating comparisons of the Company's operating performance between periods and between REITs by removing the impact of the Company's capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results.

EdR AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share data)

(Unaudited)



		December 31, 2015			December 31, 2014

Assets
	Collegiate housing properties, net	$	1,774,796		$	1,586,009
	Assets under development	117,384			120,702
	Cash and cash equivalents	33,742			18,385
	Restricted cash	9,784			10,342
	Other assets	66,125			70,892

Total assets		$	2,001,831		$	1,806,330

Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium and deferred financing costs	$	204,511		$	248,128
	Unsecured revolving credit facility	—			24,000
	Unsecured term loan, net of unamortized deferred financing costs	186,518			186,277
	Unsecured Senior Notes, net of unamortized deferred financing costs	247,678			247,425
	Accounts payable and accrued expenses	85,670			76,869
	Deferred revenue	19,024			17,301
Total liabilities		743,401			800,000

Commitments and contingencies		—			—

Redeemable noncontrolling interests		13,560			14,512

Equity:
EdR stockholders’ equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 56,879,003 and 47,999,427 shares issued and outstanding as of December 31, 2015 and 2014, respectively	569			480


	Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,263,603			1,034,683
	Accumulated deficit	(21,998		)	(41,909		)
	Accumulated other comprehensive loss	(5,475		)	(4,465		)
Total EdR stockholders’ equity		1,236,699			988,789
Noncontrolling interests		8,171			3,029
Total equity		1,244,870			991,818

Total liabilities and equity		$	2,001,831		$	1,806,330

EdR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)



	Three months ended December 31,
	2015			2014
Revenues:
Collegiate housing leasing revenue	$	71,781		$	61,645
Third-party development consulting services	702			1,541
Third-party management services	972			1,103
Operating expense reimbursements	2,065			2,215
Total revenues	75,520			66,504

Operating expenses:
Collegiate housing leasing operations	25,831			22,586
Development and management services	3,218			2,725
General and administrative	2,773			2,593
Development pursuit, acquisition costs and severance	47			—
Depreciation and amortization	18,417			16,045
Ground lease expense	3,312			2,826
Reimbursable operating expenses	2,065			2,215
Total operating expenses	55,663			48,990

Operating income	19,857			17,514

Nonoperating (income) expenses:
Interest expense	6,834			5,580
Amortization of deferred financing costs	562			623
Interest income	(69		)	(38		)
Loss on extinguishment of debt	403			2,651
Total nonoperating expenses	7,730			8,816

Income before equity in earnings (losses) of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	12,127			8,698

Equity in earnings (losses) of unconsolidated entities	155			(340		)
Income before income taxes and gain on sale of collegiate housing properties	12,282			8,358
Less: Income tax expense (benefit)	22			(337		)
Income before gain from sale of collegiate housing properties	12,260			8,695
Gain on sale of collegiate housing properties	2,770			13,908
Net income	15,030			22,603
Less: Net income attributable to the noncontrolling interests	257			206
Net income attributable to Education Realty Trust, Inc.	$	14,773		$	22,397

Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	2,419			(2,051		)
Comprehensive income attributable to Education Realty Trust, Inc.	$	17,192		$	20,346

Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic	$	0.28		$	0.47

Net income attributable to Education Realty Trust, Inc. common stockholders per share – diluted	$	0.27		$	0.47

Weighted average share of common stock outstanding – basic	53,486			47,658

Weighted average share of common stock outstanding – diluted	53,788			48,002

EdR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share data)

(Unaudited)



	Year Ended December 31,
	2015			2014
Revenues:
Collegiate housing leasing revenue	$	240,623		$	206,322
Third-party development consulting services	2,233			6,805
Third-party management services	3,670			3,959
Operating expense reimbursements	8,636			8,707
Total revenues	255,162			225,793

Operating expenses:
Collegiate housing leasing operations	101,283			92,649
Development and management services	11,446			9,685
General and administrative	9,000			8,745
Development pursuit, acquisition costs and severance	452			1,372
Depreciation and amortization	68,022			58,974
Ground lease expense	11,268			8,988
Loss on impairment of collegiate housing properties	—			12,733
Reimbursable operating expenses	8,636			8,707
Total operating expenses	210,107			201,853

Operating income	45,055			23,940

Nonoperating (income) expenses:
Interest expense	24,449			20,656
Amortization of deferred financing costs	2,089			2,156
Interest income	(213		)	(190		)
Guarantee fee income from participating development	—			(3,000		)
Interest on loan to participating development	—			(6,486		)
Gain on insurance settlement	—			(8,133		)
Loss on extinguishment of debt	403			3,543
Total nonoperating expenses	26,728			8,546

Income before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties	18,327			15,394

Equity in losses of unconsolidated entities	(668		)	(710		)
Income before income taxes and gain on sale of collegiate housing properties	17,659			14,684
Less: Income tax expense	347			261
Income before gain on sale of collegiate housing properties	17,312			14,423
Gain on sale of collegiate housing properties	2,770			33,231
Net income	20,082			47,654
Less: Net income attributable to the noncontrolling interests	171			599
Net income attributable to Education Realty Trust, Inc.	$	19,911		$	47,055

Other comprehensive income (loss):
Loss on cash flow hedging derivatives	$	(1,010	)	$	(4,465	)
Comprehensive income attributable to Education Realty Trust, Inc.	$	18,901		$	42,590

Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic	$	0.40		$	1.10
Net income attributable to Education Realty Trust, Inc. common stockholders per share – diluted	$	0.40		$	1.09

Weighted average share of common stock outstanding – basic	49,676			42,934
Weighted average share of common stock outstanding – diluted	49,991			43,277

EdR AND SUBSIDIARIES

CALCULATION OF FFO AND CORE FFO

(Amounts in thousands, except per share/unit data)

(Unaudited)



	Three months ended December 31,						Year ended December 31,
	2015			2014			2015			2014

Net income attributable to EdR	$	14,773		$	22,397		$	19,911		$	47,055

Gain on sale of collegiate housing assets	(2,770		)	(13,908		)	(2,770		)	(33,231		)
Gain on insurance settlement ⁽¹⁾	—			—			—			(8,133		)
Impairment losses	—			—			—			12,733
Real estate related depreciation and amortization	18,026			15,690			66,499			58,055
Equity portion of real estate depreciation and amortization on equity investees	784			557			2,141			701
Noncontrolling interests	261			289			298			538
Funds from operations ("FFO") available to stockholders and unitholders	$	31,074		$	25,025		$	86,079		$	77,718

FFO adjustments:
Loss on extinguishment of debt	403			2,651			403			3,543
Acquisition costs	—			—			293			1,058
Severance costs, net of tax	—			—			—			314
Straight-line adjustment for ground leases ⁽²⁾	1,187			1,202			4,782			4,835
FFO adjustments	1,590			3,853			5,478			9,750

FFO on Participating Developments: ⁽³⁾
Interest on loan to Participating Development	—			—			—			(5,581		)
Development fees on Participating Development, net of costs and taxes	—			—			—			(1,548		)
FFO on Participating Developments	—			—			—			(7,129		)

Core funds from operations ("Core FFO") available to stockholders and unitholders	$	32,664		$	28,878		$	91,557		$	80,339

FFO per weighted average share/unit ⁽⁴⁾	$	0.58		$	0.52		$	1.72		$	1.80

Core FFO per weighted average share/unit ⁽⁴⁾	$	0.61		$	0.60		$	1.83		$	1.86

Weighted average shares/units ⁽⁴⁾	53,788			48,002			49,991			43,277

⁽¹⁾ Represents gain on insurance settlement at 3949 Lindell. The community was damaged by fire in July 2012. All claims were settled during the year ended December 31, 2014, at which time the gain was recognized.
⁽²⁾ This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As the ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
⁽³⁾ FFO on participating developments in 2014 represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for interest income is based on terms of the loan. In July 2014, our mezzanine investment was repaid in full, ending the Company's participation in the project and any fees and interest. At the same time all previously deferred amounts were recognized in net income.
⁽⁴⁾ FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

EdR AND SUBSIDIARIES

2016 GUIDANCE – RECONCILIATION OF FFO and CORE FFO

(Amounts in thousands, except share and per share data)

(Unaudited)



	Year ending December 31, 2016
	Low End		High End


Net income attributable to EdR⁽¹⁾	$	22,450	$	26,200

Real estate related depreciation and amortization	68,000		68,000
Equity portion of real estate depreciation and amortization on equity investees	2,800		2,800
Noncontrolling interests	150		200
FFO	$	93,400	$	97,200
FFO adjustments:
Loss on early extinguishment of debt	10,000		10,000
Straight-line adjustment for ground leases⁽²⁾	4,500		4,500
FFO adjustments	14,500		14,500

Core FFO	$	107,900	$	111,700

FFO per weighted average share/unit⁽³⁾	$	1.47	$	1.53

Core FFO per weighted average share/unit⁽³⁾	$	1.70	$	1.76

Weighted average shares/units⁽³⁾	63,600		63,600

Notes:
⁽¹⁾Does not include any estimated gain or loss on the possible disposition of collegiate housing assets as gains or losses on the disposition of collegiate housing assets are excluded from FFO and Core FFO.
⁽²⁾ Represents the straight-line rent expense adjustment required by GAAP related to ground leases. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
⁽³⁾ FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and operating partnership units outstanding, regardless of their dilutive impact.

EdR AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

The following is a reconciliation of the Company's GAAP operating income to NOI for three months and year ended December 31, 2015 and 2014 (in thousands):



	For the three months ended December 31,				For the year ended December 31,
	2015		2014		2015		2014
Operating income	$	19,857	$	17,514	$	45,055	$	23,940
Less: Third-party development services revenue	702		1,541		2,233		6,805
Less: Third-party management services revenue	972		1,103		3,670		3,959
Plus: Development and management services expenses	3,218		2,725		11,446		9,685
Plus: General and administrative expenses, development pursuit, acquisition costs and severance	2,820		2,593		9,452		10,117
Plus: Ground leases	3,312		2,826		11,268		8,988
Plus: Impairment loss on collegiate housing properties	—		—		—		12,733
Plus: Depreciation and amortization	18,417		16,045		68,022		58,974
NOI	$	45,950	$	39,059	$	139,340	$	113,673

The following is a reconciliation of the Company's GAAP net income to Adjusted EBITDA for the years ended December 31, 2015 and 2014 (in thousands):



	Year ended December 31,
	2015			2014
Net income attributable to common stockholders	$	19,911		$	47,055
Straight line adjustment for ground leases	4,782			4,835
Acquisition costs	293			1,058
Depreciation and amortization	68,022			58,974
Loss on impairment of collegiate housing assets	—			12,733
Gain on sale of collegiate housing assets	(2,770		)	(33,231		)
Gain on insurance settlement	—			(8,133		)
Interest expense	24,449			20,656
Amortization of deferred financing costs	2,089			2,156
Interest income	(213		)	(190		)
Interest on loan to participating development	—			(6,486		)
Loss on extinguishment of debt	403			3,543
Income tax expense	347			261
Noncontrolling interests	171			599
Adjusted EBITDA	$	117,484		$	103,830
Annualize acquisitions, developments and dispositions⁽¹⁾	9,711			13,446
Pro Forma Adjusted EBITDA	$	127,195		$	117,276

⁽¹⁾ Pro forma adjustment to reflect all acquisitions, development deliveries and dispositions as if such transactions had occurred on the first day of the period presented.



		FINANCIAL HIGHLIGHTS



(Amounts in thousands, except per share data, unaudited)

OPERATING DATA:
		Three months ended December 31,									Year ended December 31,
		2015		2014		$ Chg			% Chg		2015		2014		$ Chg			% Chg

	Same-community revenue	$	49,895	$	48,192	$	1,703		3.5	%	$	183,375	$	173,948	$	9,427		5.4	%
	Total community revenue	71,781		61,645		10,136			16.4	%	240,623		206,322		34,301			16.6	%
	Total revenue	75,520		66,504		9,016			13.6	%	255,162		225,793		29,369			13.0	%

	Same-community net operating income	30,492		29,655		837			2.8	%	102,786		97,162		5,624			5.8	%
	Total community net operating income	45,950		39,059		6,891			17.6	%	139,340		113,673		25,667			22.6	%
	Total operating income	19,857		17,514		2,343			13.4	%	45,055		23,940		21,115			88.2	%

	Net income attributable to EdR	14,773		22,397		(7,624		)	(34.0	)%	19,911		47,055		(27,144		)	(57.7	)%
	Per share - basic	$	0.28	$	0.47	$	(0.19	)	(40.4	)%	$	0.40	$	1.10	$	(0.70	)	(63.6	)%
	Per share - diluted	0.27		0.47		(0.20		)	(42.6	)%	0.40		1.09		(0.69		)	(63.3	)%

	Funds from operations (FFO)	31,074		25,025		6,049			24.2	%	86,079		77,718		8,361			10.8	%
	Per weighted average share/unit ⁽¹⁾	$	0.58	$	0.52	$	0.06		11.5	%	$	1.72	$	1.80	$	(0.08	)	(4.4	)%

	Core funds from operations (Core FFO)	32,664		28,878		3,786			13.1	%	91,557		80,339		11,218			14.0	%
	Per weighted average share/unit ⁽¹⁾	$	0.61	$	0.60	$	0.01		1.7	%	$	1.83	$	1.86	$	(0.03	)	(1.6	)%

FINANCIAL RATIOS:
		12/31/2015				12/31/2014
	Debt to gross assets	28.3%				35.1%
	Net debt to enterprise value	22.0%				28.1%
	Interest coverage ratio (TTM)	4.8x				5.0x
	Net debt to EBITDA - Adjusted (TTM)	4.0x				4.9x

⁽¹⁾ FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact. See page 5 for a detailed calculation.



FOURTH QUARTER 2015		1



		BALANCE SHEET



(Amount in thousands, except share and per share data, unaudited)
		December 31, 2015			December 31, 2014
Assets
	Collegiate housing properties, net ⁽¹⁾	$	1,774,796		$	1,586,009
	Assets under development	117,384			120,702
	Cash and cash equivalents	33,742			18,385
	Restricted cash	9,784			10,342
	Other assets	66,125			70,892
Total assets		$	2,001,831		$	1,806,330

Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium and deferred financing costs	$	204,511		$	248,128
	Unsecured revolving credit facility	—			24,000
	Unsecured term loan, net of unamortized deferred financing costs	186,518			186,277
	Unsecured Senior Notes, net of unamortized deferred financing costs	247,678			247,425
	Accounts payable and accrued expenses	85,670			76,869
	Deferred revenue	19,024			17,301
Total liabilities		743,401			800,000

Commitments and contingencies		—			—

Redeemable noncontrolling interests		13,560			14,512

Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 56,879,003 and 47,999,427 shares issued and outstanding as of December 31, 2015 and 2014, respectively	569			480
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,263,603			1,034,683
	Accumulated deficit	(21,998		)	(41,909		)
	Accumulated other comprehensive loss	(5,475		)	(4,465		)
Total EdR stockholders' equity		1,236,699			988,789
Noncontrolling interest		8,171			3,029
Total equity		1,244,870			991,818

Total liabilities and equity		$	2,001,831		$	1,806,330

⁽¹⁾ Amount is net of accumulated depreciation of $270,993 and $210,047, as of December 31, 2015 and 2014, respectively.



FOURTH QUARTER 2015		2



		OPERATING RESULTS



(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,									Year ended December 31,
	2015			2014			$ Change			2015			2014			$ Change
Revenues:
Collegiate housing leasing revenue	$	71,781		$	61,645		$	10,136		$	240,623		$	206,322		$	34,301
Third-party development consulting services	702			1,541			(839		)	2,233			6,805			(4,572		)
Third-party management services	972			1,103			(131		)	3,670			3,959			(289		)
Operating expense reimbursements	2,065			2,215			(150		)	8,636			8,707			(71		)
Total revenues	75,520			66,504			9,016			255,162			225,793			29,369
Operating expenses:
Collegiate housing leasing operations	25,831			22,586			3,245			101,283			92,649			8,634
Development and management services	3,218			2,725			493			11,446			9,685			1,761
General and administrative	2,773			2,593			180			9,000			8,745			255
Development pursuit, acquisition costs and severance	47			—			47			452			1,372			(920		)
Depreciation and amortization	18,417			16,045			2,372			68,022			58,974			9,048
Ground lease expense	3,312			2,826			486			11,268			8,988			2,280
Loss on impairment of collegiate housing properties	—			—			—			—			12,733			(12,733		)
Reimbursable operating expenses	2,065			2,215			(150		)	8,636			8,707			(71		)
Total operating expenses	55,663			48,990			6,673			210,107			201,853			8,254

Operating income	19,857			17,514			2,343			45,055			23,940			21,115

Nonoperating (income) expenses:
Interest expense	6,834			5,580			1,254			24,449			20,656			3,793
Amortization of deferred financing costs	562			623			(61		)	2,089			2,156			(67		)
Interest income	(69		)	(38		)	(31		)	(213		)	(190		)	(23		)
Guarantee fee income from participating development	—			—			—			—			(3,000		)	3,000
Interest on loan to participating development	—			—			—			—			(6,486		)	6,486
Gain on insurance settlement	—			—			—			—			(8,133		)	8,133
Loss on extinguishment of debt	403			2,651			(2,248		)	403			3,543			(3,140		)
Total nonoperating expenses	7,730			8,816			(1,086		)	26,728			8,546			18,182
Income before equity in earnings (losses) of unconsolidated entities, income taxes and gain on sale of collegiate housing communities	12,127			8,698			3,429			18,327			15,394			2,933
Equity in earnings (losses) of unconsolidated entities	155			(340		)	495			(668		)	(710		)	42
Income before income taxes and gain on sale of collegiate housing properties	12,282			8,358			3,924			17,659			14,684			2,975
Income tax expense (benefit)	22			(337		)	359			347			261			86
Income before gain on sale of collegiate housing properties	12,260			8,695			3,565			17,312			14,423			2,889
Gain on sale of collegiate housing properties	2,770			13,908			(11,138		)	2,770			33,231			(30,461		)
Net income	15,030			22,603			(7,573		)	20,082			47,654			(27,572		)
Less: Net income attributable to the noncontrolling interests	257			206			51			171			599			(428		)
Net income attributable to Education Realty Trust, Inc.	$	14,773		$	22,397		$	(7,624	)	$	19,911		$	47,055		$	(27,144	)



FOURTH QUARTER 2015		3



		OPERATING RESULTS



(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,								Year ended December 31,
	2015		2014			$ Change			2015			2014			$ Change
Other comprehensive income (loss):
Gain (loss) on cash flow hedging derivatives	2,419		(2,051		)	4,470			(1,010		)	(4,465		)	3,455
Comprehensive income	$	17,192	$	20,346		$	(3,154	)	$	18,901		$	42,590		$	(23,689	)

Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic	$	0.28	$	0.47		$	(0.19	)	$	0.40		$	1.10		$	(0.70	)
Net income attributable to Education Realty Trust, Inc. common stockholders per share – diluted	$	0.27	$	0.47		$	(0.20	)	$	0.40		$	1.09		$	(0.69	)

Weighted average shares of common stock outstanding – basic	53,486		47,658						49,676			42,934
Weighted average shares of common stock outstanding – diluted ⁽¹⁾	53,788		48,002						49,991			43,277


⁽¹⁾ Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Units.



FOURTH QUARTER 2015		4



		FUNDS FROM OPERATIONS



(Amounts in thousands, except per share data, unaudited)		Three months ended December 31,									Year ended December 31,
		2015			2014			$ Change			2015			2014			$ Change
Net income attributable to EdR		$	14,773		$	22,397		$	(7,624	)	$	19,911		$	47,055		$	(27,144	)
	Gain on sale of collegiate housing assets	(2,770		)	(13,908		)	11,138			(2,770		)	(33,231		)	30,461
	Gain on insurance settlement ⁽¹⁾	—			—			—			—			(8,133		)	8,133
	Impairment losses	—			—			—			—			12,733			(12,733		)
	Real estate related depreciation and amortization	18,026			15,690			2,336			66,499			58,055			8,444
	Equity portion of real estate depreciation and amortization on equity investees	784			557			227			2,141			701			1,440
	Noncontrolling interests	261			289			(28		)	298			538			(240		)
Funds from operations ("FFO") available to stockholders and unitholders		31,074			25,025			6,049			86,079			77,718			8,361
	percent change							24.2		%							10.8		%

FFO adjustments:
	Loss on extinguishment of debt	403			2,651			(2,248		)	403			3,543			(3,140		)
	Acquisition costs	—			—			—			293			1,058			(765		)
	Severance costs, net of tax	—			—			—			—			314			(314		)
	Straight-line adjustment for ground leases ⁽²⁾	1,187			1,202			(15		)	4,782			4,835			(53		)
FFO adjustments		1,590			3,853			(2,263		)	5,478			9,750			(4,272		)

FFO on Participating Developments:⁽³⁾
	Interest on loan to Participating Development	—			—			—			—			(5,581		)	5,581
	Development fees on Participating Development, net of costs and taxes	—			—			—			—			(1,548		)	1,548
FFO on Participating Developments		—			—			—			—			(7,129		)	7,129

Core funds from operations ("Core FFO") available to stockholders and unitholders		$	32,664		$	28,878		$	3,786		$	91,557		$	80,339		$	11,218
	percent change							13.1		%							14.0		%

FFO per weighted average share/unit ⁽⁴⁾		$	0.58		$	0.52		$	0.06		$	1.72		$	1.80		$	(0.08	)
	percent change							11.5		%							(4.4		)%
Core FFO per weighted average share/unit ⁽⁴⁾		$	0.61		$	0.60		$	0.01		$	1.83		$	1.86		$	(0.03	)
	percent change							1.7		%							(1.6		)%

Weighted average shares/units ⁽⁴⁾		53,788			48,002			5,786			49,991			43,277			6,714
	percent change							12.1		%							15.5		%

⁽¹⁾ Represents gain on insurance settlement at 3949 Lindell. The community was damaged by fire in July 2012. All claims were settled during the year ended December 31, 2014, at which time the gain was recognized.
⁽²⁾ This represents the straight-line rent expense adjustment required by GAAP related to ground leases. As the ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
⁽³⁾ FFO on participating developments in 2014 represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for interest income is based on terms of the loan. In July 2014, our mezzanine investment was repaid in full, ending the Company's participation in the project and any fees and interest. At the same time all previously deferred amounts were recognized in net income.
⁽⁴⁾ FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.



FOURTH QUARTER 2015		5



	COMMUNITY OPERATING RESULTS



(Amounts in thousands, unaudited)

		Three Months Ended December 31,									Year Ended December 31,
		2015		2014		$ Change			% Change		2015		2014		$ Change			% Change
Revenues
	Same-communities⁽¹⁾	$	49,895	$	48,192	$	1,703		3.5	%	$	183,375	$	173,948	$	9,427		5.4	%
	New-communities ⁽²⁾	21,137		11,823		9,314			78.8	%	54,005		16,937		37,068			218.9	%
	Sold-communities⁽³⁾	382		1,630		(1,248		)	(76.6	)%	1,775		15,437		(13,662		)	(88.5	)%
	CA revenue⁽⁴⁾	367		—		367			NM		1,468		—		1,468			NM
Total revenues		71,781		61,645		10,136			16.4	%	240,623		206,322		34,301			16.6	%

Operating expenses ⁽⁵⁾
	Same-communities⁽¹⁾	19,403		18,537		866			4.7	%	80,589		76,786		3,803			5.0	%
	New-communities ⁽²⁾	5,796		3,012		2,784			92.4	%	18,235		6,366		11,869			186.4	%
	Sold-communities⁽³⁾	265		1,037		(772		)	(74.4	)%	991		9,497		(8,506		)	(89.6	)%
	CA revenue⁽⁴⁾	367		—		367			NM		1,468		—		1,468			NM
Total operating expenses		25,831		22,586		3,245			14.4	%	101,283		92,649		8,634			9.3	%

Net operating income
	Same-communities⁽¹⁾	30,492		29,655		837			2.8	%	102,786		97,162		5,624			5.8	%
	New-communities ⁽²⁾	15,341		8,811		6,530			NM		35,770		10,571		25,199			NM
	Sold-communities⁽³⁾	117		593		(476		)	NM		784		5,940		(5,156		)	NM
Total net operating income		$	45,950	$	39,059	$	6,891		17.6	%	$	139,340	$	113,673	$	25,667		22.6	%


⁽¹⁾ Same-communities are defined as those communities that have been open and operating for the whole time in the current and prior periods. See page 27 of this supplement for a listing of same-communities.
⁽²⁾ See page 27 of this supplement for a listing of which communities are categorized as new-communities.
⁽³⁾ Represents operating results from communities sold in 2014 and 2015.
⁽⁴⁾ Represents additional same-community revenue and expenses incurred as a result of the Company changing its community assistant program at the end of 2014. The amounts are shown separately as there is no NOI impact and to clearly show the operating growth in revenue and expenses year over year.
⁽⁵⁾ Represents community level operating expenses, excluding management fees, depreciation, amortization, ground lease expense and impairment charges, plus regional and other corporate costs of supporting the communities.



FOURTH QUARTER 2015		6



	SAME-COMMUNITY EXPENSES BY CATEGORY



(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended December 31, 2015						Three months ended December 31, 2014
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change				% Change
Utilities⁽¹⁾	$	5,890	$	259	29	%	$	5,714	$	252	32	%	$	176			3.1	%
On-Site Payroll	3,376		149		17	%	3,263		144		18	%	113				3.5	%
General & Administrative⁽²⁾	3,349		147		17	%	3,248		143		18	%	101				3.1	%
Maintenance & Repairs⁽³⁾	1,234		54		6	%	1,092		48		6	%	142				13.0	%
Marketing	860		38		4	%	870		38		5	%	(10		)		(1.1	)%
Total Direct Operating Expenses	$	14,709	$	647	76	%	$	14,187	$	625	77	%	$	522			3.7	%

Real Estate Taxes	4,123		181		21	%	3,796		167		20	%	327				8.6	%
Insurance	571		25		3	%	554		24		3	%	17				3.1	%
Total Fixed Operating Expenses	$	4,694	$	206	24	%	$	4,350	$	191	23	%	$	344			7.9	%
Total Property Operating Expenses	$	19,403	$	853	100	%	$	18,537	$	816	100	%	$	866			4.7	%

	Year ended December 31, 2015						Year ended December 31, 2014
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change				% Change
Utilities⁽¹⁾	$	22,678	$	998	27	%	$	21,695	955		29	%	983				4.5	%
On-Site Payroll	13,792		607		17	%	13,075		576		18	%	717				5.5	%
General & Administrative⁽²⁾	12,409		546		15	%	12,706		559		17	%	(297		)		(2.3	)%
Maintenance & Repairs⁽³⁾	8,582		378		11	%	7,847		345		10	%	735				9.4	%
Marketing	3,440		151		4	%	3,552		156		5	%	(112		)		(3.2	)%
Total Direct Operating Expenses	$	60,901	$	2,680	76	%	$	58,875	$	2,591	77	%	$	2,026			3.4	%

Real Estate Taxes	17,405		766		22	%	15,682		690		20	%	1,723			⁽⁴⁾	11.0	%
Insurance	2,283		100		3	%	2,229		98		3	%	54				2.4	%
Total Fixed Operating Expenses	$	19,688	$	866	24	%	$	17,911	$	788	23	%	$	1,777			9.9	%
Total Property Operating Expenses	$	80,589	$	3,546	100	%	$	76,786	$	3,379	100	%	$	3,803		⁽⁴⁾	5.0	%

Same-community beds	22,718

NOTE: Schedule does not include $0.4 million and $1.5 million of expenses for the three months ended December 31, 2015 and the year ended ended December 31, 2015, respectively, related to the Company's change in its community assistant program at the end of the prior year. See note 4 on page 6.

⁽¹⁾Represents gross costs before recoveries from tenants and includes student amenities such as internet.
⁽²⁾ Includes property-level general and administrative cost and dining costs as well as regional and other corporate costs of supporting the communities.
⁽³⁾ Includes general maintenance costs, grounds and landscaping, turn costs and life safety costs.
⁽⁴⁾ During the first quarter of 2015 the Company accrued an additional $0.8 million in real estate taxes relating to the settlement of an assessment dispute with a local school board at one community covering several prior assessment years. Without this charge, real estate taxes would have only increased 5.8% and total operating expenses would have only increased 3.9% over prior year.



FOURTH QUARTER 2015		7



		COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS



(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Total / Weighted Average - Trailing Twelve Months
		December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			Total / Weighted Average - Trailing Twelve Months
2015 Same Communities
	Revenue	$	48,192		$	47,582		$	44,144		$	41,754		$	49,895		$	183,375
	Operating Expenses	18,537			19,774			18,366			23,046			19,403			80,589
	Net Operating Income	$	29,655		$	27,808		$	25,778		$	18,708		$	30,492		$	102,786
	Margin	62		%	58		%	58		%	45		%	61		%	56		%
	Beds	68,157			68,157			68,157			68,157			68,157			272,628
	Occupancy⁽¹⁾	96.3		%	96.0		%	88.5		%	90.8		%	97.2		%	93.1		%
	Net Apartment Rent per Occupied Bed	$	693		$	682		$	677		$	606		$	709		$	669
	Other Income per Occupied Bed	41			46			55			69			44			53
	Total Revenue per Occupied Bed	$	734		$	728		$	732		$	675		$	753		$	722
	Operating Expense per Available Bed	$	272		$	290		$	269		$	338		$	285		$	296

2015 New Communities
	Revenue	$	11,823		$	11,939		$	8,726		$	12,203		$	21,137		$	54,005
	Operating Expenses	3,012			3,787			3,907			4,745			5,796			18,235
	Net Operating Income	$	8,811		$	8,152		$	4,819		$	7,458		$	15,341		$	35,770
	Margin	75		%	68		%	55		%	61		%	73		%	66		%
	Beds	13,674			13,674			13,824			19,756			23,046			70,300
	Occupancy⁽¹⁾	95.6		%	95.0		%	63.7		%	82.7		%	94.2		%	85.1		%
	Net Apartment Rent per Occupied Bed	$	883		$	882		$	945		$	683		$	940		$	858
	Other Income per Occupied Bed	22			37			47			64			33			44
	Total Revenue per Occupied Bed	$	905		$	919		$	992		$	747		$	973		$	902
	Operating Expense per Available Bed	$	220		$	277		$	283		$	240		$	252		$	259

2015 Sold Communities
	Revenue	$	1,630		$	494		$	497		$	402		$	382		$	1,775
	Operating Expenses	1,037			212			228			286			265			991
	Net Operating Income	$	593		$	282		$	269		$	116		$	117		$	784
	Margin	36		%	57		%	54		%	29		%	31		%	44		%
	Beds	2,708			1,080			1,080			1,080			1,080			4,320
	Occupancy⁽¹⁾	92.7		%	99.1		%	98.9		%	92.7		%	84.5		%	93.8		%
	Net Apartment Rent per Occupied Bed	$	622		$	445		$	448		$	385		$	386		$	417
	Other Income per Occupied Bed	28			19			17			17			33			21
	Total Revenue per Occupied Bed	$	650		$	464		$	465		$	402		$	419		$	438
	Operating Expense per Available Bed	$	404		$	196		$	211		$	265		$	245		$	229



FOURTH QUARTER 2015		8



		COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS



(Amounts in thousands, except beds and per bed amounts)		Three Months Ended															Total / Weighted Average - Trailing Twelve Months
		December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			Total / Weighted Average - Trailing Twelve Months

Other⁽²⁾
	Revenue	$	—		$	367		$	367		$	367		$	367		$	1,468
	Operating Expenses	—			367			367			367			367			1,468
	Net Operating Income	$	—		$	—		$	—		$	—		$	—		$	—
	Margin	—		%	—		%	—		%	—		%	—		%	—		%

2015 Total Communities
	Revenue	$	61,645		$	60,382		$	53,734		$	54,726		$	71,781		$	240,623
	Operating Expenses	22,586			24,140			22,868			28,444			25,831			101,283
	Net Operating Income	$	39,059		$	36,242		$	30,866		$	26,282		$	45,950		$	139,340
	Margin	63		%	60		%	57		%	48		%	64		%	58		%
	Beds	84,539			82,911			83,061			88,993			92,283			347,248
	Occupancy⁽¹⁾	96.1		%	95.8		%	84.5		%	89.0		%	96.3		%	91.5		%
	Net Apartment Rent per Occupied Bed	721			716			712			623			767			706
	Other Income per Occupied Bed	37			44			53			67			41			51
	Total Revenue per Occupied Bed	758			760			765			690			808			757
	Operating Expense per Available Bed	268			291			275			320			280			292

⁽¹⁾ Represents the weighted average physical occupancy for the period presented.
⁽²⁾ Represents additional same-community revenue and expenses incurred as a result of the Company changing its community assistant program at the end of 2014. The amounts are shown separately as there is no NOI impact and to clearly show the operating growth in revenue and expenses year over year.



FOURTH QUARTER 2015		9



		2015 RESULTS PRESENTED IN 2016 SAME-COMMUNITY MIX



Build-up to 2016 Same Community Mix
(Amounts in thousands, except beds and per bed amounts)		Three Months Ended												Total / Weighted Average - Full Year 2015
		March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			Total / Weighted Average - Full Year 2015
2015 Same Communities
	Revenue	$	47,582		$	44,144		$	41,754		$	49,895		$	183,375
	Operating Expenses	19,774			18,366			23,046			19,403			80,589
	Net Operating Income	$	27,808		$	25,778		$	18,708		$	30,492		$	102,786
	Margin	58		%	58		%	45		%	61		%	56		%
	Beds	68,157			68,157			68,157			68,157			272,628
	Occupancy⁽¹⁾	96.0		%	88.5		%	90.8		%	97.2		%	93.1		%
	Net Apartment Rent per Occupied Bed	$	682		$	677		$	606		$	709		$	669
	Other Income per Occupied Bed	46			55			69			44			53
	Total Revenue per Occupied Bed	$	728		$	732		$	675		$	753		$	722
	Operating Expense per Available Bed	$	290		$	269		$	338		$	285		$	296

2016 New Same Communities and Adjustments⁽²⁾
	Revenue	$	10,999		$	7,728		$	7,748		$	11,857		$	38,332
	Operating Expenses	3,362			3,440			3,251			3,446			13,499
	Net Operating Income	$	7,637		$	4,288		$	4,497		$	8,411		$	24,833
	Margin	69		%	55		%	58		%	71		%	65		%
	Beds	11,670			11,670			11,670			11,670			46,680
	Occupancy⁽¹⁾	94.4		%	57.7		%	78.2		%	95.5		%	81.5		%
	Net Apartment Rent per Occupied Bed	$	960		$	1,096		$	777		$	1,026		$	959
	Other Income per Occupied Bed	38			53			72			38			49
	Total Revenue per Occupied Bed	$	998		$	1,149		$	849		$	1,064		$	1,008
	Operating Expense per Available Bed	$	288		$	295		$	279		$	295		$	289

2016 Same Communities
	Revenue	$	58,581		$	51,872		$	49,502		$	61,752		$	221,707
	Operating Expenses	23,136			21,806			26,297			22,849			94,088
	Net Operating Income	$	35,445		$	30,066		$	23,205		$	38,903		$	127,619
	Margin	61		%	58		%	47		%	63		%	58		%
	Beds	79,827			79,827			79,827			79,827			319,308
	Occupancy⁽¹⁾	95.7		%	84.0		%	89.0		%	96.9		%	91.4		%
	Net Apartment Rent per Occupied Bed	$	722		$	719		$	628		$	755		$	707
	Other Income per Occupied Bed	44			55			69			43			53
	Total Revenue per Occupied Bed	$	766		$	774		$	697		$	798		$	760
	Operating Expense per Available Bed	$	290		$	273		$	329		$	286		$	295
⁽¹⁾ Represents the weighted average physical occupancy for the period presented.
⁽²⁾ The following adjustments are included: 1) adjustments for properties that will be considered same-community for financial reporting purposes beginning January 1, 2016, 2) reclass of The Retreat at Oxford to new-communities due to development of the second phase of the project, and 3) the CA adjustment presented in Other in the 2015 trailing five quarters presentation (see note 2 on page 9).



FOURTH QUARTER 2015		10



	PRELEASING SUMMARY



						Preleasing at February 16,
	Design Beds	% of NOI		2015 Opening Occupancy		2016		2015		Preleasing Ahead/(Behind)		Projected Rate Growth

Same-Communities - by Tier
Prior Year Occupancy Below 90% (Tier 1)	2,384	6.4	%	77.6	%	33.3	%	26.8	%	6.5	%	1.0	%
Prior Year Occupancy 90% to 96.9% (Tier 2)	5,290	14.4	%	95.2	%	34.3	%	38.4	%	(4.1	)%	2.5	%
Prior Year Occupancy 97% and Above (Tier 3)	16,999	79.2	%	99.8	%	69.4	%	62.0	%	7.4	%	3.3	%
Total Same-Communities ⁽¹⁾	24,673	100.0	%	96.6	%	58.4	%	53.5	%	4.9	%	3.0	%
Total New-Communities ⁽²⁾	2,107					58.2	%
Total Communities	26,780					58.4	%

Projected Fall Revenue:
The same-community portfolio is projected to obtain a 2.5% to 3.5% increase in revenue for the upcoming lease term, with net rates up 3% and occupancies consistent with the prior year.



NOTE: Leasing update does not include 4,592 same-community beds or 1,141 new-community beds to be delivered in 2016 at the University of Kentucky. Although the university's assignment process does not occur until May, all 5,733 beds, which include the 601 beds delivered in 2013, 2,381 beds delivered in 2014, 1,610 beds delivered in 2015, and 1,141 beds to be delivered in August 2016, are currently 88% applied for this fall.

⁽¹⁾ The same-community designation for leasing purposes is different than for financial reporting purposes. A community is considered same-community for leasing when the Company has managed the leasing process for at least two leasing cycles, including the 2016/2017 leasing cycle. Design Beds for Same-Communities included in the 2016 Preleasing Summary above include the following design beds: (1) total same-community design beds on page 27 of 22,718 less 601 beds at the University of Kentucky and 668 beds at the Retreat at Oxford plus (2) 3,224 design beds on communities that are considered same for leasing purposes (see note 1 on page 27).

⁽²⁾The new-community designation for leasing purposes is different than for financial statement purposes. A community is considered new-community for leasing when the Company has not previously managed the leasing process. Design beds for Total New-Communities above include the following: (1) our 2015 acquisitions of The Commons on Bridge (150 beds) and The Province Boulder (317 beds) plus (2) beds at our 2016 development deliveries of The Retreat at Oxford (1,018 beds) and The Retreat at Blacksburg (622 beds).



FOURTH QUARTER 2015		11



	SAME-COMMUNITY PRELEASING BY REGION AND DISTANCE



						Preleasing at February 16,
	Design Beds	% of NOI		2015 Opening Occupancy		2016		2015		Preleasing Ahead/(Behind)		Projected Rate Growth

Same-Communities - by Region ⁽¹⁾
Mid-Atlantic	6,202	30.7	%	96.1	%	67.1	%	61.9	%	5.2	%	2.8	%
Midwest	2,276	6.4	%	91.3	%	26.4	%	32.9	%	(6.5	)%	0.3	%
North	3,205	11.5	%	98.1	%	67.9	%	67.5	%	0.4	%	2.4	%
South Central	4,082	18.9	%	95.9	%	65.9	%	56.4	%	9.5	%	3.8	%
Southeast	5,681	17.2	%	97.9	%	50.9	%	46.8	%	4.1	%	3.0	%
West	3,227	15.3	%	98.8	%	58.4	%	46.3	%	12.1	%	4.4	%
Total Same-Communities	24,673	100.0	%	96.6	%	58.4	%	53.5	%	4.9	%	3.0	%


Same-Communities - by Distance from Campus
0-0.2 miles	14,896	71.5	%	98.0	%	65.1	%	58.1	%	7.0	%	3.3	%
0.21-0.49 miles	2,144	6.8	%	96.4	%	49.6	%	42.6	%	7.0	%	3.3	%
0.5-0.99 miles	336	0.9	%	95.5	%	41.1	%	59.2	%	(18.1	)%	8.0	%
1.0-1.99 miles	5,437	16.4	%	93.8	%	49.5	%	44.8	%	4.7	%	1.5	%
2.0 & > miles	1,860	4.4	%	94.8	%	43.8	%	53.9	%	(10.1	)%	1.9	%
Total Same-Communities	24,673	100.0	%	96.6	%	58.4	%	53.5	%	4.9	%	3.0	%

NOTE: Leasing update does not include 4,592 same-community beds or 1,141 new-community beds to be delivered in 2016 at the University of Kentucky. Although the university's assignment process does not occur until May, all 5,733 beds, which include the 601 beds delivered in 2013, 2,381 beds delivered in 2014, 1,610 beds delivered in 2015, and 1,141 beds to be delivered in August 2016, are currently 88% applied for this fall.

⁽¹⁾ See definition of regions on page 29.



FOURTH QUARTER 2015		12



	TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on actual 2015 revenues, but excludes properties that were sold during 2015.

⁽¹⁾ All revenue at the University of Kentucky is from ONE Plan^SM on-campus assets.



FOURTH QUARTER 2015		13



	TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on actual 2015 revenues, but excludes properties that were sold during 2015.



FOURTH QUARTER 2015		14



	NEW SUPPLY AND ENROLLMENT - EdR MARKETS

New supply expected to slow over 20% from 2015 to 2016

EdR Market and Revenue Growth

*Enrollment projection represents the 3-year enrollment CAGR through 2014 for our markets.



FOURTH QUARTER 2015		15



	OWNED COMMUNITY PROJECTED 2016 NEW SUPPLY AND DEMAND INFORMATION



Owned Community Projected 2016 New Supply and Demand Information by Region

Region ⁽⁴⁾	Owned Beds ⁽³⁾	Percentage of Owned Beds	EdR NOI % ⁽¹⁾	Enrollment Growth 3 Year CAGR - Universities Served	2016 New Supply %	Variance
West	3,544	11%	13%	1.5%	0.5%	1.0%
Mid Atlantic	6,824	21%	25%	0.9%	1.5%	(0.6)%
North	3,205	10%	8%	0.2%	1.2%	(1.0)%
South Central	10,983	34%	37%	2.2%	3.5%	(1.3)%
Southeast	5,681	17%	12%	0.9%	0.7%	0.2%
Midwest	2,276	7%	5%	1.7%	1.6%	0.1%
Total	32,513	100%	100%	1.5%	1.8%	(0.3)%


Region ⁽⁴⁾	Anticipated 2016 Enrollment Growth⁽²⁾	2016 Supply Growth	Variance
West	2,900	761	2,139
Mid Atlantic	2,081	2,300	(219)
North	1,124	1,913	(789)
South Central	3,288	5,686	(2,398)
Southeast	1,269	1,791	(522)
Midwest	1,504	1,422	82
Total	12,166	13,873	(1,707)


NOTE: Schedule represents all markets served by EdR communities and includes 2015 completed deliveries and acquisitions and all announced 2016 developments. Data was obtained from the National Center for Education Statistics, AXIOmetrics and local market data.

⁽¹⁾ NOI is based on 2015 actual net operating income with pro forma adjustments for 2015 and 2016 developments and acquisitions that have been operating for less than 12 months.
⁽²⁾ Extrapolated from 2014 enrollment statistics from University Common Data Sets using the previous 3-year enrollment growth percentages.
⁽³⁾ Total Owned Beds reported herein include Total Communities design beds on page 27 of 30,400 plus 2,113 of beds at our 2016 deliveries at the University of Kentucky (1,141 beds), The Retreat at Blacksburg (622 beds) and the second phase at The Retreat at Oxford (350 beds) (also see page 18).
⁽⁴⁾See definition of regions on page 29.



FOURTH QUARTER 2015		16



	OWNED COMMUNITY PROJECTED 2016 NEW SUPPLY AND DEMAND INFORMATION



Projected 2016 New Supply Sorted by Percentage Increase

New Supply Growth	University Markets		EdR Bed Count		Pro Forma EdR NOI %⁽¹⁾
0%	12	32%	15,037	46%	45%
0.1% to 1.0%	8	22%	4,240	13%	13%
1.0% - 3.0%	10	27%	7,508	23%	23%
3.0% - 5.0%	5	14%	3,418	11%	13%
> 5.0%	2	5%	2,310	7%	6%
Total	37	100%	32,513	100%	100%


University Markets with > 5% Increase in 2016 New Supply

University	New Supply Increase	Pro Forma EdR NOI %
University of Louisville	8.6%	2.2%
University of Mississippi	8.2%	4.4%
		6.6%

NOTE: Schedule represents all markets served by EdR communities and includes 2015 completed deliveries and acquisitions and all announced 2016 developments. Data was obtained from the National Center for Education Statistics, AXIOmetrics and local market data.
⁽¹⁾ NOI is based on 2015 actual net operating income with pro forma adjustments for 2015 and 2016 developments and acquisitions that have been operating for less than 12 months.



FOURTH QUARTER 2015		17



		OWNED DEVELOPMENT SUMMARY



(Amounts in thousands, except bed counts)

	Active Projects	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Total Project Development Cost		EdR's Ownership Percentage	EdR's Share of Development Cost		EdR's Share of Development Cost to be Funded
	University of Kentucky - Limestone Park I & II⁽²⁾	ONE Plan⁽¹⁾	1,141	In progress	Summer 2016	$	83,911	100%	$	83,911	$	33,542
	University of Mississippi - The Retreat - Phase II	Wholly Owned	350	In progress	Summer 2016	26,161		100%	26,161		11,508
	Virginia Tech - Retreat at Blacksburg - Phase I	Joint Venture	622	In progress	Summer 2016	48,325		75%	36,244		17,297
	Total - 2016 Deliveries		2,113			$	158,397		$	146,316	$	62,347

	University of Kentucky - University Flats	ONE Plan ⁽¹⁾	771	In progress	Summer 2017	$	74,038	100%	$	74,038	$	65,365
	Virginia Tech - Retreat at Blacksburg - Phase II	Joint Venture	207	Summer 2016	Summer 2017	16,108		75%	12,081		12,081
	Boise State University	ONE Plan ⁽¹⁾	656	In progress	Summer 2017	39,763		100%	39,763		39,157
	University of Kentucky - Lewis Hall	ONE Plan ⁽¹⁾	346	Spring 2016	Summer 2017	26,935		100%	26,935		25,926
	Michigan State University - SkyVue	Joint Venture	824	In progress	Summer 2017	89,906		90%	80,915		80,915
	Texas State University - The Local: Downtown	Joint Venture	304	In progress	Summer 2017	29,631		80%	23,705		21,209
	Total - 2017 Deliveries		3,108			$	276,381		$	257,437	$	244,653

	Total Active Projects		5,221			$	434,778		$	403,753	$	307,000


	Recently Awarded	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Total Project Development Cost
	Cornell University	TBD ⁽³⁾	850	Fall 2016	Summer 2018	$	80,000


	NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements, construction agreements and ground leases.
	⁽¹⁾ The On-Campus Equity Plan, or The ONE Plan^SM, is our equity program for universities, which allows universities to use EdR's equity and financial stability to develop and revitalize campus housing while preserving their credit capacity for other campus projects. The ONE Plan^SM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.
	⁽²⁾This project, once complete, will consist of multiple communities.
	⁽³⁾ In February 2016, Cornell University and EdR executed a pre-closing agreement and design and site planning are under way toward an expected fall 2016 groundbreaking and commencement of construction for an approximate 850 bed $80.0 million on-campus housing community targeted for summer 2018 delivery.



FOURTH QUARTER 2015		18



	THIRD-PARTY DEVELOPMENT SUMMARY



(Amounts in thousands, except bed count)


THIRD-PARTY PROJECTS
Project	Bed Count	Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year ⁽¹⁾		Fees Earned Year Ended December 31, 2015 ⁽¹⁾		Remaining Fees to Earn
Clarion University of Pennsylvania	728	In progress	(2)	$	55,104	$	2,092	$	931	$	1,115	$	46
University of Cal. Berkeley - Bowles Hall	186	In progress	Summer 2016	35,947		1,768		—		826		942
Texas A&M - Commerce	490	Summer 2016	Summer 2017	25,770		1,131		—		—		1,131
East Stroudsburg University - Pennsylvania Ph II	488	(3)	Summer 2017	TBD		TBD		—		—		TBD
Shepherd University	297	Summer 2016	Summer 2017	TBD		TBD		—		—		TBD
Total	2,189			$	116,821	$	4,991	$	931	$	1,941	$	2,119

NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.

⁽¹⁾ Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress or recently completed.
⁽²⁾ The first phase of the project at Clarion University of Pennsylvania for collegiate housing delivered in August 2015, the second phase of the project for collegiate housing delivered in December 2015 and a third phase of the project for other capital improvements is scheduled to deliver in the summer of 2016.
⁽³⁾ Construction on the second phase of the third-party development at East Stroudsburg University is expected to commence in May 2016 after final site plan approval has been obtained.



FOURTH QUARTER 2015		19



		CAPITAL STRUCTURE




as of December 31, 2015					Principal Outstanding		Weighted Average Interest Rate		Average Term to Maturity (in years)
(Amounts in thousands)


Total Debt to Gross Assets				Fixed Rate - Mortgage Debt ⁽⁶⁾	$	98,209	5.9	%	2.8
Debt⁽¹⁾	$	642,964		Variable Rate - Mortgage Debt	33,650		2.4	%	0.5
Gross Assets⁽²⁾	2,272,824			Variable Rate - Construction Debt	73,605		2.3	%	1.9
Debt to Gross Assets	28.3		%	Fixed Rate - 5 Yr. Unsecured Term Loan ⁽⁷⁾	65,000		3.0	%	3.0
				Fixed Rate - 7 Yr. Unsecured Term Loan ⁽⁷⁾	122,500		4.0	%	5.0
Net Debt to Enterprise Value				Fixed Rate - Unsecured Senior Notes	250,000		4.6	%	8.9
Net Debt⁽¹⁾	$	609,222		Variable Rate - Unsecured Revolving Credit Facility	—		—	%	—
Market Equity⁽³⁾	2,165,690			Debt⁽¹⁾ / Weighted Average	$	642,964	4.1	%	5.4
Enterprise Value	$	2,774,912		Less: Cash	33,742
				Net Debt	$	609,222
Net Debt to Enterprise Value	22.0%


Interest Coverage (TTM)⁽⁴⁾	4.8x
Net Debt to EBITDA - Adjusted (TTM)⁽⁵⁾	4.0x
Variable Rate Debt to Total Debt	16.7%


⁽¹⁾ Excludes unamortized debt premium of $0.6 million and unamortized deferred financing costs of $4.8 million.
⁽²⁾ Excludes accumulated depreciation of $271.0 million.
⁽³⁾Market equity includes 56,879,003 shares of the Company's common stock and 293,394 Operating Partnership Units, which are convertible into common shares, and is calculated using $37.88 per share, the closing price of the Company's common stock on December 31, 2015.
⁽⁴⁾ Equals Adjusted EBITDA of $117.5 million divided by interest expense of $24.4 million. See page 24 for reconciliation to Adjusted EBITDA.
⁽⁵⁾ Net Debt to EBITDA - Adjusted is calculated to normalize the impact of non-producing construction debt. In the calculation, Net Debt is total debt (excluding the unamortized debt premium and deferred financing costs) less cash and excludes non-producing debt related to assets under development at time of calculation. EBITDA is Proforma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, development deliveries and dispositions as if such had occurred at the beginning of the 12 month period being presented.
⁽⁶⁾ In January 2016, the Trust prepaid all outstanding fixed rate mortgage debt in the amount of $98.2 million with the proceeds from the January 2016 follow on equity offering. See page 22 for the Pro Forma Capital Structure.
⁽⁷⁾ The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.



FOURTH QUARTER 2015		20



		CAPITAL STRUCTURE

* On January 31, 2016, the Trust prepaid the remaining fixed rate mortgage debt maturing in 2017 ($22 million), 2019 ($55 million) and 2020 ($21 million).



Weighted Average Interest Rate of Debt Maturing Each Year ⁽¹⁾
	2016	2017	2018	2019	2020	2021	2022	2023	2024
Fixed Rate Debt	—%	5.6%	—%	4.4%	5.7%	4.0%	—%	—%	4.6%
Variable Rate Debt	2.4%	2.4%	—%	2.3%	—%	—%	—%	—%	—%
Total Debt	2.4%	3.2%	—%	4.2%	5.7%	4.0%	—%	—%	4.6%

⁽¹⁾ The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.



FOURTH QUARTER 2015		21



	PRO FORMA CAPITAL STRUCTURE




as of December 31, 2015, pro forma for January 2016 follow-on offering					Principal Outstanding		Weighted Average Interest Rate		Average Term to Maturity (in years)
(Amounts in thousands)


Total Debt to Gross Assets				Fixed Rate - Mortgage Debt	$	—	—	%	—
Debt⁽¹⁾	$	544,755		Variable Rate - Mortgage Debt	33,650		2.4	%	0.5
Gross Assets⁽²⁾	2,379,472			Variable Rate - Construction Debt	73,605		2.3	%	1.9
Debt to Gross Assets	22.9		%	Fixed Rate - 5 Yr. Unsecured Term Loan ⁽⁶⁾	65,000		3.0	%	3.0
				Fixed Rate - 7 Yr. Unsecured Term Loan ⁽⁶⁾	122,500		4.0	%	5.0
Net Debt to Enterprise Value				Fixed Rate - Unsecured Senior Notes	250,000		4.6	%	8.9
Net Debt⁽¹⁾	$	404,365		Variable Rate - Unsecured Revolving Credit Facility	—		—	%	—
Market Equity⁽³⁾	2,405,281			Debt⁽¹⁾ / Weighted Average	$	544,755	3.8	%	5.9
Enterprise Value	$	2,809,646		Less: Cash	140,390
				Net Debt	$	404,365
Net Debt to Enterprise Value	14.4%


Interest Coverage (TTM)⁽⁴⁾	6.3x
Net Debt to EBITDA - Adjusted (TTM)⁽⁵⁾	2.4x
Variable Rate Debt to Total Debt	19.7%


⁽¹⁾ Excludes unamortized debt premium of $0.6 million and unamortized deferred financing costs of $4.8 million.
⁽²⁾ Excludes accumulated depreciation of $271.0 million.
⁽³⁾Market equity includes 1) 56,879,003 shares of the Company's common stock, 2) 293,394 Operating Partnership Units, which are convertible into common shares and 3) 6,325,000 shares issued in connection with the January 2016 follow on equity offering, and is calculated using $37.88 per share, the closing price of the Company's common stock on December 31, 2015.
⁽⁴⁾ Equals Adjusted EBITDA of $117.5 million divided by pro forma interest expense of $18.5 million. Pro forma interest expense represents actual TTM interest expense of $24.4 million less interest of $5.9 million on the fixed rate mortgage debt that was repaid. See page 24 for reconciliation to Adjusted EBITDA.
⁽⁵⁾ Net Debt to EBITDA - Adjusted is calculated to normalize the impact of non-producing construction debt. In the calculation, Net Debt is total debt (excluding the unamortized debt premium and deferred financing costs) less cash and excludes non-producing debt related to assets under development at time of calculation. EBITDA is Proforma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, development deliveries and dispositions as if such had occurred at the beginning of the 12 month period being presented.
⁽⁶⁾ The Trust entered into interest rate swaps to effectively fix the interest rate on the term loans. The weighted average interest rates reflect the swapped (fixed) rate plus the current margin.



FOURTH QUARTER 2015		22



			UNSECURED SENIOR NOTE COVENANTS



as of December 31, 2015
(Amounts in thousands)

Unsecured Senior Note Covenants⁽¹⁾	Requirement			Current Ratio
Total Debt to Total Asset Value	≤ 60%			28.4%
Secured Debt to Total Asset Value	≤ 40%			9.1%
Unencumbered Asset Value to Unsecured Debt	> 150%			429.1%
Interest Coverage	> 1.5x			4.14x


Calculation of Interest Coverage Ratio:
Adjusted Pro Forma EBITDA:
EdR Adjusted EBITDA⁽²⁾	$	117,484
Pro forma Adjustments - acquisitions & dispositions⁽¹⁾	1,549
Total Adjusted Pro Forma EBITDA	$	119,033

Pro Forma Interest Expense:
Interest expense	$	24,449
Add back: Capitalized interest	5,376
Pro forma adjustments	(1,062		)
Pro forma interest expense	$	28,763

Interest Coverage	4.14x

⁽¹⁾Computed in accordance with the First Supplemental Indenture filed November 24, 2014 with the SEC.
⁽²⁾ See page 24 for a reconciliation to EdR Adjusted EBITDA.



FOURTH QUARTER 2015		23



	RECONCILIATION OF NON-GAAP MEASURES



(Amounts in thousands)
	For the Year Ended December 31,
Adjusted EBITDA and Pro Forma Adjusted EBITDA:	2015			2014
Net income attributable to common shareholders	$	19,911		$	47,055
Straight line adjustment for ground leases	4,782			4,835
Acquisition costs	293			1,058
Depreciation and amortization	68,022			58,974
Loss on impairment of collegiate housing assets	—			12,733
Gain on sale of collegiate housing assets	(2,770		)	(33,231		)
Gain on insurance settlement	—			(8,133		)
Interest expense	24,449			20,656
Amortization of deferred financing costs	2,089			2,156
Interest income	(213		)	(190		)
Interest on loan to participating development	—			(6,486		)
Loss on extinguishment of debt	403			3,543
Income tax expense	347			261
Noncontrolling interests	171			599
Adjusted EBITDA	117,484			103,830
Annualize acquisitions, developments and dispositions⁽¹⁾	9,711			13,446
Pro Forma Adjusted EBITDA	$	127,195		$	117,276

⁽¹⁾ Pro forma adjustment to reflect all acquisitions, development deliveries and dispositions as if such transactions had occurred on the first day of the period presented.



FOURTH QUARTER 2015		24



	2016 GUIDANCE



(Amounts in thousands, except share and per share data)	Year ending December 31, 2016
	Low End		High End

Net income attributable to EdR⁽¹⁾	$	22,450	$	26,200

Real estate related depreciation and amortization	68,000		68,000
Equity portion of real estate depreciation and amortization on equity investees	2,800		2,800
Noncontrolling interests	150		200
FFO	$	93,400	$	97,200
FFO adjustments:
Loss on extinguishment of debt	10,000		10,000
Straight-line adjustment for ground leases⁽²⁾	4,500		4,500
FFO adjustments	14,500		14,500

Core FFO	$	107,900	$	111,700

FFO per weighted average share/unit⁽³⁾	$	1.47	$	1.53

Core FFO per weighted average share/unit⁽³⁾	$	1.70	$	1.76

Weighted average shares/units⁽³⁾	63,600		63,600

Note: See page 26 for for details on guidance assumptions.

⁽¹⁾ Does not include any estimated gain or loss on the possible disposition of collegiate housing assets as gains or losses on the disposition of collegiate housing assets are excluded from FFO and Core FFO.
⁽²⁾ Represents the straight-line rent expense adjustment required by GAAP related to ground leases. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.
⁽³⁾ FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and operating partnership units outstanding, regardless of their dilutive impact.



FOURTH QUARTER 2015		25



	2016 GUIDANCE



(Amounts in thousands, except per share data)
2016 Guidance Assumptions

Core FFO									Development and Management Services
	Low				High			Change from 2015 (%)		Low			High
Core FFO - without potential Capital Transactions	$	112,600			$	117,000			Third-party development services revenue	$	1,000	-	$	1,500
Per share/Unit	$	1.77			$	1.84		(3%) to 1%	Third-party management services revenue	$	3,500	-	$	3,500
Impact of Potential Capital Transactions	$	(0.07	)		$	(0.08	)
Core FFO Per Share/Unit	$	1.70			$	1.76		(4%) to (7%)
									G&A and Nonoperating Expenses
										Low			High
Community Net Operating Income Guidance Assumptions									Interest expense, net of capitalized interest and including amortization of deferred financing costs	$19,000		-	$20,000
	Low				High				Capitalized Interest - included in above	$6,500		-	$7,000
Same-community revenue growth	3.0%			-	4.0%
Same-community operating expense growth	2.5%			-	3.5%				General and administrative expenses (including management and development services)	$21,000		-	$22,000
Same-community net operating income growth	3.5%			-	4.5%				Ground lease expense, excluding straight-line	$7,500
Same Community - Fall Revenue Growth	2.5%			-	3.5%				Non-real estate depreciation	$2,000

New-communities:									Other
NOI on 2016 development deliveries	$	6,500			$	7,000				Low			High
NOI on 2015 developments and acquisitions⁽¹⁾	$	18,000			$	18,500			Income tax expense	$400
Preopening expenses, included in above	$2,000								Equity in (losses) of unconsolidated entities⁽¹⁾	$(300)
									Core FFO depreciation add back related to unconsolidated entities above⁽¹⁾	$2,800
Potential Capital Transactions	Dollar Volume
Acquisitions	$	75,000		-	$	125,000			Full year weighted average shares	63,600
Dispositions	$	150,000		-	$	200,000
⁽¹⁾ The Marshall and Georgia Heights, delivered in 2014 and 2015 respectively, are not included in community NOI as they are not consolidated for financial statement purposes. The net income of these communities, which includes depreciation and interest, will be included in equity in earnings of unconsolidated entities with an FFO add back for depreciation.



FOURTH QUARTER 2015		26



	COMMUNITY LISTING - OWNED

Name

Primary University Served

Acquisition/Development Date

# of Beds

Name

Primary University Served

Acquisition/Development Date

# of Beds

Players Club

Florida State University

Jan '05

336

The Oaks on the Square

University of Connecticut

Aug '12, Aug '13

503

The Commons

Florida State University

Jan '05

732

3949

Saint Louis University

Aug '13

256

University Towers

North Carolina State University

Jan '05

889

Lymon T. Johnson Hall⁽³⁾

University of Kentucky

Aug '13

301

The Reserve on Perkins

Oklahoma State University

Jan '05

732

Central Hall II (ONE Plan)⁽³⁾

University of Kentucky

Aug '13

300

The Pointe

Pennsylvania State University

Jan '05

984

2400 Nueces (ONE Plan)

University of Texas at Austin

Aug '13

655

The Lofts

University of Central Florida

Jan '05

730

Roosevelt Point

Arizona State University- Downtown Phoenix

Aug '13

609

The Reserve at Athens

University of Georgia

Jan '05

612

The Retreat at Oxford⁽⁴⁾

University of Mississippi

Aug '13

668

The Reserve at Columbia

University of Missouri

Jan '05

676

The Retreat at State College

Pennsylvania State University

Sept '13

587

Commons at Knoxville

University of Tennessee

Jan '05

708

The Cottages on Lindberg

Purdue University

Sept '13

745

Campus Creek

University of Mississippi

Feb '05

636

The Varsity

University of Michigan

Dec '13

415

Campus Lodge

University of Florida

Jun '05

1,115

Total Same-Communities⁽¹⁾

22,718

Carrollton Crossing

University of West Georgia

Jan '06

336

River Pointe

University of West Georgia

Jan '06

504

The Lotus⁽¹⁾⁽⁵⁾

University of Colorado, Boulder

Nov '11, Aug '14

235

The Reserve at Saluki Pointe

Southern Illinois University

Aug '08, Aug '09

768

605 West⁽¹⁾⁽⁵⁾

Duke University

Aug '14

384

University Village on Colvin (ONE Plan)

Syracuse University

Aug '09

432

109 Tower⁽¹⁾⁽⁵⁾

Florida International University

Aug '14

542

GrandMarc at The Corner

University of Virginia

Oct '10

641

The Oaks on the Square- Ph III⁽¹⁾⁽⁵⁾

University of Connecticut

Aug '14

116

Wertland Square

University of Virginia

Mar '11

152

Champions Court I (ONE Plan)⁽³⁾⁽⁵⁾

University of Kentucky

Aug '14

740

Jefferson Commons

University of Virginia

Mar '11

Champions Court II (ONE Plan)⁽³⁾⁽⁵⁾

University of Kentucky

Aug '14

427

The Berk on College

University of California, Berkeley

May '11

122

Haggin Hall (ONE Plan)⁽³⁾⁽⁵⁾

University of Kentucky

Aug '14

396

The Berk on Arch

University of California, Berkeley

May '11

Woodland Glen I (ONE Plan)⁽³⁾⁽⁵⁾

University of Kentucky

Aug '14

409

University Village Towers

University of California, Riverside

Sept '11

554

Woodland Glen II (ONE Plan)⁽³⁾⁽⁵⁾

University of Kentucky

Aug '14

409

Irish Row

University of Notre Dame

Nov '11

326

The District on Apache⁽¹⁾⁽⁵⁾

Arizona State University- Tempe

Sept '14

900

GrandMarc at Westberry Place (ONE Plan)

Texas Christian University

Dec '11

562

Commons on Bridge⁽²⁾

University of Tennessee

June '15

150

The Reserve on Stinson

University of Oklahoma

Jan '12

612

Oaks on the Square- Ph IV⁽¹⁾

University of Connecticut

Aug '15

391

Campus West (ONE Plan)

Syracuse University

Aug '12

313

The Retreat at Louisville⁽¹⁾

University of Louisville

Aug '15

656

East Edge

University of Alabama

Aug '12

774

Woodland Glen III (ONE Plan)⁽³⁾

University of Kentucky

Aug '15

782

The Province

East Carolina University

Sept '12

728

Woodland Glen IV (ONE Plan)⁽³⁾

University of Kentucky

Aug '15

578

The District on 5th

University of Arizona

Oct '12

764

Woodland Glen V (ONE Plan)⁽³⁾

University of Kentucky

Aug '15

250

Campus Village

Michigan State University

Oct '12

355

The Province Boulder⁽²⁾

University of Colorado, Boulder

Sept '15

317

The Province

Kent State University

Nov '12

596

Total New-Communities

7,682

The Suites at Overton Park

Texas Tech University

Dec '12

465

Total Owned-Communities

30,400

The Centre at Overton Park

Texas Tech University

Dec '12

400

⁽¹⁾ The same-community designation for leasing purposes is different than for financial reporting purposes. These communities are considered same-community for 2016/2017 leasing purposes, as the Company managed the leasing process for the 2015/2016 lease cycle and is currently managing the leasing process for the 2016/2017 lease cycle. Total same-community beds for leasing purposes is 24,673.

⁽²⁾ These properties are considered new for purposes of leasing, as we did not manage the leasing process for the 2015/2016 lease year.

⁽³⁾ The Kentucky communities, totaling 4,592 beds, are excluded from the leasing update on pages 11 and 12, as the assignment process does not occur until May.

⁽⁴⁾ The Retreat at Oxford will move into new-communities effective January 1, 2016 due to the construction of Phase II (see page 18).

⁽⁵⁾ These properties will move into same-communities effective January 1, 2016 for financial statement reporting purposes.



FOURTH QUARTER 2015		27



		INVESTOR RELATIONS



Executive Management
	Randy Churchey	Chief Executive Officer
	Tom Trubiana	President
	Bill Brewer	Chief Financial Officer
	Christine Richards	Chief Operating Officer
	Lindsey Mackie	Chief Accounting Officer
	J. Drew Koester	Senior Vice President - Capital Markets and Investor Relations

Corporate Headquarters
	EdR
	999 South Shady Grove Road, Suite 600
	Memphis, TN 38120
	(901) 259-2500

Covering Analysts
	Firm	Analyst	Contact #	Email
	Bank of America - Merrill	Jana Galan	(646) 855-3081	[email protected]
	CANACCORD\|Genuity	Ryan Meliker	(212) 389-8094	[email protected]
	Green Street Advisors	Dave Bragg	(949) 706-8142	[email protected]
	Goldman Sachs	Andrew Rosivach	(212) 902-2796	[email protected]
	Hilliard Lyons	Carol Kemple	(502) 588-1839	[email protected]
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682	[email protected]
	JMP Securities	Aaron Hecht	(415) 835-3963	[email protected]
	KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280	[email protected]
	RBC Capital Market	Wes Golladay	(440) 715-2650	[email protected]
	Robert W Baird & Co.	Drew Babin	(215) 553-7816	[email protected]
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937	[email protected]
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306	[email protected]
	UBS Securities	Ross Nussbaum	(212) 713-2484	[email protected]



FOURTH QUARTER 2015		28



		DEFINITIONS




Design beds	Represents the sum of the monthly design beds in the portfolio during the period.

FFO	Funds from operations as defined by the National Association of Real Estate Investment Trusts.

GAAP	U.S. generally accepted accounting principles.

Net apartment rent per occupied bed (NarPOB)	Represents GAAP net apartment rent for the respective period divided by the sum of occupied beds in the portfolio for each month included in the period reported.

Net debt to EBITDA - adjusted	Net debt to EBITDA - adjusted is calculated to normalize the impact of non-producing construction debt. In the calculation, net debt is total debt less cash and excludes non-producing debt related to assets under development at time of calculation. EBITDA is Pro Forma Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions, dispositions and development assets that are open as if such had occurred at the beginning of the 12 month period being presented.

Operating expense per bed	Represents community-level operating expenses excluding management fees, depreciation and amortization.

Other income per available bed	Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/application fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

Physical occupancy	Represents a weighted average of the month end occupancies for each month included in the period reported.

Regional Definitions	Regions are defined as follows: Mid-Atlantic: North Carolina, Pennsylvania, Connecticut, New York, Virginia; Midwest: Oklahoma, Missouri; North: Michigan, Ohio, Indiana, Illinois; South Central: Texas, Tennessee, Mississippi, Kentucky; Southeast: Florida, Alabama, Georgia; West: Arizona, California, Colorado.

Revenue per occupied bed (RevPOB)	Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of occupied beds in the portfolio for each month included in the period reported.

Same community	Includes communities that have been owned for more than a year as of the beginning of the current fiscal year.



FOURTH QUARTER 2015		29



		SAFE HARBOR

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise except as required by law.



FOURTH QUARTER 2015		30

StreetInsider

Log in to your account:

Form 8-K Education Realty Trust, For: Feb 22

Categories

Next Articles