Education Realty Trust, Inc. - FORM 8-K - EX-99.2 - 99.2 SUPPLEMENTAL

Attached files

file	filename
8-K - 8-K - Education Realty Trust, Inc.	a8-kcoverpage.htm
EX-99.1 - 99.1 PRESS RELEASE - Education Realty Trust, Inc.	a2012-q3edrearningsrelease.htm



		Table of Contents




Financial Highlights	1

Balance Sheet	2

Operating Results	3

Funds From Operations	4

Community Operating Results	5

Community Statistics	6

Same-Community Statistics	7

Summary Leasing Results	8

Same-Community Leasing Results- Sorted by Occupancy Change	9

Same-Community Leasing Results - Sorted by Rate Change	10

Same-Community Leasing Results - Sorted by Revenue Change	11

New-Community Leasing Results	12

Owned Development Summary	13

Third-Party Development Summary	14

Capital Structure	15

Community Listing - Owned	16

Investor Relations	17

Definitions	18

Safe Harbor Statement	19



Third Quarter 2012



		Financial Highlights



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



OPERATING DATA:
		Three months ended September 30,											Nine months ended September 30,
		2012			2011			$ Chg			% Chg		2012		2011			$ Chg		% Chg

	Same-community revenue	$	23,091		$	22,564		$	527		2.3	%	$	74,735	$	70,902		$	3,833	5.4	%
	Total community revenue	30,464			23,431			7,033			30.0	%	94,285		72,363			21,922		30.3	%
	Total revenue	34,503			27,912			6,591			23.6	%	104,640		84,645			19,995		23.6	%

	Same-community net operating income	7,775			7,149			626			8.8	%	36,021		32,946			3,075		9.3	%
	Total community net operating income	10,603			7,511			3,092			41.2	%	45,515		33,643			11,872		35.3	%
	Total operating income	(2,170		)	(1,418		)	(752		)	(53.0	)%	7,815		7,441			374		5.0	%

	Net Income	489			(6,466		)	6,955			NM		3,633		(5,235		)	8,868		NM
	Per share - basic & diluted	—			0.09			(0.09)			NM		0.04		(0.07		)	0.11		NM

	Funds from operations (FFO)	4,159			499			3,660			NM		24,808		13,819			10,989		79.5	%
	Per weighted average share/unit (1)	0.04			0.01			0.03			NM		0.25		0.19			0.06		31.6	%

	Core funds from operations (Core FFO)	5,856			2,362			3,494			147.9	%	30,086		20,114			9,972		49.6	%
	Per weighted average share/unit (1)	$	0.06		$	0.03		$	0.03		100.0	%	$	0.31	$	0.27		$	0.04	14.8	%

BALANCE SHEET DATA:
		9/30/2012			12/31/2011
	Debt to gross assets	24.0		%	31.3		%
	Net debt to enterprise value	13.6		%	22.9		%
	Interest coverage ratio (TTM)	3.7			2.7


(1) FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.
See page 4 for a detailed calculation.



Third Quarter 2012		Page 1



		Balance Sheet



(Amount in thousands, except share and per share data)		September 30, 2012			December 31, 2011
Assets		(unaudited)
	Collegiate housing properties, net (1)	$	797,427		$	803,519
	Assets under development	181,391			56,648
	Cash and cash equivalents	127,623			75,813
	Restricted cash	5,995			4,826
	Other assets	57,515			37,003
		$	1,169,951		$	977,809
Total assets

Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium/discount	$	322,549		$	358,504
	Unsecured revolving credit facility	—			—
	Accounts payable and accrued expenses	49,818			31,766
	Deferred revenue	18,980			14,409
Total liabilities		391,347			404,679

Commitments and contingencies		—			—

Redeemable noncontrolling interests		9,066			9,776

Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 112,863,970 and 91,800,688 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively	1,129			918
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	861,389			662,657
	Accumulated deficit	(98,075		)	(101,708		)
Total EdR stockholders' equity		764,443			561,867
	Noncontrolling interest	5,095			1,487
Total equity		769,538			563,354

Total liabilities and equity		$	1,169,951		$	977,809

(1) Amount is net of accumulated depreciation of $174,340 and $166,336 as of September 30, 2012 and December 31, 2011, respectively.



Third Quarter 2012		Page 2



		Operating Results



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

	Three months ended September 30, 2012									Nine months ended September 30, 2012
	2012			2011			$ Change			2012			2011			$ Change
Revenues:
Collegiate housing leasing revenue	$	30,464		$	23,431		$	7,033		$	94,285		$	72,363		$	21,922
Third-party development consulting services	145			1,132			(987		)	490			3,481			(2,991		)
Third-party management services	879			846			33			2,451			2,425			26
Operating expense reimbursements	3,015			2,503			512			7,414			6,376			1,038
Total revenues	34,503			27,912			6,591			104,640			84,645			19,995
Operating expenses:
Collegiate housing leasing operations	19,861			15,920			3,941			48,770			38,720			10,050
Development and management services	1,493			1,466			27			4,756			4,132			624
General and administrative	1,635			1,592			43			5,292			4,400			892
Development pursuit and acquisition costs	216			108			108			609			259			350
Ground lease expense	1,696			1,365			331			4,716			4,097			619
Depreciation and amortization	8,757			6,376			2,381			25,268			19,220			6,048
Reimbursable operating expenses	3,015			2,503			512			7,414			6,376			1,038
Total operating expenses	36,673			29,330			7,343			96,825			77,204			19,621

Operating loss	(2,170		)	(1,418		)	(752		)	7,815			7,441			374

Nonoperating expenses:
Interest expense	3,354			4,176			(822		)	10,941			13,036			(2,095		)
Amortization of deferred financing costs	288			352			(64		)	911			900			11
Interest income	(108		)	(37		)	(71		)	(152		)	(129		)	(23		)
Loss on extinguishment of debt	—			—			—			—			351			(351		)
Total nonoperating expenses	3,534			4,491			(957		)	11,700			14,158			(2,458		)

Loss before equity in earnings (losses) of unconsolidated entities, income taxes and discontinued operations	(5,704		)	(5,909		)	205			(3,885		)	(6,717		)	2,832
Equity in earnings (losses) of unconsolidated entities	(39		)	(390		)	351			(340		)	(408		)	68
Loss before income taxes and discontinued operations	(5,743		)	(6,299		)	556			(4,225		)	(7,125		)	2,900
Less: Income tax benefit	(638		)	(60		)	(578		)	(1,117		)	(278		)	(839		)
Loss from continuing operations	(5,105		)	(6,239		)	1,134			(3,108		)	(6,847		)	3,739
Income (loss) from discontinued operations	5,474			(318		)	5,792			6,767			1,672			5,095
Net income (loss)	369			(6,557		)	6,926			3,659			(5,175		)	8,834
Less: Net loss attributable to the noncontrolling interests	(120		)	(91		)	(29		)	26			60			(34		)
Net income (loss) attributable to Education Realty Trust, Inc.	$	489		$	(6,466	)	$	6,955		$	3,633		$	(5,235	)	$	8,868

Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted	$	—		$	0.09		$	(0.09	)	$	0.04		$(0.07)			$	0.11

Weighted-average shares of common stock outstanding – basic and diluted	103,929			73,061						97,259			72,040



Third Quarter 2012		Page 3



		Funds From Operations



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

		Three months ended September 30,									Nine months ended September 30,
		2012			2011			Change			2012			2011			Change
Net income (loss) attributable to EdR		$	489		$	(6,466	)	$	6,955		$	3,633		$	(5,235	)	$	8,868

	Gain on sale of collegiate housing assets (1)	(5,255		)	—			(5,255		)	(5,427		)	(2,388		)	(3,039		)
	Real estate related depreciation and amortization	8,920			6,693			2,227			26,199			20,797			5,402
	Equity portion of real estate depreciation and amortization on equity investees	53			107			(54		)	178			329			(151		)
	Equity portion of loss on sale of student housing property on equity investees	—			256			(256		)	88			256			(168		)
	Noncontrolling interests	(48		)	(91		)	43			137			60			77
Funds from operations ("FFO")		4,159			499			3,660			24,808			13,819			10,989

FFO adjustments:
	Loss on extinguishment of debt (1)	—			—			—			—			757			(757		)
	Acquisition costs	155			108			47			609			480			129
	Straight-line adjustment for ground leases (2)	1,062			1,051			11			3,208			3,157			51
FFO adjustments:		1,217			1,159			58			3,817			4,394			(577		)

FFO on Participating Developments:(3)
	Interest on loan to Participating Development	460			460			—			1,370			1,138			232
	Development fees on Participating Development, net of costs and taxes	20			244			(224		)	91			763			(672		)
FFO on Participating Developments		480			704			(224		)	1,461			1,901			(440		)

Core funds from operations ("Core FFO")		$	5,856		$	2,362		$	3,494		$	30,086		$	20,114		$	9,972

FFO per weighted average share/unit (4)		$	0.04		$	0.01		$	0.03		$	0.25		$	0.19		$	0.06
Core FFO per weighted average share/unit (4)		$	0.06		$	0.03		$	0.03		$	0.31		$	0.27		$	0.04

Weighted average shares/units (4)		104,996			74,172			30,824			98,336			73,151			25,185

(1) All of or a portion of these amounts may be included in discontinued operations and may not be visible on the face of our statement of operations on page 3.
(2) This represents the straight-line rent expense adjustment required by GAAP related to ground leases at three communities. 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 on participating developments 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 development fees is calculated under the same percentage of completion method of accounting used for third-party development fees. The adjustment for interest income is based on terms of the loan.
(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.



Third Quarter 2012		Page 4



		Community Operating Results



(Amounts in thousands, unaudited)

		Three Months Ended September 30,									Nine Months Ended September 30,
		2012		2011		$ Change			% Change		2012		2011		$ Change		% Change
Revenues
	Same-communities	$	23,091	$	22,564	$	527		2.3	%	$	74,735	$	70,902	$	3,833	5.4	%
	New-communities (1)	7,373		867		6,506			NM		19,550		1,461		18,089		NM
Total revenues		30,464		23,431		7,033			30.0	%	94,285		72,363		21,922		30.3	%

Operating expenses (2)
	Same-communities	15,316		15,415		(99		)	(0.6	)%	38,714		37,956		758		2.0	%
	New-communities (1)	4,545		505		4,040			NM		10,056		764		9,292		NM
Total operating expenses		19,861		15,920		3,941			24.8	%	48,770		38,720		10,050		26.0	%

Net operating income
	Same-communities	7,775		7,149		626			8.8	%	36,021		32,946		3,075		9.3	%
	New-communities (1)	2,828		362		2,466			NM		9,494		697		8,797		NM
Total net operating income		$	10,603	$	7,511	$	3,092		41.2	%	$	45,515	$	33,643	$	11,872	35.3	%

(1) See page 11 of this supplement for a listing of which communities are categorized as same-communities and which are new communities.
(2) 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.
NOTE: This table excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Troy Place, The Reserve at Jacksonville, The Reserve at Martin, The Chase at Murray and Clemson Place (all sold in January 2011), Collegiate Village and Clayton Station (both sold in Q2 2011) and NorthPointe and The Reserve on Frankford (both sold in Q3 2012).



Third Quarter 2012		Page 5



		Community Statistics





	Three Months Ended September 30,									Nine Months Ended September 30,
	2012			2011			Change			2012			2011			Change
Occupancy
Physical	88.0		%	91.1		%	(310	)	bps	89.3		%	90.9		%	(160	)	bps
Economic	75.1		%	77.0		%	(190	)	bps	85.0		%	84.7		%	30		bps

NarPAB	$	396		$	368		7.6	%		$	439		$	392		12.0	%
Other income per avail. bed	$	45		$	33		36.4	%		$	34		$	26		30.8	%
RevPAB	$	441		$	401		10.0	%		$	473		$	418		13.2	%

Operating expense per bed	$	288		$	273		5.5	%		$	244		$	224		8.9	%

Operating margin	34.8		%	32.1		%	270		bps	48.3		%	46.5		%	180		bps

Design Beds	68,987			58,394			18.1	%		199,499			172,934			15.4	%


NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.
See note on Pg. 5.



Third Quarter 2012		Page 6



		Same-Community Statistics



	Three Months Ended September 30,									Nine Months Ended September 30,
	2012			2011			Change			2012			2011			Change
Occupancy
Physical	87.9		%	91.4		%	(350	)	bps	90.4		%	91.1		%	(70	)	bps
Economic	75.4		%	77.6		%	(220	)	bps	85.5		%	85.1		%	40		bps

NarPAB	$	374		$	366		2.2	%		$	413		$	392		5.4	%
Other income per avail. bed	$	34		$	32		6.3	%		$	27		$	25		8.0	%
RevPAB	$	408		$	398		2.5	%		$	440		$	417		5.5	%

Operating expense per bed	$	270		$	272		(0.7	)%		$	228		$	223		2.2	%

Operating margin	33.7		%	31.7		%	200		bps	48.2		%	46.5		%	170		bps

Design Beds	56,636			56,637			—	%		169,904			169,907			—	%


NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.
See note on Pg. 5.



Third Quarter 2012		Page 7



		Summary Leasing Results




		Occupancy at September 30,				Change In
Community Type	Design Beds	2012		2011		Occupancy		Rate		Total Revenue

Same-community portfolio	20,761	90.5	%	94.7	%	(4.2	)%	5.1	%	0.9	%
New-communities
New Developments	1,339	96.7	%	N/A		N/A		N/A		N/A
New Acquisitions	5,474	91.7	%	N/A		N/A		N/A		N/A
Total new-community	6,813	92.7	%	N/A		N/A		N/A		N/A

Total owned communities	27,574	91.0	%	N/A		N/A		N/A		N/A

Note: Leasing data above includes NorthPointe and The Reserve on Frankford, which were both sold after the completion of the current leasing cycle. Excluding these communities, same-community opening occupancy change would have been (4.5%), the rate increase would have been 5.0% and total revenue increase would have been 0.5%.



Third Quarter 2012		Page 8



	Same-Community Leasing Results - Sorted by Occupancy Change





		Design			2012-2013			2011-2012			Change In
Community	Primary University	Beds			Leases	%		Leases	%		Occupancy		Rate		Revenue
The Pointe at Western	Western Michigan University	876			808	92.2	%	668	76.3	%	16.0	%	(1.8	)%	14.2	%
College Grove	Middle Tennessee State University	864			796	92.1	%	736	85.2	%	6.9	%	3.3	%	10.2	%
River Pointe	University of West Georgia	504			495	98.2	%	472	93.7	%	4.6	%	3.6	%	8.2	%
The Reserve on Perkins	Oklahoma State University	732			726	99.2	%	710	97.0	%	2.2	%	6.0	%	8.2	%
Pointe West	University of South Carolina	480			480	100.0	%	471	98.1	%	1.9	%	7.5	%	9.2	%
NorthPointe	University of Arizona	912	(1	)	871	95.5	%	856	93.9	%	1.6	%	4.8	%	6.4	%
The Reserve at Columbia	University of Missouri	676			676	100.0	%	673	99.6	%	0.4	%	6.7	%	7.1	%
University Village on Colvin	Syracuse University	432			432	100.0	%	431	99.8	%	0.2	%	5.6	%	5.8	%
GrandMarc at the Corner	University of Virginia	641			574	89.5	%	573	89.4	%	0.2	%	4.9	%	5.1	%
Campus Creek	University of Mississippi	636			636	100.0	%	636	100.0	%	—	%	15.6	%	15.6	%
Cape Trails	Southeast Missouri State University	360			360	100.0	%	360	100.0	%	—	%	5.7	%	5.7	%
Carrollton Crossing	University of West Georgia	336			336	100.0	%	336	100.0	%	—	%	5.3	%	5.3	%
Players Club	Florida State University	336			336	100.0	%	336	100.0	%	—	%	4.3	%	4.3	%
Wertland Square	University of Virginia	152			152	100.0	%	152	100.0	%	—	%	3.9	%	3.9	%
Jefferson Commons	University of Virginia	82			82	100.0	%	82	100.0	%	—	%	2.4	%	2.4	%
The Pointe	Pennsylvania State University	984			983	99.9	%	984	100.0	%	(0.1	)%	6.3	%	6.2	%
Commons on Kinnear	The Ohio State University	502			501	99.8	%	502	100.0	%	(0.2	)%	4.6	%	4.4	%
Campus Lodge	University of Florida	1,115			1,053	94.4	%	1,078	96.7	%	(2.3	)%	5.3	%	3.0	%
The Reserve on Frankford	Texas Tech University	737	(1	)	677	91.9	%	715	97.0	%	(5.2	)%	6.8	%	1.6	%
The Commons at Knoxville	University of Tennessee	708			625	88.3	%	664	93.8	%	(5.5	)%	4.6	%	(0.9	)%
The Lofts	University of Central Florida	730			675	92.5	%	720	98.6	%	(6.2	)%	4.7	%	(1.5	)%
The Reserve on West 31st	University of Kansas	719			566	78.7	%	612	85.1	%	(6.4	)%	2.3	%	(4.1	)%
The Pointe at South Florida	University of South Florida	1,002			916	91.4	%	985	98.3	%	(6.9	)%	6.4	%	(0.6	)%
The Reserve at Athens	University of Georgia	612			554	90.5	%	609	99.5	%	(9.0	)%	5.2	%	(3.8	)%
The Reserve on South College	Auburn University	576			523	90.8	%	576	100.0	%	(9.2	)%	8.3	%	(0.9	)%
The Commons	Florida State University	732			622	85.0	%	714	97.5	%	(12.5	)%	5.5	%	(7.2	)%
The Reserve at Star Pass	University of Arizona	1,020			645	63.2	%	786	77.1	%	(13.8	)%	4.9	%	(8.9	)%
The Reserve at Saluki Pointe	Southern Illinois University	768			649	84.5	%	759	98.8	%	(14.3	)%	4.5	%	(9.8	)%
University Towers	North Carolina State University	953			809	84.9	%	953	100.0	%	(15.1	)%	3.8	%	(11.3	)%
College Station at West Lafayette	Purdue University	960			752	78.3	%	919	95.7	%	(17.4	)%	2.2	%	(15.3	)%
The Avenue at Southern	Georgia Southern University	624			478	76.6	%	603	96.6	%	(20.0	)%	5.5	%	(14.5	)%
Same-communities		20,761			18,788	90.5	%	19,671	94.7	%	(4.2	)%	5.1	%	0.9	%

(1) These communities were sold after the completion of the current leasing season. Excluding these communities, same-community opening occupancy change would have been (4.5%), the rate increase would have been 5.0% and the total revenue growth would have been 0.5%.



Third Quarter 2012		Page 9



	Same-Community Leasing Results - Sorted by Rate Change





		Design			2012-2013			2011-2012			Change In
Community	Primary University	Beds			Leases	%		Leases	%		Occupancy		Rate		Revenue
Campus Creek	University of Mississippi	636			636	100.0	%	636	100.0	%	—	%	15.6	%	15.6	%
The Reserve on South College	Auburn University	576			523	90.8	%	576	100.0	%	(9.2	)%	8.3	%	(0.9	)%
Pointe West	University of South Carolina	480			480	100.0	%	471	98.1	%	1.9	%	7.5	%	9.2	%
The Reserve on Frankford	Texas Tech University	737	(1	)	677	91.9	%	715	97.0	%	(5.2	)%	6.8	%	1.6	%
The Reserve at Columbia	University of Missouri	676			676	100.0	%	673	99.6	%	0.4	%	6.7	%	7.1	%
The Pointe at South Florida	University of South Florida	1,002			916	91.4	%	985	98.3	%	(6.9	)%	6.4	%	(0.6	)%
The Pointe	Pennsylvania State University	984			983	99.9	%	984	100.0	%	(0.1	)%	6.3	%	6.2	%
The Reserve on Perkins	Oklahoma State University	732			726	99.2	%	710	97.0	%	2.2	%	6.0	%	8.2	%
Cape Trails	Southeast Missouri State University	360			360	100.0	%	360	100.0	%	—	%	5.7	%	5.7	%
University Village on Colvin	Syracuse University	432			432	100.0	%	431	99.8	%	0.2	%	5.6	%	5.8	%
The Commons	Florida State University	732			622	85.0	%	714	97.5	%	(12.5	)%	5.5	%	(7.2	)%
The Avenue at Southern	Georgia Southern University	624			478	76.6	%	603	96.6	%	(20.0	)%	5.5	%	(14.5	)%
Carrollton Crossing	University of West Georgia	336			336	100.0	%	336	100.0	%	—	%	5.3	%	5.3	%
Campus Lodge	University of Florida	1,115			1,053	94.4	%	1,078	96.7	%	(2.3	)%	5.3	%	3.0	%
The Reserve at Athens	University of Georgia	612			554	90.5	%	609	99.5	%	(9.0	)%	5.2	%	(3.8	)%
GrandMarc at the Corner	University of Virginia	641			574	89.5	%	573	89.4	%	0.2	%	4.9	%	5.1	%
The Reserve at Star Pass	University of Arizona	1,020			645	63.2	%	786	77.1	%	(13.8	)%	4.9	%	(8.9	)%
NorthPointe	University of Arizona	912	(1	)	871	95.5	%	856	93.9	%	1.6	%	4.8	%	6.4	%
The Lofts	University of Central Florida	730			675	92.5	%	720	98.6	%	(6.2	)%	4.7	%	(1.5	)%
Commons on Kinnear	The Ohio State University	502			501	99.8	%	502	100.0	%	(0.2	)%	4.6	%	4.4	%
The Commons at Knoxville	University of Tennessee	708			625	88.3	%	664	93.8	%	(5.5	)%	4.6	%	(0.9	)%
The Reserve at Saluki Pointe	Southern Illinois University	768			649	84.5	%	759	98.8	%	(14.3	)%	4.5	%	(9.8	)%
Players Club	Florida State University	336			336	100.0	%	336	100.0	%	—	%	4.3	%	4.3	%
Wertland Square	University of Virginia	152			152	100.0	%	152	100.0	%	—	%	3.9	%	3.9	%
University Towers	North Carolina State University	953			809	84.9	%	953	100.0	%	(15.1	)%	3.8	%	(11.3	)%
River Pointe	University of West Georgia	504			495	98.2	%	472	93.7	%	4.6	%	3.6	%	8.2	%
College Grove	Middle Tennessee State University	864			796	92.1	%	736	85.2	%	6.9	%	3.3	%	10.2	%
Jefferson Commons	University of Virginia	82			82	100.0	%	82	100.0	%	—	%	2.4	%	2.4	%
The Reserve on West 31st	University of Kansas	719			566	78.7	%	612	85.1	%	(6.4	)%	2.3	%	(4.1	)%
College Station at West Lafayette	Purdue University	960			752	78.3	%	919	95.7	%	(17.4	)%	2.2	%	(15.3	)%
The Pointe at Western	Western Michigan University	876			808	92.2	%	668	76.3	%	16.0	%	(1.8	)%	14.2	%
Same-communities		20,761			18,788	90.5	%	19,671	94.7	%	(4.2	)%	5.1	%	0.9	%



Third Quarter 2012		Page 10



	Same-Community Leasing Results - Sorted by Revenue Change





		Design			2012-2013			2012-2013			Change In
Community	Primary University	Beds			Leases	%		Leases	%		Occupancy		Rate		Revenue
Campus Creek	University of Mississippi	636			636	100.0	%	636	100.0	%	—	%	15.6	%	15.6	%
The Pointe at Western	Western Michigan University	876			808	92.2	%	668	76.3	%	16.0	%	(1.8	)%	14.2	%
College Grove	Middle Tennessee State University	864			796	92.1	%	736	85.2	%	6.9	%	3.3	%	10.2	%
Pointe West	University of South Carolina	480			480	100.0	%	471	98.1	%	1.9	%	7.5	%	9.2	%
The Reserve on Perkins	Oklahoma State University	732			726	99.2	%	710	97.0	%	2.2	%	6.0	%	8.2	%
River Pointe	University of West Georgia	504			495	98.2	%	472	93.7	%	4.6	%	3.6	%	8.2	%
The Reserve at Columbia	University of Missouri	676			676	100.0	%	673	99.6	%	0.4	%	6.7	%	7.1	%
NorthPointe	University of Arizona	912	(1	)	871	95.5	%	856	93.9	%	1.6	%	4.8	%	6.4	%
The Pointe	Pennsylvania State University	984			983	99.9	%	984	100.0	%	(0.1	)%	6.3	%	6.2	%
University Village on Colvin	Syracuse University	432			432	100.0	%	431	99.8	%	0.2	%	5.6	%	5.8	%
Cape Trails	Southeast Missouri State University	360			360	100.0	%	360	100.0	%	—	%	5.7	%	5.7	%
Carrollton Crossing	University of West Georgia	336			336	100.0	%	336	100.0	%	—	%	5.3	%	5.3	%
GrandMarc at the Corner	University of Virginia	641			574	89.5	%	573	89.4	%	0.2	%	4.9	%	5.1	%
Commons on Kinnear	The Ohio State University	502			501	99.8	%	502	100.0	%	(0.2	)%	4.6	%	4.4	%
Players Club	Florida State University	336			336	100.0	%	336	100.0	%	—	%	4.3	%	4.3	%
Wertland Square	University of Virginia	152			152	100.0	%	152	100.0	%	—	%	3.9	%	3.9	%
Campus Lodge	University of Florida	1,115			1,053	94.4	%	1,078	96.7	%	(2.3	)%	5.3	%	3.0	%
Jefferson Commons	University of Virginia	82			82	100.0	%	82	100.0	%	—	%	2.4	%	2.4	%
The Reserve on Frankford	Texas Tech University	737	(1	)	677	91.9	%	715	97.0	%	(5.2	)%	6.8	%	1.6	%
The Pointe at South Florida	University of South Florida	1,002			916	91.4	%	985	98.3	%	(6.9	)%	6.4	%	(0.6	)%
The Commons at Knoxville	University of Tennessee	708			625	88.3	%	664	93.8	%	(5.5	)%	4.6	%	(0.9	)%
The Reserve on South College	Auburn University	576			523	90.8	%	576	100.0	%	(9.2	)%	8.3	%	(0.9	)%
The Lofts	University of Central Florida	730			675	92.5	%	720	98.6	%	(6.2	)%	4.7	%	(1.5	)%
The Reserve at Athens	University of Georgia	612			554	90.5	%	609	99.5	%	(9.0	)%	5.2	%	(3.8	)%
The Reserve on West 31st	University of Kansas	719			566	78.7	%	612	85.1	%	(6.4	)%	2.3	%	(4.1	)%
The Commons	Florida State University	732			622	85.0	%	714	97.5	%	(12.5	)%	5.5	%	(7.2	)%
The Reserve at Star Pass	University of Arizona	1,020			645	63.2	%	786	77.1	%	(13.8	)%	4.9	%	(8.9	)%
The Reserve at Saluki Pointe	Southern Illinois University	768			649	84.5	%	759	98.8	%	(14.3	)%	4.5	%	(9.8	)%
University Towers	North Carolina State University	953			809	84.9	%	953	100.0	%	(15.1	)%	3.8	%	(11.3	)%
The Avenue at Southern	Georgia Southern University	624			478	76.6	%	603	96.6	%	(20.0	)%	5.5	%	(14.5	)%
College Station at West Lafayette	Purdue University	960			752	78.3	%	919	95.7	%	(17.4	)%	2.2	%	(15.3	)%
Same-communities		20,761			18,788	90.5	%	19,671	94.7	%	(4.2	)%	5.1	%	0.9	%



Third Quarter 2012		Page 11



	New-Community Leasing Results





			Design	2012-2013
	Community	Primary University	Beds	Leases	%
New Developments
	The Oaks on the Square	University of Connecticut	253	253	100.0	%
	Campus West	Syracuse University	312	303	97.1	%
	East Edge	University of Alabama	774	739	95.5	%
	Total New Developments		1,339	1,295	96.7	%

New Acquisitions
	Irish Row	University of Notre Dame	326	326	100.0	%
	Lotus Lofts	University of Colorado, Boulder	40	40	100.0	%
	The Reserve on Stinson	University of Oklahoma	612	612	100.0	%
	District on 5th	University of Arizona	764	762	99.8	%
	The Centre at Overton Park	Texas Tech University	401	395	98.6	%
	Campus Village	Michigan State University	355	347	97.7	%
	The Suites at Overton Park	Texas Tech University	965	936	97.0	%
	The Province	East Carolina University	728	700	96.2	%
	GrandMarc at Westberry Place	Texas Christian University	562	527	93.8	%
	The Berk	University of California at Berkeley	167	98	58.7	%
	University Village Towers	University of California at Riverside	554	277	50.0	%
	Total New Acquisitions		5,474	5,020	91.7	%

Total New Communities			6,813	6,315	92.7	%



Third Quarter 2012		Page 12



		Owned Development Summary



(Amounts in thousands except bed counts)

Recently Completed Projects
	Project	Project Type	Bed Count	Estimated Start Date	Date of Opening	Total Project Development Cost		EdR's Ownership Percentage		EdR's Share of Development Cost
	Syracuse University - Campus West	ONE Plan	312	In progress	August 2012	$	29,747	100	%	$	29,747
	University of Alabama	Joint Venture	774	In progress	August 2012	41,350		90	%	37,215
	University of Connecticut - Storrs Center Ph I	Wholly Owned	250	In progress	August 2012	24,240		100	%	24,240
	Total - Recently Completed		1,336			$	95,337			$	91,202


Active Projects
	Project	Project Type	Bed Count	Estimated Start Date	Date of Opening	Total Project Development Cost		EdR's Ownership Percentage		EdR's Share of Development Cost		EdR's Share of Development Cost to be Funded
	The University of Texas at Austin	ONE Plan	622	In progress	Summer 2013	$	66,570	100	%	$	66,570	$	41,495
	University of Kentucky - New Central Residence Hall	ONE Plan	601	In progress	Summer 2013	25,794		100	%	25,794		20,077
	University of Connecticut - Storrs Center Ph II	Wholly Owned	250	In progress	Summer 2013	24,396		100	%	24,396		—
	University of Mississippi	Joint Venture	668	In progress	Summer 2013	36,700		70	%	25,690		—
	Arizona State University - Phoenix	Joint Venture	609	In progress	Summer 2013	52,000		91.4	%	47,528		—
	Total - 2013 Deliveries		2,750			205,460				189,978		61,572

	University of Colorado - Lotus Lofts	Wholly Owned	199	In progress	Summer 2014	19,757		100	%	19,757		18,696
	University of Kentucky - Haggin Site	ONE Plan	332	Spring 2013	Summer 2014	19,479		100	%	19,479		19,478
	University of Kentucky - Blazer Parking Site	ONE Plan	740	Spring 2013	Summer 2014	45,924		100	%	45,924		45,923
	University of Kentucky - Wildcat Lodge Site	ONE Plan	427	Spring 2013	Summer 2014	23,808		100	%	23,808		23,807
	University of Kentucky - Cooperstown Site	ONE Plan	818	Spring 2013	Summer 2014	44,491		100	%	44,491		44,490
	Total - 2014 Deliveries		2,516			153,459				153,459		152,394
	Total Active Projects		5,266			$	358,919			$	343,437	$	213,966


Mezzanine Investments
	Project	Project Type	Bed Count	Estimated Start Date	Anticipated Completion Date	Mezzanine Investment
	Penn State University	Purchase Option	587	In progress	Summer 2013	$	3,000



Third Quarter 2012		Page 13



	Third-Party Development Summary



(Amounts in thousands except bed counts)



Project	Bed Count	Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year (1)		Fees Earned Nine Months Ended September 30, 2012		Remaining Fees to Earn
Mansfield University of Pennsylvania Phase II	684	In progress	Summer 2013	$	47,901	$	1,781	$	—	$	87	$	1,694
East Stroudsburg University - Pennsylvania Ph II	488	TBD	TBD	36,497		1,371		—		—		1,371
Bloomsburg University of Pennsylvania	500	TBD	TBD	TBD		TBD		—		—		—
Clarion University of Pennsylvania	718	Spring 2013	Summer 2014	48,795		1,852		—		—		1,852
West Chester University of Pennsylvania Phase II	653	Spring 2013	Summer 2014	54,877		1,559		—		—		1,559
Recently Awarded Projects - Total	3,043			$	188,070	$	6,563	$	—	$	87	$	6,476

(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.


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.



Third Quarter 2012		Page 14



		Capital Structure




as of September 30, 2012
(dollars in thousands)

Total Debt to Gross Assets											Net Debt to Enterprise Value
	Debt (1)	$	322,631								Net Debt (1)		$	195,008
	Gross Assets (2)	$	1,344,291								Market Equity (3)		1,243,559
	Debt to Gross Assets	24.0		%							Enterprise Value		$	1,438,567
											Net Debt to Enterprise Value		13.6		%
Interest coverage (TTM)		3.7			x
Net Debt to Adjusted EBITDA (TTM)		3.5			x

Total Debt Outstanding
		Principal			Weighted Average						Average Term
		Outstanding			Interest Rate			%			to Maturity
	Fixed Rate - Mortgage Debt (1)	$	222,645		5.85		%	69.0		%	4.00		years
	Variable Rate - Mortgage Debt	36,487			4.95		%	11.3		%	7.25		years
	Variable Rate - Construction Debt	63,499			2.34		%	19.7		%	2.04		years
	Variable Rate - Unsecured Revolving Credit Facility	—			—		%	—		%	—		years
	Total / Weighted Average	$	322,631		5.06		%	100.0		%	3.98		years

Future Maturities
	Fiscal Year Ending	Amortization			Maturities			Total			Percentage
	2012	$	951		$	—		$	951		0.3	%
	2013	3,788			33,384			37,172			11.5	%
	2014	12,432			53,482			65,914			20.4	%
	2015	5,280			21,743			27,023			8.4	%
	2016	2,392			65,258			67,650			21.0	%
	Thereafter	5,864			118,057			123,921			38.4	%
	Mortgage Debt (1)	30,707			291,924			322,631			100.0	%
	Unsecured Revolving Credit Facility	—			—			—
	Gross Debt (1)	$	30,707		$	291,924		322,631
	Less Cash							127,623
	Net Debt							$	195,008

(1) Excludes unamortized debt discount of $82.
(2) Excludes accumulated depreciation of $174,340 as of September 30, 2012.
(3) Market equity includes 113,020,825 shares of the Company's common stock and 1,067,163 operating partnership units and is calculated using $10.90 per share, the closing price of the Company's common stock on September 28, 2012.



Third Quarter 2012		Page 15



		Community Listing - Owned

Name

Primary University Served

Acquisition Date

# of Beds

Name

Primary University Served

Acquisition Date

# of Beds

Players Club

Florida State University

Jan ’05

336

Cape Trails

Southeast Missouri State University

Jan ’06

360

The Commons

Florida State University

Jan ’05

732

Carrollton Crossing

University of West Georgia

Jan ’06

336

University Towers

North Carolina State University

Jan ’05

953

River Pointe

University of West Georgia

Jan ’06

504

The Reserve on Perkins

Oklahoma State University

Jan ’05

732

The Avenue at Southern

Georgia Southern University

Jun ’06

624

The Pointe

Pennsylvania State University

Jan ’05

984

The Reserve at Saluki Pointe

Southern Illinois University

Aug '08, Aug '09

768

College Station at West Lafayette

Purdue University

Jan ’05

960

University Village on Colvin

Syracuse University

Aug '09

432

Commons on Kinnear

The Ohio State University

Jan ’05

502

GrandMarc at The Corner

University of Virginia

Oct '10

641

The Reserve at Star Pass

University of Arizona

Jan ’05

1,020

Total Same-Community

18,879

The Lofts

University of Central Florida

Jan ’05

730

The Reserve at Athens

University of Georgia

Jan ’05

612

Wertland Square

University of Virginia

Mar ’11

152

The Reserve on West 31st

University of Kansas

Jan ’05

720

Jefferson Commons

University of Virginia

Mar ’11

The Reserve at Columbia

University of Missouri

Jan ’05

676

The Berk

University of California, Berkeley

May ’11

167

The Pointe at South Florida

University of South Florida

Jan ’05

1,002

University Village Towers

University of California, Riverside

Sept '11

554

The Commons at Knoxville

University of Tennessee

Jan ’05

708

Lotus Lofts

University of Colorado, Boulder

Nov '11

The Pointe at Western

Western Michigan University

Jan ’05

876

Irish Row

University of Notre Dame

Nov '11

326

Campus Creek

University of Mississippi

Feb ’05

636

GrandMarc at Westberry Place

Texas Christian University

Dec '11

562

Pointe West

University of South Carolina

Mar ’05

480

The Reserve on Stinson

University of Oklahoma

Jan '12

612

College Grove

Middle Tennessee State University

Apr ’05

864

Campus West

Syracuse University

Aug '12

313

Campus Lodge

University of Florida

Jun ’05

1,115

East Edge

University of Alabama

Aug '12

774

The Reserve on South College

Auburn University

Jul ’05

576

Oaks on the Square

University of Connecticut

Aug '12

253

The Province

East Carolina University

Sep '12

728

District on 5th

University of Arizona

Oct '12

)

764

Campus Village

Michigan State University

Oct '12

)

357

Total New-Community

5,684

Total Owned

24,563

(1) These communities were acquired in October 2012.

Note: 3949 Lindell at St. Louis University is excluded as it was damaged by fire on July 17, 2012 and is currently empty. The community was insured and it is the Company's intent to rebuild. Also the previously announced $75 million acquisition of two communities at Texas Tech University, with a total of 866 beds is scheduled to close in the fourth quarter. These assets are not included in this listing at this time.



Third Quarter 2012		Page 16



		Investor Relations



Executive Management
	Randy Churchey	Chief Executive Officer
	Randy Brown	Chief Financial Officer
	Tom Trubiana	Chief Investment Officer
	Christine Richards	Chief Operating Officer

Corporate Headquarters		Investor Relations
	EdR	ICR, LLC
	999 South Shady Grove Road, Suite 600	Brad Cohen
	Memphis, TN 38120	(203) 682-8211
	(901) 259-2500

Covering Analysts
	Firm	Analyst	Contact #
	Bank of America - Merrill	Jana Galan	(646) 855-3081
	Goldman Sachs & Co.	Matthew Rand	(212) 902-4227
	Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
	Hilliard Lyons	Carol Kemple	(502) 588-1839
	Janney Capital Markets	Daniel Donlan	(215) 665-6476
	JMP Securities	Mitch Germain	(212) 906-3546
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
	MLV & Co., LLC	Ryan Meliker	(212) 542-5872
	Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
	UBS Securities	Ross Nussbaum	(212) 713-2484



Third Quarter 2012		Page 17



		Definitions



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

	Economic occupancy
		Represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the respective period divided by potential rent for the respective period.

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

	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/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

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

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

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

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

	GAAP
		U.S. generally accepted accounting principles.

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



Third Quarter 2012		Page 18



		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.



Third Quarter 2012		Page 19

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