Education Realty Trust, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - FOURTH QUARTER 2014 SUPPLEMENTAL FINANCIAL REPORT

Attached files

file	filename
8-K - 8-K - Education Realty Trust, Inc.	a8-kannouncing4q2014earnin.htm
EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE DATED FEBRUARY 23, 2015 - Education Realty Trust, Inc.	a2014-q4edrearningsrelease.htm



		FINANCIAL HIGHLIGHTS



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

OPERATING DATA:
		Three months ended December 31,									Year ended December 31,
		2014		2013		$ Chg			% Chg		2014		2013		$ Chg			% Chg

	Same-community revenue	$	35,221	$	34,229	$	992		2.9	%	$	128,680	$	124,682	$	3,998		3.2	%
	Total community revenue	61,645		51,139		10,506			20.5	%	206,322		167,476		38,846			23.2	%
	Total revenue	66,504		55,198		11,306			20.5	%	225,793		184,376		41,417			22.5	%

	Same-community net operating income	21,503		20,596		907			4.4	%	70,740		68,192		2,548			3.7	%
	Total community net operating income	39,059		30,565		8,494			27.8	%	113,673		87,519		26,154			29.9	%
	Total operating income	17,514		12,771		4,743			37.1	%	23,940		24,330		(390		)	(1.6	)%

	Net income	22,397		1,643		20,754			1,263.2	%	47,055		4,323		42,732			988.5	%
	Per share - basic	$	0.47	$	0.04	$	0.43		1,075.0	%	$	1.10	$	0.11	$	0.99		900.0	%
	Per share - diluted	0.47		0.04		0.43			1,075.0	%	1.09		0.11		0.98			890.9	%

	Funds from operations (FFO)	25,025		21,665		3,360			15.5	%	77,718		55,172		22,546			40.9	%
	Per weighted average share/unit ⁽¹⁾	$	0.52	$	0.56	$	(0.04	)	(7.1	)%	$	1.80	$	1.43	$	0.37		25.9	%

	Core funds from operations (Core FFO)	28,878		23,468		5,410			23.1	%	80,339		63,099		17,240			27.3	%
	Per weighted average share/unit ⁽¹⁾	$	0.60	$	0.61	$	(0.01	)	(1.6	)%	$	1.86	$	1.64	$	0.22		13.4	%

FINANCIAL RATIOS:
		12/31/2014				12/31/2013
	Debt to gross assets	35.1%				42.8%
	Net debt to enterprise value	28.1%				42.5%
	Interest coverage ratio (TTM)	5.0x				4.6x
	Net debt to EBITDA - Adjusted (TTM)	4.9x				6.5x

⁽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 2014		1



		BALANCE SHEET



(Amount in thousands, except share and per share data)		December 31, 2014			December 31, 2013
Assets		(unaudited)
	Collegiate housing properties, net ⁽¹⁾	$	1,586,009		$	1,388,885
	Assets under development	120,702			116,787
	Cash and cash equivalents	18,385			22,073
	Restricted cash	10,342			12,253
	Other assets	76,199			70,567
Total assets		$	1,811,637		$	1,610,565

Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium	$	249,637		$	422,681
	Unsecured revolving credit facility	24,000			356,900
	Unsecured term loan	187,500			—
	Unsecured senior notes	250,000			—
	Accounts payable and accrued expenses	76,869			67,646
	Deferred revenue	17,301			23,498
Total liabilities		805,307			870,725

Commitments and contingencies		—			—

Redeemable noncontrolling interests		14,512			9,871

Equity:
EdR stockholders' equity:
	Common stock, $0.01 par value per share, 200,000,000 shares authorized, 47,999,427 and 38,246,718 shares issued and outstanding as of December 31, 2014 and 2013, respectively	480			383
	Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
	Additional paid-in capital	1,034,683			814,305
	Accumulated deficit	(41,909		)	(88,964		)
	Accumulated other comprehensive loss	(4,465		)	—
Total EdR stockholders' equity		988,789			725,724
Noncontrolling interest		3,029			4,245
Total equity		991,818			729,969

Total liabilities and equity		$	1,811,637		$	1,610,565

⁽¹⁾ Amount is net of accumulated depreciation of $210,047 and $204,181, as of December 31, 2014 and 2013, respectively.



FOURTH QUARTER 2014		2



		OPERATING RESULTS



(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,									Year ended December 31,
	2014			2013			$ Change			2014			2013			$ Change
Revenues:
Collegiate housing leasing revenue	$	61,645		$	51,139		$	10,506		$	206,322		$	167,476		$	38,846
Third-party development consulting services	1,541			999			542			6,805			2,989			3,816
Third-party management services	1,103			987			116			3,959			3,697			262
Operating expense reimbursements	2,215			2,073			142			8,707			10,214			(1,507		)
Total revenues	66,504			55,198			11,306			225,793			184,376			41,417
Operating expenses:
Collegiate housing leasing operations	22,586			20,574			2,012			92,649			79,957			12,692
Development and management services	2,725			1,253			1,472			9,685			6,477			3,208
General and administrative	2,593			1,737			856			8,745			7,081			1,664
Development pursuit, acquisition costs and severance	—			248			(248		)	1,372			597			775
Depreciation and amortization	16,045			14,551			1,494			58,974			48,098			10,876
Ground lease expense	2,826			1,991			835			8,988			7,622			1,366
Loss on impairment of collegiate housing properties	—			—			—			12,733			—			12,733
Reimbursable operating expenses	2,215			2,073			142			8,707			10,214			(1,507		)
Total operating expenses	48,990			42,427			6,563			201,853			160,046			41,807

Operating income	17,514			12,771			4,743			23,940			24,330			(390		)

Nonoperating (income) expenses:
Interest expense	5,580			5,049			531			20,656			17,526			3,130
Amortization of deferred financing costs	623			490			133			2,156			1,758			398
Interest income	(38		)	(75		)	37			(190		)	(447		)	257
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	2,651			—			2,651			3,543			—			3,543
Total nonoperating expenses	8,816			5,464			3,352			8,546			18,837			(10,291		)
Income before equity in earnings (losses) of unconsolidated entities, income taxes, discontinued operations and gain on sale of collegiate housing communities	8,698			7,307			1,391			15,394			5,493			9,901
Equity in losses of unconsolidated entities	(340		)	(101		)	(239		)	(710		)	(203		)	(507		)
Income before income taxes, discontinued operations and gain on sale of collegiate housing properties	8,358			7,206			1,152			14,684			5,290			9,394
Income tax expense (benefit)	(337		)	471			(808		)	261			203			58
Income from continuing operations	8,695			6,735			1,960			14,423			5,087			9,336
Loss from discontinued operations	—			(4,790		)	4,790			—			(456		)	456
Income before gain on sale of collegiate housing communities	8,695			1,945			6,750			14,423			4,631			9,792
Gain on sale of collegiate housing communities	13,908			—			13,908			33,231			—			33,231
Net income	22,603			1,945			20,658			47,654			4,631			43,023
Less: Net income attributable to the noncontrolling interests	206			302			(96		)	599			308			291
Net income attributable to Education Realty Trust, Inc.	$	22,397		$	1,643		$	20,754		$	47,055		$	4,323		$	42,732



FOURTH QUARTER 2014		3



		OPERATING RESULTS



(Amounts in thousands, except per share data, unaudited)
	Three months ended December 31,								Year ended December 31,
	2014			2013		$ Change			2014			2013		$ Change
Other comprehensive income (loss):
Loss on cash flow hedging derivatives	(2,051		)	—		(2,051		)	(4,465		)	—		(4,465		)
Comprehensive income	$	20,346		$	1,643	$	18,703		$	42,590		$	4,323	$	38,267

Earnings per share information⁽¹⁾:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic	$	0.47		$	0.04	$	0.43		$	1.10		$	0.11	$	0.99
Net income attributable to Education Realty Trust, Inc. common stockholders per share – diluted	$	0.47		$	0.04	$	0.43		$	1.09		$	0.11	$	0.98

Weighted average shares of common stock outstanding – basic	47,658			38,273					42,934			38,144
Weighted average shares of common stock outstanding – diluted ⁽²⁾	48,002			38,619					43,277			38,490


⁽¹⁾ The Trust effected a 3-for-1 reserve stock split on December 1, 2014. Every three issued shares were reduced to one share. All shares and related information presented in these financial statements have been retroactively adjusted to reflect the reverse stock split.
⁽²⁾ Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Units. Total operating partnership units outstanding as of December 31, 2014 were 1,030,209.



FOURTH QUARTER 2014		4



		FUNDS FROM OPERATIONS



(Amounts in thousands, except per share data, unaudited)		Three months ended December 31,									Year ended December 31,
		2014			2013			$ Change			2014			2013			$ Change
Net income attributable to EdR		$	22,397		$	1,643		$	20,754		$	47,055		$	4,323		$	42,732
	Gain on sale of collegiate housing assets ⁽¹⁾	(13,908		)	(18		)	(13,890		)	(33,231		)	(3,913		)	(29,318		)
	Gain on insurance settlement	—			—			—			(8,133		)	—			(8,133		)
	Impairment losses ⁽¹⁾	—			5,001			(5,001		)	12,733			5,001			7,732
	Real estate related depreciation and amortization	15,690			14,737			953			58,055			49,316			8,739
	Equity portion of real estate depreciation and amortization on equity investees	557			52			505			701			196			505
	Noncontrolling interests	289			250			39			538			249			289
Funds from operations ("FFO")		25,025			21,665			3,360			77,718			55,172			22,546
	percent change							15.5		%							40.9		%

FFO adjustments:
	Loss on extinguishment of debt	2,651			—			2,651			3,543			—			3,543
	Acquisition costs	—			113			(113		)	1,058			393			665
	Severance costs, net of tax	—			—			—			314			—			314
	Straight-line adjustment for ground leases ⁽²⁾	1,202			1,230			(28		)	4,835			5,255			(420		)
FFO adjustments		3,853			1,343			2,510			9,750			5,648			4,102

FFO on Participating Developments:⁽³⁾
	Interest on loan to Participating Development	—			460			(460		)	(5,581		)	1,825			(7,406		)
	Development fees on Participating Development, net of costs and taxes	—			—			—			(1,548		)	454			(2,002		)
FFO on Participating Developments		—			460			(460		)	(7,129		)	2,279			(9,408		)

Core funds from operations ("Core FFO")		$	28,878		$	23,468		$	5,410		$	80,339		$	63,099		$	17,240
	percent change							23.1		%							27.3		%

FFO per weighted average share/unit ⁽⁴⁾		$	0.52		$	0.56		$	(0.04	)	$	1.80		$	1.43		$	0.37
	percent change							(7.1		)%							25.9		%
Core FFO per weighted average share/unit ⁽⁴⁾		$	0.60		$	0.61		$	(0.01	)	$	1.86		$	1.64		$	0.22
	percent change							(1.6		)%							13.4		%

Weighted average shares/units ⁽⁴⁾		48,002			38,619			9,383			43,279			38,490			4,789
	percent change							24.3		%							12.4		%

⁽¹⁾All of the 2013 amounts are included in discontinued operations on the face of our statement of operations on pages 3 and 4.
⁽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 2013 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 recognized 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. In 2014, all previously deferred amounts were recognized in net income as our mezzanine investment was repaid in full.
⁽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 2014		5



	COMMUNITY OPERATING RESULTS



(Amounts in thousands, unaudited)

		Three Months Ended December 31,									Year Ended December 31,
		2014		2013		$ Change			% Change		2014		2013		$ Change			% Change
Revenues
	Same-communities⁽¹⁾	$	35,221	$	34,229	$	992		2.9	%	$	128,680	$	124,682	$	3,998		3.2	%
	New-communities ⁽²⁾	25,271		10,887		14,384			NM		64,083		19,792		44,291			NM
	Sold-communities⁽³⁾	1,153		6,023		(4,870		)	NM		13,559		23,002		(9,443		)	NM
Total revenues		61,645		51,139		10,506			20.5	%	206,322		167,476		38,846			23.2	%

Operating expenses ⁽⁴⁾
	Same-communities⁽¹⁾	13,718		13,633		85			0.6	%	57,940		56,490		1,450			2.6	%
	New-communities ⁽²⁾	8,008		3,919		4,089			NM		25,992		9,873		16,119			NM
	Sold-communities⁽³⁾	860		3,022		(2,162		)	NM		8,717		13,594		(4,877		)	NM
Total operating expenses		22,586		20,574		2,012			9.8	%	92,649		79,957		12,692			15.9	%

Net operating income
	Same-communities⁽¹⁾	21,503		20,596		907			4.4	%	70,740		68,192		2,548			3.7	%
	New-communities ⁽²⁾	17,263		6,968		10,295			NM		38,091		9,919		28,172			NM
	Sold-communities⁽³⁾	293		3,001		(2,708		)	NM		4,842		9,408		(4,566		)	NM
Total net operating income		$	39,059	$	30,565	$	8,494		27.8	%	$	113,673	$	87,519	$	26,154		29.9	%


Note: As noted in our September 29, 2014 release on 2014/2015 opening leasing results, the reported same-community leasing revenue growth of 4% achieved for the 2014/2015 lease term was expected to equate to revenue growth of just under 3% in the fourth quarter of 2014 and approximately 4% in the first and second quarters of 2015 due to a difference in the same-community mix for financial reporting purposes and leasing purposes.

⁽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 26 of this supplement for a listing of same-communities.
⁽²⁾ See page 26 of this supplement for a listing of which communities are categorized as new-communities.
⁽³⁾ Represents operating results from communities sold in 2014.
⁽⁴⁾ 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 2014		6



	SAME-COMMUNITY EXPENSES BY CATEGORY



(Amounts in thousands, except bed and per-bed data, unaudited)
	Three months ended December 31, 2014						Three months ended December 31, 2013
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities⁽¹⁾	$	4,343	$	241	31	%	$	4,128	$	229	31	%	$	215		5.2	%
On-Site Payroll	2,549		141		19	%	2,432		135		18	%	117			4.8	%
General & Administrative⁽²⁾	2,506		139		18	%	2,168		120		16	%	338			15.6	%
Maintenance & Repairs⁽³⁾	785		44		6	%	886		49		6	%	(101		)	(11.4	)%
Marketing	662		37		5	%	689		38		5	%	(27		)	(3.9	)%
Total Direct Operating Expenses	$	10,845	$	602	79	%	$	10,303	$	571	76	%	$	542		5.3	%

Real Estate Taxes	2,451		136		18	%	2,887		160		21	%	(436		)	(15.1	)%
Insurance	422		23		3	%	443		25		3	%	(21		)	(4.7	)%
Total Fixed Operating Expenses	$	2,873	$	159	21	%	$	3,330	$	185	24	%	$	(457	)	(13.7	)%
Total Property Operating Expenses	$	13,718	$	761	100	%	$	13,633	$	756	100	%	$	85		0.6	%

	Year ended December 31, 2014						Year ended December 31, 2013
	Amount		Per Bed		% of Total Operating Expenses		Amount		Per Bed		% of Total Operating Expenses		$ Change			% Change
Utilities⁽¹⁾	$	16,628	$	922	28	%	$	16,033	889		29	%	595			3.7	%
On-Site Payroll	10,286		570		18	%	9,891		548		18	%	395			4.0	%
General & Administrative⁽²⁾	9,511		527		16	%	9,428		523		16	%	83			0.9	%
Maintenance & Repairs⁽³⁾	6,145		341		11	%	6,163		342		11	%	(18		)	(0.3	)%
Marketing	2,823		156		5	%	2,954		164		5	%	(131		)	(4.4	)%
Total Direct Operating Expenses	$	45,393	$	2,516	78	%	$	44,469	$	2,466	79	%	$	924		2.1	%

Real Estate Taxes	10,859		602		19	%	10,245		568		18	%	614			6.0	%
Insurance	1,688		94		3	%	1,776		98		3	%	(88		)	(5.0	)%
Total Fixed Operating Expenses	$	12,547	$	696	22	%	$	12,021	$	666	21	%	$	526		4.4	%
Total Property Operating Expenses	$	57,940	$	3,212	100	%	$	56,490	$	3,132	100	%	$	1,450		2.6	%

Same-community beds	18,039

⁽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.



FOURTH QUARTER 2014		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, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			Total / Weighted Average - Trailing Twelve Months
2014 Same Communities
	Revenue	$	34,229		$	33,325		$	31,067		$	29,067		$	35,221		$	128,680
	Operating Expenses	13,633			13,771			13,578			16,873			13,718			57,940
	Net Operating Income	$	20,596		$	19,554		$	17,489		$	12,194		$	21,503		$	70,740
	Margin	60		%	59		%	56		%	42		%	61		%	55		%
	Beds	54,117			54,117			54,117			54,117			54,117			216,468
	Occupancy⁽¹⁾	94.8		%	93.8		%	87.9		%	89.4		%	95.7		%	91.7		%
	Net Apartment Rent per Occupied Bed	$	631		$	620		$	607		$	540		$	644		$	604
	Other Income per Occupied Bed	36			36			46			61			36			44
	Total Revenue per Occupied Bed	$	667		$	656		$	653		$	601		$	680		$	648
	Operating Expense per Available Bed	$	250		$	254		$	251		$	312		$	253		$	268

2014 New Communities
	Revenue	$	10,887		$	11,772		$	11,116		$	15,924		$	25,271		$	64,083
	Operating Expenses	3,919			5,215			5,008			7,761			8,008			25,992
	Net Operating Income	$	6,968		$	6,557		$	6,108		$	8,163		$	17,263		$	38,091
	Margin	64		%	56		%	55		%	51		%	68		%	59		%
	Beds	14,407			15,237			15,237			23,375			28,794			82,643
	Occupancy⁽¹⁾	93.0		%	92.4		%	84.9		%	90.9		%	97.2		%	92.3		%
	Net Apartment Rent per Occupied Bed	$	750		$	776		$	784		$	684		$	863		$	784
	Other Income per Occupied Bed	63			60			75			65			40			57
	Total Revenue per Occupied Bed	$	813		$	836		$	859		$	749		$	903		$	841
	Operating Expense per Available Bed	$	272		$	342		$	329		$	332		$	278		$	315

2014 Sold Communities
	Revenue	$	6,023		$	5,614		$	4,127		$	2,665		$	1,153		$	13,559
	Operating Expenses	3,022			3,182			2,389			2,286			860			8,717
	Net Operating Income	$	3,001		$	2,432		$	1,738		$	379		$	293		$	4,842
	Margin	50		%	43		%	42		%	14		%	25		%	36		%
	Beds	14,592			12,912			9,552			6,384			1,628			30,476
	Occupancy⁽¹⁾	89.6		%	89.0		%	90.0		%	88.5		%	89.2		%	89.2		%
	Net Apartment Rent per Occupied Bed	$	443		$	464		$	455		$	426		$	754		$	469
	Other Income per Occupied Bed	17			25			25			46			40			30
	Total Revenue per Occupied Bed	$	460		$	489		$	480		$	472		$	794		$	499
	Operating Expense per Available Bed	$	207		$	245		$	250		$	362		$	529		$	286



FOURTH QUARTER 2014		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, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			Total / Weighted Average - Trailing Twelve Months
2014 Total Communities
	Revenue	$	51,139		$	50,711		$	46,310		$	47,656		$	61,645		$	206,322
	Operating Expenses	20,574			22,168			20,975			26,920			22,586			92,649
	Net Operating Income	$	30,565		$	28,543		$	25,335		$	20,736		$	39,059		$	113,673
	Margin	60		%	56		%	55		%	44		%	63		%	55		%
	Beds	83,116			82,266			78,906			83,876			84,539			329,587
	Occupancy⁽¹⁾	93.2		%	92.8		%	87.6		%	89.8		%	96.1		%	91.6		%
	Net Apartment Rent per Occupied Bed	620			625			621			572			721			637
	Other Income per Occupied Bed	38			39			49			61			37			46
	Total Revenue per Occupied Bed	658			664			670			633			758			683
	Operating Expense per Available Bed	247			269			266			321			268			281

⁽¹⁾ Represents the weighted average physical occupancy for the period presented.



FOURTH QUARTER 2014		9



		2014 RESULTS PRESENTED IN 2015 SAME-COMMUNITY MIX



Build-up to 2015 Same Community Mix
(Amounts in thousands, except beds and per bed amounts)		Three Months Ended												Total / Weighted Average - Full Year 2014
		March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			Total / Weighted Average - Full Year 2014
2014 Same Communities
	Revenue	$	33,325		$	31,067		$	29,067		$	35,221		$	128,680
	Operating Expenses	13,771			13,578			16,873			13,718			57,940
	Net Operating Income	$	19,554		$	17,489		$	12,194		$	21,503		$	70,740
	Margin	59		%	56		%	42		%	61		%	55		%
	Beds	54,117			54,117			54,117			54,117			216,468
	Occupancy⁽¹⁾	93.8		%	87.9		%	89.4		%	95.7		%	91.7		%
	Net Apartment Rent per Occupied Bed	$	620		$	607		$	540		$	644		$	604
	Other Income per Occupied Bed	36			46			61			36			44
	Total Revenue per Occupied Bed	$	656		$	653		$	601		$	680		$	648
	Operating Expense per Available Bed	$	254		$	251		$	312		$	253		$	268

2015 New Same Communities
	Revenue	$	11,674		$	11,027		$	10,997		$	13,448		$	47,146
	Operating Expenses	4,671			4,379			5,580			4,996			19,626
	Net Operating Income	$	7,003		$	6,648		$	5,417		$	8,452		$	27,520
	Margin	60		%	60		%	49		%	63		%	58		%
	Beds	15,120			15,120			15,120			15,120			60,480
	Occupancy⁽¹⁾	92.4		%	84.8		%	88.6		%	98.6		%	91.1		%
	Net Apartment Rent per Occupied Bed	$	776		$	784		$	735		$	845		$	787
	Other Income per Occupied Bed	60			76			85			56			69
	Total Revenue per Occupied Bed	$	836		$	860		$	820		$	901		$	856
	Operating Expense per Available Bed	$	309		$	290		$	369		$	330		$	325

2015 Same Communities
	Revenue	$	44,999		$	42,094		$	40,064		$	48,669		$	175,826
	Operating Expenses	18,442			17,957			22,453			18,714			77,566
	Net Operating Income	$	26,557		$	24,137		$	17,611		$	29,955		$	98,260
	Margin	59		%	57		%	44		%	62		%	56		%
	Beds	69,237			69,237			69,237			69,237			276,948
	Occupancy⁽¹⁾	93.5		%	87.3		%	89.2		%	96.4		%	91.6		%
	Net Apartment Rent per Occupied Bed	$	654		$	645		$	583		$	689		$	644
	Other Income per Occupied Bed	41			52			66			40			50
	Total Revenue per Occupied Bed	$	695		$	697		$	649		$	729		$	694
	Operating Expense per Available Bed	$	266		$	259		$	324		$	270		$	280

⁽¹⁾ Represents the weighted average physical occupancy for the period presented.



FOURTH QUARTER 2014		10



	PRELEASING SUMMARY



						Preleasing at February 17,
	Design Beds	% of NOI		2014 Opening Occupancy		2015		2014		Preleasing Ahead/(Behind)		Projected Rate Growth

Same-Communities - by Tier
Prior Year Occupancy Below 90% (Tier 1)	2,906	6.9	%	81.6	%	22.4	%	19.5	%	2.9	%	1.0	%
Prior Year Occupancy 90% to 94.9% (Tier 2)	2,063	9.0	%	92.2	%	36.4	%	40.2	%	(3.8	)%	3.4	%
Prior Year Occupancy 95% to 97.9% (Tier 3)	5,772	18.5	%	97.4	%	46.3	%	44.0	%	2.3	%	2.0	%
Subtotal - Tiers 1 - 3	10,741	34.4	%	92.1	%	37.9	%	36.6	%	1.3	%
Prior Year Occupancy 98% and Above (Tier 4)	13,014	65.6	%	99.6	%	69.1	%	67.7	%	1.4	%	3.6	%
Total Same-Communities ⁽¹⁾	23,755	100.0	%	96.2	%	55.0	%	53.7	%	1.3	%	3.0	%
Total New-Communities ⁽²⁾	1,947					43.9	%
Total Communities	25,702					54.1	%

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 2,982 same-community beds or 1,610 new-community beds to be delivered in 2015 at the University of Kentucky. Although the university's assignment process does not occur until May, all 4,592 beds, which include the 601 beds delivered in 2013, 2,381 beds delivered in 2014, and 1,610 beds to be delivered in 2015, are currently 90% 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 2015/2016 leasing cycle. Design Beds for Same-Communities included in the 2015 Preleasing Summary above include the following design beds: (1) Total same-community design beds on page 26 of 18,039, plus (2) 5,716 design beds on communities that are considered same for leasing purposes (see footnote 1 on page 26).

⁽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 2014 acquisition of The District on Apache (900 beds) and (2) beds at our 2015 development deliveries - The Oaks on the Square - Phase IV (391 beds) and The Retreat at Louisville (656 beds).



FOURTH QUARTER 2014		11



	SAME-COMMUNITY PRELEASING BY REGION AND DISTANCE



						Preleasing at February 17,
	Design Beds	% of NOI		2014 Opening Occupancy		2015		2014		Preleasing Ahead/(Behind)		Projected Rate Growth

Same-Communities - by Region ⁽¹⁾
Mid-Atlantic	5,811	30.5	%	95.0	%	65.7	%	65.5	%	0.2	%	3.5	%
Midwest	2,636	7.5	%	93.6	%	32.6	%	31.0	%	1.6	%	1.8	%
North	3,206	12.9	%	99.3	%	67.4	%	65.2	%	2.2	%	3.6	%
South Central	4,094	20.6	%	97.9	%	59.6	%	59.4	%	0.2	%	3.3	%
Southeast	5,681	18.1	%	96.1	%	46.8	%	43.7	%	3.1	%	2.0	%
West	2,327	10.4	%	95.4	%	48.4	%	48.1	%	0.3	%	3.2	%
Total Same-Communities	23,755	100.0	%	96.2	%	55.0	%	53.7	%	1.3	%	3.0	%


Same-Communities - by Distance from Campus
0-0.2 miles	13,310	65.9	%	97.4	%	61.2	%	58.4	%	2.8	%	3.3	%
0.21-0.49 miles	2,144	7.2	%	97.1	%	42.6	%	42.1	%	0.5	%	3.0	%
0.5-0.99 miles	1,004	4.1	%	99.1	%	56.8	%	74.2	%	(17.4	)%	3.0	%
1.0-1.99 miles	5,437	17.7	%	92.0	%	44.8	%	38.9	%	5.9	%	2.3	%
2.0 & > miles	1,860	5.1	%	97.9	%	53.9	%	65.3	%	(11.4	)%	2.1	%
Total Same-Communities	23,755	100.0	%	96.2	%	55.0	%	53.7	%	1.3	%	3.0	%

NOTE: Leasing update does not include 2,982 same-community beds or 1,610 new-community beds to be delivered in 2015 at the University of Kentucky. Although the university's assignment process does not occur until May, all 4,592 beds, which include the 601 beds delivered in 2013, 2,381 beds delivered in 2014, and 1,610 beds to be delivered in 2015, are currently 90% applied for this fall.

⁽¹⁾ See definition of regions on page 28.



FOURTH QUARTER 2014		12



	TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on actual 2014 revenues, but excludes properties that were sold during 2014.



FOURTH QUARTER 2014		13



	TOP EdR MARKETS AND STATES BY REVENUE

*The data above is based on actual 2014 revenues, but excludes properties that were sold during 2014.



FOURTH QUARTER 2014		14



	NEW SUPPLY AND ENROLLMENT - EdR MARKETS

New supply expected to slow 15% from 2014 to 2015

EdR Market and Revenue Growth

*Enrollment projection represents the 3-year enrollment CAGR through 2013 for our markets.



FOURTH QUARTER 2014		15



	OWNED COMMUNITY PROJECTED 2015 NEW SUPPLY AND DEMAND INFORMATION




Owned Community Projected 2015 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	2015 New Supply %	Variance
West	3,227	11%	12%	2.2%	0.5%	1.7%
Mid Atlantic	6,201	20%	25%	0.8%	1.6%	(0.8)%
North	3,206	11%	9%	0.6%	1.8%	(1.2)%
South Central	9,342	30%	34%	1.9%	1.2%	0.7%
Southeast	5,681	19%	14%	1.6%	2.4%	(0.8)%
Midwest	2,636	9%	6%	2.2%	3.2%	(1.0)%
Total	30,293	100%	100%	1.5%	1.6%	(0.1)%


Region ⁽⁴⁾	Anticipated 2015 Enrollment Growth⁽²⁾	2015 Supply Growth	Variance
West	3,259	882	2,377
Mid Atlantic	1,269	2,721	(1,452)
North	1,391	3,136	(1,745)
South Central	2,671	2,117	554
Southeast	3,392	5,790	(2,398)
Midwest	2,053	3,064	(1,011)
Total	14,035	17,710	(3,675)


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

⁽¹⁾ Includes 2015 development deliveries. NOI is based on current 2014 net operating income with proforma adjustments for 2015 developments and developments or acquisitions that have been operating less than 12 months.
⁽²⁾ Extrapolated from 2013 enrollment statistics from National Center for Education Statistics using the previous 3-year enrollment growth percentage.
⁽³⁾ Total Owned Beds reported herein include Total Communities design beds on page 26 of 27,637 plus 1,610 of beds related to the 2015 deliveries at the University of Kentucky, 390 beds for 2015 delivery at the University of Connecticut, and 656 beds for 2015 delivery at the University of Louisville (see page 18).
⁽⁴⁾See definition of regions on page 28.



FOURTH QUARTER 2014		16



	OWNED COMMUNITY PROJECTED 2015 NEW SUPPLY AND DEMAND INFORMATION





Projected 2015 New Supply Sorted by Percentage Increase

New Supply Growth	University Markets		EdR Bed Count		Pro Forma EdR NOI %⁽¹⁾
0%	12	33%	7,328	25%	25%
0.1% to 1.0%	6	16%	4,808	16%	13%
1.0% - 3.0%	11	30%	12,758	42%	46%
3.0% - 5.0%	4	11%	3,101	10%	8%
> 5.0%	4	10%	2,298	7%	8%
Total	37	100%	30,293	100%	100%


University Markets with > 5% Increase in 2015 New Supply

University	New Supply Increase	Pro Forma EdR NOI %
University of Louisville	8.4%	2.5%
St. Louis University	7.3%	1.2%
University of Oklahoma	6.8%	1.2%
University of Alabama	5.8%	3.0%
		7.9%

NOTE: Schedule represents all markets served by EdR communities and includes all announced 2015 developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data.
⁽¹⁾ Includes 2015 development deliveries. NOI is based on current 2014 net operating income with proforma adjustments for 2015 developments and developments or acquisitions that have been operating less than 12 months.



FOURTH QUARTER 2014		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 - Woodland Glen III, IV & V	ONE Plan⁽¹⁾	1,610	In progress		Summer 2015	$	101,172	100	%	$	101,172		$	29,905
	University of Georgia - Georgia Heights	Joint Venture ⁽²⁾	292	In progress		Summer 2015	55,615		50	%	27,808		⁽²⁾	23
	University of Connecticut - The Oaks on the Square Ph IV	Wholly Owned	390	In progress		Summer 2015	45,000		100	%	45,000			32,320
	University of Louisville - The Retreat at Louisville	Joint Venture	656	In Progress		Summer 2015	45,000		75	%	33,750			18,871
	Total - 2015 Deliveries		2,948				$	246,787			$	207,730		$	81,119

	University of Kentucky - Limestone Park I & II	ONE Plan ⁽¹⁾	1,141	In progress		Summer 2016	$	83,911	100	%	$	83,911		$	76,833
	University of Mississippi - The Retreat - Phase II	Wholly Owned	350	In progress		Summer 2016	25,600		100	%	25,600			25,600
	Total - 2016 Deliveries		1,491				$	109,511			$	109,511		$	102,433
	Total Active Projects		4,439				$	356,298			$	317,241		$	183,552

	Recently Awarded - 2017 Deliveries	Project Type	Bed Count	Total Project Development Cost
	Boise State University	ONE Plan ⁽¹⁾
	Arkansas State University	ONE Plan ⁽¹⁾
	University of Kentucky	ONE Plan ⁽¹⁾
	University of Kentucky - Honors College	ONE Plan ⁽¹⁾
	Total Recently Awarded - 2017 Deliveries		2,000	$	150,000

	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 is not majority owned. As such, it will not be consolidated and we will recognize our portion of profits through equity in earnings on the income statement. Also as a result, the costs to be funded only represent EdR’s remaining required equity contribution.



FOURTH QUARTER 2014		18



	THIRD-PARTY DEVELOPMENT SUMMARY



(Amounts in thousands except bed counts)


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, 2013 ⁽¹⁾		Remaining Fees to Earn
Clarion University of Pennsylvania	728	Spring 2014	Fall 2015	$	55,104	$	2,092	$	—	$	931	$	1,161
East Stroudsburg University - Pennsylvania Ph II	488	Summer 2015	Summer 2016	TBD		TBD		—		—		—
University of Cal. Berkeley - Bowles Hall	186	Summer 2015	Summer 2016	TBD		TBD		—		—		—
Total	1,402			$	55,104	$	2,092	$	—	$	931	$	1,161

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.



FOURTH QUARTER 2014		19



		CAPITAL STRUCTURE




as of December 31, 2014					Principal Outstanding		Weighted Average Interest Rate		Average Term to Maturity (in years)
(Amounts in thousands)


Total Debt to Gross Assets				Fixed Rate - Mortgage Debt	$	140,270	5.5	%	3.1
Debt⁽¹⁾	709,651			Variable Rate - Mortgage Debt	34,000		2.3	%	1.5
Gross Assets⁽²⁾	2,021,684			Variable Rate - Construction Debt	73,881		2.4	%	0.6
Debt to Gross Assets	35.1		%	Fixed Rate - 5 Yr. Unsecured Term Loan ⁽⁶⁾	65,000		2.9	%	4.0
				Fixed Rate - 7 Yr. Unsecured Term Loan ⁽⁶⁾	122,500		3.9	%	6.0
Net Debt to Enterprise Value				Fixed Rate - Unsecured Senior Notes	250,000		4.6	%	9.9
Net Debt⁽¹⁾	$	691,266		Variable Rate - Unsecured Revolving Credit Facility	24,000		1.4	%	3.9
Market Equity ⁽³⁾	1,768,864			Debt⁽¹⁾ / Weighted Average	$	709,651	4.0	%	5.8
Enterprise Value	$	2,460,130		Less: Cash	18,385
				Net Debt	$	691,266
Net Debt to Enterprise Value	28.1%


Interest Coverage (TTM)⁽⁴⁾	5.0x
Net Debt to EBITDA - Adjusted (TTM)⁽⁵⁾	4.9x
Variable Rate Debt to Total Debt	18.6%


⁽¹⁾ Excludes unamortized debt premium of $1.5 million.
⁽²⁾ Excludes accumulated depreciation of $210 million.
⁽³⁾Market equity includes 47,999,427 shares of the Company's common stock and 1,030,209 Operating Partnership Units, which are convertible into 343,389 common shares, and is calculated using $36.59 per share, the closing price of the Company's common stock on December 31, 2014.
⁽⁴⁾ Equals Adjusted EBITDA of $103.8 million divided by interest expense of $20.7 million.
⁽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) 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 2014		20



		CAPITAL STRUCTURE



Weighted Average Interest Rate of Debt Maturing Each Year ⁽¹⁾
	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Fixed Rate Mortgage Loans	—%	4.2%	5.5%	—%	6.0%	5.7%	—%	—%	—%	—%
Total Debt	2.4%	3.1%	5.0%	1.4%	4.3%	5.7%	3.9%	—%	—%	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 2014		21



			UNSECURED SENIOR NOTE COVENANTS



as of December 31, 2014
(Amounts in thousands)

Unsecured Senior Note Covenants⁽¹⁾	Requirement		Current Ratio
Total Debt to Total Asset Value	≤ 60%		35.2%
Secured Debt to Total Asset Value	≤ 40%		12.3%
Unencumbered Asset Value to Unsecured Debt	> 150%		331.1%
Interest Coverage	> 1.5x		3.35x


Calculation of Interest Coverage Ratio:
Adjusted Pro Forma EBITDA:
EdR Adjusted EBITDA⁽²⁾	$	103,830
Pro forma Adjustments - acquisitions & dispositions⁽¹⁾	2,192
Total Adjusted Pro Forma EBITDA	$	106,022

Pro Forma Interest Expense:
Interest expense	$	20,656
Add back: Capitalized interest	5,767
Pro forma adjustments	5,210
Pro forma interest expense	$	31,633

Interest Coverage	3.35x

⁽¹⁾Computed in accordance with the First Supplemental Indenture filed November 24, 2014 with the SEC.
⁽²⁾ See page 23 for a reconciliation to EdR Adjusted EBITDA.



FOURTH QUARTER 2014		22



	RECONCILIATION OF NON-GAAP MEASURES



(Amounts in thousands)
	For the Year Ended December 31,
Adjusted EBITDA and Pro Forma Adjusted EBITDA:	2014			2013
Net income attributable to common shareholders	$	47,055		$	4,323
Straight line adjustment for ground leases	4,835			5,255
Acquisition costs	1,058			393
Depreciation and amortization	58,974			48,098
Depreciation and amortization - discontinued operations	—			1,767
Loss on impairment of collegiate housing assets	12,733			5,001
Gain on sale of collegiate housing assets	(33,231		)	(3,913		)
Gain on insurance settlement	(8,133		)	—
Interest expense	20,656			17,526
Amortization of deferred financing costs	2,156			1,758
Interest income	(190		)	(447		)
Interest on loan to participating development	(6,486		)	—
Loss on extinguishment of debt	3,543			—
Income tax expense (benefit)	261			203
Noncontrolling interests	599			308
Adjusted EBITDA	103,830			80,272
Annualize acquisitions, developments and dispositions⁽¹⁾	13,446			15,485
Pro Forma Adjusted EBITDA	$	117,276		$	95,757

⁽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 2014		23



	2015 GUIDANCE



(Amounts in thousands, except share and per share data)	Year ending December 31, 2015
	Low End		High End

Net income attributable to EdR	$	12,000	$	16,000

Real estate related depreciation and amortization	65,300		65,300
Equity portion of real estate depreciation and amortization on equity investees	1,920		1,920
Noncontrolling interests	60		60
FFO	$	79,280	$	83,280
FFO adjustments:
Straight-line adjustment for ground leases⁽¹⁾	4,800		4,800
FFO adjustments	4,800		4,800

Core FFO	$	84,080	$	88,080

FFO per weighted average share/unit⁽²⁾	$	1.64	$	1.72

Core FFO per weighted average share/unit⁽²⁾	$	1.74	$	1.82

Weighted average shares/units⁽²⁾	48,365		48,365

Note: See page 25 for for details on guidance assumptions.

⁽¹⁾ 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.
⁽²⁾ 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 2014		24



	2015 GUIDANCE



(Amounts in thousands, except per share data)
2015 Guidance Assumptions

Core FFO							Development and Management Services
	Low			High		Change from 2014 (%)		Low			High
Core FFO	$	84,080		$	88,080		Third-party development services revenue	$	1,250		$	1,250
Core FFO per share	$	1.74		$	1.82	2% to 6% below	Third-party management services revenue	$	3,800		$	3,800


2015 Combined-Community Net Operating Income Guidance Assumptions							G&A and Nonoperating Expenses
	Low			High		Timing		Low			High
Same-community 2015/2016 leasing Same-community occupancy growth	(0.50)%		-	0.50%		Fall 2015	Interest expense, net of capitalized interest and including amortization of deferred financing costs	$28,000		-	$29,000
Same-community rental rate growth	3%					Fall 2015
Same-community total revenue growth	4%		-	5%		Full year	General and administrative expenses (including management and development services)	$20,000		-	$21,000
							Ground lease expense, excluding straight-line	$6,200
Same-community operating expense growth	3%		-	4%		Full year	Non-real estate depreciation	$1,700
Same-community net operating income growth	4%		-	6%		Full year
							Other
Loss of 2014 NOI from 2014 dispositions	$(4,800)							Low			High
							Income tax expense	$500
New-communities:							Equity in earnings (losses) of unconsolidated entities⁽¹⁾	$(500)
Acquisitions	none						Core FFO depreciation add back related to unconsolidated entities above⁽¹⁾	$2,000
NOI on 2015 development deliveries⁽¹⁾	$6,000					See page 18
NOI on 2014 developments and acquisitions⁽¹⁾	$28,000						Full year weighted average shares	48,365
Preopening expenses, included in above	$1,000

(1) The Marshall, delivered in 2014, and Georgia Heights, to be delivered mid-August 2015 will not included in community NOI as they are not consolidated for financial statement purposes. The net income 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 2014		25



	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

Campus Village

Michigan State University

Oct '12

355

The Commons

Florida State University

Jan '05

732

The Province

Kent State University

Nov '12

596

University Towers

North Carolina State University

Jan '05

889

The Suites at Overton Park

Texas Tech University

Dec '12

465

The Reserve on Perkins

Oklahoma State University

Jan '05

732

The Centre at Overton Park

Texas Tech University

Dec '12

400

The Pointe

Pennsylvania State University

Jan '05

984

Total Same-Communities⁽¹⁾

18,039

The Lofts

University of Central Florida

Jan '05

730

The Reserve at Athens

University of Georgia

Jan '05

612

The Lotus⁽¹⁾

University of Colorado, Boulder

Nov '11, Aug '14

235

The Reserve at Columbia

University of Missouri

Jan '05

676

The Oaks on the Square⁽¹⁾

University of Connecticut

Aug '12, Aug '13

503

Commons at Knoxville

University of Tennessee

Jan '05

708

3949⁽¹⁾

Saint Louis University

Aug '13

256

Campus Creek

University of Mississippi

Feb '05

636

Central Hall I & II (ONE Plan)⁽²⁾

University of Kentucky

Aug '13

601

Campus Lodge

University of Florida

Jun '05

1,115

2400 Nueces (ONE Plan)⁽¹⁾

University of Texas at Austin

Aug '13

655

Cape Trails

Southeast Missouri State University

Jan '06

360

Roosevelt Point⁽¹⁾

Arizona State University- Downtown Phoenix

Aug '13

609

Carrollton Crossing

University of West Georgia

Jan '06

336

The Retreat at Oxford⁽¹⁾

University of Mississippi

Aug '13

668

River Pointe

University of West Georgia

Jan '06

504

The Retreat at State College⁽¹⁾

Pennsylvania State University

Sept '13

587

The Reserve at Saluki Pointe

Southern Illinois University

Aug '08, Aug '09

768

The Cottages on Lindberg⁽¹⁾

Purdue University

Sept '13

745

University Village on Colvin (ONE Plan)

Syracuse University

Aug '09

432

The Varsity⁽¹⁾

University of Michigan

Dec '13

416

GrandMarc at The Corner

University of Virginia

Oct '10

641

605 West⁽¹⁾

Duke University

Aug '14

384

Wertland Square

University of Virginia

Mar '11

152

109 Tower⁽¹⁾

Florida International University

Aug '14

542

Jefferson Commons

University of Virginia

Mar '11

The Oaks on the Square- Ph III⁽¹⁾

University of Connecticut

Aug '14

116

The Berk

University of California, Berkeley

May '11

165

Champions Court II (ONE Plan)⁽²⁾

University of Kentucky

Aug '14

427

University Village Towers

University of California, Riverside

Sept '11

554

Haggin Hall I (ONE Plan)⁽²⁾

University of Kentucky

Aug '14

396

Irish Row

University of Notre Dame

Nov '11

326

Champions Court I (ONE Plan)⁽²⁾

University of Kentucky

Aug '14

740

GrandMarc at Westberry Place (ONE Plan)

Texas Christian University

Dec '11

562

Woodland Glen I & II (ONE Plan)⁽²⁾

University of Kentucky

Aug '14

818

The Reserve on Stinson

University of Oklahoma

Jan '12

612

The District on Apache⁽³⁾

Arizona State University- Tempe

Sept '14

900

Campus West (ONE Plan)

Syracuse University

Aug '12

313

Total New-Communities

9,598

East Edge

University of Alabama

Aug '12

774

Total Owned-Communities

27,637

The Province

East Carolina University

Sept '12

728

The District on 5th

University of Arizona

Oct '12

764

⁽¹⁾ The same-community designation for leasing purposes is different than for financial reporting purposes. These communities are considered same-community for 2015/2016 leasing purposes, as the Company managed the leasing process for the 2014/2015 lease cycle and is currently managing the leasing process for the 2015/2016 lease cycle. Total same-community beds for leasing purposes is 23,755.

⁽²⁾ The Kentucky communities, totaling 2,982 beds, are excluded from the leasing update on pages 11 and 12, as the assignment process does not occur until May.

⁽³⁾ This property is considered new for purposes of leasing, as we did not manage the leasing process for the 2014/2015 lease year.



FOURTH QUARTER 2014		26



		INVESTOR RELATIONS



Executive Management
	Randy Churchey	Chief Executive Officer
	Tom Trubiana	President
	Bill Brewer	Chief Financial Officer
	Christine Richards	Chief Operating Officer
	J. Drew Koester	Chief Accounting 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 #	Email
	Bank of America - Merrill	Jana Galan	(646) 855-3081	jana.galan@baml.com
	Green Street Advisors	Dave Bragg	(949) 706-8142	dbragg@greenstreetadvisors.com
	Goldman Sachs	Andrew Rosivach	(212) 902-2796	andrew.rosivach@gs.com
	Hilliard Lyons	Carol Kemple	(502) 588-1839	ckemple@hilliard.com
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293	kford@keybanccm.com
	MLV & Co., LLC	Ryan Meliker	(212) 542-5872	rmeliker@mlvco.com
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306	rpetrik@stifel.com
	UBS Securities	Ross Nussbaum	(212) 713-2484	ross.nussbaum@ubs.com
	Wunderlich Securities	Craig Kucera	(540) 277-3366	ckucera@wundernet.com



FOURTH QUARTER 2014		27



		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 2014		28



		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 2014		29

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