Education Realty Trust, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 THIRD QUARTER 2016 SUPPLEMENTAL - October 31, 2016

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FINANCIAL HIGHLIGHTS

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FINANCIAL HIGHLIGHTS

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FINANCIAL HIGHLIGHTS

 (Amounts in thousands, except per share data, unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 OPERATING DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
$ Chg
 
% Chg
 
2016
 
2015
 
$ Chg
 
% Chg
 
Same-community revenue
$
48,599

 
$
47,304

 
$
1,295

 
2.7
 %
 
$
158,673

 
$
153,047

 
$
5,626

 
3.7
 %
 
Total community revenue
61,877

 
54,725

 
7,152

 
13.1
 %
 
193,750

 
168,842

 
24,908

 
14.8
 %
 
Total revenue
66,225

 
58,189

 
8,036

 
13.8
 %
 
204,744

 
179,642

 
25,102

 
14.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-community net operating income
22,485

 
22,673

 
(188
)
 
(0.8
)%
 
89,748

 
86,219

 
3,529

 
4.1
 %
 
Total community net operating income
29,365

 
26,281

 
3,084

 
11.7
 %
 
110,183

 
93,390

 
16,793

 
18.0
 %
 
Total operating income
1,231

 
2,417

 
(1,186
)
 
(49.1
)%
 
30,933

 
25,198

 
5,735

 
22.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to EdR
(3,533
)
 
(4,720
)
 
1,187

 
(25.1
)%
 
30,791

 
5,138

 
25,653

 
499.3
 %
 
Per share - basic
$
(0.05
)
 
$
(0.10
)
 
$
0.05

 
(50.0
)%
 
$
0.45

 
$
0.11

 
$
0.34

 
309.1
 %
 
Per share - diluted
$
(0.05
)
 
$
(0.10
)
 
$
0.05

 
(50.0
)%
 
$
0.45

 
$
0.11

 
$
0.34

 
309.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds from operations (FFO)
18,664

 
13,142

 
5,522

 
42.0
 %
 
66,281

 
55,005

 
11,276

 
20.5
 %
 
Per weighted average share/unit (1)
$
0.25

 
$
0.27

 
$
(0.02
)
 
(7.4
)%
 
$
0.97

 
$
1.13

 
$
(0.16
)
 
(14.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core funds from operations (Core FFO)
19,396

 
14,540

 
4,856

 
33.4
 %
 
79,761

 
58,894


20,867

 
35.4
 %
 
Per weighted average share/unit (1)
$
0.26

 
$
0.30

 
$
(0.04
)
 
(13.3
)%
 
$
1.17

 
$
1.21

 
$
(0.04
)
 
(3.3
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL RATIOS:
 
 
 
 
 
 
 
 
 
 
9/30/2016
 
12/31/2015
 
 
 
 
 
 
 
 
 
Net debt to gross assets
14.4%
 
27.2%
 
 
 
 
 
 
 
 
 
Debt to gross assets
18.0%
 
28.3%
 
 
 
 
 
 
 
 
 
Net debt to enterprise value
10.8%
 
22.0%
 
 
 
 
 
 
 
 
 
Interest coverage ratio (TTM)
7.0x
 
4.8x
 
 
 
 
 
 
 
 
 
Net debt to EBITDA - Adjusted (TTM)
1.7x
 
4.0x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.

THIRD QUARTER

1
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BALANCE SHEET

(Amount in thousands, except share and per share data)
 
September 30, 2016
 
December 31, 2015
 
 Assets
 
 (unaudited)
 
 
 
 
Collegiate housing properties, net (1)
 
$
2,125,140

 
$
1,774,796

 
 
Assets under development
 
162,336

 
117,384

 
 
Cash and cash equivalents
 
115,486

 
33,742

 
 
Restricted cash
 
7,492

 
9,784

 
 
Other assets
 
72,870

 
66,125

 
 Total assets
 
$
2,483,324

 
$
2,001,831

 
 
 
 
 
 
 
 Liabilities and equity
 
 
 
 
 
 Liabilities:
 
 
 
 
 
 
Mortgage and construction loans, net of unamortized premium and deferred financing costs
 
$
61,847

 
$
204,511

 
 
Unsecured revolving credit facility
 
—

 
—

 
 
Unsecured term loans, net of unamortized deferred financing costs
 
186,706

 
186,518

 
 
Unsecured senior notes, net of unamortized deferred financing costs
 
247,873

 
247,678

 
 
Accounts payable and accrued expenses
 
125,421

 
85,670

 
 
Deferred revenue
 
30,981

 
19,024

 
 Total liabilities
 
652,828

 
743,401

 
 
 
 
 
 
 
 
 Commitments and contingencies
 
—

 
—

 
 
 
 
 
 
 
 Redeemable noncontrolling interests
 
11,033

 
13,560

 
 
 
 
 
 
 
 
 Equity:
 
 
 
 
 
 EdR stockholders' equity:
 
 
 
 
 
 
Common stock, $0.01 par value per share, 200,000,000 shares authorized, 73,047,395 and 56,879,003 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively
 
730

 
569

 
 
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding
 
—

 
—

 
 
Additional paid-in capital
 
1,813,980

 
1,263,603

 
 
Retained earnings (accumulated deficit)
 
—

 
(21,998
)
 
 
Accumulated other comprehensive loss
 
(8,312
)
 
(5,475
)
 
 Total EdR stockholders' equity
 
1,806,398

 
1,236,699

 
 Noncontrolling interest
 
13,065

 
8,171

 
 Total equity
 
1,819,463

 
1,244,870

 
 Total liabilities and equity
 
$
2,483,324

 
$
2,001,831

 
(1) Amount is net of accumulated depreciation of $294,948 and $270,993, as of September 30, 2016 and December 31, 2015, respectively.

THIRD QUARTER

2
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OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
$ Change
 
2016
 
2015
 
$ Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
     Collegiate housing leasing revenue
$
61,877

 
$
54,725

 
$
7,152

 
$
193,750

 
$
168,842

 
$
24,908

     Third-party development consulting services
778

 
490

 
288

 
1,728

 
1,531

 
197

     Third-party management services
965

 
865

 
100

 
2,556

 
2,698

 
(142
)
     Operating expense reimbursements
2,605

 
2,109

 
496

 
6,710

 
6,571

 
139

     Total revenues
66,225

 
58,189

 
8,036

 
204,744

 
179,642

 
25,102

Operating expenses:
 
 
 
 
 
 
 
 
 
 


     Collegiate housing leasing operations
32,512

 
28,444

 
4,068

 
83,567

 
75,452

 
8,115

     Development and management services
2,716

 
3,019

 
(303
)
 
7,965

 
8,228

 
(263
)
     General and administrative
2,489

 
1,988

 
501

 
7,991

 
6,227

 
1,764

     Development pursuit, acquisition costs and severance
212

 
(554
)
 
766

 
898

 
405

 
493

     Depreciation and amortization
22,336

 
17,828

 
4,508

 
58,951

 
49,605

 
9,346

     Ground lease expense
3,224

 
2,938

 
286

 
8,829

 
7,956

 
873

     Other operating income
(1,100
)
 
—

 
(1,100
)
 
(1,100
)
 
—

 
(1,100
)
     Reimbursable operating expenses
2,605

 
2,109

 
496

 
6,710

 
6,571

 
139

     Total operating expenses
64,994

 
55,772

 
9,222

 
173,811

 
154,444

 
19,367

Operating income
1,231

 
2,417

 
(1,186
)
 
30,933

 
25,198

 
5,735

Nonoperating (income) expenses:
 
 
 
 
 
 
 
 
 
 


     Interest expense
3,811

 
6,223

 
(2,412
)
 
12,109

 
17,615

 
(5,506
)
     Amortization of deferred financing costs
443

 
520

 
(77
)
 
1,380

 
1,527

 
(147
)
     Interest income
(155
)
 
(39
)
 
(116
)
 
(429
)
 
(144
)
 
(285
)
     Loss on extinguishment of debt
475

 
—

 
475

 
10,611

 
—

 
10,611

Total nonoperating expenses
4,574

 
6,704

 
(2,130
)
 
23,671

 
18,998

 
4,673

Income (loss) before equity in losses of unconsolidated entities, income taxes and gain on sale of collegiate housing properties
(3,343
)
 
(4,287
)
 
944

 
7,262

 
6,200

 
1,062

Equity in losses of unconsolidated entities
(480
)
 
(427
)
 
(53
)
 
(617
)
 
(823
)
 
206

Income (loss) before income taxes and gain on sale of collegiate housing properties
(3,823
)
 
(4,714
)
 
891

 
6,645

 
5,377

 
1,268

Income tax expense
84

 
157

 
(73
)
 
224

 
325

 
(101
)

THIRD QUARTER

3
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OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
$ Change
 
2016
 
2015
 
$ Change
Income (loss) before gain on sale of collegiate housing properties
(3,907
)
 
(4,871
)
 
964

 
6,421

 
5,052

 
1,369

Gain on sale of collegiate housing properties
—

 
—

 
—

 
23,956

 
—

 
23,956

Net income (loss)
(3,907
)
 
(4,871
)
 
964

 
30,377

 
5,052

 
25,325

Less: Net loss attributable to the noncontrolling interests
(374
)
 
(151
)
 
(223
)
 
(414
)
 
(86
)
 
(328
)
Net income (loss) attributable to Education Realty Trust, Inc.
$
(3,533
)
 
$
(4,720
)
 
$
1,187

 
$
30,791

 
$
5,138

 
$
25,653

Other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
      Gain (loss) on cash flow hedging derivatives
1,651

 
(3,081
)
 
4,732

 
(2,837
)
 
(3,429
)
 
592

Comprehensive income (loss)
$
(1,882
)
 
$
(7,801
)
 
$
5,919

 
$
27,954

 
$
1,709

 
$
26,245

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share information:
 
 
 
 
 
 
 
 
 
 


Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic and diluted
$
(0.05
)
 
$
(0.10
)
 
$
0.05

 
$
0.45

 
$
0.11

 
$
0.34

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding – basic
73,205

 
48,526

 
24,679

 
67,979

 
48,406

 
19,573

Weighted average shares of common stock outstanding – diluted (1)
73,205

 
48,526

 
24,679

 
68,281

 
48,726

 
19,555

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Weighted average shares of common stock outstanding - diluted assumes the conversion of outstanding redeemable Operating Partnership Units and University Towers Operating Partnership Units and shares issuable upon settlement of the forward equity agreements.

THIRD QUARTER

4
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FUNDS FROM OPERATIONS


(Amounts in thousands, except per share data, unaudited)
Three months ended September 30,
 
Nine months ended September 30,
 
 
2016
 
2015
 
$ Change
 
2016
 
2015
 
$ Change
Net income (loss) attributable to EdR
$
(3,533
)
 
$
(4,720
)
 
$
1,187

 
$
30,791

 
$
5,138

 
$
25,653

 
Gain on sale of collegiate housing assets
—

 
—

 
—

 
(23,956
)
 
—

 
(23,956
)
 
Real estate related depreciation and amortization
21,616

 
17,433

 
4,183

 
57,424

 
48,473

 
8,951

 
Equity portion of real estate depreciation and amortization on equity investees
700

 
514

 
186

 
2,023

 
1,357

 
666

 
Noncontrolling interests
(119
)
 
(85
)
 
(34
)
 
(1
)
 
37

 
(38
)
Funds from operations ("FFO") available to stockholders and unitholders
18,664

 
13,142

 
5,522

 
66,281

 
55,005

 
11,276

 
percent change
 
 
 
 
42.0
 %
 
 
 
 
 
20.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
FFO adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
475

 
—

 
475

 
10,611

 
—

 
10,611

 
Acquisition costs
175

 
203

 
(28
)
 
413

 
293

 
120

 
Change in fair value of contingent consideration liability (3)
(1,100
)
 
—

 
(1,100
)
 
(1,100
)
 
—

 
(1,100
)
 
Straight-line adjustment for ground leases (1)
1,182

 
1,195

 
(13
)
 
3,556

 
3,596

 
(40
)
FFO adjustments
732

 
1,398

 
(666
)
 
13,480

 
3,889

 
9,591

 
 
 
 
 
 
 
 
 
 
 
 
 
Core funds from operations ("Core FFO") available to stockholders and unitholders
$
19,396

 
$
14,540

 
$
4,856

 
$
79,761

 
$
58,894

 
$
20,867

 
percent change
 
 
 
 
33.4
 %
 
 
 
 
 
35.4
 %
 
 
 
 
 
 


 
 
 
 
 
 
FFO per weighted average share/unit (2)
$
0.25

 
$
0.27

 
$
(0.02
)
 
$
0.97

 
$
1.13

 
$
(0.16
)
 
percent change
 
 
 
 
(7.4
)%
 
 
 
 
 
(14.2
)%
Core FFO per weighted average share/unit (2)
$
0.26

 
$
0.30

 
$
(0.04
)
 
$
1.17

 
$
1.21

 
$
(0.04
)
 
percent change
 
 
 
 
(13.3
)%
 
 
 
 
 
(3.3
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares/units (2)
73,468

 
48,844

 
24,624

 
68,281

 
48,726

 
19,555

 
percent change
 
 
 
 
50.4
 %
 
 
 
 
 
40.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)  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.
(2)  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.
(3)  This represents the fair value adjustment for The Hub at Madison's contingent consideration.

THIRD QUARTER

5
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COMMUNITY OPERATING RESULTS


(Amounts in thousands, unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine months ended September 30,
 
 
2016
 
2015
 
$ Change
 
% Change
 
2016
 
2015
 
$ Change
 
% Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-communities(1)
$
48,599

 
$
47,304

 
$
1,295

 
2.7
 %
 
$
158,673

 
$
153,047

 
$
5,626

 
3.7
%
 
New-communities (2)
13,278

 
4,822

 
8,456

 
NM

 
31,274

 
7,494

 
23,780

 
NM

 
Sold-communities(3)
—

 
2,599

 
(2,599
)
 
NM

 
3,803

 
8,301

 
(4,498
)
 
NM

Total revenues
61,877

 
54,725

 
7,152

 
13.1
 %
 
193,750

 
168,842

 
24,908

 
14.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-communities(1)
26,114

 
24,631

 
1,483

 
6.0
 %
 
68,925

 
66,828

 
2,097

 
3.1
%
 
New-communities (2)
6,398

 
1,860

 
4,538

 
NM

 
12,468

 
3,485

 
8,983

 
NM

 
Sold-communities(3)
—

 
1,953

 
(1,953
)
 
NM

 
2,174

 
5,139

 
(2,965
)
 
NM

Total operating expenses
32,512

 
28,444

 
4,068

 
14.3
 %
 
83,567

 
75,452

 
8,115

 
10.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-communities(1)
22,485

 
22,673

 
(188
)
 
(0.8
)%
 
89,748

 
86,219

 
3,529

 
4.1
%
 
New-communities (2)
6,880

 
2,962

 
3,918

 
NM

 
18,806

 
4,009

 
14,797

 
NM

 
Sold-communities(3)
—

 
646

 
(646
)
 
NM

 
1,629

 
3,162

 
(1,533
)
 
NM

Total net operating income
$
29,365

 
$
26,281

 
$
3,084

 
11.7
 %
 
$
110,183

 
$
93,390

 
$
16,793

 
18.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 27 of this supplement for a listing of which communities are categorized as new-communities.
(3) Represents operating results from communities sold in 2015 and 2016.
(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.



THIRD QUARTER

6
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SAME-COMMUNITY EXPENSES BY CATEGORY

(Amounts in thousands, except bed and per-bed data, unaudited)
 
Three months ended September 30, 2016
 
Three months ended September 30, 2015
 
 
 
 
 
Amount
 
Per Bed
 
% of Total Operating Expenses
 
Amount
 
Per Bed
 
% of Total Operating Expenses
 
$ Change
 
% Change
Utilities(1)
$
6,541

 
$
263

 
25
%
 
$
6,333

 
$
255

 
26
%
 
$
208

 
3.3
 %
On-Site Payroll
4,487

 
180

 
17
%
 
4,275

 
172

 
17
%
 
212

 
5.0
 %
General & Administrative(2)
3,487

 
140

 
13
%
 
3,191

 
128

 
13
%
 
296

 
9.3
 %
Maintenance & Repairs(3)
5,181

 
208

 
20
%
 
4,942

 
199

 
20
%
 
239

 
4.8
 %
Marketing
1,053

 
42

 
4
%
 
903

 
36

 
4
%
 
150

 
16.6
 %
Total Direct Operating Expenses
$
20,749

 
$
833

 
79
%
 
$
19,644

 
$
790

 
80
%
 
$
1,105

 
5.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Taxes
4,811

 
193

 
19
%
 
4,368

 
176

 
18
%
 
443

 
10.1
 %
Insurance
554

 
22

 
2
%
 
619

 
25

 
2
%
 
(65
)
 
(10.5
)%
Total Fixed Operating Expenses
$
5,365

 
$
215

 
21
%
 
$
4,987

 
$
201

 
20
%
 
$
378

 
7.6
 %
Total Property Operating Expenses
$
26,114

 
$
1,048

 
100
%
 
$
24,631

 
$
991

 
100
%
 
$
1,483

 
6.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2016
 
Nine months ended September 30, 2015
 
 
 
 
 
Amount
 
Per Bed
 
% of Total Operating Expenses
 
Amount
 
Per Bed
 
% of Total Operating Expenses
 
$ Change
 
% Change
Utilities(1)
$
18,745

 
$
753

 
27
%
 
$
18,406

 
$
740

 
28
%
 
$
339

 
1.8
 %
On-Site Payroll
12,672

 
509

 
18
%
 
12,396

 
498

 
19
%
 
276

 
2.2
 %
General & Administrative(2)
10,383

 
417

 
15
%
 
10,050

 
404

 
15
%
 
333

 
3.3
 %
Maintenance & Repairs(3)
8,292

 
333

 
12
%
 
7,817

 
314

 
12
%
 
475

 
6.1
 %
Marketing
2,815

 
113

 
4
%
 
2,702

 
109

 
4
%
 
113

 
4.2
 %
Total Direct Operating Expenses
$
52,907

 
$
2,125

 
77
%
 
$
51,371

 
$
2,065

 
77
%
 
$
1,536

 
3.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Taxes
14,358

 
577

 
21
%
 
13,600

 
$
547

 
20
%
 
$
758

 
5.6
 %
Insurance
1,660

 
67

 
2
%
 
1,857

 
75

 
3
%
 
(197
)
 
(10.6
)%
Total Fixed Operating Expenses
$
16,018

 
$
644

 
23
%
 
$
15,457

 
$
622

 
23
%
 
$
561

 
3.6
 %
Total Property Operating Expenses
$
68,925

 
$
2,769

 
100
%
 
$
66,828

 
$
2,687

 
100
%
 
$
2,097

 
3.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-community beds
24,880

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.

THIRD QUARTER

7
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COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)
Three Months Ended
 
Total / Weighted Average - Trailing Twelve Months
 
 
 
September 30, 2015
 
December 31, 2015
 
March 31, 2016
 
June 30, 2016
 
September 30, 2016
 
2016 Same Communities
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
47,304

 
$
59,270

 
$
58,490

 
$
51,584

 
$
48,599

 
$
217,943

 
Operating Expenses
 
24,631

 
21,500

 
21,060

 
21,750

 
26,114

 
90,424

 
Net Operating Income
 
$
22,673

 
$
37,770

 
$
37,430

 
$
29,834

 
$
22,485

 
$
127,519

 
Margin
 
48
%
 
64
%
 
64
%
 
58
%
 
46
%
 
59
%
 
Beds
 
74,640

 
74,640

 
74,640

 
74,640

 
74,640

 
298,560

 
Occupancy(1)
 
89.1
%
 
97.6
%
 
96.7
%
 
84.4
%
 
88.3
%
 
91.7
%
 
Net Apartment Rent per Occupied Bed
 
$
639

 
$
769

 
$
761

 
$
754

 
$
662

 
$
738

 
Other Income per Occupied Bed
 
72

 
45

 
49

 
65

 
76

 
58

 
Total Revenue per Occupied Bed
 
$
711

 
$
814

 
$
810

 
$
819

 
$
738

 
$
796

 
Operating Expense per Available Bed
 
$
330

 
$
288

 
$
282

 
$
291

 
$
350

 
$
303

 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016 New Communities
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
4,822

 
$
9,646

 
$
9,469

 
$
8,527

 
$
13,278

 
$
40,920

 
Operating Expenses
 
1,860

 
2,720

 
2,529

 
3,542

 
6,398

 
15,189

 
Net Operating Income
 
$
2,962

 
$
6,926

 
$
6,940

 
$
4,985

 
$
6,880

 
$
25,731

 
Margin
 
61
%
 
72
%
 
73
%
 
58
%
 
52
%
 
63
%
 
Beds
 
8,085

 
11,376

 
11,570

 
14,030

 
20,411

 
57,387

 
Occupancy(1)
 
89.2
%
 
92.9
%
 
92.6
%
 
65.9
%
 
83.2
%
 
82.8
%
 
Net Apartment Rent per Occupied Bed
 
$
615

 
$
885

 
$
849

 
$
863

 
$
690

 
$
803

 
Other Income per Occupied Bed
 
53

 
28

 
34

 
59

 
92

 
58

 
Total Revenue per Occupied Bed
 
$
668

 
$
913

 
$
883

 
$
922

 
$
782

 
$
861

 
Operating Expense per Available Bed
 
$
230

 
$
239

 
$
219

 
$
252

 
$
313

 
$
265

 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016 Sold Communities
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
2,599

 
$
2,864

 
$
2,224

 
$
1,579

 
$
—

 
$
6,667

 
Operating Expenses
 
1,953

 
1,611

 
1,300

 
874

 
—

 
3,785

 
Net Operating Income
 
$
646

 
$
1,253

 
$
924

 
$
705

 
$
—

 
$
2,882

 
Margin
 
25
%
 
44
%
 
42
%
 
45
%
 
—
%
 
43
%
 
Beds
 
6,264

 
6,264

 
5,184

 
4,032

 
—

 
15,480

 
Occupancy(1)
 
87.6
%
 
86.6
%
 
85.9
%
 
93.3
%
 
—
%
 
88.1
%
 
Net Apartment Rent per Occupied Bed
 
$
447

 
$
510

 
$
472

 
$
388

 
$
—

 
$
464

 
Other Income per Occupied Bed
 
27

 
19

 
27

 
31

 
—

 
25

 
Total Revenue per Occupied Bed
 
$
474

 
$
529

 
$
499

 
$
419

 
$
—

 
$
489

 
Operating Expense per Available Bed
 
$
312

 
$
257

 
$
251

 
$
217

 
$
—

 
$
245

 
 
 
 
 
 
 
 
 
 
 
 
 
 

THIRD QUARTER

8
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COMMUNITY OPERATIONS - TRAILING FIVE QUARTERS

(Amounts in thousands, except beds and per bed amounts)
Three Months Ended
 
Total / Weighted Average - Trailing Twelve Months
 
 
 
September 30, 2015
 
December 31, 2015
 
March 31, 2016
 
June 30, 2016
 
September 30, 2016
 
2016 Total Communities
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
54,725

 
$
71,780

 
$
70,183

 
$
61,690

 
$
61,877

 
$
265,530

 
Operating Expenses
 
28,444

 
25,831

 
24,889

 
26,166

 
32,512

 
109,398

 
Net Operating Income
 
$
26,281

 
$
45,949

 
$
45,294

 
$
35,524

 
$
29,365

 
$
156,132

 
Margin
 
48
%
 
64
%
 
65
%
 
58
%
 
47
%
 
59
%
 
Beds
 
88,989

 
92,280

 
91,394

 
92,702

 
95,051

 
371,427

 
Occupancy(1)
 
89.0
%
 
96.3
%
 
95.5
%
 
82.0
%
 
87.2
%
 
90.2
%
 
Net Apartment Rent per Occupied Bed
 
$
624

 
$
767

 
$
757

 
$
749

 
$
668

 
$
736

 
Other Income per Occupied Bed
 
67

 
41

 
46

 
63

 
79

 
57

 
Total Revenue per Occupied Bed
 
$
691

 
$
808

 
$
803

 
$
812

 
$
747

 
$
793

 
Operating Expense per Available Bed
 
$
320

 
$
280

 
$
272

 
$
282

 
$
342

 
$
295

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

THIRD QUARTER

9
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LEASING RESULTS SUMMARY



 
 
 
 
 
Opening Occupancy
 
 
 
 
 
 
Design Beds
 
% of NOI
 
2016
 
2015
 
Ahead/(Behind)
 
Opening Rate Growth
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Communities - by Tier
 
 
 
 
 
 
 
 
 
 
 
 
     Prior Year Occupancy Below 90% (Tier 1)
2,000

 
3.5
%
 
79.9
%
 
82.5
%
 
(2.6
)%
 
0.3
%
 
     Prior Year Occupancy 90% to 96.9% (Tier 2)
4,558

 
11.2
%
 
96.9
%
 
95.2
%
 
1.7
 %
 
2.1
%
 
     Prior Year Occupancy 97% and Above (Tier 3)
20,979

 
85.3
%
 
98.2
%
 
99.8
%
 
(1.6
)%
 
3.8
%
 
Total Same-Communities (1)
27,537

 
100.0
%
 
96.7
%
 
97.8
%
 
(1.1
)%
 
3.4
%
 
Total New-Communities (2)
4,685

 
 
 
88.8
%
 
 
 
 
 
 
 
Total Communities
32,222

 
 
 
95.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE: The same-community designation for leasing purposes is different than for financial statement 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.



THIRD QUARTER

10
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SAME-COMMUNITY LEASING BY REGION AND DISTANCE


 
 
 
 
 
 
Opening Occupancy
 
 
 
 
 
Design Beds
 
% of NOI
 
 
2016
 
2015
 
Ahead/(Behind)
 
Opening Rate Growth
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Communities - by Region (1)
 
 
 
 
 
 
 
 
 
 
 
 
Mid-Atlantic
5,818

 
24.7
%
 
 
97.5
%
 
99.0
%

(1.5
)%
 
3.1
%
Midwest
2,276

 
4.3
%
 
 
76.9
%
 
91.3
%

(14.4
)%
 
0.7
%
North
3,205

 
10.1
%
 
 
99.6
%
 
98.1
%

1.5
 %
 
2.4
%
South Central
8,674

 
35.2
%
 
 
98.2
%
 
98.1
%

0.1
 %
 
3.4
%
Southeast
4,337

 
12.4
%
 
 
99.2
%
 
98.0
%

1.2
 %
 
3.7
%
West
3,227

 
13.3
%
 
 
98.6
%
 
98.8
%

(0.2
)%
 
6.0
%
Total Same-Communities
27,537

 
100.0
%
 
 
96.7
%
 
97.8
%

(1.1
)%
 
3.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Communities - by Distance from Campus
 
 
 
 
 
 
 
 
 
 
 
 
0-0.2 miles
19,488

 
79.9
%
 
 
98.1
%
 
98.4
%

(0.3
)%
 
3.6
%
0.21-0.49 miles
2,144

 
5.4
%
 
 
88.9
%
 
96.4
%

(7.5
)%
 
2.5
%
0.5-0.99 miles
336

 
0.7
%
 
 
91.4
%
 
95.5
%

(4.1
)%
 
9.5
%
1.0-1.99 miles
3,709

 
10.2
%
 
 
92.5
%
 
96.8
%

(4.3
)%
 
2.7
%
2.0 & > miles
1,860

 
3.8
%
 
 
99.6
%
 
94.8
%

4.8
 %
 
1.1
%
Total Same-Communities
27,537

 
100.0
%
 
 
96.7
%
 
97.8
%

(1.1
)%
 
3.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See definition of regions on page 29.


THIRD QUARTER

11
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TOP EdR MARKETS AND STATES BY REVENUE

q32016suppl_chart-20183.jpg
*The data above is based on revenue for the twelve months ended September 30, 2016 and excludes properties that were sold during the period.
(1) All revenue at the University of Kentucky is from ONE PlanSM on-campus collegiate housing communities.

THIRD QUARTER

12
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TOP EdR MARKETS AND STATES BY REVENUE


q32016suppl_chart-23024.jpg

*The data above is based on revenue for the twelve months ended September 30, 2016 and excludes properties that were sold during the period.


THIRD QUARTER

13
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NEW SUPPLY AND ENROLLMENT - EdR MARKETS



EdR Market Supply, Enrollment and Revenue Growth

 
 
 
 
 
 
 
 
 
 
 
EdR Markets (% of enrollment):
 
2013
 
2014
 
2015
 
2016*
 
2017*
Projected new supply
 
2.2
%
 
2.2
%
 
2.0
%
 
1.8
 %
 
2.2
%
Projected enrollment growth
 
1.3
%
 
1.4
%
 
1.5
%
 
1.5
 %
 
1.8
%
 
 
0.9
%
 
0.8
%
 
0.5
%
 
0.3
 %
 
0.4
%
 
 
 
 
 
 
 
 
 
 
 
Same-community:
 
 
 
 
 
 
 
 
 
 
Occupancy increase
 
3.0
%
 
2.0
%
 
0.4
%
 
(1.1
)%
 
 
Rate increase
 
2.0
%
 
2.0
%
 
3.4
%
 
3.4
 %
 
 
Total leasing revenue growth
 
5.0
%
 
4.0
%
 
3.8
%
 
2.3
 %
 

 
 
 
 
 
 
 
 
 
 
 
*Enrollment projections for 2016 and 2017 represent the 3-year enrollment CAGR through 2015 for our current portfolio and our portfolio with 2017 deliveries, respectively.





















THIRD QUARTER

14
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OWNED COMMUNITY PROJECTED 2017 NEW SUPPLY AND DEMAND INFORMATION


 
 
 
 
 
 
By Region
 
 
 
 
 
 
 
 
 
 
 
Region (2)
% of Owned Beds
EdR NOI % (1)
Enrollment Growth 3 Year CAGR - Universities Served
2017 New Supply %
Variance
West
11%
14%
2.0%
1.9%
0.1%
Mid Atlantic
18%
20%
1.8%
1.4%
0.4%
North
18%
17%
(0.1)%
1.8%
(1.9)%
South Central
34%
35%
2.4%
2.9%
(0.5)%
Southeast
12%
9%
3.0%
1.2%
1.8%
Midwest
7%
5%
1.2%
3.9%
(2.7)%
     Total
100%
100%
1.8%
2.2%
(0.4)%
 
 
 
 
 
 
 
 
 
 
 
 

Projected 2017 New Supply Sorted by Percentage Increase
 
University Markets with >5% Increase in 2017 Supply
 
 
 
 
 
 
 
 
New Supply Growth
University Markets
EdR Beds
Pro Forma
EdR NOI %(1)
 
University
New Supply Increase
Pro Forma EdR NOI %(1)
0%
40%
32%
32%
 
Boise State University
5.2%
1%
0.1% to 1.0%
10%
5%
6%
 
University of Oklahoma
7.2%
1%
1.0% - 3.0%
25%
25%
24%
 
Texas Tech University
6.3%
2%
3.0% - 5.0%
15%
30%
33%
 
University of Missouri
5.3%
1%
> 5.0%
10%
8%
5%
 
 
 
5%
     Total
100%
100%
100%
 
 
 

 
 
 
 
 
 
 
 
NOTE: Schedule represents all markets served by EdR communities and includes the 2016 acquisitions and developments and all announced 2017 developments and acquisitions. Data was obtained from the National Center for Education Statistics, AXIOMetrics and local market data.

 
 
 
 
 
 
 
 
(1) NOI is based on 2016 forecast net operating income with proforma adjustments for 2016 developments and completed or pending acquisitions.

(2) See definition of regions on page 29.

 
 
 
 
 
 
 
 

THIRD QUARTER

15
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COMPLETED 2016 DELIVERIES



(Amounts in thousands, except bed counts)
 
 
 
 
 
 
 
 
 
 
 
August 2016 Delivered Communities
 
 
 
 
 
Project
Project Type
Bed Count
Total Project Development Cost
EdR's Ownership Percentage
EdR's Share of Development Cost
 
University of Kentucky - Holmes Hall and Boyd Hall (1)
ONE Plan (2)
1,141

$
83,911

100%
$
83,911

 
University of Mississippi - The Retreat - Phase II
Wholly Owned
350

26,161

100%
26,161

 
Virginia Tech - Retreat at Blacksburg - Ph I & II
Joint Venture (3)
829

64,433

75%
48,325

 
            Total - August 2016 Delivered Communities
 
2,320

$
174,505

 
$
158,397

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) This project consists of multiple communities.
 
(2) 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.
 
(3) The Retreat at Blacksburg was initially a joint venture. During September 2016, we purchased our partner's 25% ownership interest in the property.


THIRD QUARTER

16
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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 - University Flats
 
ONE Plan (1)
 
771

 
In progress
 
Summer 2017
 
$
74,038

 
100
%
 
$
74,038

 
$
38,062

Boise State University
 
ONE Plan (1)
 
656

 
In progress
 
Summer 2017
 
39,763

 
100
%
 
39,763

 
29,759

University of Kentucky - Lewis Hall
 
ONE Plan (1)
 
346

 
In progress
 
Summer 2017
 
26,935

 
100
%
 
26,935

 
20,019

Michigan State University - SkyVue
 
Joint Venture
 
824

 
In progress
 
Summer 2017
 
89,906

 
90
%
 
80,915

 
39,795

Texas State University - The Local: Downtown
 
Joint Venture
 
304

 
In progress
 
Summer 2017
 
29,631

 
80
%
 
23,705

 
14,306

Oklahoma State University - Avid Square
 
Joint Venture
 
475

 
In progress
 
Summer 2017
 
47,227

 
70
%
 
33,059

 
24,432

Northern Michigan University
 
ONE Plan (1)
 
800

 
In progress
 
Summer / Dec 2017
 
50,267

 
100
%
 
50,267

 
47,813

            Total - 2017 Deliveries
 
 
 
4,176

 
 
 
 
 
$
357,767

 
 
 
$
328,682

 
$
214,186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
University of Pittsburgh
 
Joint Venture
 
723

 
In progress
 
Summer 2018
 
$
106,098

 
80
%
 
$
84,878

 
$
72,932

Florida State University - Players Club redevelopment
 
Wholly Owned
 
592

 
Summer 2017
 
Summer 2018
 
38,043

 
100
%
 
38,043

 
37,228

Northern Michigan University
 
ONE Plan (1)
 
400

 
In progress
 
Summer 2018
 
25,133

 
100
%
 
25,133

 
25,133

            Total - 2018 Deliveries
 
 
 
1,715

 
 
 
 
 
$
169,274

 
 
 
$
148,054

 
$
135,293

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Active Projects
 
 
 
5,891

 
 
 
 
 
$
527,041

 
 
 
$
476,736

 
$
349,479

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recently Awarded
 
Project Type
 
Bed Count
 
Estimated Start Date
 
Anticipated Completion Date
 
Total Project Development Cost
 
 
 
 
 
 
Cornell University - Maplewood
 
ONE Plan (1)
 
850

 
Winter 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 PlanSM, 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 PlanSM offers one service provider and one equity source to universities seeking to modernize on-campus housing to meet the needs of today's students.

THIRD QUARTER

17
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CAPITAL ALLOCATION - LONG TERM FUNDING PLAN

(Amounts in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sources and Uses of Capital for All Announced Transactions
 
 
 
 
 
 
 
 
 
Estimated Capital Uses:
 
 
 
 
 
 
 
 
 
Acquisition or Development Costs
 
Less: Costs Incurred to Date
 
Remaining Capital Needs
 
2016 Announced Acquisitions(1)
 
$
130.0

 
$
34.0

 
$
96.0

 
2017 Development Deliveries(2)
 
328.7

 
114.5

 
214.2

 
2018 Development Deliveries(2)
 
148.1

 
12.8

 
135.3

 
Recently Awarded Development
 
80.0

 
—

 
80.0

 
 
 
$
686.8

 
$
161.3

 
$
525.5

 
 
 
 
 
 
 
 
 
Estimated Capital Sources:
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Sources
 
Cash on Hand(3)
 
 
 
 
 
$
115.5

 
Equity Proceeds Available from ATM Forward Sales(4)
 
 
 
 
 
199.6

 
Draws on Revolving Credit Facility(5)
 
 
 
 
 
210.4

 
 
 
 
 
 
 
$
525.5

 
 
 
 
 
 
 
 
 
Debt to Gross Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016
 
September 30, 2016 Pro Forma(6)
 
Debt to gross assets
 
 
 
18.0
%
 
22.3
%
 
 
 
 
 
 
 
 
 
NOTE: This analysis demonstrates that EdR could fund all announced acquisitions and developments as of September 30, 2016 and our debt to gross assets is still less than 30%.

(1) Represents purchase price of announced but not yet closed acquisitions, including the pending $80 million acquisition.
(2) Represents EdR's share of development costs - see page 17 for details.
(3) Represents cash on hand at September 30, 2016.
(4) Represents current available proceeds from forward sales completed through October under the ATM. The sales can be settled, shares issued and proceeds received at any time at the Company's option through the end of 2017.
(5) Represents anticipated draws on the revolving credit facility; the current balance is $0.
(6) Represents pro forma debt to gross assets as if all announced acquisitions and developments were funded as of September 30, 2016 in the manner shown in the estimated capital sources table above.

THIRD QUARTER

18
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THIRD-PARTY DEVELOPMENT SUMMARY


(Amounts in thousands, except bed counts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THIRD-PARTY PROJECTS
 
 
 
 
 
 
 
 
Completed and Delivered Project
Bed Count
Project Development Cost
Total Project Fees
Fees Earned Prior Year (1)
Fees Earned Nine Months Ended September 30, 2016 (1)
 
 
 
University of Cal. Berkeley - Bowles Hall
186

$
35,947

$
1,768

$
826

$
942

 
 
 
Clarion University of Pennsylvania
728

55,104

2,092

2,046

46

 
 
 
 
914

$
91,051

$
3,860

$
2,872

$
988

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Active Projects
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, 2016 (1)
Remaining Fees to Earn
East Stroudsburg University - Pennsylvania Ph II
488

In progress
Summer 2017
$
45,349

$
1,374

$
—

$
104

$
1,270

Texas A&M - Commerce
490

In progress
Summer 2017
29,925

1,260

—

57

1,203

Shepherd University
298

In progress
Summer 2017
22,385

1,025

—

145

880

     Total
1,276





$
97,659

$
3,659

$
—

$
306

$
3,353

 
 
 
 
 
 
 
 
 
Recently Awarded
Bed Count
Estimated Start Date
Anticipated Completion Date
Project Development Cost
Total Project Fees
 
 
 
New Mexico State
> 2,000

TBD
TBD
TBD

TBD

 
 
 
 
(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. During the nine months ended September 30, 2016, we also earned a fee of $314 thousand related to the terminated third-party development agreement at Southeastern Louisiana University which is not included in the schedule above.




THIRD QUARTER

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CAPITAL STRUCTURE

 
 
 
 
 
 
 
 
 
 
as of September 30, 2016
 
 
 
 
 
Principal Outstanding
Weighted Average Interest Rate
Average Term to Maturity (in years)
 
(Amounts in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt to Gross Assets
 
 
 
 
 
 
Debt(1)
$
500,240

 
 
 
Variable Rate - Mortgage Debt
33,125

2.7
%
0.8

 
Gross Assets(2)
2,778,272

 
 
 
Variable Rate - Construction Debt
29,615

2.5
%
1.1

 
Debt to Gross Assets
18.0
%
 
 
 
Fixed Rate - 5 Yr. Unsecured Term Loan (6)
65,000

2.9
%
2.3

 
 
 
 
 
 
Fixed Rate - 7 Yr. Unsecured Term Loan (6)
122,500

3.9
%
4.3

 
Net Debt to Gross Assets
 
 
 
 
Fixed Rate - Unsecured Senior Notes
250,000

4.6
%
8.2

 
     Net Debt
$
384,754

 
 
 
Variable Rate - Unsecured Revolving Credit Facility
—

1.8
%
2.1

 
Gross Assets(7)
2,662,786

 
 
 
Debt(1) / Weighted Average
$
500,240

3.9
%
5.5

 
Net Debt to Gross Assets
14.4
%
 
 
 
Less: Cash
115,486

 
 
 
 
 
 
 
 
Net Debt
$
384,754

 
 
 
Net Debt to Enterprise Value
 
 
 
 
 
 
 
 
 
     Net Debt
$
384,754

 
 
 
 
 
 
 
 
     Market Equity (3)
3,162,518

 

 
Interest Coverage (TTM)(4)
7.0x
 
 
 
Enterprise Value
$
3,547,272

 

 
Net Debt to EBITDA - Adjusted (TTM)(5)
1.7x
 
 
 
 
 
 

 
Variable Rate Debt to Total Debt
12.5%
 
 
 
Net Debt to Enterprise Value
10.8
%
 
 
 
 

 
 
 
 
 
 
 
 
Undrawn Forward Equity Proceeds(8)
$
199,656

 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes unamortized deferred financing costs of $3.8 million.
(2) Excludes accumulated depreciation of $294.9 million.
(3) Market equity includes 73,047,395 shares of the Company's common stock and 260,851 units outstanding, which are convertible into common shares, and is calculated using $43.14 per share, the closing price of the Company's common stock on September 30, 2016.
(4) Equals Adjusted EBITDA of $131.8 million divided by interest expense of $18.9 million. See page 23 for reconciliation to Adjusted EBITDA.
(5) Net Debt to EBITDA - Adjusted is calculated to normalize the impact of non-income producing construction debt. In the calculation, Net Debt is total debt (excluding the unamortized deferred financing costs) less cash and excludes non income-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.
(7) Excludes accumulated depreciation of $294.9 million and cash of $115.5 million.
 
(8) Represents available proceeds from sales of common stock sold under ATM forward agreements. The forward transactions can be settled, shares issued and proceeds received at any time at the Company's option through the end of 2017. Undrawn proceeds from the completed ATM forward sales are not factored into the metrics above.



THIRD QUARTER

20
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CAPITAL STRUCTURE

q32016suppl_chart-20491.jpg
NOTE: At September 30, 2016, the Trust had $115.5 million of cash on hand and $200 million of undrawn proceeds from shares sold under ATM forward agreements during the third quarter of 2016.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Interest Rate of Debt Maturing Each Year (2)
 
 
2016
 
2017
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023
 
2024
Fixed Rate Debt
 
—%
 
—%
 
—%
 
2.9%
 
—%
 
3.9%
 
—%
 
—%
 
4.6%
Variable Rate Debt
 
—%
 
2.6%
 
—%
 
—%
 
—%
 
—%
 
—%
 
—%
 
—%
Total Debt
 
—%
 
2.6%
 
—%
 
2.9%
 
—%
 
3.9%
 
—%
 
—%
 
4.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The unsecured revolving credit facility has an initial maturity of November 19, 2018 and has a one-year extension option that may be exercised if certain conditions are met. The revolver has a current balance of $0.
(2) 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.

THIRD QUARTER

21
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UNSECURED SENIOR NOTE COVENANTS

as of September 30, 2016
 
 
 
 
(Amounts in thousands)
 
 
 
 
 
 
 
 
 
Unsecured Senior Note Covenants(1)
Requirement
 
Current Ratio
 
Total Debt to Total Asset Value
≤ 60%
 
18.1%
 
Secured Debt to Total Asset Value
≤ 40%
 
2.3%
 
Unencumbered Asset Value to Unsecured Debt
> 150%
 
573.5%
 
Interest Coverage
> 1.5x
 
5.82x
 
 
 
 
 
 
 
 
 
 
 
Calculation of Interest Coverage Ratio:
 
 
 
 
Adjusted Pro Forma EBITDA - TTM:
 
 
 
 
EdR Adjusted EBITDA(2)
$
131,751

 
 
 
Pro forma Adjustments - acquisitions & dispositions (1)
6,723

 
 
 
Total Adjusted Pro Forma EBITDA - TTM
$
138,474


 
 
 
 
 
 
 
Pro Forma Interest Expense - TTM:
 
 
 
 
Interest expense
$
18,943

 
 
 
Add back: Capitalized interest
5,925

 
 
 
Pro forma adjustments(1)
(1,059
)
 
 
 
Pro forma interest expense - TTM
$
23,809


 
 
 
 
 
 
 
Interest Coverage
5.82x

 
 
 
 
 
 
 
 
(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.


THIRD QUARTER

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RECONCILIATION OF NON-GAAP MEASURES


Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)

(Amounts in thousands)
 
Nine Months
 
Plus: Year
 
Less: Nine
 
Trailing Twelve
 
 
 
Ended
 
Ended
 
Months Ended
 
Months Ended
 
 
 
September 30, 2016
 
December 31, 2015
 
September 30, 2015
 
September 30, 2016
 
Net income attributable to common shareholders
 
$
30,791

 
$
19,911

 
$
5,138

 
$
45,564

 
Straight line adjustment for ground leases
 
3,556

 
4,782

 
3,596

 
4,742

 
Acquisition costs
 
413

 
293

 
293

 
413

 
Depreciation and amortization
 
58,951

 
68,022

 
49,605

 
77,368

 
Gain on sale of collegiate housing assets
 
(23,956
)
 
(2,770
)
 
—

 
(26,726
)
 
Interest expense
 
12,109

 
24,449

 
17,615

 
18,943

 
Amortization of deferred financing costs
 
1,380

 
2,089

 
1,527

 
1,942

 
Interest income
 
(429
)
 
(213
)
 
(144
)
 
(498
)
 
Loss on extinguishment of debt
 
10,611

 
403

 
—

 
11,014

 
Income tax expense (benefit)
 
224

 
347

 
325

 
246

 
Other operating income - change in fair value of contingent consideration liability
 
(1,100
)
 
—

 
—

 
(1,100
)
 
Noncontrolling interests
 
(414
)
 
171

 
(86
)
 
(157
)
 
Adjusted EBITDA
 
$
92,136

 
$
117,484

 
$
77,869

 
$
131,751

 
Annualize acquisitions, developments and dispositions(1)
 
—

 
—

 
—

 
17,110

 
Pro Forma Adjusted EBITDA
 
$
92,136

 
$
117,484

 
$
77,869

 
$
148,861

 
 
 
 
 
 
 
 
 
 
 
(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.

THIRD QUARTER

23
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RECONCILIATION OF NON-GAAP MEASURES


Net operating income (NOI)
(Amounts in thousands)
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Operating income
$
1,231

 
$
2,417

 
$
30,933

 
$
25,198

Less: Third-party development services revenue
778

 
490

 
1,728

 
1,531

Less: Third-party management services revenue
965

 
865

 
2,556

 
2,698

Less: Other operating income
1,100

 
—

 
1,100

 
—

Plus: Development and management services expenses
2,716

 
3,019

 
7,965

 
8,228

Plus: General and administrative expenses, development pursuit, acquisition costs and severance
2,701

 
1,434

 
8,889

 
6,632

Plus: Ground leases
3,224

 
2,938

 
8,829

 
7,956

Plus: Impairment loss on collegiate housing properties
—

 
—

 
—

 
—

Plus: Depreciation and amortization
22,336

 
17,828

 
58,951

 
49,605

NOI
$
29,365

 
$
26,281

 
$
110,183

 
$
93,390


Debt to gross assets
(Amounts in thousands)
 
September 30, 2016
 
December 31, 2015
Mortgage and construction loans, excluding unamortized premium and deferred financing costs of $893 and $953 as of September 30, 2016 and December 31, 2015, respectively
 
$
62,740

 
$
205,464

Unsecured term loan, excluding unamortized deferred financing costs of $794 and $982 as of September 30, 2016 and December 31, 2015, respectively
 
187,500

 
187,500

Unsecured Senior Notes, excluding unamortized deferred financing costs of $2,127 and $2,322 as of September 30, 2016 and December 31, 2015, respectively
 
250,000

 
250,000

Total debt, excluding unamortized premium and deferred financing costs
 
$
500,240

 
$
642,964

 
 
 
 
 
Total assets
 
$
2,483,324

 
$
2,001,831

Accumulated depreciation(1)
 
294,948

 
270,993

Gross assets
 
$
2,778,272

 
$
2,272,824

 
 
 
 
 
Debt to gross assets
 
18.0
%
 
28.3
%
(1) Represents accumulated depreciation on real estate assets.

 
 
 
 


THIRD QUARTER

24
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UPDATED 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
 
$
53,500

 
$
56,000

 
 
 
 
 
Gain on sale of collegiate housing assets
 
(23,956
)
 
(23,956
)
Real estate related depreciation and amortization
 
73,500

 
74,500

Equity portion of real estate depreciation and amortization on equity investees
 
2,600

 
2,800

Noncontrolling interests
 
150

 
300

Funds from operations ("FFO") available to stockholders and unitholders
 
$
105,794

 
$
109,644

 
 
 
 
 
FFO adjustments:
 
 
 
 
Loss on extinguishment of debt
 
10,611

 
10,611

Acquisition costs
 
450

 
450

Change in fair value of contingent consideration liability
 
(1,100
)
 
(1,100
)
Straight-line adjustment for ground leases (1)
 
4,800

 
4,800

FFO adjustments
 
14,761

 
14,761

 
 
 
 
 
Core funds from operations ("Core FFO") available to stockholders and unitholders
 
$
120,555

 
$
124,405

 
 
 
 
 
Net income attributable to EdR common stockholders per share – diluted
 
$
0.77

 
$
0.80

 
 
 
 
 
FFO per weighted average share/unit (2)
 
$
1.52

 
$
1.58

 
 
 
 
 
Core FFO per weighted average share/unit (2)
 
$
1.73

 
$
1.79

 
 
 
 
 
Weighted average shares/units (2)
 
69,600

 
69,600

 
 
 
 
 
 
 
 
 
 
(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.

THIRD QUARTER

25
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COMMUNITY LISTING - OWNED

Name
 
Primary University Served
 
 Acquisition/Development Date
 
# of Beds
 
Name
 
Primary University Served
 
Acquisition/Development Date
 
# of Beds
Same-Communities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Players Club
 
Florida State University
 
Jan '05
 
336

 
The District on 5th
 
University of Arizona
 
Oct '12
 
764

University Towers
 
North Carolina State
University
 
Jan '05
 
889

 
Campus Village
 
Michigan State University
 
Oct '12
 
355

The Reserve on Perkins
 
Oklahoma State University
 
Jan '05
 
732

 
The Province
 
Kent State University
 
Nov '12
 
596

The Pointe
 
Pennsylvania State University
 
Jan '05
 
984

 
The Suites at Overton Park
 
Texas Tech University
 
Dec '12
 
465

The Lofts
 
University of Central Florida
 
Jan '05
 
730

 
The Centre at Overton Park
 
Texas Tech University
 
Dec '12
 
400

The Reserve at Columbia
 
University of Missouri
 
Jan '05
 
676

 
The Oaks on the Square
 
University of Connecticut
 
Aug '12, Aug '13
 
503

Commons at Knoxville
 
University of Tennessee
 
Jan '05
 
708

 
3949
 
Saint Louis University
 
Aug '13
 
256

Campus Creek
 
University of Mississippi
 
Feb '05
 
636

 
Lymon T. Johnson Hall (ONE
Plan)
 
University of Kentucky
 
Aug '13
 
301

Campus Lodge
 
University of Florida
 
Jun '05
 
1,115

 
Herman Lee Donovan Hall
(formerly Central Hall II) (ONE
Plan)
 
University of Kentucky
 
Aug '13
 
300

Carrollton Crossing
 
University of West Georgia
 
Jan '06
 
336

 
2400 Nueces (ONE Plan)
 
University of Texas at Austin
 
Aug '13
 
655

River Pointe
 
University of West Georgia
 
Jan '06
 
504

 
Roosevelt Point
 
Arizona State University -
Downtown Phoenix
 
Aug '13
 
609

The Reserve at Saluki Pointe
 
Southern Illinois University
 
Aug '08, Aug '09
 
768

 
The Retreat at State College
 
Pennsylvania State University
 
Sept '13
 
587

University Village on Colvin (ONE
Plan)
 
Syracuse University
 
Aug '09
 
432

 
The Cottages on Lindberg
 
Purdue University
 
Sept '13
 
745

GrandMarc at The Corner
 
University of Virginia
 
Oct '10
 
641

 
The Varsity
 
University of Michigan
 
Dec '13
 
415

Wertland Square
 
University of Virginia
 
Mar '11
 
152

 
The Lotus
 
University of Colorado -
Boulder
 
Nov '11, Aug '14
 
235

Jefferson Commons
 
University of Virginia
 
Mar '11
 
82

 
109 Tower
 
Florida International University
 
Aug '14
 
542

The Berk on College
 
University of California,
Berkeley
 
May '11
 
122

 
The Oaks on the Square- Ph III
 
University of Connecticut
 
Aug '14
 
116

The Berk on Arch
 
University of California,
Berkeley
 
May '11
 
43

 
Frances Jewell Hall
(formerly Champions Court I)
(ONE Plan)
 
University of Kentucky
 
Aug '14
 
740

University Village Towers
 
University of California,
Riverside
 
Sept '11
 
554

 
Georgia M. Blazer Hall (formerly
Champions Court II) (ONE
Plan)
 
University of Kentucky
 
Aug '14
 
427

Irish Row
 
University of Notre Dame
 
Nov '11
 
326

 
Haggin Hall (ONE Plan)
 
University of Kentucky
 
Aug '14
 
396

GrandMarc at Westberry Place
(ONE Plan)
 
Texas Christian University
 
Dec '11
 
562

 
Woodland Glen I (ONE Plan)
 
University of Kentucky
 
Aug '14
 
409

The Reserve on Stinson
 
University of Oklahoma
 
Jan '12
 
612

 
Woodland Glen II (ONE Plan)
 
University of Kentucky
 
Aug '14
 
409

Campus West (ONE Plan)
 
Syracuse University
 
Aug '12
 
313

 
The District on Apache
 
Arizona State University -
Tempe
 
Sept '14
 
900

East Edge
 
University of Alabama
 
Aug '12
 
774

 
 
 
Total Same-Communities
 
 
 
24,880

The Province
 
East Carolina University
 
Sept '12
 
728

 
 
 
 
 
 
 
 

THIRD QUARTER

26
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COMMUNITY LISTING - OWNED

Name
 
Primary University Served
 
 Acquisition/Development Date
 
# of Beds
 
Name
 
Primary University Served
 
Acquisition/Development Date
 
# of Beds
New-Communities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Retreat at Oxford(3)
 
University of Mississippi
 
Aug '13, Aug '16
 
1,018

 
The Hub at Madison(2)
 
University of Wisconsin
 
May '16
 
1,038

Commons on Bridge(2)
 
University of Tennessee
 
June '15
 
150

 
Holmes Hall (formerly Limestone
Park I) (ONE Plan)
 
University of Kentucky
 
Aug '16
 
645

Oaks on the Square- Ph IV(1)
 
University of Connecticut
 
Aug '15
 
391

 
Boyd Hall (formerly Limestone
Park II) (ONE Plan)
 
University of Kentucky
 
Aug '16
 
496

The Retreat at Louisville(1)
 
University of Louisville
 
Aug '15
 
656

 
The Retreat at Blacksburg
 
Virginia Tech
 
Aug '16
 
829

Woodland Glen III (ONE Plan)(1)
 
University of Kentucky
 
Aug '15
 
782

 
Pura Vida Place(2)
 
Colorado State University
 
Aug '16
 
100

Woodland Glen IV (ONE Plan)(1)
 
University of Kentucky
 
Aug '15
 
578

 
Carriage House(2)
 
Colorado State University
 
Aug '16
 
94

Woodland Glen V (ONE Plan)(1)
 
University of Kentucky
 
Aug '15
 
250

 
Urbane(2)
 
University of Arizona
 
Sept '16
 
311

The Province Boulder(2)
 
University of Colorado -
Boulder
 
Sept '15
 
317

 
 
 
Total New-Communities
 
 
 
7,849

Lokal(2)
 
Colorado State University
 
March '16
 
194

 
 
 
Total Owned-Communities
 
 
 
32,729

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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 both the 2015/2016 and 2016/2017 lease cycles. Total same-community beds for leasing purposes is 27,537.
(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 Retreat at Oxford is considered new for purposes of leasing due to the development of the second phase of the property.

THIRD QUARTER

27
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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
Jeffrey Spector
(646) 855-1363
jeff.spector@baml.com
 
CANACCORD|Genuity
Ryan Meliker
(212) 389-8094
rmeliker@canaccordgenuity.com
 
Capital One
Tom Lesnick
(571) 633-8191
thomas.lesnick@capitalone.com
 
Citi
Michael Bilerman
(212) 816-1383
michael.bilerman@citi.com
 
 
Nicholas Joseph
(212) 816-1909
nicholas.joseph@citi.com
 
Evercore ISI
Gwen Clark
(212) 446-5611
gwen.clark@evercoreisi.com
 
FBR Capital Markets & Co.
David Corak
(703) 312-1610
dcorak@fbr.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
 
JMP Securities
Aaron Hecht
(415) 835-3963
ahecht@jmpsecurities.com
 
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
jsadler@keybanccm.com
 
RBC Capital Market
Wes Golladay
(440) 715-2650
wes.golladay@rbccm.com
 
Robert W Baird & Co.
Drew Babin
(215) 553-7816
dbabin@rwbaird.com
 
Sandler O'Neill + Partners, L.P.
Alex Goldfarb
(212) 466-7937
agoldfarb@sandleroneill.com


THIRD QUARTER

28
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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.


THIRD QUARTER

29
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SAFE HARBOR STATEMENT



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.


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30

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