EDR Investor Presentation

Leading Student Housing Company EdR is Second-Largest Company in the Industry $1.8 billion Total Enterprise Value 47 wholly owned communities with more than 26,300 beds 22 managed communities with over 11,700 beds (1) Creating Value ■ ■ ■ ■ Internal Growth ■ 5% increase in SS revenue - 2013/2014 4.3% CAGR in SS revenue the last 4 years External Growth ■ ■ Developments/Presales (2) target 7% to 8% unlevered 1st year economic yields: $304 million 2014 delivery $129 million 2015 delivery $84 million 2016 delivery ONE Plan SM on-campus developments University of Kentucky Other high quality universities Excellent Capital Structure All development/presale opportunities are prefunded Strong and Consistent Core FFO per Share Growth ■ ■ ■ 17% increase in 2013 13% to 24% increase in 2014, based on guidance range ------ The Retreat at Oxford, University of Mississippi ETEI EdR express Oere (1) Includes 1 joint venture community also managed by the Company. (2) Project development costs represent the Company's portion of the project costs for joint ventures and includes only company-owned projects that have been announced. The Marshall, University of Minnesota 3 TM

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