Intrinsic value of Education Realty Trust - EDR

Previous Close

$41.45

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$41.45

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as EDR.

We calculate the intrinsic value of EDR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  379
  431
  486
  544
  606
  671
  738
  809
  883
  960
  1,040
  1,124
  1,210
  1,300
  1,394
  1,491
  1,592
  1,697
  1,807
  1,920
  2,039
  2,162
  2,291
  2,425
  2,565
  2,710
  2,863
  3,022
  3,188
  3,362
Variable operating expenses, $m
  254
  289
  326
  365
  406
  450
  495
  542
  592
  643
  697
  753
  811
  871
  934
  999
  1,066
  1,137
  1,210
  1,286
  1,366
  1,448
  1,534
  1,624
  1,718
  1,815
  1,917
  2,024
  2,135
  2,252
Fixed operating expenses, $m
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
  88
  90
Total operating expenses, $m
  302
  338
  376
  416
  458
  504
  550
  598
  649
  701
  757
  814
  873
  935
  999
  1,066
  1,134
  1,207
  1,281
  1,359
  1,440
  1,524
  1,612
  1,703
  1,799
  1,898
  2,002
  2,110
  2,223
  2,342
Operating income, $m
  77
  93
  110
  128
  147
  167
  189
  211
  234
  258
  284
  310
  337
  366
  395
  426
  458
  491
  525
  561
  599
  638
  679
  721
  766
  812
  861
  911
  964
  1,020
EBITDA, $m
  394
  453
  516
  583
  654
  728
  806
  887
  972
  1,060
  1,152
  1,248
  1,348
  1,451
  1,559
  1,671
  1,787
  1,908
  2,034
  2,165
  2,302
  2,444
  2,592
  2,746
  2,907
  3,076
  3,251
  3,435
  3,627
  3,827
Interest expense (income), $m
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Earnings before tax, $m
  77
  93
  110
  128
  147
  167
  189
  211
  234
  258
  284
  310
  337
  366
  395
  426
  458
  491
  525
  561
  599
  638
  679
  721
  766
  812
  861
  911
  964
  1,020
Tax expense, $m
  21
  25
  30
  35
  40
  45
  51
  57
  63
  70
  77
  84
  91
  99
  107
  115
  124
  133
  142
  152
  162
  172
  183
  195
  207
  219
  232
  246
  260
  275
Net income, $m
  56
  68
  80
  94
  108
  122
  138
  154
  171
  188
  207
  226
  246
  267
  288
  311
  334
  358
  384
  410
  437
  466
  496
  527
  559
  593
  628
  665
  704
  744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  3,168
  3,600
  4,060
  4,547
  5,061
  5,600
  6,166
  6,758
  7,375
  8,018
  8,687
  9,383
  10,107
  10,859
  11,640
  12,452
  13,296
  14,174
  15,087
  16,037
  17,026
  18,056
  19,130
  20,249
  21,416
  22,635
  23,907
  25,236
  26,624
  28,076
Working capital, $m
  -1,274
  -1,448
  -1,633
  -1,829
  -2,036
  -2,253
  -2,480
  -2,718
  -2,966
  -3,225
  -3,494
  -3,774
  -4,065
  -4,368
  -4,682
  -5,009
  -5,348
  -5,701
  -6,068
  -6,450
  -6,848
  -7,263
  -7,694
  -8,145
  -8,614
  -9,104
  -9,616
  -10,150
  -10,709
  -11,293
Total debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  68
  80
  94
  108
  122
  138
  154
  171
  188
  207
  226
  246
  267
  288
  311
  334
  358
  384
  410
  437
  466
  496
  527
  559
  593
  628
  665
  704
  744
Depreciation, amort., depletion, $m
  317
  360
  406
  455
  506
  560
  617
  676
  738
  802
  869
  938
  1,011
  1,086
  1,164
  1,245
  1,330
  1,417
  1,509
  1,604
  1,703
  1,806
  1,913
  2,025
  2,142
  2,263
  2,391
  2,524
  2,662
  2,808
Funds from operations, $m
  373
  428
  487
  549
  614
  683
  755
  830
  909
  991
  1,076
  1,165
  1,257
  1,353
  1,452
  1,556
  1,664
  1,776
  1,892
  2,014
  2,140
  2,271
  2,409
  2,552
  2,701
  2,856
  3,019
  3,189
  3,366
  3,552
Change in working capital, $m
  -162
  -174
  -185
  -196
  -207
  -217
  -228
  -238
  -248
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -353
  -367
  -382
  -398
  -414
  -432
  -450
  -470
  -490
  -512
  -534
  -559
  -584
Cash from operations, $m
  536
  602
  672
  745
  821
  900
  982
  1,068
  1,157
  1,249
  1,345
  1,445
  1,548
  1,655
  1,767
  1,883
  2,003
  2,129
  2,259
  2,396
  2,538
  2,686
  2,840
  3,002
  3,170
  3,346
  3,531
  3,723
  3,925
  4,136
Maintenance CAPEX, $m
  -276
  -317
  -360
  -406
  -455
  -506
  -560
  -617
  -676
  -737
  -802
  -869
  -938
  -1,011
  -1,086
  -1,164
  -1,245
  -1,330
  -1,417
  -1,509
  -1,604
  -1,703
  -1,806
  -1,913
  -2,025
  -2,142
  -2,263
  -2,391
  -2,524
  -2,662
New CAPEX, $m
  -403
  -432
  -460
  -487
  -514
  -540
  -566
  -591
  -617
  -643
  -669
  -696
  -724
  -752
  -781
  -812
  -844
  -878
  -913
  -950
  -989
  -1,030
  -1,074
  -1,119
  -1,168
  -1,218
  -1,272
  -1,329
  -1,389
  -1,452
Cash from investing activities, $m
  -679
  -749
  -820
  -893
  -969
  -1,046
  -1,126
  -1,208
  -1,293
  -1,380
  -1,471
  -1,565
  -1,662
  -1,763
  -1,867
  -1,976
  -2,089
  -2,208
  -2,330
  -2,459
  -2,593
  -2,733
  -2,880
  -3,032
  -3,193
  -3,360
  -3,535
  -3,720
  -3,913
  -4,114
Free cash flow, $m
  -144
  -147
  -148
  -149
  -148
  -146
  -143
  -140
  -136
  -131
  -126
  -120
  -114
  -107
  -101
  -93
  -86
  -79
  -71
  -63
  -55
  -47
  -39
  -31
  -22
  -14
  -5
  4
  13
  22
Issuance/(repayment) of debt, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  -145
  -147
  -148
  -149
  -148
  -146
  -143
  -140
  -136
  -131
  -126
  -120
  -114
  -107
  -101
  -93
  -86
  -79
  -71
  -63
  -55
  -47
  -39
  -31
  -22
  -14
  -5
  4
  13
  22
Retained Cash Flow (-), $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  20
  21
  22
Cash available for distribution, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  13
  22
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Education Realty Trust, Inc. (EdR) is a self-managed and self-advised real estate investment trust (REIT). The Trust is engaged in developing, acquiring, owning and managing collegiate housing communities located near university campuses. The Trust operates through three segments: collegiate housing leasing, development consulting services and management services. The Trust develops collegiate housing communities for its own account and also provides third-party development consulting services on collegiate housing development projects for universities and other third parties. As of December 31, 2016, the Trust owned 64 collegiate housing communities located in 22 states containing 32,729 beds in 12,294 apartment units on or near 38 university campuses. As of December 31, 2016, the Trust provided third-party management services for 22 collegiate housing communities located in 11 states containing 11,767 beds in 4,214 apartment units on or near 17 university campuses.

FINANCIAL RATIOS  of  Education Realty Trust (EDR)

Valuation Ratios
P/E Ratio 67.3
Price to Sales 10.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow -22.3
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 355.9%
Cap. Spend. - 3 Yr. Gr. Rate 19.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 28.7%
Total Debt to Equity 28.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 3.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 50.5%
Gross Margin - 3 Yr. Avg. 48.6%
EBITDA Margin 39.1%
EBITDA Margin - 3 Yr. Avg. 41.7%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 14.4%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 15.6%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 4.1%
Payout Ratio 228.9%

EDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EDR stock intrinsic value calculation we used $331 million for the last fiscal year's total revenue generated by Education Realty Trust. The default revenue input number comes from 2017 income statement of Education Realty Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EDR stock valuation model: a) initial revenue growth rate of 14.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for EDR is calculated based on our internal credit rating of Education Realty Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Education Realty Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EDR stock the variable cost ratio is equal to 67.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $47 million in the base year in the intrinsic value calculation for EDR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Education Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Education Realty Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EDR stock is equal to 0.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EDR are equal to 835.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Education Realty Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EDR is equal to -335.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Education Realty Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 74 million for Education Realty Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Education Realty Trust at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ EdR stockholders to vote on $4.6B deal   [Aug-15-18 01:30PM  American City Business Journals]
▶ EdR CEO talks impact of billion-dollar deal on Memphis, employees, firm   [02:06PM  American City Business Journals]
▶ Company News For Jun 26, 2018   [10:21AM  Zacks]
▶ Memphis public company EdR sold for $4.6B cash   [08:58AM  American City Business Journals]
▶ [$$] Greystar Offers About $3.1 Billion for Education Realty Trust   [Jun-13-18 08:45PM  The Wall Street Journal]
▶ Education Realty Trust: 1Q Earnings Snapshot   [06:27AM  Associated Press]
▶ EdR Announces First Quarter 2018 Results   [06:00AM  PR Newswire]
▶ Triad college apartments sell for $40.3 million   [Apr-23-18 02:47PM  American City Business Journals]
▶ EdR Announces Quarterly Dividend of $0.39 Per Share   [Apr-12-18 04:15PM  PR Newswire]
▶ Why a South Memphis nonprofit is developing a dormitory   [Apr-04-18 11:48AM  American City Business Journals]
▶ EdR to Host First Quarter 2018 Earnings Conference Call   [Apr-03-18 04:05PM  PR Newswire]
▶ New Strong Sell Stocks for March 28th   [Mar-28-18 06:48AM  Zacks]
▶ Endeavour Silver Corp. to Host Earnings Call   [Feb-26-18 09:00AM  ACCESSWIRE]
▶ Board member resigns from Memphis public company   [Feb-23-18 01:15PM  American City Business Journals]
▶ Sac State plans up to 1,100 student beds in $150 million project southeast of campus   [Feb-20-18 09:50PM  American City Business Journals]
▶ Education Realty Trust reports 4Q results   [06:37AM  Associated Press]
▶ EdR Announces Tax Treatment of 2017 Distributions   [Jan-23-18 04:30PM  PR Newswire]
▶ EdR to Host Fourth Quarter 2017 Earnings Conference Call   [Jan-18-18 04:34PM  PR Newswire]
▶ EdR Announces Quarterly Dividend of $0.39 Per Share   [Jan-11-18 04:30PM  PR Newswire]
▶ Education Realty Trust reports 3Q results   [06:14AM  Associated Press]
▶ EdR Announces Third Quarter 2017 Results   [06:00AM  PR Newswire]
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