Intrinsic value of Education Realty Trust - EDR

Previous Close

$33.25

  Intrinsic Value

$5.94

stock screener

  Rating & Target

str. sell

-82%

Previous close

$33.25

 
Intrinsic value

$5.94

 
Up/down potential

-82%

 
Rating

str. sell

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.33
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  289
  328
  370
  414
  461
  510
  562
  615
  671
  730
  791
  854
  920
  988
  1,059
  1,133
  1,209
  1,289
  1,372
  1,458
  1,548
  1,642
  1,740
  1,841
  1,947
  2,058
  2,174
  2,294
  2,421
  2,553
  2,690
Variable operating expenses, $m
 
  271
  306
  343
  381
  422
  464
  509
  555
  603
  653
  705
  760
  816
  875
  936
  999
  1,065
  1,133
  1,205
  1,279
  1,356
  1,437
  1,521
  1,608
  1,700
  1,795
  1,895
  1,999
  2,108
  2,222
Fixed operating expenses, $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 operating expenses, $m
  251
  271
  306
  343
  381
  422
  464
  509
  555
  603
  653
  705
  760
  816
  875
  936
  999
  1,065
  1,133
  1,205
  1,279
  1,356
  1,437
  1,521
  1,608
  1,700
  1,795
  1,895
  1,999
  2,108
  2,222
Operating income, $m
  38
  57
  64
  72
  80
  88
  97
  107
  117
  127
  137
  149
  160
  172
  184
  197
  210
  224
  239
  254
  269
  286
  303
  320
  339
  358
  378
  399
  421
  444
  468
EBITDA, $m
  119
  149
  168
  188
  210
  232
  255
  280
  305
  332
  359
  388
  418
  449
  481
  515
  550
  586
  624
  663
  704
  746
  791
  837
  885
  935
  988
  1,043
  1,100
  1,160
  1,223
Interest expense (income), $m
  11
  18
  21
  25
  29
  33
  37
  41
  46
  51
  56
  61
  66
  72
  78
  84
  90
  97
  104
  111
  118
  126
  134
  142
  151
  160
  169
  179
  190
  200
  212
Earnings before tax, $m
  21
  39
  43
  47
  51
  56
  60
  65
  71
  76
  81
  88
  94
  100
  106
  113
  120
  128
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  232
  244
  256
Tax expense, $m
  0
  10
  12
  13
  14
  15
  16
  18
  19
  20
  22
  24
  25
  27
  29
  31
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
Net income, $m
  45
  28
  31
  34
  37
  41
  44
  48
  51
  55
  59
  64
  68
  73
  78
  83
  88
  93
  99
  104
  110
  117
  123
  130
  137
  145
  152
  161
  169
  178
  187

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  2,506
  2,806
  3,164
  3,542
  3,941
  4,361
  4,800
  5,260
  5,739
  6,238
  6,758
  7,299
  7,860
  8,444
  9,051
  9,682
  10,337
  11,019
  11,728
  12,466
  13,234
  14,034
  14,868
  15,737
  16,644
  17,590
  18,578
  19,610
  20,689
  21,817
  22,996
Adjusted assets (=assets-cash), $m
  2,472
  2,806
  3,164
  3,542
  3,941
  4,361
  4,800
  5,260
  5,739
  6,238
  6,758
  7,299
  7,860
  8,444
  9,051
  9,682
  10,337
  11,019
  11,728
  12,466
  13,234
  14,034
  14,868
  15,737
  16,644
  17,590
  18,578
  19,610
  20,689
  21,817
  22,996
Revenue / Adjusted assets
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
Average production assets, $m
  2,148
  2,440
  2,750
  3,080
  3,427
  3,791
  4,173
  4,573
  4,990
  5,424
  5,876
  6,346
  6,834
  7,342
  7,869
  8,418
  8,988
  9,580
  10,197
  10,838
  11,506
  12,201
  12,926
  13,682
  14,471
  15,293
  16,152
  17,050
  17,988
  18,968
  19,993
Working capital, $m
  0
  -39
  -44
  -49
  -54
  -60
  -66
  -73
  -79
  -86
  -93
  -101
  -109
  -117
  -125
  -134
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -217
  -230
  -243
  -256
  -271
  -286
  -301
  -317
Total debt, $m
  517
  614
  716
  824
  938
  1,058
  1,184
  1,315
  1,452
  1,595
  1,744
  1,898
  2,059
  2,226
  2,400
  2,580
  2,767
  2,962
  3,165
  3,376
  3,596
  3,825
  4,063
  4,312
  4,571
  4,842
  5,124
  5,420
  5,728
  6,051
  6,388
Total liabilities, $m
  706
  803
  905
  1,013
  1,127
  1,247
  1,373
  1,504
  1,641
  1,784
  1,933
  2,087
  2,248
  2,415
  2,589
  2,769
  2,956
  3,151
  3,354
  3,565
  3,785
  4,014
  4,252
  4,501
  4,760
  5,031
  5,313
  5,609
  5,917
  6,240
  6,577
Total equity, $m
  1,800
  2,003
  2,259
  2,529
  2,814
  3,114
  3,427
  3,755
  4,098
  4,454
  4,825
  5,211
  5,612
  6,029
  6,463
  6,913
  7,381
  7,868
  8,374
  8,901
  9,449
  10,020
  10,616
  11,236
  11,884
  12,559
  13,265
  14,002
  14,772
  15,577
  16,419
Total liabilities and equity, $m
  2,506
  2,806
  3,164
  3,542
  3,941
  4,361
  4,800
  5,259
  5,739
  6,238
  6,758
  7,298
  7,860
  8,444
  9,052
  9,682
  10,337
  11,019
  11,728
  12,466
  13,234
  14,034
  14,868
  15,737
  16,644
  17,590
  18,578
  19,611
  20,689
  21,817
  22,996
Debt-to-equity ratio
  0.287
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  28
  31
  34
  37
  41
  44
  48
  51
  55
  59
  64
  68
  73
  78
  83
  88
  93
  99
  104
  110
  117
  123
  130
  137
  145
  152
  161
  169
  178
  187
Depreciation, amort., depletion, $m
  81
  92
  104
  117
  130
  143
  158
  173
  189
  205
  222
  239
  258
  277
  297
  318
  339
  362
  385
  409
  434
  460
  488
  516
  546
  577
  610
  643
  679
  716
  754
Funds from operations, $m
  138
  121
  135
  151
  167
  184
  202
  221
  240
  260
  282
  303
  326
  350
  375
  400
  427
  455
  483
  513
  545
  577
  611
  646
  683
  722
  762
  804
  848
  894
  942
Change in working capital, $m
  5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
Cash from operations, $m
  133
  125
  140
  156
  172
  190
  208
  227
  247
  267
  289
  311
  334
  358
  383
  409
  436
  464
  493
  524
  555
  588
  623
  658
  696
  735
  776
  818
  863
  909
  958
Maintenance CAPEX, $m
  0
  -81
  -92
  -104
  -116
  -129
  -143
  -157
  -173
  -188
  -205
  -222
  -239
  -258
  -277
  -297
  -318
  -339
  -362
  -385
  -409
  -434
  -460
  -488
  -516
  -546
  -577
  -610
  -643
  -679
  -716
New CAPEX, $m
  -269
  -292
  -311
  -329
  -347
  -365
  -382
  -399
  -417
  -434
  -452
  -470
  -489
  -508
  -528
  -548
  -570
  -593
  -616
  -641
  -668
  -696
  -725
  -756
  -788
  -823
  -859
  -897
  -938
  -980
  -1,025
Cash from investing activities, $m
  -526
  -373
  -403
  -433
  -463
  -494
  -525
  -556
  -590
  -622
  -657
  -692
  -728
  -766
  -805
  -845
  -888
  -932
  -978
  -1,026
  -1,077
  -1,130
  -1,185
  -1,244
  -1,304
  -1,369
  -1,436
  -1,507
  -1,581
  -1,659
  -1,741
Free cash flow, $m
  -393
  -248
  -263
  -277
  -291
  -304
  -317
  -330
  -343
  -355
  -368
  -381
  -394
  -408
  -422
  -436
  -452
  -468
  -485
  -503
  -522
  -542
  -563
  -585
  -609
  -634
  -661
  -689
  -718
  -750
  -783
Issuance/(repayment) of debt, $m
  -123
  97
  102
  108
  114
  120
  126
  131
  137
  143
  149
  155
  161
  167
  174
  180
  187
  195
  203
  211
  220
  229
  238
  249
  259
  271
  283
  295
  308
  322
  337
Issuance/(repurchase) of shares, $m
  625
  209
  224
  236
  248
  259
  270
  280
  291
  301
  312
  322
  333
  344
  356
  368
  380
  394
  408
  422
  438
  455
  472
  491
  510
  531
  553
  576
  601
  627
  655
Cash from financing (excl. dividends), $m  
  497
  306
  326
  344
  362
  379
  396
  411
  428
  444
  461
  477
  494
  511
  530
  548
  567
  589
  611
  633
  658
  684
  710
  740
  769
  802
  836
  871
  909
  949
  992
Total cash flow (excl. dividends), $m
  104
  58
  64
  67
  71
  75
  78
  82
  85
  89
  92
  96
  100
  103
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
Retained Cash Flow (-), $m
  -563
  -237
  -255
  -270
  -285
  -299
  -314
  -328
  -342
  -357
  -371
  -386
  -401
  -417
  -433
  -450
  -468
  -487
  -506
  -527
  -548
  -571
  -595
  -621
  -647
  -676
  -706
  -737
  -770
  -805
  -842
Prev. year cash balance distribution, $m
 
  34
  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
  0
  0
  0
Cash available for distribution, $m
 
  -146
  -192
  -203
  -214
  -225
  -236
  -246
  -257
  -268
  -279
  -290
  -302
  -313
  -326
  -339
  -352
  -366
  -381
  -396
  -412
  -429
  -448
  -467
  -487
  -508
  -530
  -554
  -579
  -605
  -633
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
 
  -138
  -171
  -170
  -166
  -162
  -156
  -148
  -140
  -131
  -121
  -111
  -101
  -90
  -80
  -70
  -60
  -52
  -43
  -36
  -29
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  92.2
  85.3
  79.4
  74.2
  69.6
  65.5
  61.9
  58.7
  55.7
  53.1
  50.7
  48.4
  46.4
  44.5
  42.8
  41.2
  39.6
  38.2
  36.9
  35.6
  34.5
  33.3
  32.3
  31.2
  30.3
  29.3
  28.5
  27.6
  26.8
  26.0

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 54
Price to Sales 8.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 18.3
Price to Free Cash Flow -17.9
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 $289 million for the last fiscal year's total revenue generated by Education Realty Trust. The default revenue input number comes from 2016 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 13.6% 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 82.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 3.5% 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%.

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 743.1%.

Life of production assets of 26.5 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 -11.8%. 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 - $1800 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 75.601 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 $2.5 billion.

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COMPANY NEWS

▶ 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]
▶ EdR Announces Quarterly Dividend of $0.39 Per Share   [Oct-12-17 04:15PM  PR Newswire]
▶ EdR to Host Third Quarter 2017 Earnings Conference Call   [Sep-27-17 04:15PM  PR Newswire]
▶ EdR Announces Leasing Results for 2017-2018 Lease Term   [Sep-25-17 08:00AM  PR Newswire]
▶ EdR Credit Rating Upgraded to Baa2 by Moody's   [Sep-06-17 05:08PM  PR Newswire]
▶ Memphis apartment developers update status of Texas properties   [Aug-30-17 01:15PM  American City Business Journals]
▶ UC Berkeley building gets LEED certification with help of Memphis company   [Aug-11-17 12:20PM  American City Business Journals]
▶ Historic Bowles Hall Earns LEED Silver Certification   [Aug-03-17 04:15PM  PR Newswire]
▶ Education Realty Trust reports 2Q results   [Jul-31-17 11:01PM  Associated Press]
▶ EdR Announces Second Quarter 2017 Results   [06:00AM  PR Newswire]
▶ See Inside: Memphis-based company's new Texas development   [Jul-21-17 02:55PM  American City Business Journals]
▶ Dividend Hikes: National RetailAgain!   [12:09PM  Barrons.com]
▶ EdR to Host Second Quarter 2017 Earnings Conference Call   [Jun-29-17 04:15PM  PR Newswire]
▶ UC Davis wants thousands of new student housing units by 2020   [Jun-06-17 11:33AM  American City Business Journals]
▶ Memphis company developing $80 million Ivy League housing   [May-09-17 12:10PM  American City Business Journals]
▶ Education Realty Trust reports 1Q results   [May-01-17 07:16AM  Associated Press]
▶ EdR Announces First Quarter 2017 Results   [07:00AM  PR Newswire]
▶ EdR Announces Quarterly Dividend of $0.38 Per Share   [Apr-17-17 04:15PM  PR Newswire]
▶ EdR to Host First Quarter 2017 Earnings Conference Call   [Apr-06-17 05:20PM  PR Newswire]
▶ EdR Updates Leasing Progress for 2017/2018 Lease Term   [Apr-05-17 07:00AM  PR Newswire]
Financial statements of EDR
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