Education Realty Trust 8-K Education Realty Reports Third Quarter 2006 Results

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

THIRD QUARTER 2006
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Consolidated Balance Sheets	2
Condensed and Consolidated Statements of Operations — Three Months Ended September 30,	3
Condensed, Consolidated and Combined Statements of Operations — Nine Months Ended September 30,	4
Consolidated and Combined Statements of Funds from Operations	5
Community Operating Results — Three Months Ended September 30,	6
Community Operating Results — Nine Months Ended September 30,	7
Same Community Statistics — Three Months Ended September 30,	8
Same Community Statistics — Nine Months Ended September 30,	9
Community Statistics — Owned and Operated	10
Third-Party Development Project Summary	11
Capital Structure	12
Community Listing — Owned and Operated	13

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS
(Amounts in thousands, except share and per share data, unaudited)

	Three months ended September 30,												Nine months ended September 30,
	EDR Consolidated			EDR Consolidated									EDR Consolidated			EDR Consolidated
Operating Data	2006			2005			$ Chg			% Chg			2006			2005			$ Chg		% Chg
	(Unaudited)			(Unaudited)									(Unaudited)			(Unaudited)
Total revenues	$	27,779		$	23,814		$	3,965			16.6	%	$	86,893		$	61,875		$	25,018		40.4	%
Operating income (loss)		(710	)		(2,905	)		2,195			75.6	%		9,934			(6,241	)		16,175		259.2	%
Net income (loss)		(8,189	)		(7,184	)		(1,005	)		-14.0	%		(11,483	)		(17,542	)		6,059		34.5	%
Net income (loss) per share — basic and diluted	$	(0.31	)	$	(0.33	)							$	(0.44	)	$	(0.80	)
Weighted-average common shares outstanding — basic and diluted		26,390,417			21,923,244									26,336,343			21,883,589
FFO	$	442		$	358								$	15,151		$	4,235
FFO per weighted average potentially dilutive share/unit	$	0.02		$	0.02								$	0.54		$	0.18
FFOA	$	442		$	564								$	15,151		$	10,591
FFOA per weighted average potentially dilutive share/unit	$	0.02		$	0.02								$	0.54		$	0.45
Weighted average potentially dilutive shares/units		27,833,022			23,765,195									27,961,155			23,737,547

Capitalization data as of:	September 30, 2006
Total debt (1)	$	493,526
Market equity (2)		408,845
Total enterprise value	$	902,371
Debt to total enterprise value		54.7	%

Notes:
(1)	Excludes debt premium of $2.5 million.
(2)	Market equity represents the aggregate market value of the Company’s common stock outstanding, restricted shares and operating partnership units, calculated at the closing price per common shares of $14.76 at September 30, 2006. Excludes the 260,000 Profits interest units outstanding.

1

EDUCATION REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except share and per share data)

	September 30, 2006			December 31, 2005
	Consolidated			Consolidated
	Education Realty			Education Realty
	Trust, Inc.			Trust, Inc.
	(Unaudited)
Assets
Student housing properties, net (1)	$	812,075		$	620,305
Corporate office furniture, net		814			991
Cash and cash equivalents		3,900			61,662
Restricted cash		11,707			6,738
Student contracts receivable, net		245			470
Receivable from affiliates		260			—
Management fee receivable from third party		720			552
Goodwill and other intangibles, net		3,693			3,546
Other assets		8,556			9,785
Total assets	$	841,970		$	704,049
Liabilities and stockholders’ equity
Liabilities:
Mortgage loans, net of premium/discount	$	425,180		$	328,335
Long term debt		50,000			—
Line of credit and other short term debt		20,800			—
Accounts payable and accrued expenses		12,987			9,370
Accounts payable affiliates		—			225
Deferred revenue		10,453			7,660
Total liabilities		519,420			345,590
Minority interests		19,367			27,926
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 26,395,939, and 26,263,889 shares issued and outstanding September 30, 2006 and December 31, 2005, respectively		264			263
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		329,800			351,664
Loan to shareholder		—			(5,996	)
Warrants		375			375
Accumulated deficit		(27,256	)		(15,773	)
		303,183			330,533
Total liabilities and stockholders’ equity	$	841,970		$	704,049

(1) Amount is net of accumulated depreciation of $49,989 and $23,163 as of September 30, 2006 and December 31, 2005, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED SEPTEMBER 30,

(amounts in thousands, except share and per share data, unaudited)

	Education Realty			Education Realty
	Trust, Inc.			Trust, Inc.
	Consolidated			Consolidated
	Three months ended September 30, 2006			Three months ended September 30, 2005
Revenues:
Student housing leasing revenue	$	19,520		$	20,145
Student housing food service revenue		895			893
Other leasing revenue		3,709			—
Third-party development services		856			791
Third-party management services		653			511
Operating expense reimbursements		2,146			1,474
Total revenues		27,779			23,814
Operating expenses:
Student housing leasing operations		13,422			13,571
Student housing food service operations		844			878
General and administrative		2,872			2,560
Depreciation and amortization		9,205			8,236
Reimbursable operating expenses		2,146			1,474
Total operating expenses		28,489			26,719
Operating loss		(710	)		(2,905	)
Nonoperating income and expenses:
Interest expense		7,551			4,782
Amortization of deferred financing costs		281			252
Interest income		(101	)		(146	)
Total nonoperating expenses		7,731			4,888
Loss before equity in earnings of unconsolidated entities, income taxes, and minority interest		(8,441	)		(7,793	)
Equity in earnings of unconsolidated entities		148			332
Loss before income taxes and minority interest		(8,293	)		(7,461	)
Income tax expense		381			340
Net loss before minority interest		(8,674	)		(7,801	)
Minority interest		(485	)		(617	)
Net loss	$	(8,189	)	$	(7,184	)
Earnings per share information:
Loss per share — basic & diluted	$	(0.31	)	$	(0.33	)
Weighted-average common shares outstanding - Basic and diluted		26,390,417			21,923,244

3

EDUCATION REALTY TRUST, INC.

CONDENSED, CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS — NINE MONTHS ENDED SEPTEMBER 30,

(amounts in thousands, except share and per share data, unaudited)

	Education Realty			Education Realty			Education Realty			Education Realty
	Trust, Inc.			Trust, Inc.			Trust Predecessor			Trust
	Consolidated			Consolidated			Combined			Consolidated & Combined
	Nine months ended September 30, 2006			Nine months ended September 30, 2005			January 1 to January 30, 2005			Nine months ended September 30, 2005
Revenues:
Student housing leasing revenue	$	63,421		$	51,329		$	1,503		$	52,832
Student housing food service revenue		2,670			2,334			269			2,603
Other leasing revenue		10,577			—			—			—
Third-party development services		2,283			973			—			973
Third-party management services		2,051			1,155			103			1,258
Operating expense reimbursements		5,891			3,538			671			4,209
Total revenues		86,893			59,329			2,546			61,875
Operating Expenses:
Student housing leasing operations		32,159			26,782			524			27,306
Student housing food service operations		2,427			2,194			255			2,449
General and administrative		9,037			10,138			367			10,505
Depreciation and amortization		27,445			23,387			260			23,647
Reimbursable operating expenses		5,891			3,538			671			4,209
Total operating expenses		76,959			66,039			2,077			68,116
Operating income (loss)		9,934			(6,710	)		469			(6,241	)
Nonoperating income and expenses:
Interest expense		21,682			11,587			479			12,066
Exit fees on early repayment of mortgages		—			1,084			—			1,084
Amortization of deferred financing costs		834			582			—			582
Interest income		(439	)		(630	)		—			(630	)
Total nonoperating expenses		22,077			12,623			479			13,102
Loss before equity in earnings of unconsolidated entities, income taxes, and minority interest		(12,143	)		(19,333	)		(10	)		(19,343	)
Equity in earnings of unconsolidated entities		573			560			27			587
Income (loss) before income taxes and minority interest		(11,570	)		(18,773	)		17			(18,756	)
Income tax expense		463			170			—			170
Net income (loss) before minority interest		(12,033	)		(18,943	)		17			(18,926	)
Minority interest		(550	)		(1,384	)		—			(1,384	)
Net income (loss)	$	(11,483	)	$	(17,559	)	$	17		$	(17,542	)
Earnings per share information:
Loss per share — basic & diluted	$	(0.44	)	$	(0.80	)
Weighted-average common shares outstanding - Basic and diluted		26,336,343			21,883,589

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED AND COMBINED STATEMENTS OF FUNDS FROM OPERATIONS
(Amounts in thousands, except share and per share data, unaudited)

	Three months ended September 30,						Nine months ended September 30,
	EDR Consolidated			EDR Consolidated			EDR Consolidated			EDR Consolidated
	2006			2005			2006			2005
Net loss	$	(8,189	)	$	(7,184	)	$	(11,483	)	$	(17,559	)
Real estate related depreciation and amortization		9,111			8,159			27,179			23,178
Equity portion of real estate depreciation and amortization on equity investees		5			—			5			—
Minority interest expense		(485	)		(617	)		(550	)		(1,384	)
Funds from operations (“FFO”)		442			358			15,151			4,235
Elimination of one-time IPO related transactions:
Compensation charge for profit interest units		—			—			—			4,039
Write-off of fees associated with repayment of mortgage debt		—			—			—			1,084
Loss of deferred revenue due to purchase accounting (1)		—			206			—			1,233
Impact of IPO related transactions		—			206			—			6,356
Funds from operations — adjusted (“FFOA”)	$	442		$	564		$	15,151		$	10,591
FFO per weighted average potentially dilutive shares/units (2)	$	0.02		$	0.02		$	0.54		$	0.18
FFOA per weighted average potentially dilutive shares/units (2)	$	0.02		$	0.02		$	0.54		$	0.45
Weighted average potentially dilutive shares/units (2)		27,833,022			23,765,195			27,961,155			23,737,547

Notes:
(1)	Represents the balance of deferred straight-lined rents and service fees at the time of the IPO acquisitions that would have been recognized by EDR during the reported period had it already owned the properties. Generally accepted accounting standards do not allow such deferred revenue items to be carried forward in an acquisition, resulting in a one-time, non-recurring loss of revenue.
(2)	Funds from operations and funds from operations — adjusted per share were computed using weighted average shares and units outstanding, including the impact of dilutive securities.

5

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — THREE MONTHS ENDED SEPTEMBER 30,
(Amounts in thousands, unaudited)

	Education Realty					Education Realty
	Trust, Inc.					Trust, Inc.
	Consolidated					Consolidated
	Three Months Ended					Three Months Ended
	September 30, 2006		% of Revenue			September 30, 2005		% of Revenue			Variance
Revenues
Same community (1)	$	18,480				$	19,776				$	(1,296	)
New community		1,040					369					671
Total community revenue		19,520					20,145					(625	)
Operating expenses (2)
Same community (1)	$	12,759				$	13,216				$	(457	)
New communities		663					355					308
Total community operating expenses		13,422					13,571					(149	)
Net operating income
Same community (1)	$	5,721		31.0	%	$	6,560		33.2	%	$	(839	)
New communities		377		36.3	%		14		3.8	%		363
Total community net operating income	$	6,098		31.2	%	$	6,574		32.6	%	$	(476	)

(1)	Includes all communities that have been owned for more than a year as of July 1, 2006, the beginning of the current period being reported.
(2)	Represents community-level operating expense excluding overhead allocation, depreciation and amortization.

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — NINE MONTHS ENDED SEPTEMBER 30,
(Amounts in thousands, unaudited)

	Education Realty					Education Realty
	Trust, Inc.					Trust, Inc.
	Consolidated					Consolidated
	Nine Months Ended					Nine Months Ended
	September 30, 2006		% of Revenue			September 30, 2005 (1)		% of Revenue			Variance
Revenues
Same community (2)	$	11,760				$	11,731				$	29
New communities		51,661					41,101					10,560
Total community revenue		63,421					52,832					10,589
Operating expenses (3)
Same community (2)	$	5,696				$	5,598				$	98
New communities		26,463					21,708					4,755
Total community operating expenses		32,159					27,306					4,853
Net operating income
Same community (2)	$	6,064		51.6	%	$	6,133		52.3	%	$	(69	)
New communities		25,198		48.8	%		19,393		47.2	%		5,805
Total community net operating income	$	31,262		49.3	%	$	25,526		48.3	%	$	5,736

(1)	Represents 2005 results from date of Formation (February 1) plus the results of operations for the Predecessor portfolio of A&O communities for the period January 1 to January 31, 2005.
(2)	Includes all communities that have been owned for more than a year as of January 1, 2006, the beginning of the current period being reported.
(3)	Represents community-level operating expense excluding overhead allocation, depreciation and amortization.

7

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — THREE MONTHS ENDED SEPTEMBER 30, (8)

	2006			2005
	3rd Quarter			3rd Quarter			Difference
Occupancy
Physical (1)		92.3	%		92.1	%		0.2	%
Economic (2)		80.9	%		83.1	%		-2.3	%
NarPAB (3)	$	299		$	307		$	(8	)
Other income per avail. bed (4)	$	27		$	42		$	(15	)
RevPAB (5)	$	326		$	349		$	(23	)
Operating expense per bed (6)	$	225		$	233		$	(8	)
Operating margin		31.0	%		33.2	%		-2.2	%
Design Beds (7)		56,775			56,775			—

(1)	Quarterly physical occupancy represents a weighted average of the month end occupancies for the three months in the quarter.
(2)	Quarterly economic occupancy represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the quarter divided by market rent for the quarter.
(3)	Net Apartment Rent per Available Bed (NarPAB) represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Does not include food service revenue.
(4)	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/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.
(5)	Revenue per Available Bed (RevPAB) represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each of the included months.
(6)	Represents community-level operating expense excluding overhead allocation, depreciation and amortization.
(7)	Represents the sum of the monthly design beds in the portfolio during the three month period.
(8)	Includes all communities that have been owned for more than a year as of July 1, 2006, the beginning of the current period being reported.

8

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — NINE MONTHS ENDED SEPTEMBER 30, (8)

	2006			2005
	YTD September			YTD September			Difference
Occupancy
Physical (1)		87.0	%		85.6	%		1.5	%
Economic (2)		88.7	%		89.2	%		-0.5	%
NarPAB (3)	$	298		$	298		$	—
Other income per avail. bed (4)	$	38		$	36		$	2
RevPAB (5)	$	336		$	334		$	2
Operating expense per bed (6)		162		$	160		$	2
Operating margin		51.6	%		52.3	%		-0.7	%
Design Beds (7)		35,064			35,064			—

(1)	YTD physical occupancy numbers represents a weighted average of the month end occupancies for the 9 months ended 9/30/06.
(2)	YTD economic occupancy represents the effective occupancy calculated by taking YTD net apartment rent accounted for on a GAAP basis divided by YTD market rent.
(3)	Net Apartment Rent per Available Bed (NarPAB) represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Does not include food service revenue.
(4)	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/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.
(5)	Revenue per Available Bed (RevPAB) represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each of the included months.
(6)	Represents community-level operating expense excluding overhead allocation, depreciation and amortization.
(7)	Represents the sum of the monthly design beds in the portfolio during the nine month period.
(8)	Includes all communities that have been owned for more than a year as of January 1, 2006, the beginning of the current period being reported.

9

EDUCATION REALTY TRUST, INC.

COMMUNITY STATISTICS — OWNED AND OPERATED

	2006			2006			2006			2006			2005			2005			2005			2005
	1st Quarter			2nd Quarter			3rd Quarter			YTD			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Occupancy
Physical (1)		94.6	%		89.8	%		92.0	%		92.4	%		92.6	%		89.1	%		92.0	%		95.0	%
Economic (2)		95.1	%		91.7	%		80.8	%		89.2	%		92.3	%		90.5	%		82.8	%		96.2	%
NarPAB (3)	$	364		$	336		$	298		$	332		$	358		$	335		$	304		$	367
Other income per avail. bed (4)	$	21		$	26		$	25		$	24		$	11		$	23		$	41		$	22
RevPAB (5)	$	385		$	362		$	323		$	356		$	369		$	358		$	345		$	389
Operating expense per bed (6)	$	159		$	160		$	222		$	181		$	150		$	155		$	232		$	179
Operating margin		58.8	%		55.6	%		31.2	%		49.3	%		59.4	%		56.5	%		32.6	%		54.6	%
Design Beds (7)		58,503			59,127			60,375			178,005			32,774			53,679			58,503			58,503

(1)	Quarterly physical occupancy represents a weighted average of the month end occupancies for the three months in the quarter. YTD physical occupancy numbers represents a weighted average of the month end occupancies for the nine months ended 9/30/06.
(2)	Quarterly economic occupancy represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the quarter divided by market rent for the quarter. YTD economic occupancy represents the YTD GAAP net apartment rent divided by the YTD market rent.
(3)	Net Apartment Rent per Available Bed (NarPAB) represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Does not include food service revenue.
(4)	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/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.
(5)	Revenue per Available Bed (RevPAB) represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each of the included months.
(6)	Represents community-level operating expense excluding overhead allocation, depreciation and amortization.
(7)	Represents the sum of the monthly design beds in the portfolio during the period, excluding Place properties.

10

EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY
(Amounts in ‘000s)

	Three months ended							Nine months ended
	September 30, 2006		September 30, 2005		Change			September 30, 2006		September 30, 2005		Change
Third-party development services revenue	$	856	$	791	$	65		$	2,283	$	973	$	1,310
Equity in earnings of joint ventures		162		332		(170	)		587		587		—
	$	1,018	$	1,123	$	(105	)	$	2,870	$	1,560	$	1,310

CURRENT AND RECENTLY COMPLETED PROJECTS

															Fees Earned Nine				Fees Paid
				Project											Months Ended				Through
				Development		Total Project							Fees Earned		September 30,		Remaining Fees		September 30,
Project	Bed Count		Completion Date	Cost		Fees		EDR % of fees			EDR Project Fees		prior to 2006		2006 (1)		to earn		2006
Slippery Rock University — Phase I, PA		1,390	Aug-06, Oct-06, Mar-07	$	64,204	$	2,220		100	%	$	2,220	$	887	$	1,263	$	70	$	1,480
California University of Pennsylvania Phase V, PA		354	August 2007		19,909		538		50	%		269		—		57		212		188
Indiana University of Pennsylvania, PA		734	August 2007		43,725		1,673		100	%		1,673		—		422		1,251		787
University of North Carolina-Greensboro		600	August 2007		26,000		1,162		(4	)		683		—		201		482		250
University of Michigan, Ann Arbor		849	August 2008		45,000		1,200		100	%		1,200		—		459		741		450
California University of Pennsylvania Phase IV, PA		447	August 2006		21,251		668		50	%		334		161		168		5		334
University of Louisville — Phase III, KY		359	July 2006		15,079		580		(2	)		340		145		195		—		324
Auraria Higher Education System, Denver CO		685	August 2006		42,400		730		100	%		730		365		—		365		365
University of Alabama — Birmingham, AL		753	May 2006		26,460		1,212		(3	)		716		518		193		5		686
University of Alabama — Tuscaloosa		631	August 2007		31,652		1,236		100	%		1,236		—		—		1,236		—
		6,802		$	335,680						$	9,401	$	2,076	$	2,958	$	4,367	$	4,864

RECENTLY AWARDED PROJECTS

				Estimated	Project Development
Project	Estimated Bed Count		Estimated Start Date	Completion Date	Cost		Total Project Fees		EDR % of Fees			Total EDR Fees
Slippery Rock University Phase II		732	September 2006	August 2008		46,532		1,370		100	%		1,370
Indiana University of Pennsylvania Phase II		1,094	September 2006	August 2008		67,017		2,422		100	%		2,422
		1,826			$	113,549	$	3,792				$	3,792

(1)	Represents fees earned, which will vary from income recognized by EDR due to joint venture expenses which are included in the equity in earnings of joint ventures. Development fees are recognized on the percentage completion method based on construction costs.
(2)	Total fees of $580 on the University of Louisville project include $480 of development fees and $100 of construction oversight fees. EDR participates 50% and 100% respectively in those fees
(3)	Total fees of $1,212 on the University of Alabama project include $991 of development fees and $220 of construction oversight fees. EDR participates 50% and 100% respectively in those fees
(4)	Total fees of $1,162 on the project include $957 of development fees and $205 of construction oversight fees. EDR participates 50% and 100% respectively in those fees

11

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE
As of September 30, 2006
(dollars in thousand)

Debt to Enterprise Value

Total Debt (1)	$	493,526	54.7	%
Total Market Equity (2)		408,845	45.3	%
Total Enterprise Value	$	902,371	100.0	%

Outstanding Debt

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	422,726		5.85	%		85.7	%	2.9 years
Variable Rate		70,800		7.83	%		14.3	%	1.8 years
Total / Weighted Average	$	493,526		6.13	%		100.0	%	2.8 years

Debt Maturity

Fiscal Yr Ending
Ending
2006	$	1,101	0.3	%
2007		60,158	14.2	%
2008		26,481	6.3	%
2009		285,049	67.4	%
2010		888	0.2	%
2011		947	0.2	%
Thereafter		48,102	11.4	%
Total	$	422,726	100.0	%
Unamortized debt premium		2,454
Total, net of debt premium		425,180

Interest expense for the period (3)	$	22,095
Interest coverage(rolling 12 months)		1.87
Fixed charge coverage(rolling 12 months)		1.67

(1)	Excludes unamortized debt premium of $2.5 million.
(2)	Market equity represents the aggregate market value of the Company’s common stock outstanding, restricted shares and operating partnership units, calculated at the closing price per common shares of $14.76 at September 30, 2006. Excludes the 260,000 Profits interest units outstanding.
(3)	Excludes amortization of debt premium/discount.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING — OWNED AND OPERATED

Name	Primary University Served	Acquisition Date	# of Beds	Name	Primary University Served	Acquisition Date	# of Beds
NorthPointe	University of Arizona	Jan ’05	912	Commons on Kinnear	The Ohio State University	Jan ’05	502
The Reserve at Athens	University of Georgia	Jan ’05	612	The Pointe	Pennsylvania State University	Jan ’05	984
The Reserve at Clemson	Clemson University	Jan ’05	590	The Reserve at Columbia	University of Missouri	Jan ’05	676
Players Club	Florida State University	Jan ’05	336	The Reserve on Frankford	Texas Tech University	Jan ’05	737
The Gables	Western Kentucky University	Jan ’05	290	The Village on Tharpe	Florida State University	Jan ’05	1,554
College Station	Augusta State University	Jan ’05	203	The Lofts	University of Central Florida	Jan ’05	730
University Towers	North Carolina State University	Jan ’05	953	The Reserve on West 31st	University of Kansas	Jan ’05	720
The Pointe at South Florida	University of South Florida	Jan ’05	1,002	Campus Creek	University of Mississippi	Feb '05	636
Commons at Knoxville	University of Tennessee	Jan ’05	708	Pointe West	University of South Carolina	Mar '05	480
The Commons	Florida State University	Jan ’05	732	College Grove	Middle Tennessee State University	Apr '05	864
The Reserve on Perkins	Oklahoma State University	Jan ’05	732	Campus Lodge	University of Florida	Jun '05	1,116
The Reserve at Star Pass	University of Arizona	Jan ’05	1,020	The Reserve on South College	Auburn University	Jul '05	576
The Pointe at Western	Western Michigan University	Jan ’05	876	Players Club	Georgia Southern University	Jun ’06	624
College Station at W. Lafayette	Purdue University	Jan ’05	960
Total owned and operated beds							20,125

NOTE: The above listing excludes the 13 communities leased to and managed by Place Properties, which were acquired on January 1, 2006.

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