Education Realty Trust 8-K Education Realty Trust Releases Fourth-Quarter and Year-End Results

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2006
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Consolidated Balance Sheets	2
Condensed and Consolidated Statements of Operations — Three Months Ended December 31,	3
Condensed, Consolidated and Combined Statements of Operations — Year Ended December 31,	4
Consolidated and Combined Statements of Funds from Operations	5
Community Operating Results — Three Months Ended December 31,	6
Community Operating Results — Year Ended December 31,	7
Same Community Statistics — Three Months Ended December 31,	8
Same Community Statistics — Year Ended December 31,	9
Community Statistics — Owned and Operated	10
Third-Party Development Project Summary	11
Capital Structure	12
Community Listing — Owned and Operated	13
Definitions	14

EDUCATION REALTY TRUST, INC.

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

	Three months ended December 31,											Year ended December 31,
	EDR Consolidated			EDR Consolidated								EDR Consolidated			EDR Consolidated
	2006			2005		$ Chg			% Chg			2006			2005			$ Chg		% Chg
	(Unaudited)			(Unaudited)								(Unaudited)
Total revenues	$	32,398		$	27,914	$	4,484			16.1	%	$	119,291		$	89,789		$	29,502		32.9	%
Operating income		7,318			6,550		768			11.7	%		17,252			309			16,943		5483.2	%
Net income (loss)		(762	)		2,008		(2,770	)		-137.9	%		(12,245	)		(15,534	)		3,289		21.2	%
Net income (loss) per share — basic and diluted	$	(0.03	)	$	0.08							$	(0.46	)	$	(0.67	)
Weighted-average common shares outstanding — basic and diluted		26,540,588			26,259,639								26,387,547			23,063,110
FFO	$	8,031		$	7,810							$	23,182		$	12,045
FFO per weighted average share/unit	$	0.29		$	0.28							$	0.83		$	0.48
FFOA	$	8,031		$	7,810							$	23,182		$	18,401
FFOA per weighted average share/unit	$	0.29		$	0.28							$	0.83		$	0.74
Weighted average shares/units		27,987,415			28,150,867								27,967,366			24,941,717

Capitalization Data as of:

	December 31, 2006
Total debt (1)	$	491,025
Market equity (2)		415,113
Total enterprise value	$	906,138
Debt to total enterprise value		54.2	%

Notes:
(1)	Excludes debt premium of $2.3 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 $14.77 at December 31, 2006. Excludes the 265,000 Profits interest units outstanding.

1

EDUCATION REALTY TRUST, INC.

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

	December 31, 2006			December 31, 2005
	Consolidated			Consolidated
	Education Realty			Education Realty
	Trust, Inc.			Trust, Inc.
	(Unaudited)
Assets
Student housing properties, net (1)	$	804,759		$	620,305
Corporate office furniture, net		752			991
Cash and cash equivalents		6,427			61,662
Restricted cash		9,154			6,738
Student contracts receivable, net		227			470
Receivable from affiliates		369			—
Management fee receivable from third parties		669			552
Goodwill and other intangibles, net		3,649			3,546
Other assets		9,452			9,785
Total assets	$	835,458		$	704,049
Liabilities and stockholders’ equity
Liabilities:
Mortgage loans, net of premium/discount	$	423,933		$	328,335
Long term debt		47,000			—
Line of credit and other short term debt		22,400			—
Accounts payable and accrued expenses		10,764			9,370
Accounts payable affiliates		—			225
Deferred revenue		9,073			7,660
Total liabilities		513,170			345,590
Minority interests		19,289			27,926
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 26,810,552, and 26,263,889 shares issued and outstanding December 31, 2006 and 2005, respectively		268			263
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		330,374			351,664
Loan to shareholder		—			(5,996	)
Warrants		375			375
Accumulated deficit		(28,018	)		(15,773	)
		302,999			330,533
Total liabilities and stockholders’ equity	$	835,458		$	704,049

(1) Amount is net of accumulated depreciation of $58,489 and $23,163 as of December 31, 2006 and December 31, 2005, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED DECEMBER 31,

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

	Education Realty			Education Realty
	Trust, Inc.			Trust, Inc.
	Consolidated			Consolidated
	Three months ended December 31, 2006			Three months ended December 31, 2005
Revenues:
Student housing leasing revenue	$	24,017		$	23,045
Student housing food service revenue		964			888
Other leasing revenue		3,435			—
Third-party development services		1,490			786
Third-party management services		745			710
Operating expense reimbursements		1,747			2,485
Total revenues		32,398			27,914
Operating expenses:
Student housing leasing operations		10,510			10,488
Student housing food service operations		891			826
General and administrative		3,294			2,044
Depreciation and amortization		8,638			5,521
Reimbursable operating expenses		1,747			2,485
Total operating expenses		25,080			21,364
Operating income		7,318			6,550
Nonoperating income and expenses:
Interest expense		7,671			4,599
Amortization of deferred financing costs		280			238
Interest income		(95	)		(673	)
Total nonoperating expenses		7,856			4,164
Income (loss) before equity in earnings of unconsolidated entities, income taxes, and minority interest		(538	)		2,386
Equity in earnings of unconsolidated entities		167			293
Income (loss) before income taxes and minority interest		(371	)		2,679
Income tax expense		196			327
Net income (loss) before minority interest		(567	)		2,352
Minority interest		195			344
Net income (loss)	$	(762	)	$	2,008
Earnings per share information:
Income (loss) per share — basic & diluted	$	(0.03	)	$	0.08
Weighted-average common shares outstanding - Basic and diluted		26,540,588			26,259,639

3

EDUCATION REALTY TRUST, INC.

CONDENSED, CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS — YEAR ENDED DECEMBER 31,

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

	Education Realty			Education Realty			Education Realty			Education Realty
	Trust, Inc.			Trust, Inc.			Trust Predecessor			Trust
	Consolidated			Consolidated			Combined			Consolidated & Combined
	Year ended December 31, 2006			Year ended December 31, 2005			January 1 to January 30, 2005			Year ended December 31, 2005
	(unaudited)
Revenues:
Student housing leasing revenue	$	87,438		$	74,374		$	1,503		$	75,877
Student housing food service revenue		3,634			3,222			269			3,491
Other leasing revenue		14,012			—			—			—
Third-party development services		3,773			1,759			—			1,759
Third-party management services		2,796			1,865			103			1,968
Operating expense reimbursements		7,638			6,023			671			6,694
Total revenues		119,291			87,243			2,546			89,789
Operating expenses:
Student housing leasing operations		42,669			37,270			524			37,794
Student housing food service operations		3,318			3,020			255			3,275
General and administrative		12,331			12,182			367			12,549
Depreciation and amortization		36,083			28,908			260			29,168
Reimbursable operating expenses		7,638			6,023			671			6,694
Total operating expenses		102,039			87,403			2,077			89,480
Operating income (loss)		17,252			(160	)		469			309
Nonoperating income and expenses:
Interest expense		29,353			16,186			479			16,665
Exit fees on early repayment of mortgages		—			1,084			—			1,084
Amortization of deferred financing costs		1,114			820			—			820
Interest income		(534	)		(1,303	)		—			(1,303	)
Total nonoperating expenses		29,933			16,787			479			17,266
Loss before equity in earnings of unconsolidated entities, income taxes, and minority interest		(12,681	)		(16,947	)		(10	)		(16,957	)
Equity in earnings of unconsolidated entities		740			853			27			880
Income (loss) before income taxes and minority interest		(11,941	)		(16,094	)		17			(16,077	)
Income tax expense		659			497			—			497
Net income (loss) before minority interest		(12,600	)		(16,591	)		17			(16,574	)
Minority interest		(355	)		(1,040	)		—			(1,040	)
Net income (loss)	$	(12,245	)	$	(15,551	)	$	17		$	(15,534	)
Earnings per share information:
Loss per share — basic & diluted	$	(0.46	)	$	(0.67	)
Weighted-average common shares outstanding - Basic and diluted		26,387,547			23,063,110

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 December 31,					Year ended December 31,
	EDR Consolidated			EDR Consolidated		EDR Consolidated			EDR Consolidated
	2006			2005		2006			2005
Net loss	$	(762	)	$	2,008	$	(12,245	)	$	(15,551	)
Real estate related depreciation and amortization		8,549			5,458		35,728			28,636
Equity portion of real estate depreciation and amortization on equity investees		49			—		54			—
Minority interest expense		195			344		(355	)		(1,040	)
Funds from operations (“FFO”)		8,031			7,810		23,182			12,045
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)		—			—		—			1,233
Impact of IPO related transactions		—			—		—			6,356
Funds from operations — adjusted (“FFOA”)	$	8,031		$	7,810	$	23,182		$	18,401
FFO per weighted average share/unit (2)	$	0.29		$	0.28	$	0.83		$	0.48
FFOA per weighted average share/unit (2)	$	0.29		$	0.28	$	0.83		$	0.74
Weighted average shares/units (2)		27,987,415			28,150,867		27,967,366			24,941,717

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/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.

5

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — THREE MONTHS ENDED DECEMBER 31,
(Amounts in thousands, unaudited)

	Education Realty					Education Realty
	Trust, Inc.					Trust, Inc.
	Consolidated					Consolidated
	Three Months Ended					Three Months Ended
	December 31, 2006		% of Revenue			December 31, 2005		% of Revenue			Variance
Revenues
Same community	$	23,480				$	23,045				$	435
New community		537					—					537
Total community revenue		24,017					23,045					972
Operating expenses (1)
Same community	$	10,210				$	10,488				$	(278	)
New communities		300					—					300
Total community operating expenses		10,510					10,488					22
Net operating income
Same community	$	13,270		56.5	%	$	12,557		54.5	%	$	713
New communities		237		44.1	%		—					237
Total community net operating income	$	13,507		56.2	%	$	12,557		54.5	%	$	950

(1) Represents community-level operating expenses excluding management fees, depreciation and amortization.

 6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — YEAR ENDED DECEMBER 31,
(Amounts in thousands, unaudited)

	Education Realty					Education Realty
	Trust, Inc.					Trust, Inc.
	Consolidated					Consolidated
	Year Ended					Year Ended
	December 31, 2006		% of Revenue			December 31, 2005 (1)		% of Revenue			Variance
Revenues
Same community	$	16,723				$	16,418				$	305
New communities		70,715					59,459					11,256
Total community revenue		87,438					75,877					11,561
Operating expenses (2)
Same community	$	7,557				$	7,247				$	310
New communities		35,112					30,547					4,565
Total community operating expenses		42,669					37,794					4,875
Net operating income
Same community	$	9,166		54.8	%	$	9,171		55.9	%	$	(5	)
New communities		35,603		50.3	%		28,912		48.6	%		6,691
Total community net operating income	$	44,769		51.2	%	$	38,083		50.2	%	$	6,686

(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)	Represents community-level operating expenses excluding management fees, depreciation and amortization.

 7

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — THREE MONTHS ENDED DECEMBER 31,

	2006			2005
	4th Quarter			4th Quarter			Difference
Occupancy
Physical		96.5	%		95.0	%		1.5	%
Economic		97.7	%		96.2	%		1.5	%
NarPAB	$	376		$	367		$	9
Other income per avail. Bed	$	25		$	27		$	(2	)
RevPAB	$	401		$	394		$	7
Operating expense per bed	$	175		$	179		$	(4	)
Operating margin		56.5	%		54.5	%		2.0	%
Design Beds		58,503			58,503			—

 8

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — YEAR ENDED DECEMBER 31,

	2006			2005
	YTD December			YTD December			Difference
Occupancy
Physical		89.4	%		87.3	%		2.1	%
Economic		91.0	%		90.6	%		0.4	%
NarPAB	$	320		$	315		$	5
Other income per avail. Bed	$	38		$	36		$	2
RevPAB	$	358		$	351		$	7
Operating expense per bed		162		$	155		$	7
Operating margin		54.8	%		55.9	%		-1.0	%
Design Beds		46,752			46,752			—

 9

EDUCATION REALTY TRUST, INC.

COMMUNITY STATISTICS — OWNED AND OPERATED

	2006			2006			2006			2006			2006
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			YTD
Occupancy
Physical		94.6	%		90.7	%		92.0	%		96.0	%		93.3	%
Economic		95.1	%		91.7	%		80.8	%		97.1	%		91.2	%
NarPAB	$	364		$	336		$	298		$	373		$	343
Other income per avail. Bed	$	21		$	26		$	25		$	25		$	24
RevPAB	$	385		$	362		$	323		$	398		$	367
Operating expense per bed	$	159		$	160		$	222		$	174		$	179
Operating margin		58.8	%		55.6	%		31.2	%		56.2	%		51.2	%
Design Beds		58,503			59,127			60,375			60,375			238,380

	2005			2005			2005			2005			2005
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			YTD
Occupancy
Physical		92.6	%		89.1	%		92.0	%		95.0	%		92.2	%
Economic		92.3	%		90.5	%		82.8	%		96.2	%		90.5	%
NarPAB	$	358		$	335		$	304		$	367		$	340
Other income per avail. Bed	$	11		$	23		$	41		$	27		$	26
RevPAB	$	369		$	358		$	345		$	394		$	366
Operating expense per bed	$	150		$	155		$	232		$	179		$	182
Operating margin		59.4	%		56.5	%		32.6	%		54.5	%		50.2	%
Design Beds		32,774			53,679			58,503			58,503			207,355

10

EDUCATION REALTY TRUST, INC.

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

	Three months ended							Year ended
	December 31, 2006		December 31, 2005		Change			December 31, 2006		December 31, 2005		Change
Third-party development services revenue	$	1,490	$	786	$	704		$	3,773	$	1,759	$	2,014
Equity in earnings of development joint ventures		228		293		(65	)		814		880		(66	)
	$	1,718	$	1,079	$	639		$	4,587	$	2,639	$	1,948
								-

CURRENT AND RECENTLY COMPLETED PROJECTS

																			Fees Paid
				Project											Fees Earned Year				Through
				Development		Total Project							Fees Earned		Ended December		Remaining Fees		December 31,
Project	Bed Count		Completion Date	Cost		Fees		EDR % of fees			EDR Project Fees		prior to 2006		31, 2006 (1)		to earn		2006
Slippery Rock University — Phase I, PA		1,390	Aug-06, Oct-06, Mar-07	$	64,204	$	2,720		100	%	$	2,720	$	887	$	1,787	$	46	$	1,590
California University of Pennsylvania Phase V, PA		354	August 2007		19,909		538		50	%		269		—		144		125		188
Indiana University of Pennsylvania, PA		734	August 2007		43,725		1,673		100	%		1,673		—		924		749		906
University of North Carolina-Greensboro		600	August 2007		26,000		1,162	(4	)			683		—		458		225		367
University of Michigan, Ann Arbor		849	August 2008		45,000		1,200		100	%		1,200		—		567		633		544
California University of Pennsylvania Phase IV, PA		447	August 2006		21,251		668		50	%		334		161		173		—		334
University of Louisville — Phase III, KY		359	July 2006		15,079		580	(2	)			340		145		195		—		340
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		198		—		716
University of Alabama — Tuscaloosa		631	August 2007		31,652		1,236		100	%		1,236		—		257		979		696
		6,802		$	335,680						$	9,901	$	2,076	$	4,703	$	3,122	$	6,046

RECENTLY AWARDED PROJECTS

				Estimated	Project
				Completion	Development
Project	Estimated Bed Count		Estimated Start Date	Date	Cost		Total Project Fees		EDR % of Fees			Total EDR Fees
Slippery Rock University Phase II		746	April 2007	August 2008		46,532		1,370		100	%		1,370
Indiana University of Pennsylvania Phase II		1,094	May 2007	August 2008		67,017		2,422		100	%		2,422
University of Alabama — Tuscaloosa Phase II		930	April 2007	August 2008		62,000		2,336		100	%		2,336
West Chester University of Pennsylvania Phase I		1,050	March 2008	August 2009		64,000		2,400		100	%		2,400
		3,820			$	239,549	$	8,528				$	8,528

(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 December 31, 2006
(dollars in thousand)

Total Debt to Enterprise Value

Total Debt (1)	$	491,025	54.2	%
Total Market Equity (2)		415,113	45.8	%
Total Enterprise Value	$	906,138	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	421,625		5.85	%		85.9	%		2.7	years
Variable Rate		69,400		7.76	%		14.1	%		1.5	years
Total / Weighted Average	$	491,025		6.12	%		100.0	%		2.5	Years

Mortgage Debt Maturity

Fiscal Yr Ending						Year Ended
Ending						December 31, 2006
2007	$	60,158	14.3	%	Interest expense(3)	$	29,912
2008		26,481	6.3	%
2009		285,049	67.6	%	Interest coverage(4)		1.80
2010		888	0.2	%
2011		947	0.2	%	Fixed charge coverage(4)		1.59
Thereafter		48,102	11.4	%
Total	$	421,625	100.0	%
Unamortized debt premium		2,308
Total, net of debt premium		423,933

(1)	Excludes unamortized debt premium of $2.3 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 $14.77 at December 31, 2006. Excludes the 265,000 Profits interest units outstanding.
(3)	Excludes amortization of debt premium/discount.
(4)	Coverage ratios are calculated in compliance with the terms of our existing credit facililty.

12

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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EDUCATION REALTY TRUST, INC.

DEFINITIONS

     Physical occupancy

          Represents a weighted average of the month end occupancies for each month included in the period reported.

     Economic occupancy

Represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the respective period divided by market rent for the respective period.

     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 month included in the period reported. Does not include food service revenue.

     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/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

     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
in the portfolio for each month included in the period reported.

     Operating expense per bed

Represents community-level operating expenses excluding management fees, depreciation and amortization.

     Design beds

Represents the sum of the monthly design beds in the portfolio during the period, excluding the Place properties portfolio.

     Sames store

Includes communities that have been owned for more than a year as of the beginning of the current period being reported.

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