Education Realty Trust 8-K Education Realty Trust Releases First-Quarter 2007 Results

EXHIBIT 99.2

EDUCATION REALTY TRUST, INC.

1ST QUARTER 2007
SUPPLEMENTAL ANALYST PACKAGE
TABLE OF CONTENT

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

EDUCATION REALTY TRUST, INC.

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

	Three months ended March 31,
	2007			2006			$ Chg		% Chg
	(unaudited)			(unaudited)
Total revenues	$	31,590		$	29,985		$	1,605		5.4	%
Operating income		7,183			5,909			1,274		21.6	%
Net loss		(491	)		(780	)		289		37.1	%
Net loss per share — basic and diluted	$	(0.02	)	$	(0.03	)
Weighted-average common shares outstanding — basic and diluted		27,173,475			26,268,389
FFO	$	8,210		$	8,430
FFO per weighted average share/unit (3)	$	0.29		$	0.30
Weighted average shares/units (3)		28,626,969			28,203,007

Capitalization Data as of: March 31, 2007
Total debt (1)	$	483,819
Market equity (2)		426,954
Total enterprise value	$	910,773
Debt to total enterprise value		53.1	%

	Notes:
(1)	Excludes debt premium of $2.2 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 $14.78 at March 31, 2007. Excludes the 270,000 Profits interest units outstanding.
(3)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.

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EDUCATION REALTY TRUST, INC.

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

	March 31, 2007			December 31, 2006
	(Unaudited)
Assets
Student housing properties, net (1)	$	797,216		$	804,759
Corporate office furniture, net		751			752
Cash and cash equivalents		7,580			6,427
Restricted cash		8,631			9,154
Student contracts receivable, net		245			227
Receivable from affiliates		400			369
Management fee receivable from third parties		708			669
Goodwill and other intangibles, net		3,605			3,649
Other assets		12,460			9,452
Total assets	$	831,596		$	835,458
Liabilities and stockholders’ equity
Liabilities:
Mortgage loans, net of premium/discount	$	423,721		$	423,933
Long term debt		41,500			47,000
Line of credit and other short term debt		20,800			22,400
Accounts payable and accrued expenses		9,271			10,764
Deferred revenue		8,772			9,073
Total liabilities		504,064			513,170
Minority interests		19,160			19,289
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 27,601,761 and 26,810,552 shares issued and outstanding March 31, 2007 and December 31, 2006, respectively		276			268
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		336,605			330,374
Warrants		—			375
Accumulated deficit		(28,509	)		(28,018	)
		308,372			302,999
Total liabilities and stockholders’ equity	$	831,596		$	835,458

(1) Amount is net of accumulated depreciation of $66,919 and $58,489 as of March 31, 2007 and December 31, 2006, respectively.

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EDUCATION REALTY TRUST, INC.

CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED MARCH 31,
(amounts in thousands, except share and per share data, unaudited)

	2007			2006			$ Change			% Change
Revenues:
Student housing leasing revenue	$	23,495		$	22,534		$	961			4.3%
Student housing food service revenue		580			968			(388	)		-40.1%
Other leasing revenue		3,434			3,434			—			0.0%
Third-party development services		1,043			555			488			87.9%
Third-party management services		882			699			183			26.2%
Operating expense reimbursements		2,156			1,795			361			20.1%
Total revenues		31,590			29,985			1,605			5.4%
Operating expenses:
Student housing leasing operations		9,651			9,289			362			3.9%
Student housing food service operations		561			859			(298	)		-34.7%
General and administrative		3,490			2,980			510			17.1%
Depreciation and amortization		8,549			9,153			(604	)		-6.6%
Reimbursable operating expenses		2,156			1,795			361			20.1%
Total operating expenses		24,407			24,076			331			1.4%
Operating income		7,183			5,909			1,274			21.6%
Nonoperating income and expenses:
Interest expense		7,387			6,870			517			7.5%
Amortization of deferred financing costs		280			274			6			2.2%
Interest income		(84	)		(209	)		(125	)		-59.8%
Total nonoperating expenses		7,583			6,935			648			9.3%
Loss before equity in earnings of unconsolidated entities, income taxes, and minority interest		(400	)		(1,026	)		626			61.0%
Equity in earnings of unconsolidated entities		43			283			(240	)		-84.8%
Loss before income taxes and minority interest		(357	)		(743	)		386			52.0%
Income tax benefit		(2	)		(104	)		(102	)		-98.1%
Net loss before minority interest		(355	)		(639	)		284			44.4%
Minority interest		136			141			(5	)		-3.5%
Net loss	$	(491	)	$	(780	)	$	289			37.1%
Earnings per share information:
Loss per share — basic & diluted	$	(0.02	)	$	(0.03	)	$	(0.01	)		39.1%
Weighted-average common shares outstanding — Basic and diluted		27,173,475			26,268,389

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EDUCATION REALTY TRUST, INC.

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

	Three months ended March 31,
	2007			2006
Net loss	$	(491	)	$	(780	)
Real estate related depreciation and amortization		8,467			9,069
Equity portion of real estate depreciation and amortization on equity investees		98			—
Minority interest expense		136			141
Funds from operations (“FFO”)		8,210			8,430
FFO per weighted average share/unit (1)	$	0.29		$	0.30
Weighted average shares/units (1)		28,626,969			28,203,007

	Notes:
(1)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.

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EDUCATION REALTY TRUST, INC.

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

	2007		2006		$ Change		% Change
Revenues
Same community	$	22,942	$	22,534	$	408		1.8	%
New community		553		—		553		N/A
Total community revenue		23,495		22,534		961		4.3	%
Operating expenses (1)
Same community	$	9,363	$	9,289	$	74		0.8	%
New communities		288		—		288		N/A
Total community operating expenses		9,651		9,289		362		0
Net operating income
Same community	$	13,579	$	13,245	$	334		2.5	%
New communities		265		—		265		N/A
Total community net operating income	$	13,844	$	13,245	$	599		4.5	%

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

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EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — THREE MONTHS ENDED MARCH 31,

	2007			2006			Difference
Occupancy
Physical		95.7	%		94.6	%		1.1	%
Economic		96.0	%		95.1	%		0.9	%
NarPAB		$370			$364			$6
Other income per avail. Bed		$22			$21			$1
RevPAB		$392			$385			$7
Operating expense per bed		$160			$159			$1
Operating margin		59.2	%		58.8	%		0.4	%
Design Beds		58,503			58,503			—

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EDUCATION REALTY TRUST, INC.

COMMUNITY STATISTICS — OWNED AND OPERATED — THREE MONTHS ENDED MARCH 31,

	2007			2006			Difference
Occupancy
Physical		95.2	%		94.6	%		0.6	%
Economic		95.5	%		95.1	%		0.4	%
NarPAB		$368			$364			$4
Other income per avail. Bed		$21			$21			$0
RevPAB		$389			$385			$4
Operating expense per bed		$160			$159			$1
Operating margin		58.9	%		58.8	%		0.1	%
Design Beds		60,375			58,503			1,872

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EDUCATION REALTY TRUST, INC.

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

	Three months ended
	March 31, 2007		March 31, 2006		Change
Third-party development services revenue	$	1,043	$	555	$	488
Equity in earnings of development joint ventures		140		283		(143	)
	$	1,183	$	838	$	345

CURRENT AND RECENTLY COMPLETED PROJECTS

																Fees
																Earned
																Three					Fees
														Fees		Months					Paid
				Project		Total			EDR %			EDR		Earned		Ended		Remaining			Through
	Bed			Development		Project			of			Project		Prior		March 31,		Fees to			March 31,
Project	Count		Completion Date	Cost		Fees			fees			Fees		to 2007		2007(1)		Earn			2007
Slippery Rock University — Phase I, PA		1,390	Aug-06, Oct-06, Mar-07		$64,204	$	2,720			100	%	$	2,720	$	2,674	$	38	$	8		$	2,220
California University of Pennsylvania Phase V, PA		354	August 2007		19,909		538			50	%		269		144		64		61			188
Indiana University of Pennsylvania, PA		734	August 2007		43,725		1,673			100	%		1,673		924		438		311			1,026
University of North Carolina-Greensboro		600	August 2007		26,000		1,162	(2)					683		458		146		79			488
University of Michigan, Ann Arbor		849	August 2008		45,000		1,200			100	%		1,200		567		80		553			638
University of Alabama — Tuscaloosa		631	August 2007		31,652		1,236			100	%		1,236		257		435		544			800
Slippery Rock University Phase II		746	August 2008		47,300		1,381			100	%		1,381		—		20		1,361			967
		5,304		$	277,790							$	9,162	$	5,024	$	1,221	$	2,917	(3)	$	6,327

RECENTLY AWARDED PROJECTS

	Estimated		Estimated	Estimated Completion	Project Development		Total Project		EDR %			Total
Project	Bed Count		Start Date	Date	Cost		Fees		of Fees			EDR Fees
Indiana University of Pennsylvania Phase II		1,094	May 2007	August 2008		68,366		2,465		100	%		2,465
West Chester University of Pennsylvania Phase I		1,050	March 2008	August 2009		85,223		3,277		100	%		3,277
University of Alabama — Tuscaloosa Phase II		930		August 2009		62,000		2,336		100	%		2,336
		3,074			$	215,589	$	8,078				$	8,078

(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 $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
(3)	Remaining fees to earn as shown does not include $365 of fees on a previous project that rely on certain leasing levels to be met prior to payment. To date, such requirements have not been met.

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EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE
As of March 31, 2007
(dollars in thousand)

Total Debt to Enterprise Value
Total Debt (1)	$	483,819	53.1	%
Total Market Equity (2)		426,954	46.9	%
Total Enterprise Value	$	910,773	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	421,519		5.77	%		87.1	%		2.8	years
Variable Rate		62,300		7.74	%		12.9	%		1.3	years
Total / Weighted Average	$	483,819		6.02	%		100.0	%		2.6	years

Mortgage Debt Maturity

Fiscal Yr Ending						Three Months Ended
Ending						March 31, 2007
					Interest expense (3)	$	7,441
2007	$	29,252	7.0	%
2008		26,481	6.3	%	Interest coverage (4)		1.79
2009		285,049	67.6	%
2010		888	0.2	%	Fixed charge coverage (4)		1.53
2011		947	0.2	%
Thereafter		78,902	18.7	%
Total	$	421,519	100.0	%
Unamortized debt premium		2,202
Total, net of debt premium		423,721

(1)	Excludes unamortized debt premium of $2.2 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 $14.78 at March 31, 2007. Excludes the 270,000 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 facility.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING — OWNED AND OPERATED

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