Education Realty Trust 8-K Education Realty Trust Announces Fourth Quarter and Full Year 2007 Results

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2007
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations — Three Months Ended December 31,	3
Condensed Consolidated Statements of Operations — Year Ended December 31,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results — Three Months Ended December 31,	6
Community Operating Results — Year Ended December 31,	7
Consolidated Community Statistics — Owned and Operated — Three Months Ended December 31,	8
Same Apartment Community Statistics — Three Months Ended December 31,	9
University Towers Residence Hall Statistics — Three Months Ended December 31,	10
Consolidated Community Statistics — Owned and Operated — Year Ended December 31,	11
Same Community Statistics — Owned and Operated — Year Ended December 31,	12
Same Apartment Community Statistics — Year Ended December 31,	13
University Towers Residence Hall Statistics — Year Ended December 31,	14
Third-Party Development Project Summary	15
Capital Structure	16
Community Listing — Owned and Operated	17
Community Listing — Place Portfolio	18
Definitions	19

EDUCATION REALTY TRUST, INC.

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

	Three months ended December 31,										Year ended December 31,
	2007		2006			$ Chg		% Chg			2007			2006			$ Chg		% Chg
	(unaudited)		(unaudited)								(unaudited)
Total revenues	$	32,595	$	30,860		$	1,735		5.6	%	$	119,953		$	113,055		$	6,898		6.1	%
Operating income		7,793		7,000			793		11.3	%		20,388			16,230			4,158		25.6	%
Income (loss) from continuing operations		712		(1,066	)		1,778		166.8	%		(7,783	)		(13,218	)		5,435		41.1	%
Net income (loss)		683		(762	)		1,445		189.6	%		(5,416	)		(12,245	)		6,829		55.8	%
Net income (loss) per share — basic	$	0.02	$	(0.03	)						$	(0.20	)	$	(0.46	)
Net income (loss) per share — diluted	$	0.02	$	(0.03	)						$	(0.20	)	$	(0.46	)
Weighted-average common shares outstanding — basic		28,427,352		26,540,588								28,010,144			26,387,547
Weighted-average common shares outstanding — diluted		29,610,846		26,540,588								28,010,144			26,387,547
FFO	$	9,215	$	8,031			1,184		14.7	%	$	25,914		$	23,182			2,732		11.8	%
FFO per weighted average share/unit (3)	$	0.31	$	0.29					6.9	%	$	0.88		$	0.83					6.0	%
Weighted average shares/units (3)		29,887,513		27,987,415								29,466,229			27,967,366

Capitalization Data as of: December 31, 2007

Total debt (1)	$	430,767
Market equity (2)		333,721
Total enterprise value	$	764,488
Debt to total enterprise value		56.3	%

Notes:

(1)	Excludes debt premium of $1,673 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 $11.24 at December 31, 2007. Excludes 277,500 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.

1

EDUCATION REALTY TRUST, INC.

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

	December 31, 2007			December 31, 2006
	(Unaudited)
Assets
Student housing properties, net (1)	$	732,979		$	804,759
Assets under development		5,675			—
Corporate office furniture and equipment, net		1,693			752
Cash and cash equivalents		4,034			6,427
Restricted cash		8,188			9,154
Student contracts receivable, net		329			227
Receivable from affiliates		18			369
Receivable from third party management contracts		606			1,055
Goodwill and other intangibles, net		3,531			3,649
Other assets		10,407			9,066
Total assets	$	767,460		$	835,458
Liabilities and stockholders’ equity
Liabilities:
Mortgage loans, net of unamortized premium/discount	$	420,940		$	423,933
Other long term debt		—			47,000
Revolving line of credit		11,500			22,400
Accounts payable and accrued expenses		11,092			10,849
Accounts payable affiliate		60			—
Deferred revenue		7,928			8,988
Total liabilities		451,520			513,170
Minority interest		18,121			19,289
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,431,855 and 26,810,552 shares issued and outstanding December 31, 2007 and December 31, 2006, respectively		284			268
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		330,969			330,374
Warrants		—			375
Accumulated deficit		(33,434	)		(28,018	)
Total stockholders’ equity		297,819			302,999
Total liabilities and stockholders’ equity	$	767,460		$	835,458

(1) Amount is net of accumulated depreciation of $86,185 and $58,489 as of December 31, 2007 and December 31, 2006, respectively.

2

EDUCATION REALTY TRUST, INC.

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

	2007			2006			$ Change			% Change
Revenues:
Student housing leasing revenue	$	23,270		$	22,479			791			3.5	%
Student housing food service revenue		615			964			(349	)		-36.2	%
Other leasing revenue		3,434			3,435			(1	)		0.0	%
Third-party development services		2,057			1,490			567			38.1	%
Third-party management services		944			745			199			26.7	%
Operating expense reimbursements		2,275			1,747			528			30.2	%
Total revenues		32,595			30,860			1,735			5.6	%
Operating expenses:
Student housing leasing operations		9,988			9,797			191			1.9	%
Student housing food service operations		553			891			(338	)		-37.9	%
General and administrative		3,772			3,294			478			14.5	%
Depreciation and amortization		8,214			8,131			83			1.0	%
Reimbursable operating expenses		2,275			1,747			528			30.2	%
Total operating expenses		24,802			23,860			942			3.9	%
Operating income		7,793			7,000			793			11.3	%
Nonoperating expenses:
Interest expense		6,281			7,671			(1,390	)		-18.1	%
Amortization of deferred financing costs		244			280			(36	)		-12.9	%
Interest income		(139	)		(95	)		44			46.3	%
Total nonoperating expenses		6,386			7,856			(1,470	)		-18.7	%
Income (loss) before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		1,407			(856	)		2,263			264.4	%
Equity in earnings (losses) of unconsolidated entities		(32	)		167			(199	)		-119.2	%
Income (loss) before income taxes, minority interest and discontinued operations		1,375			(689	)		2,064			299.6	%
Income tax expense		361			196			165			84.2	%
Net income (loss) before minority interest and discontinued operations		1,014			(885	)		1,899			214.6	%
Minority interest		302			181			121			66.9	%
Income (loss) from continuing operations		712			(1,066	)		1,778			166.8	%
Income (loss) from discontinued operations, net of minority interest		(29	)		304			(333	)		-109.5	%
Net income (loss)	$	683		$	(762	)	$	1,445			189.6	%
Earnings per share information:
Income (loss) per share — basic
Continuing operations		0.02			(0.04	)	$	0.06
Discontinued operations		(0.00	)		0.01		$	(0.01	)
Net income (loss) per share	$	0.02		$	(0.03	)	$	0.05
Income (loss) per share — diluted
Continuing operations		0.02			(0.04	)	$	0.06
Discontinued operations		(0.00	)		0.01		$	(0.01	)
Net income (loss) per share	$	0.02		$	(0.03	)	$	0.05
Weighted-average common shares outstanding — basic		28,427,352			26,540,588
Weighted-average common shares outstanding — diluted		29,610,846			26,540,588

NOTE:

     The operating results for The Village on Tharpe, which was designated as held for sale in the second quarter of 2007, are included in discontinued operations for each period shown.

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — YEAR ENDED DECEMBER 31,
(amounts in thousands, except share and per share data)

	2007			2006			$ Change			% Change
	(unaudited)
Revenues:
Student housing leasing revenue	$	85,651		$	81,202			4,449			5.5	%
Student housing food service revenue		2,359			3,634			(1,275	)		-35.1	%
Other leasing revenue		13,811			14,012			(201	)		-1.4	%
Third-party development services		5,411			3,773			1,638			43.4	%
Third-party management services		3,391			2,796			595			21.3	%
Operating expense reimbursements		9,330			7,638			1,692			22.2	%
Total revenues		119,953			113,055			6,898			6.1	%
Operating expenses:
Student housing leasing operations		41,215			39,503			1,712			4.3	%
Student housing food service operations		2,236			3,318			(1,082	)		-32.6	%
General and administrative		14,561			12,331			2,230			18.1	%
Depreciation and amortization		32,223			34,035			(1,812	)		-5.3	%
Reimbursable operating expenses		9,330			7,638			1,692			22.2	%
Total operating expenses		99,565			96,825			2,740			2.8	%
Operating income		20,388			16,230			4,158			25.6	%
Nonoperating expenses:
Interest expense		26,957			29,353			(2,396	)		-8.2	%
Amortization of deferred financing costs		1,036			1,114			(78	)		-7.0	%
Loss on early extinguishment of debt		174			—			174
Interest income		(492	)		(534	)		(42	)		-7.9	%
Total nonoperating expenses		27,675			29,933			(2,258	)		-7.5	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(7,287	)		(13,703	)		6,416			46.8	%
Equity in earnings (losses) of unconsolidated entities		(277	)		740			(1,017	)		-137.4	%
Loss before income taxes, minority interest and discontinued operations		(7,564	)		(12,963	)		5,399			41.6	%
Income tax expense		258			659			(401	)		-60.8	%
Net loss before minority interest and discontinued operations		(7,822	)		(13,622	)		5,800			42.6	%
Minority interest		(39	)		(404	)		365			90.3	%
Loss from continuing operations		(7,783	)		(13,218	)		5,435			41.1	%
Discontinued operations:
Income from operations, net of minority interest		788			973			(185	)		-19.0	%
Gain on sale of student housing property, net of minority interest		1,579			—			1,579			100.0	%
Income from discontinued operations		2,367			973			1,394			143.3	%
Net loss	$	(5,416	)	$	(12,245	)	$	6,829			55.8	%
Earnings per share information:
Income (loss) per share — basic & diluted
Continuing operations	$	(0.28	)	$	(0.50	)	$	0.22
Discontinued operations		0.08			0.04			0.04
Net loss per share	$	(0.20	)	$	(0.46	)	$	0.26
Weighted-average common shares outstanding — basic & diluted		28,010,144			26,387,547

NOTE:

     The operating results for The Village on Tharpe, which was designated as held for sale in the second quarter of 2007, are included in discontinued operations for each period shown.

4

EDUCATION REALTY TRUST, INC.

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

	Three months ended December 31,					Year ended December 31,
	2007		2006			2007			2006
Net income (loss)	$	683	$	(762	)	$	(5,416	)	$	(12,245	)
Gain on sale of student housing property, net of minority interest		—		—			(1,579	)		—
Real estate related depreciation and amortization		8,147		8,043			31,780			33,680
Equity portion of real estate depreciation and amortization on equity investees		85		49			424			54
Depreciation and amortization of discontinued operations		—		506			711			2,048
Minority interest		300		195			(6	)		(355	)
Funds from operations (“FFO”)	$	9,215	$	8,031		$	25,914		$	23,182
FFO per weighted average share/unit (1)	$	0.31	$	0.29		$	0.88		$	0.83
Weighted average shares/units (1)		29,887,513		27,987,415			29,466,229			27,967,366

Notes:

(1) Funds from operations per share/unit was 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)

	2007		2006		$ Change		% Change
Revenues
Same apartment community	$	21,348	$	20,672	$	676		3.3	%
University Towers — residence hall		1,922		1,807		115		6.4	%
New community		—		—		—		—
Total community revenue		23,270		22,479		791		3.5	%
Operating expenses (1)
Same apartment community	$	9,527	$	9,349	$	178		1.9	%
University Towers — residence hall		461		448		13		2.9	%
New community		—		—		—		—
Total community operating expenses		9,988		9,797		191		1.9	%
Net operating income
Same apartment community	$	11,821	$	11,323	$	498		4.4	%
University Towers — residence hall		1,461		1,359		102		7.5	%
New community		—		—		—		—
Total community net operating income	$	13,282	$	12,682	$	600		4.7	%

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

NOTE:

Schedule does not include The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in both the current and prior year periods.

6

EDUCATION REALTY TRUST, INC.

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

	2007		2006		$ Change		% Change
Revenues
Same apartment community	$	78,139	$	74,789	$	3,350		4.5	%
University Towers — residence hall		5,324		5,184		140		2.7	%
New community		2,188		1,229		959		78.0	%
Total community revenue		85,651		81,202		4,449		5.5	%
Operating expenses (1)
Same apartment community	$	37,820	$	36,918	$	902		2.4	%
University Towers — residence hall		1,932		1,838		94		5.1	%
New community		1,463		747		716		95.9	%
Total community operating expenses		41,215		39,503		1,712		4.3	%
Net operating income
Same apartment community	$	40,319	$	37,871	$	2,448		6.5	%
University Towers — residence hall		3,392		3,346		46		1.4	%
New community		725		482		243		50.4	%
Total community net operating income	$	44,436	$	41,699	$	2,737		6.6	%

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

NOTE:

Schedule does not include The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in both the current and prior year periods.

7

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED — THREE MONTHS ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		95.9	%		96.0	%		-0.1	%
Economic		97.2	%		97.1	%		0.1	%
NarPAB	$	393		$	378		$	15
Other income per avail. Bed	$	24		$	25			($1	)
RevPAB	$	417		$	403		$	14
Operating expense per bed	$	179		$	176		$	3
Operating margin		57.1	%		56.4	%		0.7	%
Design Beds		55,713			55,713			—

NOTE:

Operating statistics exclude The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in both the current and prior year periods in our statement of operations.

8 

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — THREE MONTHS ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		95.7	%		95.8	%		-0.1	%
Economic		97.0	%		96.9	%		0.1	%
NarPAB	$	382		$	370		$	12
Other income per avail. Bed	$	22		$	21		$	1
RevPAB	$	404		$	391		$	13
Operating expense per bed	$	180		$	177		$	3
Operating margin		55.4	%		54.8	%		0.6	%
Design Beds		52,854			52,854			—

NOTE:

Operating statistics exclude The Village on Tharpe which was designated as held for sale in the second quarter of 2007 and included in discontinued operations for both periods. University Towers residence hall statistics are shown separately.

9

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS — THREE MONTHS ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		99.4	%		99.8	%		-0.4	%
Economic		99.5	%		100.0	%		-0.5	%
NarPAB	$	609		$	528		$	81
Other income per avail. Bed	$	63		$	104			($41	)
RevPAB	$	672		$	632		$	40
Operating expense per bed	$	161		$	157		$	4
Operating margin		76.0	%		75.2	%		0.8	%
Design Beds		2,859			2,859			—

10

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED — YEAR ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		93.6	%		93.1	%		0.5	%
Economic		93.5	%		91.1	%		2.4	%
NarPAB	$	360		$	346		$	14
Other income per avail. Bed	$	24		$	24		$	0
RevPAB	$	384		$	370		$	14
Operating expense per bed	$	185		$	180		$	5
Operating margin		51.9	%		51.4	%		0.5	%
Design Beds		222,852			219,732			3,120

NOTE:

Operating statistics exclude The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in both the current and prior year periods in our statement of operations.

11

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — YEAR ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		94.1	%		93.4	%		0.7	%
Economic		94.0	%		91.4	%		2.6	%
NarPAB	$	363		$	347		$	16
Other income per avail. Bed	$	25		$	24		$	1
RevPAB	$	388		$	371		$	17
Operating expense per bed	$	185		$	180		$	5
Operating margin		52.4	%		51.5	%		0.9	%
Design Beds		215,364			215,364			—

NOTE:

Operating statistics exclude The Village on Tharpe which was designated as held for sale in the second quarter of 2007 and included in discontinued operations for both periods.

12

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — YEAR ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		95.0	%		94.0	%		1.0	%
Economic		93.8	%		91.0	%		2.8	%
NarPAB	$	363		$	347		$	16
Other income per avail. Bed	$	20		$	20		$	0
RevPAB	$	383		$	367		$	16
Operating expense per bed	$	185		$	181		$	4
Operating margin		51.6	%		50.6	%		1.0	%
Design Beds		203,928			203,928			—

NOTE:

Operating statistics exclude The Village on Tharpe which was designated as held for sale in the second quarter of 2007 and included in discontinued operations for both periods. University Towers residence hall statistics are shown separately.

13

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS — YEAR ENDED DECEMBER 31,

	2007			2006			Difference
Occupancy
Physical		78.0	%		82.9	%		-4.9	%
Economic		99.7	%		97.8	%		1.9	%
NarPAB	$	353		$	347		$	6
Other income per avail. Bed	$	112		$	106		$	6
RevPAB	$	465		$	453		$	12
Operating expense per bed	$	169		$	161		$	8
Operating margin		63.7	%		64.5	%		-0.8	%
Design Beds		11,436			11,436			—

14

EDUCATION REALTY TRUST, INC.

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

	Three months ended							Year ended
	December 31, 2007		December 31, 2006		Change			December 31, 2007		December 31, 2006		Change
Third-party development services revenue	$	2,057	$	1,490	$	567		$	5,411	$	3,773	$	1,638
Equity in earnings of development joint ventures		12		227		(215	)		233		814		(581	)
	$	2,069	$	1,717	$	352		$	5,644	$	4,587	$	1,057

CURRENT AND RECENTLY COMPLETED PROJECTS

														Fees		Fees Earned				Fees Paid
				Project		Total						EDR		Earned		Year Ended		Remaining		Through
	Bed		Completion	Development		Project			EDR %			Project		Prior		December 31,		Fees to		December 31,
Project	Count		Date	Cost		Fees			of 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	$	46	$	—	$	2,720
California University of Pennsylvania Phase V, PA		356	August 2007		19,909		538			50	%		269		144		125		—		269
Indiana University of Pennsylvania, PA		734	August 2007		43,725		2,521			100	%		2,521		924		1,597		—		2,183
University of North Carolina-Greensboro		600	August 2007		26,000		1,162	(2)					683		458		225		—		683
University of Alabama- Tuscaloosa		631	August 2007		31,652		1,236			100	%		1,236		257		979		—		1,236
University of Michigan, Ann Arbor		896	August 2008, Mar-09		68,154		1,200			100	%		1,200		567		285		348		859
Slippery Rock University Phase II		746	August 2008		47,300		1,381			100	%		1,381		—		1,067		314		967
Indiana University of Pennsylvania Phase II		1,102	August 2008		68,817		2,479			100	%		2,479		—		1,378		1,101		1,437
Fontainebleu		435	October 2009		7,227		275			100	%		275		—		10		265		—
		6,890		$	376,988							$	12,764	$	5,024	$	5,712	$	2,028	$	10,354

RECENTLY AWARDED PROJECTS

					Project		Total
	Estimated		Estimated	Estimated	Development		Project		EDR %			Total
Project	Bed Count		Start Date	Completion Date	Cost		Fees		of Fees			EDR Fees
West Chester University of Pennsylvania Phase I		1,197	March 2008	August 2009		95,113		3,431		100	%		3,431
Indiana University of Pennsylvania Phase III		1,050	April 2008	August 2009		59,331		2,087		100	%		2,087
		2,247			$	154,444	$	5,518				$	5,518

(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

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EDUCATION REALTY TRUST, INC.

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

Total Debt to Enterprise Value

Total Debt (1)	$	430,767	56.3	%
Total Market Equity (2)		333,721	43.7	%
Total Enterprise Value	$	764,488	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	419,267		5.90	%		97.3	%	2.47 years
Variable Rate		11,500		6.95	%		2.7	%	0.04 years
Total / Weighted Average	$	430,767		5.93	%		100.0	%	2.41 years

Mortgage Debt Maturity

	Fiscal Yr Ending							Year Ended
	Ending							December 31, 2007
							Interest expense(3)	$	27,541
		2008	$	26,481	6.3	%
		2009		285,049	68.0	%	Interest coverage (4)		1.95
		2010		888	0.2	%
		2011		947	0.2	%	Fixed charge coverage (4)		1.62
		2012		65,315	15.6	%
	Thereafter			40,587	9.7	%
	Total		$	419,267	100.0	%
Unamortized debt premium				1,673
Total, net of debt premium				420,940

(1)	Excludes unamortized debt premium of $1,673 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 $11.24 at December 31, 2007. Excludes 277,500 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, on a trailing 12 month basis.

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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 Lofts	University of Central Florida	Jan ’05		730
College Station	Augusta State University	Jan ’05		203	The Reserve on West 31st	University of Kansas	Jan ’05		720
University Towers	North Carolina State University	Jan ’05		953	Campus Creek	University of Mississippi	Feb ’05		636
The Pointe at South Florida	University of South Florida	Jan ’05		1,002	Pointe West	University of South Carolina	Mar ’05		480
Commons at Knoxville	University of Tennessee	Jan ’05		708	College Grove	Middle Tennessee State University	Apr ’05		864
The Commons	Florida State University	Jan ’05		732	Campus Lodge	University of Florida	Jun ’05		1,116
The Reserve on Perkins	Oklahoma State University	Jan ’05		732	The Reserve on South College	Auburn University	Jul ’05		576
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020	Players Club	Georgia Southern University	Jun ’06		624
The Pointe at Western	Western Michigan University	Jan ’05		876
College Station at W. Lafayette	Purdue University	Jan ’05		960
						Total owned and operated beds			18,571

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.

COMMUNITY LISTING — PLACE PORTFOLIO

Name	Primary University Served	Acquisition Date	# of Beds
BERKELEY PLACE	CLEMSON UNIVERSITY	Jan ’06		480
CLEMSON PLACE	CLEMSON UNIVERSITY	Jan ’06		288
CAPE PLACE	SOUTHEAST MO STATE UNIVERSITY	Jan ’06		360
RESERVE ON MARTIN	UNIVERSITY OF TN AT MARTIN	Jan ’06		384
MURRAY PLACE	MURRAY STATE	Jan ’06		408
WESTERN PLACE	WESTERN KENTUCKY UNIVERSITY	Jan ’06		504
CARROLLTON PLACE	UNIVERSITY OF WEST GA	Jan ’06		336
CLAYTON PLACE	CLAYTON STATE UNIVERSITY	Jan ’06		854
JACKSONVILLE PLACE	JACKSONVILLE STATE UNIVERSITY	Jan ’06		504
MACON PLACE	MACON STATE COLLEGE	Jan ’06		336
RIVER PLACE	UNIVERSITY OF WEST GA	Jan ’06		504
TROY PLACE	TROY UNIVERSITY	Jan ’06		408
STATESBORO PLACE	GEORGIA SOUTHERN UNIVERSITY	Jan ’06		528
		Total owned and operated beds		5,894

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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 potential 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.

Same community

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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