Education Realty Trust 8-K Education Realty Trust Announces First Quarter 2008 Results

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

FIRST QUARTER 2008
SUPPLEMENTAL ANALYST PACKAGE
TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed 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
Consolidated Community Statistics — Owned and Operated — Three Months Ended March 31,	6
Same Apartment Community Statistics — Three Months Ended March 31,	7
University Towers Residence Hall Statistics — Three Months Ended March 31,	8
Place Portfolio Community Statistics — Three Months Ended March 31,	9
Third-Party Development Project Summary	10
Capital Structure	11
Community Listing — Owned and Operated	12
Definitions	13

EDUCATION REALTY TRUST, INC.

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

	Three months ended March 31,
	2008		2007			$ Chg		% Chg
	(unaudited)		(unaudited)
Total revenues	$	34,334	$	30,066		$	4,268		14.2	%
Operating income		7,467		6,757			710		10.5	%
Income (loss) from continuing operations		889		(899	)		1,788	NM
Net income (loss)		889		(491	)		1,380	NM
Net income (loss) per share — basic	$	0.03	$	(0.02	)
Net income (loss) per share — diluted	$	0.03	$	(0.02	)
Weighted-average common shares outstanding — basic		28,438,224		27,173,475
Weighted-average common shares outstanding — diluted		29,607,829		27,173,475
FFO	$	9,074	$	8,210			864		10.5	%
FFO per weighted average share/unit (3)	$	0.30	$	0.29					3.4	%
Weighted average shares/units (3)		29,885,413		28,626,969

Capitalization Data as of: March 31, 2008
Total debt (1)	$	430,122
Market equity (2)		372,474
Total enterprise value	$	802,596
Debt to total enterprise value		53.6	%

Notes:

(1) Excludes debt premium of $1,513.

(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 $12.57 at March 31, 2008. 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.

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EDUCATION REALTY TRUST, INC.

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

	March 31, 2008			December 31, 2007
	(Unaudited)
Assets
Student housing properties, net (1)	$	722,755		$	732,979
Assets under development		10,532			5,675
Corporate office furniture and equipment, net		1,587			1,693
Cash and cash equivalents		3,056			4,034
Restricted cash		7,401			8,188
Student contracts receivable, net		430			329
Receivable from affiliates		52			18
Receivable from third party management contracts		579			606
Goodwill and other intangibles, net		3,527			3,531
Other assets		10,887			10,407
Total assets	$	760,806		$	767,460
Liabilities and stockholders’ equity
Liabilities:
Mortgage loans, net of unamortized premium/discount	$	396,835		$	420,940
Revolving line of credit		34,800			11,500
Accounts payable and accrued expenses		10,306			11,092
Accounts payable affiliate		126			60
Deferred revenue		8,638			7,928
Total liabilities		450,705			451,520
Minority interest		17,028			18,121
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,444,855 and 28,431,855 shares issued and outstanding March 31, 2008 and December 31, 2007, respectively		284			284
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding					—
Additional paid-in capital		325,334			330,969
Warrants					—
Accumulated deficit		(32,545	)		(33,434	)
Total stockholders’ equity		293,073			297,819
Total liabilities and stockholders’ equity	$	760,806		$	767,460

(1) Amount is net of accumulated depreciation of $93,149 and $86,209 as of March 31, 2008 and December 31, 2007, respectively.

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EDUCATION REALTY TRUST, INC.

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	26,353		$	21,971			4,382			19.9	%
Student housing food service revenue		655			580			75			12.9	%
Other leasing revenue		1,945			3,434			(1,489	)		-43.4	%
Third-party development services		1,787			1,043			744			71.3	%
Third-party management services		975			882			93			10.5	%
Operating expense reimbursements		2,619			2,156			463			21.5	%
Total revenues		34,334			30,066			4,268			14.2	%
Operating expenses:
Student housing leasing operations		12,085			9,022			3,063			34.0	%
Student housing food service operations		633			561			72			12.8	%
General and administrative		3,937			3,490			447			12.8	%
Depreciation and amortization		7,593			8,080			(487	)		-6.0	%
Reimbursable operating expenses		2,619			2,156			463			21.5	%
Total operating expenses		26,867			23,309			3,558			15.3	%
Operating income		7,467			6,757			710			10.5	%
Nonoperating expenses:
Interest expense		6,164			7,387			(1,223	)		-16.6	%
Amortization of deferred financing costs		243			280			(37	)		-13.2	%
Interest income		(118	)		(84	)		34			40.5	%
Total nonoperating expenses		6,289			7,583			(1,294	)		-17.1	%
Income (loss) before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		1,178			(826	)		2,004		NM
Equity in earnings (losses) of unconsolidated entities		(1	)		43			(44	)	NM
Income (loss) before income taxes, minority interest and discontinued operations		1,177			(783	)		1,960		NM
Income tax expense (benefit)		191			(2	)		193		NM
Net income (loss) before minority interest and discontinued operations		986			(781	)		1,767		NM
Minority interest		97			118			(21	)		-17.8	%
Income (loss) from continuing operations		889			(899	)		1,788		NM
Income (loss) from discontinued operations, net of minority interest					408			(408	)		-100.0	%
Net income (loss)	$	889		$	(491	)	$	1,380		NM
Earnings per share information:
Income (loss) per share — basic
Continuing operations		0.03			(0.03	)	$	0.06
Discontinued operations		—			0.01		$	(0.01	)
Net income (loss) per share	$	0.03		$	(0.02	)	$	0.05
Income (loss) per share — diluted
Continuing operations		0.03			(0.03	)	$	0.06
Discontinued operations		—			0.01		$	(0.01	)
Net income (loss) per share	$	0.03		$	(0.02	)	$	0.05
Weighted-average common shares outstanding — basic		28,438,224			27,173,475
Weighted-average common shares outstanding — diluted		29,607,829			27,173,475

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 in the prior year.

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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,
	2008		2007
Net income (loss)	$	889	$	(491	)
Loss on sale of student housing assets (2)		512		—
Real estate related depreciation and amortization		7,451		7,998
Equity portion of real estate depreciation and amortization on equity investees		125		98
Depreciation and amortization of discontinued operations		—		469
Minority interest		97		136
Funds from operations (“FFO”)	$	9,074	$	8,210
FFO per weighted average share/unit (1)	$	0.30	$	0.29
Weighted average shares/units (1)		29,885,413		28,626,969

Notes:

(1)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.
(2)	Represents the loss on sale of land and parking garage at University Towers.

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EDUCATION REALTY TRUST, INC.

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

	2008			2007			$ Change			% Change
Revenues						��
Same apartment community	$	20,872		$	20,233		$	639			3.2	%
University Towers — residence hall		1,767			1,738			29			1.7	%
Place Portfolio		3,714			—			3,714			N/A
Total community revenue		26,353			21,971			4,382			19.9	%
Operating expenses (1)
Same apartment community	$	9,190		$	8,497		$	693			8.2	%
University Towers — residence hall		979			525			454			86.5	%
New community(2)		51			—			51			N/A
Place Portfolio		1,865			—			1,865			N/A
Total community operating expenses		12,085			9,022			3,063			34.0	%
Net operating income
Same apartment community	$	11,682		$	11,736		$	(54	)		-0.5	%
University Towers — residence hall		788			1,213			(425	)		-35.0	%
New community		(51	)		—			(51	)		N/A
Place Portfolio		1,849			—			1,849			N/A
Total community net operating income	$	14,268		$	12,949		$	1,319			10.2	%

(1)	Represents community-level operating expenses excluding management fees, depreciation and amortization.
(2)	Represents preopenning expenses related to the project in Carbondale scheduled to open August 2008.

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 the prior year.

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EDUCATION REALTY TRUST, INC.

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

	2008			2007			Difference
Occupancy
Physical		93.4	%		95.3	%		-1.9	%
Economic		93.9	%		96.0	%		-2.1	%
NarPAB	$	371		$	373			($2	)
Other income per avail. Bed	$	19		$	21			($2	)
RevPAB	$	390		$	394			($4	)
Operating expense per bed	$	171	(1)	$	162		$	9
Operating margin		56.1	%(1)		58.9	%		-2.8	%
Design Beds		67,501			55,713			11,788

(1) Operating expense statistics exclude approximately $8 per bed related to the loss on the sale of land and the parking garage at University Towers. The loss of $512,184 is included in our statements of operations.

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 the prior year in our statement of operations.

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EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — THREE MONTHS ENDED MARCH 31,

	2008			2007			Difference
Occupancy
Physical		94.8	%		95.2	%		-0.4	%
Economic		95.4	%		95.7	%		-0.3	%
NarPAB	$	375		$	365		$	10
Other income per avail. Bed	$	20		$	18		$	2
RevPAB	$	395		$	383		$	12
Operating expense per bed	$	174		$	161		$	13
Operating margin		56.0	%		58.0	%		-2.0	%
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 2007and included in discontinued operations in the prior year. University Towers residence hall statistics are shown separately.

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EDUCATION REALTY TRUST, INC.

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

	2008			2007			Difference
Occupancy
Physical		99.4	%		97.6	%		1.8	%
Economic		99.4	%		100.0	%		-0.6	%
NarPAB	$	570		$	513		$	57
Other income per avail. Bed	$	48		$	95			($47	)
RevPAB	$	618		$	608		$	10
Operating expense per bed	$	163	(1)	$	184			($21	)
Operating margin		73.6	%(1)		69.8	%		3.8	%
Design Beds		2,859			2,859			—

(1) Operating expense statistics exclude approximately $179 per bed related to the loss on the sale of land and the parking garage at University Towers. The loss of $512,184 is included in our statements of operations.

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EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO STATISTICS — THREE MONTHS ENDED MARCH 31,

	2008
Occupancy
Physical		86.1	%
Economic		84.3	%
NarPAB	$	306
Other income per avail. Bed	$	9
RevPAB	$	315
Operating expense per bed	$	158
Operating margin		49.8	%
Design Beds		11,788

NOTE:

Operating statistics are for the period February 1, the lease termination date, to the end of the quarter.

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EDUCATION REALTY TRUST, INC.

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

	Three months ended
	March 31, 2008			March 31, 2007		Change
Third-party development services revenue	$	1,787		$	1,043	$	744
Equity in earnings of development joint ventures		(1	)		140		(141	)
	$	1,786		$	1,183	$	603

CURRENT AND RECENTLY COMPLETED PROJECTS

															Fees Earned
				Project											Three Months				Fees Paid
				Development		Total Project		EDR %			EDR		Fees Earned		Ended March 31,		Remaining Fees		Through March
Project	Bed Count		Completion Date	Cost		Fees		of Fees			Project Fees		Prior to 2008		2008 (1)		to Earn		31, 2008
University of Michigan, Ann Arbor		896	August 2008, Mar-09		68,154		1,200		100	%		1,200		852		100		248		927
Slippery Rock University Phase II		746	August 2008		47,300		1,381		100	%		1,381		1,067		161		153		986
Indiana University of Pennsylvania Phase II		1,102	August 2008		68,817		2,479		100	%		2,479		1,378		648		453		1,680
Fontainebleu		435	October 2009		7,227		275		100	%		275		10		15		250		61
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		—		195		3,212		1,249
		4,376		$	285,996						$	8,742	$	3,307	$	1,119	$	4,316	$	4,903

RECENTLY AWARDED PROJECTS

Estimated

Project

Estimated Bed

Estimated

Completion

Development

Total Project

EDR %

Total

Project

Count

Start Date

Date

Cost

Fees

of Fees

EDR Fees

Indiana University of Pennsylvania Phase III

1,084

April 2008

August 2009

61,920

2,190

100

%

2,190

1,084

$

61,920

$

2,190

$

2,190

(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.

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EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE
As of March 31, 2008
(dollars in thousand)

Total Debt to Enterprise Value

Total Debt (1)	$	430,122	53.6	%
Total Market Equity (2)		372,474	46.4	%
Total Enterprise Value	$	802,596	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	395,322		5.58	%		91.9	%		2.35	years
Variable Rate		34,800		4.46	%		8.1	%		0.07	years
Total / Weighted Average	$	430,122		5.49	%		100.0	%		2.17	years

Mortgage Debt Maturity

Fiscal Yr Ending						12 Months Ended
Ending						March 31, 2008
2008	$	2,536	0.7	%	Interest expense(3)	$	27,388
2009		285,049	72.1	%
2010		888	0.2	%	Interest coverage(4)		2.18
2011		947	0.2	%
2012		65,315	16.5	%	Fixed charge coverage(4)		1.82
Thereafter		40,587	10.3	%
Total	$	395,322	100.0	%
Unamortized debt premium		1,513
Total, net of debt premium		396,835

(1)	Excludes unamortized debt premium of $1.5 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 $12.57 at March 31, 2008. 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

		Acquisition						Acquisition
Name	Primary University Served	Date	# of Beds		Name	Primary University Served		Date	# of Beds
NorthPointe	University of Arizona	Jan ’05		912	Campus Creek	University of Mississippi		Feb ’05		636
The Reserve at Athens	University of Georgia	Jan ’05		612	Pointe West	University of South Carolina		Mar ’05		480
The Reserve at Clemson	Clemson University	Jan ’05		590	College Grove	Middle Tennessee State University		Apr ’05		864
Players Club	Florida State University	Jan ’05		336	Campus Lodge	University of Florida		Jun ’05		1,116
The Gables	Western Kentucky University	Jan ’05		290	The Reserve on South College	Auburn University		Jul ’05		576
College Station	Augusta State University	Jan ’05		203	Players Club	Georgia Southern University		Jun ’06		624
University Towers	North Carolina State University	Jan ’05		953				Sub-Total		18,571
The Pointe at South Florida	University of South Florida	Jan ’05		1,002
Commons at Knoxville	University of Tennessee	Jan ’05		708	Berkeley Place	Clemson University		Jan ’06		480
The Commons	Florida State University	Jan ’05		732	Clemson Place	Clemson University		Jan ’06		288
The Reserve on Perkins	Oklahoma State University	Jan ’05		732	Cape Place	Southeast MO State University		Jan ’06		360
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020	Reserve on Martin	University of TN at Martin		Jan ’06		384
The Pointe at Western	Western Michigan University	Jan ’05		876	Murray Place	Murray State		Jan ’06		408
College Station at W. Lafayette	Purdue University	Jan ’05		960	Western Place	Western Kentucky University		Jan ’06		504
Commons on Kinnear	The Ohio State University	Jan ’05		502	Carrolton Place	University of West GA		Jan ’06		336
The Pointe	Pennsylvania State University	Jan ’05		984	Clayton Place	Clayton State University		Jan ’06		854
The Reserve at Columbia	University of Missouri	Jan ’05		676	Jacksonville Place	Jacksonville State University		Jan ’06		504
The Reserve on Frankford	Texas Tech University	Jan ’05		737	Macon Place	Macon State College		Jan ’06		336
The Lofts	University of Central Florida	Jan ’05		730	River Place	University of West GA		Jan ’06		504
The Reserve on West 31st	University of Kansas	Jan ’05		720	Troy Place	Troy University		Jan ’06		408
					Statesboro Place	Georgia Southern University		Jan ’06		528
							Sub-Total Place Portfolio			5,894
							Total owned and operated beds			24,465

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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 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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