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

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

SECOND QUARTER 2008
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations — Three Months Ended June 30	3
Condensed Consolidated Statements of Operations — Six Months Ended June 30	4
Consolidated Statements of Funds from Operations	5
Community Operating Results — Three Months Ended June 30	6
Community Operating Results — Six Months Ended June 30	7
Consolidated Community Statistics — Owned and Operated — Three Months Ended June 30	8
Consolidated Community Statistics — Owned and Operated — Six Months Ended June 30	9
Same Apartment Community Statistics — Three Months Ended June 30	10
Same Apartment Community Statistics — Six Months Ended June 30	11
University Towers Residence Hall Statistics — Three Months Ended June 30	12
University Towers Residence Hall Statistics — Six Months Ended June 30	13
Place Portfolio Community Statistics — Three Months Ended June 30	14
Place Portfolio Community Statistics — Six Months Ended June 30	15
Third-Party Development Project Summary	16
Capital Structure	17
Community Listing — Owned and Operated	18
Definitions	19

EDUCATION REALTY TRUST, INC.

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

	Three months ended June 30,										Six months ended June 30,
	2008		2007			$ Chg		% Chg			2008		2007			$ Chg		% Chg
	(unaudited)		(unaudited)								(unaudited)		(unaudited)
Total revenues	$	36,920	$	28,959		$	7,961		27.5	%	$	71,254	$	59,026		$	12,228		20.7	%
Operating income		9,621		5,335			4,286		80.3	%		17,088		12,093			4,995		41.3	%
Income (loss) from continuing operations		3,318		(1,810	)		5,128	NM				4,207		(2,709	)		6,916	NM
Net income (loss)		3,318		194			3,124	NM				4,207		(297	)		4,504	NM
Net income (loss) per share — basic	$	0.12	$	0.01							$	0.15	$	(0.01	)
Net income (loss) per share — diluted	$	0.11	$	0.01							$	0.14	$	(0.01	)
Weighted-average common shares outstanding — basic		28,450,730		28,012,275								28,444,497		27,592,873
Weighted-average common shares outstanding — diluted		29,571,724		28,012,275								29,589,932		27,592,873
FFO	$	10,609	$	6,655			3,954		59.4	%	$	19,683	$	14,865			4,818		32.4	%
FFO per weighted average share/unit (3)	$	0.36	$	0.23					56.5	%	$	0.66	$	0.51					29.4	%
Weighted average shares/units (3)		29,847,557		29,465,325								29,866,636		29,046,143

Capitalization Data as of: June 30, 2008
Total debt (1)	$	458,914
Market equity (2)		345,259
Total enterprise value	$	804,173
Debt to total enterprise value		57.1	%

Notes:
(1)	Excludes debt premium of $1.4 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 $11.65 at June 30, 2008. Excludes 275,000 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.

1

EDUCATION REALTY TRUST, INC.

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

	June 30, 2008			December 31, 2007
	(Unaudited)
Assets
Student housing properties, net (1)	$	718,108		$	732,979
Assets under development		17,084			5,675
Corporate office furniture and equipment, net		1,583			1,693
Cash and cash equivalents		27,322			4,034
Restricted cash		8,977			8,188
Student contracts receivable, net		701			329
Receivable from affiliates		30			18
Receivable from third party management contracts		683			606
Goodwill and other intangibles, net		3,518			3,531
Other assets		10,618			10,407
Total assets	$	788,624		$	767,460
Liabilities and stockholders’ equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	425,623		$	420,940
Revolving line of credit		34,700			11,500
Accounts payable and accrued expenses		12,368			11,092
Accounts payable affiliate		120			60
Deferred revenue		8,247			7,928
Total liabilities		481,058			451,520
Minority interest		16,808			18,121
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,457,849 and 28,431,855 shares issued and outstanding June 30, 2008 and December 31, 2007, respectively		285			284
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		319,700			330,969
Accumulated deficit		(29,227	)		(33,434	)
Total stockholders’ equity		290,758			297,819
Total liabilities and stockholders’ equity	$	788,624		$	767,460

(1) Amount is net of accumulated depreciation of $100,218 and $86,209 as of June 30, 2008 and December 31, 2007, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED JUNE 30,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	26,805		$	21,031			5,774			27.5	%
Student housing food service revenue		541			522			19			3.6	%
Other leasing revenue		5,000			3,434			1,566			45.6	%
Third-party development services		1,221			1,024			197			19.2	%
Third-party management services		832			721			111			15.4	%
Operating expense reimbursements		2,521			2,227			294			13.2	%
Total revenues		36,920			28,959			7,961			27.5	%
Operating expenses:
Student housing leasing operations		13,146			9,402			3,744			39.8	%
Student housing food service operations		495			511			(16	)		-3.1	%
General and administrative		3,913			3,560			353			9.9	%
Depreciation and amortization		7,224			7,924			(700	)		-8.8	%
Reimbursable operating expenses		2,521			2,227			294			13.2	%
Total operating expenses		27,299			23,624			3,675			15.6	%
Operating income		9,621			5,335			4,286			80.3	%
Nonoperating expenses:
Interest expense		6,049			6,999			(950	)		-13.6	%
Amortization of deferred financing costs		244			268			(24	)		-9.0	%
Loss on early repayment of debt		—			174			(174	)		-100.0	%
Interest income		(72	)		(167	)		(95	)		-56.9	%
Total nonoperating expenses		6,221			7,274			(1,053	)		-14.5	%
Income (loss) before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		3,400			(1,939	)		5,339		NM
Equity in earnings of unconsolidated entities		(26	)		(41	)		15		36.6		%
Income (loss) before income taxes, minority interest and discontinued operations		3,374			(1,980	)		5,354		NM
Income tax benefit		(18	)		(47	)		29		61.7		%
Net income (loss) before minority interest and discontinued operations		3,392			(1,933	)		5,325		NM
Minority interest		74			(123	)		197			NM
Income (loss) from continuing operations		3,318			(1,810	)		5,128		NM
Discontinued operations:
Income from operations, net of minority interest		—			425			(425	)		-100.0	%
Gain on sale of student housing property, net of minority interest		—			1,579			(1,579	)		-100.0	%
Income from discontinued operations		—			2,004			(2,004	)		-100.0	%
Net income	$	3,318		$	194		$	3,124		NM
Earnings per share information:
Income (loss) per share — basic
Continuing operations		0.12			(0.06	)	$	0.18
Discontinued operations		—			0.07		$	(0.07	)
Net income per share	$	0.12		$	0.01		$	0.11
Income (loss) per share — diluted
Continuing operations		0.11			(0.06	)	$	0.17
Discontinued operations		—			0.07		$	(0.07	)
Net income per share	$	0.11		$	0.01		$	0.10
Weighted-average common shares outstanding — basic		28,450,730			28,012,275
Weighted-average common shares outstanding — diluted		29,571,724			28,012,275

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.

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — SIX MONTHS ENDED JUNE 30,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	53,158		$	43,003			10,155			23.6	%
Student housing food service revenue		1,196			1,102			94			8.5	%
Other leasing revenue		6,945			6,868			77			1.1	%
Third-party development services		3,008			2,067			941			45.5	%
Third-party management services		1,807			1,603			204			12.7	%
Operating expense reimbursements		5,140			4,383			757			17.3	%
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Total revenues		71,254			59,026			12,228			20.7	%
Operating expenses:
Student housing leasing operations		25,231			18,424			6,807			36.9	%
Student housing food service operations		1,128			1,072			56			5.2	%
General and administrative		7,850			7,050			800			11.3	%
Depreciation and amortization		14,817			16,004			(1,187	)		-7.4	%
Reimbursable operating expenses		5,140			4,383			757			17.3	%
Total operating expenses		54,166			46,933			7,233			15.4	%
Operating income		17,088			12,093			4,995			41.3	%
Nonoperating expenses:
Interest expense		12,213			14,386			(2,173	)		-15.1	%
Amortization of deferred financing costs		487			548			(61	)		-11.1	%
Loss on early repayment of debt		—			174			(174	)		-100.0	%
Interest income		(190	)		(251	)		(61	)		-24.3	%
Total nonoperating expenses		12,510			14,857			(2,347	)		-15.8	%
Income (loss) before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		4,578			(2,764	)		7,342		NM
Equity in earnings of unconsolidated entities		(27	)		2			(29	)	NM
Income (loss) before income taxes, minority interest and discontinued operations		4,551			(2,762	)		7,313		NM
Income tax expense (benefit)		173			(49	)		222		NM
Net income (loss) before minority interest and discontinued operations		4,378			(2,713	)		7,091		NM
Minority interest		171			(4	)		175			NM
Income (loss) from continuing operations		4,207			(2,709	)		6,916		NM
Discontinued operations:
Income from operations, net of minority interest		—			833			(833	)		-100.0	%
Gain on sale of student housing property, net of minority interest		—			1,579			(1,579	)		-100.0	%
Income from discontinued operations		—			2,412			(2,412	)		-100.0	%
Net income (loss)	$	4,207		$	(297	)	$	4,504		NM
Earnings per share information:
Income (loss) per share — basic
Continuing operations		0.15			(0.10	)	$	0.25
Discontinued operations		—			0.09		$	(0.09	)
Net income (loss) per share	$	0.15		$	(0.01	)	$	0.16
Income (loss) per share — diluted
Continuing operations		0.14			(0.10	)	$	0.24
Discontinued operations		—			0.09		$	(0.09	)
Net income (loss) per share	$	0.14		$	(0.01	)	$	0.15
Weighted-average common shares outstanding — basic		28,444,497			27,592,873
Weighted-average common shares outstanding — diluted		29,589,932			27,592,873

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.

4

EDUCATION REALTY TRUST, INC.

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

	Three months ended June 30,					Six months ended June 30,
	2008		2007			2008		2007
Net income (loss)	$	3,318	$	194		$	4,207	$	(297	)
Gain on sale of student housing property, net of minority interest		—		(1,579	)		—		(1,579	)
Loss on sale of student housing assets (2)		—		—			512		—
Real estate related depreciation and amortization		7,094		7,811			14,545		15,809
Equity portion of real estate depreciation and amortization on equity investees		123		92			248		190
Depreciation and amortization of discontinued operations		—		242			—		711
Minority interest		74		(105	)		171		31
Funds from operations (“FFO”)	$	10,609	$	6,655		$	19,683	$	14,865
FFO per weighted average share/unit (1)	$	0.36	$	0.23		$	0.66	$	0.51
Weighted average shares/units (1)		29,847,557		29,465,325			29,866,636		29,046,143

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.

5

EDUCATION REALTY TRUST, INC.

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

	2008			2007		$ Change			% Change
Revenues
Same apartment community	$	20,661		$	20,156	$	505			2.5	%
University Towers — residence hall		714			875		(161	)		-18.4	%
New coummunity		3			—		3		N/A
Place Portfolio		5,427			—		5,427			N/A
Total community revenue		26,805			21,031		5,774			27.5	%
Operating expenses (1)
Same apartment community	$	9,695		$	8,955	$	740			8.3	%
University Towers — residence hall		458			447		11			2.5	%
New community(2)		71			—		71			N/A
Place Portfolio		2,922			—		2,922			N/A
Total community operating expenses		13,146			9,402		3,744			39.8	%
Net operating income
Same apartment community	$	10,966		$	11,201	$	(235	)		-2.1	%
University Towers — residence hall		256			428		(172	)		-40.2	%
New community		(68	)		—		(68	)		N/A
Place Portfolio		2,505			—		2,505			N/A
Total community net operating income	$	13,659		$	11,629	$	2,030			17.5	%

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

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — SIX MONTHS ENDED JUNE 30,
(Amounts in thousands, unaudited)

	2008			2007		$ Change			% Change
Revenues
Same apartment community	$	41,533		$	40,390	$	1,143			2.8	%
University Towers — residence hall		2,481			2,613		(132	)		-5.1	%
New community		3			—		3			N/A
Place Portfolio		9,141			—		9,141			N/A
Total community revenue		53,158			43,003		10,155			23.6	%
Operating expenses (1)
Same apartment community	$	18,885		$	17,452	$	1,433			8.2	%
University Towers — residence hall		1,437			972		465			47.8	%
New community(2)		122			—		122			N/A
Place Portfolio		4,787			—		4,787			N/A
Total community operating expenses		25,231			18,424		6,807			36.9	%
Net operating income
Same apartment community	$	22,648		$	22,938	$	(290	)		-1.3	%
University Towers — residence hall		1,044			1,641		(597	)		-36.4	%
New community		(119	)		—		(119	)		N/A
Place Portfolio		4,354			—		4,354			N/A
Total community net operating income	$	27,927		$	24,579	$	3,348			13.6	%

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

7

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED — THREE MONTHS ENDED JUNE 30,

	2008			2007			Difference
Occupancy
Physical		88.5	%		91.0	%		-2.5	%
Economic		91.6	%		94.9	%		-3.3	%
NarPAB	$	344		$	350			($6	)
Other income per avail. Bed	$	21		$	27			($6	)
RevPAB	$	365		$	377			($12	)
Operating expense per bed	$	179		$	169		$	10
Operating margin		51.0	%		55.3	%		-4.3	%
Design Beds		73,393			55,713			17,680

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.

8

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED — SIX MONTHS ENDED JUNE 30,

	2008			2007			Difference
Occupancy
Physical		90.9	%		93.1	%		-2.2	%
Economic		92.7	%		95.4	%		-2.7	%
NarPAB	$	357		$	362			($5	)
Other income per avail. Bed	$	20		$	24			($4	)
RevPAB	$	377		$	386			($9	)
Operating expense per bed	$	175	(1)	$	165		$	10
Operating margin		53.5	%(1)		57.2	%		-3.7	%
Design Beds		140,894			111,426			29,468

(1)	Operating expense statistics exclude approximately $4 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.

9

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — THREE MONTHS ENDED JUNE 30,

	2008			2007			Difference
Occupancy
Physical		92.7	%		93.3	%		-0.6	%
Economic		94.3	%		94.8	%		-0.5	%
NarPAB	$	370		$	361		$	9
Other income per avail. Bed	$	21		$	20		$	1
RevPAB	$	391		$	381		$	10
Operating expense per bed	$	183		$	169		$	14
Operating margin		53.1	%		55.6	%		-2.5	%
Design Beds		52,852			52,854			(2	)

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. University Towers residence hall statistics are shown separately.

10

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — SIX MONTHS ENDED JUNE 30,

	2008			2007			Difference
Occupancy
Physical		93.7	%		94.3	%		-0.6	%
Economic		94.9	%		95.2	%		-0.3	%
NarPAB	$	373		$	363		$	10
Other income per avail. Bed	$	20		$	19		$	1
RevPAB	$	393		$	382		$	11
Operating expense per bed	$	179		$	165		$	14
Operating margin		54.5	%		56.8	%		-2.3	%
Design Beds		105,706			105,708			(2	)

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. University Towers residence hall statistics are shown separately.

11

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS — THREE MONTHS ENDED JUNE 30,

	2008			2007			Difference
Occupancy
Physical		35.2	%		47.8	%		-12.6	%
Economic		99.2	%		100.0	%		-0.8	%
NarPAB	$	138		$	144		$	(6	)
Other income per avail. Bed	$	112		$	162		$	(50	)
RevPAB	$	250		$	306		$	(56	)
Operating expense per bed	$	160		$	156		$	4
Operating margin		35.8	%		48.9	%		-13.1	%
Design Beds		2,859			2,859			—

12

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS — SIX MONTHS ENDED JUNE 30,

	2008			2007			Difference
Occupancy
Physical		67.3	%		72.7	%		-5.4	%
Economic		99.4	%		100.0	%		-0.6	%
NarPAB	$	354		$	329		$	25
Other income per avail. Bed	$	80		$	128		$	(48	)
RevPAB	$	434		$	457		$	(23	)
Operating expense per bed	$	162	(1)	$	170		$	(8	)
Operating margin		62.7	%(1)		62.8	%		-0.1	%
Design Beds		5,718			5,718			—

(1) Operating expense statistics exclude approximately $90 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.

13

EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO STATISTICS — THREE MONTHS ENDED JUNE 30,

	2008
Occupancy
Physical		84.7	%
Economic		82.2	%
NarPAB	$	299
Other income per avail. Bed	$	8
RevPAB	$	307
Operating expense per bed	$	165
Operating margin		46.3	%
Design Beds		17,682

14

EDUCATION REALTY TRUST, INC.            

PLACE PORTFOLIO STATISTICS — SIX MONTHS ENDED JUNE 30,

	2008
Occupancy
Physical		85.3	%
Economic		83.0	%
NarPAB	$	302
Other income per avail. Bed	$	9
RevPAB	$	311
Operating expense per bed		162
Operating margin		47.9	%
Design Beds		29,470

NOTE:

Operating statistics are for the period February 1, the lease termination date, to the end of the period, June 30, 2008.

15

EDUCATION REALTY TRUST, INC.

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

	Three months ended							Six months ended
	June 30, 2008		June 30, 2007		Change			June 30, 2008			June 30, 2007		Change
Third-party development services revenue	$	1,221	$	1,024	$	197		$	3,008		$	2,067	$	941
Equity in earnings of development joint ventures		—		102		(102	)		(1	)		242		(243	)
	$	1,221	$	1,126	$	95		$	3,007		$	2,309	$	698

CURRENT AND RECENTLY COMPLETED PROJECTS

				Project											Fees Earned Six				Fees Paid
				Development		Total Project							Fees Earned		Months Ended		Remaining Fees		Through June
Project	Bed Count		Completion Date	Cost		Fees		EDR % of fees			EDR Project Fees		Prior to 2008		June 30, 2008 (1)		to Earn		30, 2008
University of Michigan, Ann Arbor		896	August 2008, Mar-09		68,154		1,200		100	%		1,200		852		170		178		972
Slippery Rock University Phase II		746	August 2008		47,300		1,631		100	%		1,631		1,067		504		60		1,067
Indiana University of Pennsylvania Phase II		1,102	August 2008		68,817		2,479		100	%		2,479		1,378		975		126		1,924
Fontainebleu		435	October 2009		7,227		275		100	%		275		10		58		207		103
West Chester University of Pennsylvania Phase I		1,197	August 2008		94,498		3,407		100	%		3,407		—		497		2,910		1,448
Indiana University of Pennsylvania Phase III		1,084	August 2009		61,904		2,190		100	%		2,190		—		140		2,050		821
		5,460		$	347,900						$	11,182	$	3,307	$	2,344	$	5,531	$	6,335

RECENTLY AWARDED PROJECTS

				Estimated	Project
	Estimated Bed			Completion	Development
Project	Count		Estimated Start Date	Date	Cost		Total Project Fees		EDR % of Fees	Total EDR Fees
Colorado State — Pueblo		253	July 2008	August 2009		15,916		734	100%		734
		253			$	15,916	$	734		$	734

(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 June 30, 2008
(dollars in thousand)

Total Debt to Enterprise Value

Total Debt (1)	$	458,914	57.1	%
Total Market Equity (2)		345,259	42.9	%
Total Enterprise Value	$	804,173	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	419,502		5.86	%		91.4	%	2.28	years
Variable Rate		39,412		4.64	%		8.6	%	0.51	years
Total / Weighted Average	$	458,914		5.76	%		100.0	%	2.13	years

Mortgage and Construction Debt Maturity

Fiscal Yr Ending
Ending
2008	$	1,716	0.4	%
2009		285,049	67.2	%
2010		931	0.2	%
2011		1,035	0.2	%
2012		69,896	16.5	%
Thereafter		65,587	15.5	%
Total	$	424,214	100.0	%
Unamortized debt premium		1,410
Total, net of debt premium		425,624

	12 Months Ended
	June 30, 2008(4)
Interest expense(3)	$	26,585
Interest coverage		2.18
Fixed charge coverage		1.82

(1)	Excludes unamortized debt premium of $1.4 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 $11.65 at June 30, 2008. Excludes 275,000 Profits interest units outstanding.
(3)	Excludes amortization of debt premium/discount and gross of capitalized interest related to development projects.
(4)	Amounts 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	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		288	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		18,569
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			24,463

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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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