Education Realty Trust 8-K Results of Operations and Financial Condition

EDUCATION REALTY TRUST, INC.

FIRST QUARTER 2009

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	6
Same Apartment Community Statistics	7
University Towers Residence Hall Statistics	8
Place Portfolio Community Statistics	9
Preleasing Statistics	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 March 31,
	2009		2008		$ Chg			% Chg
	(unaudited)		(unaudited)
Total revenues	$	33,869	$	34,212	$	(343	)		-1.0	%
Operating income		7,351		7,459		(108	)		-1.4	%
Income (loss) from continuing operations		659		978		(319	)		-32.6	%
Net income (loss)		433		889		(456	)		-51.3	%
Net income (loss) per share - basic & diluted	$	0.02	$	0.03	$	(0.02	)		-49.2	%
Weighted-average common shares outstanding - basic		28,516,522		28,508,788
Weighted-average common shares outstanding - diluted		29,637,517		29,678,393
Funds from operations (FFO)	$	7,795	$	9,074	$	(1,279	)		-14.1	%
FFO per weighted average share/unit (4)	$	0.26	$	0.30	$	(0.04	)		-13.3	%
Weighted average shares/units (4)		29,882,118		29,885,413

Total Debt to Gross Assets
Total Debt (1)	$	476,585
Total Gross Assets (2)	$	898,396
Total Debt to Gross Assets		53.0	%

Capitalization Data as of:  March 31, 2009
Total debt (1)	$	476,585
Market equity (3)		103,443
Total enterprise value	$	580,028
Debt to total enterprise value		82.2	%

Notes:

(1) Excludes debt premium of $1.1 million.

(2) Excludes accumulated depreciation of $120,863 as of March 31, 2009.

(3) 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 share of $3.49 at March 31, 2009.  Excludes 280,000 Profits Interest Units outstanding.

(4) 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)

	March 31, 2009			December 31, 2008
Assets
Student housing properties, net (1)	$	727,005		$	731,400
Student housing properties- held for sale		2,082			2,107
Assets under development		15,910			6,572
Corporate office furniture and equipment, net		1,342			1,465
Cash and cash equivalents		8,889			9,003
Restricted cash		5,342			5,595
Student contracts receivable, net		413			533
Receivable from affiliates		25			25
Receivable from third party management contracts		407			401
Goodwill and other intangibles, net		3,099			3,111
Other assets		13,019			17,435
Total assets	$	777,533		$	777,647
Liabilities and stockholders' equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	444,787		$	442,259
Revolving line of credit		32,900			32,900
Accounts payable and accrued expenses		11,535			10,605
Accounts payable affiliate		-			-
Deferred revenue		8,626			9,954
Total liabilities		497,848			495,718
Commitments and contingencies		-			-
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,488,855 and 28,475,855 shares issued and outstanding March 31, 2009 and December 31, 2008, respectively		285			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		305,599			308,356
Accumulated deficit		(40,948	)		(41,381	)
Total Education Realty Trust, Inc. stockholders' equity		264,936			267,260
Noncontrolling interest		14,749			14,669
Total equity		279,685			281,929
Total liabilities and equity	$	777,533		$	777,647

(1)  Amount is net of accumulated depreciation of $120,292 and $113,545 as of March 31, 2009 and December 31, 2008, 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)

	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	28,720		$	26,231		$	2,489			9.5	%
Student housing food service revenue		593			655			(62	)		-9.5	%
Other leasing revenue		-			1,945			(1,945	)	NM
Third-party development services		1,457			1,787			(330	)		-18.5	%
Third-party management services		909			975			(66	)		-6.8	%
Operating expense reimbursements		2,190			2,619			(429	)		-16.4	%
Total revenues		33,869			34,212			(343	)		-1.0	%
Operating expenses:
Student housing leasing operations		12,598			11,995			(603	)		-5.0	%
Student housing food service operations		572			633			61			9.6	%
General and administrative		3,994			3,937			(57	)		-1.4	%
Depreciation and amortization		7,164			7,569			405			5.4	%
Reimbursable operating expenses		2,190			2,619			429			16.4	%
Total operating expenses		26,518			26,753			235			0.9	%
Operating income		7,351			7,459			(108	)		-1.4	%
Nonoperating expenses:
Interest expense		6,352			6,164			(188	)		-3.0	%
Amortization of deferred financing costs		301			243			(58	)		-23.9	%
Interest income		(49	)		(118	)		(69	)		-58.5	%
Total nonoperating expenses		6,604			6,289			(315	)		-5.0	%
Income before equity in earnings of unconsolidated entities, income taxes, and discontinued operations		747			1,170			(423	)		-36.2	%
Equity in earnings of unconsolidated entities		100			(1	)		101		NM
Income before income taxes and discontinued operations		847			1,169			(322	)		-27.5	%
Income tax expense		188			191			3			1.6	%
Income from continuing operations		659			978			(319	)		-32.6	%
Income/(loss) from discontinued operations		(16	)		8			(24	)	NM
Net income		643			986			(343	)		-34.8	%
Less: Net income attributable to the noncontrolling interest		210			97			(113	)		-116.5	%
Net income attributable to Education Realty Trust, Inc.	$	433		$	889		$	(456	)		-51.3	%
Earnings per share information:
Income attributable to Education Realty Trust, Inc. common shareholders per share - basic
Continuing operations attributable to Education Realty Trust, Inc. common shareholders	$	0.02		$	0.03		$	(0.02	)
Discontinued operations attributable to Education Realty Trust, Inc. common shareholders		-			-			-
Net income attributable to Education Realty Trust, Inc. common shareholders per share	$	0.02		$	0.03		$	(0.02	)
Income attributable to Education Realty Trust, Inc. common shareholders per share - diluted
Continuing operations attributable to Education Realty Trust, Inc. common shareholders	$	0.02		$	0.03
Discontinued operations attributable to Education Realty Trust, Inc. common shareholders		-			-
Net income attributable to Education Realty Trust, Inc. common shareholders per share	$	0.02		$	0.03
Weighted-average common shares outstanding - basic		28,516,522			28,508,788
Weighted-average common shares outstanding - diluted		29,637,517			29,678,393
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Income from continuing operations, net of tax	$	448		$	881
Income/(loss) from discontinued operations, net of tax		(15	)		8
Net income	$	433		$	889

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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,
	2009		2008
Net income (loss)	$	433	$	889
Loss on sale of student housing assets (2)		-		512
Real estate related depreciation and amortization		7,005		7,427
Equity portion of real estate depreciation and amortization on equity investees		122		125
Depreciation and amortization of discontinued operations		25		24
Noncontrolling interest		210		97
Funds from operations ("FFO")	$	7,795	$	9,074
FFO per weighted average share/unit (1)	$	0.26	$	0.30
Weighted average shares/units (1)		29,882,118		29,885,413

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)

						Fav (Unfav)			Fav (Unfav)
	2009		2008			$ Change			% Change
Revenues
Same apartment community	$	20,838	$	20,750		$	88			0.4	%
University Towers - residence hall		1,812		1,767			45			2.5	%
Same community revenue		22,650		22,517			133			0.6	%
New community		766		-			766			N/A
Place Portfolio		5,304		3,714			1,590			N/A
Total community revenue		28,720		26,231			2,489			9.5	%
Operating expenses (1)
Same apartment community		9,001		9,100			99			1.1	%
University Towers - residence hall		478		979	(2)		501			51.2	%
Same community operating expense		9,479		10,079			600			6.0	%
New community		377		51			(326	)		N/A
Place Portfolio		2,742		1,865			(877	)		N/A
Total community operating expenses		12,598		11,995			(603	)		-5.0	%
Net operating income
Same apartment community		11,837		11,650			187			1.6	%
University Towers - residence hall		1,334		788			546			69.3	%
Same community net operating income		13,171		12,438			733			5.9	%
New community		389		(51	)		440			N/A
Place Portfolio		2,562		1,849			713			N/A
Total community net operating income	$	16,122	$	14,236		$	1,886			13.2	%

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

(2) Q1 2008 operating expense for University Towers included a $512k loss on the sale of land and parking garage. Excluding the loss, Q1 2008 operating expenses would have been $467k.

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EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS - OWNED AND OPERATED

	Three Months Ended March 31,
	2009			2008 (2)			Difference
Occupancy
Physical		89.4	%		93.7	%		-4.3	%
Economic		89.4	%		94.1	%		-4.7	%
NarPAB	$	365		$	373		$	(8	)
Other income per avail. Bed	$	21		$	19		$	2
RevPAB	$	386		$	392		$	(6	)
Operating expense per bed	$	169		$	172	(1)	$	3
Operating margin		56.2	%		56.2	% (1)		0.0	%
Design Beds		74,364			66,892			7,472

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

(2)  2008 data includes the results of operating the Place Portfolio since the termination of the lease on February 1, 2008.

NOTE:

Operating statistics exclude College Station, which was designated as held for sale in the first quarter of 2009 and is included in discontinued operations in our statement of operations.

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EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS

	Three Months Ended March 31,
	2009			2008			Difference
Occupancy
Physical		92.0	%		95.1	%		-3.1	%
Economic		92.4	%		95.7	%		-3.3	%
NarPAB	$	377		$	377		$	0
Other income per avail. Bed	$	22		$	20		$	2
RevPAB	$	399		$	397		$	2
Operating expense per bed	$	172		$	174		$	2
Operating margin		56.8	%		56.2	%		0.6	%
Design Beds		52,239			52,245			(6	)

NOTE:

- University Towers residence hall statistics are shown separately.

- Operating statistics exclude College Station which was designated as held for sale in the first quarter of 2009 and included in discontinued operations in our statement of operations.

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EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS

	Three Months Ended March 31,
	2009			2008			Difference
Occupancy
Physical		97.5	%		99.4	%		-1.9	%
Economic		96.8	%		99.4	%		-2.6	%
NarPAB	$	609		$	570		$	39
Other income per avail. Bed	$	25		$	48		$	(23	)
RevPAB	$	634		$	618		$	16
Operating expense per bed	$	167		$	163	(1)	$	(4	)
Operating margin		73.6	%		73.6	% (1)		0.0	%
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 COMMUNITY STATISTICS

	Three Months Ended  March 31, 2009			Two Months Ended  March 31, 2008
Occupancy
Physical		79.7	%		86.1	%
Economic		76.7	%		84.3	%
NarPAB	$	283		$	306
Other income per avail. Bed	$	17		$	9
RevPAB	$	300		$	315
Operating expense per bed	$	155		$	158
Operating margin		48.3	%		49.8	%
Design Beds		17,682			11,788

NOTE:

Operating statistics for 2008 are for the period February 1, the lease termination date, to the end of the period, March 31, 2008.

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EDUCATION REALTY TRUST, INC.

Preleasing Statistics - as of April 26th

	2009 - 2010 Lease Year												2008 - 2009 Lease Year
			Applied**					Leased							Applied**					Leased
	Design Beds		Beds		%			Beds		%			Design Beds		Beds		%			Beds		%
Same apartment portfolio - core		14,779		9,971		67.5	%		8,637		58.4	%		14,779		10,370		70.2	%		9,179		62.1	%
Properties in stressed markets *		2,628		1,738		66.1	%		1,368		52.1	%		2,628		1,507		57.3	%		1,308		49.8	%
Total same apartment portfolio		17,407		11,709		67.3	%		10,005		57.5	%		17,407		11,877		68.2	%		10,487		60.2	%
University Towers - residence hall		953		953		100.0	%		953		100.0	%		953		953		100.0	%		953		100.0	%
Total same community portfolio		18,360		12,662		69.0	%		10,958		59.7	%		18,360		12,830		69.9	%		11,440		62.3	%
Place Portfolio		5,894		3,511		59.6	%		2,910		49.4	%		5,894		2,796		47.4	%		2,286		38.8	%
Total owned properties		24,254		16,173		66.7	%		13,868		57.2	%		24,254		15,626		64.4	%		13,726		56.6	%
Joint venture portfolio		2,195		1,230		56.0	%		1,010		46.0	%		2,195		1,653		75.3	%		1,284		58.5	%
Same apartments - managed, not owned		9,074		7,413		81.7	%		6,412		70.7	%		9,243		6,838		74.0	%		5,410		58.5	%
Total same community, owned, joint venture & managed		35,523		24,816		69.9	%		21,290		59.9	%		35,692		24,117		67.6	%		20,420		57.2	%
New development - less than one year		1,200		610		50.8	%		450		37.5	%		528		461		87.3	%		367		69.5	%
New managed - less than one year		1,101		830		75.4	%		758		68.8	%		770		641		83.2	%		639		83.0	%

*Three properties in markets with temporary imbalances of supply or demand: 636-beds in Oxford, MS; 1,116-beds in Gainesville, FL; 876-beds in Kalamazoo, MI.

** An application is defined as a signed student lease without the receipt of an executed parental guarantee, which can take time to obtain.

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EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY

(Amounts in '000s)

	Three months ended
	March 31, 2009		March 31, 2008			Change
Third-party development services revenue	$	1,457	$	1,787		$	(330	)
Equity in earnings of development joint ventures		-		(1	)		1
	$	1,457	$	1,786		$	(329	)

CURRENT AND RECENTLY COMPLETED PROJECTS

Project	Bed Count		Completion Date	Project Development Cost		Total Project Fees		EDR % of fees			EDR Project Fees		Fees Earned Prior to 2009		Fees Earned Three Months Ended March 31, 2009 (1)		Remaining Fees to Earn		Fees Paid Through March 31, 2009
University of Michigan, Ann Arbor		896	Aug '08, May '09 (2)				1,350		100	%		1,350		1,166		34		150		1,200
Fontainebleu		435	June 2009		7,227		275		100	%		275		200		51		24		187
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		2,033		518		856		2,240
Indiana University of Pennsylvania Phase III		1,084	August 2009		61,904		2,190		100	%		2,190		1,339		473		378		1,523
Colorado State University - Pueblo Phase I		253	August 2009		15,631		696		100	%		696		234		195		267		502
Colorado State University - Pueblo Phase II		500	August 2010		34,058		1,583		100	%		1,583		-		9		1,574		619
		4,365		$	213,318						$	9,501	$	4,972	$	1,280	$	3,249	$	6,271

RECENTLY AWARDED PROJECTS (3)

Project	Estimated Bed Count		Estimated Start Date	Estimated Completion Date	Project Development Cost		Total Project Fees		EDR % of Fees			Total EDR Fees
Indiana University of Pennsylvania Phase IV		596	May 2009	August 2010		35,141		1,241		100	%		1,241
SUNY College of Env. Science & Forestry		432	June 2010	August 2011		24,355		1,195		100	%		1,195
East Stroudsburg University - Pennsylvania		984	July 2009	August 2010		61,861		2,615		100	%		2,615
		2,012			$	121,357	$	5,051				$	5,051

(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.  In addition, revenue related to inactive development projects in the amount of $182 is not included in this schedule.

(2) The project includes three buildings, one was completed in August 2008 and two additional buildings are expected to be completed in May 2009. Specific information on project development costs are omitted as this project is for a private ownership group.

(3) The initiation and completion of an awarded development project is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining adequate financing.

11

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE

As of March 31, 2009

(dollars in thousand)

Total Debt to Gross Assets			Total Debt to Enterprise Value
Total Debt (1)	476,585		Total Debt (1)	$	476,585	82.2	%
Total Gross Assets (2)	898,396		Total Market Equity (3)		103,443	17.8	%
Total Debt to Gross Assets	53	%	Total Enterprise Value	$	580,028	100	%

	Principal		Weighted Average						Average Term
Total Debt Outstanding	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	379,557		6.11	%		79.6	%	4.57	years
Variable Rate - Mortgage Debt		49,768		3.89	%		10.5	%	4.75	years
Variable Rate - Construction Debt		14,360		1.88	%		3.0	%	3.26	years
Variable Rate - Corporate Credit Facility		32,900		3.50	%		6.9	%	1.00	years
Total / Weighted Average	$	476,585		5.57	%		100.0	%	4.30	years

Mortgage and Construction Debt Maturity						12 Months Ended
Fiscal Yr Ending						March 31, 2009 (5)
Ending					Interest expense (4)	$	26,870
2009	$	100,992	22.7	%
2010		3,475	0.8	%	Interest coverage		2.05
2011		3,823	0.9	%
2012		81,599	18.4	%	Fixed charge coverage		1.74
2013		32,489	7.3	%
Thereafter		221,307	49.9	%
Total	$	443,685	100.0	%
Unamortized debt premium		1,102
Total, net of debt premium	$	444,787

(1) Excludes unamortized debt premium of $1.1 million.

(2) Excludes accumulated depreciation of $120,863 as of March 31, 2009.

(3) 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 share of $3.49 at March 31, 2009.  Excludes 280,000 Profits Interest Units outstanding.

(4) Excludes amortization of debt premium/discount, includes the Company's portion of interest on equity investees, and is gross of capitalized interest related to development projects.

(5) 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	College Grove	Middle Tennessee State University	Apr ’05		864
The Reserve at Athens	University of Georgia	Jan ’05		612	Campus Lodge	University of Florida	Jun ’05		1,116
The Reserve at Clemson	Clemson University	Jan ’05		590	The Reserve on South College	Auburn University	Jul ’05		576
Players Club	Florida State University	Jan ’05		336	The Avenue at Southern	Georgia Southern University	Jun ’06		624
The Gables	Western Kentucky University	Jan ’05		288	The Reserve at Saluki Pointe	Southern Illinois University	Aug '08		528
University Towers	North Carolina State University	Jan ’05		953			Sub-Total		18,894
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	The Reserve at Martin	University of TN at Martin	Jan ’06		384
The Pointe at Western	Western Michigan University	Jan ’05		876	The Chase at Murray	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	The Reserve at Jacksonville	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
Campus Creek	University of Mississippi	Feb ’05		636	The Pointe at Southern	Georgia Southern University	Jan ’06		528
Pointe West	University of South Carolina	Mar ’05		480			Sub-Total Place Portfolio		5,894
							Total owned and operated beds		24,788

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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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