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

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

THIRD QUARTER 2009

SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations - Three Months Ended September 30,	3
Condensed Consolidated Statements of Operations - Nine Months Ended September 30,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results - Three Months Ended September 30,	6
Community Operating Results - Nine Months Ended September 30,	7
Consolidated Community Statistics - Owned and Operated	8
Legacy Apartment Community Statistics	9
University Towers Residence Hall Statistics	10
Place Portfolio Community Statistics	11
Fall Opening Occupancy	12
Third-Party Development Project Summary	13
Capital Structure	14
Community Listing - Owned and Operated	15
Definitions	16

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

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

	Three months ended September 30,												Nine months ended September 30,
	2009			2008			$ Chg			% Chg			2009			2008			$ Chg			% Chg
	(unaudited)			(unaudited)									(unaudited)			(unaudited)
Total revenues	$	32,502		$	32,333		$	169			0.5	%	$	98,356		$	103,373		$	(5,017	)		-4.9	%
Operating income		(543	)		(85	)		(458	)		-538.8	%		12,877			17,037			(4,160	)		-24.4	%
Loss from continuing operations		(7,581	)		(7,509	)		(72	)		-1.0	%		(6,742	)		(3,097	)		(3,645	)		-117.7	%
Net loss		(7,384	)		(7,259	)		(125	)		-1.7	%		(6,720	)		(3,052	)		(3,668	)		-120.2	%
Net loss per share - basic & diluted	$	(0.15	)	$	(0.25	)	$	0.10			38.9	%	$	(0.19	)	$	(0.11	)	$	(0.08	)		-76.0	%
Weighted-average common shares outstanding - basic & diluted		47,932,410			28,514,966									35,013,814			28,512,037
Funds from operations (FFO)	$	(399	)	$	(513	)	$	114			22.2	%	$	14,650		$	19,170		$	(4,520	)		-23.6	%
FFO per weighted average share/unit (4)	$	(0.01	)	$	(0.02	)	$	0.01			50.0	%	$	0.40		$	0.64		$	(0.24	)		-37.5	%
Funds from operations adjusted (FFOA)	$	(399	)	$	(513	)	$	114			22.2	%	$	13,820		$	19,170		$	(5,350	)		-27.9	%
FFOA per weighted average share/unit (4)	$	(0.01	)	$	(0.02	)	$	0.01			50.0	%	$	0.38		$	0.64		$	(0.26	)		-40.6	%
Weighted average shares/units (4)		49,314,288			29,864,093									36,387,577			29,865,786

Total Debt to Gross Assets			Capitalization Data as of: September 30, 2009
Total Debt (1)	$	456,710	Total debt (1)	$	456,710
Total Gross Assets (2)	$	999,900	Market equity (3)		342,866
Total Debt to Gross Assets		45.7%	Total enterprise value	$	799,576
			Debt to total enterprise value		57.1%

Notes:

(1)  Excludes debt premium of $0.9 million.

(2)  Excludes accumulated depreciation of $134,206 as of September 30, 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 $5.93 at September 30, 2009. Excludes 277,500 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)

		September 30, 2009			December 31, 2008
Assets		(unaudited)
	Student housing properties, net (1)	$	755,504		$	731,400
	Student housing properties- held for sale		-			2,107
	Assets under development		-			6,572
	Corporate office furniture and equipment, net		1,117			1,465
	Cash and cash equivalents		83,940			9,003
	Restricted cash		7,942			5,595
	Student contracts receivable, net		411			533
	Receivable from affiliates		25			25
	Management fee receivable from third party		253			401
	Goodwill and other intangibles, net		3,082			3,111
	Other assets		13,420			17,435
Total assets		$	865,694		$	777,647
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium/discount	$	457,608		$	442,259
	Revolving line of credit		-			32,900
	Accounts payable and accrued expenses		16,034			10,605
	Deferred revenue		12,674			9,954
Total liabilities			486,316			495,718
Commitments and contingencies			-			-
Redeemable noncontrolling interests			11,042			11,751
Equity:
	Education Realty Trust, Inc. stockholders' equity:
	Common stock, $.01 par value, 200,000,000 shares authorized,
	56,685,849 and 28,475,855 shares issued and outstanding
	September 30, 2009 and December 31, 2008, respectively		567			285
	Preferred shares, $0.01 par value, 50,000,000 shares authorized,
	no shares issues and outstanding		-			-
	Additional paid-in capital		413,068			308,356
	Accumulated deficit		(48,101	)		(41,381	)
	Total Education Realty Trust, Inc. stockholders' equity		365,534			267,260
	Noncontrolling interest		2,802			2,918
Total equity			368,336			270,178
Total liabilities and equity		$	865,694		$	777,647

 (1)  Amount is net of accumulated depreciation of $134,206 and $113,545 as of September 30, 2009 and December 31, 2008, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30,

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

							Fav / (Unfav)
	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	25,105		$	24,587		$	518			2.1	%
Student housing food service revenue		577			608			(31	)		-5.1	%
Third-party development services		2,559			3,216			(657	)		-20.4	%
Third-party management services		738			870			(132	)		-15.2	%
Operating expense reimbursements		3,523			3,052			471			15.4	%
Total revenues		32,502			32,333			169			0.5	%
Operating expenses:
Student housing leasing operations		17,826			17,695			(131	)		-0.7	%
Student housing food service operations		566			600			34			5.7	%
General and administrative		3,903			4,017			114			2.8	%
Depreciation and amortization		7,227			7,054			(173	)		-2.5	%
Reimbursable operating expenses		3,523			3,052			(471	)		-15.4	%
Total operating expenses		33,045			32,418			(627	)		-1.9	%
Operating loss		(543	)		(85	)		(458	)		-538.8	%
Nonoperating expenses:
Interest expense		6,323			6,343			20			0.3	%
Amortization of deferred financing costs		230			253			23			9.1	%
Interest income		(180	)		(77	)		103			133.8	%
Total nonoperating expenses		6,373			6,519			146			2.2	%
Loss before equity in earnings of unconsolidated entities, income taxes,
redeemable noncontrolling interests and discontinued operations		(6,916	)		(6,604	)		(312	)		-4.7	%
Equity in earnings of unconsolidated entities		(152	)		(196	)		44		NM
Loss before income taxes, redeemable noncontrolling interests and discontinued operations		(7,068	)		(6,800	)		(268	)		-3.9	%
Income tax expense		513			709			196		NM
Loss from continuing operations before redeemable noncontrolling interest		(7,581	)		(7,509	)
Loss attributable to redeemable noncontrolling interests		(167	)		(268	)		(101	)	NM
Loss from continuing operations		(7,414	)		(7,241	)		(173	)		-2.4	%
Loss from discontinued operations		(3	)		(79	)		76			96.2	%
Net loss		(7,417	)		(7,320	)		(97	)		-1.3	%
Less: Net loss attributable to the noncontrolling interest		(33	)		(61	)		(28	)		-45.9	%
Net loss attributable to Education Realty Trust, Inc.	$	(7,384	)	$	(7,259	)	$	(125	)		-1.7	%
Earnings per share information:
Loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted
Continuing operations	$	(0.15	)	$	(0.25	)	$	0.09
Discontinued operations		-			-			-
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted	$	(0.15	)	$	(0.25	)	$	0.09
Weighted-average common shares outstanding - basic & diluted		47,932,410			28,514,966
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Loss from continuing operations, net of tax	$	(7,381	)	$	(7,183	)
Loss from discontinued operations, net of tax		(3	)		(76	)
Net loss	$	(7,384	)	$	(7,259	)

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30,

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

							Fav / (Unfav)
	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	81,326		$	77,531		$	3,795			4.9	%
Student housing food service revenue		1,636			1,804			(168	)		-9.3	%
Other leasing revenue		-			6,945			(6,945	)	NM
Third-party development services		5,275			6,224			(949	)		-15.2	%
Third-party management services		2,370			2,677			(307	)		-11.5	%
Operating expense reimbursements		7,749			8,192			(443	)		-5.4	%
Total revenues		98,356			103,373			(5,017	)		-4.9	%
Operating expenses:
Student housing leasing operations		42,912			42,726			(186	)		-0.4	%
Student housing food service operations		1,579			1,728			149			8.6	%
General and administrative		11,738			11,867			129			1.1	%
Depreciation and amortization		21,501			21,823			322			1.5	%
Reimbursable operating expenses		7,749			8,192			443			5.4	%
Total operating expenses		85,479			86,336			857			1.0	%
Operating income		12,877			17,037			(4,160	)		-24.4	%
Nonoperating expenses:
Interest expense		18,825			18,556			(269	)		-1.4	%
Amortization of deferred financing costs		749			740			(9	)		-1.2	%
Interest income		(334	)		(267	)		67			25.1	%
Gain on extinguishment of debt		(830	)		-			830		NM
Total nonoperating expenses		18,410			19,029			619			3.3	%
Loss before equity in earnings of unconsolidated entities, income taxes,
redeemable noncontrolling interests and discontinued operations		(5,533	)		(1,992	)		(3,541	)		-177.8	%
Equity in earnings of unconsolidated entities		(6	)		(223	)		217		NM
Loss before income taxes, redeemable noncontrolling interests and discontinued operations		(5,539	)		(2,215	)		(3,324	)		-150.1	%
Income tax expense		1,203			882			(321	)		-36.4	%
Loss from continuing operations before redeemable noncontrolling interest		(6,742	)		(3,097	)		(3,645	)		-117.7	%
Loss attributable to redeemable noncontrolling interests		(29	)		(147	)		(118	)		-80.3	%
Loss from continuing operations		(6,713	)		(2,950	)		(3,763	)		-127.6	%
Loss from discontinued operations		(21	)		(113	)		92			81.4	%
Net loss		(6,734	)		(3,063	)		(3,671	)		-119.8	%
										��
Less: Net loss attributable to the noncontrolling interest		(14	)		(11	)		3			27.3	%
Net loss attributable to Education Realty Trust, Inc.	$	(6,720	)	$	(3,052	)	$	(3,668	)		-120.2	%
Earnings per share information:
Loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted
Continuing operations	$	(0.19	)	$	(0.10	)	$	(0.09	)
Discontinued operations		(0.00	)		(0.01	)		0.01
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted	$	(0.19	)	$	(0.11	)	$	(0.09	)
Weighted-average common shares outstanding - basic & diluted		35,013,814			28,512,037
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Loss from continuing operations, net of tax	$	(6,700	)	$	(2,943	)
Loss from discontinued operations, net of tax		(20	)		(109	)
Net loss	$	(6,720	)	$	(3,052	)

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

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

	Three months ended September 30,						Nine months ended September 30,
	2009			2008			2009			2008
Net loss attributable to Education Realty Trust, Inc.	$	(7,384	)	$	(7,259	)	$	(6,720	)	$	(3,052	)
Loss on sale of student housing assets (2)		-			-			-			512
Real estate related depreciation and amortization		7,056			6,927			21,015			21,424
Equity portion of real estate depreciation and amortization on equity investees		129			123			373			371
Depreciation and amortization of discontinued operations		-			25			25			73
Noncontrolling interest		(200	)		(329	)		(43	)		(158	)
Funds from operations ("FFO")	$	(399	)	$	(513	)	$	14,650		$	19,170
Elimination of gain on extinguishment of debt		-			-			(830	)		-
Funds from operations - adjusted ("FFOA")	$	(399	)	$	(513	)	$	13,820		$	19,170
FFO per weighted average share/unit (1)	$	(0.01	)	$	(0.02	)	$	0.40		$	0.64
FFOA per weighted average share/unit (1)	$	(0.01	)	$	(0.02	)	$	0.38		$	0.64
Weighted average shares/units (1)		49,314,288			29,864,093			36,387,577			29,865,786

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 SEPTEMBER 30,

(Amounts in thousands, unaudited)

					Fav (Unfav)			Fav (Unfav)
	2009		2008		$ Change			% Change
Revenues
Legacy apartment community	$	18,000	$	18,283	$	(283	)		-1.5	%
University Towers - residence hall		1,033		1,035		(2	)		-0.2	%
Legacy community revenues		19,033		19,318		(285	)		-1.5	%
Place Portfolio		4,947		4,857		90			1.9	%
Same community revenues		23,980		24,175		(195	)		-0.8	%
New community		1,125		412		713		NM
Total revenues		25,105		24,587		518			2.1	%
Operating expenses (1)
Legacy apartment community		12,574		12,760		186			1.5	%
University Towers - residence hall		521		520		(1	)		-0.2	%
Legacy community operating expenses		13,095		13,280		185			1.4	%
Place Portfolio		3,880		4,208		328			7.8	%
Same community operating expenses		16,975		17,488		513			2.9	%
New community		851		207		(644	)	NM
Total operating expenses		17,826		17,695		(131	)		-0.7	%
Net operating income
Legacy apartment community		5,426		5,523		(97	)		-1.8	%
University Towers - residence hall		512		515		(3	)		-0.6	%
Legacy community net operating income		5,938		6,038		(100	)		-1.7	%
Place Portfolio		1,067		649		418			64.4	%
Same community net operating income		7,005		6,687		318			4.8	%
New community		274		205		69		NM
Total net operating income	$	7,279	$	6,892	$	387			5.6	%

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

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS - NINE MONTHS ENDED SEPTEMBER 30,

(Amounts in thousands, unaudited)

							Fav (Unfav)			Fav (Unfav)
	2009		2008				$ Change			% Change
Revenues
Legacy apartment community	$	59,526	$	59,601			$	(75	)		-0.1	%
University Towers - residence hall		3,633		3,516				117			3.3	%
Same community revenues		63,159		63,117				42			0.1	%
Place Portfolio		15,519		13,999				1,520		NM
New community		2,648		415				2,233		NM
Total community revenues		81,326		77,531				3,795			4.9	%
Operating expenses (1)
Legacy apartment community		30,450		31,445				995			3.2	%
University Towers - residence hall		1,452		1,957	(2	)		505			25.8	%
Same community operating expenses		31,902		33,402				1,500			4.5	%
Place Portfolio		9,416		8,995				(421	)	NM
New community		1,594		329				(1,265	)	NM
Total community operating expenses		42,912		42,726				(186	)		-0.4	%
Net operating income
Legacy apartment community		29,076		28,156				920			3.3	%
University Towers - residence hall		2,181		1,559				622			39.9	%
Same community net operating income		31,257		29,715				1,542			5.2	%
Place Portfolio		6,103		5,004				1,099		NM
New community		1,054		86				968		NM
Total community net operating income	$	38,414	$	34,805			$	3,609			10.4	%

(1)	Represents community-level operating expenses excluding management fees, depreciation and amortization.
(2)	Operating expense for University Towers for the nine months ended September 30, 2008, included a $512k loss on the sale of land and parking garage. Excluding the loss, operating expenses for the nine months ended September 30, 2008 would have been $1,445k.

7

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS - OWNED AND OPERATED

	Three Months Ended September 30,									Nine Months Ended September 30,
	2009			2008			Fav/(Unfav) Change			2009			2008 (2)					Fav/(Unfav) Change
Occupancy
Physical		86.9	%		89.3	%		-2.4	%		87.4	%		90.5	%				-3.1	%
Economic		74.1	%		77.0	%		-2.9	%		82.5	%		85.9	%				-3.4	%
NarPAB	$	305		$	311		$	(6	)	$	338		$	342				$	(4	)
Other income per avail. Bed	$	27		$	22		$	5		$	24		$	21				$	3
RevPAB	$	332		$	333		$	(1	)	$	362		$	363				$	(1	)
Operating expense per bed	$	236		$	240		$	4		$	191		$	198		(1	)	$	7
Operating margin		29.0	%		28.0	%		1.0	%		47.2	%		45.6	%	(1	)		1.6	%
Design Beds		75,690			73,836			1,854			224,400			213,512					10,888

(1)	Operating expense statistics exclude approximately $2 per bed related to the loss on the sale of land and the parking garage at University Towers.  The loss of $512K is included in our statements of  operations.
(2)	2008 data includes eight months of operating results for 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 for all periods presented in our statement of operations.

8

EDUCATION REALTY TRUST, INC.

LEGACY APARTMENT COMMUNITY STATISTICS

	Three Months Ended September 30,									Nine Months Ended September 30,
	2009			2008			Fav/(Unfav) Change			2009			2008			Fav/(Unfav) Change
Occupancy
Physical		90.2	%		92.7	%		-2.5	%		90.9	%		93.6	%		-2.7	%
Economic		79.4	%		82.0	%		-2.6	%		87.9	%		90.7	%		-2.8	%
NarPAB	$	319		$	330		$	(11	)	$	356		$	360		$	(4	)
Other income per avail. Bed	$	26		$	20		$	6		$	24		$	20		$	4
RevPAB	$	345		$	350		$	(5	)	$	380		$	380		$	0
Operating expense per bed	$	241		$	244		$	3		$	194		$	201		$	7
Operating margin		30.1	%		30.2	%		-0.1	%		48.8	%		47.2	%		1.6	%
Design Beds		52,221			52,239			(18	)		156,681			156,727			(46	)

NOTE:

- University Towers residence hall statistics are shown separately.

- Place Portfolio 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.

9

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS

	Three Months Ended September 30,									Nine Months Ended September 30,
	2009			2008			Fav/(Unfav) Change			2009			2008					Fav/(Unfav) Change
Occupancy
Physical		67.9	%		67.8	%		0.1	%		66.7	%		67.4	%				-0.7	%
Economic		37.3	%		35.9	%		1.4	%		51.6	%		51.3	%				0.3	%
NarPAB	$	253		$	225		$	28		$	342		$	311				$	31
Other income per avail. Bed	$	108		$	137		$	(29	)	$	82		$	99				$	(17	)
RevPAB	$	361		$	362		$	(1	)	$	424		$	410				$	14
Operating expense per bed	$	182		$	182		$	(0	)	$	169		$	168		(1	)	$	(1	)
Operating margin		49.6	%		49.8	%		-0.2	%		60.0	%		58.9	%	(1	)		1.1	%
Design Beds		2,859			2,859			-			8,577			8,577					-

(1) Operating expense statistics exclude approximately $60 per bed related to the loss on the sale of land and the parking garage at University Towers.  The loss of $512K is included in our statements of operations.

10

EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO COMMUNITY STATISTICS

	Three Months Ended September 30,									Nine months ended			Eight months ended
	2009			2008			Fav/(Unfav) Change			September 30, 2009			September 30, 2008 (1)			Fav/(Unfav) Change
Occupancy
Physical		81.6	%		82.1	%		-0.5	%		80.1	%		84.1	%		-4.0	%
Economic		71.1	%		72.0	%		-0.9	%		74.8	%		78.9	%		-4.1	%
NarPAB	$	264		$	263		$	1		$	277		$	287		$	(10	)
Other income per avail. Bed	$	16		$	12		$	4		$	16		$	10		$	6
RevPAB	$	280		$	275		$	5		$	293		$	297		$	(4	)
Operating expense per bed	$	219		$	238		$	19		$	178		$	191		$	13
Operating margin		21.6	%		13.4	%		8.2	%		39.3	%		35.7	%		3.6	%
Design Beds		17,682			17,682			-			53,046			47,152			5,894

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

11

EDUCATION REALTY TRUST, INC.

	Fall Opening Occupancy - as of September 30th
			2009							2008
	Community	Primary University	Design Beds		Leased Beds		%			Design Beds		Leased Beds		%
	The Gables	Western Kentucky University		288		288		100.0	%		288		288		100.0	%
**	The Reserve at Athens	University of Georgia		612		612		100.0	%		612		575		94.0	%
**	Players Club	Florida State University		336		333		99.1	%		336		333		99.1	%
	NorthPointe	University of Arizona		912		853		93.5	%		912		879		96.4	%
	The Reserve at Clemson	Clemson University		590		574		97.3	%		590		569		96.4	%
	Pointe at South Florida	University of South Florida		1,002		874		87.2	%		1,002		875		87.3	%
	The Reserve on Perkins	Oklahoma State		732		631		86.2	%		732		723		98.8	%
**	The Commons	Florida State University		732		641		87.6	%		732		598		81.7	%
	The Pointe at Western	Western Michigan University		876		817		93.3	%		876		671		76.6	%
	College Station at West Lafayette	Purdue University		960		950		99.0	%		960		902		94.0	%
	Commons on Kinnear	Ohio State University		502		489		97.4	%		502		501		99.8	%
	The Pointe	Penn State		984		984		100.0	%		984		983		99.9	%
	The Reserve at Columbia	University of Missouri		676		675		99.9	%		676		675		99.9	%
	Commons at Knoxville	University of Tennessee		708		675		95.3	%		708		707		99.9	%
	The Reserve on Frankford	Texas Tech		737		678		92.0	%		737		663		90.0	%
	The Reserve at Star Pass	University of Arizona		1,020		725		71.1	%		1,020		967		94.8	%
	The Lofts	University of Central Florida		731		718		98.2	%		730		726		99.5	%
**	The Reserve on West 31st	University of Kansas		714		659		92.3	%		720		703		97.6	%
**	Campus Creek	University of Mississippi		636		613		96.4	%		636		560		88.1	%
	Pointe West	University of South Carolina		480		427		89.0	%		480		444		92.5	%
	Campus Lodge	University of Florida		1,115		1,093		98.0	%		1,116		985		88.3	%
	College Grove	Middle Tennessee State Univ.		864		788		91.2	%		864		851		98.5	%
	The Reserve on South College	Auburn University		576		442		76.7	%		576		562		97.6	%
	The Avenue at Southern	Georgia Southern Univ.		624		486		77.9	%		624		571		91.5	%
	Same-apartment community - Legacy portfolio			17,407		16,025		92.1	%		17,413		16,311		93.7	%
	University Towers	North Carolina State		953		953		100.0	%		953		953		100.0	%
	Total same-community - Legacy portfolio			18,360		16,978		92.5	%		18,366		17,264		94.0	%
	Troy Place	Troy State Univ.		408		371		90.9	%		408		405		99.3	%
	The Reserve at Jacksonville	Jacksonville State University		504		338		67.1	%		504		476		94.4	%
	River Place	State Univ. of West GA		504		480		95.2	%		504		380		75.4	%
	Clayton Place	Clayton College & State Univ.		854		365		42.7	%		854		439		51.4	%
	Macon Place	Macon State College		336		229		68.2	%		336		258		76.8	%
	The Chase at Murray	Murray State Univ.		408		407		99.8	%		408		279		68.4	%
	Cape Place	Southeast Missouri State Univ.		360		360		100.0	%		360		357		99.2	%
	Clemson Place	Clemson University		288		287		99.7	%		288		265		92.0	%
	The Reserve at Martin	Univ. of Tenn. - Martin		384		336		87.5	%		384		265		69.0	%
*	Carrollton Place	State Univ. of West GA		336		295		87.8	%		336		333		99.1	%
*	The Pointe at Southern	Georgia Southern Univ.		528		520		98.5	%		528		494		93.6	%
*	Berkeley Place	Clemson University		480		479		99.8	%		480		445		92.7	%
*	Western Place	Western Kentucky University		504		501		99.4	%		504		429		85.1	%
	Same-apartment community - Place Portfolio			5,894		4,968		84.3	%		5,894		4,825		81.9	%
	Total same-community - Wholly-owned portfolio			24,254		21,946		90.5	%		24,260		22,089		91.1	%
	The Reserve at Saluki Pointe	Southern Illinois University		768		582		75.8	%		528		525		99.4	%
	University Village on Colvin	Syracuse University		432		342		79.2	%		n/a		n/a		n/a
	New development - less than one year			1,200		924		77.0	%		528		525		99.4	%
	Joint Venture Portfolio			2,195		1,875		85.4	%		2,195		2,091		95.3	%
	Same-apartments - managed, not owned			8,952		8,573		95.8	%		8,978		8,516		94.9	%
	Total same-community joint venture & managed			11,147		10,448		93.7	%		11,173		10,607		94.9	%
	New managed - less than one year			1,226		861		70.2	%		282		119		42.2	%

* Community is unencumbered as of September 30, 2009.

** Community is pledged to the corporate credit facility.

12

EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY

(Amounts in '000s)

	Three months ended								Nine months ended
	September 30, 2009		September 30, 2008			Change			September 30, 2009			September 30, 2008			Change
Third-party development services revenue	$	2,559	$	3,216		$	(657	)	$	5,275		$	6,224		$	(949	)
Equity in earnings of development joint ventures		-		(1	)		1			(2	)		(2	)		-
	$	2,559	$	3,215		$	(656	)	$	5,273		$	6,222		$	(949	)

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 Nine Months Ended September 30, 2009 (1)		Remaining Fees to Earn		Fees Paid Through September 30, 2009
University of Michigan, Ann Arbor		896	Aug '08, Aug '09 (2)				1,350		100	%		1,350		1,166		178		6		1,320
Fontainebleu		435	July 2009		7,227		275		100	%		275		200		75		-		240
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		2,033		1,366		8		2,934
Indiana University of Pennsylvania Phase III (4)		1,084	August 2009		61,904		3,285		100	%		3,285		1,339		1,946		-		3,285
Colorado State University - Pueblo Phase I (5)		253	August 2009		15,631		825		100	%		825		234		568		23		696
Colorado State University - Pueblo Phase II		500	August 2010		34,058		1,583		100	%		1,583		-		682		901		999
Indiana University of Pennsylvania Phase IV		596	August 2010		37,029		1,247		100	%		1,247		-		220		1,027		581
		4,961		$	250,347						$	11,972	$	4,972	$	5,035	$	1,965	$	10,055

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
SUNY College of Env. Science & Forestry		454	June 2010	August 2011		26,774		1,139		100	%		1,139
East Stroudsburg University - Pennsylvania		984	TBD	TBD		61,484		2,457		100	%		2,457
West Chester University of Pennsylvania Phase II		1,409	June 2010	August 2011		78,912		2,841		100	%		2,841
		2,847			$	167,170	$	6,437				$	6,437

(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, $182 of revenue related to an inactive development project is not included in this schedule.

(2) The project includes three buildings, one was completed in August 2008 and two additional buildings were completed in August 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.

(4)  Total Project fees includes $1,095 of incentive fees earned by AODC for completing the project under budget.

(5)  Total Project fees includes $129 of incentive fees earned by AODC for completing the project under budget.

13

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE

As of September 30, 2009

(dollars in thousand)

Total Debt to Gross Assets								Total Debt to Enterprise Value
Total Debt (1)			456,710					Total Debt (1)							$	456,710	57.1	%
Total Gross Assets (2)			999,900					Total Market Equity (3)								342,866	42.9	%
Total Debt to Gross Assets			45.7	%				Total Enterprise Value							$	799,576	100.0	%
Total Debt Outstanding
		Principal			Weighted Average							Average Term
		Outstanding			Interest Rate			%				to Maturity
Fixed Rate - Mortgage Debt (1)		$	378,351			6.11	%		82.9	%			4.06	years
Variable Rate - Mortgage Debt			49,451			3.64	%		10.8	%			4.25	years
Variable Rate - Construction Debt			28,908			1.63	%		6.3	%			1.13	years
Total / Weighted Average		$	456,710			5.56	%		100.0	%			3.90	years
Mortgage and Construction Debt Maturity															12 Months Ended
	Fiscal Yr Ending														September 30, 2009 (5)
	Ending										Interest expense (4)				$	27,147
	2009	$	99,469			21.8	%
	2010		23,388			5.1	%				Interest coverage					1.91
	2011		12,303			2.7	%
	2012		67,939			14.9	%				Fixed charge coverage					1.61
	2013		32,304			7.1	%
	Thereafter		221,307			48.4	%
	Total	$	456,710			100.0	%
Unamortized debt premium			898
Total, net of debt premium		$	457,608

(1)  Excludes unamortized debt premium of $0.9 million.

(2)  Excludes accumulated depreciation of $134,206 as of September 30 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 $5.93 at September 30, 2009.  Excludes 277,500 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.

14

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	Berkeley Place	Clemson University	Jan ’06		480
The Reserve at Athens	University of Georgia	Jan ’05		612	Clemson Place	Clemson University	Jan ’06		288
The Reserve at Clemson	Clemson University	Jan ’05		590	Cape Place	Southeast MO State University	Jan ’06		360
Players Club	Florida State University	Jan ’05		336	The Reserve at Martin	University of TN at Martin	Jan ’06		384
The Gables	Western Kentucky University	Jan ’05		288	The Chase at Murray	Murray State	Jan ’06		408
The Pointe at South Florida	University of South Florida	Jan ’05		1,002	Western Place	Western Kentucky University	Jan ’06		504
Commons at Knoxville	University of Tennessee	Jan ’05		708	Carrolton Place	University of West GA	Jan ’06		336
The Commons	Florida State University	Jan ’05		732	Clayton Place	Clayton State University	Jan ’06		854
The Reserve on Perkins	Oklahoma State University	Jan ’05		732	The Reserve at Jacksonville	Jacksonville State University	Jan ’06		504
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020	Macon Place	Macon State College	Jan ’06		336
The Pointe at Western	Western Michigan University	Jan ’05		876	River Place	University of West GA	Jan ’06		504
College Station at W. Lafayette	Purdue University	Jan ’05		960	Troy Place	Troy University	Jan ’06		408
Commons on Kinnear	The Ohio State University	Jan ’05		502	The Pointe at Southern	Georgia Southern University	Jan ’06		528
The Pointe	Pennsylvania State University	Jan ’05		984		Sub-Total Place Portfolio			5,894
The Reserve at Columbia	University of Missouri	Jan ’05		676
The Reserve on Frankford	Texas Tech University	Jan ’05		737		Sub-Total Same Communities			24,254	*
The Lofts	University of Central Florida	Jan ’05		731
The Reserve on West 31st	University of Kansas	Jan ’05		714	The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09		768
Campus Creek	University of Mississippi	Feb ’05		636	University Village on Colvin	Syracuse University	Aug '09		432
Pointe West	University of South Carolina	Mar ’05		480		Sub-Total New Communities			1,200
College Grove	Middle Tennessee State University	Apr ’05		864
Campus Lodge	University of Florida	Jun ’05		1,115		Total owned and operated beds			25,454
The Reserve on South College	Auburn University	Jul ’05		576
The Avenue at Southern	Georgia Southern University	Jun ’06		624
	Sub-Total Legacy Apartment Communities			17,407
University Towers	North Carolina State University	Jan ’05		953
	Sub-Total Legacy Communities			18,360

*The Place Portfolio is included in same-community for the three months ended September 30, 2009. However, for the nine months ended September 30, 2009,

the Place Portfolio is not considered same-community as the lease with Place was not terminated until February 1, 2008.

15

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.

16