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

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2009

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

Financial Highlights	1
Balance Sheet	2
Operating Results	3
Funds From Operations	4
Wholly-Owned Community Operating Results - Three Months Ended December 31,	5
Wholly-Owned Community Operating Results - Year Ended December 31,	6
Wholly-Owned Community Statistics	7
Legacy-Community Statistics	8
Place-Community Statistics	9
Preleasing Statistics	10
Third-Party Development	11
Capital Structure	12
Community Listing - Wholly-Owned	13
Investor Information	14
Definitions	15

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data)

OPERATING DATA:

	Three months ended December 31,												Year ended December 31,
	2009			2008			$ Chg			% Chg			2009			2008			$ Chg			% Chg
	(unaudited)			(unaudited)									(unaudited)
Community revenues	$	29,484		$	29,618		$	(134	)		-0.5	%	$	110,810		$	107,149		$	3,661			3.4	%
Total revenues		35,842			36,070		$	(228	)		-0.6	%		134,198			139,443		$	(5,245	)		-3.8	%
Community net operating income		17,235			17,224			11			0.1	%		55,649			52,029			3,620			7.0	%
Total Operating income		7,715			6,546			1,169			17.9	%		20,592			23,583			(2,991	)		-12.7	%
Net income (loss)		(535	)		(4,895	)		4,360						(7,255	)		(7,947	)		692
Per share - basic & diluted	$	(0.01	)	$	(0.17	)	$	0.16					$	(0.18	)	$	(0.28	)	$	0.10
Funds from operations (FFO)	$	7,293		$	2,582		$	4,711					$	21,943		$	21,752		$	191
Per weighted average share/unit (1)	$	0.13		$	0.09		$	0.04					$	0.52		$	0.73		$	(0.21	)
Funds from operations adjusted (FFOA)	$	10,466		$	9,380		$	1,086					$	24,286		$	28,550		$	(4,264	)
Per weighted average share/unit (1)	$	0.18		$	0.31		$	(0.13	)				$	0.58		$	0.96		$	(0.38	)

BALANCE SHEET DATA:

	12/31/2009			12/31/2008
Debt to gross assets		42.9	%		53.1	%
Net debt to enterprise value		57.2	%		75.4	%
Interest coverage ratio		2.0			2.1

(1) Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact see page 4 for detailed calculation.

1

EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	December 31, 2009			December 31, 2008
	(unaudited)
Assets
Student housing properties, net (1)	$	749,884		$	733,507
Assets under development		-			6,572
Cash and cash equivalents		31,169			9,003
Restricted cash		4,579			5,595
Other assets		18,981			22,970
Total assets	$	804,613		$	777,647
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	406,365		$	442,259
Revolving line of credit		-			32,900
Accounts payable and accrued expenses		11,658			10,605
Deferred revenue		10,346			9,954
Total liabilities		428,369			495,718
Commitments and contingencies		-			-
Redeemable noncontrolling interests		11,079			11,751
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
56,705,605 and 28,475,855 shares issued and outstanding
December 31, 2009 and 2008, respectively		567			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issues and outstanding		-			-
Additional paid-in capital		410,455			308,356
Accumulated deficit		(48,636	)		(41,381	)
Total Education Realty Trust, Inc. stockholders' equity		362,386			267,260
Noncontrolling interest		2,779			2,918
Total equity		365,165			270,178
Total liabilities and equity	$	804,613		$	777,647

(1)  Amount is net of accumulated depreciation of $141,507 and $113,545 as of December 31, 2009 and 2008, respectively.

2

EDUCATION REALTY TRUST, INC.

OPERATING RESULTS

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

	Three Months Ended December 31,									Year Ended December 31,
	2009			2008			$ Change			2009			2008			$ Change
Revenues:
Student housing leasing revenue	$	29,484		$	29,618		$	(134	)	$	110,810		$	107,149		$	3,661
Student housing food service revenue		631			574			57			2,267			2,378			(111	)
Other leasing revenue		-			200			(200	)		-			7,145			(7,145	)
Third-party development services		2,903			2,079			824			8,178			8,303			(125	)
Third-party management services		851			995			(144	)		3,221			3,672			(451	)
Operating expense reimbursements		1,973			2,604			(631	)		9,722			10,796			(1,074	)
Total revenues		35,842			36,070			(228	)		134,198			139,443			(5,245	)
Operating expenses:
Student housing leasing operations		12,249			12,394			(145	)		55,161			55,120			41
Student housing food service operations		577			529			48			2,156			2,257			(101	)
General and administrative		4,014			4,481			(467	)		15,752			16,348			(596	)
Depreciation and amortization		7,588			7,495			93			29,089			29,318			(229	)
Loss on impairment		1,726			2,021			(295	)		1,726			2,021			(295	)
Reimbursable operating expenses		1,973			2,604			(631	)		9,722			10,796			(1,074	)
Total operating expenses		28,127			29,524			(1,397	)		113,606			115,860			(2,254	)
Operating income		7,715			6,546			1,169			20,592			23,583			(2,991	)
Nonoperating expenses:
Interest expense		5,760			6,673			(913	)		24,585			25,229			(644	)
Amortization of deferred financing costs		298			252			46			1,047			992			55
Interest income		(136	)		(106	)		(30	)		(470	)		(373	)		(97	)
Gain/loss on extinguishment of debt		-			4,360			(4,360	)		(830	)		4,360			(5,190	)
Total nonoperating expenses		5,922			11,179			(5,257	)		24,332			30,208			(5,876	)
Income (loss) before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		1,793			(4,633	)		6,426			(3,740	)		(6,625	)		2,885
Equity in earnings of unconsolidated entities		(1,404	)		27			(1,431	)		(1,410	)		(196	)		(1,214	)
Less: Income tax expense		717			241			476			1,920			1,123			797
Less: Income (loss) attributable to redeemable noncontrolling interests		206			72			134			177			(75	)		252
Loss from discontinued operations		-			(18	)		18			(21	)		(131	)		110
Net loss		(534	)		(4,937	)		4,403			(7,268	)		(8,000	)		732
Less: Net income (loss) attributable to the noncontrolling interests		1			(42	)		43			(13	)		(53	)		40
Net loss attributable to Education Realty Trust, Inc.	$	(535	)	$	(4,895	)	$	4,360		$	(7,255	)	$	(7,947	)	$	692
Earnings per share information:
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted	$	(0.01	)	$	(0.17	)	$	0.16		$	(0.18	)	$	(0.28	)	$	0.10
Weighted-average common shares outstanding - basic & diluted		56,700			28,515						40,496			28,513

3

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	Three months ended December 31,									Year ended December 31,
	2009			2008			Change			2009			2008			Change
Net loss attributable to Education Realty Trust, Inc.	$	(535	)	$	(4,895	)	$	4,360		$	(7,255	)	$	(7,947	)	$	692
Loss on sale of student housing assets (1)		-			-			-			-			512			(512	)
Real estate related depreciation and amortization		7,482			7,296			186			28,497			28,720			(223	)
Equity portion of real estate depreciation and amortization on equity investees		139			125			14			512			496			16
Depreciation and amortization of discontinued operations		-			26			(26	)		25			99			(74	)
Noncontrolling interests		207			30			177			164			(128	)		292
Funds from operations ("FFO")		7,293			2,582			4,711			21,943			21,752			191
Elimination of impairment and refinancing charges:
Development cost write-off, net of tax		-			417			(417	)		-			417			(417	)
Loss on impairment (3)		3,173			2,021			1,152			3,173			2,021			1,152
Gain/loss on extinguishment of debt		-			4,360			(4,360	)		(830	)		4,360			(5,190	)
Impact of impairment and refinancing charges		3,173			6,798			(3,625	)		2,343			6,798			(4,455	)
Funds from operations - adjusted ("FFOA")	$	10,466		$	9,380		$	1,086		$	24,286		$	28,550		$	(4,264	)
FFO per weighted average share/unit (2)	$	0.13		$	0.09		$	0.04		$	0.52		$	0.73		$	(0.21	)
FFOA per weighted average share/unit (2)	$	0.18		$	0.31		$	(0.13	)	$	0.58		$	0.96		$	(0.38	)
Weighted average shares/units (2)		58,086			29,872			28,214			41,873			29,867			12,006

Notes:

(1)	Represents the loss on sale of land and parking garage at University Towers.
(2)	FFO and FFOA per weighted average share/unit was computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.
(3)	Loss on impairment for the three months and year ended December 31, 2009 includes $1,447 that is included in equity in earnings of unconsolidated entities in the statement of operations.

4

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS - THREE MONTHS ENDED DECEMBER 31,

(Amounts in thousands, unaudited)

	2009		2008		$Change			%Change
Revenues
Legacy-communities	$	22,156	$	23,353	$	(1,197	)		-5.1	%
Place-communities		5,535		5,486		49			0.9	%
Total Same-community		27,691		28,839		(1,148	)		-4.0	%
New-communities		1,793		779		1,014		NM
Total revenues		29,484		29,618		(134	)		-0.5	%
Operating expenses (1)
Legacy-communities		8,798		9,238		(440	)		-4.8	%
Place-communities		2,736		2,850		(114	)		-4.0	%
Total Same-community		11,534		12,088		(554	)		-4.6	%
New-communities		715		306		409		NM
Total operating expenses		12,249		12,394		(145	)		-1.2	%
Net operating income
Legacy-communities		13,358		14,115		(757	)		-5.4	%
Place-communities		2,799		2,636		163			6.2	%
Total Same-community		16,157		16,751		(594	)		-3.5	%
New-communities		1,078		473		605		NM
Total net operating income	$	17,235	$	17,224	$	11			0.1	%

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

5

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS - YEAR ENDED DECEMBER 31,

(Amounts in thousands, unaudited)

	2009		2008			$Change			%Change
Revenues
Legacy-communities	$	85,314	$	86,470		$	(1,156	)		-1.3	%
Place-communities (3)		21,054		19,485			1,569			8.1	%
New-communities		4,442		1,194			3,248		NM
Total revenues		110,810		107,149			3,661			3.4	%
Operating expenses (1)
Legacy-communities		40,699		42,640	(2)		(1,941	)		-4.6	%
Place-communities (3)		12,153		11,845			308			2.6	%
New-communities		2,309		635			1,674		NM
Total operating expenses		55,161		55,120			41			0.1	%
Net operating income
Legacy-communities		44,615		43,830			785			1.8	%
Place-communities (3)		8,901		7,640			1,261			16.5	%
New-communities		2,133		559			1,574		NM
Total net operating income	$	55,649	$	52,029		$	3,620			7.0	%

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

(2) Operating expense for the year ended December 31, 2008, included a $512 loss on the sale of land and parking garage.

Excluding the loss, operating expenses for the year ended December 31, 2008 would have been $42,128.

(3) Place-communities are not considered same-community for the full year as 2008 operating results only include the eleven months subsequent to the lease termination on February 1, 2008.

6

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	ThreeMonthsEndedDecember31,									YearEndedDecember31,
	2009			2008			Change			2009			2008(1)			Change
Occupancy
Physical		89.8	%		90.7	%		-0.9	%		88.0	%		90.6	%		-2.6	%
Economic		89.5	%		91.5	%		-2.0	%		84.3	%		87.3	%		-3.0	%
NarPAB	$	368		$	374		$	(6	)	$	346		$	350		$	(4	)
Other income per avail. bed	$	18		$	24		$	(6	)	$	22		$	22		$	0
RevPAB	$	386		$	398		$	(12	)	$	368		$	372		$	(4	)
Operating expense per bed	$	160		$	167		$	(7	)	$	183		$	190	(2)	$	(7	)
Operating margin		58.5	%		58.2	%		0.3	%		50.2	%		49.0	%(2)		1.2	%
Design Beds		76,362			74,364			1,998			300,762			287,876			12,886

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

(2)  Operating expense statistics exclude approximately $2 per bed related to the loss on the sale of land andthe parking garage at University Towers.  The loss of $512 is included in our statements of operations.

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.

7

EDUCATION REALTY TRUST, INC.

LEGACY-COMMUNITY STATISTICS

	ThreeMonthsEndedDecember31,									YearEndedDecember31,
	2009			2008			Change			2009			2008			Change
Occupancy
Physical		92.5	%		93.5	%		-1.0	%		90.4	%		92.6	%		-2.2	%
Economic		93.1	%		94.7	%		-1.6	%		86.9	%		89.5	%		-2.6	%
NarPAB	$	382		$	398		$	(16	)	$	362		$	367		$	(5	)
Other income per avail. bed	$	20		$	26		$	(6	)	$	25		$	25		$	0
RevPAB	$	402		$	424		$	(22	)	$	387		$	392		$	(5	)
Operating expense per bed (1)	$	160		$	168		$	(8	)	$	185		$	191		$	(6	)
Operating margin		60.3	%		60.4	%		-0.1	%		52.3	%		50.7	%		1.6	%
Design Beds		55,080			55,098			(18	)		220,338			220,402			(64	)

(1) Operating expense statistics for the full year 2008 exclude approximately $2 per bed related to the loss on the sale of land and the parking garage at University Towers.  The loss of $512 is included in our statements of operations.

NOTE:

- 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 is included in discontinued operations for all periods in our statement of operations.

8

EDUCATION REALTY TRUST, INC.

PLACE-COMMUNITY STATISTICS

	ThreeMonthsEndedDecember31,									Yearended December 31,			Eleven months ended December 31,
	2009			2008			Change			2009			2008 (1)			Change
Occupancy
Physical		84.0	%		81.3	%		2.7	%		81.1	%		83.3	%		-2.2	%
Economic		80.7	%		79.0	%		1.7	%		76.3	%		78.9	%		-2.6	%
NarPAB	$	300		$	293		$	7		$	282		$	289		$	(7	)
Other income per avail. bed	$	13		$	18		$	(5	)	$	15		$	12		$	3
RevPAB	$	313		$	311		$	2		$	297		$	301		$	(4	)
Operating expense per bed	$	155		$	161		$	(6	)	$	172		$	183		$	(11	)
Operating margin		50.6	%		48.0	%		2.6	%		42.3	%		39.2	%		3.1	%
Design Beds		17,682			17,682			-			70,728			64,834			5,894

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

9

EDUCATION REALTY TRUST, INC.

Preleasing Statistics - as of February 15th

		2010-2011					2009-2010							Fall2009
Community	Primary University	Leases		%			Leases		%			Design Beds		Beginning Occupancy
The Gables	Western Kentucky University		56		19.4	%		23		8.0	%		288		100.0	%
The Reserve at Athens	University of Georgia		258		42.2	%		308		50.3	%		612		100.0	%
Players Club	Florida State University		89		26.5	%		153		45.5	%		336		99.1	%
NorthPointe	University of Arizona		63		6.9	%		20		2.2	%		912		93.5	%
The Reserve at Clemson	Clemson University		105		17.8	%		187		31.7	%		590		97.3	%
University Towers	North Carolina State		273		28.6	%		356		37.4	%		953		100.0	%
Pointe at South Florida	University of South Florida		175		17.5	%		172		17.2	%		1,002		87.2	%
The Reserve on Perkins	Oklahoma State		151		20.6	%		207		28.3	%		732		86.2	%
The Commons	Florida State University		65		8.9	%		69		9.4	%		732		87.6	%
The Pointe at Western	Western Michigan University		279		31.8	%		210		24.0	%		876		93.3	%
College Station at West Lafayette	Purdue University		499		52.0	%		562		58.5	%		960		99.0	%
Commons on Kinnear	Ohio State University		267		53.2	%		306		61.0	%		502		97.4	%
The Pointe	Penn State		972		98.8	%		933		94.8	%		984		100.0	%
The Reserve at Columbia	University of Missouri		307		45.4	%		325		48.1	%		676		99.9	%
Commons at Knoxville	University of Tennessee		142		20.1	%		210		29.7	%		708		95.3	%
The Reserve on Frankford	Texas Tech		161		21.8	%		107		14.5	%		737		92.0	%
The Reserve at Star Pass	University of Arizona		86		8.4	%		57		5.6	%		1,020		71.1	%
The Lofts	University of Central Florida		174		23.8	%		174		23.8	%		731		98.2	%
The Reserve on West 31st	University of Kansas		160		22.4	%		107		15.0	%		714		92.3	%
Campus Creek	University of Mississippi		165		25.9	%		128		20.1	%		636		96.4	%
Pointe West	University of South Carolina		124		25.8	%		122		25.4	%		480		89.0	%
Campus Lodge	University of Florida		210		18.8	%		241		21.6	%		1,115		98.0	%
College Grove	Middle Tennessee State Univ.		90		10.4	%		204		23.6	%		864		91.2	%
The Reserve on South College	Auburn University		166		28.8	%		143		24.8	%		576		76.7	%
The Avenue at Southern	Georgia Southern Univ.		97		15.5	%		130		20.8	%		624		77.9	%
Legacy-communities			5,134		28.0	%		5,454		29.7	%		18,360		92.5	%
Troy Place	Troy State Univ.		120		29.4	%		113		27.7	%		408		90.9	%
The Reserve at Jacksonville	Jacksonville State University		119		23.6	%		116		23.0	%		504		67.1	%
River Place	State Univ. of West GA		113		22.4	%		88		17.5	%		504		95.2	%
Clayton Place	Clayton College & State Univ.		138		16.2	%		67		7.8	%		854		42.7	%
Collegiate Village	Macon State College		59		17.6	%		73		21.7	%		336		68.2	%
The Chase at Murray	Murray State Univ.		207		50.7	%		76		18.6	%		408		99.8	%
Cape Place	Southeast Missouri State Univ.		220		61.1	%		152		42.2	%		360		100.0	%
Clemson Place	Clemson University		150		52.1	%		89		30.9	%		288		99.7	%
The Reserve at Martin	Univ. of Tenn. - Martin		101		26.3	%		72		18.8	%		384		87.5	%
Carrollton Place	State Univ. of West GA		125		37.2	%		139		41.4	%		336		87.8	%
The Pointe at Southern	Georgia Southern Univ.		131		24.8	%		66		12.5	%		528		98.5	%
Berkeley Place	Clemson University		241		50.2	%		152		31.7	%		480		99.8	%
Western Place	Western Kentucky University		118		23.4	%		29		5.8	%		504		99.4	%
Place-communitites			1,842		31.3	%		1,232		20.9	%		5,894		84.3	%
Same-community - Wholly-owned			6,976		28.8	%		6,686		27.6	%		24,254
The Reserve at Saluki Pointe	Southern Illinois University		253		32.9	%		195		25.4	%		768		75.8	%
University Village on Colvin	Syracuse University		226		52.3	%		37		8.6	%		432		79.2	%
New-communitites - less than one year			479		39.9	%		232		19.3	%		1,200		77.0	%

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EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT

(Amounts in thousands except bed counts)

CURRENT AND RECENTLY COMPLETED PROJECTS

Project	BedCount			Completion Date	Project Development Cost		TotalProject Fees		FeesEarned YearEnded December31, 2009(1)		Remaining FeestoEarn		FeesPaid Through December31, 2009
Colorado State University - Pueblo Phase II		500		August 2010		34,058		1,583		1,051		532		1,103
Indiana University of Pennsylvania Phase IV		596		August 2010		37,029		1,247		605		642		669
		1,096			$	71,087	$	2,830	$	1,656	$	1,174	$	1,772
RECENTLY AWARDED PROJECTS (2)
Project	Estimated Bed Count		Estimated Start Date	Estimated Completion Date	Project Development Cost		Total Project Fees
SUNY College of Env. Science & Forestry		454	May 2010	August 2011		27,200		1,100
East Stroudsburg University - Pennsylvania		984	June 2010	August 2011		57,100		2,100
West Chester University of Pennsylvania Phase II		886	TBD	TBD		48,200		1,700
Graduate Housing - Sci. & Tech. Park at Johns Hopkins		572	June 2010	June 2012		55,900		2,100
Indiana University of Pennsylvania - oncampus hotel		N/A	TBD	TBD	TBD		TBD
		2,896			$	188,400	$	7,000

(1) Represents fees earned, which will vary from income recognized by EDR due to joint venture expenses which are included in the equity in earnings of joint ventures. Development fees are recognized on the percentage completion method based on construction costs.

(2) 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.

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EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of December 31, 2009

(dollars in thousands)

Total Debt to Gross Assets				Total Debt to Enterprise Value
Debt (1)	$	405,568		Net Debt (1)	$	374,399
Gross Assets (2)	$	946,120		Market Equity (3)		279,844
Debt to Gross Assets		42.9	%	Enterprise Value	$	654,243
				Net Debt to Enterprise Value		57.2	%
Interest coverage		2.0
Net Debt to EBITDA		7.5

Total Debt Outstanding

	Principal		WeightedAverage						AverageTerm
	Outstanding		InterestRate			%			toMaturity
Fixed Rate - Mortgage Debt (1)	$	327,368		5.91	%		80.7	%		5.61	years
Variable Rate - Mortgage Debt		49,292		3.62	%		12.2	%		4.00	years
Variable Rate - Construction Debt		28,908		1.62	%		7.1	%		0.88	years
Total / Weighted Average	$	405,568		5.33	%		100.0	%		5.08	years

Future Maturities

FiscalYrEnding
Ending	Amortization		Maturities			Total		Percentage
	$	3,875	$	20,082	(4)	$	23,957		5.9	%
2011		4,126		8,826	(4)		12,952		3.2	%
2012		4,026		64,591			68,617		16.9	%
2013		4,156		28,872			33,028		8.1	%
2014		3,063		97,052			100,115		24.7	%
Thereafter		8,209		158,690			166,899		41.2	%
Mortgage Debt (1)		27,455		378,113			405,568		100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	27,455	$	378,113		$	405,568
Cash							31,169
Net Debt							374,399

(1) Excludes unamortized debt premium of $0.8 million.

(2) Excludes accumulated depreciation of $141,507 as of December 31, 2009.

(3) Market equity includes 56,680,966 shares of the Company's common stock, 27,000 shares of unvested restricted stock and 1,110,995 operating partnership units and is calculated using $4.84, the closing price per share of the Company's common stock on December 31, 2009.

(4) Maturities in 2010 and 2011 relate to two construction loans that have extension options which the Company expects to exercise.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING - WHOLLY-OWNED

Name	PrimaryUniversityServed	AcquisitionDate	#of Beds		Name	PrimaryUniversityServed	AcquisitionDate	#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-Communities			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 Wholly-Owned			25,454
The Reserve on South College	Auburn University	Jul ’05		576
The Avenue at Southern	Georgia Southern University	Jun ’06		624
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 December 31, 2009. However, for the year ended December 31, 2009, the Place Portfolio is not considered same-community as the lease with Place was not terminated until February 1, 2008.

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EDUCATION REALTY TRUST, INC.
INVESTOR INFORMATION
Executive Management
	Randy Churchey	Chief Executive Officer
	Randy Brown	Chief Financial Officer
	Tom Trubiana	Chief Investment Officer
Corporate Headquarters		Investor Relations
	Education Realty Trust, Inc.	ICR, LLC
	530 Oak Court Drive, Suite 300	Brad Cohen
	Memphis, TN  38117	(203) 682-8211
Covering Analysts
	Firm	Analyst	Contact #
	Bank of America - Merrill	Michelle Ko	(646) 855-1802
	Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682
	Morgan Keegan & Company	Stephen Swett	(901) 524-4100
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
	Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
	UBS Securities	Dustin Pizzo	(212) 713-4847
	Macquarie Capital	Michael J. Levy	(212) 231-2626

14

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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EDUCATION REALTY TRUST, INC.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This supplemental financial information contains forward-looking statements. Statements about the Company’s business that are not historical facts are “forward-looking statements.” Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K and under the caption “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our Quarterly Reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.

16