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

EDUCATION REALTY TRUST, INC. Exhibit 99.2

SECOND QUARTER 2010

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

Financial Highlights	1
Balance Sheet	2
Operating Results	3
Funds From Operations	4
Wholly-Owned Community Operating Results	5
Wholly-Owned Community Statistics	6
Legacy-Community Statistics	7
Place-Community Statistics	8
Preleasing Statistics	9
Development Update	10
Capital Structure	11
Community Listing - Wholly-Owned	12
Investor Information	13
Definitions	14
Safe Harbor Statement	15

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

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

OPERATING DATA:
	Three months ended June 30,												Six months ended June 30,
	2010			2009			$ Chg			% Chg			2010			2009		$ Chg			% Chg
Community revenues	$	28,394		$	27,967		$	427			1.5	%	$	58,045		$	57,280	$	765			1.3	%
Total revenues		31,706			31,985			(279	)		-0.9	%		64,824			65,854		(1,030	)		-1.6	%
Community net operating income		15,186			15,038			148			1.0	%		31,399			31,181		218			0.7	%
Total operating income (loss)		5,030			6,069			(1,039	)		-17.1	%		11,086			13,420		(2,334	)		-17.4	%
Net income (loss)		(590	)		231			(821	)					(420	)		664		(1,084	)
Per share - basic & diluted		(0.01	)		0.01			(0.02	)					(0.01	)		0.02		(0.03	)
Funds from operations (FFO)		6,895			7,254			(359	)					14,710			15,049		(339	)
Per weighted average share/unit (1)		0.12			0.24			(0.12	)					0.25			0.50		(0.25	)
Funds from operations adjusted (FFOA)		7,029			6,424			605						15,017			14,219		798
Per weighted average share/unit (1)	$	0.12		$	0.22		$	(0.10	)				$	0.26		$	0.48	$	(0.22	)
BALANCE SHEET DATA:
	6/30/2010			6/30/2009
Debt to gross assets		42.1	%		52.7	%
Net debt to enterprise value		51.7	%		78.9	%
Interest coverage ratio (TTM)		2.1			2.0

(1) FFO and FFOA per share/unit were 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)

	June 30, 2010			December 31, 2009
	(unaudited)
Assets
Student housing properties, net (1)	$	743,462		$	749,884
Cash and cash equivalents		23,348			31,169
Restricted cash		5,167			4,579
Other assets		19,078			18,981
Total assets	$	791,055		$	804,613
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	399,243		$	406,365
Accounts payable and accrued expenses		14,708			11,658
Deferred revenue		7,071			10,346
Total liabilities		421,022			428,369
Commitments and contingencies		-			-
Redeemable noncontrolling interests		10,725			11,079
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 56,823,288 and 56,705,605 shares issued and outstanding  June 30, 2010 and December 31, 2009, respectively		568			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		407,796			410,455
Accumulated deficit		(49,056	)		(48,636	)
Total Education Realty Trust, Inc. stockholders' equity		359,308			362,386
Noncontrolling interest		-			2,779
Total equity		359,308			365,165
Total liabilities and equity	$	791,055		$	804,613

(1) Amount is net of accumulated depreciation of $156,028 and $141,507 as of June 30, 2010 and December 31, 2009, respectively

2

EDUCATION REALTY TRUST, INC.

OPERATING RESULTS

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

	Three Months Ended June 30,									Six Months Ended June 30,
	2010			2009			$ Change			2010			2009			$ Change
Revenues:
Student housing leasing revenue	$	28,394		$	27,967		$	427		$	58,045		$	57,280		$	765
Third-party development services		648			1,259			(611	)		1,341			2,716			(1,375	)
Third-party management services		707			723			(16	)		1,573			1,632			(59	)
Operating expense reimbursements		1,957			2,036			(79	)		3,865			4,226			(361	)
Total revenues		31,706			31,985			(279	)		64,824			65,854			(1,030	)
Operating expenses:
Student housing leasing operations		13,208			12,929			279			26,646			26,099			547
General and administrative		4,036			3,841			195			8,336			7,835			501
Depreciation and amortization		7,475			7,110			365			14,891			14,274			617
Reimbursable operating expenses		1,957			2,036			(79	)		3,865			4,226			(361	)
Total operating expenses		26,676			25,916			760			53,738			52,434			1,304
Operating income		5,030			6,069			(1,039	)		11,086			13,420			(2,334	)
Nonoperating expenses:
Interest expense		5,518			6,150			(632	)		11,129			12,502			(1,373	)
Amortization of deferred financing costs		334			218			116			668			519			149
Interest income		(111	)		(105	)		(6	)		(228	)		(154	)		(74	)
Gain on extinguishment of debt		-			(830	)		830			-			(830	)		830
Total nonoperating expenses		5,741			5,433			308			11,569			12,037			(468	)
Income (loss) before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(711	)		636			(1,347	)		(483	)		1,383			(1,866	)
Equity in earnings of unconsolidated entities		7			46			(39	)		86			146			(60	)
Less: Income tax expense (benefit)		(102	)		502			(604	)		(176	)		690			(866	)
Less: Income (loss) attributable to redeemable noncontrolling interests		(16	)		(63	)		47			189			138			51
Loss from discontinued operations		-			(2	)		2			-			(18	)		18
Net income (loss)		(586	)		241			(827	)		(410	)		683			(1,093	)
Less: Net income attributable to the noncontrolling interests		4			10			(6	)		10			19			(9	)
Net income (loss) attributable to Education Realty Trust, Inc.	$	(590	)	$	231		$	(821	)	$	(420	)	$	664		$	(1,084	)
Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common shareholders per share - basic and diluted	$	(0.01	)	$	0.01		$	(0.02	)	$	(0.01	)	$	0.02		$	(0.04	)
Weighted-average common shares outstanding - basic		56,933			28,520						56,847			28,518
Weighted-average common shares outstanding - diluted		56,933			29,641						56,847			29,639

3

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	Three months ended June 30,									Six months ended June 30,
	2010			2009			Change			2010			2009			Change
Net income (loss) attributable to Education Realty Trust, Inc.	$	(590	)	$	231		$	(821	)	$	(420	)	$	664		$	(1,084	)
Real estate related depreciation and amortization		7,373			6,954			419			14,683			13,959			724
Equity portion of real estate depreciation and amortization on equity investees		124			122			2			248			244			4
Depreciation and amortization of discontinued operations		-			-			-			-			25			(25	)
Noncontrolling interests		(12	)		(53	)		41			199			157			42
Funds from operations ("FFO")		6,895			7,254			(359	)		14,710			15,049			(339	)
Elimination of refinancing and reorganization charges:
Elimination of gain on extinguishment of debt		-			(830	)		830			-			(830	)		830
Reorganization/severance costs, net of tax		134			-			134			307			-			307
Impact of refinancing and reorganization charges		134			(830	)		964			307			(830	)		1,137
Funds from operations - adjusted ("FFOA")	$	7,029		$	6,424		$	605		$	15,017		$	14,219		$	798
FFO per weighted average share/unit (1)	$	0.12		$	0.24		$	(0.12	)	$	0.25		$	0.50		$	(0.25	)
FFOA per weighted average share/unit (1)	$	0.12		$	0.22		$	(0.10	)	$	0.26		$	0.48		$	(0.22	)
Weighted average shares/units (1)		58,186			29,894			28,292			58,141			29,888			28,253

(1) FFO and FFOA per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

4

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)

	Three Months Ended June 30,										Six Months Ended June 30,
	2010		2009		$ Change			% Change			2010		2009		$ Change			% Change
Revenues
Legacy-communities	$	21,458	$	21,942	$	(484	)		-2.2	%	$	43,842	$	45,185	$	(1,343	)		-3.0	%
Place-communities		5,463		5,268		195			3.7	%		11,012		10,572		440			4.2	%
Total Same-community		26,921		27,210		(289	)		-1.1	%		54,854		55,757		(903	)		-1.6	%
New-communities		1,473		757		716		NM				3,191		1,523		1,668		NM
Total revenues		28,394		27,967		427			1.5	%		58,045		57,280		765			1.3	%
Operating expenses (1)
Legacy-communities		9,754		9,770		(16	)		-0.2	%		19,744		19,821		(77	)		-0.4	%
Place-communities		2,853		2,794		59			2.1	%		5,685		5,536		149			2.7	%
Total Same-community		12,607		12,564		43			0.3	%		25,429		25,357		72			0.3	%
New-communities		601		365		236		NM				1,217		742		475		NM
Total operating expenses		13,208		12,929		279			2.2	%		26,646		26,099		547			2.1	%
Net operating income
Legacy-communities		11,704		12,172		(468	)		-3.8	%		24,098		25,364		(1,266	)		-5.0	%
Place-communities		2,610		2,474		136			5.5	%		5,327		5,036		291			5.8	%
Total Same-community		14,314		14,646		(332	)		-2.3	%		29,425		30,400		(975	)		-3.2	%
New-communities		872		392		480		NM				1,974		781		1,193		NM
Total net operating income	$	15,186	$	15,038	$	148			1.0	%	$	31,399	$	31,181	$	218			0.7	%

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

5

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	Three Months Ended June 30,										Six Months Ended June 30,
	2010			2009			Change				2010			2009			Change
Occupancy
Physical		85.8	%		85.8	%		-		bps		87.8	%		87.6	%		20		bps
Economic		83.4	%		84.6	%		(120	)	bps		86.0	%		87.1	%		(110	)	bps
NarPAB	$	350		$	352			-0.7	%		$	360		$	362			-0.7	%
Other income per avail. bed	$	22		$	24			-8.0	%		$	20		$	23			-11.4	%
RevPAB	$	372		$	376			-1.2	%		$	380		$	385			-1.3	%
Operating expense per bed	$	173		$	174			-0.5	%		$	174		$	176			-0.6	%
Operating margin		53.5	%		53.8	%		(29	)	bps		54.1	%		54.4	%		(34	)	bps
Design Beds		76,362			74,346			2.7	%			152,724			148,710			2.7	%

6

EDUCATION REALTY TRUST, INC.

LEGACY-COMMUNITY STATISTICS

	Three Months Ended June 30,										Six Months Ended June 30,
	2010			2009			Change				2010			2009			Change
Occupancy
Physical		88.2	%		87.7	%		51		bps		90.3	%		90.0	%		29		bps
Economic		86.6	%		86.3	%		30		bps		89.4	%		89.6	%		(20	)	bps
NarPAB	$	365		$	371			-1.8	%		$	376		$	385			-2.4	%
Other income per avail. bed	$	25		$	27			-7.6	%		$	22		$	25			-11.2	%
RevPAB	$	390		$	398			-2.2	%		$	398		$	410			-3.0	%
Operating expense per bed	$	177		$	177			-0.2	%		$	179		$	180			-0.4	%
Operating margin		54.5	%		55.5	%		(100	)	bps		55.0	%		56.1	%		(110	)	bps
															��
Design Beds		55,080			55,080			0.0	%			110,160			110,178			0.0	%

7

EDUCATION REALTY TRUST, INC.

PLACE-COMMUNITY STATISTICS

	Three Months Ended June 30,										Six Months Ended June 30,
	2010			2009			Change				2010			2009			Change
Occupancy
Physical		81.9	%		79.0	%		290		bps		83.0	%		79.3	%		370		bps
Economic		78.8	%		76.7	%		210		bps		79.5	%		76.7	%		280		bps
NarPAB	$	293		$	283			3.5	%		$	295		$	283			4.2	%
Other income per avail. bed	$	16		$	15			6.7	%		$	16		$	16			0.0	%
RevPAB	$	309		$	298			3.7	%		$	311		$	299			4.0	%
Operating expense per bed	$	161		$	158			1.9	%		$	161		$	157			2.5	%
Operating margin		47.8	%		47.0	%		81		bps		48.4	%		47.6	%		74		bps
Design Beds		17,682			17,682			0.0	%			35,364			35,364			0.0	%

8

EDUCATION REALTY TRUST, INC.

Preleasing Statistics

		As of July 19th
		2010-2011				2009-2010						Fall 2009
Community	Primary University	Leases	%			Leases	%			Design Beds		Beginning Occupancy
The Reserve at Clemson	Clemson University	447		75.8	%	560		94.9	%		590		97.3	%
Players Club	Florida State University	336		100.0	%	324		96.4	%		336		99.1	%
The Commons	Florida State University	458		62.6	%	540		73.8	%		732		87.6	%
University Towers	North Carolina State University	936		98.2	%	953		100.0	%		953		100.0	%
The Reserve on Perkins	Oklahoma State University	665		90.8	%	548		74.9	%		732		86.2	%
The Pointe	Pennsylvania State University	984		100.0	%	984		100.0	%		984		100.0	%
College Station at West Lafayette	Purdue University	844		87.9	%	910		94.8	%		960		99.0	%
The Reserve on Frankford	Texas Tech University	634		86.0	%	550		74.6	%		737		92.0	%
Commons on Kinnear	The Ohio State University	479		95.4	%	454		90.4	%		502		97.4	%
NorthPointe	University of Arizona	573		62.8	%	695		76.2	%		912		93.5	%
The Reserve at Star Pass	University of Arizona	719		70.5	%	560		54.9	%		1,020		71.1	%
The Lofts	University of Central Florida	676		92.5	%	647		88.5	%		731		98.2	%
The Reserve at Athens	University of Georgia	463		75.7	%	597		97.5	%		612		100.0	%
The Reserve on West 31st	University of Kansas	668		93.6	%	540		75.6	%		714		92.3	%
The Reserve at Columbia	University of Missouri	676		100.0	%	671		99.3	%		676		99.9	%
The Pointe at South Florida	University of South Florida	719		71.8	%	668		66.7	%		1,002		87.2	%
The Commons at Knoxville	University of Tennessee	553		78.1	%	657		92.8	%		708		95.3	%
The Gables	Western Kentucky University	287		99.7	%	276		95.8	%		288		100.0	%
The Pointe at Western	Western Michigan University	766		87.4	%	673		76.8	%		876		93.3	%
Campus Creek	University of Mississippi	636		100.0	%	573		90.1	%		636		96.4	%
Pointe West	University of South Carolina	394		82.1	%	363		75.6	%		480		89.0	%
College Grove	Middle Tennessee State Univ.	599		69.3	%	631		73.0	%		864		91.2	%
Campus Lodge	University of Florida	888		79.6	%	1,116		100.1	%		1,115		98.0	%
The Reserve on South College	Auburn University	517		89.8	%	375		65.1	%		576		76.7	%
The Avenue at Southern	Georgia Southern Univ.	404		64.7	%	350		56.1	%		624		77.9	%
The Reserve at Saluki Pointe	Southern Illinois University	589		76.7	%	461		60.0	%		768		75.8	%
University Village on Colvin	Syracuse University	432		100.0	%	272		63.0	%		432		79.2	%
Same-communites - excluding Place		16,342		83.5	%	15,948		81.5	%		19,560		91.5	%
Clayton Place	Clayton State University	246		28.8	%	186		21.8	%		854		42.7	%
Berkeley Place	Clemson University	479		99.8	%	477		99.4	%		480		99.8	%
Clemson Place	Clemson University	285		99.0	%	285		99.0	%		288		99.7	%
The Pointe at Southern	Georgia Southern Univ.	423		80.1	%	324		61.4	%		528		98.5	%
The Reserve at Jacksonville	Jacksonville State University	358		71.0	%	238		47.2	%		504		67.1	%
The Chase at Murray	Murray State Univ.	408		100.0	%	397		97.3	%		408		99.8	%
Cape Place	Southeast Missouri State Univ.	360		100.0	%	358		99.4	%		360		100.0	%
Troy Place	Troy University	336		82.4	%	329		80.6	%		408		90.9	%
The Reserve at Martin	University of TN at Martin	333		86.7	%	278		72.4	%		384		87.5	%
Carrollton Place	Univ. of West GA	336		100.0	%	263		78.3	%		336		87.8	%
River Place	Univ. of West GA	447		88.7	%	492		97.6	%		504		95.2	%
Western Place	Western Kentucky University	472		93.7	%	469		93.1	%		504		99.4	%
Place-communitites		4,483		80.7	%	4,096		73.7	%		5,558		84.3	%
Same-community - Wholly-owned		20,825		82.9	%	20,044		79.8	%		25,118		89.8	%

9

EDUCATION REALTY TRUST, INC.

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

ONE PLAN AND PARTICIPATING PROJECTS

Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees
University of Texas at Austin	TBD		Fall 2011	Summer 2013	TBD		NA
Science + Technology Park at Johns Hopkins		572		Summer 2012	$	60,100	$	2,100
		572			$	60,100	$	2,100
THIRD-PARTY PROJECTS
Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year		Fees Earned Six Months Ended June 30, 2010		Remaining Fees to Earn
Colorado State University - Pueblo Phase II		500		August 2010	$	34,058	$	1,583	$	1,051	$	513	$	19
Indiana University of Pennsylvania Phase IV		596		September 2010		37,029		1,187		605		536		46
SUNY College of Env. Science & Forestry		454		August 2011		28,201		1,174		-		67		1,107
Projects Under Construction - Total		1,550				99,288		3,944		1,656		1,116		1,172
East Stroudsburg University - Pennsylvania		984	August 2010	August 2011		59,975		2,253						2,253
West Chester University of Pennsylvania Phase II		886	TBD	TBD		48,200		1,700						1,700
Mansfield University of Pennsylvania		634	August 2010	August 2011		32,956		1,528						1,528
Recently Awarded Projects - Total		2,504				141,131		5,481		-		-		5,481
Total Third-Party Projects		4,054			$	240,419	$	9,425	$	1,656	$	1,116	$	6,653

NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.

10

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of June 30, 2010

(dollars in thousands)

Total Debt to Gross Assets
Debt (1)	$	398,645
Gross Assets (2)	$	947,083
Debt to Gross Assets		42.1	%

Net Debt to Enterprise Value
Net Debt (1)	$	375,297
Market Equity (3)		350,462
Enterprise Value	$	725,759
Net Debt to Enterprise Value		51.7	%

Interest coverage (TTM)	2.1	x
Net Debt to EBITDA (TTM)	7.6	x

Total Debt Outstanding
	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	325,775		5.91	%		81.7	%		5.11		years
Variable Rate - Mortgage Debt		48,975		3.67	%		12.3	%		3.50		years
Variable Rate - Construction Debt		23,895		1.61	%		6.0	%		1.72		years
Total / Weighted Average	$	398,645		5.38	%		100.0	%		4.71		years
Future Maturities
Fiscal Year Ending	Amortization		Maturities			Total			Percentage
2010	$	2,166	$	-		$	2,166			0.5	%
2011		4,532		8,825	(4)		13,357			3.4	%
2012		4,196		78,884			83,080			20.8	%
2013		4,156		28,872			33,028			8.3	%
2014		45,437		54,678			100,115			25.1	%
Thereafter		8,208		158,690			166,899			41.9	%
Mortgage Debt (1)		68,695		329,949			398,645			100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	68,695	$	329,949			398,645
Cash							23,348
Net Debt						$	375,297

(1) Excludes unamortized debt premium of $0.6 million.

(2) Excludes accumulated depreciation of $156,028 as of June 30, 2010.

(3) Market equity includes 57,008,792 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $6.03, the closing price per share of the Company's common stock on June 30, 2010.

(4) Maturities in 2011 relate to a construction loan that has a two year extension option which the Company expects to exercise.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING - WHOLLY-OWNED

Name		PrimaryUniversityServed	AcquisitionDate	#of Beds
The Reserve at Clemson		Clemson University	Jan ’05	590
Players Club		Florida State University	Jan ’05	336
The Commons		Florida State University	Jan ’05	732
University Towers		North Carolina State University	Jan ’05	953
The Reserve on Perkins		Oklahoma State University	Jan ’05	732
The Pointe		Pennsylvania State University	Jan ’05	984
College Station at West Lafayette		Purdue University	Jan ’05	960
The Reserve on Frankford		Texas Tech University	Jan ’05	737
Commons on Kinnear		The Ohio State University	Jan ’05	502
NorthPointe		University of Arizona	Jan ’05	912
The Reserve at Star Pass		University of Arizona	Jan ’05	1,020
The Lofts		University of Central Florida	Jan ’05	731
The Reserve at Athens		University of Georgia	Jan ’05	612
The Reserve on West 31st		University of Kansas	Jan ’05	714
The Reserve at Columbia		University of Missouri	Jan ’05	676
The Pointe at South Florida		University of South Florida	Jan ’05	1,002
The Commons at Knoxville		University of Tennessee	Jan ’05	708
The Gables		Western Kentucky University	Jan ’05	288
The Pointe at Western		Western Michigan University	Jan ’05	876
Campus Creek		University of Mississippi	Feb ’05	636
Pointe West		University of South Carolina	Mar ’05	480
College Grove		Middle Tennessee State University	Apr ’05	864
Campus Lodge		University of Florida	Jun ’05	1,115
The Reserve on South College		Auburn University	Jul ’05	576
The Avenue at Southern		Georgia Southern University	Jun ’06	624
The Reserve at Saluki Pointe		Southern Illinois University	Aug '08, Aug '09	768
University Village on Colvin		Syracuse University	Aug '09	432
	Sub-Total Wholly-Owned Communties - Excluding Place			19,560

Name	PrimaryUniversityServed	AcquisitionDate	#ofBeds
Clayton Place	Clayton State University	Jan ’06	854
Berkeley Place	Clemson University	Jan ’06	480
Clemson Place	Clemson University	Jan ’06	288
The Pointe at Southern	Georgia Southern University	Jan ’06	528
The Reserve at Jacksonville	Jacksonville State University	Jan ’06	504
Collegiate Village	Macon State College	Jan ’06	336
The Chase at Murray	Murray State University	Jan ’06	408
Cape Place	Southeast Missouri State University	Jan ’06	360
Troy Place	Troy University	Jan ’06	408
The Reserve at Martin	University of TN at Martin	Jan ’06	384
Carrolton Place	University of West GA	Jan ’06	336
River Place	University of West GA	Jan ’06	504
Western Place	Western Kentucky University	Jan ’06	504
	Sub-Total Place-Communities		5,894
	Total Wholly-Owned		25,454

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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
(901) 259-2500
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
Keete, Bruyette & Woods	Haendel St. Juste	(212) 887-3842
KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
Macquarie Capital	Michael J. Levy	(212) 231-2626
Morgan Keegan & Company	Stephen Swett	(212) 508-7585
Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782
Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937
Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
UBS Securities	Dustin Pizzo	(212) 713-4847

13

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.

Other income per available bed

Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

Revenue per available bed (RevPAB)

Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.

Operating expense per bed

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

Design beds

Represents the sum of the monthly design beds in the portfolio during the period, excluding the Place properties portfolio.

Same community

Includes communities that have been owned for more than a year as of the beginning of the current period being reported.

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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.

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