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

EDUCATION REALTY TRUST, INC.

THIRD 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
Fall Opening Occupancy	9
Fall Opening Occupancy, Adjusted for Acquisitions and Sales	10
Development Update	11
Capital Structure	12
Community Listing - Wholly-Owned	13
Investor Information	14
Definitions	15
Safe Harbor Statement	16

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

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

OPERATINGDATA:
	Three months ended September 30,												Nine months ended September 30,
	2010			2009			$ Chg			% Chg			2010			2009			$ Chg			% Chg
Community revenues	$	26,660		$	25,682		$	978			3.8	%	$	84,705		$	82,962		$	1,743			2.1	%
Total revenues		34,908			32,502			2,406			7.4	%		99,732			98,356			1,376			1.4	%
Community net operating income		8,604			7,290			1,314			18.0	%		40,003			38,471			1,532			4.0	%
Total operating income (loss)		(34,020	)		(543	)		(33,477	)	NM				(22,934	)		12,877			(35,811	)	NM
Net loss		(39,820	)		(7,384	)		(32,436	)					(40,240	)		(6,720	)		(33,520	)
Per share - basic & diluted		(0.69	)		(0.15	)		(0.54	)					(0.70	)		(0.19	)		(0.51	)
Funds from operations (FFO)		(32,598	)		(399	)		(32,199	)					(17,888	)		14,650			(32,538	)
Per weighted average share/unit (1)		(0.55	)		(0.01	)		(0.54	)					(0.31	)		0.40			(0.71	)
Funds from operations adjusted (FFOA)		1,287			(399	)		1,686						16,304			13,820			2,484
Per weighted average share/unit (1)	$	0.02		$	(0.01	)	$	0.03					$	0.28		$	0.38		$	(0.10	)
BALANCE SHEET DATA:
	9/30/2010			9/30/2009
Debt to gross assets		42.6	%		45.7	%
Net debt to enterprise value		46.4	%		52.1	%
Interest coverage ratio (TTM)		2.2			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)

	September 30, 2010			December 31, 2009
	(unaudited)
Assets
Student housing properties, net (1)	$	708,942		$	749,884
Cash and cash equivalents		27,960			31,169
Restricted cash		6,488			4,579
Other assets		26,376			18,981
Total assets	$	769,766		$	804,613
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	398,087		$	406,365
Accounts payable and accrued expenses		20,008			11,658
Deferred revenue		14,499			10,346
Total liabilities		432,594			428,369
Commitments and contingencies		-			-
Redeemable noncontrolling interests		10,035			11,079
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 58,347,250 and 56,705,605 shares issued and outstanding September 30, 2010 and December 31, 2009, respectively		584			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		415,429			410,455
Accumulated deficit		(88,876	)		(48,636	)
Total Education Realty Trust, Inc. stockholders' equity		327,137			362,386
Noncontrolling interest		-			2,779
Total equity		327,137			365,165
Total liabilities and equity	$	769,766		$	804,613

(1) Amount is net of accumulated depreciation of $163,592 and $141,507 as of September 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 September 30,									Nine Months Ended September 30,
	2010			2009			$ Change			2010			2009			$ Change
Revenues:
Student housing leasing revenue	$	26,660		$	25,682		$	978		$	84,705		$	82,962		$	1,743
Third-party development services		334			2,559			(2,225	)		1,675			5,275			(3,600	)
Third-party management services		762			738			24			2,335			2,370			(35	)
Operating expense reimbursements		7,152			3,523			3,629			11,017			7,749			3,268
Total revenues		34,908			32,502			2,406			99,732			98,356			1,376
Operating expenses:
Student housing leasing operations		18,056			18,392			(336	)		44,702			44,491			211
General and administrative		3,449			3,738			(289	)		10,917			11,513			(596	)
G&A related to severance, development pursuit and acquisition costs		(124	)		165			(289	)		744			225			519
Depreciation and amortization		7,701			7,227			474			22,592			21,501			1,091
Loss on impairment		33,610			-			33,610			33,610			-			33,610
Reimbursable operating expenses		6,236			3,523			2,713			10,101			7,749			2,352
Total operating expenses		68,928			33,045			35,883			122,666			85,479			37,187
Operating income (loss)		(34,020	)		(543	)		(33,477	)		(22,934	)		12,877			(35,811	)
Nonoperating expenses:
Interest expense		5,524			6,323			(799	)		16,653			18,825			(2,172	)
Amortization of deferred financing costs		306			230			76			974			749			225
Interest income		(174	)		(180	)		6			(402	)		(334	)		(68	)
Gain on extinguishment of debt		-			-			-			-			(830	)		830
Total nonoperating expenses		5,656			6,373			(717	)		17,225			18,410			(1,185	)
Loss before equity in earnings (losses) of unconsolidated entities, income taxes and discontinued operations		(39,676	)		(6,916	)		(32,760	)		(40,159	)		(5,533	)		(34,626	)
Equity in earnings (losses) of unconsolidated entities		(328	)		(152	)		(176	)		(242	)		(6	)		(236	)
Loss before income taxes and discontinued operations		(40,004	)		(7,068	)		(32,936	)		(40,401	)		(5,539	)		(34,862	)
Less: Income tax expense		444			513			(69	)		268			1,203			(935	)
Loss from continuing operations		(40,448	)		(7,581	)		(32,867	)		(40,669	)		(6,742	)		(33,927	)
Loss from discontinued operations		-			(3	)		3			-			(21	)		21
Net loss		(40,448	)		(7,584	)		(32,864	)		(40,669	)		(6,763	)		(33,906	)
Less: Net loss attributable to the noncontrolling interests		(628	)		(200	)		(428	)		(429	)		(43	)		(386	)
Net loss attributable to Education Realty Trust, Inc.	$	(39,820	)	$	(7,384	)	$	(32,436	)	$	(40,240	)	$	(6,720	)	$	(33,520	)
Earnings per share information:
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic and diluted	$	(0.69	)	$	(0.15	)	$	(0.54	)	$	(0.70	)	$	(0.19	)	$	(0.51	)
Weighted-average common shares outstanding - basic & diluted		57,719			47,932						57,120			35,014

3

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	Three months ended September 30,									Nine months ended September 30,
	2010			2009			Change			2010			2009			Change
Net loss attributable to Education Realty Trust, Inc.	$	(39,820	)	$	(7,384	)	$	(32,436	)	$	(40,240	)	$	(6,720	)	$	(33,520	)
Real estate related depreciation and amortization		7,593			7,056			537			22,276			21,015			1,261
Equity portion of real estate depreciation and amortization on equity investees		120			129			(9	)		368			373			(5	)
Depreciation and amortization of discontinued operations		-			-			-			-			25			(25	)
Equity portion of loss on sale of student housing property on equity investee		137			-			137			137			-			137
Noncontrolling interests		(628	)		(200	)		(428	)		(429	)		(43	)		(386	)
Funds from operations ("FFO")		(32,598	)		(399	)		(32,199	)		(17,888	)		14,650			(32,538	)
FFO on Participating Developments: (2)
Interest on loan to Participating Development		112			-			112			112			-			112
Development fees on Participating Development, net of costs and tax		23			-			23			23			-			23
FFO on Participating Developments		135			-			135			135			-			135
Impact of refinancing, impairment and reorganization charges:
Gain on extinguishment of debt		-			-			-			-			(830	)		830
Acquisition costs		24			-			24			24						24
Loss on impairment		33,610			-			33,610			33,610			-			33,610
Reorganization/severance costs, net of tax		116			-			116			423			-			423
Impact of refinancing, impairment and reorganization charges		33,750			-			33,750			34,057			(830	)		34,887
Funds from operations - adjusted ("FFOA")	$	1,287		$	(399	)	$	1,686		$	16,304		$	13,820		$	2,484
FFO per weighted average share/unit (1)	$	(0.55	)	$	(0.01	)	$	(0.54	)	$	(0.31	)	$	0.40		$	(0.71	)
FFOA per weighted average share/unit (1)	$	0.02		$	(0.01	)	$	0.03		$	0.28		$	0.38		$	(0.10	)
Weighted average shares/units (1)		58,830			49,314			9,516			58,353			36,388			21,965

(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.

(2) FFO on participating developments represents the actual economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development.

The adjustments are calculated under the same percentage of completion  method of accounting used for third-party development fees.

4

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)

	Three Months Ended September 30,										Nine Months Ended September 30,
	2010		2009		$ Change			% Change			2010		2009		$ Change			% Change
Revenues
Legacy-communities	$	19,916	$	19,610	$	306			1.6	%	$	63,758	$	64,795	$	(1,037	)		-1.6	%
Place-communities		4,991		4,670		321			6.9	%		15,391		14,594		797			5.5	%
Total Same-community		24,907		24,280		627			2.6	%		79,149		79,389		(240	)		-0.3	%
Other-communities (2)		1,753		1,402		351		NM				5,556		3,573		1,983		NM
Total revenues		26,660		25,682		978			3.8	%		84,705		82,962		1,743			2.1	%
Operating expenses (1)
Legacy-communities		13,206		13,661		(455	)		-3.3	%		32,950		33,481		(531	)		-1.6	%
Place-communities		3,650		3,615		35			1.0	%		9,000		8,798		202			2.3	%
Total Same-community		16,856		17,276		(420	)		-2.4	%		41,950		42,279		(329	)		-0.8	%
Other-communities (2)		1,200		1,116		84		NM				2,752		2,212		540		NM
Total operating expenses		18,056		18,392		(336	)		-1.8	%		44,702		44,491		211			0.5	%
Net operating income
Legacy-communities		6,710		5,949		761			12.8	%		30,808		31,314		(506	)		-1.6	%
Place-communities		1,341		1,055		286			27.1	%		6,391		5,796		595			10.3	%
Total Same-community		8,051		7,004		1,047			14.9	%		37,199		37,110		89			0.2	%
Other-communities (2)		553		286		267		NM				2,804		1,361		1,443		NM
Total net operating income	$	8,604	$	7,290	$	1,314			18.0	%	$	40,003	$	38,471	$	1,532			4.0	%

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

(2) Includes the following communities: Reserve at Saluki Pointe - Southern Illinois University, University Village on Colvin - Syracuse University, and Collegiate Village - Macon State College.

5

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	ThreeMonthsEndedSeptember30,									NineMonthsEndedSeptember30,
	2010			2009			Change			2010			2009			Change
Occupancy
Physical		88.5	%		87.2	%		130	bps		88.1	%		87.6	%		50	bps
Economic		75.2	%		74.7	%		50	bps		82.8	%		82.9	%		(10	)bps
NarPAB	$	324		$	313			3.5	%	$	349		$	347			0.6	%
Other income per avail. bed	$	27		$	27			0.0	%	$	22		$	24			-8.3	%
RevPAB	$	351		$	340			3.2	%	$	371		$	371			0.0	%
Operating expense per bed	$	238		$	243			-2.1	%	$	196		$	198			-1.0	%
Operating margin		32.2	%		28.6	%		360	bps		47.3	%		46.5	%		75	bps
Design Beds		75,358			74,682			0.9	%		226,066			221,376			2.1	%

NOTE: Operating statistics exclude Collegiate Village which was leased to Macon State College in August 2010.

6

EDUCATION REALTY TRUST, INC.

LEGACY-COMMUNITY STATISTICS

	ThreeMonthsEndedSeptember30,									NineMonthsEndedSeptember30,
	2010			2009			Change			2010			2009			Change
Occupancy
Physical		90.3	%		89.0	%		130	bps		90.3	%		89.7	%		60	bps
Economic		77.7	%		76.4	%		130	bps		85.4	%		85.2	%		20	bps
NarPAB	$	332		$	325			2.2	%	$	361		$	365			-1.1	%
Other income per avail. bed	$	30		$	31			-3.2	%	$	25		$	27			-7.4	%
RevPAB	$	362		$	356			1.7	%	$	386		$	392			-1.5	%
Operating expense per bed	$	240		$	248			-3.2	%	$	199		$	203			-2.0	%
Operating margin		33.7	%		30.3	%		340	bps		48.3	%		48.3	%		-	bps
Design Beds		55,084			55,080			0.0	%		165,244			165,258			0.0	%

7

EDUCATION REALTY TRUST, INC.

PLACE-COMMUNITY STATISTICS

	ThreeMonthsEndedSeptember30,									NineMonthsEndedSeptember30,
	2010			2009			Change			2010			2009			Change
Occupancy
Physical		84.7	%		82.4	%		230	bps		83.9	%		80.4	%		350	bps
Economic		73.8	%		71.4	%		240	bps		77.8	%		74.8	%		300	bps
NarPAB	$	281		$	264			6.4	%	$	291		$	276			5.4	%
Other income per avail. bed	$	18		$	16			12.5	%	$	17		$	15			13.3	%
RevPAB	$	299		$	280			6.8	%	$	308		$	291			5.8	%
Operating expense per bed	$	219		$	217			0.9	%	$	180		$	176			2.3	%
Operating margin		26.9	%		22.6	%		428	bps		41.5	%		39.7	%		181	bps
Design Beds		16,674			16,674			0.0	%		50,022			50,022			0.0	%

NOTE: Place operating statistics exclude Collegiate Village, which was leased to Macon State College in August 2010.

8

EDUCATION REALTY TRUST, INC.

Fall Opening Occupancy - as of September 30th

		2010-2011					2009-2010
Community	Primary University	Leases		%			Leases		%			Design Beds
The Reserve at Clemson	Clemson University		570		96.6	%		574		97.3	%		590
Players Club	Florida State University		333		99.1	%		333		99.1	%		336
The Commons	Florida State University		634		86.6	%		641		87.6	%		732
University Towers	North Carolina State University		948		99.5	%		953		100.0	%		953
The Reserve on Perkins	Oklahoma State University		719		98.2	%		631		86.2	%		732
The Pointe	Pennsylvania State University		984		100.0	%		984		100.0	%		984
College Station at West Lafayette	Purdue University		929		96.8	%		950		99.0	%		960
The Reserve on Frankford	Texas Tech University		727		98.6	%		678		92.0	%		737
Commons on Kinnear	The Ohio State University		495		98.6	%		489		97.4	%		502
NorthPointe	University of Arizona		718		78.7	%		853		93.5	%		912
The Reserve at Star Pass	University of Arizona		888		87.1	%		725		71.1	%		1,020
The Lofts	University of Central Florida		722		98.9	%		718		98.4	%		730
The Reserve at Athens	University of Georgia		509		83.2	%		612		100.0	%		612
The Reserve on West 31st	University of Kansas		700		98.0	%		659		92.3	%		714
The Reserve at Columbia	University of Missouri		676		100.0	%		675		99.9	%		676
The Pointe at South Florida	University of South Florida		913		91.1	%		874		87.2	%		1,002
The Commons at Knoxville	University of Tennessee		604		85.3	%		675		95.3	%		708
The Gables	Western Kentucky University		288		100.0	%		288		100.0	%		288
The Pointe at Western	Western Michigan University		854		97.5	%		817		93.3	%		876
Campus Creek	University of Mississippi		634		99.7	%		613		96.4	%		636
Pointe West	University of South Carolina		478		99.6	%		427		89.0	%		480
College Grove	Middle Tennessee State University		785		90.9	%		788		91.2	%		864
Campus Lodge	University of Florida		984		88.3	%		1,093		98.0	%		1,115
The Reserve on South College	Auburn University		553		96.0	%		442		76.7	%		576
The Avenue at Southern	Georgia Southern University		550		88.1	%		486		77.9	%		624
The Reserve at Saluki Pointe	Southern Illinois University		692		90.1	%		582		75.8	%		768
University Village on Colvin	Syracuse University		426		98.6	%		342		79.2	%		432
Same-communites - excluding Place			18,313		93.6	%		17,902		91.5	%		19,559
Clayton Place	Clayton State University		350		41.0	%		365		42.7	%		854
Berkeley Place	Clemson University		478		99.6	%		479		99.8	%		480
Clemson Place	Clemson University		288		100.0	%		287		99.7	%		288
The Pointe at Southern	Georgia Southern University		491		93.0	%		520		98.5	%		528
The Reserve at Jacksonville	Jacksonville State University		372		73.8	%		338		67.1	%		504
The Chase at Murray	Murray State University		408		100.0	%		407		99.8	%		408
Cape Place	Southeast Missouri State University		360		100.0	%		360		100.0	%		360
Troy Place	Troy University		406		99.5	%		371		90.9	%		408
The Reserve at Martin	University of TN at Martin		376		97.9	%		336		87.5	%		384
Carrollton Place	University of West Georgia		333		99.1	%		295		87.8	%		336
River Place	University of West Georgia		481		95.4	%		480		95.2	%		504
Western Place	Western Kentucky University		497		98.6	%		501		99.4	%		504
Place-communitites			4,840		87.1	%		4,739		85.3	%		5,558
Same-community - Wholly-owned			23,153		92.2	%		22,641		90.1	%		25,117

NOTE: Opening occupancy statistics exclude Collegiate Village, which was leased to Macon State College in August 2010.

9

EDUCATION REALTY TRUST, INC.

Fall Opening Occupancy as of September 30th -  Adjusted for Acquisitions and Sales

NOTE: The following schedule shows the Company's opening leasing statistics for the 2010/2011 lease term including the newly acquired community at the Univeristy of Virginia and excluding the nine communities that will be sold in the next two quarters.  See the Company's October 25, 2010 press release for details on these transactions.

		2010-2011					2009-2010
Community	Primary University	Leases		%			Leases		%			Design Beds
The Reserve at Clemson	Clemson University		570		96.6	%		574		97.3	%		590
Players Club	Florida State University		333		99.1	%		333		99.1	%		336
The Commons	Florida State University		634		86.6	%		641		87.6	%		732
University Towers	North Carolina State University		948		99.5	%		953		100.0	%		953
The Reserve on Perkins	Oklahoma State University		719		98.2	%		631		86.2	%		732
The Pointe	Pennsylvania State University		984		100.0	%		984		100.0	%		984
College Station at West Lafayette	Purdue University		929		96.8	%		950		99.0	%		960
The Reserve on Frankford	Texas Tech University		727		98.6	%		678		92.0	%		737
Commons on Kinnear	The Ohio State University		495		98.6	%		489		97.4	%		502
NorthPointe	University of Arizona		718		78.7	%		853		93.5	%		912
The Reserve at Star Pass	University of Arizona		888		87.1	%		725		71.1	%		1,020
The Lofts	University of Central Florida		722		98.9	%		718		98.4	%		730
The Reserve at Athens	University of Georgia		509		83.2	%		612		100.0	%		612
The Reserve on West 31st	University of Kansas		700		98.0	%		659		92.3	%		714
The Reserve at Columbia	University of Missouri		676		100.0	%		675		99.9	%		676
The Pointe at South Florida	University of South Florida		913		91.1	%		874		87.2	%		1,002
The Commons at Knoxville	University of Tennessee		604		85.3	%		675		95.3	%		708
The Pointe at Western	Western Michigan University		854		97.5	%		817		93.3	%		876
Campus Creek	University of Mississippi		634		99.7	%		613		96.4	%		636
Pointe West	University of South Carolina		478		99.6	%		427		89.0	%		480
College Grove	Middle Tennessee State University		785		90.9	%		788		91.2	%		864
Campus Lodge	University of Florida		984		88.3	%		1,093		98.0	%		1,115
The Reserve on South College	Auburn University		553		96.0	%		442		76.7	%		576
The Avenue at Southern	Georgia Southern University		550		88.1	%		486		77.9	%		624
The Reserve at Saluki Pointe	Southern Illinois University		692		90.1	%		582		75.8	%		768
University Village on Colvin	Syracuse University		426		98.6	%		342		79.2	%		432
Same-communites - excluding Place			18,025		93.5	%		17,614		91.4	%		19,271
Clayton Place	Clayton State University		350		41.0	%		365		42.7	%		854
Cape Place	Southeast Missouri State University		360		100.0	%		360		100.0	%		360
Carrollton Place	University of West GA		333		99.1	%		295		87.8	%		336
River Place	University of West GA		481		95.4	%		480		95.2	%		504
Place-communitites			1,524		74.2	%		1,500		73.0	%		2,054
Same-community - Wholly-owned			19,549		91.7	%		19,114		89.6	%		21,325
Acquisition
Grandmarc at the Corner	University of Virginia		582		90.8	%		-		-			641
Total - Wholly-owned			20,131		91.6	%		19,114		89.6	%		21,966

10

EDUCATION REALTY TRUST, INC.

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

COMPANY OWNED PROJECTS
Project	Project Type	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost
The University of Texas at Austin	ONE Plan		612	Summer 2011	July 2013	$	64,152
University of Connecticut- Storrs	Wholly Owned		501	June 2011	Aug. 2012/2013	$	45,455
			1,113			$	109,607

PARTICIPATING PROJECTS (1)
Project	Project Type	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees
Science + Technology Park at Johns Hopkins	Participating		572	In progress	June 2012		60,700	$	2,122

THIRD-PARTY PROJECTS
Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year		Fees Earned Nine Months Ended September 30, 2010		Remaining Fees to Earn
Colorado State University - Pueblo Phase II		500	In progress	September 2010	$	34,058	$	1,583	$	1,051	$	530	$	2
Indiana University of Pennsylvania Phase IV		596	In progress	September 2010		37,029		1,247		605		604		38
SUNY College of Env. Science & Forestry		454	In progress	August 2011		28,147		1,074		-		280		794
East Stroudsburg University - Pennsylvania		969	In progress	December 2011		59,491		2,234		-		35		2,199
Mansfield University of Pennsylvania		634	In progress	December 2011		35,031		1,449		-		-		1,449
Projects Under Construction - Total		3,153				193,756		7,587		1,656		1,449		4,482
West Chester University of Pennsylvania Phase II		1,467	May 2012	August 2013		79,416		2,304		-		-		2,304
Recently Awarded Projects - Total		1,467				79,416		2,304		-		-		2,304
Total Third-Party Projects		4,620			$	273,172	$	9,891	$	1,656	$	1,449	$	6,786

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.

(1) Participating projects are third-party development projects the Company has a significant investment in but does not own. The Company earns fees

 on the project but the fees are deferred and not recognized in its operating statements until its investment is recovered.

11

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of September 30, 2010

(dollars in thousands)

Total Debt to Gross Assets					Net Debt to Enterprise Value
Debt (1)	$	397,588			Net Debt (1)	$	369,628
Gross Assets (2)	$	933,358			Market Equity (3)		426,343
Debt to Gross Assets		42.6	%		Enterprise Value	$	795,971
					Net Debt to Enterprise Value		46.4	%
Interest coverage (TTM)		2.2		x
Net Debt to EBITDA (TTM)		7.4		x

Total Debt Outstanding
	Principal		WeightedAverage						AverageTerm
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	324,978		5.91	%		81.7	%		4.86	years
Variable Rate - Mortgage Debt		48,816		3.64	%		12.3	%		3.25	years
Variable Rate - Construction Debt		23,794		1.52	%		6.0	%		1.47	years
Total / Weighted Average	$	397,588		5.37	%		100.0	%		4.46	years

Future Maturities
Fiscal Year Ending	Amortization		Maturities			Total		Percentage
2010	$	1,112	$	-		$	1,112		0.3	%
2011		4,542		8,825	(4)		13,367		3.4	%
2012		4,200		78,867			83,067		20.9	%
2013		4,156		28,872			33,028		8.3	%
2014		45,437		54,678			100,115		25.2	%
Thereafter		8,208		158,690			166,899		42.0	%
Mortgage Debt (1)		67,655		329,932			397,588		100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	67,655	$	329,932			397,588
Cash							27,960
Net Debt						$	369,628

(1) Excludes unamortized debt premium of $0.5 million.

(2) Excludes accumulated depreciation of $163,592 as of September 30, 2010.

(3) Market equity includes 58,517,420 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $7.15, the closing price per share of the Company's common stock on September 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 as of September 30, 2010

Name	PrimaryUniversityServed	AcquisitionDate	#ofBeds
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		730
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			19,559

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
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 Georgia	Jan ’06		336
River Place	University of West Georgia	Jan ’06		504
Western Place	Western Kentucky University	Jan ’06		504
	Sub-Total Place-Communities			5,558
	Total Wholly-Owned			25,117

NOTE: The community listing excludes Collegiate Village, which was leased to Macon State College in August 2010.

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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
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
Hilliard Lyons	Carol Kemple	(502) 588-1839
JMP Securities	Jim Wilson	(415) 835-8975

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.

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.

15

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