Education Realty Trust 10-Q 2011 Q1 Quarterly report

Exhibit 12

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

																3 months
																ended
	Year-ended December 31,															March 31,
	2006			2007			2008			2009			2010			2011
Earnings:
Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees	$	(13,933	)	$	(7,530	)	$	(7,448	)	$	(2,160	)	$	(15,641	)	$	265
Interest expense, net of amortization of premium/discount		29,353			26,957			25,229			24,585			22,179			4,817
Amortization of deferred financing fees		1,114			1,036			992			1,047			1,276			286
Distributed income of equity investees		787			364			277			393			388			70
Total earnings	$	17,321		$	20,827		$	19,050		$	23,865		$	8,202		$	5,438
Fixed Charges (2):
Interest expense, net of amortization of premium/discount	$	29,353		$	26,957		$	25,229		$	24,585		$	22,179			4,817
Capitalized interest		-			58			453			554			13			27
Amortization of deferred fees		1,114			1,036			992			1,047			1,276			286
Total fixed charges	$	30,467		$	28,051		$	26,674		$	26,186		$	23,468		$	5,130
Consolidated ratio of earnings to fixed charges (1)		-			-			-			-			-			1.1

(1) For the years ended December 31, 2006, 2007, 2008 , 2009 and 2010 fixed charges exceeded earnings by $13.1million, $7.2 million, $7.6 million, $2.3 million and $15.3 million, respectively.

(2) As of December 31, 2010 and March 31, 2011, the Trust accrued $3.0 million according to the authoritative guidance related to the guarantee of a construction loan for the Johns Hopkins participating development. The Trust has not included the liability in the calculation of fixed charges because it is not considered probable that such obligation will be incurred by the Trust.