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

EDUCATION REALTY TRUST, INC.

SECOND QUARTER 2011

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

Financial Highlights	1
Balance Sheet	2
Operating Results	3
General and Administrative Expense Detail	4
Funds From Operations	5
Wholly-Owned Community Operating Results	6
Wholly-Owned Community Statistics	7
Same-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,
	2011		2010			$ Chg			% Chg			2011		2010			$ Chg			% Chg
Same-community revenue	$	23,838	$	23,335		$	503			2.2	%	$	49,191	$	47,837		$	1,354			2.8	%
Total community revenue		25,613		23,335			2,278			9.8	%		52,312		47,837			4,475			9.4	%
Total revenue		29,449		26,647			2,802			10.5	%		60,113		54,616			5,497			10.1	%
Same-community net operating income		13,131		12,960			171			1.3	%		27,555		26,788			767			2.9	%
Community net operating income		14,342		12,960			1,382			10.7	%		29,780		26,788			2,992			11.2	%
Total operating income		3,772		4,249			(477	)		-11.2	%		9,458		9,353			105			1.1	%
Net income (loss)		576		(590	)		1,166		NM				1,231		(420	)		1,651		NM
Per share - basic & diluted		0.01		(0.01	)		0.01		NM				0.02		(0.01	)		0.02		NM
Funds from operations (FFO)		6,400		6,895			(495	)		-7.2	%		13,319		14,710			(1,391	)		-9.5	%
Per weighted average share/unit (1)		0.09		0.12			(0.03	)		-25.0	%		0.18		0.25			(0.07	)		-28.0	%
Core funds from operations (Core FFO)		8,365		7,029			1,336			19.0	%		17,752		15,017			2,735			18.2	%
Per weighted average share/unit (1)	$	0.11	$	0.12		$	(0.01	)		-8.3	%	$	0.24	$	0.26		$	(0.02	)		-7.7	%

BALANCE SHEET DATA:

	6/30/2011			12/31/2010
Debt to gross assets		35.3	%		41.5	%
Net debt to enterprise value		29.1	%		43.9	%
Interest coverage ratio (TTM)		2.4			2.2

(1) FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.See page 5 for detailed calculation.

1

EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	June 30, 2011			December 31, 2010
	(unaudited)
Assets
Collegiate housing properties, net (1)	$	661,535		$	652,603
Collegiate housing properties - held for sale (2)		-			45,044
Assets under development		11,527			1,146
Cash and cash equivalents		71,289			6,958
Restricted cash		3,560			4,791
Other assets		35,372			26,743
Total assets	$	783,283		$	737,285
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	329,989		$	367,631
Revolving line of credit		-			3,700
Accounts payable and accrued expenses		22,346			18,929
Deferred revenue		9,355			12,243
Total liabilities		361,690			402,503
Commitments and contingencies		-			-
Redeemable noncontrolling interests		10,053			10,039
Equity:
Stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 71,990,538 and 58,657,056 shares issued and outstanding June 30, 2011 and December 31, 2010, respectively		720			587
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		500,283			414,850
Accumulated deficit		(89,463	)		(90,694	)
Total stockholders' equity		411,540			324,743
Total liabilities and stockholders' equity	$	783,283		$	737,285

(1)  Amount is net of accumulated depreciation of $151,751 and $145,315 as of June 30, 2011 and December 31, 2010, respectively

(2)  Amount is net of accumulated depreciation of $11,043 as of December 31, 2010.

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,
	2011			2010			$ Change			2011			2010			$ Change
Revenues:
Collegiate housing leasing revenue	$	25,613		$	23,335		$	2,278		$	52,312		$	47,837		$	4,475
Third-party development services		1,073			648			425			2,349			1,341			1,008
Third-party management services		745			707			38			1,579			1,573			6
Operating expense reimbursements		2,018			1,957			61			3,873			3,865			8
Total revenues		29,449			26,647			2,802			60,113			54,616			5,497
Operating expenses:
Collegiate housing leasing operations		11,271			10,375			896			22,532			21,049			1,483
Development and management services (1)		1,316			1,270			45			2,647			2,583			64
General and administrative (1)		2,392			2,359			34			4,874			4,885			(11	)
Severance, development pursuit and acquisition costs		208			407			(199	)		152			868			(716	)
Ground leases		1,366			83			1,283			2,732			165			2,567
Depreciation and amortization		7,106			5,947			1,159			13,845			11,848			1,997
Reimbursable operating expenses		2,018			1,957			61			3,873			3,865			8
Total operating expenses		25,677			22,398			3,279			50,655			45,263			5,392
Operating income		3,772			4,249			(477	)		9,458			9,353			105
Nonoperating expenses:
Interest expense		4,642			4,888			(246	)		9,384			9,875			(491	)
Amortization of deferred financing costs		284			312			(28	)		568			624			(56	)
Interest income		(47	)		(110	)		63			(92	)		(227	)		135
Loss on extinguishment of debt		-			-			-			351			-			351
Total nonoperating expenses		4,879			5,090			(211	)		10,211			10,272			(61	)
Loss before equity in earnings of unconsolidated entities, income taxes and discontinued operations		(1,107	)		(841	)		(266	)		(753	)		(919	)		166
Equity in earnings (losses) of unconsolidated entities		(23	)		7			(30	)		(18	)		86			(104	)
Loss before income taxes and discontinued operations		(1,130	)		(834	)		(296	)		(771	)		(833	)		62
Less: Income tax benefit		(371	)		(102	)		(269	)		(218	)		(177	)		(41	)
Loss from continuing operations		(759	)		(732	)		(27	)		(553	)		(656	)		103
Income from discontinued operations		1,275			130			1,145			1,935			435			1,500
Net income (loss)		516			(602	)		1,118			1,382			(221	)		1,603
Less: Net income (loss) attributable to the noncontrolling interests		(60	)		(12	)		(48	)		151			199			(48	)
Net income (loss) attributable to Education Realty Trust, Inc.	$	576		$	(590	)	$	1,166		$	1,231		$	(420	)	$	1,651
Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common shareholders per share - basic and diluted	$	0.01		$	(0.01	)	$	0.01		$	0.02		$	(0.01	)	$	0.02
Weighted-average common shares outstanding - basic and diluted		72,209			56,933						71,527			56,847

(1) See note on page 4 regarding presentation of general and administrative costs.

3

EDUCATION REALTY TRUST, INC.

General and Administrative Expense Detail

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

Note:  This schedule provides more clarity on the composition of our general and administrative costs.  Historically we have  presented all general and administrative costs, including regional and corporate costs of supporting our communities,  as one line in our income statement.  We intend to present G&A costs in this fashion for the remainder of the year.   However, beginning in 2012 we intend to report the management services - owned G&A costs as part of our collegiate  housing operating costs and not as part of G&A.  We believe the new presentation will improve comparability within the  industry and provide a better reflection of the total cost to operate a property.  If this new presentation had been implemented  for all periods presented, our same-community operating expenses per bed on page 8 would have been $196 and $190 and the  same-community operating margins would have been 50.9% and 51.4% for the second quarter of 2011 and 2010, respectively.  And  on a year to date basis, operating expenses per bed would have been $198 and $194 and the operating margins would have been  51.9% and 51.6% for 2011 and 2010, respectively.

	Three Months Ended June 30,							Six Months Ended June 30,
	2011		2010		$ Change			2011			2010		$ Change
Management services - third-party (1)		631		618		12			1,298			1,322		(24	)
Development consulting services		685		652		33			1,349			1,261		88
Development and management services - third-party		1,316		1,270		45			2,647			2,583		64
Management services - owned (1)		995		976		20			2,048			2,085		(37	)
Corporate general and administrative		1,397		1,383		14			2,826			2,800		26
General and administrative - non third-party		2,392		2,359		34			4,874			4,885		(11	)
Total general and administrative expense		3,708		3,629		79			7,521			7,468		53
Severance and related		-		227		(227	)		-			519		(519	)
Development pursuit		6		180		(174	)		(221	)		349		(570	)
Acquisition costs		202		-		202			373			-		373
Total severance, development pursuit and acquisition costs		208		407		(199	)		152			868		(716	)

(1) Management services owned and third-party represents costs related to regional managers, accounting, and other support staff necessary to oversee, manage and support the operations of our communities and those we manage for third-parties.

4

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,
	2011			2010			Change			2011			2010			Change
Net income (loss) attributable to Education Realty Trust, Inc.	$	576		$	(590	)	$	1,166		$	1,231		$	(420	)	$	1,651
Gain on sale of collegiate housing assets (1)		(1,445	)		-			(1,445	)		(2,388	)		-			(2,388	)
Real estate related depreciation and amortization		6,983			5,845			1,138			13,603			11,640			1,963
Depreciation and amortization of discontinued operations		235			1,528			(1,293	)		501			3,043			(2,542	)
Equity portion of real estate depreciation and amortization on equity investees		111			124			(13	)		221			248			(27	)
Noncontrolling interests		(60	)		(12	)		(48	)		151			199			(48	)
Funds from operations ("FFO")		6,400			6,895			(495	)		13,319			14,710			(1,391	)
FFO adjustments:
Loss on extinguishment of debt (1)		-			-			-			757			-			757
Acquisition costs		202			-			202			373			-			373
Straight-line adjustment for ground leases (2)		1,053			-			1,053			2,106			-			2,106
Reorganization/severance costs, net of taxes		-			134			(134	)		-			307			(307	)
FFO adjustments:		1,255			134			1,121			3,236			307			2,929
FFO on Participating Developments:(3)
Interest on loan to Participating Development		393			-			393			678			-			678
Development fees on Participating Development, net of costs and taxes		317			-			317			519			-			519
FFO on Participating Developments		710			-			710			1,197			-			1,197
Core funds from operations ("Core FFO")	$	8,365		$	7,029		$	1,336		$	17,752		$	15,017		$	2,735
FFO per weighted average share/unit (4)	$	0.09		$	0.12		$	(0.03	)	$	0.18		$	0.25		$	(0.07	)
Core FFO per weighted average share/unit (4)	$	0.11		$	0.12		$	(0.01	)	$	0.24		$	0.26		$	(0.02	)
Weighted average shares/units (4)		73,320			58,186			15,134			72,638			58,141			14,497

(1)  All of or a portion of these amounts are included in discontinued operations and are not visible on the face of our statement of operations on page 3.

(2)  This represents the straight-line rent expense adjustment required by GAAP related to ground leases at two communities.  As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.  For the three and six months ended June 30, 2011, the adjustment includes $996 and $1,992 related to The GrandMarc at the University of Virginia and $57 and $114 related to University Village on Colvin in Syracuse, respectively.

(3)  FFO on participating developments represents the 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 adjustment for development fees is calculated under the same percentage of completion  method of accounting used for third-party development fees. The adjustment for interest income is based on terms of the loan.

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

5

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)

	Three Months Ended June 30,									Six Months Ended June 30,
	2011		2010		$ Change		% Change			2011		2010		$ Change		% Change
Revenues
Same-communities	$	23,838	$	23,335	$	503		2.2	%	$	49,191	$	47,837	$	1,354		2.8	%
New-communities (1)		1,774		-		1,774	NM				3,121		-		3,121	NM
Total revenues		25,612		23,335		2,277		9.8	%		52,312		47,837		4,475		9.4	%
Operating expenses (2)
Same-communities		10,707		10,375		332		3.2	%		21,636		21,049		587		2.8	%
New-communities (1)		563		-		563	NM				896		-		896	NM
Total operating expenses		11,270		10,375		895		8.6	%		22,532		21,049		1,483		7.0	%
Net operating income
Same-communities		13,131		12,960		171		1.3	%		27,555		26,788		767		2.9	%
New-communities (1)		1,211		-		1,211	NM				2,225		-		2,225	NM
Total net operating income	$	14,342	$	12,960	$	1,382		10.7	%	$	29,780	$	26,788	$	2,992		11.2	%

NOTE: This table excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: College Station (sold in April 2009), Reserve at Clemson (sold in November 2010), The Gables, Western Place, Berkeley Place and the Pointe at Southern (all sold in December 2010), Troy Place, The Reserve at Jacksonville, The Reserve at Martin, The Chase at Murray and Clemson Place (all sold in January 2011), and Collegiate Village and Clayton Station (both sold in the second quarter of 2011).

(1) New-communities includes GrandMarc at the Corner, Wertland Square and Jefferson Commons communities at the University of Virginia that were purchased in October of 2010 and March of 2011 as well as Westminster House, which was acquired in June of 2011.

(2) Represents community-level operating expenses excluding management fees, depreciation, amortization and ground lease expense.

6

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	Three Months Ended June 30,									Six Months Ended June 30,
	2011			2010			Change			2011			2010			Change
Occupancy
Physical		88.0	%		87.1	%	96		bps		90.4	%		89.2	%	112		bps
Economic		85.6	%		84.8	%	88		bps		88.8	%		87.7	%	115		bps
NarPAB	$	386		$	367			5.2	%	$	399		$	379			5.3	%
Other income per avail. bed	$	23		$	24			-5.4	%	$	22		$	21			2.6	%
RevPAB	$	409		$	391			4.5	%	$	421		$	400			5.1	%
Operating expense per bed	$	180		$	174			3.5	%	$	181		$	176			2.6	%
Operating margin		56.0	%		55.5	%	46		bps		56.9	%		56.0	%	93		bps
Design Beds		62,620			59,646			5.0	%		124,434			119,292			4.3	%

NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations.  See note on Pg. 6.

7

EDUCATION REALTY TRUST, INC.

SAME-COMMUNITY STATISTICS

	Three Months Ended June 30,									Six Months Ended June 30,
	2011			2010			Change			2011			2010			Change
Occupancy
Physical		88.2	%		87.1	%	114		bps		90.5	%		89.2	%	128		bps
Economic		85.9	%		84.5	%	137		bps		89.0	%		87.4	%	163		bps
NarPAB	$	378		$	367			3.0	%	$	391		$	380			3.1	%
Other income per avail. bed	$	22		$	24			-9.1	%	$	21		$	21			-2.1	%
RevPAB	$	400		$	391			2.2	%	$	412		$	401			2.8	%
Operating expense per bed	$	179		$	174			3.2	%	$	181		$	176			2.8	%
Operating margin		55.1	%		55.5	%	(40		)bps		56.0	%		56.0	%	-		bps
Design Beds		59,661			59,646			0.0	%		119,322			119,292			0.0	%

NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations .

8

EDUCATION REALTY TRUST, INC.

2011/2012 PreLeasing update as of July 18th

			2011-2012					2010-2011				Projected					September 30, 2010
Community	Primary University	Leases		%			Leases		%			Rate Increase			Design Beds		Opening Occupancy
Players Club	Florida State University		336		100.0	%		336		100.00	%		4.5	%		336		99.1	%
University Towers	North Carolina State University		953		100.0	%		939		98.53	%		1.8	%		953		99.5	%
The Pointe	Pennsylvania State University		984		100.0	%		984		100.00	%		5.5	%		984		100.0	%
University Village on Colvin	Syracuse University		432		100.0	%		432		100.00	%		7.9	%		432		98.6	%
Campus Creek	University of Mississippi		636		100.0	%		636		100.00	%		18.5	%		636		99.7	%
The Reserve on South College	Auburn University		572		99.3	%		508		88.19	%		9.7	%		576		96.0	%
Carrollton Crossing	University of West Georgia		332		98.8	%		336		100.00	%		7.2	%		336		99.1	%
Cape Trails	Southeast Missouri State University		355		98.6	%		359		99.72	%		5.1	%		360		100.0	%
The Reserve at Athens	University of Georgia		601		98.2	%		465		75.98	%		-5.0	%		612		83.2	%
The Reserve at Columbia	University of Missouri		661		97.8	%		676		100.00	%		11.5	%		676		100.0	%
Commons on Kinnear	The Ohio State University		483		96.2	%		477		95.02	%		3.1	%		502		98.6	%
The Pointe at South Florida	University of South Florida		948		94.6	%		714		71.26	%		5.0	%		1,002		91.1	%
The Lofts	University of Central Florida		681		92.5	%		673		91.44	%		1.1	%		736		98.9	%
The Reserve on Frankford	Texas Tech University		673		91.3	%		631		85.62	%		0.0	%		737		98.6	%
Campus Lodge	University of Florida		993		89.1	%		881		79.01	%		0.5	%		1,115		88.3	%
The Reserve at Saluki Pointe	Southern Illinois University		678		88.3	%		592		77.08	%		2.0	%		768		90.1	%
The Commons at Knoxville	University of Tennessee		623		88.0	%		552		77.97	%		2.2	%		708		85.3	%
College Station at West Lafayette	Purdue University		786		81.9	%		841		87.60	%		3.0	%		960		96.8	%
The Reserve on Perkins	Oklahoma State University		594		81.1	%		651		88.93	%		5.3	%		732		98.2	%
River Pointe	University of West Georgia		408		81.0	%		438		86.90	%		2.1	%		504		95.4	%
The Commons	Florida State University		565		77.2	%		460		62.84	%		2.9	%		732		86.6	%
NorthPointe	University of Arizona		693		76.0	%		571		62.61	%		5.5	%		912		78.7	%
The Reserve on West 31st	University of Kansas		539		75.5	%		666		93.28	%		9.5	%		714		98.0	%
Pointe West	University of South Carolina		349		72.7	%		390		81.25	%		1.5	%		480		99.6	%
The Pointe at Western	Western Michigan University		555		63.4	%		762		86.99	%		2.0	%		876		97.5	%
College Grove	Middle Tennessee State University		521		60.3	%		602		69.68	%		1.0	%		864		90.9	%
The Reserve at Star Pass	University of Arizona		599		58.7	%		709		69.51	%		9.0	%		1,020		87.1	%
The Avenue at Southern	Georgia Southern University		359		57.5	%		402		64.42	%		1.4	%		624		88.1	%
Same-communites			16,909		85.0	%		16,683		83.9	%		4.0	%		19,887		93.6	%
Wertland Square	University of Virginia		152		100.0	%		152		100.0	%		1.0	%		152		100.0	%
Jefferson Commons	University of Virginia		82		100.0	%		82		100.0	%		1.0	%		82		100.0	%
GrandMarc at the Corner	University of Virginia		480		74.9	%	NA			(1	)		(1	)		641		90.8	%
Wesminster House	University of California at Berkeley		49		29.3	%	NA			(1	)		(1	)		167	NA
New-communitites			763		73.2	%		234								1,042
Wholly-owned communities			17,672		84.4	%		16,917								20,929

(1) Prior year leasing data is not included for newly acquired communities where reliable lease pacing information is not available.

9

EDUCATION REALTY TRUST, INC.

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

COMPANY OWNED PROJECTS

Project	ProjectType		BedCount		Estimated Start Date	Anticipated CompletionDate		Project Development Cost
The University of Texas at Austin	ONE Plan			622	In progress	Summer 2013		$	63,951
University of Connecticut - Storrs Center Phase I	Wholly Owned			250	In progress	Summer 2012			24,396
University of Connecticut - Storrs Center Phase II	Wholly Owned			250	In progress	Summer 2013			24,396
Syracuse University - Campus West	ONE Plan			312	In progress	Summer 2012			29,747
University of Alabama	Joint Venture			774	In progress	Summer 2012			41,350
				2,208				$	183,840
PARTICIPATING PROJECTS (1)
Project	BedCount		Estimated Start Date		Anticipated Completion Date	Project Development Cost		TotalProject Fees		FeesEarned Prior Year		FeesEarnedSix MonthsEnded June 30,2011		Remaining FeestoEarn
Johns Hopkins Graduate Housing		572	In progress		Summer 2012		60,700	$	2,122	$	304	$	924	$	894
THIRD-PARTY PROJECTS
Project	BedCount		Estimated Start Date		Anticipated Completion Date	Project Development Cost		TotalProject Fees		FeesEarned Prior Year		FeesEarnedSix MonthsEnded June 30,2011(2)		Remaining FeestoEarn
SUNY College of Env. Science & Forestry		454	In progress		Summer 2011		28,147		1,174		802		266		106
East Stroudsburg University - Pennsylvania		969	In progress		December 2011		59,491		2,234		232		1,006		996
Mansfield University of Pennsylvania		634	In progress		December 2011		35,031		1,449		52		495		902
Projects Under Construction - Total		2,057					122,669		4,857		1,086		1,767		2,004
West Chester University of Pennsylvania Phase II	TBD		TBD		TBD	TBD		TBD			-		-		-
Bloomsburg University of Pennsylvania		522	Summer 2012		Summer 2013		29,746		1,233		-		-		1,233
Recently Awarded Projects - Total		522					29,746		1,233		-		-		1,233
Total Third-Party Projects		2,579				$	152,415	$	6,090	$	1,086	$	1,767	$	3,237

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.  The Company includes the earned fees in computing its Core FFO.  See page 5.

(2) Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress.

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EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of June 30, 2011

(dollars in thousands)

Total Debt to Gross Assets				Net Debt to Enterprise Value
Debt (1)	$	329,784		Net Debt (1)	$	258,495
Gross Assets (2)	$	935,034		Market Equity (3)		628,531
Debt to Gross Assets		35.3	%	Enterprise Value	$	887,026
				Net Debt to Enterprise Value		29.1	%

Interest coverage (TTM)	2.4	x
Net Debt to EBITDA (TTM)	5.3	x

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	306,301		5.93	%		92.9	%	4.26 years
Variable Rate - Construction Debt		23,483		1.45	%		7.1	%	0.71 years
Total / Weighted Average	$	329,784		5.61	%		100.0	%	4.01 years

Future Maturities

Fiscal Year Ending	Amortization		Maturities			Total		Percentage
2011	$	1,916	$	8,826	(4)	$	10,742		3.3	%
2012		3,468		66,872			70,340		21.3	%
2013		3,441		25,000			28,441		8.6	%
2014		3,063		50,299			53,362		16.2	%
2015		2,831		7,107			9,938		3.0	%
Thereafter		5,377		151,584			156,961		47.6	%
Mortgage Debt (1)		20,096		309,688			329,784		100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	20,096	$	309,688			329,784
Cash							71,289
Net Debt						$	258,495

(1) Excludes unamortized debt premium of $0.2 million.

(2) Excludes accumulated depreciation of $151,751 as of June 30, 2011.

(3) Market equity includes 72,229,836 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $8.57 per share, the closing price of the Company's common stock on June 30, 2011.

(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	Primary University Served	Acquisition Date	# of Beds
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	736
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 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
Cape Trails	Southeast Missouri State University	Jan ’06	360
Carrollton Crossing	University of West Georgia	Jan ’06	336
River Pointe	University of West Georgia	Jan ’06	504
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
GrandMarc at The Corner	University of Virginia	Oct '10	641
Wertland Square	University of Virginia	Mar ’11	152
Jefferson Commons	University of Virginia	Mar ’11	82
Westminster House	University of California, Berkeley	May ’11	167
	Total Wholly-Owned		20,929

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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
Christine Richards	Senior Vice President of Property Operations
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	Jeff Spector	(646) 855-1363
Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
Hilliard Lyons	Carol Kemple	(502) 588-1839
Janney Capital Markets	Andrew DiZio	(215) 665-6439
JMP Securities	Mitch Germain	(212) 906-3546
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

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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

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 that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our most recent 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, except as otherwise may be required by law, 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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