Education Realty Trust 10-Q 2012 Q2 Quarterly report

Exhibit 12

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

															6 months
															ended
	Year ended December 31,														June 30,
	2007			2008			2009		2010			2011			2012
Earnings:
Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees	$	(7,148	)	$	(5,645	)	$	1,481	$	(7,710	)	$	(12,413	)	$	2,293
Interest expense, net of amortization of premium/discount		26,957			25,229			24,585		22,179			18,318			4,110
Amortization of deferred financing fees		1,036			992			1,047		1,276			1,246			348
Distributed income of equity investees		364			277			393		388			549			49
Total earnings	$	21,209		$	20,853		$	27,506	$	16,133		$	7,700		$	6,800
Fixed Charges(2):
Interest expense, net of amortization of premium/discount	$	26,957		$	25,229		$	24,585	$	22,179		$	18,318		$	4,110
Capitalized interest		58			453			554		13			911			701
Amortization of deferred fees		1,036			992			1,047		1,276			1,246			348
Total fixed charges	$	28,051		$	26,674		$	26,186	$	23,468		$	20,475		$	5,159
Consolidated ratio of earnings to fixed charges(1)		-			-			1.1		-			-			1.3

(1) For the years ended December 31, 2007, 2008, 2010 and 2011 fixed charges exceeded earnings by $6.8 million, $5.8 million, $7.3 million and $12.8 million, respectively.

(2) As of June 30, 2012 and December 31, 2011 and 2010, 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.