Education Realty Trust 8-K Education Realty Trust Announces Third Quarter 2008 Results

EDUCATION REALTY TRUST, INC.

THIRD QUARTER 2008
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations — Three Months Ended September 30,	3
Condensed Consolidated Statements of Operations — Nine Months Ended September 30,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results — Three Months Ended September 30,	6
Community Operating Results — Nine Months Ended September 30,	7
Leasing Activity	8
Consolidated Community Statistics — Owned and Operated — Three Months Ended September 30,	9
Consolidated Community Statistics — Owned and Operated — Nine Months Ended September 30,	10
Same Apartment Community Statistics — Three Months Ended September 30,	11
Same Apartment Community Statistics — Nine Months Ended September 30,	12
University Towers Residence Hall Statistics — Three Months Ended September 30,	13
University Towers Residence Hall Statistics — Nine Months Ended September 30,	14
Place Portfolio Community Statistics — Three Months Ended September 30,	15
Place Portfolio Community Statistics — Eight Months Ended September 30,	16
Third-Party Development Project Summary	17
Capital Structure	18
Community Listing — Owned and Operated	19
Definitions	20

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS
(Amounts in thousands, except share and per share data)

	Three months ended September 30,												Nine months ended September 30,
	2008			2007			$ Chg			% Chg			2008			2007			$ Chg		% Chg
	(unaudited)			(unaudited)									(unaudited)			(unaudited)
Total revenues	$	32,417		$	28,332		$	4,085			14.4	%	$	103,671		$	87,358		$	16,313		18.7	%
Operating income (loss)		(164	)		502			(666	)	NM				16,924			12,595			4,329		34.4	%
Loss from continuing operations		(7,259	)		(5,786	)		(1,473	)		-25.5	%		(3,052	)		(8,495	)		5,443		64.1	%
Net loss		(7,259	)		(5,802	)		(1,457	)		-25.1	%		(3,052	)		(6,099	)		3,047		50.0	%
Net loss per share — basic & diluted	$	(0.26	)	$	(0.20	)							$	(0.11	)	$	(0.22	)
Weighted-average common shares outstanding — basic & diluted		28,462,349			28,418,349									28,450,470			27,869,054
Funds from operations (FFO)	$	(513	)	$	1,834			(2,347	)	NM			$	19,170		$	16,700			2,470		14.8	%
FFO per weighted average share/unit (3)	$	(0.02	)	$	0.06					NM			$	0.64		$	0.57					12.3	%
Weighted average shares/units (3)		29,864,093			29,875,927									29,865,786			29,323,766

Capitalization Data as of: September 30, 2008

Total debt (1)	$	446,307
Market equity (2)		328,366
Total enterprise value	$	774,673
Debt to total enterprise value		57.6	%

Notes:

(1)	Excludes debt premium of $1.3 million.
(2)	Market equity represents the aggregate market value of the Company’s common stock outstanding, restricted shares and operating partnership units, calculated at the closing price per common share of $11.08 at September 30, 2008. Excludes 282,500 Profits Interest Units outstanding.
(3)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.

1

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except share and per share data)

	September 30, 2008			December 31, 2007
	(Unaudited)
Assets
Student housing properties, net (1)	$	736,729		$	732,979
Assets under development		2,883			5,675
Corporate office furniture and equipment, net		1,498			1,693
Cash and cash equivalents		2,756			4,034
Restricted cash		10,326			8,188
Student contracts receivable, net		515			329
Receivable from affiliates		41			18
Receivable from third party management contracts		451			606
Goodwill and other intangibles, net		3,508			3,531
Other assets		10,523			10,407
Total assets	$	769,230		$	767,460
Liabilities and stockholders’ equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	429,013		$	420,940
Revolving line of credit		18,600			11,500
Accounts payable and accrued expenses		15,415			11,092
Accounts payable affiliate		1			60
Deferred revenue		13,398			7,928
Total liabilities		476,427			451,520
Minority interest		14,998			18,121
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,466,849 and 28,431,855 shares issued and outstanding September 30, 2008 and December 31, 2007, respectively		285			284
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		314,006			330,969
Accumulated deficit		(36,486	)		(33,434	)
Total stockholders’ equity		277,805			297,819
Total liabilities and stockholders’ equity	$	769,230		$	767,460

(1) Amount is net of accumulated depreciation of $106,891 and $86,209 as of September 30, 2008 and December 31, 2007, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED SEPTEMBER 30,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	24,671		$	19,378		$	5,293			27.3	%
Student housing food service revenue		608			642			(34	)		-5.3	%
Other leasing revenue		—			3,509			(3,509	)		-100.0	%
Third-party development services		3,216			1,287			1,929			149.9	%
Third-party management services		870			844			26			3.1	%
Operating expense reimbursements		3,052			2,672			380			14.2	%
Total revenues		32,417			28,332			4,085			14.4	%
Operating expenses:
Student housing leasing operations		17,833			12,803			5,030			39.3	%
Student housing food service operations		600			611			(11	)		-1.8	%
General and administrative		4,017			3,739			278			7.4	%
Depreciation and amortization		7,079			8,005			(926	)		-11.6	%
Reimbursable operating expenses		3,052			2,672			380			14.2	%
Total operating expenses		32,581			27,830			4,751			17.1	%
Operating income (loss)		(164	)		502			(666	)	NM
Nonoperating expenses:
Interest expense		6,343			6,290			53			0.8	%
Amortization of deferred financing costs		253			244			9			3.7	%
Interest income		(77	)		(102	)		(25	)		-24.5	%
Total nonoperating expenses		6,519			6,432			87			1.4	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(6,683	)		(5,930	)		(753	)		-12.7	%
Equity in earnings of unconsolidated entities		(196	)		(247	)		51			20.6	%
Loss before income taxes, minority interest and discontinued operations		(6,879	)		(6,177	)		(702	)		-11.4	%
Income tax expense (benefit)		709			(54	)		763		NM
Net loss before minority interest and discontinued operations		(7,588	)		(6,123	)		(1,465	)		-23.9	%
Minority interest		(329	)		(337	)		8			2.4	%
Loss from continuing operations		(7,259	)		(5,786	)		(1,473	)		-25.5	%
Loss from discontinued operations, net of minority interest		—			(16	)		16		NM
Net loss	$	(7,259	)	$	(5,802	)	$	(1,457	)		-25.1	%
Earnings per share information:
Loss per share — basic & diluted
Continuing operations	$	(0.26	)	$	(0.20	)	$	(0.06	)
Discontinued operations		—			—			—
Net loss per share	$	(0.26	)	$	(0.20	)	$	(0.06	)
Weighted-average common shares outstanding — basic & diluted		28,462,349			28,418,349

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EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — NINE MONTHS ENDED SEPTEMBER 30,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	77,829		$	62,381		$	15,448			24.8	%
Student housing food service revenue		1,804			1,744			60			3.4	%
Other leasing revenue		6,945			10,377			(3,432	)		-33.1	%
Third-party development services		6,224			3,354			2,870			85.6	%
Third-party management services		2,677			2,447			230			9.4	%
Operating expense reimbursements		8,192			7,055			1,137			16.1	%
Total revenues		103,671			87,358			16,313			18.7	%
Operating expenses:
Student housing leasing operations		43,064			31,227			11,837			37.9	%
Student housing food service operations		1,728			1,683			45			2.7	%
General and administrative		11,867			10,789			1,078			10.0	%
Depreciation and amortization		21,896			24,009			(2,113	)		-8.8	%
Reimbursable operating expenses		8,192			7,055			1,137			16.1	%
Total operating expenses		86,747			74,763			11,984			16.0	%
Operating income		16,924			12,595			4,329			34.4	%
Nonoperating expenses:
Interest expense		18,556			20,676			(2,120	)		-10.3	%
Amortization of deferred financing costs		740			792			(52	)		-6.6	%
Loss on early repayment of debt		—			174			(174	)	NM
Interest income		(267	)		(353	)		(86	)		-24.4	%
Total nonoperating expenses		19,029			21,289			(2,260	)		-10.6	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(2,105	)		(8,694	)		6,589			75.8	%
Equity in earnings of unconsolidated entities		(223	)		(245	)		22			9.0	%
Loss before income taxes, minority interest and discontinued operations		(2,328	)		(8,939	)		6,611			74.0	%
Income tax expense (benefit)		882			(103	)		985		NM
Net loss before minority interest and discontinued operations		(3,210	)		(8,836	)		5,626			63.7	%
Minority interest		(158	)		(341	)		183			53.7	%
Loss from continuing operations		(3,052	)		(8,495	)		5,443			64.1	%
Discontinued operations:
Income from discontinued operations, net of minority interest		—			817			(817	)	NM
Gain on sale of student housing property, net of minority interest		—			1,579			(1,579	)	NM
Income from discontinued operations		—			2,396			(2,396	)	NM
Net loss	$	(3,052	)	$	(6,099	)	$	3,047			50.0	%
Earnings per share information:
Income (loss) per share — basic & diluted
Continuing operations	$	(0.11	)	$	(0.30	)	$	0.19
Discontinued operations		—			0.08			(0.08	)
Net loss per share	$	(0.11	)	$	(0.22	)	$	0.11
Weighted-average common shares outstanding — basic & diluted		28,450,470			27,869,054

NOTE:

The operating results for The Village on Tharpe, which was designated as held for sale in the second quarter of 2007, are included in discontinued operations in the prior year.

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EDUCATION REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
(Amounts in thousands, except share and per share data, unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2008			2007			2008			2007
Net loss	$	(7,259	)	$	(5,802	)	$	(3,052	)	$	(6,099	)
Gain on sale of student housing property, net of minority interest		—			—			—			(1,579	)
Loss on sale of student housing assets (2)		—			—			512			—
Real estate related depreciation and amortization		6,952			7,824			21,497			23,633
Equity portion of real estate depreciation and amortization on equity investees		123			149			371			340
Depreciation and amortization of discontinued operations		—			—			—			711
Minority interest		(329	)		(337	)		(158	)		(306	)
Funds from operations (“FFO”)	$	(513	)	$	1,834		$	19,170		$	16,700
FFO per weighted average share/unit (1)	$	(0.02	)	$	0.06		$	0.64		$	0.57
Weighted average shares/units (1)		29,864,093			29,875,927			29,865,786			29,323,766

Notes:

(1)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.
(2)	Represents the loss on sale of land and parking garage at University Towers.

5

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — THREE MONTHS ENDED SEPTEMBER 30,
(Amounts in thousands, unaudited)

	2008		2007		$ Change			% Change
Revenues
Same apartment community	$	18,367	$	18,589	$	(222	)		-1.2	%
University Towers — residence hall		1,035		789		246			31.2	%
New community		412		—		412			N/A
Place Portfolio		4,857		—		4,857			N/A
Total community revenue		24,671		19,378		5,293			27.3	%
Operating expenses (1)
Same apartment community		12,898		12,303		595			4.8	%
University Towers — residence hall		520		500		20			4.0	%
New community		207		—		207			N/A
Place Portfolio		4,208		—		4,208			N/A
Total community operating expenses		17,833		12,803		5,030			39.3	%
Net operating income
Same apartment community		5,469		6,286		(817	)		-13.0	%
University Towers — residence hall		515		289		226			78.2	%
New community		205		—		205			N/A
Place Portfolio		649		—		649			N/A
Total community net operating income	$	6,838	$	6,575	$	263			4.0	%

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

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EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — NINE MONTHS ENDED SEPTEMBER 30,
(Amounts in thousands, unaudited)

	2008		2007		$ Change			% Change
Revenues
Same apartment community	$	59,899	$	58,979	$	920			1.6	%
University Towers — residence hall		3,516		3,402		114			3.3	%
New community		415		—		415			N/A
Place Portfolio (2)		13,999		—		13,999			N/A
Total community revenue		77,829		62,381		15,448			24.8	%
Operating expenses (1)
Same apartment community		31,783		29,756		2,027			6.8	%
University Towers — residence hall		1,957		1,471		486			33.0	%
New community		329		—		329			N/A
Place Portfolio (2)		8,995		—		8,995			N/A
Total community operating expenses		43,064		31,227		11,837			37.9	%
Net operating income
Same apartment community		28,116		29,223		(1,107	)		-3.8	%
University Towers — residence hall		1,559		1,931		(372	)		-19.3	%
New community		86		—		86			N/A
Place Portfolio (2)		5,004		—		5,004			N/A
Total community net operating income	$	34,765	$	31,154	$	3,611			11.6	%

(1)	Represents community-level operating expenses excluding management fees, depreciation and amortization.
(2)	Information for the Place Portfolio covers the period since termination of the lease on February 1, 2008.

NOTE:

Schedule does not include The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in the prior year.

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EDUCATION REALTY TRUST, INC.

Opening Leasing Statistics — as of September 30

	2008							2007
	Design Beds		Leased Beds		%			Design Beds		Leased Beds		%
Same apartment portfolio — core		14,988		14,225		94.9	%		14,988		14,343		95.7	%
Properties in stressed markets *		2,628		2,216		84.3	%		2,628		2,580		98.2	%
Total same apartment portfolio		17,616		16,441		93.3	%		17,616		16,923		96.1	%
University Towers — residence hall		953		953		100.0	%		953		950		99.7	%
Total same community portfolio		18,569		17,394		93.7	%		18,569		17,873		96.3	%
Place Portfolio		5,894		4,825		81.9	%		5,894		5,173		87.8	%
Total owned properties		24,463		22,219		90.8	%		24,463		23,046		94.2	%
Joint venture portfolio		2,195		2,091		95.3	%		2,195		2,004		91.3	%
Same apartments — managed, not owned		12,477		11,754		94.2	%		12,477		10,949		87.8	%
Total same community, owned, joint venture & managed		39,135		36,064		92.2	%		39,135		35,999		92.0	%
New development — less than one year		528		525		99.4	%
New managed — less than one year		1,052		883		83.9	%

* Three properties in markets with temporary imbalances of supply or demand: 636-beds in Oxford, MS; 1,116-beds in Gainesville, FL; 876-beds in Kalamazoo, MI.

8

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED — THREE MONTHS ENDED SEPTEMBER 30,

	2008			2007			Difference
Occupancy
Physical		89.0	%		92.3	%		-3.3	%
Economic		76.8	%		81.0	%		-4.2	%
NarPAB	$	309		$	323		$	(14	)
Other income per avail. Bed	$	22		$	25		$	(3	)
RevPAB	$	331		$	348		$	(17	)
Operating expense per bed	$	240		$	230		$	10
Operating margin		27.7	%		33.9	%		-6.2	%
Design Beds		74,445			55,713			18,732

9

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED — NINE MONTHS ENDED SEPTEMBER 30,

	2008 (2)			2007			Difference
Occupancy
Physical		90.2	%		92.6	%		-2.4	%
Economic		85.6	%		88.6	%		-3.0	%
NarPAB	$	340		$	348		$	(8	)
Other income per avail. Bed	$	21		$	25		$	(4	)
RevPAB	$	361		$	373		$	(12	)
Operating expense per bed	$	198	(1)	$	187		$	11
Operating margin		45.3	%(1)		49.9	%		-4.6	%
Design Beds		215,339			167,139			48,200

(1)	Operating expense statistics exclude approximately $2 per bed related to the loss on the sale of land and the parking garage at University Towers. The loss of $512,184 is included in our statements of operations.
(2)	2008 data includes the results of operating the Place Portfolio since the termination of the lease on February 1, 2008.

NOTE:

Operating statistics exclude The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in the prior year in our statement of operations.

10

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — THREE MONTHS ENDED SEPTEMBER 30,

	2008			2007			Difference
Occupancy
Physical		92.2	%		93.6	%		-1.4	%
Economic		81.7	%		85.4	%		-3.7	%
NarPAB	$	328		$	332		$	(4	)
Other income per avail. Bed	$	20		$	20		$	0
RevPAB	$	348		$	352		$	(4	)
Operating expense per bed	$	244		$	233		$	11
Operating margin		29.8	%		33.8	%		-4.0	%
Design Beds		52,848			52,854			(6	)

NOTE:

University Towers residence hall statistics are shown separately.

11

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS — NINE MONTHS ENDED SEPTEMBER 30,

	2008			2007			Difference
Occupancy
Physical		93.2	%		94.0	%		-0.8	%
Economic		90.4	%		91.9	%		-1.5	%
NarPAB	$	358		$	353		$	5
Other income per avail. Bed	$	20		$	19		$	1
RevPAB	$	378		$	372		$	6
Operating expense per bed	$	200		$	188		$	12
Operating margin		46.9	%		49.5	%		-2.6	%
Design Beds		158,554			158,562			(8	)

NOTE:

Operating statistics exclude The Village on Tharpe which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in the prior year. University Towers residence hall statistics are shown separately.

12

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS — THREE MONTHS ENDED SEPTEMBER 30,

	2008			2007			Difference
Occupancy
Physical		67.8	%		67.2	%		0.6	%
Economic		35.9	%		25.5	%		10.4	%
NarPAB	$	225		$	147		$	78
Other income per avail. Bed	$	137		$	129		$	8
RevPAB	$	362		$	276		$	86
Operating expense per bed	$	182		$	175		$	7
Operating margin		49.8	%		36.7	%		13.1	%
Design Beds		2,859			2,859			—

13

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS — NINE MONTHS ENDED SEPTEMBER 30,

	2008			2007			Difference
Occupancy
Physical		67.4	%		66.4	%		1.0	%
Economic		51.3	%		47.6	%		3.7	%
NarPAB	$	311		$	268		$	43
Other income per avail. Bed	$	99		$	128		$	(29	)
RevPAB	$	410		$	396		$	14
Operating expense per bed	$	169	(1)	$	172		$	(3	)
Operating margin		58.9	%(1)		56.8	%		2.1	%
Design Beds		8,577			8,577			—

(1) Operating expense statistics exclude approximately $60 per bed related to the loss on the sale of land and the parking garage at University Towers. The loss of $512,184 is included in our statements of operations.

14

EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO STATISTICS — THREE MONTHS ENDED SEPTEMBER 30,

	2008
Occupancy
Physical		82.1	%
Economic		72.0	%
NarPAB	$	263
Other income per avail. Bed	$	12
RevPAB	$	275
Operating expense per bed	$	238
Operating margin		13.5	%
Design Beds		17,682

15

EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO STATISTICS — EIGHT MONTHS ENDED SEPTEMBER 30,

	2008
Occupancy
Physical		84.1	%
Economic		78.9	%
NarPAB	$	287
Other income per avail. Bed	$	10
RevPAB	$	297
Operating expense per bed	$	191
Operating margin		36.0	%
Design Beds		47,152

NOTE:
	Operating statistics are for the period February 1, the lease termination date, to the end of the period, September 30, 2008.

16

EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY
(Amounts in ‘000s)

	Three months ended								Nine months ended
	September 30,			September 30,					September 30,			September 30,
	2008			2007		Change			2008			2007		Change
Third-party development services revenue	$	3,216		$	1,287	$	1,929		$	6,224		$	3,354	$	2,870
Equity in earnings of development joint ventures		(1	)		14		(15	)		(2	)		221		(223	)
	$	3,215		$	1,301	$	1,914		$	6,222		$	3,575	$	2,647

CURRENT AND RECENTLY COMPLETED PROJECTS

															Fees Earned
															Nine Months				Fees Paid
				Project											Ended				Through
			Completion	Development		Total Project					EDR Project		Fees Earned Prior		September 30,		Remaining Fees		September
Project	Bed Count		Date	Cost		Fees		EDR % of fees			Fees		to 2008		2008 (1)		to Earn		30, 2008
University of Michigan, Ann Arbor		896	Aug ‘08, Jan ‘09 (2)				1,200		100	%		1,200		852		245		103		1,041
Slippery Rock University Phase II		746	August 2008		47,300		1,631		100	%		2,085		1,067		1,014		4		1,381
Indiana University of Pennsylvania Phase II		1,102	August 2008		68,817		2,479		100	%		3,719		1,378		2,341		—		2,167
Fontainebleu		435	June 2009		7,227		275		100	%		275		10		112		153		124
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		—		1,182		2,225		1,646
Indiana University of Pennsylvania Phase III		1,084	August 2009		61,904		2,190		100	%		2,190		—		599		1,591		1,102
Colorado State University — Pueblo Phase I		253	August 2009		15,631		696		100	%		696		—		71		625		338
		5,713			295,377						$	13,572	$	3,307	$	5,564	$	4,701	$	7,799

RECENTLY AWARDED PROJECTS (3)

				Estimated	Project
	Estimated Bed		Estimated Start	Completion	Development		Total Project
Project	Count		Date	Date	Cost		Fees		EDR % of Fees			Total EDR Fees
Indiana University of Pennsylvania Phase IV		596	May 2009	August 2010		33,526		1,183		100	%		1,183
SUNY College of Env. Science & Forestry		340	June 2010	August 2011		22,864		1,121		100	%		1,121
Colorado State University — Pueblo (Bldgs 2 and 3)		508	July 2009	August 2010		34,468		1,455		100	%		1,455
East Stroudsburg University — Pennsylvania		882	July 2009	August 2010		38,838		1,639		100	%		1,639
		2,326			$	129,696	$	5,398				$	5,398

(1)	Represents fees earned, which will vary from income recognized by EDR due to joint venture expenses which are included in the equity in earnings of joint ventures. Development fees are recognized on the percentage completion method based on construction costs.
(2)	The project includes three buildings, one was completed in August 2008 and two additional buildings are expected to be completed in January 2009. Specific information on project development costs are omitted as this project is for a private ownership group.
(3)	The initiation and completion of an awarded development projects is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining adequate financing.

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EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE
As of September 30, 2008
(dollars in thousand)

Total Debt to Enterprise Value
Total Debt (1)	$	446,307	57.6	%
Total Market Equity (2)		328,366	42.4	%
Total Enterprise Value	$	774,673	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	418,668		5.86	%		93.8	%		2.03	years
Variable Rate		27,639		4.71	%		6.2	%		1.28	years
Total / Weighted Average	$	446,307		5.79	%		100.0	%		1.98	years

Mortgage and Construction Debt Maturity

Fiscal Yr Ending
Ending
2008	$	883	0.2	%
2009		285,049	66.6	%
2010		948	0.2	%
2011		1,074	0.3	%
2012		73,978	17.3	%
Thereafter		65,775	15.4	%
Total	$	427,707	100.0	%
Unamortized debt premium		1,306
Total, net of debt premium	$	429,013

	12 Months Ended
	September 30, 2008 (4)
Interest expense(3)	$	26,646
Interest coverage		2.10
Fixed charge coverage		1.75

(1)	Excludes unamortized debt premium of $1.3 million.
(2)	Market equity represents the aggregate market value of the Company’s common stock outstanding, restricted shares and operating partnership units, calculated at the closing price per common share of $11.08 at September 30, 2008. Excludes 282,500 Profits Interest Units outstanding.
(3)	Excludes amortization of debt premium/discount, includes the Company’s portion of interest on equity investees, and is gross of capitalized interest related to development projects.
(4)	Amounts are calculated in compliance with the terms of our existing credit facility, on a trailing 12 month basis.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING — OWNED AND OPERATED

Name	Primary University Served	Acquisition Date	# of Beds
NorthPointe	University of Arizona	Jan ’05		912
The Reserve at Athens	University of Georgia	Jan ’05		612
The Reserve at Clemson	Clemson University	Jan ’05		590
Players Club	Florida State University	Jan ’05		336
The Gables	Western Kentucky University	Jan ’05		288
College Station	Augusta State University	Jan ’05		203
University Towers	North Carolina State University	Jan ’05		953
The Pointe at South Florida	University of South Florida	Jan ’05		1,002
Commons at Knoxville	University of Tennessee	Jan ’05		708
The Commons	Florida State University	Jan ’05		732
The Reserve on Perkins	Oklahoma State University	Jan ’05		732
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020
The Pointe at Western	Western Michigan University	Jan ’05		876
College Station at W. Lafayette	Purdue University	Jan ’05		960
Commons on Kinnear	The Ohio State University	Jan ’05		502
The Pointe	Pennsylvania State University	Jan ’05		984
The Reserve at Columbia	University of Missouri	Jan ’05		676
The Reserve on Frankford	Texas Tech University	Jan ’05		737
The Lofts	University of Central Florida	Jan ’05		730
The Reserve on West 31st	University of Kansas	Jan ’05		720
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		1,116
The Reserve on South College	Auburn University	Jul ’05		576
Players Club	Georgia Southern University	Jun ’06		624
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08		528
		Sub-Total		19,097
Berkeley Place	Clemson University	Jan ’06		480
Clemson Place	Clemson University	Jan ’06		288
Cape Place	Southeast MO State University	Jan ’06		360
Reserve on Martin	University of TN at Martin	Jan ’06		384
Murray Place	Murray State	Jan ’06		408
Western Place	Western Kentucky University	Jan ’06		504
Carrolton Place	University of West GA	Jan ’06		336
Clayton Place	Clayton State University	Jan ’06		854
Jacksonville Place	Jacksonville State University	Jan ’06		504
Macon Place	Macon State College	Jan ’06		336
River Place	University of West GA	Jan ’06		504
Troy Place	Troy University	Jan ’06		408
Statesboro Place	Georgia Southern University	Jan ’06		528
Sub-Total Place Portfolio				5,894
Total owned and operated beds				24,991

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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. Does not include food service revenue.

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 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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