Education Realty Trust 8-K Education Realty Trust Announces Fourth Quarter and Full Year 2008 Results

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2008
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations — Three Months Ended December 31,	3
Condensed Consolidated Statements of Operations — Year Ended December 31,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results — Three Months Ended December 31,	6
Community Operating Results — Year Ended December 31,	7
Preleasing Statistics	8
Consolidated Community Statistics — Owned and Operated	9
Same Apartment Community Statistics	10
University Towers Residence Hall Statistics	11
Place Portfolio Community Statistics	12
Third-Party Development Project Summary	13
Capital Structure	14
Community Listing — Owned and Operated	15
Definitions	16

EDUCATION REALTY TRUST, INC.

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

	Three months ended December 31,											Year ended December 31,
	2008			2007		$ Chg			% Chg			2008			2007			$ Chg			% Chg
	(unaudited)			(unaudited)
Total revenues	$	36,189		$	32,595	$	3,594			11.0	%	$	139,860		$	119,953		$	19,907			16.6	%
Operating income		6,528			7,793		(1,265	)		-16.2	%		23,452			20,388			3,064			15.0	%
Income (loss) from continuing operations		(4,895	)		712		(5,607	)	NM				(7,947	)		(7,783	)		(164	)		-2.1	%
Net income (loss)		(4,895	)		683		(5,578	)	NM				(7,947	)		(5,416	)		(2,531	)		-46.7	%
Net income (loss) per share — basic & diluted	$	(0.17	)	$	0.02	$	(0.20	)	NM			$	(0.28	)	$	(0.20	)	$	(0.08	)		-43.0	%
Weighted-average common shares outstanding — basic		28,471,352			28,427,352								28,455,713			28,010,144
Weighted-average common shares outstanding — diluted		28,471,352			29,610,846								28,455,713			28,010,144
Funds from operations (FFO)	$	2,584		$	9,215	$	(6,631	)		-72.0	%	$	21,752		$	25,914		$	(4,162	)		-16.1	%
FFO per weighted average share/unit (4)	$	0.09		$	0.31	$	(0.22	)		-71.0	%	$	0.73		$	0.88		$	(0.15	)		-17.0	%
Funds from operations adjusted (FFOA)	$	9,382		$	9,215	$	167			1.8	%	$	28,550		$	25,914		$	2,636			10.2	%
FFOA per weighted average share/unit (4)	$	0.31		$	0.31	$	—			0.0	%	$	0.96		$	0.88		$	0.08			9.1	%
Weighted average shares/units (4)		29,872,207			29,887,513								29,867,388			29,466,229

Total Debt to Gross Assets
Total Debt (1)	$	473,956
Total Gross Assets (2)	$	891,737
Total Debt to Gross Assets		53.1	%

Capitalization Data as of: December 31, 2008
Total debt (1)	$	473,956
Market equity (3)		154,700
Total enterprise value	$	628,656
Debt to total enterprise value		75.4	%

Notes:
(1)	Excludes debt premium of $1.2 million.
(2)	Excludes accumulated depreciation of $114,090 for the year ended December 31, 2008.
(3)	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 $5.22 at December 31, 2008. Excludes 275,000 Profits Interest Units outstanding.
(4)	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)

	December 31, 2008			December 31, 2007
Assets
Student housing properties, net (1)	$	733,507		$	732,979
Assets under development		6,572			5,675
Corporate office furniture and equipment, net		1,465			1,693
Cash and cash equivalents		9,003			4,034
Restricted cash		5,595			8,188
Student contracts receivable, net		533			329
Receivable from affiliates		25			18
Receivable from third party management contracts		401			606
Goodwill and other intangibles, net		3,111			3,531
Other assets		17,435			10,407
Total assets	$	777,647		$	767,460
Liabilities and stockholders’ equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	442,259		$	420,940
Revolving line of credit		32,900			11,500
Accounts payable and accrued expenses		10,605			11,092
Accounts payable affiliate		—			60
Deferred revenue		9,954			7,928
Total liabilities		495,718			451,520
Minority interest		14,669			18,121
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,475,855 and 28,431,855 shares issued and outstanding December 31, 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		308,356			330,969
Accumulated deficit		(41,381	)		(33,434	)
Total stockholders’ equity		267,260			297,819
Total liabilities and stockholders’ equity	$	777,647		$	767,460

(1) Amount is net of accumulated depreciation of $114,090 and $86,209 as of December 31, 2008 and December 31, 2007, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED DECEMBER 31,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	29,737		$	23,270		$	6,467			27.8	%
Student housing food service revenue		574			615			(41	)		-6.7	%
Other leasing revenue		200			3,434			(3,234	)		-94.2	%
Third-party development services		2,079			2,057			22			1.1	%
Third-party management services		995			944			51			5.4	%
Operating expense reimbursements		2,604			2,275			329			14.5	%
Total revenues		36,189			32,595			3,594			11.0	%
Operating expenses:
Student housing leasing operations		12,505			9,988			2,517			25.2	%
Student housing food service operations		529			553			(24	)		-4.3	%
General and administrative		4,481			3,772			709			18.8	%
Depreciation and amortization		7,521			8,214			(693	)		-8.4	%
Loss on impairment		2,021			—			2,021		NM
Reimbursable operating expenses		2,604			2,275			329			14.5	%
Total operating expenses		29,661			24,802			4,859			19.6	%
Operating income		6,528			7,793			(1,265	)		-16.2	%
Nonoperating expenses:
Interest expense		6,673			6,281			392			6.2	%
Amortization of deferred financing costs		252			244			8			3.3	%
Interest income		(106	)		(139	)		(33	)		-23.7	%
Loss on extinguishment of debt		4,360			—			(4,360	)	NM
Total nonoperating expenses		11,179			6,386			4,793			75.1	%
Income/(loss) before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(4,651	)		1,407			(6,058	)	NM
Equity in earnings of unconsolidated entities		27			(32	)		59		NM
Income/(loss) before income taxes, minority interest and discontinued operations		(4,624	)		1,375			(5,999	)	NM
Income tax expense		241			361			(120	)		-33.2	%
Net income/(loss) before minority interest and discontinued operations		(4,865	)		1,014			(5,879	)	NM
Minority interest		30			302			(272	)		-90.1	%
Income/(loss) from continuing operations		(4,895	)		712			(5,607	)	NM
Loss from discontinued operations, net of minority interest		—			(29	)		29		NM
Net income/(loss)	$	(4,895	)	$	683		$	(5,578	)	NM
Earnings per share information:
Income/(loss) per share — basic
Continuing operations	$	(0.17	)	$	0.02		$	(0.20	)
Discontinued operations		—			—			—
Net income/(loss) per share	$	(0.17	)	$	0.02		$	(0.20	)
Income/(loss) per share — diluted
Continuing operations	$	(0.17	)	$	0.02
Discontinued operations		—			—
Net income/(loss) per share	$	(0.17	)	$	0.02
Weighted-average common shares outstanding — basic		28,471,352			28,427,352
Weighted-average common shares outstanding — diluted		28,471,352			29,610,846

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — YEAR ENDED DECEMBER 31,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	107,566		$	85,651		$	21,915			25.6	%
Student housing food service revenue		2,378			2,359			19			0.8	%
Other leasing revenue		7,145			13,811			(6,666	)		-48.3	%
Third-party development services		8,303			5,411			2,892			53.4	%
Third-party management services		3,672			3,391			281			8.3	%
Operating expense reimbursements		10,796			9,330			1,466			15.7	%
Total revenues		139,860			119,953			19,907			16.6	%
Operating expenses:
Student housing leasing operations		55,569			41,215			14,354			34.8	%
Student housing food service operations		2,257			2,236			21			0.9	%
General and administrative		16,348			14,561			1,787			12.3	%
Depreciation and amortization		29,417			32,223			(2,806	)		-8.7	%
Loss on impairment		2,021			—			2,021		NM
Reimbursable operating expenses		10,796			9,330			1,466			15.7	%
Total operating expenses		116,408			99,565			16,843			16.9	%
Operating income		23,452			20,388			3,064			15.0	%
Nonoperating expenses:
Interest expense		25,229			26,957			(1,728	)		-6.4	%
Amortization of deferred financing costs		992			1,036			(44	)		-4.2	%
Interest income		(373	)		(492	)		(119	)		-24.2	%
Loss on extinguishment of debt		4,360			174			(4,186	)	NM
Total nonoperating expenses		30,208			27,675			2,533			9.2	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(6,756	)		(7,287	)		531			7.3	%
Equity in earnings of unconsolidated entities		(196	)		(277	)		81			29.2	%
Loss before income taxes, minority interest and discontinued operations		(6,952	)		(7,564	)		612			8.1	%
Income tax expense		1,123			258			865			335.3	%
Net loss before minority interest and discontinued operations		(8,075	)		(7,822	)		(253	)		-3.2	%
Minority interest		(128	)		(39	)		(89	)		-228.2	%
Loss from continuing operations		(7,947	)		(7,783	)		(164	)		-2.1	%
Discontinued operations:
Income from discontinued operations, net of minority interest		—			788			(788	)	NM
Gain on sale of student housing property, net of minority interest		—			1,579			(1,579	)	NM
Income from discontinued operations		—			2,367			(2,367	)	NM
Net loss	$	(7,947	)	$	(5,416	)	$	(2,531	)		-46.7	%
Earnings per share information:
Income (loss) per share — basic & diluted
Continuing operations	$	(0.28	)	$	(0.28	)	$	(0.00	)
Discontinued operations		—			0.08			(0.08	)
Net loss per share	$	(0.28	)	$	(0.20	)	$	(0.08	)
Weighted-average common shares outstanding — basic & diluted		28,455,713			28,010,144

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.

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

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

	Three months ended December 31,					Year ended December 31,
	2008			2007		2008			2007
Net income (loss)	$	(4,895	)	$	683	$	(7,947	)	$	(5,416	)
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		7,324			8,147		28,819			31,780
Equity portion of real estate depreciation and amortization on equity investees		125			85		496			424
Depreciation and amortization of discontinued operations		—			—		—			711
Minority interest		30			300		(128	)		(6	)
Funds from operations (“FFO”)	$	2,584		$	9,215	$	21,752		$	25,914
Elimination of impairment and refinancing charges:
Development cost write-off, net of tax	$	417		$	—	$	417		$	—
Loss on impairment		2,021			—		2,021			—
Gain/loss on extinguishment of debt		4,360			—		4,360			—
Impact of impairment and refinancing charges	$	6,798		$	—	$	6,798		$	—
Funds from operations — adjusted (“FFOA”)	$	9,382		$	9,215	$	28,550		$	25,914
FFO per weighted average share/unit (1)	$	0.09		$	0.31	$	0.73		$	0.88
FFOA per weighted average share/unit (1)	$	0.31		$	0.31	$	0.96		$	0.88
Weighted average shares/units (1)		29,872,207			29,887,513		29,867,388			29,466,229

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 DECEMBER 31,
(Amounts in thousands, unaudited)

	2008		2007		$ Change			% Change
Revenues
Same apartment community	$	21,593	$	21,348	$	245			1.1	%
University Towers — residence hall		1,879		1,922		(43	)		-2.2	%
New community		779		—		779			N/A
Place Portfolio		5,486		—		5,486			N/A
Total community revenue		29,737		23,270		6,467			27.8	%
Operating expenses (1)
Same apartment community		8,943		9,527		(584	)		-6.1	%
University Towers — residence hall		406		461		(55	)		-11.9	%
New community		306		—		306			N/A
Place Portfolio		2,850		—		2,850			N/A
Total community operating expenses		12,505		9,988		2,517			25.2	%
Net operating income
Same apartment community		12,650		11,821		829			7.0	%
University Towers — residence hall		1,473		1,461		12			0.8	%
New community		473		—		473			N/A
Place Portfolio		2,636		—		2,636			N/A
Total community net operating income	$	17,232	$	13,282	$	3,950			29.7	%

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

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — YEAR ENDED DECEMBER 31,
(Amounts in thousands, unaudited)

	2008		2007		$ Change			% Change
Revenues
Same apartment community	$	81,492	$	80,327	$	1,165			1.5	%
University Towers — residence hall		5,395		5,324		71			1.3	%
New community		1,194		—		1,194			N/A
Place Portfolio (2)		19,485		—		19,485			N/A
Total community revenue		107,566		85,651		21,915			25.6	%
Operating expenses (1)
Same apartment community		40,725		39,283		1,442			3.7	%
University Towers — residence hall		2,364		1,932		432			22.4	%
New community		635		—		635			N/A
Place Portfolio (2)		11,845		—		11,845			N/A
Total community operating expenses		55,569		41,215		14,354			34.8	%
Net operating income
Same apartment community		40,767		41,044		(277	)		-0.7	%
University Towers — residence hall		3,031		3,392		(361	)		-10.6	%
New community		559		—		559			N/A
Place Portfolio (2)		7,640		—		7,640			N/A
Total community net operating income	$	51,997	$	44,436	$	7,561			17.0	%

(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.

7

EDUCATION REALTY TRUST, INC.

Preleasing Statistics — as of March 12

	Fall 2009												2008
	Design		Applied**					Leased					Design		Applied**					Leased
	Beds		Beds		%			Beds		%			Beds		Beds		%			Beds		%
Same apartment portfolio — core		14,988		7,650		51.0	%		6,503		43.4	%		14,988		7,759		51.8	%		6,475		43.2	%
Properties in stressed markets *		2,628		960		36.5	%		810		30.8	%		2,628		885		33.7	%		659		25.1	%
Total same apartment portfolio		17,616		8,610		48.9	%		7,313		41.5	%		17,616		8,644		49.1	%		7,134		40.5	%
University Towers — residence hall		953		747		78.4	%		574		60.2	%		953		842		88.4	%		671		70.4	%
Total same community portfolio		18,569		9,357		50.4	%		7,887		42.5	%		18,569		9,486		51.1	%		7,805		42.0	%
Place Portfolio		5,894		2,388		40.5	%		1,939		32.9	%		5,894		2,086		35.4	%		1,606		27.2	%
Total owned properties		24,463		11,745		48.0	%		9,826		40.2	%		24,463		11,572		47.3	%		9,411		38.5	%
Joint venture portfolio		2,195		923		42.1	%		705		32.1	%		2,195		1,208		55.0	%		855		39.0	%
Same apartments — managed, not owned		9,827		6,838		69.6	%		4,935		50.2	%		9,243		6,838		74.0	%		5,410		58.5	%
Total same community, owned, joint venture & managed		36,485		19,506		53.5	%		15,466		42.4	%		35,901		19,618		54.6	%		15,676		43.7	%
New development — less than one year		1,200		360		30.0	%		285		23.8	%		528		271		51.3	%		201		38.1	%
New managed — less than one year		1,101		707		64.2	%		576		52.3	%		770		531		69.0	%		529		68.7	%

*	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.
**	An application is defined as a signed student lease without the receipt of an executed parental guarantee, which can take time to obtain.

8

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED

	Three Months Ended December 31,									Year Ended December 31,
	2008			2007			Difference			2008 (2)			2007			Difference
Occupancy
Physical		90.5	%		95.9	%		-5.4	%		90.3	%		93.5	%		-3.2	%
Economic		91.3	%		97.2	%		-5.9	%		87.1	%		90.9	%		-3.8	%
NarPAB	$	372		$	393		$	(21	)	$	349		$	360		$	(11	)
Other income per avail. Bed	$	24		$	24		$	0		$	22		$	24		$	(2	)
RevPAB	$	396		$	417		$	(21	)	$	371		$	384		$	(13	)
Operating expense per bed	$	167		$	179		$	(12	)	$	190	(1)	$	185		$	5
Operating margin		58.0	%		57.1	%		0.9	%		48.8	%(1)		51.9	%		-3.1	%
Design Beds		74,973			55,713			19,260			290,312			222,852			67,460

(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.

9

EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS

	Three Months Ended December 31,									Year Ended December 31,
	2008			2007			Difference			2008			2007			Difference
Occupancy
Physical		92.8	%		95.7	%		-2.9	%		93.1	%		94.5	%		-1.4	%
Economic		93.9	%		97.0	%		-3.1	%		91.3	%		93.2	%		-1.9	%
NarPAB	$	382		$	382		$	0		$	364		$	360		$	4
Other income per avail. Bed	$	27		$	22		$	5		$	22		$	20		$	2
RevPAB	$	409		$	404		$	5		$	386		$	380		$	6
Operating expense per bed	$	169		$	180		$	(11	)	$	193		$	186		$	7
Operating margin		58.6	%		55.4	%		3.2	%		50.0	%		51.1	%		-1.1	%
Design Beds		52,848			52,854			(6	)		211,402			211,416			(14	)

NOTE:

- University Towers residence hall statistics are shown separately.

- 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.

10

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS

	Three Months Ended December 31,									Year Ended December 31,
	2008			2007			Difference			2008			2007			Difference
Occupancy
Physical		99.8	%		99.4	%		0.4	%		75.5	%		74.7	%		0.8	%
Economic		100.8	%		104.4	%		-3.6	%		64.1	%		62.2	%		1.9	%
NarPAB	$	638		$	609		$	29		$	393		$	353		$	40
Other income per avail. Bed	$	19		$	63		$	(44	)	$	79		$	112		$	(33	)
RevPAB	$	657		$	672		$	(15	)	$	472		$	465		$	7
Operating expense per bed	$	142		$	161		$	(19	)	$	162	(1)	$	169		$	(7	)
Operating margin		78.4	%		76.0	%		2.4	%		65.6	%(1)		63.7	%		1.9	%
Design Beds		2,859			2,859			—			11,436			11,436			—

(1) Operating expense statistics exclude approximately $45 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.

11

EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO COMMUNITY STATISTICS

	Three Months Ended			Year Ended
	December 31, 2008			December 31, 2008
Occupancy
Physical		81.3	%		83.3	%
Economic		79.0	%		78.9	%
NarPAB	$	293		$	289
Other income per avail. Bed	$	17		$	12
RevPAB	$	310		$	301
Operating expense per bed	$	161		$	183
Operating margin		48.0	%		39.2	%
Design Beds		17,682			64,834

NOTE:

Operating statistics are for the period February 1, the lease termination date, to the end of the period, December 31, 2008.

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EDUCATION REALTY TRUST, INC.

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

	Three months ended								Year ended
	December 31,			December 31,					December 31,			December 31,
	2008			2007		Change			2008			2007		Change
Third-party development services revenue	$	2,079		$	2,057	$	22		$	8,303		$	5,411	$	2,892
Equity in earnings of development joint ventures		(2	)		12		(14	)		(4	)		233		(237	)
	$	2,077		$	2,069	$	8		$	8,299		$	5,644	$	2,655

CURRENT AND RECENTLY COMPLETED PROJECTS

															Fees Earned
															Twelve Months				Fees Paid
				Project		Total							Fees Earned		Ended				Through
			Completion	Development		Project		EDR %			EDR Project		Prior to		December 31,		Remaining		December 31,
Project	Bed Count		Date	Cost		Fees		of fees			Fees		2008		2008 (1)		Fees to Earn		2008
University of Michigan, Ann Arbor		896	Aug ‘08, May ‘09 (2)				1,350		100	%		1,350		852		314		184		1,131
Slippery Rock University Phase II		746	August 2008		47,300		2,085		100	%		2,085		1,067		1,018		—		2,085
Indiana University of Pennsylvania Phase II		1,102	August 2008		68,817		2,479		100	%		3,719		1,378		2,341		—		3,719
Fontainebleu		435	June 2009		7,227		275		100	%		275		10		190		75		155
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		—		2,033		1,374		1,943
Indiana University of Pennsylvania Phase III		1,084	August 2009		61,904		2,190		100	%		2,190		—		1,339		851		1,312
Colorado State University — Pueblo Phase I		253	August 2009		15,631		696		100	%		696		—		234		462		420
		5,713		$	295,377						$	13,722	$	3,307	$	7,469	$	2,946	$	10,765

RECENTLY AWARDED PROJECTS (3)

	Estimated		Estimated	Estimated	Project		Total
	Bed		Start	Completion	Development		Project		EDR %			Total
Project	Count		Date	Date	Cost		Fees		of Fees			EDR Fees
Indiana University of Pennsylvania Phase IV		596	May 2009	August 2010		35,141		1,241		100	%		1,241
SUNY College of Env. Science & Forestry		340	June 2010	August 2011		23,246		1,140		100	%		1,140
Colorado State University — Pueblo (Bldgs 2 & 3)		500	July 2009	August 2010		35,169		1,637		100	%		1,637
East Stroudsburg University — Pennsylvania		984	July 2009	August 2010		61,562		2,602		100	%		2,602
		2,420			$	155,118	$	6,620				$	6,620

(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. In addition, revenue related to inactive development projects in the amount of $852 is not included in this schedule.
(2)	The project includes three buildings, one was completed in August 2008 and two additional buildings are expected to be completed in May 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 project is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining adequate financing.

13

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE
As of December 31, 2008
(dollars in thousand)

Total Debt to Gross Assets
Total Debt (1)	473,956
Total Gross Assets (2)	891,737
Total Debt to Gross Assets	53	%

Total Debt to Enterprise Value
Total Debt (1)	$	473,956	75.4	%
Total Market Equity (3)		154,700	24.6	%
Total Enterprise Value	$	628,656	100	%

	Principal		Weighted Average						Average Term
Total Debt Outstanding	Outstanding		Interest Rate			%			to Maturity
Fixed Rate — Mortgage Debt (1)	$	380,090		6.11	%		80.2	%		4.82	years
Variable Rate — Mortgage Debt		60,378		3.66	%		12.7	%		4.74	years
Variable Rate — Construction Debt		588		3.07	%		0.1	%		3.90	years
Variable Rate — Corporate Credit Facility		32,900		2.78	%		6.9	%		0.05	years
Total / Weighted Average	$	473,956		5.56	%		100.0	%		4.48	years

Mortgage and Construction Debt Maturity
Fiscal Yr Ending
Ending
2009	$	101,631	23.1	%
2010		3,448	0.8	%
2011		3,765	0.9	%
2012		78,417	17.8	%
2013		32,488	7.4	%
Thereafter		221,307	50.2	%
Total	$	441,056	100.0	%
Unamortized debt premium		1,203
Total, net of debt premium	$	442,259

	12 Months Ended
	December 31, 2008 (5)
Interest expense(4)	$	26,836
Interest coverage		2.07
Fixed charge coverage		1.75

(1)	Excludes unamortized debt premium of $1.2 million.
(2)	Excludes accumulated depreciation of $114,090 for the year ended December 31, 2008.
(3)	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 $5.22 at December 31, 2008. Excludes 275,000 Profits Interest Units outstanding.
(4)	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.
(5)	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
The Avenue at Southern	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
The Reserve at Martin	University of TN at Martin	Jan ’06		384
The Chase at Murray	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
The Reserve at Jacksonville	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
The Pointe at Southern	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.

16