EXHIBIT 99.1

FOR IMMEDIATE RELEASE                                   Media Contact: Mimi Hall
                                                                    901.682.1360
                                                               mimi@mimihall.com
                                                Financial Contact: Randall Brown
                                                                    901.259.2500
                                                                rbrown@aoinc.com

EDUCATION REALTY TRUST ANNOUNCES
EXERCISE OF OVER-ALLOTMENT OPTION

Memphis, TN - 31 January 2005 -- Education Realty Trust, Inc. (NYSE:EDR)
announced that, in connection with today's closing of its initial public
offering, the underwriters of the offering have exercised and closed in full
their option to purchase an additional 2,850,000 shares of common stock at $16
per share from the Company. Education Realty Trust received approximately $42.75
million in additional net proceeds from the sale of these shares after deducting
the underwriting discount.

J. P. Morgan Securities Inc. and UBS Investment Bank served as joint
book-running managers for the offering, and Morgan Keegan & Company, Inc. acted
as co-lead manager. KeyBanc Capital Markets, Legg Mason Wood Walker,
Incorporated and Robert W. Baird & Co., Incorporated acted as co-managers for
the offering.

A registration statement relating to these securities has been filed with, and
declared effective by, the Securities and Exchange Commission. This
communication shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation, or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. A copy of the
final prospectus relating to the offering may be obtained by contacting the
prospectus department of J.P. Morgan Securities Inc., Attn: Addressing
Department, One Chase Manhattan Plaza, Floor 5B, New York, NY 10081, phone:
212-552-5164, or UBS Investment Bank, Prospectus Department, 299 Park Avenue,
New York, NY 10171, phone: 212-821-3000.

About Education Realty Trust:

Education Realty Trust has been formed to own and manage student housing
communities located near university campuses throughout the United States. The
company will elect to be taxed as a real estate investment trust. The company
will also manage student housing communities for college and university systems
across the country.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding Education Realty Trust's
business that are not historical facts are "forward-looking statements."
Forward-looking statements are based on current expectations and involve a
number of known and unknown risks and uncertainties that could cause the
Company's future results, performance, or achievements to differ significantly
from the results, performance, or achievements expressed or implied by such
forward-looking



statements. For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the forward-looking statements,
see the "Risk Factors" section of the Company's final prospectus for its initial
public offering. Forward-looking statements speak only as of the date on which
they are made, and the Company undertakes no obligation to update publicly or
revise any forward-looking statement, whether as a result of new information,
future developments, or otherwise.