EDUCATION REALTY TRUST, INC. Exhibit 99.2
- --------------------------------------------------------------------------------
SECOND QUARTER 2006
SUPPLEMENTAL ANALYST PACKAGE
TABLE OF CONTENT
Financial Highlights .................................................................... 1
Consolidated Balance Sheets ............................................................. 2
Condensed and Consolidated Statements of Operations - Three Months Ended June 30, ....... 3
Condensed, Consolidated and Combined Statements of Operations - Six Months Ended June 30, 4
Consolidated and Combined Statements of Funds from Operations ........................... 5
Community Operating Results - Three Months Ended June 30, ............................... 6
Community Operating Results - Six Months Ended June 30, ................................. 7
Same Community Statistics - Three Months Ended June 30, ................................. 8
Same Community Statistics - Six Months Ended June 30, ................................... 9
Community Statistics - Owned and Operated ............................................... 10
Third-Party Development Project Summary ................................................. 11
Capital Structure ....................................................................... 12
Community Listing - Owned and Operated .................................................. 13
1
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Amounts in thousands, except share and per share data, unaudited)
Operating Data Three months ended June 30, Six months ended June 30,
- -------------- --------------------------------------------- ------------------------------------------------
EDR EDR EDR EDR
Consolidated Consolidated Consolidated Consolidated
2006 2005 $ Chg % Chg 2006 2005 $ Chg % Chg
----------- ----------- ------- -------- ----------- ----------- --------- -------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Total revenues $ 29,129 $ 21,855 $ 7,274 33.3% $ 59,114 $ 38,061 $21,053 55.3%
Operating income (loss) 4,735 (420) 5,155 1227.4% 10,644 (3,336) 13,980 419.1%
Net income (loss) (2,514) (4,060) 1,546 38.1% (3,294) (10,358) 7,064 68.2%
Net income (loss) per share -
basic and diluted $ (0.10) $ (0.19) $ (0.13) $ (0.47)
Weighted-average common shares
outstanding - basic and diluted 26,349,426 21,862,719 26,309,154 21,859,108
========== ========== ========== ==========
FFO $ 6,279 $ 4,921 $ 14,709 $ 3,877
FFO per weighted average
potentially dilutive share/unit $ 0.23 $ 0.21 $ 0.52 $ 0.16
FFOA $ 6,279 $ 5,538 $ 14,709 $ 10,027
FFOA per weighted average
potentially dilutive share/unit $ 0.23 $ 0.23 $ 0.52 $ 0.42
Weighted average potentially
dilutive shares/units 27,850,196 23,754,195 28,025,579 23,721,194
========== ========== ========== ==========
- ------------------------------------------------------------------------------------------------------------------------------------
Capitalization Data as of: June 30, 2006
------------------- -------------
Total debt (1) $ 488,758
Market equity (2) 461,164
---------
Total enterprise value $ 949,922
=========
Debt to total enterprise value 51.5%
=====
Notes:
(1) Excludes debt premium of $2.6 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 shares of $16.65 at June 30, 2006. Excludes the
255,000 Partnership interest units outstanding.
2
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except share and per share data)
June 30, 2006 December 31, 2005
---------------- ------------------
(unaudited)
Consolidated Consolidated
Education Realty Education Realty
Trust, Inc. Trust, Inc.
---------------- ------------------
Assets
Student housing properties, net $ 819,121 $ 620,305
Corporate office furniture, net 876 991
Cash and cash equivalents 5,247 61,662
Restricted cash 9,525 6,738
Student contracts receivable, net 378 470
Receivable from affiliates 98 --
Management fee receivable from third party 399 552
Goodwill and other intangibles, net 3,793 3,546
Other assets 8,331 9,785
--------- ---------
Total assets $ 847,768 $ 704,049
========= =========
Liabilities and stockholders' equity
Liabilities:
Mortgage loans, net of premium/discount $ 425,959 $ 328,335
Long term debt 50,000 --
Line of credit and other short term debt 15,400 --
Accounts payable and accrued expenses 10,308 9,370
Accounts payable affiliates -- 225
Deferred revenue 6,655 7,660
--------- ---------
Total liabilities 508,322 345,590
--------- ---------
Minority interests 20,368 27,926
--------- ---------
Commitments and contingencies -- --
Stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares
authorized, 26,384,939, and 26,263,889 shares issued
and outstanding June 30, 2006 and December 31, 2005,
respectively 264 263
Preferred shares, $0.01 par value, 50,000,000 shares
authorized, no shares issues and outstanding -- --
Additional paid-in capital 337,506 351,664
Loan to shareholder -- (5,996)
Warrants 375 375
Accumulated deficit (19,067) (15,773)
--------- ---------
319,078 330,533
--------- ---------
Total liabilities and stockholders' equity $ 847,768 $ 704,049
========= =========
3
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
CONDENSED AND CONSOLIDATED STATEMENT OF OPERATIONS - THREE MONTHS ENDED JUNE 30,
(amounts in thousands, except share and per share data, unaudited)
Education Realty Education Realty
Trust, Inc. Trust, Inc.
Consolidated Consolidated
------------------ -----------------
Three months ended Three months ended
June 30, 2006 June 30, 2005
---------------- -------------
REVENUES:
Student housing leasing revenue $ 21,367 $ 19,096
Student housing food service revenue 807 853
Other leasing revenue 3,434 --
Third-party development services 872 173
Third-party management services 699 355
Operating expense reimbursements 1,950 1,378
------------ ------------
Total revenues 29,129 21,855
------------ ------------
OPERATING EXPENSES:
Student housing leasing operations 9,448 8,308
Student housing food service operations 724 796
General and administrative 3,185 2,401
Depreciation and amortization 9,087 9,392
Reimbursable operating expenses 1,950 1,378
------------ ------------
Total operating expenses 24,394 22,275
------------ ------------
Operating income (loss) 4,735 (420)
------------ ------------
NONOPERATING INCOME AND EXPENSES:
Interest expense 7,261 4,228
Amortization of deferred financing costs 279 214
Interest income (129) (205)
------------ ------------
Total nonoperating expenses 7,411 4,237
------------ ------------
Loss before equity in earnings of unconsolidated entities,
income taxes, and minority interest (2,676) (4,657)
Equity in earnings of unconsolidated entities 142 157
------------ ------------
Loss before income taxes and minority interest (2,534) (4,500)
Income tax expense (benefit) 186 (104)
------------ ------------
Net loss before minority interest (2,720) (4,396)
Minority interest (206) (336)
------------ ------------
Net loss $ (2,514) $ (4,060)
============ ============
EARNINGS PER SHARE INFORMATION:
Loss per share - basic & diluted $ (0.10) $ (0.19)
============ ============
Weighted-average common shares outstanding -
Basic and diluted 26,349,426 21,862,719
============ ============
4
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
CONDENSED, CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS - SIX MONTHS
ENDED JUNE 30,
(amounts in thousands, except share and per share data, unaudited)
Education Realty Education Realty Education Realty Education Realty
Trust, Inc. Trust, Inc. Trust Predecessor Trust
Consolidated
Consolidated Consolidated Combined & Combined
---------------- ---------------- ---------------- ----------------
Six months ended Six months ended January 1 to Six months ended
June 30, 2006 June 30, 2005 January 30, 2005 June 30, 2005
---------------- ---------------- ---------------- ----------------
REVENUES:
Student housing leasing revenue $ 43,901 $ 31,184 $ 1,503 $ 32,687
Student housing food service revenue 1,775 1,441 269 1,710
Other leasing revenue 6,868 -- -- --
Third-party development services 1,427 182 -- 182
Third-party management services 1,398 644 103 747
Operating expense reimbursements 3,745 2,064 671 2,735
------------ ------------ ------- --------
Total revenues 59,114 35,515 2,546 38,061
------------ ------------ ------- --------
OPERATING EXPENSES:
Student housing leasing operations 18,737 13,212 524 13,736
Student housing food service operations 1,583 1,316 255 1,571
General and administrative 6,165 7,577 367 7,944
Depreciation and amortization 18,240 15,151 260 15,411
Reimbursable operating expenses 3,745 2,064 671 2,735
------------ ------------ ------- --------
Total operating expenses 48,470 39,320 2,077 41,397
------------ ------------ ------- --------
Operating income (loss) 10,644 (3,805) 469 (3,336)
------------ ------------ ------- --------
NONOPERATING INCOME AND EXPENSES:
Interest expense 14,131 6,805 479 7,284
Exit fees on early repayment of mortgages -- 1,084 -- 1,084
Amortization of deferred financing costs 553 330 -- 330
Interest income (338) (484) -- (484)
------------ ------------ ------- --------
Total nonoperating expenses 14,346 7,735 479 8,214
------------ ------------ ------- --------
Loss before equity in earnings of unconsolidated
entities, income taxes, and minority interest (3,702) (11,540) (10) (11,550)
Equity in earnings of unconsolidated entities 425 228 27 255
------------ ------------ ------- --------
Income (loss) before income taxes and minority
interest (3,277) (11,312) 17 (11,295)
Income tax expense (benefit) 82 (170) -- (170)
------------ ------------ ------- --------
Net income (loss) before minority interest (3,359) (11,142) 17 (11,125)
Minority interest (65) (767) -- (767)
------------ ------------ ------- --------
Net income (loss) $ (3,294) $ (10,375) $ 17 $(10,358)
============ ============ ======= ========
EARNINGS PER SHARE INFORMATION:
Loss per share - basic & diluted $ (0.13) $ (0.47)
============ ============
Weighted-average common shares outstanding -
Basic and diluted 26,309,154 21,859,108
============ ============
5
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
CONSOLIDATED AND COMBINED STATEMENTS OF FUNDS FROM OPERATIONS (Amounts in
thousands, except share and per share data, unaudited)
Three months ended June 30, Six months ended June 30,
------------------------------ ------------------------------
EDR EDR EDR EDR
Consolidated Consolidated Consolidated Consolidated
2006 2005 2006 2005
------------ ------------ ------------ ------------
Net loss $ (2,514) $ (4,060) $ (3,294) $ (10,375)
Real estate related depreciation and amortization 8,999 9,317 18,068 15,019
Minority interest expense (206) (336) (65) (767)
------------ ------------ ------------ ------------
FUNDS FROM OPERATIONS ("FFO") 6,279 4,921 14,709 3,877
Elimination of one-time IPO related transactions:
Compensation charge for profit interest units -- -- -- 4,039
Write-off of fees associated with repayment
of mortgage debt -- -- -- 1,084
Loss of deferred revenue due to purchase
accounting (1) -- 616 -- 1,027
------------ ------------ ------------ ------------
Impact of IPO related transactions -- 616 -- 6,150
------------ ------------ ------------ ------------
FUNDS FROM OPERATIONS - ADJUSTED ("FFOA") $ 6,279 $ 5,538 $ 14,709 $ 10,027
============ ============ ============ ============
FFO per weighted average potentially dilutive
shares/units (2) $ 0.23 $ 0.21 $ 0.52 $ 0.16
============ ============ ============ ============
FFOA per weighted average potentially dilutive
shares/units (2) $ 0.23 $ 0.23 $ 0.52 $ 0.42
============ ============ ============ ============
WEIGHTED AVERAGE POTENTIALLY DILUTIVE SHARES/UNITS (2) 27,850,196 23,754,195 28,025,579 23,721,194
============ ============ ============ ============
Notes:
(1) Represents the balance of deferred straight-lined rents and service fees
at the time of the IPO acquisitions that would have been recognized by
EDR during the reported period had it already owned the properties.
Generally accepted accounting standards do not allow such deferred
revenue items to be carried forward in an acquisition, resulting in a
one-time, non-recurring loss of revenue.
(2) Funds from operations and funds from operations - adjusted per share
were computed using weighted average shares and units outstanding,
including the impact of dilutive securities.
6
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
COMMUNITY OPERATING RESULTS - THREE MONTHS ENDED JUNE 30,
(Amounts in thousands, unaudited)
Education Realty Education Realty
Trust, Inc. Trust, Inc.
Consolidated Consolidated
------------------ ------------------
Three Months Ended Three Months Ended
June 30, 2006 % of Revenue June 30, 2005 % of Revenue Variance
-------------------------------- ------------------------------ --------
REVENUES
Same community (1) $ 18,243 $ 18,109 $ 134
New community 3,124 987 2,137
-------- -------- ------
Total community revenue 21,367 19,096 2,271
OPERATING EXPENSES (2)
Same community (1) $ 8,192 $ 7,911 $ 281
New communities 1,256 397 859
-------- -------- -------
Total community operating expenses 9,448 8,308 1,140
-------- -------- -------
NET OPERATING INCOME
Same community (1) $ 10,051 55.1% $ 10,198 56.3% $ (147)
New communities 1,868 59.8% 590 59.8% 1,278
-------- -------- -------
Total community net operating income $ 11,919 55.8% $ 10,788 56.5% $ 1,131
======== ======== =======
(1) Includes all communities that have been owned for more than a year as of
April 1, 2006, the beginning of the current period being reported.
(2) Represents community-level operating expense excluding overhead allocation,
depreciation and amortization.
7
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
COMMUNITY OPERATING RESULTS - SIX MONTHS ENDED JUNE 30,
(Amounts in thousands, unaudited)
Education Realty Education Realty
Trust, Inc. Trust, Inc.
Consolidated Consolidated
---------------- ----------------
Six Months Ended Six Months Ended
June 30, 2006 % of Revenue June 30, 2005(1) % of Revenue Variance
------------------------------- ------------------------------- --------
REVENUES
Same community (2) $ 8,186 $ 8,394 $ (208)
New communities 35,715 24,293 11,422
------- ------- -------
Total community revenue 43,901 32,687 11,214
OPERATING EXPENSES (3)
Same community (2) $ 3,353 $ 3,232 $ 121
New communities 15,384 10,504 4,880
------- ------- -------
Total community operating expenses 18,737 13,736 5,001
------- ------- -------
NET OPERATING INCOME
Same community (2) $ 4,833 59.0% $ 5,162 61.5% $ (329)
New communities 20,331 56.9% 13,789 56.8% 6,542
------- ------- -------
Total community net operating income $25,164 57.3% $18,951 58.0% $ 6,213
======= ======= =======
(1) Represents 2005 results from date of Formation (February 1) plus the results
of operations for the Predecessor portfolio of A&O communities for the
period January 1 to January 31, 2005.
(2) Includes all communities that have been owned for more than a year as of
January 1, 2006, the beginning of the current period being reported.
(3) Represents community-level operating expense excluding overhead allocation,
depreciation and amortization.
8
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
SAME COMMUNITY STATISTICS - THREE MONTHS ENDED JUNE 30, (8)
2006 2005
2ND QUARTER 2ND QUARTER DIFFERENCE
----------- ----------- -----------
Occupancy
Physical (1) 89.3% 89.2% 0.1%
Economic (2) 92.2% 90.8% 1.4%
NarPAB (3) $ 330 $ 332 $ (2)
Other income per avail. bed (4) $ 29 $ 24 $ 5
RevPAB (5) $ 359 $ 356 $ 3
Operating expense per bed (6) $ 161 $ 156 $ 5
Operating margin 55.1% 56.3% -1.2%
Design Beds (7) 50,835 50,835 --
(1) Quarterly physical occupancy represents a weighted average of the month end
occupancies for the three months in the quarter.
(2) Quarterly economic occupancy represents the effective occupancy calculated
by taking net apartment rent accounted for on a GAAP basis for the quarter
divided by market rent for the quarter.
(3) 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 of the included months. Does not include food service
revenue.
(4) 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.
(5) 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 of the included months.
(6) Represents community-level operating expense excluding overhead allocation,
depreciation and amortization.
(7) Represents the sum of the monthly design beds in the portfolio during the
three month period.
(8) Includes all communities that have been owned for more than a year as of
April 1, 2006, the beginning of the current period being reported.
9
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
SAME COMMUNITY STATISTICS - SIX MONTHS ENDED JUNE 30, (8)
2006 2005
YTD JUNE YTD JUNE DIFFERENCE
-------- -------- ----------
Occupancy
Physical (1) 86.1% 85.7% 0.4%
Economic (2) 91.1% 93.7% -2.6%
NarPAB (3) $ 314 $ 329 $(15)
Other income per avail. bed (4) $ 36 $ 30 $ 6
RevPAB (5) $ 350 $ 359 $ (9)
Operating expense per bed (6) $ 143 $ 138 $ 5
Operating margin 59.0% 61.5% -2.5%
Design Beds (7) 23,376 23,376 --
(1) YTD physical occupancy numbers represents a weighted average of the month
end occupancies for the 6 months ended 6/30/06.
(2) YTD economic occupancy represents the effective occupancy calculated by
taking YTD net apartment rent accounted for on a GAAP basis divided by YTD
market rent.
(3) 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 of the included months. Does not include food service
revenue.
(4) 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.
(5) 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 of the included months.
(6) Represents community-level operating expense excluding overhead allocation,
depreciation and amortization.
(7) Represents the sum of the monthly design beds in the portfolio during the
six month period.
(8) Includes all communities that have been owned for more than a year as of
January 1, 2006, the beginning of the current period being reported.
10
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
COMMUNITY STATISTICS - OWNED AND OPERATED
2006 2006 2006 2005 2005 2005 2005
1st Quarter 2nd Quarter YTD 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
----------- ----------- ---------- ----------- ------------ ----------- ------------
Occupancy
Physical (1) 94.6% 89.8% 92.2% 92.6% 89.1% 92.0% 95.0%
Economic (2) 95.1% 91.7% 93.4% 92.3% 90.5% 82.8% 96.2%
NarPAB (3) $ 364 $ 336 $ 350 $ 358 $ 335 $ 304 $ 367
Other income per avail. bed (4) $ 21 $ 26 $ 24 $ 11 $ 23 $ 41 $ 22
RevPAB (5) $ 385 $ 362 $ 374 $ 369 $ 358 $ 345 $ 389
Operating expense per bed (6) $ 159 $ 160 $ 160 $ 150 $ 155 $ 232 $ 179
Operating margin 58.8% 55.6% 57.2% 59.4% 56.5% 32.6% 54.6%
Design Beds (7) 58,503 59,127 117,630 32,774 53,679 58,503 58,503
(1) Quarterly physical occupancy represents a weighted average of the
month end occupancies for the three months in the quarter. YTD
physical occupancy numbers represents a weighted average of the month
end occupancies for the six months ended 6/30/06.
(2) Quarterly economic occupancy represents the effective occupancy
calculated by taking net apartment rent accounted for on a GAAP basis
for the quarter divided by market rent for the quarter. YTD economic
occupancy represents the YTD GAAP net apartment rent divided by the
YTD market rent.
(3) 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 of the included months. Does not
include food service revenue.
(4) 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.
(5) 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 of the included
months.
(6) Represents community-level operating expense excluding overhead
allocation, depreciation and amortization.
(7) Represents the sum of the monthly design beds in the portfolio during
the period, excluding Place properties.
11
THIRD-PARTY DEVELOPMENT PROJECT SUMMARY
(Amounts in '000s)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 2006 JUNE 30, 2005 CHANGE JUNE 30, 2006 JUNE 30, 2005 CHANGE
---------------------------------------- -------------------------------------
Third-party development services revenue $ 872 $ 173 $ 699 $ 1,427 $ 182 $ 1,245
Equity in earnings of joint ventures 142 157 (15) 425 255 170
----------------------------------------- --------------------------------------
$ 1,014 $ 330 $ 684 $ 1,852 $ 437 $ 1,415
========================================= ======================================
CURRENT AND RECENTLY COMPLETED PROJECTS
PROJECT TOTAL
COMPLETION DEVELOPMENT PROJECT EDR %
PROJECT BED COUNT DATE COST FEES OF FEES
- --------------------------------------------------------------------------------------------------------------------------
Slippery Rock University - Phase I, PA 1,390 Aug-06, Oct-06, Mar-07 $ 64,204 $ 1,870 100%
California University of Pennsylvania Phase V, PA 354 August 2007 19,909 538 50%
Indiana University of Pennsylvania, PA 734 August 2007 43,725 1,682 100%
University of North Carolina-Greensboro 600 August 2007 26,000 1,161 (5)
University of Michigan, Ann Arbor 849 August 2008 45,000 1,200 100%
California University of Pennsylvania Phase IV, PA 447 August 2006 21,251 668 50%
Bloomsburg University, PA 407 July 2005 14,602 562 50%
University of Louisville - Phase III, KY 359 July 2006 15,079 580 (3)
Auraria Higher Education System, Denver CO 685 August 2006 42,400 730 100%
University Park at University of Cincinnati, OH (2) 766 July 2005 50,000
University of Alabama - Birmingham, AL 753 May 2006 26,460 1,212 (4)
-------- ---------
7,344 $ 368,630
======== ==========
FEES EARNED
SIX MONTHS FEES PAID
ENDED REMAINING THROUGH
EDR PROJECT FEES EARNED JUNE 30, FEES JUNE 30,
PROJECT FEES PRIOR TO 2006 2006(1) TO EARN 2006
- -----------------------------------------------------------------------------------------------------------------------
Slippery Rock University - Phase I, PA $ 1,870 $ 887 $ 791 $ 192 $ 1,371
California University of Pennsylvania Phase V, PA 269 - 9 260 188
Indiana University of Pennsylvania, PA 1,673 - 116 1,557 641
University of North Carolina-Greensboro 683 - 27 656 -
University of Michigan, Ann Arbor 1,200 - 399 801 356
California University of Pennsylvania Phase IV, PA 334 161 149 24 233
Bloomsburg University, PA 281 281 - - 281
University of Louisville - Phase III, KY 340 162 162 16 294
Auraria Higher Education System, Denver CO 730 365 - 365 365
University Park at University of Cincinnati, OH (2) 306 306 - - 306
University of Alabama - Birmingham, AL 716 519 192 5 643
-----------------------------------------------------------
$ 8,402 $ 2,681 $ 1,845 $ 3,876 $ 4,678
===========================================================
RECENTLY AWARDED PROJECTS
ESTIMATED PROJECT TOTAL
ESTIMATED ESTIMATED COMPLETION DEVELOPMENT PROJECT EDR % TOTAL
PROJECT BED COUNT START DATE DATE COST FEES OF FEES EDR FEES
- ------------------------------------------------------------------------------------------------------------------------------------
University of Alabama - Tuscaloosa 631 September 2006 August 2007 $ 31,652 $ 1,236 100% $ 1,236
--------- -------------------- -------
631 $ 31,652 $ 1,236 $ 1,236
========== ===================== =======
(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) Represents fees related to a furniture purchasing agreement with the
project's foundation.
(3) Total fees of $580 on the University of Louisville project include $480 of
development fees and $100 of construction oversight fees. EDR participates
50% and 100% respectively in those fees.
(4) Total fees of $1,212 on the University of Alabama project include $991 of
development fees and $220 of construction oversight fees. EDR participates
50% and 100% respectively in those fees.
(5) Total fees of $1,161 on the project include $956 of development fees and
$205 of construction oversight fees. EDR participates 50% and 100%
respectively in those fees.
12
EDUCATION REALTY TRUST, INC.
- --------------------------------------------------------------------------------
CAPITAL STRUCTURE
AS OF JUNE 30, 2006
(dollars in thousand)
DEBT TO ENTERPRISE VALUE
Total Debt (1) $ 488,758 51.5%
Total Market Equity (2) 461,164 48.5%
---------- -------
Total Enterprise Value $ 949,922 100.0%
==========
OUTSTANDING DEBT
Principal Weighted Average Average Term
Outstanding Interest Rate % to Maturity
------------- ---------------- ------- -------------
Fixed Rate Mortgage Loans (1) $ 423,358 5.85% 86.6% 3.2 years
Variable Rate 65,400 7.63% 13.4% 2.2 years
---------- ------- ------ ----
Total / Weighted Average $ 488,758 6.09% 100.0% 3.0 years
========== ======= ====== ====
DEBT MATURITY
Fiscal Yr Ending
Ending INTEREST EXPENSE FOR THE PERIOD(3) $ 14,397
------------------
2006 $ 1,962 0.5%
2007 61,222 14.5% INTEREST COVERAGE 2.02
2008 27,606 6.5%
2009 282,631 66.7% FIXED CHARGE COVERAGE 1.91
2010 888 0.2%
2011 947 0.2%
Thereafter 48,102 11.4%
--------- ------
Total $ 423,358 100.0%
======
Unamortized debt premium 2,601
---------
Total, net of debt premium 425,959
=========
(1) Excludes unamortized debt premium of $2.6 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 shares of $16.65 at
June 30, 2006.
(3) Excludes amortization of debt premium/discount.
13
EDUCATION REALTY TRUST, INC.
- -------------------------------------------------------------------------------
COMMUNITY LISTING - OWNED AND OPERATED
PRIMARY ACQUISITION
NAME UNIVERSITY SERVED 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 '05 290
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 Village on Tharpe Florida State University Jan '05 1,554
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
-------
Total owned and operated beds 20,125
=======
NOTE: The above listing excludes the 13 communities leased to and managed by
Place Properties.