8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report: July 20, 2009

Education Realty Trust, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-32417	201352180
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

530 Oak Court Drive, Suite 300 Memphis, Tennessee	38117
(Address of Principal Executive Offices)	(Zip Code)

901-259-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On July 20, 2009, Education Realty Trust, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended June 30, 2009 and made available updated supplemental information concerning the ownership, operations and portfolio of the Company. A copy of the press release and this supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

This Current Report on Form 8-K and the exhibits attached hereto are being furnished by the Company pursuant to Item 2.02 and Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company’s results of operations or financial condition for the six months ended June 30, 2009.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01.  Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.  The following exhibits are being furnished herewith to this Current Report on Form 8-K.

Exhibit No.	Description
99.1	Press Release dated July 20, 2009
99.2	Second Quarter 2009 Supplemental Financial Report

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EDUCATION REALTY TRUST, INC.
Date: July 20, 2009	By:	/s/ Randall H. Brown
		Randall H. Brown Executive Vice President, Chief Financial Officer, Treasurer and Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated July 20, 2009
99.2	Second Quarter 2009 Supplemental Financial Report

EX-99.1

Exhibit 99.1

EDUCATION REALTY TRUST ANNOUNCES

SECOND QUARTER 2009 RESULTS

MEMPHIS, TN, July 20, 2009 - Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of student housing, today announced operating results for its second quarter ending June 30, 2009.

Note: All per share/unit results are reported on a weighted average basis for the respective periods.

Second Quarter Highlights

(Comparison of operating results are impacted by a $5.0 million lease termination fee recognized in the second quarter of 2008)

· Total revenue was $32.0 million versus $36.8 million in for the comparable quarter of 2008;

· Operating income was $6.1 million versus $9.7 million for the comparable quarter of 2008;

· Net income from continuing operations was $0.2 million compared to $3.4 million for the comparable quarter of 2008;

· Same-community net operating income improved 6.4% from 2008 on revenue growth of approximately 0.1% and operating expense reductions of 6.5%;

· Funds from operations (FFO) and funds from operations adjusted (FFOA) were $7.3 million and $6.4 million, or $0.24 and $0.22 per share/unit, respectively.  These results compare to 2008 FFO and FFOA of $10.6 million, or $0.36 per share/unit. FFOA for the current quarter excludes the impact of a $0.8 million gain on extinguishment of debt;

· Allen & O’Hara Development Company (AODC) began construction of a 596 bed community representing the fourth phase of a third-party project at Indiana University of Pennsylvania, which is scheduled to open in August of 2010; and

· As the Company previously announced, Paul O. Bower, its Chief Executive Officer, President and Chairman of the Board of Directors, informed the Board of Directors that he intends to retire from active employment with the Company upon appointment of his successor, which is expected to occur by the end of the first quarter of 2010.

Paul O. Bower, Chairman, President and Chief Executive Officer commented, “The second quarter was the Company’s third consecutive quarter of meaningful expense improvement as we continue to work on controlling the areas of the business that we can positively influence in this challenged economy. The benefits of our key initiatives implemented in 2008 appear to be taking effect, both from a cost and leasing perspective as exemplified by the $0.9 million or 6.4% improvement in our second quarter same-community net operating income for both the legacy and Place portfolios. We have made progress and will continue to stay focused and work to keep executing on our initiatives to drive our results over the second half of the year.”

Second Quarter Operating Results

Total revenue declined $4.8 million or 13.2% to $32.0 million for the quarter from $36.8 million in the second quarter of 2008.  The main driver of the decline in total revenue was a $5.0 million decrease in other leasing revenue as the result of a lease termination fee recognized in the second quarter of 2008, related to the Company’s Place portfolio.

Student housing leasing revenue increased $0.8 million or 2.9% to $27.5 million.  The improvement included $0.2 million as a result of a 0.9% increase in legacy-community revenue and $0.8 million of additional revenue related to The Reserve at Saluki Point, a community that opened in August of 2008.  These improvements were offset by $0.2 million related to a 2.9% decline in leasing revenue in the Place portfolio.

Third-party development services revenues were relatively flat at $1.3 million while third-party management services revenues declined 13.1% to $0.7 million in the second quarter of 2009.  Management fees were down approximately $0.1 million from the prior year as a result of three canceled contracts, including the previously announced five property portfolio in Michigan.  This decline was partially offset by $0.1 million of management fees from the addition of two new contracts since the second quarter of 2008, as well as a 6.3% increase in revenue from existing contracts.

Total operating expenses were reduced by $1.2 million or 4.6% to $25.9 million for the second quarter of 2009.  Student housing operating expenses improved $0.6 million or 4.2%, including 7.1% and 4.4% reductions in operating expenses in the legacy-communities and Place communities, respectively.  These improvements were offset by $0.3 million of additional operating expenses related to The Reserve at Saluki Point.  Corporate general and administrative expenses were down 1.8% or just under $0.1 million to $3.8 million for the second quarter of 2009.

The Company had second quarter operating income of $6.1 million compared to $9.7 million in the same quarter of 2008.  Total non-operating expenses were $0.8 million lower in the second quarter of 2009 at $5.4 million.  A $0.8 million gain on extinguishment of debt, resulting from the refund of defeasance costs related to the Company’s December 2008 debt refinancing, drove this improvement.  Excluding this gain, non-operating expenses were flat to the second quarter of 2008.  Net income from continuing operations was $0.2 million, or $0.01 per weighted average diluted share, compared to $3.4 million, or $0.11 per weighted average diluted share, in the prior year.

FFO for the second quarter of 2009 was $7.3 million compared to $10.6 million in 2008 while FFO per share/unit was $0.24 compared to $0.36 per share/unit in the prior year.  FFOA, which excludes the impact of a $0.8 million gain on extinguishment of debt, was $6.4 million or $0.22 per share/unit compared to $10.6 million or $0.36 per share/unit in the second quarter of 2008.  The decline in FFO and FFOA reflects growth in student housing revenue and improvements in expenses at both the properties and corporate, offset by the $5.0 million decline in other leasing revenue, related to the Place portfolio lease termination fee recognized in the second quarter of 2008, and a decline in third-party fee revenue.  A reconciliation of FFO and FFOA to net income (loss), in accordance with U.S. generally accepted accounting principles (GAAP), is included in the financial tables accompanying this release.

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Same-Community Results

Same-community revenue was flat to the second quarter of 2008 and operating expenses were reduced $0.8 million or 6.5% year over year.  This resulted in a same-community operating income improvement of $0.9 million or 6.4% to $14.6 million for the second quarter of 2009.

Legacy-Communities

Revenue for the second quarter of 2009 was $21.5 million, an increase of $0.2 million or 0.9% over the second quarter of 2008.  Rental rate increases of approximately 3.3% and a 0.4% increase from other income were offset by a 2.8% decline in occupancy.  Operating expenses for the legacy-communities were down 7.1% to $9.3 million.  The main areas of improvement in operating expenses included $0.3 million in payroll reductions as a result of cost reduction measures taken in the fall of 2008, $0.2 million in credit card fee reductions and $0.2 million in lower maintenance costs.  As a result of the higher revenue and 7.1% reduction in operating expenses, net operating income for the legacy-communities improved $0.9 million or  8.1% to $12.1 million for the second quarter of 2009.

Place-Communities

This is the first quarter that the Place-communities can be assessed on a same-community basis.  Revenue for the second quarter of 2009 was down $0.2 million or 2.9% to $5.3 million.  The decline in revenue was primarily driven by a 6.8% decline in occupancies, while rates were flat to the second quarter of 2008.  Operating expenses improved $0.1 million or 4.4% from the prior year to $2.8 million in the second quarter of 2009.  As a result, net operating income for the Place-communities was down 1.2% quarter over quarter.

Community Occupancy

The average physical and economic occupancies on a legacy-community basis for the second quarter of 2009 were 87.7% and 86.0%, respectively, compared to 90.2% and 88.9% for the same quarter in 2008.  The Place portfolio had physical and economic occupancies of 79.0% and 76.7%, respectively, compared to 84.7% and 82.2% in the second quarter of 2008.  Physical occupancy is the average of occupied rooms to available rooms at the end of each month, whereas economic occupancy represents net apartment rent on a U.S. GAAP basis as a percentage of potential rent and reflects the impact of straight-line rent.

Fall 2009 Leasing

As of July 13th, leasing on a legacy-community basis reflected approximately 86.4% of beds applied for and 81.0% already leased compared to 86.7% and 82.6%, respectively, at this time last year.  Leasing for the three properties in Kalamazoo, Michigan, Gainesville, Florida, and Oxford, Mississippi that were previously identified as challenged marketsshows 96.1% of beds applied for and 94.5% leased compared to 83.3% applied for and 78.6% leased one year ago.  Regarding the Place portfolio, approximately 77.5% of the beds have been applied for and 70.0% have been leased compared to 67.1% and 62.2%, respectively, at this time last year.

The Company publishes a property-by-property leasing schedule in its quarterly supplemental analyst package located at: http://www.snl.com/irweblinkx/FinancialDocs.aspx?iid=4095382

3

Development Activity

The Company’s development subsidiary, AODC, began construction of a 596 bed community at Indiana University of Pennsylvania.  This third-party project is the fourth project AODC has undertaken for the university and is scheduled to open in August of 2010.

The Company-owned community under development in Syracuse, NY and the second phase of a community in Carbondale, IL are currently on budget and expected to open on time in August of 2009.

Capital Structure

The Company had $29.6 million outstanding on its revolving credit facility, with a remaining availability of $14.6 million, and cash and cash equivalents totaling $4.1 million at June 30, 2009.  Total mortgage and construction debt outstanding at June 30, 2009, excluding unamortized debt premiums, was $449.5 million with 79.1% of the Company’s debt at fixed rates.

Approximately $98.7 million or 22.0% of the Company’s mortgage debt is due to mature in December 2009.  Management is currently engaged in negotiating replacement financing for this maturing debt.  In addition, the Company has a signed term-sheet with Key Bank to replace the Company’s current revolving credit facility, which is due to mature in the first quarter of 2010.  At the end of the quarter, the Company’s combined outstanding shares of common stock and partnership units totaled 29.9 million.

Dividend

On July 11, 2009, the Company declared its second quarter dividend of $0.1025 per share/unit, which is payable on August 14, 2009, to holders of record as of the close of business on July 31, 2009.

Earnings Guidance and Outlook

Based upon current estimates, the Company maintains its full year December 31, 2009 FFO per share/unit guidance of $0.70 to $0.80.

Webcast and Conference Call

The Company will host a conference call for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Tuesday, July 21, 2009.  The call will be hosted by Paul O. Bower, Chairman, Chief Executive Officer and President, and Randall H. Brown, Executive Vice President and Chief Financial Officer.

The conference call will be accessible by telephone and the Internet.  To access the call, participants from within the U.S. may dial (877) 941-4774, and participants from outside the U.S. may dial (480) 629-9760.  The passcode for this call is 4112094.  Participants may also access the call via live webcast by visiting the Company’s investor relations Web site at www.educationrealty.com.

4

The replay of the call will be available at approximately 12:00 noon Eastern Time on July 21, 2009 through midnight Eastern Time on July 28, 2009.  To access the replay, the domestic dial-in number is (800) 406-7325, the international dial-in number is (303) 590-3030, and the passcode is 4112094.  The archive of the webcast will be available on the Company’s Web site for a limited time.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company’s business that are not historical facts are “forward-looking statements.” Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to 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 statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our annual report on Form 10-K and under the caption “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. 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 guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.

About Education Realty Trust

Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the United States. Led by a team with over 200 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 63 communities in 21 states with 37,152 owned and managed beds. For more information please visit the Company's Web site at www.educationrealty.com.

Contact:

Brad Cohen

ICR, LLC

203-682-8211

bcohen@icrinc.com

5

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share data)

	June 30, 2009			December 31, 2008
	(unaudited)
Assets
Student housing properties, net	$	722,196		$	731,400
Student housing properties – held for sale		-			2,107
Assets under development		29,248			6,572
Corporate office furniture and equipment, net		1,259			1,465
Cash and cash equivalents		4,070			9,003
Restricted cash		6,262			5,595
Student contracts receivable, net		542			533
Receivable from affiliates		15			25
Management fee receivable from third party		265			401
Goodwill and other intangibles, net		3,090			3,111
Other assets		15,494			17,435
Total assets	$	782,441		$	777,647
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	450,493		$	442,259
Revolving line of credit		29,600			32,900
Accounts payable and accrued expenses		17,986			10,605
Deferred revenue		7,730			9,954
Total liabilities		505,809			495,718
Commitments and contingencies		-			-
Redeemable noncontolling interests		11,325			11,751
Equity:
Education Realty Trust, Inc. stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
28,501,849 and 28,475,855 shares issued and outstanding at
June 30, 2009 and December 31, 2008, respectively		285			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding		-			-
Additional paid-in capital		302,876			308,356
Accumulated deficit		(40,717	)		(41,381	)
Total Education Realty Trust, Inc. stockholders’ equity		262,444			267,260
Noncontrolling interest		2,863			2,918
Total equity		265,307			270,178
Total liabilities and equity	$	782,441		$	777,647

6

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Three months ended June 30, 2009			Three months ended June 30, 2008
Revenues:
Student housing leasing revenue	$	27,501		$	26,713
Student housing food service revenue		466			541
Other leasing revenue		-			5,000
Third-party development services		1,259			1,221
Third-party management services		723			832
Operating expense reimbursements		2,036			2,521
Total revenues		31,985			36,828
Operating expenses:
Student housing leasing operations		12,488			13,036
Student housing food service operations		441			495
General and administrative		3,841			3,913
Depreciation and amortization		7,110			7,200
Reimbursable operating expenses		2,036			2,521
Total operating expenses		25,916			27,165
Operating income		6,069			9,663
Nonoperating expenses:
Interest expense		6,150			6,049
Amortization of deferred financing costs		218			244
Interest income		(105	)		(72	)
Gain on extinguishment of debt		(830	)		-
Total nonoperating expenses		5,433			6,221
Income from continuing operations before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		636			3,442
Equity in earnings of unconsolidated entities		46			(26	)
Income from continuing operations before income taxes, redeemable noncontrolling interests and discontinued operations		682			3,416
Income tax expense (benefit)		502			(18	)
Income from continuing operations before redeemable noncontolling interests		180			3,434
Income (loss) attributable to redeemable noncontrolling interests		(63	)		37
Income from continuing operations		243			3,397
Loss from discontinued operations		(2	)		(42	)
Net income		241			3,355
Less: Net income attributable to the noncontrolling interest		10			37
Net income attributable to Education Realty Trust, Inc.	$	231		$	3,318
Earnings per share information:
Income attributable to Education Realty Trust, Inc. common stockholders per share – basic:
Continuing operations	$	0.01		$	0.12
Discontinued operations		-			-
Net income attributable to Education Realty Trust, Inc. common stockholders per share	$	0.01		$	0.12
Income attributable to Education Realty Trust, Inc. common stockholders per share – diluted:
Continuing operations	$	0.01		$	0.11
Discontinued operations		-			-
Net income attributable to Education Realty Trust, Inc. common stockholders per share	$	0.01		$	0.11
Weighted-average common shares outstanding – basic		28,520,344			28,512,344
Weighted-average common shares outstanding – diluted		29,641,339			29,633,339
Amounts attributable to Education Realty Trust, Inc. common stockholders
Income from continuing operations, net of tax	$	233		$	3,359
Loss from discontinued operations, net of tax		(2	)		(41	)
Net income	$	231		$	3,318

7

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Six months ended June 30, 2009			Six months ended June 30, 2008
Revenues:
Student housing leasing revenue	$	56,221		$	52,944
Student housing food service revenue		1,059			1,196
Other leasing revenue		-			6,945
Third-party development services		2,716			3,008
Third-party management services		1,632			1,807
Operating expense reimbursements		4,226			5,140
Total revenues		65,854			71,040
Operating expenses:
Student housing leasing operations		25,086			25,031
Student housing food service operations		1,013			1,128
General and administrative		7,835			7,850
Depreciation and amortization		14,274			14,769
Reimbursable operating expenses		4,226			5,140
Total operating expenses		52,434			53,918
Operating income		13,420			17,122
Nonoperating expenses:
Interest expense		12,502			12,213
Amortization of deferred financing costs		519			487
Interest income		(154	)		(190	)
Gain on extinguishment of debt		(830	)		-
Total nonoperating expenses		12,037			12,510
Income from continuing operations before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		1,383			4,612
Equity in earnings of unconsolidated entities		146			(27	)
Income from continuing operations before income taxes, redeemable noncontrolling interests and discontinued operations		1,529			4,585
Income tax expense		690			173
Income from continuing operations, before redeemable noncontolling interests		839			4,412
Income attributable to redeemable noncontrolling interests		138			121
Income from continuing operations		701			4,291
Loss from discontinued operations		(18	)		(34	)
Net income		683			4,257
Less: Net income attributable to the noncontrolling interest		19			50
Net income attributable to Education Realty Trust, Inc.	$	664		$	4,207
Earnings per share information:
Income attributable to Education Realty Trust, Inc. common stockholders per share – basic:
Continuing operations	$	0.02		$	0.15
Discontinued operations		-			-
Net income attributable to Education Realty Trust, Inc. common stockholders per share	$	0.02		$	0.15
Income attributable to Education Realty Trust, Inc. common stockholders per share – diluted:
Continuing operations	$	0.02		$	0.14
Discontinued operations		-			-
Net income attributable to Education Realty Trust, Inc. common stockholders per share	$	0.02		$	0.14
Weighted-average common shares outstanding – basic		28,518,430			28,510,564
Weighted-average common shares outstanding – diluted		29,639,425			29,656,000
Amounts attributable to Education Realty Trust, Inc. common stockholders
Income from continuing operations, net of tax	$	682		$	4,240
Loss from discontinued operations, net of tax		(18	)		(33	)
Net income	$	664		$	4,207

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EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CALCULATION OF FFO

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

Unaudited

	Three months ended June 30,					Six months ended June 30,
	2009			2008		2009			2008
Net income attributable to Education Realty Trust, Inc.	$	231		$	3,318	$	664		$	4,207
Loss on sale of student housing assets (1)		-			-		-			512
Real estate related depreciation and amortization		6,954			7,070		13,959			14,497
Equity portion of real estate depreciation and amortization on equity investees		122			123		244			248
Depreciation and amortization of discontinued operations		-			24		25			48
Noncontrolling interest		(53	)		74		157			171
Funds from operations ("FFO")	$	7,254		$	10,609	$	15,049		$	19,683
Elimination of gain on extinguishment of debt		(830	)		-		(830	)		-
Funds from operations – adjusted (“FFOA”)	$	6,424		$	10,609	$	14,219		$	19,683
FFO per weighted average share/unit  (2)	$	0.24		$	0.36	$	0.50		$	0.66
FFOA per weighted average share/unit  (2)	$	0.22		$	0.36	$	0.48		$	0.66
Weighted average shares/units (2)		29,894,085			29,847,557		29,888,114			29,866,636

Notes:

(1) Represents the loss on sale of land and parking garage at University Towers.

(2) Funds from operations (FFO) per weighted average share/unit was computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

FFO is an important supplemental measure of operating performance for EDR.  Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that when compared year over year, reflects the impact to operations from trends in occupancy rate, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

For a definition of FFO and a statement by management regarding the reasons for and significance of reporting FFO as a measure of performance, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the EDR annual report on Form 10-K for the year ended December 31, 2008.

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EX-99.2

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

SECOND QUARTER 2009

SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations - Three Months Ended June 30,	3
Condensed Consolidated Statements of Operations - Six Months Ended June 30,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results - Three Months Ended June 30,	6
Community Operating Results - Six Months Ended June 30,	7
Consolidated Community Statistics - Owned and Operated	8
Legacy Apartment Community Statistics	9
University Towers Residence Hall Statistics	10
Place Portfolio Community Statistics	11
Preleasing 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 June 30,										Six months ended June 30,
	2009		2008		$ Chg			% Chg			2009		2008		$ Chg			% Chg
	(unaudited)		(unaudited)								(unaudited)		(unaudited)
Total revenues	$	31,985	$	36,828	$	(4,843	)		-13.2	%	$	65,854	$	71,040	$	(5,186	)		-7.3	%
Operating income		6,069		9,663		(3,594	)		-37.2	%		13,420		17,122		(3,702	)		-21.6	%
Income from continuing operations		243		3,397		(3,154	)		-92.8	%		839		4,412		(3,573	)		-81.0	%
Net income		231		3,318		(3,087	)		-93.0	%		664		4,207		(3,543	)		-84.2	%
Net income per share - basic & diluted	$	0.01	$	0.12	$	(0.11	)		-93.1	%	$	0.02	$	0.15	$	(0.12	)		-83.9	%
Weighted-average common shares outstanding - basic		28,520,344		28,512,344								28,518,430		28,510,564
Weighted-average common shares outstanding - diluted		29,641,339		29,633,339								29,639,425		29,656,000
Funds from operations (FFO)	$	7,254	$	10,609	$	(3,355	)		-31.6	%	$	15,049	$	19,683	$	(4,634	)		-23.5	%
FFO per weighted average share/unit (4)	$	0.24	$	0.36	$	(0.12	)		-33.3	%	$	0.50	$	0.66	$	(0.16	)		-24.2	%
Funds from operations adjusted (FFOA)	$	6,424	$	10,609	$	(4,185	)		-39.4	%	$	14,219	$	19,683	$	(5,464	)		-27.8	%
FFOA per weighted average share/unit (4)	$	0.22	$	0.36	$	(0.14	)		-38.9	%	$	0.48	$	0.66	$	(0.18	)		-27.3	%
Weighted average shares/units (4)		29,894,085		29,847,557								29,888,114		29,866,636

Total Debt to Gross Assets
Total Debt (1)	$	479,093
Total Gross Assets (2)	$	909,631
Total Debt to Gross Assets		52.7	%

Capitalization Data as of:  June 30, 2009
Total debt (1)	$	479,093
Market equity (3)		127,173
Total enterprise value	$	606,266
Debt to total enterprise value		79.0	%

Notes:

(1) Excludes debt premium of $1.0 million.

(2) Excludes accumulated depreciation of $127,190 as of June 30, 2009.

(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 $4.29 at June 30, 2009.  Excludes 277,500 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)

	June 30, 2009			December 31, 2008
	(unaudited)
Assets
Student housing properties, net (1)	$	722,196		$	731,400
Student housing properties- held for sale		-			2,107
Assets under development		29,248			6,572
Corporate office furniture and equipment, net		1,259			1,465
Cash and cash equivalents		4,070			9,003
Restricted cash		6,262			5,595
Student contracts receivable, net		542			533
Receivable from affiliates		15			25
Management fee receivable from third party		265			401
Goodwill and other intangibles, net		3,090			3,111
Other assets		15,494			17,435
Total assets	$	782,441		$	777,647
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	450,493		$	442,259
Revolving line of credit		29,600			32,900
Accounts payable and accrued expenses		17,986			10,605
Deferred revenue		7,730			9,954
Total liabilities		505,809			495,718
Commitments and contingencies		-			-
Redeemable noncontrolling interests		11,325			11,751
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,501,849 and 28,475,855 shares issued and outstanding June 30, 2009 and December 31, 2008, respectively		285			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		302,876			308,356
Accumulated deficit		(40,717	)		(41,381	)
Total Education Realty Trust, Inc. stockholders' equity		262,444			267,260
Noncontrolling interest		2,863			2,918
Total equity		265,307			270,178
Total liabilities and equity	$	782,441		$	777,647

(1) Amount is net of accumulated depreciation of $127,190 and $113,545 as of June 30, 2009 and December 31, 2008, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30,

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

							Fav / (Unfav)
	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	27,501		$	26,713		$	788			2.9	%
Student housing food service revenue		466			541			(75	)		-13.9	%
Other leasing revenue		-			5,000			(5,000	)	NM
Third-party development services		1,259			1,221			38			3.1	%
Third-party management services		723			832			(109	)		-13.1	%
Operating expense reimbursements		2,036			2,521			(485	)		-19.2	%
Total revenues		31,985			36,828			(4,843	)		-13.2	%
Operating expenses:
Student housing leasing operations		12,488			13,036			548			4.2	%
Student housing food service operations		441			495			54			10.9	%
General and administrative		3,841			3,913			72			1.8	%
Depreciation and amortization		7,110			7,200			90			1.3	%
Reimbursable operating expenses		2,036			2,521			485			19.2	%
Total operating expenses		25,916			27,165			1,249			4.6	%
Operating income		6,069			9,663			(3,594	)		-37.2	%
Nonoperating expenses:
Interest expense		6,150			6,049			(101	)		-1.7	%
Amortization of deferred financing costs		218			244			26			10.7	%
Interest income		(105	)		(72	)		33			45.8	%
Gain on extinguishment of debt		(830	)		-			830		NM
Total nonoperating expenses		5,433			6,221			788			12.7	%
Income before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		636			3,442			(2,806	)		-81.5	%
Equity in earnings of unconsolidated entities		46			(26	)		72		NM
Income before income taxes, redeemable noncontrolling interests and discontinued operations		682			3,416			(2,734	)		-80.0	%
Income tax expense (benefit)		502			(18	)		(520	)	NM
Income from continuing operations before redeemable noncontrolling interest		180			3,434
Income (loss) attributable to redeemable noncontrolling interests		(63	)		37			100		NM
Income from continuing operations		243			3,397			(3,154	)		-92.8	%
Loss from discontinued operations		(2	)		(42	)		40			95.2	%
Net income		241			3,355			(3,114	)		-92.8	%
Less: Net income attributable to the noncontrolling interest		10			37			27			73.0	%
Net income attributable to Education Realty Trust, Inc.	$	231		$	3,318		$	(3,087	)		-93.0	%
Earnings per share information:
Income attributable to Education Realty Trust, Inc. common shareholders per share - basic
Continuing operations	$	0.01		$	0.12		$	(0.11	)
Discontinued operations		-			-			-
Net income attributable to Education Realty Trust, Inc. common shareholders per share - basic	$	0.01		$	0.12		$	(0.11	)
Income attributable to Education Realty Trust, Inc. common shareholders per share - diluted
Continuing operations	$	0.01		$	0.11		$	(0.10	)
Discontinued operations		-			-			-
Net income attributable to Education Realty Trust, Inc. common shareholders per share - diluted	$	0.01		$	0.11		$	(0.10	)
Weighted-average common shares outstanding - basic		28,520,344			28,512,344
Weighted-average common shares outstanding - diluted		29,641,339			29,633,339
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Income from continuing operations, net of tax	$	233		$	3,359
Loss from discontinued operations, net of tax		(2	)		(41	)
Net income	$	231		$	3,318

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30,

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

							Fav / (Unfav)
	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	56,221		$	52,944		$	3,277			6.2	%
Student housing food service revenue		1,059			1,196			(137	)		-11.5	%
Other leasing revenue		-			6,945			(6,945	)	NM
Third-party development services		2,716			3,008			(292	)		-9.7	%
Third-party management services		1,632			1,807			(175	)		-9.7	%
Operating expense reimbursements		4,226			5,140			(914	)		-17.8	%
Total revenues		65,854			71,040			(5,186	)		-7.3	%
Operating expenses:
Student housing leasing operations		25,086			25,031			(55	)		-0.2	%
Student housing food service operations		1,013			1,128			115			10.2	%
General and administrative		7,835			7,850			15			0.2	%
Depreciation and amortization		14,274			14,769			495			3.4	%
Reimbursable operating expenses		4,226			5,140			914			17.8	%
Total operating expenses		52,434			53,918			1,484			2.8	%
Operating income		13,420			17,122			(3,702	)		-21.6	%
Nonoperating expenses:
Interest expense		12,502			12,213			(289	)		-2.4	%
Amortization of deferred financing costs		519			487			(32	)		-6.6	%
Interest income		(154	)		(190	)		(36	)		-18.9	%
Gain on extinguishment of debt		(830	)		-			830		NM
Total nonoperating expenses		12,037			12,510			473			3.8	%
Income before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		1,383			4,612			(3,229	)		-70.0	%
Equity in earnings of unconsolidated entities		146			(27	)		173		NM
Income before income taxes, redeemable noncontrolling interests and discontinued operations		1,529			4,585			(3,056	)		-66.7	%
Income tax expense		690			173			(517	)		-298.8	%
Income from continuing operations before redeemable noncontrolling interest		839			4,412			(3,573	)		-81.0	%
Income attributable to redeemable noncontrolling interests		138			121			(17	)		-14.0	%
Income from continuing operations		701			4,291			(3,590	)		-83.7	%
Loss from discontinued operations		(18	)		(34	)		16			47.1	%
Net income		683			4,257			(3,574	)		-84.0	%
Less: Net income attributable to the noncontrolling interest		19			50			31			62.0	%
Net income attributable to Education Realty Trust, Inc.	$	664		$	4,207		$	(3,543	)		-84.2	%
Earnings per share information:
Income attributable to Education Realty Trust, Inc. common shareholders per share - basic
Continuing operations	$	0.02		$	0.15		$	(0.13	)
Discontinued operations		-			-			-
Net income attributable to Education Realty Trust, Inc. common shareholders per share - basic	$	0.02		$	0.15		$	(0.13	)
Income attributable to Education Realty Trust, Inc. common shareholders per share - diluted
Continuing operations	$	0.02		$	0.14		$	(0.12	)
Discontinued operations		-			-			-
Net income attributable to Education Realty Trust, Inc. common shareholders per share - diluted	$	0.02		$	0.14		$	(0.12	)
Weighted-average common shares outstanding - basic		28,518,430			28,510,564
Weighted-average common shares outstanding - diluted		29,639,425			29,656,000
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Income from continuing operations, net of tax	$	682		$	4,240
Loss from discontinued operations, net of tax		(18	)		(33	)
Net income	$	664		$	4,207

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED 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,
	2009			2008		2009			2008
Net income attributable to Education Realty Trust, Inc.	$	231		$	3,318	$	664		$	4,207
Loss on sale of student housing assets (2)		-			-		-			512
Real estate related depreciation and amortization		6,954			7,070		13,959			14,497
Equity portion of real estate depreciation and amortization on equity investees		122			123		244			248
Depreciation and amortization of discontinued operations		-			24		25			48
Noncontrolling interest		(53	)		74		157			171
Funds from operations ("FFO")	$	7,254		$	10,609	$	15,049		$	19,683
Elimination of gain on extinguishment of debt		(830	)		-		(830	)		-
Funds from operations - adjusted ("FFOA")	$	6,424		$	10,609	$	14,219		$	19,683
FFO per weighted average share/unit (1)	$	0.24		$	0.36	$	0.50		$	0.66
FFOA per weighted average share/unit (1)	$	0.22		$	0.36	$	0.48		$	0.66
Weighted average shares/units (1)		29,894,085			29,847,557		29,888,114			29,866,636

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 JUNE 30,

(Amounts in thousands, unaudited)

						Fav (Unfav)			Fav (Unfav)
	2009		2008			$ Change			% Change
Revenues
Legacy apartment community	$	20,688	$	20,569		$	119			0.6	%
University Towers - residence hall		788		714			74			10.4	%
Legacy community revenues		21,476		21,283			193			0.9	%
Place Portfolio		5,268		5,427			(159	)		-2.9	%
Same community revenues		26,744		26,710			34			0.1	%
New community		757		3			754		NM
Total revenues		27,501		26,713			788			2.9	%
Operating expenses (1)
Legacy apartment community		8,876		9,585			709			7.4	%
University Towers - residence hall		453		458			5			1.1	%
Legacy community operating expenses		9,329		10,043			714			7.1	%
Place Portfolio		2,794		2,922			128			4.4	%
Same community operating expenses		12,123		12,965			842			6.5	%
New community		365		71			(294	)	NM
Total operating expenses		12,488		13,036			548			4.2	%
Net operating income
Legacy apartment community		11,812		10,984			828			7.5	%
University Towers - residence hall		335		256			79			30.9	%
Legacy community net operating income		12,147		11,240			907			8.1	%
Place Portfolio		2,474		2,505			(31	)		-1.2	%
Same community net operating income		14,621		13,745			876			6.4	%
New community		392		(68	)		460		NM
Total net operating income	$	15,013	$	13,677		$	1,336			9.8	%

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

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS - SIX MONTHS ENDED JUNE 30,

(Amounts in thousands, unaudited)

						Fav (Unfav)			Fav (Unfav)
	2009		2008			$ Change			% Change
Revenues
Legacy apartment community	$	41,526	$	41,319		$	207			0.5	%
University Towers - residence hall		2,600		2,481			119			4.8	%
Same community revenues		44,126		43,800			326			0.7	%
Place Portfolio		10,572		9,141			1,431		NM
New community		1,523		3			1,520		NM
Total community revenues		56,221		52,944			3,277			6.2	%
Operating expenses (1)
Legacy apartment community		17,877		18,685			808			4.3	%
University Towers - residence hall		931		1,437	(2)		506			35.2	%
Same community operating expenses		18,808		20,122			1,314			6.5	%
Place Portfolio		5,536		4,787			(749	)	NM
New community		742		122			(620	)	NM
Total community operating expenses		25,086		25,031			(55	)		-0.2	%
Net operating income
Legacy apartment community		23,649		22,634			1,015			4.5	%
University Towers - residence hall		1,669		1,044			625			59.9	%
Same community net operating income		25,318		23,678			1,640			6.9	%
Place Portfolio		5,036		4,354			682		NM
New community		781		(119	)		900		NM
Total community net operating income	$	31,135	$	27,913		$	3,222			11.5	%

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

(2) Operating expense for University Towers for the six months ended June 30, 2008, included a $512k loss on the sale of land and parking garage.

Excluding the loss, operating expenses for the six months ended June 30, 2008 would have been $925k.

7

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS - OWNED AND OPERATED

	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Fav/(Unfav) Change			2009			2008 (2)			Fav/(Unfav) Change
Occupancy
Physical		85.8	%		88.8	%		-3.0	%		87.6	%		91.2	%		-3.6	%
Economic		84.3	%		87.4	%		-3.1	%		86.9	%		90.6	%		-3.7	%
NarPAB	$	346		$	346		$	0		$	355		$	359		$	(4	)
Other income per avail. Bed	$	24		$	21		$	3		$	23		$	20		$	3
RevPAB	$	370		$	367		$	3		$	378		$	379		$	(1	)
Operating expense per bed	$	168		$	179		$	11		$	169		$	176	(1)	$	7
Operating margin		54.6	%		51.2	%		3.4	%		55.4	%		53.7	%(1)		1.7	%
Design Beds		74,346			72,784			1,562			148,710			139,676			9,034

(1) Operating expense statistics exclude approximately $4 per bed related to the loss on the sale of land andthe parking garage at University Towers.  The loss of $512K is included in our statements of operations.

(2)  2008 data includes five months of operating results for the Place Portfolio since the termination of the lease on February 1, 2008.

NOTE:

Operating statistics exclude College Station, which was designated as held for sale in the first quarter of 2009and is included in discontinued operations for all periods presented in our statement of operations.

8

EDUCATION REALTY TRUST, INC.

LEGACY APARTMENT COMMUNITY STATISTICS

	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Fav/(Unfav) Change			2009			2008			Fav/(Unfav) Change
Occupancy
Physical		90.6	%		93.2	%		-2.6	%		91.3	%		94.1	%		-2.8	%
Economic		91.7	%		94.7	%		-3.0	%		92.0	%		95.2	%		-3.2	%
NarPAB	$	374		$	373		$	1		$	376		$	375		$	1
Other income per avail. Bed	$	22		$	21		$	1		$	22		$	20		$	2
RevPAB	$	396		$	394		$	2		$	398		$	395		$	3
Operating expense per bed	$	170		$	183		$	13		$	171		$	179		$	8
Operating margin		57.1	%		53.4	%		3.7	%		56.9	%		54.8	%		2.1	%
Design Beds		52,221			52,243			(22	)		104,460			104,488			(28	)

NOTE:

-  University Towers residence hall statistics are shown separately.

-  Place Portfolio statistics are shown separately.

-  Operating statistics exclude College Station which was designated as held for sale in the first quarterof 2009 and included in discontinued operations in our statement of operations.

9

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS

	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Fav/(Unfav) Change			2009			2008			Fav/(Unfav) Change
Occupancy
Physical		34.6	%		35.2	%		-0.6	%		66.1	%		67.3	%		-1.2	%
Economic		24.0	%		22.2	%		1.8	%		59.0	%		59.4	%		-0.4	%
NarPAB	$	163		$	138		$	25		$	386		$	354		$	32
Other income per avail. Bed	$	113		$	112		$	1		$	69		$	80		$	(11	)
RevPAB	$	276		$	250		$	26		$	455		$	434		$	21
Operating expense per bed	$	158		$	160		$	2		$	163		$	162	(1)	$	(1	)
Operating margin		42.5	%		35.8	%		6.7	%		64.2	%		62.7	% (1)		1.5	%
Design Beds		2,859			2,859			-			5,718			5,718			-

(1) Operating expense statistics exclude approximately $90 per bed related to the loss on the sale of land and the parking garage at University Towers.  The loss of $512K is included in our statements of operations.

10

EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO COMMUNITY STATISTICS

	Three Months Ended June 30,
	2009			2008			Fav/(Unfav) Change			Six months ended June 30, 2009			Five months ended June 30, 2008 (1)			Fav/(Unfav) Change
Occupancy
Physical		79.0	%		84.7	%		-5.7	%		79.3	%		85.3	%		-6.0	%
Economic		76.7	%		82.2	%		-5.5	%		76.7	%		83.0	%		-6.3	%
NarPAB	$	283		$	299		$	(16	)	$	283		$	301		$	(18	)
Other income per avail. Bed	$	15		$	8		$	7		$	16		$	9		$	7
RevPAB	$	298		$	307		$	(9	)	$	299		$	310		$	(11	)
Operating expense per bed	$	158		$	165		$	7		$	157		$	162		$	5
Operating margin		47.0	%		46.2	%		0.8	%		47.6	%		47.6	%		0.0	%
Design Beds		17,682			17,682			-			35,364			29,470			5,894

(1) Operating statistics for 2008 are for the period February 1, the lease termination date, to the end of the period, June 30, 2008.

11

EDUCATION REALTY TRUST, INC.

Preleasing Statistics - as of July 13th

		Design		Applications										Fully Executed Leases										Fall Occupancy as of Sept. 30, 2008
Community	Primary University	Beds		2009		%			2008		%			2009		%			2008		%			Beds		%
The Gables	Western Kentucky University		288		275		95.5	%		252		87.5	%		266		92.4	%		248		86.1	%		288		100.0	%
The Reserve at Athens	University of Georgia		612		600		98.0	%		562		91.8	%		593		96.9	%		553		90.4	%		575		94.0	%
Players Club	Florida State University		336		329		97.9	%		326		97.0	%		317		94.3	%		305		90.8	%		333		99.1	%
NorthPointe	University of Arizona		912		798		87.5	%		816		89.5	%		666		73.0	%		731		80.2	%		879		96.4	%
The Reserve at Clemson	Clemson University		590		579		98.1	%		548		92.9	%		547		92.7	%		534		90.5	%		569		96.4	%
Pointe at South Florida	University of South Florida		1,002		720		71.9	%		721		72.0	%		662		66.1	%		721		72.0	%		875		87.3	%
The Reserve on Perkins	Oklahoma State		732		535		73.1	%		658		89.9	%		519		70.9	%		632		86.3	%		723		98.8	%
The Commons	Florida State University		732		584		79.8	%		521		71.2	%		491		67.1	%		418		57.1	%		598		81.7	%
The Pointe at Western	Western Michigan University		876		715		81.6	%		478		54.6	%		650		74.2	%		478		54.6	%		671		76.6	%
College Station at West Lafayette	Purdue University		960		929		96.8	%		800		83.3	%		902		94.0	%		776		80.8	%		902		94.0	%
Commons on Kinnear	Ohio State University		502		466		92.8	%		495		98.6	%		450		89.6	%		496		98.8	%		501		99.8	%
The Pointe	Penn State		984		984		100.0	%		984		100.0	%		984		100.0	%		980		99.6	%		983		99.9	%
The Reserve at Columbia	University of Missouri		676		676		100.0	%		662		97.9	%		653		96.6	%		657		97.2	%		675		99.9	%
Commons at Knoxville	University of Tennessee		708		691		97.6	%		706		99.7	%		651		91.9	%		689		97.3	%		707		99.9	%
The Reserve on Frankford	Texas Tech		737		580		78.7	%		582		79.0	%		533		72.3	%		510		69.2	%		663		90.0	%
The Reserve at Star Pass	University of Arizona		1,020		639		62.6	%		911		89.3	%		563		55.2	%		833		81.7	%		967		94.8	%
The Lofts	University of Central Florida		730		697		95.5	%		687		94.1	%		636		87.1	%		687		94.1	%		726		99.5	%
The Reserve on West 31st	University of Kansas		714		606		84.9	%		634		88.1	%		516		72.3	%		587		81.5	%		703		97.6	%
Campus Creek	University of Mississippi		636		563		88.5	%		527		82.9	%		556		87.4	%		463		72.8	%		560		88.1	%
Pointe West	University of South Carolina		480		365		76.0	%		409		85.2	%		356		74.2	%		393		81.9	%		444		92.5	%
Campus Lodge	University of Florida		1,116		1,115		99.9	%		932		83.5	%		1,106		99.1	%		892		79.9	%		985		88.3	%
College Grove	Middle Tennessee State Univ.		864		670		77.5	%		746		86.3	%		595		68.9	%		717		83.0	%		851		98.5	%
The Reserve on South College	Auburn University		576		397		68.9	%		545		94.6	%		365		63.4	%		518		89.9	%		562		97.6	%
The Avenue at Southern	Georgia Southern Univ.		624		391		62.7	%		467		74.8	%		338		54.2	%		398		63.8	%		571		91.5	%
Same-apartment community - Legacy portfolio			17,407		14,904		85.6	%		14,969		86.0	%		13,915		79.9	%		14,216		81.6	%		16,311		93.7	%
University Towers	North Carolina State		953		953		100.0	%		953		100.0	%		953		100.0	%		953		100.0	%		953		100.0	%
Total same-community - Legacy portfolio			18,360		15,857		86.4	%		15,922		86.7	%		14,868		81.0	%		15,169		82.6	%		17,264		94.0	%
Troy Place	Troy State Univ.		408		304		74.5	%		295		72.3	%		304		74.5	%		273		66.9	%		405		99.3	%
The Reserve at Jacksonville	Jacksonville State University		504		281		55.8	%		283		56.2	%		234		46.4	%		283		56.2	%		476		94.4	%
River Place	State Univ. of West GA		504		504		100.0	%		295		58.5	%		495		98.2	%		277		55.0	%		380		75.4	%
Clayton Place	Clayton College & State Univ.		854		292		34.2	%		299		35.0	%		174		20.4	%		254		29.7	%		439		51.4	%
Macon Place	Macon State College		336		191		56.8	%		234		69.6	%		150		44.6	%		189		56.3	%		258		76.8	%
The Chase at Murray	Murray State Univ.		408		408		100.0	%		251		61.5	%		395		96.8	%		232		56.9	%		279		68.4	%
Cape Place	Southeast Missouri State Univ.		360		360		100.0	%		360		100.0	%		358		99.4	%		358		99.4	%		357		99.2	%
Clemson Place	Clemson University		288		287		99.7	%		262		91.0	%		277		96.2	%		235		81.6	%		265		92.0	%
The Reserve at Martin	Univ. of Tenn. - Martin		384		319		83.1	%		217		56.5	%		253		65.9	%		213		55.5	%		265		69.0	%
Carrollton Place	State Univ. of West GA		336		271		80.7	%		336		100.0	%		257		76.5	%		327		97.3	%		333		99.1	%
The Pointe at Southern	Georgia Southern Univ.		528		364		68.9	%		467		88.4	%		290		54.9	%		433		82.0	%		494		93.6	%
Berkeley Place	Clemson University		480		480		100.0	%		372		77.5	%		480		100.0	%		347		72.3	%		445		92.7	%
Western Place	Western Kentucky University		504		504		100.0	%		286		56.7	%		456		90.5	%		245		48.6	%		429		85.1	%
Same-apartment community - Place Portfolio			5,894		4,565		77.5	%		3,957		67.1	%		4,123		70.0	%		3,666		62.2	%		4,825		81.9	%
Total same-community - Wholly-owned portfolio			24,254		20,422		84.2	%		19,879		81.9	%		18,991		78.3	%		18,835		77.6	%		22,089		91.1	%
Joint Venture Portfolio			2,195		1,747		79.6	%		2,118		96.5	%		1,558		71.0	%		1,894		86.3	%		2,092		95.3	%
Same-apartments - managed, not owned			9,074		8,257		91.0	%		7,868		92.7	%		7,887		86.9	%		7,554		89.0	%		7,870		92.7	%
Total same-community, owned, joint venture & managed			35,523		30,426		85.7	%		29,865		85.5	%		28,436		80.0	%		28,283		80.9	%		32,051		91.7	%
New development - less than one year			1,200		810		67.5	%		518		98.1	%		697		58.1	%		503		95.3	%		525		99.4	%
New managed - less than one year			1,102		937		85.0	%		766		99.5	%		903		81.9	%		766		99.5	%		764		99.2	%

12

EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY

(Amounts in '000s)

	Three months ended								Six months ended
	June 30, 2009			June 30, 2008		Change			June 30, 2009			June 30, 2008			Change
Third-party development services revenue	$	1,259		$	1,221	$	38		$	2,716		$	3,008		$	(292	)
Equity in earnings of development joint ventures		(2	)		-		(2	)		(2	)		(1	)		(1	)
	$	1,257		$	1,221	$	36		$	2,714		$	3,007		$	(293	)

CURRENT AND RECENTLY COMPLETED PROJECTS

Project	Bed Count		Completion Date	Project Development Cost		Total Project Fees		EDR % of fees			EDR Project Fees		Fees Earned Prior to 2009		Fees Earned Six Months Ended June 30, 2009 (1)		Remaining Fees to Earn		Fees Paid Through June 30, 2009
University of Michigan, Ann Arbor		896	Aug '08, Aug '09 (2)				1,350		100	%		1,350		1,166		145		39		1,230
Fontainebleu		435	July 2009		7,227		275		100	%		275		200		56		19		219
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		2,033		987		387		2,537
Indiana University of Pennsylvania Phase III		1,084	August 2009		61,904		2,190		100	%		2,250		1,339		778		133		1,733
Colorado State University - Pueblo Phase I		253	August 2009		15,631		696		100	%		696		234		354		108		583
Colorado State University - Pueblo Phase II		500	August 2010		34,058		1,583		100	%		1,583		-		196		1,387		895
Indiana University of Pennsylvania Phase IV		596	August 2010		37,029		1,247		100	%		1,247		-		13		1,234		448
		4,961		$	250,347						$	10,808	$	4,972	$	2,529	$	3,307	$	7,645

RECENTLY AWARDED PROJECTS (3)

Project	Estimated Bed Count		Estimated Start Date	Estimated Completion Date	Project Development Cost		Total Project Fees		EDR % of Fees			Total EDR Fees
SUNY College of Env. Science & Forestry		454	June 2010	August 2011		29,199		1,258		100	%		1,258
East Stroudsburg University - Pennsylvania		984	July 2010	August 2011		61,484		2,457		100	%		2,457
West Chester University of Pennsylvania Phase II		1,264	June 2010	August 2012		95,191		3,432		100	%		3,432
		2,702			$	185,874	$	7,147				$	7,147

(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, $182 of revenue related to an inactive development project 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 August 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 June 30, 2009

(dollars in thousand)

Total Debt to Gross Assets
Total Debt (1)	479,093
Total Gross Assets (2)	909,631
Total Debt to Gross Assets	52.7	%

Total Debt to Enterprise Value
Total Debt (1)	$	479,093	79.0	%
Total Market Equity (3)		127,173	21.0	%
Total Enterprise Value	$	606,266	100.0	%

Total Debt Outstanding
	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	378,959		6.11	%		79.1	%		4.31	years
Variable Rate - Mortgage Debt		49,610		3.70	%		10.3	%		4.50	years
Variable Rate - Construction Debt		20,924		1.69	%		4.4	%		3.23	years
Variable Rate - Corporate Credit Facility		29,600		2.64	%		6.2	%		0.71	years
Total / Weighted Average	$	479,093		5.45	%		100.0	%		4.06	years

Mortgage and Construction Debt Maturity
	Fiscal Yr Ending
	Ending
	2009	$	100,235	22.3	%
	2010		20,314	4.5	%
	2011		7,394	1.7	%
	2012		67,939	15.1	%
	2013		32,304	7.2	%
	Thereafter		221,307	49.2	%
	Total	$	449,493	100.0	%
Unamortized debt premium			1,000
Total, net of debt premium		$	450,493

	12 Months Ended
	June 30, 2009 (5)
Interest expense (4)	$	27,152
Interest coverage		1.92
Fixed charge coverage		1.62

(1) Excludes unamortized debt premium of $1.0 million.

(2) Excludes accumulated depreciation of $127,190 as of June 30 2009.

(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 $4.29 at June 30, 2009.  Excludes 277,500 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.

14

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
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	714
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
	Sub-Total Legacy Apartment Communities		17,407
University Towers	North Carolina State University	Jan ’05	953
	Sub-Total Legacy Communities		18,360

Name	Primary University Served	Acquisition Date	# of Beds
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
	Sub-Total Same Communities		24,254	*
The Reserve at Saluki Pointe	Southern Illinois University	Aug '08	528
	Sub-Total New Communities		528
	Total owned and operated beds		24,782

*The Place Portfolio is included in same-community for the three months ended June 30, 2009. However, for the six months ended June 30, 2009, the Place Portfolio is not considered same-community as the lease with Place was not terminated until February 1, 2008.

15

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