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: (Date of earliest event reported): October 22, 2009 (October 21, 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):

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

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

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

o 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 October 21, 2009, Education Realty Trust, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2009 and made available supplemental information concerning the ownership, operations and portfolio of the Company as of September 30, 2009. A copy of the press release and a copy of this supplemental information are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

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 three months ended September 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 October 21, 2009
99.2	Third 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: October 21, 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 October 21, 2009
99.2	Third Quarter 2009 Supplemental Financial Report

EX-99.1

Exhibit 99.1

EDUCATION REALTY TRUST ANNOUNCES

THIRD QUARTER 2009 RESULTS

MEMPHIS, TN, October 21, 2009 - Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of student housing, today announced operating results for its third quarter ending September 30, 2009.

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

Third Quarter Highlights

· Total revenue was $32.5 million versus $32.3 million in 2008;

· Operating loss of $0.5 million versus a loss of $0.1 million in 2008;

· Net loss from continuing operations was $7.4 million compared to a loss of $7.2 million in 2008;

· Same-community net operating income was $7.0 million for the third quarter of 2009, compared to $6.7 million in 2008, an improvement of 4.8% on a revenue decline of approximately 0.8% and a 2.9% reduction in operating expenses;

· Funds from operations (FFO) was a loss of $0.4 million, or $0.01 per share/unit, compared to a loss of $0.5 million, or $0.02 per share/unit in 2008;

· The 2009-2010 lease year opened with an occupancy of 90.5% on a same-community basis, compared to 91.1% last year;

· The Company completed a follow-on common stock offering in July, issuing 28,175,000 shares and raising $116.2 million in net proceeds;

· The Company fully retired its outstanding revolving credit facility debt, which reduced its debt to gross asset ratio to 45.7%;  and

· The Company opened its first public-private, on-campus, equity-owned development community, at Syracuse University.

“While our Fall 2009 leasing results came in somewhat below our historical levels, we were encouraged to have reached a same-community average occupancy exceeding 90% during these unprecedented economic times.  We are encouraged by our same-community net operating income growth of 4.8% and have improved the Company’s financial flexibility with the completion of a meaningful equity offering during the third quarter,” stated Paul O. Bower, Education Realty Trust’s Chairman, President and Chief Executive Officer.

“We are positioned to emerge a stronger Company when the economy turns as we continue to focus our efforts on controlling costs and maintaining a healthy balance sheet” concluded Mr. Bower.

Third Quarter Operating Results

Total revenue increased 0.5%, or $0.2 million, to $32.5 million for the quarter from $32.3 million in the third quarter of 2008.  This increase included higher student housing leasing revenue and operating expense reimbursement revenue, offset by lower third-party fee revenue.

Student housing leasing revenue increased 2.1%, or $0.5 million, to $25.1 million, compared to $24.6 million in 2008.  The main driver of the increase was $0.7 million of additional revenue related to the August 2009 openings of University Village on Colvin and phase two at The Reserve at Saluki Point.  This growth was offset by a 0.8%, or $0.2 million, decline in same-community revenue.

Third-party development services revenue declined $0.7 million to $2.6 million for the quarter.  The decline was primarily related to the timing of development fee incentives earned, but was also impacted by the job mix in the current quarter, which included smaller projects compared to the prior year.  Third-party management services revenue declined $0.1 million to $0.7 million in the third quarter of 2009.  The decline in management fees was primarily the result of three fewer management contracts during the third quarter of 2009 as compared to the prior year.

Total operating expenses increased 1.9%, or $0.6 million, to $33.0 million for the third quarter of 2009.  Student housing operating expenses in total were up 0.7%, or $0.1 million, over the third quarter of 2008, mainly due to $0.6 million of additional expenses related to the August 2009 openings of University Village on Colvin and phase two at The Reserve at Saluki Point.  This expense growth was offset by $0.5 million of cost reductions at our same-communities, including operating expense reductions of 1.4% at the legacy-communities and 7.8% at the Place-communities.

Corporate general and administrative expenses decreased 2.8%, or $0.1 million, to $3.9 million for the third quarter of 2009, reflecting the continued positive impact of payroll and staffing reductions initiated in the fall of 2008.

Total non-operating expenses decreased 2.2%, or $0.1 million, to $6.4 million in the third quarter of 2009.  The improvement mainly resulted from additional interest income earned on the proceeds of the Company’s July 2009 common stock offering.  Net loss from continuing operations was $7.4 million, or $0.15 per weighted average diluted share, compared to a loss of $7.2 million, or $0.25 per weighted average diluted share, in the prior year.

FFO for the third quarter of 2009 was a loss of $0.4 million, or $0.01 per share/unit, compared to a loss of $0.5 million, or $0.02 per share/unit, in the prior year.  The improvement in FFO for the quarter reflects growth in student housing revenue and improvements in expenses at both the properties and corporate, offset by a decline in third-party fee revenue.  A reconciliation of FFO to net income (loss), in accordance with U.S. generally accepted accounting principles (GAAP), is included in the financial tables accompanying this release.

Same-Community Results

Same-community net operating income improved 4.8%, or $0.3 million, to $7.0 million for the third quarter of 2009 on a revenue decline of 0.8%, or $0.2 million, and operating expense reductions of 2.9%, or $0.5 million.

2

Legacy-Communities

Revenue for the third quarter of 2009 was $19.0 million a decline of 1.5%, or $0.3 million, from the third quarter of 2008.  The revenue decline is attributed to relatively flat rental rates, a 3.0% decline in occupancy and a 1.4%, or $0.3 million, growth in other rental income.  The third quarter results included one month of the 2008-2009 lease term in which rental rates increased approximately 3.1% over the prior year, occupancy declined 3.0%, and other income increased 0.4%.  The quarter also included two months of the 2009-2010 lease term, which opened with a rental rate decline of 2.0% and an occupancy decline of 1.8% compared to the prior year.  

Operating expenses for the legacy-communities were down 1.4%, or $0.2 million, to $13.1 million.  The main areas of improvement included $0.3 million of lower payroll costs as a result of cost reduction measures initiated in the fall of 2008 and a $0.2 million reduction in credit card fees.  These improvements were offset by $0.2 million of higher maintenance and turn costs and approximately $0.3 million of higher bad debt expense.  Year-to-date turn costs per bed averaged approximately $145 in 2009 compared to $143 in 2008.  Year-to-date net bad debt expense as a percentage of revenue was 137 basis points this quarter compared to 72 basis points in 2008.  As the decline in revenue was more than the reduction in costs, net operating income for the legacy-communities declined 1.7%, or $0.1 million, to $5.9 million for the third quarter of 2009.

Place-Communities

Revenue for the third quarter of 2009 was up 1.9%, or $0.1 million, to $4.9 million.  The revenue improvement was primarily driven by an approximate $0.1 million increase in other income, while rental revenue remained basically flat to the prior year.  The third quarter results included one month of the 2008-2009 lease term in which rental rate increases of approximately 3.0% and other income growth of 3.2% were offset by a 7.0% decline in occupancy.  The quarter also included two months of the 2009-2010 lease term which opened with a 3.0% improvement in occupancy and an approximate 0.4% decline in rental rates compared to the prior year.

Operating expenses for the Place-communities decreased 7.8%, or $0.3 million, to $3.9 million.  The main areas of improvement included $0.1 million of lower payroll costs as a result of cost reduction measures initiated in the fall of 2008, $0.1 million in bad debt expense improvement, and a $0.1 million reduction in turn and maintenance costs.  Year-to-date turn costs per bed averaged approximately $132 in 2009 compared to $154 in 2008.  Year-to-date net bad debt expense as a percentage of revenue was 200 basis points this quarter compared to 225 basis points in 2008.  As a result, net operating income for the Place-communities was up 64.4%, or $0.4 million, to $1.1 million for the third quarter of 2009.

Community Occupancy and New Lease Term Opening

The average physical and economic occupancies on a legacy-community basis for the third quarter of 2009 were 89.0% and 75.9%, respectively, compared to 91.4% and 78.4% for the same quarter in 2008.  The Place-communities had physical and economic occupancies of 81.6% and 71.1%, respectively, compared to 82.1% and 72.0% in the third 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.

On a same-community basis, the 2009-2010 lease term opened with an occupancy of 90.5% as measured at September 30th compared to 91.1% for the same date in 2008, reflecting an occupancy decline of 0.7% while rental rates declined 1.8% from the prior lease term.

3

The legacy-communities opened with an occupancy of 92.5% compared to 93.7% last year, reflecting a 1.6% decline in occupancy and rental rates in the portfolio declined 2.0% from the prior lease term.  The Place-communities opened the Fall lease term with an occupancy of 84.3% compared to 81.9% last year, achieving a 3.0% improvement in number of beds occupied while rental rates declined approximately 0.4% from the prior lease term.

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

Development Activity

The Company-owned community, University Village on Colvin, opened on the campus of Syracuse University in August and the Company also opened the second phase of a company-owned community in Carbondale, IL.  Both communities opened on time and under budget.

During the third quarter, the Company successfully completed third-party development projects at the University of Michigan, West Chester University, Indiana University of Pennsylvania and Colorado State University – Pueblo totaling 3,148 beds.  All four projects were completed on schedule and within budget.  The Company earned $1.2 million of additional development fees from its share of development cost savings on the Indiana University of Pennsylvania and Colorado State University- Pueblo projects during the quarter.

The second phase of a third-party development project at Colorado State University – Pueblo began construction during the third quarter. This 500-bed student housing community has a total estimated project cost of $34.0 million.

Capital Structure

On July 28, 2009, the Company completed a follow-on common stock offering, selling 28,175,000 shares, including the over-allotment, at a market price of $4.35 per share.  The stock issuance raised $116.2 million in net proceeds.  During the third quarter, $30.6 million of the proceeds was used to repay all balances outstanding under the Company’s revolving credit facility.

On September 30, 2009, the Company had cash and cash equivalents totaling $83.9 million and no outstanding borrowings on its revolving credit facility, which had a borrowing base availability of $47.1 million.  Total mortgage and construction debt outstanding at September 30, 2009, excluding unamortized debt premiums, was $456.7 million with 82.8% of the Company’s debt at fixed rates.

Approximately $98.7 million or 21.6% of the Company’s mortgage debt is due to mature in December 2009.  Management is currently engaged in the final negotiations of replacement financing for a portion of this maturing debt and plans to use a portion of the available cash proceeds from the equity offering to repay the remaining balance.  The Company is also in the final stages of negotiations with Key Bank, its lead bank agent, to replace its current revolving credit facility, which is due to mature in the first quarter of 2010.  The Company anticipates closing both debt agreements during the fourth quarter of 2009.

At the end of the quarter, the Company’s combined outstanding shares of common stock and partnership units totaled 57.8 million.

4

Dividend

On October 8, 2009, the Company declared its third quarter dividend of $0.05 per share/unit, which is payable on November 16, 2009, to holders of record as of the close of business on October 30, 2009.

Earnings Guidance and Outlook

Based upon current estimates and leasing results for the new 2009-2010 lease term, the Company updates its full year December 31, 2009 FFO per share/unit guidance to a range of $0.56 to $0.60.  

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 Thursday, October 22, 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) 941-8418, and participants from outside the U.S. may dial (480) 629-9809.  The passcode for this call is 4164783.  Participants may also access the call via live webcast by visiting the Company’s investor relations Web site at www.educationrealty.com.

The replay of the call will be available at approximately 12:00 noon Eastern Time on October 22, 2009 through midnight Eastern Time on November 5, 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 4164783.  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.

5

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 64 communities in 22 states with 37,827 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

6

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share data)

	September 30, 2009			December 31, 2008
	(unaudited)
Assets
Student housing properties, net	$	755,504		$	731,400
Student housing properties – held for sale		-			2,107
Assets under development		-			6,572
Corporate office furniture and equipment, net		1,117			1,465
Cash and cash equivalents		83,940			9,003
Restricted cash		7,942			5,595
Student contracts receivable, net		411			533
Receivable from affiliates		25			25
Management fee receivable from third party		253			401
Goodwill and other intangibles, net		3,082			3,111
Other assets		13,420			17,435
Total assets	$	865,694		$	777,647
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	457,608		$	442,259
Revolving line of credit		-			32,900
Accounts payable and accrued expenses		16,034			10,605
Deferred revenue		12,674			9,954
Total liabilities		486,316			495,718
Commitments and contingencies		-			-
Redeemable noncontrolling interests		11,042			11,751
Equity:
Education Realty Trust, Inc. stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
56,685,849 and 28,475,855 shares issued and outstanding at
September 30, 2009 and December 31, 2008, respectively		567			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issued and outstanding		-			-
Additional paid-in capital		413,068			308,356
Accumulated deficit		(48,101	)		(41,381	)
Total Education Realty Trust, Inc. stockholders’ equity		365,534			267,260
Noncontrolling interest		2,802			2,918
Total equity		368,336			270,178
Total liabilities and equity	$	865,694		$	777,647

7

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Three months ended September 30, 2009			Three months ended September 30, 2008
Revenues:
Student housing leasing revenue	$	25,105		$	24,587
Student housing food service revenue		577			608
Third-party development services		2,559			3,216
Third-party management services		738			870
Operating expense reimbursements		3,523			3,052
Total revenues		32,502			32,333
Operating expenses:
Student housing leasing operations		17,826			17,695
Student housing food service operations		566			600
General and administrative		3,903			4,017
Depreciation and amortization		7,227			7,054
Reimbursable operating expenses		3,523			3,052
Total operating expenses		33,045			32,418
Operating loss		(543	)		(85	)
Nonoperating expenses:
Interest expense		6,323			6,343
Amortization of deferred financing costs		230			253
Interest income		(180	)		(77	)
Total nonoperating expenses		6,373			6,519
Loss from continuing operations before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(6,916	)		(6,604	)
Equity in earnings of unconsolidated entities		(152	)		(196	)
Loss from continuing operations before income taxes, redeemable noncontrolling interests and discontinued operations		(7,068	)		(6,800	)
Income tax expense		513			709
Loss from continuing operations before redeemable noncontrolling interests and discontinued operations		(7,581	)		(7,509	)
Loss attributable to redeemable noncontrolling interests		(167	)		(268	)
Loss from continuing operations		(7,414	)		(7,241	)
Loss from discontinued operations		(3	)		(79	)
Net loss		(7,417	)		(7,320	)
Less: Net loss attributable to the noncontrolling interest		(33	)		(61	)
Net loss attributable to Education Realty Trust, Inc.	$	(7,384	)	$	(7,259	)
Earnings per share information:
Loss attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted:
Continuing operations	$	(0.15	)	$	(0.25	)
Discontinued operations		-			-
Net loss attributable to Education Realty Trust, Inc. common stockholders per share	$	(0.15	)	$	(0.25	)
Weighted-average common shares outstanding – basic & diluted		47,932,410			28,514,966
Amounts attributable to Education Realty Trust, Inc. common stockholders
Loss from continuing operations, net of tax	$	(7,381	)	$	(7,183	)
Loss from discontinued operations, net of tax		(3	)		(76	)
Net loss	$	(7,384	)	$	(7,259	)

8

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Nine months ended September 30, 2009			Nine months ended September 30, 2008
Revenues:
Student housing leasing revenue	$	81,326		$	77,531
Student housing food service revenue		1,636			1,804
Other leasing revenue		-			6,945
Third-party development services		5,275			6,224
Third-party management services		2,370			2,677
Operating expense reimbursements		7,749			8,192
Total revenues		98,356			103,373
Operating expenses:
Student housing leasing operations		42,912			42,726
Student housing food service operations		1,579			1,728
General and administrative		11,738			11,867
Depreciation and amortization		21,501			21,823
Reimbursable operating expenses		7,749			8,192
Total operating expenses		85,479			86,336
Operating income		12,877			17,037
Nonoperating expenses:
Interest expense		18,825			18,556
Amortization of deferred financing costs		749			740
Interest income		(334	)		(267	)
Gain on extinguishment of debt		(830	)		-
Total nonoperating expenses		18,410			19,029
Loss from continuing operations before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(5,533	)		(1,992	)
Equity in earnings of unconsolidated entities		(6	)		(223	)
Loss from continuing operations before income taxes, redeemable noncontrolling interests and discontinued operations		(5,539	)		(2,215	)
Income tax expense		1,203			882
Loss from continuing operations before redeemable noncontolling interests and discontinued operations		(6,742	)		(3,097	)
Loss attributable to redeemable noncontrolling interests		(29	)		(147	)
Loss from continuing operations		(6,713	)		(2,950	)
Loss from discontinued operations		(21	)		(113	)
Net loss		(6,734	)		(3,063	)
Less: Net loss attributable to the noncontrolling interest		(14	)		(11	)
Net loss attributable to Education Realty Trust, Inc.	$	(6,720	)	$	(3,052	)
Earnings per share information:
Loss attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted:
Continuing operations	$	(0.19	)	$	(0.10	)
Discontinued operations		-			(0.01	)
Net loss attributable to Education Realty Trust, Inc. common stockholders per share	$	(0.19	)	$	(0.11	)
Weighted-average common shares outstanding – basic & diluted		35,013,814			28,512,037
Amounts attributable to Education Realty Trust, Inc. common stockholders
Loss from continuing operations, net of tax	$	(6,700	)	$	(2,943	)
Loss from discontinued operations, net of tax		(20	)		(109	)
Net loss	$	(6,720	)	$	(3,052	)

9

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CALCULATION OF FFO

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

Unaudited

	Three months ended September 30,						Nine months ended September 30,
	2009			2008			2009			2008
Net loss attributable to Education Realty Trust, Inc.	$	(7,384	)	$	(7,259	)	$	(6,720	)	$	(3,052	)
Loss on sale of student housing assets (1)		-			-			-			512
Real estate related depreciation and amortization		7,056			6,927			21,015			21,424
Equity portion of real estate depreciation and amortization on equity investees		129			123			373			371
Depreciation and amortization of discontinued operations		-			25			25			73
Noncontrolling interest		(200	)		(329	)		(43	)		(158	)
Funds from operations ("FFO")	$	(399	)	$	(513	)	$	14,650		$	19,170
Elimination of gain on extinguishment of debt		-			-			(830	)		-
Funds from operations – adjusted (“FFOA”)	$	(399	)	$	(513	)	$	13,820		$	19,170
FFO per weighted average share/unit  (2)	$	(0.01	)	$	(0.02	)	$	0.40		$	0.64
FFOA per weighted average share/unit  (2)	$	(0.01	)	$	(0.02	)	$	0.38		$	0.64
Weighted average shares/units (2)		49,314,288			29,864,093			36,387,577			29,865,786

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.

10

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

2009 GUIDANCE – RECONCILIATION OF FFO

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

Unaudited

The following is a reconciliation of the Company’s 2009 FFO guidance to net loss:

	Year ending December 31, 2009
	Low End			High End
Net loss attributable to Education Realty Trust, Inc.	$	(5,710	)	$	(4,111	)
Real estate related depreciation and amortization		28,865			28,865
Noncontrolling interest		294			370
Funds from operations ("FFO")	$	23,449		$	25,124
FFO per weighted average share/unit  (1)	$	0.56		$	0.60
Weighted average shares/units (1)		41,873,141			41,873,141

Notes:

(1) 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.

11

EX-99.2

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

THIRD QUARTER 2009

SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations - Three Months Ended September 30,	3
Condensed Consolidated Statements of Operations - Nine Months Ended September 30,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results - Three Months Ended September 30,	6
Community Operating Results - Nine Months Ended September 30,	7
Consolidated Community Statistics - Owned and Operated	8
Legacy Apartment Community Statistics	9
University Towers Residence Hall Statistics	10
Place Portfolio Community Statistics	11
Fall Opening Occupancy	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 September 30,												Nine months ended September 30,
	2009			2008			$ Chg			% Chg			2009			2008			$ Chg			% Chg
	(unaudited)			(unaudited)									(unaudited)			(unaudited)
Total revenues	$	32,502		$	32,333		$	169			0.5	%	$	98,356		$	103,373		$	(5,017	)		-4.9	%
Operating income		(543	)		(85	)		(458	)		-538.8	%		12,877			17,037			(4,160	)		-24.4	%
Loss from continuing operations		(7,581	)		(7,509	)		(72	)		-1.0	%		(6,742	)		(3,097	)		(3,645	)		-117.7	%
Net loss		(7,384	)		(7,259	)		(125	)		-1.7	%		(6,720	)		(3,052	)		(3,668	)		-120.2	%
Net loss per share - basic & diluted	$	(0.15	)	$	(0.25	)	$	0.10			38.9	%	$	(0.19	)	$	(0.11	)	$	(0.08	)		-76.0	%
Weighted-average common shares outstanding - basic & diluted		47,932,410			28,514,966									35,013,814			28,512,037
Funds from operations (FFO)	$	(399	)	$	(513	)	$	114			22.2	%	$	14,650		$	19,170		$	(4,520	)		-23.6	%
FFO per weighted average share/unit (4)	$	(0.01	)	$	(0.02	)	$	0.01			50.0	%	$	0.40		$	0.64		$	(0.24	)		-37.5	%
Funds from operations adjusted (FFOA)	$	(399	)	$	(513	)	$	114			22.2	%	$	13,820		$	19,170		$	(5,350	)		-27.9	%
FFOA per weighted average share/unit (4)	$	(0.01	)	$	(0.02	)	$	0.01			50.0	%	$	0.38		$	0.64		$	(0.26	)		-40.6	%
Weighted average shares/units (4)		49,314,288			29,864,093									36,387,577			29,865,786

Total Debt to Gross Assets			Capitalization Data as of: September 30, 2009
Total Debt (1)	$	456,710	Total debt (1)	$	456,710
Total Gross Assets (2)	$	999,900	Market equity (3)		342,866
Total Debt to Gross Assets		45.7%	Total enterprise value	$	799,576
			Debt to total enterprise value		57.1%

Notes:

(1)  Excludes debt premium of $0.9 million.

(2)  Excludes accumulated depreciation of $134,206 as of September 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 $5.93 at September 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)

		September 30, 2009			December 31, 2008
Assets		(unaudited)
	Student housing properties, net (1)	$	755,504		$	731,400
	Student housing properties- held for sale		-			2,107
	Assets under development		-			6,572
	Corporate office furniture and equipment, net		1,117			1,465
	Cash and cash equivalents		83,940			9,003
	Restricted cash		7,942			5,595
	Student contracts receivable, net		411			533
	Receivable from affiliates		25			25
	Management fee receivable from third party		253			401
	Goodwill and other intangibles, net		3,082			3,111
	Other assets		13,420			17,435
Total assets		$	865,694		$	777,647
Liabilities and equity
Liabilities:
	Mortgage and construction loans, net of unamortized premium/discount	$	457,608		$	442,259
	Revolving line of credit		-			32,900
	Accounts payable and accrued expenses		16,034			10,605
	Deferred revenue		12,674			9,954
Total liabilities			486,316			495,718
Commitments and contingencies			-			-
Redeemable noncontrolling interests			11,042			11,751
Equity:
	Education Realty Trust, Inc. stockholders' equity:
	Common stock, $.01 par value, 200,000,000 shares authorized,
	56,685,849 and 28,475,855 shares issued and outstanding
	September 30, 2009 and December 31, 2008, respectively		567			285
	Preferred shares, $0.01 par value, 50,000,000 shares authorized,
	no shares issues and outstanding		-			-
	Additional paid-in capital		413,068			308,356
	Accumulated deficit		(48,101	)		(41,381	)
	Total Education Realty Trust, Inc. stockholders' equity		365,534			267,260
	Noncontrolling interest		2,802			2,918
Total equity			368,336			270,178
Total liabilities and equity		$	865,694		$	777,647

 (1)  Amount is net of accumulated depreciation of $134,206 and $113,545 as of September 30, 2009 and December 31, 2008, respectively.

2

EDUCATION REALTY TRUST, INC.

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

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

							Fav / (Unfav)
	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	25,105		$	24,587		$	518			2.1	%
Student housing food service revenue		577			608			(31	)		-5.1	%
Third-party development services		2,559			3,216			(657	)		-20.4	%
Third-party management services		738			870			(132	)		-15.2	%
Operating expense reimbursements		3,523			3,052			471			15.4	%
Total revenues		32,502			32,333			169			0.5	%
Operating expenses:
Student housing leasing operations		17,826			17,695			(131	)		-0.7	%
Student housing food service operations		566			600			34			5.7	%
General and administrative		3,903			4,017			114			2.8	%
Depreciation and amortization		7,227			7,054			(173	)		-2.5	%
Reimbursable operating expenses		3,523			3,052			(471	)		-15.4	%
Total operating expenses		33,045			32,418			(627	)		-1.9	%
Operating loss		(543	)		(85	)		(458	)		-538.8	%
Nonoperating expenses:
Interest expense		6,323			6,343			20			0.3	%
Amortization of deferred financing costs		230			253			23			9.1	%
Interest income		(180	)		(77	)		103			133.8	%
Total nonoperating expenses		6,373			6,519			146			2.2	%
Loss before equity in earnings of unconsolidated entities, income taxes,
redeemable noncontrolling interests and discontinued operations		(6,916	)		(6,604	)		(312	)		-4.7	%
Equity in earnings of unconsolidated entities		(152	)		(196	)		44		NM
Loss before income taxes, redeemable noncontrolling interests and discontinued operations		(7,068	)		(6,800	)		(268	)		-3.9	%
Income tax expense		513			709			196		NM
Loss from continuing operations before redeemable noncontrolling interest		(7,581	)		(7,509	)
Loss attributable to redeemable noncontrolling interests		(167	)		(268	)		(101	)	NM
Loss from continuing operations		(7,414	)		(7,241	)		(173	)		-2.4	%
Loss from discontinued operations		(3	)		(79	)		76			96.2	%
Net loss		(7,417	)		(7,320	)		(97	)		-1.3	%
Less: Net loss attributable to the noncontrolling interest		(33	)		(61	)		(28	)		-45.9	%
Net loss attributable to Education Realty Trust, Inc.	$	(7,384	)	$	(7,259	)	$	(125	)		-1.7	%
Earnings per share information:
Loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted
Continuing operations	$	(0.15	)	$	(0.25	)	$	0.09
Discontinued operations		-			-			-
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted	$	(0.15	)	$	(0.25	)	$	0.09
Weighted-average common shares outstanding - basic & diluted		47,932,410			28,514,966
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Loss from continuing operations, net of tax	$	(7,381	)	$	(7,183	)
Loss from discontinued operations, net of tax		(3	)		(76	)
Net loss	$	(7,384	)	$	(7,259	)

3

EDUCATION REALTY TRUST, INC.

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

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

							Fav / (Unfav)
	2009			2008			$ Change			% Change
Revenues:
Student housing leasing revenue	$	81,326		$	77,531		$	3,795			4.9	%
Student housing food service revenue		1,636			1,804			(168	)		-9.3	%
Other leasing revenue		-			6,945			(6,945	)	NM
Third-party development services		5,275			6,224			(949	)		-15.2	%
Third-party management services		2,370			2,677			(307	)		-11.5	%
Operating expense reimbursements		7,749			8,192			(443	)		-5.4	%
Total revenues		98,356			103,373			(5,017	)		-4.9	%
Operating expenses:
Student housing leasing operations		42,912			42,726			(186	)		-0.4	%
Student housing food service operations		1,579			1,728			149			8.6	%
General and administrative		11,738			11,867			129			1.1	%
Depreciation and amortization		21,501			21,823			322			1.5	%
Reimbursable operating expenses		7,749			8,192			443			5.4	%
Total operating expenses		85,479			86,336			857			1.0	%
Operating income		12,877			17,037			(4,160	)		-24.4	%
Nonoperating expenses:
Interest expense		18,825			18,556			(269	)		-1.4	%
Amortization of deferred financing costs		749			740			(9	)		-1.2	%
Interest income		(334	)		(267	)		67			25.1	%
Gain on extinguishment of debt		(830	)		-			830		NM
Total nonoperating expenses		18,410			19,029			619			3.3	%
Loss before equity in earnings of unconsolidated entities, income taxes,
redeemable noncontrolling interests and discontinued operations		(5,533	)		(1,992	)		(3,541	)		-177.8	%
Equity in earnings of unconsolidated entities		(6	)		(223	)		217		NM
Loss before income taxes, redeemable noncontrolling interests and discontinued operations		(5,539	)		(2,215	)		(3,324	)		-150.1	%
Income tax expense		1,203			882			(321	)		-36.4	%
Loss from continuing operations before redeemable noncontrolling interest		(6,742	)		(3,097	)		(3,645	)		-117.7	%
Loss attributable to redeemable noncontrolling interests		(29	)		(147	)		(118	)		-80.3	%
Loss from continuing operations		(6,713	)		(2,950	)		(3,763	)		-127.6	%
Loss from discontinued operations		(21	)		(113	)		92			81.4	%
Net loss		(6,734	)		(3,063	)		(3,671	)		-119.8	%
Less: Net loss attributable to the noncontrolling interest		(14	)		(11	)		3			27.3	%
Net loss attributable to Education Realty Trust, Inc.	$	(6,720	)	$	(3,052	)	$	(3,668	)		-120.2	%
Earnings per share information:
Loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted
Continuing operations	$	(0.19	)	$	(0.10	)	$	(0.09	)
Discontinued operations		(0.00	)		(0.01	)		0.01
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted	$	(0.19	)	$	(0.11	)	$	(0.09	)
Weighted-average common shares outstanding - basic & diluted		35,013,814			28,512,037
Amounts attributable to Education Realty Trust, Inc. common shareholders:
Loss from continuing operations, net of tax	$	(6,700	)	$	(2,943	)
Loss from discontinued operations, net of tax		(20	)		(109	)
Net loss	$	(6,720	)	$	(3,052	)

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

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

	Three months ended September 30,						Nine months ended September 30,
	2009			2008			2009			2008
Net loss attributable to Education Realty Trust, Inc.	$	(7,384	)	$	(7,259	)	$	(6,720	)	$	(3,052	)
Loss on sale of student housing assets (2)		-			-			-			512
Real estate related depreciation and amortization		7,056			6,927			21,015			21,424
Equity portion of real estate depreciation and amortization on equity investees		129			123			373			371
Depreciation and amortization of discontinued operations		-			25			25			73
Noncontrolling interest		(200	)		(329	)		(43	)		(158	)
Funds from operations ("FFO")	$	(399	)	$	(513	)	$	14,650		$	19,170
Elimination of gain on extinguishment of debt		-			-			(830	)		-
Funds from operations - adjusted ("FFOA")	$	(399	)	$	(513	)	$	13,820		$	19,170
FFO per weighted average share/unit (1)	$	(0.01	)	$	(0.02	)	$	0.40		$	0.64
FFOA per weighted average share/unit (1)	$	(0.01	)	$	(0.02	)	$	0.38		$	0.64
Weighted average shares/units (1)		49,314,288			29,864,093			36,387,577			29,865,786

Notes:

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

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

5

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS - THREE MONTHS ENDED SEPTEMBER 30,

(Amounts in thousands, unaudited)

					Fav (Unfav)			Fav (Unfav)
	2009		2008		$ Change			% Change
Revenues
Legacy apartment community	$	18,000	$	18,283	$	(283	)		-1.5	%
University Towers - residence hall		1,033		1,035		(2	)		-0.2	%
Legacy community revenues		19,033		19,318		(285	)		-1.5	%
Place Portfolio		4,947		4,857		90			1.9	%
Same community revenues		23,980		24,175		(195	)		-0.8	%
New community		1,125		412		713		NM
Total revenues		25,105		24,587		518			2.1	%
Operating expenses (1)
Legacy apartment community		12,574		12,760		186			1.5	%
University Towers - residence hall		521		520		(1	)		-0.2	%
Legacy community operating expenses		13,095		13,280		185			1.4	%
Place Portfolio		3,880		4,208		328			7.8	%
Same community operating expenses		16,975		17,488		513			2.9	%
New community		851		207		(644	)	NM
Total operating expenses		17,826		17,695		(131	)		-0.7	%
Net operating income
Legacy apartment community		5,426		5,523		(97	)		-1.8	%
University Towers - residence hall		512		515		(3	)		-0.6	%
Legacy community net operating income		5,938		6,038		(100	)		-1.7	%
Place Portfolio		1,067		649		418			64.4	%
Same community net operating income		7,005		6,687		318			4.8	%
New community		274		205		69		NM
Total net operating income	$	7,279	$	6,892	$	387			5.6	%

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

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS - NINE MONTHS ENDED SEPTEMBER 30,

(Amounts in thousands, unaudited)

							Fav (Unfav)			Fav (Unfav)
	2009		2008				$ Change			% Change
Revenues
Legacy apartment community	$	59,526	$	59,601			$	(75	)		-0.1	%
University Towers - residence hall		3,633		3,516				117			3.3	%
Same community revenues		63,159		63,117				42			0.1	%
Place Portfolio		15,519		13,999				1,520		NM
New community		2,648		415				2,233		NM
Total community revenues		81,326		77,531				3,795			4.9	%
Operating expenses (1)
Legacy apartment community		30,450		31,445				995			3.2	%
University Towers - residence hall		1,452		1,957	(2	)		505			25.8	%
Same community operating expenses		31,902		33,402				1,500			4.5	%
Place Portfolio		9,416		8,995				(421	)	NM
New community		1,594		329				(1,265	)	NM
Total community operating expenses		42,912		42,726				(186	)		-0.4	%
Net operating income
Legacy apartment community		29,076		28,156				920			3.3	%
University Towers - residence hall		2,181		1,559				622			39.9	%
Same community net operating income		31,257		29,715				1,542			5.2	%
Place Portfolio		6,103		5,004				1,099		NM
New community		1,054		86				968		NM
Total community net operating income	$	38,414	$	34,805			$	3,609			10.4	%

(1)	Represents community-level operating expenses excluding management fees, depreciation and amortization.
(2)	Operating expense for University Towers for the nine months ended September 30, 2008, included a $512k loss on the sale of land and parking garage. Excluding the loss, operating expenses for the nine months ended September 30, 2008 would have been $1,445k.

7

EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS - OWNED AND OPERATED

	Three Months Ended September 30,									Nine Months Ended September 30,
	2009			2008			Fav/(Unfav) Change			2009			2008 (2)					Fav/(Unfav) Change
Occupancy
Physical		86.9	%		89.3	%		-2.4	%		87.4	%		90.5	%				-3.1	%
Economic		74.1	%		77.0	%		-2.9	%		82.5	%		85.9	%				-3.4	%
NarPAB	$	305		$	311		$	(6	)	$	338		$	342				$	(4	)
Other income per avail. Bed	$	27		$	22		$	5		$	24		$	21				$	3
RevPAB	$	332		$	333		$	(1	)	$	362		$	363				$	(1	)
Operating expense per bed	$	236		$	240		$	4		$	191		$	198		(1	)	$	7
Operating margin		29.0	%		28.0	%		1.0	%		47.2	%		45.6	%	(1	)		1.6	%
Design Beds		75,690			73,836			1,854			224,400			213,512					10,888

(1)	Operating expense statistics exclude approximately $2 per bed related to the loss on the sale of land and the parking garage at University Towers.  The loss of $512K is included in our statements of  operations.
(2)	2008 data includes eight 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 2009 and 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 September 30,									Nine Months Ended September 30,
	2009			2008			Fav/(Unfav) Change			2009			2008			Fav/(Unfav) Change
Occupancy
Physical		90.2	%		92.7	%		-2.5	%		90.9	%		93.6	%		-2.7	%
Economic		79.4	%		82.0	%		-2.6	%		87.9	%		90.7	%		-2.8	%
NarPAB	$	319		$	330		$	(11	)	$	356		$	360		$	(4	)
Other income per avail. Bed	$	26		$	20		$	6		$	24		$	20		$	4
RevPAB	$	345		$	350		$	(5	)	$	380		$	380		$	0
Operating expense per bed	$	241		$	244		$	3		$	194		$	201		$	7
Operating margin		30.1	%		30.2	%		-0.1	%		48.8	%		47.2	%		1.6	%
Design Beds		52,221			52,239			(18	)		156,681			156,727			(46	)

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 quarter of 2009 and included in discontinued operations in our statement of operations.

9

EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS

	Three Months Ended September 30,									Nine Months Ended September 30,
	2009			2008			Fav/(Unfav) Change			2009			2008					Fav/(Unfav) Change
Occupancy
Physical		67.9	%		67.8	%		0.1	%		66.7	%		67.4	%				-0.7	%
Economic		37.3	%		35.9	%		1.4	%		51.6	%		51.3	%				0.3	%
NarPAB	$	253		$	225		$	28		$	342		$	311				$	31
Other income per avail. Bed	$	108		$	137		$	(29	)	$	82		$	99				$	(17	)
RevPAB	$	361		$	362		$	(1	)	$	424		$	410				$	14
Operating expense per bed	$	182		$	182		$	(0	)	$	169		$	168		(1	)	$	(1	)
Operating margin		49.6	%		49.8	%		-0.2	%		60.0	%		58.9	%	(1	)		1.1	%
Design Beds		2,859			2,859			-			8,577			8,577					-

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

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EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO COMMUNITY STATISTICS

	Three Months Ended September 30,									Nine months ended			Eight months ended
	2009			2008			Fav/(Unfav) Change			September 30, 2009			September 30, 2008 (1)			Fav/(Unfav) Change
Occupancy
Physical		81.6	%		82.1	%		-0.5	%		80.1	%		84.1	%		-4.0	%
Economic		71.1	%		72.0	%		-0.9	%		74.8	%		78.9	%		-4.1	%
NarPAB	$	264		$	263		$	1		$	277		$	287		$	(10	)
Other income per avail. Bed	$	16		$	12		$	4		$	16		$	10		$	6
RevPAB	$	280		$	275		$	5		$	293		$	297		$	(4	)
Operating expense per bed	$	219		$	238		$	19		$	178		$	191		$	13
Operating margin		21.6	%		13.4	%		8.2	%		39.3	%		35.7	%		3.6	%
Design Beds		17,682			17,682			-			53,046			47,152			5,894

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

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EDUCATION REALTY TRUST, INC.

	Fall Opening Occupancy - as of September 30th
			2009							2008
	Community	Primary University	Design Beds		Leased Beds		%			Design Beds		Leased Beds		%
	The Gables	Western Kentucky University		288		288		100.0	%		288		288		100.0	%
**	The Reserve at Athens	University of Georgia		612		612		100.0	%		612		575		94.0	%
**	Players Club	Florida State University		336		333		99.1	%		336		333		99.1	%
	NorthPointe	University of Arizona		912		853		93.5	%		912		879		96.4	%
	The Reserve at Clemson	Clemson University		590		574		97.3	%		590		569		96.4	%
	Pointe at South Florida	University of South Florida		1,002		874		87.2	%		1,002		875		87.3	%
	The Reserve on Perkins	Oklahoma State		732		631		86.2	%		732		723		98.8	%
**	The Commons	Florida State University		732		641		87.6	%		732		598		81.7	%
	The Pointe at Western	Western Michigan University		876		817		93.3	%		876		671		76.6	%
	College Station at West Lafayette	Purdue University		960		950		99.0	%		960		902		94.0	%
	Commons on Kinnear	Ohio State University		502		489		97.4	%		502		501		99.8	%
	The Pointe	Penn State		984		984		100.0	%		984		983		99.9	%
	The Reserve at Columbia	University of Missouri		676		675		99.9	%		676		675		99.9	%
	Commons at Knoxville	University of Tennessee		708		675		95.3	%		708		707		99.9	%
	The Reserve on Frankford	Texas Tech		737		678		92.0	%		737		663		90.0	%
	The Reserve at Star Pass	University of Arizona		1,020		725		71.1	%		1,020		967		94.8	%
	The Lofts	University of Central Florida		731		718		98.2	%		730		726		99.5	%
**	The Reserve on West 31st	University of Kansas		714		659		92.3	%		720		703		97.6	%
**	Campus Creek	University of Mississippi		636		613		96.4	%		636		560		88.1	%
	Pointe West	University of South Carolina		480		427		89.0	%		480		444		92.5	%
	Campus Lodge	University of Florida		1,115		1,093		98.0	%		1,116		985		88.3	%
	College Grove	Middle Tennessee State Univ.		864		788		91.2	%		864		851		98.5	%
	The Reserve on South College	Auburn University		576		442		76.7	%		576		562		97.6	%
	The Avenue at Southern	Georgia Southern Univ.		624		486		77.9	%		624		571		91.5	%
	Same-apartment community - Legacy portfolio			17,407		16,025		92.1	%		17,413		16,311		93.7	%
	University Towers	North Carolina State		953		953		100.0	%		953		953		100.0	%
	Total same-community - Legacy portfolio			18,360		16,978		92.5	%		18,366		17,264		94.0	%
	Troy Place	Troy State Univ.		408		371		90.9	%		408		405		99.3	%
	The Reserve at Jacksonville	Jacksonville State University		504		338		67.1	%		504		476		94.4	%
	River Place	State Univ. of West GA		504		480		95.2	%		504		380		75.4	%
	Clayton Place	Clayton College & State Univ.		854		365		42.7	%		854		439		51.4	%
	Macon Place	Macon State College		336		229		68.2	%		336		258		76.8	%
	The Chase at Murray	Murray State Univ.		408		407		99.8	%		408		279		68.4	%
	Cape Place	Southeast Missouri State Univ.		360		360		100.0	%		360		357		99.2	%
	Clemson Place	Clemson University		288		287		99.7	%		288		265		92.0	%
	The Reserve at Martin	Univ. of Tenn. - Martin		384		336		87.5	%		384		265		69.0	%
*	Carrollton Place	State Univ. of West GA		336		295		87.8	%		336		333		99.1	%
*	The Pointe at Southern	Georgia Southern Univ.		528		520		98.5	%		528		494		93.6	%
*	Berkeley Place	Clemson University		480		479		99.8	%		480		445		92.7	%
*	Western Place	Western Kentucky University		504		501		99.4	%		504		429		85.1	%
	Same-apartment community - Place Portfolio			5,894		4,968		84.3	%		5,894		4,825		81.9	%
	Total same-community - Wholly-owned portfolio			24,254		21,946		90.5	%		24,260		22,089		91.1	%
	The Reserve at Saluki Pointe	Southern Illinois University		768		582		75.8	%		528		525		99.4	%
	University Village on Colvin	Syracuse University		432		342		79.2	%		n/a		n/a		n/a
	New development - less than one year			1,200		924		77.0	%		528		525		99.4	%
	Joint Venture Portfolio			2,195		1,875		85.4	%		2,195		2,091		95.3	%
	Same-apartments - managed, not owned			8,952		8,573		95.8	%		8,978		8,516		94.9	%
	Total same-community joint venture & managed			11,147		10,448		93.7	%		11,173		10,607		94.9	%
	New managed - less than one year			1,226		861		70.2	%		282		119		42.2	%

* Community is unencumbered as of September 30, 2009.

** Community is pledged to the corporate credit facility.

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EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY

(Amounts in '000s)

	Three months ended								Nine months ended
	September 30, 2009		September 30, 2008			Change			September 30, 2009			September 30, 2008			Change
Third-party development services revenue	$	2,559	$	3,216		$	(657	)	$	5,275		$	6,224		$	(949	)
Equity in earnings of development joint ventures		-		(1	)		1			(2	)		(2	)		-
	$	2,559	$	3,215		$	(656	)	$	5,273		$	6,222		$	(949	)

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 Nine Months Ended September 30, 2009 (1)		Remaining Fees to Earn		Fees Paid Through September 30, 2009
University of Michigan, Ann Arbor		896	Aug '08, Aug '09 (2)				1,350		100	%		1,350		1,166		178		6		1,320
Fontainebleu		435	July 2009		7,227		275		100	%		275		200		75		-		240
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		2,033		1,366		8		2,934
Indiana University of Pennsylvania Phase III (4)		1,084	August 2009		61,904		3,285		100	%		3,285		1,339		1,946		-		3,285
Colorado State University - Pueblo Phase I (5)		253	August 2009		15,631		825		100	%		825		234		568		23		696
Colorado State University - Pueblo Phase II		500	August 2010		34,058		1,583		100	%		1,583		-		682		901		999
Indiana University of Pennsylvania Phase IV		596	August 2010		37,029		1,247		100	%		1,247		-		220		1,027		581
		4,961		$	250,347						$	11,972	$	4,972	$	5,035	$	1,965	$	10,055

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		26,774		1,139		100	%		1,139
East Stroudsburg University - Pennsylvania		984	TBD	TBD		61,484		2,457		100	%		2,457
West Chester University of Pennsylvania Phase II		1,409	June 2010	August 2011		78,912		2,841		100	%		2,841
		2,847			$	167,170	$	6,437				$	6,437

(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 were 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.

(4)  Total Project fees includes $1,095 of incentive fees earned by AODC for completing the project under budget.

(5)  Total Project fees includes $129 of incentive fees earned by AODC for completing the project under budget.

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EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE

As of September 30, 2009

(dollars in thousand)

Total Debt to Gross Assets								Total Debt to Enterprise Value
Total Debt (1)			456,710					Total Debt (1)							$	456,710	57.1	%
Total Gross Assets (2)			999,900					Total Market Equity (3)								342,866	42.9	%
Total Debt to Gross Assets			45.7	%				Total Enterprise Value							$	799,576	100.0	%
Total Debt Outstanding
		Principal			Weighted Average							Average Term
		Outstanding			Interest Rate			%				to Maturity
Fixed Rate - Mortgage Debt (1)		$	378,351			6.11	%		82.9	%			4.06	years
Variable Rate - Mortgage Debt			49,451			3.64	%		10.8	%			4.25	years
Variable Rate - Construction Debt			28,908			1.63	%		6.3	%			1.13	years
Total / Weighted Average		$	456,710			5.56	%		100.0	%			3.90	years
Mortgage and Construction Debt Maturity															12 Months Ended
	Fiscal Yr Ending														September 30, 2009 (5)
	Ending										Interest expense (4)				$	27,147
	2009	$	99,469			21.8	%
	2010		23,388			5.1	%				Interest coverage					1.91
	2011		12,303			2.7	%
	2012		67,939			14.9	%				Fixed charge coverage					1.61
	2013		32,304			7.1	%
	Thereafter		221,307			48.4	%
	Total	$	456,710			100.0	%
Unamortized debt premium			898
Total, net of debt premium		$	457,608

(1)  Excludes unamortized debt premium of $0.9 million.

(2)  Excludes accumulated depreciation of $134,206 as of September 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 $5.93 at September 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.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING - OWNED AND OPERATED

Name	Primary University Served	Acquisition Date	# of Beds		Name	Primary University Served	Acquisition Date	# of Beds
NorthPointe	University of Arizona	Jan ’05		912	Berkeley Place	Clemson University	Jan ’06		480
The Reserve at Athens	University of Georgia	Jan ’05		612	Clemson Place	Clemson University	Jan ’06		288
The Reserve at Clemson	Clemson University	Jan ’05		590	Cape Place	Southeast MO State University	Jan ’06		360
Players Club	Florida State University	Jan ’05		336	The Reserve at Martin	University of TN at Martin	Jan ’06		384
The Gables	Western Kentucky University	Jan ’05		288	The Chase at Murray	Murray State	Jan ’06		408
The Pointe at South Florida	University of South Florida	Jan ’05		1,002	Western Place	Western Kentucky University	Jan ’06		504
Commons at Knoxville	University of Tennessee	Jan ’05		708	Carrolton Place	University of West GA	Jan ’06		336
The Commons	Florida State University	Jan ’05		732	Clayton Place	Clayton State University	Jan ’06		854
The Reserve on Perkins	Oklahoma State University	Jan ’05		732	The Reserve at Jacksonville	Jacksonville State University	Jan ’06		504
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020	Macon Place	Macon State College	Jan ’06		336
The Pointe at Western	Western Michigan University	Jan ’05		876	River Place	University of West GA	Jan ’06		504
College Station at W. Lafayette	Purdue University	Jan ’05		960	Troy Place	Troy University	Jan ’06		408
Commons on Kinnear	The Ohio State University	Jan ’05		502	The Pointe at Southern	Georgia Southern University	Jan ’06		528
The Pointe	Pennsylvania State University	Jan ’05		984		Sub-Total Place Portfolio			5,894
The Reserve at Columbia	University of Missouri	Jan ’05		676
The Reserve on Frankford	Texas Tech University	Jan ’05		737		Sub-Total Same Communities			24,254	*
The Lofts	University of Central Florida	Jan ’05		731
The Reserve on West 31st	University of Kansas	Jan ’05		714	The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09		768
Campus Creek	University of Mississippi	Feb ’05		636	University Village on Colvin	Syracuse University	Aug '09		432
Pointe West	University of South Carolina	Mar ’05		480		Sub-Total New Communities			1,200
College Grove	Middle Tennessee State University	Apr ’05		864
Campus Lodge	University of Florida	Jun ’05		1,115		Total owned and operated beds			25,454
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

*The Place Portfolio is included in same-community for the three months ended September 30, 2009. However, for the nine months ended September 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