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: February 23, 2010

Education Realty Trust, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-32417	20-1352180
(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 February 23, 2010, Education Realty Trust, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended December 31, 2009 and made available supplemental information concerning the ownership, operations and portfolio of the Company as of December 31, 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 December 31, 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 February 23, 2010
99.2	Fourth 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: February 23, 2010	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 February 23, 2010
99.2	Fourth Quarter 2009 Supplemental Financial Report

EX-99.1

EDUCATION REALTY TRUST ANNOUNCES

FOURTH QUARTER 2009 RESULTS

MEMPHIS, TN, February 23, 2010 - Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of student housing,  today announced operating results for the quarter and year ended December 31, 2009.

Highlights

· Funds from operations (FFO) and funds from operations adjusted (FFOA) performance of $0.13 and $0.18 per share/unit, respectively, for the fourth quarter 2009.  FFOA, which excludes the impact of asset impairment and financing charges was in line with EDR’s previous guidance;

· Same-community net operating income decreased 3.5% for the fourth quarter as a result of a 4.0% decline in revenue partially offset by 4.6% savings through cost control measures;

· Same-community net operating income increased 1.8% for the year as a result of a 1.3% decline in revenue offset by a 4.6% savings through cost control measures.  (Place-communities are not considered same-community since 2008 results only include the eleven months subsequent to the February 2008 lease termination.);

· Raised $116.1 million in net proceeds from a public offering of 28,175,000 shares of common stock in July 2009 and reduced total debt by $51.2 million in the quarter;

· Debt to gross asset value improved to 42.9%, and the Company’s trailing twelve month interest coverage ratio was 2.0;

· The Company replaced its existing corporate revolving credit facility with a three year, $95.0 million secured revolving credit facility;

· Randy Churchey was hired as President and Chief Executive Officer in January 2010;

· The Company has been engaged to develop and manage a high-rise apartment community for graduate students at the Science and Technology Park at Johns Hopkins; and

· Howard Silver was elected to the Board of Directors in February 2010.

Randy Churchey, Education Realty Trust’s President and Chief Executive Officer stated, “2009 was a year marked by change and progress for the Company. While leasing results were challenged during these unprecedented economic times, our same-community average occupancy was 88%. Same-community net operating income increased 1.8% during the year as the cost control initiatives we put in place took hold and contributed to both a fourth quarter and full year expense reduction of over 4%. We exited the year with a stronger balance sheet and expect to further enhance our financial flexibility in the coming quarters.”

“I have been here less than 60 days,” Mr. Churchey continued, “and the potential and the opportunities are exciting. We have already started making progress; however it will take time to see results given the nature of the annual leasing cycle in student-housing. Our Company and team are highly-regarded within the student housing industry. As we navigate the transition, I am confident that with our stronger capital structure, EDR will be able to seize new opportunities and produce consistent earnings growth and increased shareholder value.”

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the fourth quarter of 2009 was $(0.5) million, or $(0.01) per diluted share, compared to a net loss attributable to common stockholders of $(4.9) million, or $(0.17) per diluted share, for the same period in 2008.

For the year ended December 31, 2009, the net loss attributable to common stockholders was $(7.3) million, or $(0.18) per diluted share, compared to $(7.9) million, or $(0.28) per diluted share, for the same period in 2008.

Funds From Operations (“FFO”)

FFO for the fourth quarter of 2009 was $0.13 per share/unit, or $7.3 million, compared to $0.09 per share/unit, or $2.6 million, for the same period in 2008.  FFO for the fourth quarter of 2009 and 2008 included $(0.05) and $(0.22) per share/unit, respectively, related to losses for asset impairment charges and the early extinguishment of debt.

FFO for the year 2009, was $0.52 per share/unit, or $21.9 million, compared to $0.73 per share/unit, or $21.8 million, for the same period in 2008.  FFO for the full year 2009 and 2008 included $(0.06) and $(0.23) per share/unit, respectively, related to losses for asset impairment charges and the early extinguishment of debt.

The Company’s follow-on equity offering in July 2009 increased the year over year weighted average shares/units by 94% for the fourth quarter and by 40% for the full year.

A reconciliation of FFO to net loss is included in the financial tables accompanying this release.

Same-Community Results

Same-community net operating income declined 3.5%, or $0.6 million, for the fourth quarter of 2009 on a revenue decline of 4.0%, or $1.1 million, and operating expense reductions of 4.6%, or $0.5 million.  The same-community average operating margin was 58.3%, consistent with the fourth quarter of 2008.

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Legacy-Communities

Net operating income for the Legacy-communities declined 5.4%, or $0.8 million, for the fourth quarter of 2009 on a revenue decline of 5.1%, or $1.2 million, and an operating expense reduction of 4.8%, or $0.4 million.  The revenue decline was mainly attributed to a 2.1% decline in rental rates, a 1.2% decline in occupancy and a 1.5% drop due to a decline in other rental income.  The average operating margin for the Legacy-communities was 60.3%, consistent with the fourth quarter of 2008.

Place-Communities

Net operating income for the Place-communities was up 6.2%, or $0.2 million, for the fourth quarter of 2009 on revenue growth of 0.9% and operating expense reductions of 4.0%, or $0.1 million.  The revenue growth was driven by a 3.0% improvement in occupancy that was offset by a 0.7% decline in rental rates and a 1.4% decline due to a drop in other rental income.  As a result, operating margins improved 260 basis points and exceeded 50% for the first time since the acquisition of this portfolio in 2006.

Community Occupancy

The fourth quarter 2009 average physical and economic occupancies for the Legacy-communities were 92.5% and 93.1%, respectively, compared to 93.5% and 94.7% for the same quarter in 2008.  The Place-communities had physical and economic occupancies of 84.0% and 80.7%, respectively, compared to 81.3% and 79.0% in the fourth 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.

Capital Structure

On December 31, 2009, the Company had cash and cash equivalents totaling $31.2 million and no outstanding borrowings on its revolving credit facility, which had a borrowing base availability of $41.2 million.  In addition, the Company has two communities unencumbered by debt and, although eligible for inclusion, are currently excluded from the revolving credit facility.  If these communities were included, the Company estimates that the borrowing base availability would increase by approximately $9.0 million.  The Company’s debt to gross asset value was reduced to 42.9% from 53.1%, and its interest coverage ratio was 2.0.  Interest rates on all indebtedness is either fixed or capped.  The Company has two project based construction loans with a combined December 31, 2009 balance of $28.9 million that reach initial maturity within the next eighteen months.  Upon initial maturity, the Company expects to exercise the option to extend these loans and based on current forecasts, believes the principal balance will be reduced by approximately $6.0 million.

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Earnings Guidance and Outlook

Based upon the Company’s current estimates, FFO per share/unit is expected to be in the range of $0.34 to $0.40 for the full year ending December 31, 2010.  The following assumptions were used by management:

· Same-community total rental revenue growth of flat to a decline of 2%  and operating expense growth of 1% to 2.5% for the year, resulting in a decline in NOI of 2% to 7%;

§ Legacy-community total rental revenue decline of 1.5% to 3.5% and operating expense growth of 1% to 2.5%, resulting in a decline in NOI of 4% to 8%;

§ Place-community total rental revenue growth of 2% to 3%, and operating expense growth of 1% to 2.5% for the year, resulting in NOI growth of 1% to 6%;

· New-community NOI growth of approximately $1.5 million;

· Third-party development fees from existing projects are expected to be $1.2 million;

· Third-party management fees from existing contracts are expected to be $3.0 million;

· General and administrative expense of approximately $15.0 to $15.7 million;

· Interest expense is expected to range between $23.0 and $24.0 million;

· Tax benefit of approximately $1.1 million; and

· Full year weighted average shares/units of 58.1 million.

The guidance for 2010 does not include the impact of any dispositions, acquisitions, new third-party development or management contracts, additional One Plan developments, capital transactions or corporate restructuring costs.

Webcast and Conference Call

The Company will host a conference call for investors and other interested parties beginning at 5:00 p.m. Eastern Time on Tuesday, February 23, 2010.  The call will be hosted by Randy Churchey, President and Chief Executive Officer, and Randy 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) 941-2068, and participants from outside the U.S. may dial (480) 629-9712.  The passcode for this call is 4204728.  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 7:00 p.m. Eastern Time on February 23, 2010 through midnight Eastern Time on March 9, 2010.  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 4204728.  The archive of the webcast will be available on the Company’s Web site for a limited time.

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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.

Non-GAAP Financial Measures

As defined by the National Association of Real Estate Investment Trusts, FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The Company presents FFO available to all stockholders and unitholders because it considers it an important supplemental measure of the Company’s operating performance, assists in the comparison of our operating performance between periods to that of different companies and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. As such, the Company also excludes the impact of noncontrolling interest in the calculation. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. 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 rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

About Education Realty Trust

Education Realty Trust, Inc. (NYSE:EDR) is one of America’s largest owners, developers and operators of collegiate student housing.  EDR is a self-administered and self-managed real estate investment trust that owns or manages 64 communities in 22 states with 37,827 beds. For more information please visit the Company's Web site at www.educationrealty.com.

5

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 share data)

	December 31, 2009			December 31, 2008
	(unaudited)
Assets
Student housing properties, net	$	749,884		$	733,507
Assets under development		-			6,572
Cash and cash equivalents		31,169			9,003
Restricted cash		4,579			5,595
Other assets		18,981			22,970
Total assets	$	804,613		$	777,647
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	406,365		$	442,259
Revolving line of credit		-			32,900
Accounts payable and accrued expenses		11,658			10,605
Deferred revenue		10,346			9,954
Total liabilities		428,369			495,718
Commitments and contingencies		-			-
Redeemable noncontrolling interests		11,079			11,751
Equity:
Education Realty Trust, Inc. stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
56,705,605 and 28,475,855 shares issued and outstanding at
December 31, 2009 and 2008, respectively		567			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issued and outstanding		-			-
Additional paid-in capital		410,455			308,356
Accumulated deficit		(48,636	)		(41,381	)
Total Education Realty Trust, Inc. stockholders’ equity		362,386			267,260
Noncontrolling interest		2,779			2,918
Total equity		365,165			270,178
Total liabilities and equity	$	804,613		$	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 December 31, 2009			Three months ended December 31, 2008
Revenues:
Student housing leasing revenue	$	29,484		$	29,618
Student housing food service revenue		631			574
Other leasing revenue		-			200
Third-party development services		2,903			2,079
Third-party management services		851			995
Operating expense reimbursements		1,973			2,604
Total revenues		35,842			36,070
Operating expenses:
Student housing leasing operations		12,249			12,394
Student housing food service operations		577			529
General and administrative		4,014			4,481
Depreciation and amortization		7,588			7,495
Loss on impairment		1,726			2,021
Reimbursable operating expenses		1,973			2,604
Total operating expenses		28,127			29,524
Operating income		7,715			6,546
Nonoperating expenses:
Interest expense		5,760			6,673
Amortization of deferred financing costs		298			252
Interest Income		(136	)		(106	)
Loss on extinguishment of debt		-			4,360
Total nonoperating expenses		5,922			11,179
Income (loss) before equity in earnings (losses) of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		1,793			(4,633	)
Equity in earnings (losses) of unconsolidated entities		(1,404	)		27
Less: Income tax expense		717			241
Less: Income attributable to redeemable noncontrolling interests		206			72
Loss from discontinued operations		-			(18	)
Net loss		(534	)		(4,937	)
Less: Net income (loss) attributable to the noncontrolling interests		1			(42	)
Net loss attributable to Education Realty Trust, Inc.	$	(535	)	$	(4,895	)
Earnings per share information:
Net loss attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted:	$	(0.01	)	$	(0.17	)
Weighted-average common shares outstanding – basic & diluted		56,700			28,515

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EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

	Year ended December 31, 2009			Year ended December 31, 2008
	(Unaudited)
Revenues:
Student housing leasing revenue	$	110,810		$	107,149
Student housing food service revenue		2,267			2,378
Other leasing revenue		-			7,145
Third-party development services		8,178			8,303
Third-party management services		3,221			3,672
Operating expense reimbursements		9,722			10,796
Total revenues		134,198			139,443
Operating expenses:
Student housing leasing operations		55,161			55,120
Student housing food service operations		2,156			2,257
General and administrative		15,752			16,348
Depreciation and amortization		29,089			29,318
Loss on impairment		1,726			2,021
Reimbursable operating expenses		9,722			10,796
Total operating expenses		113,606			115,860
Operating income		20,592			23,583
Nonoperating expenses:
Interest expense		24,585			25,229
Amortization of deferred financing costs		1,047			992
Interest income		(470	)		(373	)
(Gain) loss on extinguishment of debt		(830	)		4,360
Total nonoperating expenses		24,332			30,208
Loss before equity in losses of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(3,740	)		(6,625	)
Equity in losses of unconsolidated entities		(1,410	)		(196	)
Less: Income tax expense		1,920			1,123
Less: Income (loss) attributable to redeemable noncontrolling interests		177			(75	)
Loss from discontinued operations		(21	)		(131	)
Net loss		(7,268	)		(8,000	)
Less: Net income (loss) attributable to the noncontrolling interests		(13	)		(53	)
Net loss attributable to Education Realty Trust, Inc.	$	(7,255	)	$	(7,947	)
Earnings per share information:
Net loss attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted	$	(0.18	)	$	(0.28	)
Weighted average common shares outstanding – basic & diluted		40,496			28,513

9

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CALCULATION OF FFO AND FFOA

(Amounts in thousands, except per share data)

Unaudited

	Three months ended  December 31,						Year ended  December 31,
	2009			2008			2009			2008
Net loss attributable to Education Realty Trust, Inc.	$	(535	)	$	(4,895	)	$	(7,255	)	$	(7,947	)
Loss on sale of student housing assets (1)		-			-			-			512
Real estate related depreciation and amortization		7,482			7,296			28,497			28,720
Equity portion of real estate depreciation and amortization on equity investees		139			125			512			496
Depreciation and amortization of discontinued operations		-			26			25			99
Noncontrolling interests		207			30			164			(128	)
Funds from operations ("FFO")	$	7,293		$	2,582		$	21,943		$	21,752
Elimination of impairment and refinancing charges:
Development cost write-off, net of tax		-			417			-			417
Loss on impairment (3)		3,173			2,021			3,173			2,021
Gain/loss on extinguishment of debt		-			4,360			(830	)		4,360
Impact of impairment and refinancing charges	$	3,173		$	6,798		$	2,343		$	6,798
Funds from operations – adjusted (“FFOA”)	$	10,466		$	9,380		$	24,286		$	28,550
FFO per weighted average share/unit  (2)	$	0.13		$	0.09		$	0.52		$	0.73
FFOA per weighted average share/unit  (2)	$	0.18		$	0.31		$	0.58		$	0.96
Weighted average shares/units (2)		58,086			29,872			41,873			29,867

Notes:

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

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

(3) Loss on impairment for the three months and year ended December 31, 2009 includes $1,447 that is included in equity in earnings of unconsolidated entities in the statement of operations.

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EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

2010 GUIDANCE – RECONCILIATION OF FFO

(Amounts in thousands, except per share data)

Unaudited

The following is a reconciliation of the Company’s 2010 FFO guidance to net loss:

	Year ending December 31, 2010
	Low End			High End
Net loss attributable to Education Realty Trust, Inc.	$	(10,698	)	$	(6,894	)
Real estate related depreciation and amortization		29,972			29,972
Noncontrolling interest		452			376
Funds from operations ("FFO")	$	19,726		$	23,454
FFO per weighted average share/unit  (1)	$	0.34		$	0.40
Weighted average shares/units (1)		58,096			58,096

Notes:

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

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EX-99.2

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2009

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

Financial Highlights	1
Balance Sheet	2
Operating Results	3
Funds From Operations	4
Wholly-Owned Community Operating Results - Three Months Ended December 31,	5
Wholly-Owned Community Operating Results - Year Ended December 31,	6
Wholly-Owned Community Statistics	7
Legacy-Community Statistics	8
Place-Community Statistics	9
Preleasing Statistics	10
Third-Party Development	11
Capital Structure	12
Community Listing - Wholly-Owned	13
Investor Information	14
Definitions	15

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data)

OPERATING DATA:

	ThreemonthsendedDecember31,												YearendedDecember31,
	2009			2008			$Chg			%Chg			2009			2008			$Chg			%Chg
	(unaudited)			(unaudited)									(unaudited)
Community revenues	$	29,484		$	29,618		$	(134	)		-0.5	%	$	110,810		$	107,149		$	3,661			3.4	%
Total revenues		35,842			36,070		$	(228	)		-0.6	%		134,198			139,443		$	(5,245	)		-3.8	%
Community net operating income		17,235			17,224			11			0.1	%		55,649			52,029			3,620			7.0	%
Total Operating income		7,715			6,546			1,169			17.9	%		20,592			23,583			(2,991	)		-12.7	%
Net income (loss)		(535	)		(4,895	)		4,360						(7,255	)		(7,947	)		692
Per share - basic & diluted	$	(0.01	)	$	(0.17	)	$	0.16					$	(0.18	)	$	(0.28	)	$	0.10
Funds from operations (FFO)	$	7,293		$	2,582		$	4,711					$	21,943		$	21,752		$	191
Per weighted average share/unit (1)	$	0.13		$	0.09		$	0.04					$	0.52		$	0.73		$	(0.21	)
Funds from operations adjusted (FFOA)	$	10,466		$	9,380		$	1,086					$	24,286		$	28,550		$	(4,264	)
Per weighted average share/unit (1)	$	0.18		$	0.31		$	(0.13	)				$	0.58		$	0.96		$	(0.38	)

BALANCE SHEET DATA:

	12/31/2009			12/31/2008
Debt to gross assets		42.9	%		53.1	%
Net debt to enterprise value		57.2	%		75.4	%
Interest coverage ratio		2.0			2.1

(1) Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact see page 4 for detailed calculation.

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EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	December31,2009			December31,2008
	(unaudited)
Assets
Student housing properties, net (1)	$	749,884		$	733,507
Assets under development		-			6,572
Cash and cash equivalents		31,169			9,003
Restricted cash		4,579			5,595
Other assets		18,981			22,970
Total assets	$	804,613		$	777,647
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	406,365		$	442,259
Revolving line of credit		-			32,900
Accounts payable and accrued expenses		11,658			10,605
Deferred revenue		10,346			9,954
Total liabilities		428,369			495,718
Commitments and contingencies		-			-
Redeemable noncontrolling interests		11,079			11,751
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
56,705,605 and 28,475,855 shares issued and outstanding
December 31, 2009 and 2008, respectively		567			285
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issues and outstanding		-			-
Additional paid-in capital		410,455			308,356
Accumulated deficit		(48,636	)		(41,381	)
Total Education Realty Trust, Inc. stockholders' equity		362,386			267,260
Noncontrolling interest		2,779			2,918
Total equity		365,165			270,178
Total liabilities and equity	$	804,613		$	777,647

(1)  Amount is net of accumulated depreciation of $141,507 and $113,545 as of December 31, 2009 and 2008, respectively.

2

EDUCATION REALTY TRUST, INC.

OPERATING RESULTS

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

	Three Months Ended December 31,									Year Ended December 31,
	2009			2008			$ Change			2009			2008			$ Change
Revenues:
Student housing leasing revenue	$	29,484		$	29,618		$	(134	)	$	110,810		$	107,149		$	3,661
Student housing food service revenue		631			574			57			2,267			2,378			(111	)
Other leasing revenue		-			200			(200	)		-			7,145			(7,145	)
Third-party development services		2,903			2,079			824			8,178			8,303			(125	)
Third-party management services		851			995			(144	)		3,221			3,672			(451	)
Operating expense reimbursements		1,973			2,604			(631	)		9,722			10,796			(1,074	)
Total revenues		35,842			36,070			(228	)		134,198			139,443			(5,245	)
Operating expenses:
Student housing leasing operations		12,249			12,394			(145	)		55,161			55,120			41
Student housing food service operations		577			529			48			2,156			2,257			(101	)
General and administrative		4,014			4,481			(467	)		15,752			16,348			(596	)
Depreciation and amortization		7,588			7,495			93			29,089			29,318			(229	)
Loss on impairment		1,726			2,021			(295	)		1,726			2,021			(295	)
Reimbursable operating expenses		1,973			2,604			(631	)		9,722			10,796			(1,074	)
Total operating expenses		28,127			29,524			(1,397	)		113,606			115,860			(2,254	)
Operating income		7,715			6,546			1,169			20,592			23,583			(2,991	)
Nonoperating expenses:
Interest expense		5,760			6,673			(913	)		24,585			25,229			(644	)
Amortization of deferred financing costs		298			252			46			1,047			992			55
Interest income		(136	)		(106	)		(30	)		(470	)		(373	)		(97	)
Gain/loss on extinguishment of debt		-			4,360			(4,360	)		(830	)		4,360			(5,190	)
Total nonoperating expenses		5,922			11,179			(5,257	)		24,332			30,208			(5,876	)
Income (loss) before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		1,793			(4,633	)		6,426			(3,740	)		(6,625	)		2,885
Equity in earnings of unconsolidated entities		(1,404	)		27			(1,431	)		(1,410	)		(196	)		(1,214	)
Less: Income tax expense		717			241			476			1,920			1,123			797
Less: Income (loss) attributable to redeemable noncontrolling interests		206			72			134			177			(75	)		252
Loss from discontinued operations		-			(18	)		18			(21	)		(131	)		110
Net loss		(534	)		(4,937	)		4,403			(7,268	)		(8,000	)		732
Less: Net income (loss) attributable to the noncontrolling interests		1			(42	)		43			(13	)		(53	)		40
Net loss attributable to Education Realty Trust, Inc.	$	(535	)	$	(4,895	)	$	4,360		$	(7,255	)	$	(7,947	)	$	692
Earnings per share information:
Net loss attributable to Education Realty Trust, Inc. common shareholders per share - basic & diluted	$	(0.01	)	$	(0.17	)	$	0.16		$	(0.18	)	$	(0.28	)	$	0.10
Weighted-average common shares outstanding - basic & diluted		56,700			28,515						40,496			28,513

3

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	ThreemonthsendedDecember31,									YearendedDecember31,
	2009			2008			Change			2009			2008			Change
Net loss attributable to Education Realty Trust, Inc.	$	(535	)	$	(4,895	)	$	4,360		$	(7,255	)	$	(7,947	)	$	692
Loss on sale of student housing assets (1)		-			-			-			-			512			(512	)
Real estate related depreciation and amortization		7,482			7,296			186			28,497			28,720			(223	)
Equity portion of real estate depreciation and amortization on equity investees		139			125			14			512			496			16
Depreciation and amortization of discontinued operations		-			26			(26	)		25			99			(74	)
Noncontrolling interests		207			30			177			164			(128	)		292
Funds from operations ("FFO")		7,293			2,582			4,711			21,943			21,752			191
Elimination of impairment and refinancing charges:
Development cost write-off, net of tax		-			417			(417	)		-			417			(417	)
Loss on impairment (3)		3,173			2,021			1,152			3,173			2,021			1,152
Gain/loss on extinguishment of debt		-			4,360			(4,360	)		(830	)		4,360			(5,190	)
Impact of impairment and refinancing charges		3,173			6,798			(3,625	)		2,343			6,798			(4,455	)
Funds from operations - adjusted ("FFOA")	$	10,466		$	9,380		$	1,086		$	24,286		$	28,550		$	(4,264	)
FFO per weighted average share/unit (2)	$	0.13		$	0.09		$	0.04		$	0.52		$	0.73		$	(0.21	)
FFOA per weighted average share/unit (2)	$	0.18		$	0.31		$	(0.13	)	$	0.58		$	0.96		$	(0.38	)
Weighted average shares/units (2)		58,086			29,872			28,214			41,873			29,867			12,006

Notes:

(1)	Represents the loss on sale of land and parking garage at University Towers.
(2)	FFO and FFOA per weighted average share/unit was computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.
(3)	Loss on impairment for the three months and year ended December 31, 2009 includes $1,447 that is included in equity in earnings of unconsolidated entities in the statement of operations.

4

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS - THREE MONTHS ENDED DECEMBER 31,

(Amounts in thousands, unaudited)

	2009		2008		$Change			%Change
Revenues
Legacy-communities	$	22,156	$	23,353	$	(1,197	)		-5.1	%
Place-communities		5,535		5,486		49			0.9	%
Total Same-community		27,691		28,839		(1,148	)		-4.0	%
New-communities		1,793		779		1,014		NM
Total revenues		29,484		29,618		(134	)		-0.5	%
Operating expenses (1)
Legacy-communities		8,798		9,238		(440	)		-4.8	%
Place-communities		2,736		2,850		(114	)		-4.0	%
Total Same-community		11,534		12,088		(554	)		-4.6	%
New-communities		715		306		409		NM
Total operating expenses		12,249		12,394		(145	)		-1.2	%
Net operating income
Legacy-communities		13,358		14,115		(757	)		-5.4	%
Place-communities		2,799		2,636		163			6.2	%
Total Same-community		16,157		16,751		(594	)		-3.5	%
New-communities		1,078		473		605		NM
Total net operating income	$	17,235	$	17,224	$	11			0.1	%

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

5

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS - YEAR ENDED DECEMBER 31,

(Amounts in thousands, unaudited)

	2009		2008			$Change			%Change
Revenues
Legacy-communities	$	85,314	$	86,470		$	(1,156	)		-1.3	%
Place-communities (3)		21,054		19,485			1,569			8.1	%
New-communities		4,442		1,194			3,248		NM
Total revenues		110,810		107,149			3,661			3.4	%
Operating expenses (1)
Legacy-communities		40,699		42,640	(2)		(1,941	)		-4.6	%
Place-communities (3)		12,153		11,845			308			2.6	%
New-communities		2,309		635			1,674		NM
Total operating expenses		55,161		55,120			41			0.1	%
Net operating income
Legacy-communities		44,615		43,830			785			1.8	%
Place-communities (3)		8,901		7,640			1,261			16.5	%
New-communities		2,133		559			1,574		NM
Total net operating income	$	55,649	$	52,029		$	3,620			7.0	%

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

(2) Operating expense for the year ended December 31, 2008, included a $512 loss on the sale of land and parking garage.

Excluding the loss, operating expenses for the year ended December 31, 2008 would have been $42,128.

(3) Place-communities are not considered same-community for the full year as 2008 operating results only include the eleven months subsequent to the lease termination on February 1, 2008.

6

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	ThreeMonthsEndedDecember31,									YearEndedDecember31,
	2009			2008			Change			2009			2008(1)			Change
Occupancy
Physical		89.8	%		90.7	%		-0.9	%		88.0	%		90.6	%		-2.6	%
Economic		89.5	%		91.5	%		-2.0	%		84.3	%		87.3	%		-3.0	%
NarPAB	$	368		$	374		$	(6	)	$	346		$	350		$	(4	)
Other income per avail. bed	$	18		$	24		$	(6	)	$	22		$	22		$	0
RevPAB	$	386		$	398		$	(12	)	$	368		$	372		$	(4	)
Operating expense per bed	$	160		$	167		$	(7	)	$	183		$	190	(2)	$	(7	)
Operating margin		58.5	%		58.2	%		0.3	%		50.2	%		49.0	%(2)		1.2	%
Design Beds		76,362			74,364			1,998			300,762			287,876			12,886

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

(2)  Operating expense statistics exclude approximately $2 per bed related to the loss on the sale of land andthe parking garage at University Towers.  The loss of $512 is included in our statements of operations.

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.

7

EDUCATION REALTY TRUST, INC.

LEGACY-COMMUNITY STATISTICS

	ThreeMonthsEndedDecember31,									YearEndedDecember31,
	2009			2008			Change			2009			2008			Change
Occupancy
Physical		92.5	%		93.5	%		-1.0	%		90.4	%		92.6	%		-2.2	%
Economic		93.1	%		94.7	%		-1.6	%		86.9	%		89.5	%		-2.6	%
NarPAB	$	382		$	398		$	(16	)	$	362		$	367		$	(5	)
Other income per avail. bed	$	20		$	26		$	(6	)	$	25		$	25		$	0
RevPAB	$	402		$	424		$	(22	)	$	387		$	392		$	(5	)
Operating expense per bed (1)	$	160		$	168		$	(8	)	$	185		$	191		$	(6	)
Operating margin		60.3	%		60.4	%		-0.1	%		52.3	%		50.7	%		1.6	%
Design Beds		55,080			55,098			(18	)		220,338			220,402			(64	)

(1) Operating expense statistics for the full year 2008 exclude approximately $2 per bed related to the loss on the sale of land and the parking garage at University Towers.  The loss of $512 is included in our statements of operations.

NOTE:

- 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 is included in discontinued operations for all periods in our statement of operations.

8

EDUCATION REALTY TRUST, INC.

PLACE-COMMUNITY STATISTICS

	ThreeMonthsEndedDecember31,									Yearended December31,			Eleven months ended December 31,
	2009			2008			Change			2009			2008(1)			Change
Occupancy
Physical		84.0	%		81.3	%		2.7	%		81.1	%		83.3	%		-2.2	%
Economic		80.7	%		79.0	%		1.7	%		76.3	%		78.9	%		-2.6	%
NarPAB	$	300		$	293		$	7		$	282		$	289		$	(7	)
Other income per avail. bed	$	13		$	18		$	(5	)	$	15		$	12		$	3
RevPAB	$	313		$	311		$	2		$	297		$	301		$	(4	)
Operating expense per bed	$	155		$	161		$	(6	)	$	172		$	183		$	(11	)
Operating margin		50.6	%		48.0	%		2.6	%		42.3	%		39.2	%		3.1	%
Design Beds		17,682			17,682			-			70,728			64,834			5,894

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

9

EDUCATION REALTY TRUST, INC.

Preleasing Statistics - as of February 15th

		2010-2011					2009-2010							Fall2009
Community	PrimaryUniversity	Leases		%			Leases		%			DesignBeds		Beginning Occupancy
The Gables	Western Kentucky University		56		19.4	%		23		8.0	%		288		100.0	%
The Reserve at Athens	University of Georgia		258		42.2	%		308		50.3	%		612		100.0	%
Players Club	Florida State University		89		26.5	%		153		45.5	%		336		99.1	%
NorthPointe	University of Arizona		63		6.9	%		20		2.2	%		912		93.5	%
The Reserve at Clemson	Clemson University		105		17.8	%		187		31.7	%		590		97.3	%
University Towers	North Carolina State		273		28.6	%		356		37.4	%		953		100.0	%
Pointe at South Florida	University of South Florida		175		17.5	%		172		17.2	%		1,002		87.2	%
The Reserve on Perkins	Oklahoma State		151		20.6	%		207		28.3	%		732		86.2	%
The Commons	Florida State University		65		8.9	%		69		9.4	%		732		87.6	%
The Pointe at Western	Western Michigan University		279		31.8	%		210		24.0	%		876		93.3	%
College Station at West Lafayette	Purdue University		499		52.0	%		562		58.5	%		960		99.0	%
Commons on Kinnear	Ohio State University		267		53.2	%		306		61.0	%		502		97.4	%
The Pointe	Penn State		972		98.8	%		933		94.8	%		984		100.0	%
The Reserve at Columbia	University of Missouri		307		45.4	%		325		48.1	%		676		99.9	%
Commons at Knoxville	University of Tennessee		142		20.1	%		210		29.7	%		708		95.3	%
The Reserve on Frankford	Texas Tech		161		21.8	%		107		14.5	%		737		92.0	%
The Reserve at Star Pass	University of Arizona		86		8.4	%		57		5.6	%		1,020		71.1	%
The Lofts	University of Central Florida		174		23.8	%		174		23.8	%		731		98.2	%
The Reserve on West 31st	University of Kansas		160		22.4	%		107		15.0	%		714		92.3	%
Campus Creek	University of Mississippi		165		25.9	%		128		20.1	%		636		96.4	%
Pointe West	University of South Carolina		124		25.8	%		122		25.4	%		480		89.0	%
Campus Lodge	University of Florida		210		18.8	%		241		21.6	%		1,115		98.0	%
College Grove	Middle Tennessee State Univ.		90		10.4	%		204		23.6	%		864		91.2	%
The Reserve on South College	Auburn University		166		28.8	%		143		24.8	%		576		76.7	%
The Avenue at Southern	Georgia Southern Univ.		97		15.5	%		130		20.8	%		624		77.9	%
Legacy-communities			5,134		28.0	%		5,454		29.7	%		18,360		92.5	%
Troy Place	Troy State Univ.		120		29.4	%		113		27.7	%		408		90.9	%
The Reserve at Jacksonville	Jacksonville State University		119		23.6	%		116		23.0	%		504		67.1	%
River Place	State Univ. of West GA		113		22.4	%		88		17.5	%		504		95.2	%
Clayton Place	Clayton College & State Univ.		138		16.2	%		67		7.8	%		854		42.7	%
Collegiate Village	Macon State College		59		17.6	%		73		21.7	%		336		68.2	%
The Chase at Murray	Murray State Univ.		207		50.7	%		76		18.6	%		408		99.8	%
Cape Place	Southeast Missouri State Univ.		220		61.1	%		152		42.2	%		360		100.0	%
Clemson Place	Clemson University		150		52.1	%		89		30.9	%		288		99.7	%
The Reserve at Martin	Univ. of Tenn. - Martin		101		26.3	%		72		18.8	%		384		87.5	%
Carrollton Place	State Univ. of West GA		125		37.2	%		139		41.4	%		336		87.8	%
The Pointe at Southern	Georgia Southern Univ.		131		24.8	%		66		12.5	%		528		98.5	%
Berkeley Place	Clemson University		241		50.2	%		152		31.7	%		480		99.8	%
Western Place	Western Kentucky University		118		23.4	%		29		5.8	%		504		99.4	%
Place-communitites			1,842		31.3	%		1,232		20.9	%		5,894		84.3	%
Same-community - Wholly-owned			6,976		28.8	%		6,686		27.6	%		24,254
The Reserve at Saluki Pointe	Southern Illinois University		253		32.9	%		195		25.4	%		768		75.8	%
University Village on Colvin	Syracuse University		226		52.3	%		37		8.6	%		432		79.2	%
New-communitites - less than one year			479		39.9	%		232		19.3	%		1,200		77.0	%

10

EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT

(Amounts in thousands except bed counts)

CURRENT AND RECENTLY COMPLETED PROJECTS

Project	BedCount			Completion Date	Project Development Cost		TotalProject Fees		FeesEarned YearEnded December31, 2009(1)		Remaining FeestoEarn		FeesPaid Through December31, 2009
Colorado State University - Pueblo Phase II		500		August 2010		34,058		1,583		1,051		532		1,103
Indiana University of Pennsylvania Phase IV		596		August 2010		37,029		1,247		605		642		669
		1,096			$	71,087	$	2,830	$	1,656	$	1,174	$	1,772
RECENTLY AWARDED PROJECTS (2)
Project	Estimated Bed Count		Estimated Start Date	Estimated Completion Date	Project Development Cost		Total Project Fees
SUNY College of Env. Science & Forestry		454	May 2010	August 2011		27,200		1,100
East Stroudsburg University - Pennsylvania		984	June 2010	August 2011		57,100		2,100
West Chester University of Pennsylvania Phase II		886	TBD	TBD		48,200		1,700
Graduate Housing - Sci. & Tech. Park at Johns Hopkins		572	June 2010	June 2012		55,900		2,100
Indiana University of Pennsylvania - oncampus hotel		N/A	TBD	TBD	TBD		TBD
		2,896			$	188,400	$	7,000

(1) Represents fees earned, which will vary from income recognized by EDR due to joint venture expenses which are included in the equity in earnings of joint ventures. Development fees are recognized on the percentage completion method based on construction costs.

(2) 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.

11

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of December 31, 2009

(dollars in thousands)

Total Debt to Gross Assets				Total Debt to Enterprise Value
Debt (1)	$	405,568		Net Debt (1)	$	374,399
Gross Assets (2)	$	946,120		Market Equity (3)		279,844
Debt to Gross Assets		42.9	%	Enterprise Value	$	654,243
				Net Debt to Enterprise Value		57.2	%
Interest coverage		2.0
Net Debt to EBITDA		7.5

Total Debt Outstanding

	Principal		WeightedAverage						AverageTerm
	Outstanding		InterestRate			%			toMaturity
Fixed Rate - Mortgage Debt (1)	$	327,368		5.91	%		80.7	%		5.61	years
Variable Rate - Mortgage Debt		49,292		3.62	%		12.2	%		4.00	years
Variable Rate - Construction Debt		28,908		1.62	%		7.1	%		0.88	years
Total / Weighted Average	$	405,568		5.33	%		100.0	%		5.08	years

Future Maturities

FiscalYrEnding
Ending	Amortization		Maturities			Total		Percentage
	$	3,875	$	20,082	(4)	$	23,957		5.9	%
2011		4,126		8,826	(4)		12,952		3.2	%
2012		4,026		64,591			68,617		16.9	%
2013		4,156		28,872			33,028		8.1	%
2014		3,063		97,052			100,115		24.7	%
Thereafter		8,209		158,690			166,899		41.2	%
Mortgage Debt (1)		27,455		378,113			405,568		100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	27,455	$	378,113		$	405,568
Cash							31,169
Net Debt							374,399

(1) Excludes unamortized debt premium of $0.8 million.

(2) Excludes accumulated depreciation of $141,507 as of December 31, 2009.

(3) Market equity includes 56,680,966 shares of the Company's common stock, 27,000 shares of unvested restricted stock and 1,110,995 operating partnership units and is calculated using $4.84, the closing price per share of the Company's common stock on December 31, 2009.

(4) Maturities in 2010 and 2011 relate to two construction loans that have extension options which the Company expects to exercise.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING - WHOLLY-OWNED

Name	PrimaryUniversityServed	AcquisitionDate	#of Beds		Name	PrimaryUniversityServed	AcquisitionDate	#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-Communities			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 Wholly-Owned			25,454
The Reserve on South College	Auburn University	Jul ’05		576
The Avenue at Southern	Georgia Southern University	Jun ’06		624
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 December 31, 2009. However, for the year ended December 31, 2009, the Place Portfolio is not considered same-community as the lease with Place was not terminated until February 1, 2008.

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EDUCATION REALTY TRUST, INC.
INVESTOR INFORMATION
Executive Management
	Randy Churchey	Chief Executive Officer
	Randy Brown	Chief Financial Officer
	Tom Trubiana	Chief Investment Officer
Corporate Headquarters		Investor Relations
	Education Realty Trust, Inc.	ICR, LLC
	530 Oak Court Drive, Suite 300	Brad Cohen
	Memphis, TN  38117	(203) 682-8211
Covering Analysts
	Firm	Analyst	Contact #
	Bank of America - Merrill	Michelle Ko	(646) 855-1802
	Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682
	Morgan Keegan & Company	Stephen Swett	(901) 524-4100
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
	Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
	UBS Securities	Dustin Pizzo	(212) 713-4847
	Macquarie Capital	Michael J. Levy	(212) 231-2626

14

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.

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EDUCATION REALTY TRUST, INC.

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

This supplemental financial information contains forward-looking statements. 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.

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