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: April 22, 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):

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 April 22, 2010, Education Realty Trust, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2010 and made available supplemental information concerning the ownership, operations and portfolio of the Company as of March 31, 2010. 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 March 31, 2010.

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 April 22, 2010
99.2	First Quarter 2010 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: April 22, 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 April 22, 2010
99.2	First Quarter 2010 Supplemental Financial Report

EX-99.1

EDUCATION REALTY TRUST ANNOUNCES

FIRST QUARTER 2010 RESULTS

MEMPHIS, TN, April 22, 2010 - Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate student housing, today announced operating results for the quarter ended March 31, 2010.

Highlights

·   Funds from operations (“FFO”) and funds from operations adjusted (“FFOA”) of $0.13 and $0.14 per share/unit, respectively, were consistent with expectations;

·   Same-community net operating income decreased 4.1% for the first quarter on a 2.2% decline in revenue and flat operating expenses as compared to the prior year;

·   Same-community preleasing for the 2010-2011 lease term is 120 basis points ahead of the prior year with 52.2% of beds preleased for the fall.  Net rental rates for the 2010-2011 lease term are marginally ahead of last year;

·   General and administrative costs were reduced 3.9%, excluding $0.5 million of reorganization and third-party development pursuit costs recognized in the first quarter of 2010;

·   Third-party development revenue declined 52.4% to $0.7 million in the first quarter as credit market conditions in 2009 delayed the financing and commencement of construction on previously awarded projects; and

·   A new third-party development award for a 634 bed on-campus community at Mansfield University of Pennsylvania increased the third-party development fee backlog to $9.4 million.

“In the first quarter we made progress executing on our previously communicated plan to restructure community operations and improve operating performance,” commented Randy Churchey, Education Realty Trust’s President and Chief Executive Officer. “Simultaneously we continued working toward our longer term goal of strategically repositioning our portfolio through a combination of capital recycling and the acquisition of assets that are more advantageously located. Our strong balance sheet and enhanced financial flexibility has us well positioned to patiently pursue new opportunities that will contribute to our growth in earnings and cash flow as we capitalize on our reputation as one of the leaders in the collegiate student housing industry.”

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the first quarter of 2010 was $0.2 million, or less than $0.01 per diluted share, compared to net income attributable to common stockholders of $0.4 million, or just under $0.02 per diluted share, for the same period in 2009.

Funds From Operations

FFO for the first quarter of 2010 was consistent with the prior year at $7.8 million, while FFO per share/unit was $0.13 as compared to $0.26 in the first quarter of 2009.  The decline in FFO per share/unit was due to a 28.2 million increase in the average shares/units outstanding year over year related to the Company’s follow-on common stock offering in July 2009.

FFOA for the first quarter of 2010 was $8.0 million, an increase of 2.5%, or $0.2 million, over the prior year.  FFOA per share/unit for the quarter was $0.14 compared to $0.26 in the prior year, which is also indicative of the increased share/unit count year over year.

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

Same-Community Results

Same-community net operating income declined 4.1%, or $0.6 million, for the first quarter of 2010 on a revenue decline of 2.2%, or $0.6 million, and relatively flat operating expenses.  The revenue decline for the first quarter was narrowed from the 4.0% negative run rate experienced in the fourth quarter of 2009 as a result of spring lease campaigns at certain properties and improved resident retention in January, the start of the second semester of the lease term.  The same-community average operating margin for the quarter was 54.1%, an approximate 110 basis point decline from the first quarter of 2009 due to lower revenue.

Legacy-Communities

Net operating income for the Legacy-communities declined 6.0%, or $0.8 million, for the first quarter of 2010 on a revenue decline of 3.7%, or $0.9 million partially offset by a reduction in operating expenses of 0.6%, or $0.1 million.  The revenue decline was mainly attributed to a 2.8% decline in rental rates and a 0.9% decrease in other rental revenue.  Occupancy was essentially flat to the prior year.  The average operating margin for the Legacy-communities was 55.4%, approximately 140 basis points below the first quarter of 2009.

Place-Communities

Net operating income for the Place-communities increased 6.0%, or $0.2 million, for the first quarter of 2010 on revenue growth of 4.6%, or $0.3 million, and an operating expense increase of 3.3%, or $0.1 million.  The revenue growth is a result of an approximate 5.0% improvement in occupancy, a decline in rental rates of approximately 0.6% and a 0.2% increase in other rental revenue.  As a result, operating margins improved approximately 70 basis points to 49.0%.

Community Occupancy

First quarter 2010 average physical and economic occupancies for the Legacy-communities were 92.5% and 91.9%, respectively, compared to 92.3% and 92.7% for the same period in 2009.  The Place-communities had physical and economic occupancies of 84.1% and 80.1%, respectively, compared to 79.7% and 76.7% in the first quarter of 2009.  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.

2

Development and Investment Activity

Total third-party development projects awarded but not yet commenced increased nearly 20% during the quarter with the addition of the Mansfield University of Pennsylvania project.

“We are optimistic that the improving credit markets will lead to both additional new third-party development awards and the current year commencement of construction on some of the recently awarded projects,” stated Tom Trubiana, Education Realty Trust’s Executive Vice President and Chief Investment Officer.

The Company’s previously announced letters of intent to sell two communities have progressed to signed contracts during the quarter.  Consummation of these sales is contingent on the buyer completing due diligence and either assuming the current debt or obtaining new financing.  Considering such, it is possible these transactions could close by the end of the third quarter of this year.

Capital Structure

On March 31, 2010, the Company had cash and cash equivalents totaling $28.4 million and no outstanding borrowings on its revolving credit facility, which had a borrowing base availability of $41.5 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 be approximately $50.5 million.  The Company’s debt to gross asset value was 42.7%, its net debt was 7.5x trailing twelve month (“TTM”) EBITDA, and its TTM interest coverage ratio was 2.1x.

Approximately 93% of the Company’s indebtedness has either fixed or capped interest rates.  The Company has two project-based construction loans with a combined March 31, 2010 balance of $28.9 million that reach initial maturity within the next four to eighteen months.  Upon initial maturity, the Company expects to exercise its two year extension options and, based on current forecasts, believes that the principal balance will be reduced by approximately $6.0 million.

Earnings Guidance and Outlook

Based upon management’s current estimates, the Company reiterates its full year 2010 FFO per share/unit guidance of $0.34 to $0.40.  Consistent with prior guidance, this outlook 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 Thursday, April 22, 2010.  The call will be hosted by Randy Churchey, President and Chief Executive Officer, and Randy Brown, Executive Vice President and Chief Financial Officer.

3

The conference call will be accessible by telephone and the Internet.  To access the call, participants from within the U.S. may dial (877) 941-8416, and participants from outside the U.S. may dial (480) 629-9808.  The passcode for this call is 4282938.  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 April 22, 2010 through midnight Eastern Time on May 6, 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 4282938.  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.

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.

4

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 37,835 beds. For more information please visit the Company's Web site at www.educationrealty.com.

Contact:

Brad Cohen

ICR, LLC

203-682-8211

bcohen@icrinc.com

5

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	March 31, 2010			December 31, 2009
	(unaudited)
Assets
Student housing properties, net	$	746,616		$	749,884
Cash and cash equivalents		28,384			31,169
Restricted cash		4,282			4,579
Other assets		20,439			18,981
Total assets	$	799,721		$	804,613
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	405,300		$	406,365
Accounts payable and accrued expenses		11,829			11,658
Deferred revenue		8,790			10,346
Total liabilities		425,919			428,369
Commitments and contingencies		-			-
Redeemable noncontrolling interests		11,228			11,079
Equity:
Education Realty Trust, Inc. stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
56,714,466 and 56,705,605 shares issued and outstanding at
March 31, 2010 and December 31, 2009, respectively		567			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issued and outstanding		-			-
Additional paid-in capital		408,429			410,455
Accumulated deficit		(48,466	)		(48,636	)
Total Education Realty Trust, Inc. stockholders’ equity		360,530			362,386
Noncontrolling interest		2,044			2,779
Total equity		362,574			365,165
Total liabilities and equity	$	799,721		$	804,613

6

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Three months ended March 31,
	2010			2009
Revenues:
Student housing leasing revenue	$	29,651		$	29,313
Third-party development services		693			1,457
Third-party management services		866			909
Operating expense reimbursements		1,908			2,190
Total revenues		33,118			33,869
Operating expenses:
Student housing leasing operations		13,438			13,170
General and administrative		4,300			3,994
Depreciation and amortization		7,416			7,164
Reimbursable operating expenses		1,908			2,190
Total operating expenses		27,062			26,518
Operating income		6,056			7,351
Nonoperating expenses:
Interest expense		5,611			6,352
Amortization of deferred financing costs		334			301
Interest income		(117	)		(49	)
Total nonoperating expenses		5,828			6,604
Income before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		228			747
Equity in earnings of unconsolidated entities		79			100
Less: Income tax (benefit) expense		(74	)		188
Less: Income attributable to redeemable noncontrolling interests		205			201
Loss from discontinued operations		-			(16	)
Net income		176			442
Less: Net income attributable to the noncontrolling interests		6			9
Net income attributable to Education Realty Trust, Inc.	$	170		$	433
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted:	$	0.00		$	0.02
Weighted-average common shares outstanding – basic		56,760			28,517
Weighted-average common shares outstanding – diluted		57,871			29,638

7

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CALCULATION OF FFO AND FFOA

(Amounts in thousands, except per share data)

Unaudited

	Three months ended March 31,
	2010		2009
Net income attributable to Education Realty Trust, Inc.	$	170	$	433
Real estate related depreciation and amortization		7,310		7,005
Equity portion of real estate depreciation and amortization on equity investees		124		122
Depreciation and amortization of discontinued operations		-		25
Noncontrolling interests		211		210
Funds from operations ("FFO")	$	7,815	$	7,795
Elimination of impairment, refinancing and reorganization charges:
Reorganization/severance costs, net of taxes		173		-
Impact of impairment, refinancing and reorganization charges	$	173	$	-
Funds from operations – adjusted (“FFOA”)	$	7,988	$	7,795
FFO per weighted average share/unit  (1)	$	0.13	$	0.26
FFOA per weighted average share/unit  (1)	$	0.14	$	0.26
Weighted average shares/units (1)		58,097		29,882
Notes: (1) 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.

8

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 weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

9

EX-99.2

EDUCATION REALTY TRUST, INC.
FIRST QUARTER 2010
SUPPLEMENTAL FINANCIAL INFORMATION
TABLE OF CONTENTS
Financial Highlights	1
Balance Sheet	2
Operating Results	3
Funds From Operations	4
Wholly-Owned Community Operating Results	5
Wholly-Owned Community Statistics	6
Legacy-Community Statistics	7
Place-Community Statistics	8
Preleasing Statistics	9
Third-Party Development	10
Capital Structure	11
Community Listing - Wholly-Owned	12
Investor Information	13
Definitions	14
Safe Harbor Statement	15

EDUCATION REALTY TRUST, INC.
FINANCIAL HIGHLIGHTS
(Amounts in thousands, except per share data)
OPERATING DATA:
	Three months ended March 31,
	2010			2009			$ Chg			% Chg
	(unaudited)			(unaudited)
Community revenues	$	29,651		$	29,313		$	338			1.2	%
Total revenues		33,118			33,869		$	(751	)		-2.2	%
Community net operating income		16,213			16,143			70			0.4	%
Total operating income		6,056			7,351			(1,295	)		-17.6	%
Net income		170			433			(263	)
Per share - basic & diluted	$	0.00		$	0.02		$	(0.02	)
Funds from operations (FFO)	$	7,815		$	7,795		$	20
Per weighted average share/unit (1)	$	0.13		$	0.26		$	(0.13	)
Funds from operations adjusted (FFOA)	$	7,988		$	7,795		$	193
Per weighted average share/unit (1)	$	0.14		$	0.26		$	(0.12	)
BALANCE SHEET DATA:
	3/31/2010			3/31/2009
Debt to gross assets		42.7	%		53.0	%
Net debt to enterprise value		53.1	%		81.9	%
Interest coverage ratio (TTM)		2.1			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.

1

EDUCATION REALTY TRUST, INC.
BALANCE SHEET
(Amount in thousands, except share data)
		March 31, 2010			December 31, 2009
Assets		(unaudited)
Student housing properties, net (1)		$	746,616		$	749,884
Cash and cash equivalents			28,384			31,169
Restricted cash			4,282			4,579
Other assets			20,439			18,981
Total assets		$	799,721		$	804,613
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount		$	405,300		$	406,365
Accounts payable and accrued expenses			11,829			11,658
Deferred revenue			8,790			10,346
Total liabilities			425,919			428,369
Commitments and contingencies			-			-
Redeemable noncontrolling interests			11,228			11,079
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
56,714,466 and 56,705,605 shares issued and outstanding
March 31, 2010 and December 31, 2009, respectively			567			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issues and outstanding			-			-
Additional paid-in capital			408,429			410,455
Accumulated deficit			(48,466	)		(48,636	)
Total Education Realty Trust, Inc. stockholders' equity			360,530			362,386
Noncontrolling interest			2,044			2,779
Total equity			362,574			365,165
Total liabilities and equity		$	799,721		$	804,613
(1)	Amount is net of accumulated depreciation of $148,779 and $141,507
	as of March 31, 2010 and December 31, 2009, respectively.

2

EDUCATION REALTY TRUST, INC.
OPERATING RESULTS
(Amounts in thousands, except per share data, unaudited)
	Three Months Ended March 31,
	2010			2009			$ Change
Revenues:
Student housing leasing revenue	$	29,651		$	29,313		$	338
Third-party development services		693			1,457			(764	)
Third-party management services		866			909			(43	)
Operating expense reimbursements		1,908			2,190			(282	)
Total revenues		33,118			33,869			(751	)
Operating expenses:
Student housing leasing operations		13,438			13,170			268
General and administrative		4,300			3,994			306
Depreciation and amortization		7,416			7,164			252
Reimbursable operating expenses		1,908			2,190			(282	)
Total operating expenses		27,062			26,518			544
Operating income		6,056			7,351			(1,295	)
Nonoperating expenses:
Interest expense		5,611			6,352			(741	)
Amortization of deferred financing costs		334			301			33
Interest income		(117	)		(49	)		(68	)
Total nonoperating expenses		5,828			6,604			(776	)
Income before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		228			747			(519	)
Equity in earnings of unconsolidated entities		79			100			(21	)
Less: Income tax expense (benefit)		(74	)		188			(262	)
Less: Income attributable to redeemable noncontrolling interests		205			201			4
Loss from discontinued operations		-			(16	)		16
Net income		176			442			(266	)
Less: Net income attributable to the noncontrolling interests		6			9			(3	)
Net income attributable to Education Realty Trust, Inc.	$	170		$	433		$	(263	)
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common shareholders per share - basic and diluted	$	0.00		$	0.02		$	(0.02	)
Weighted-average common shares outstanding - basic		56,760			28,517
Weighted-average common shares outstanding - diluted		57,871			29,638

3

EDUCATION REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(Amounts in thousands, except per share data, unaudited)
	Three months ended March 31,
	2010		2009		Change
Net income attributable to Education Realty Trust, Inc.	$	170	$	433	$	(263	)
Real estate related depreciation and amortization		7,310		7,005		305
Equity portion of real estate depreciation and amortization on equity investees		124		122		2
Depreciation and amortization of discontinued operations		-		25		(25	)
Noncontrolling interests		211		210		1
Funds from operations ("FFO")		7,815		7,795		20
Elimination of impairment, refinancing, and reorganization charges:
Reorganization/severance costs, net of tax		173				173
Impact of impairment, refinancing, and reorganization charges		173		-		173
Funds from operations - adjusted ("FFOA")	$	7,988	$	7,795	$	193
FFO per weighted average share/unit (1)	$	0.13	$	0.26	$	(0.13	)
FFOA per weighted average share/unit (1)	$	0.14	$	0.26	$	(0.12	)
Weighted average shares/units (1)		58,097		29,882		28,215
Notes:
(1) 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.

4

EDUCATION REALTY TRUST, INC.
WHOLLY-OWNED COMMUNITY OPERATING RESULTS - THREE MONTHS ENDED MARCH 31,
(Amounts in thousands, unaudited)
	2010		2009		$ Change			% Change
Revenues
Legacy-communities	$	22,384	$	23,243	$	(859	)		-3.7	%
Place-communities		5,549		5,304		245			4.6	%
Total Same-community		27,933		28,547		(614	)		-2.2	%
New-communities		1,718		766		952		NM
Total revenues		29,651		29,313		338			1.2	%
Operating expenses (1)
Legacy-communities		9,990		10,051		(61	)		-0.6	%
Place-communities		2,832		2,742		90			3.3	%
Total Same-community		12,822		12,793		29			0.2	%
New-communities		616		377		239		NM
Total operating expenses		13,438		13,170		268			2.0	%
Net operating income
Legacy-communities		12,394		13,192		(798	)		-6.0	%
Place-communities		2,717		2,562		155			6.0	%
Total Same-community		15,111		15,754		(643	)		-4.1	%
New-communities		1,102		389		713		NM
Total net operating income	$	16,213	$	16,143	$	70			0.4	%
(1) Represents community-level operating expenses excluding management fees, depreciation and amortization.

5

EDUCATION REALTY TRUST, INC.
WHOLLY-OWNED COMMUNITY STATISTICS
	Three Months Ended March 31,
	2010			2009			Change
Occupancy
Physical		89.8	%		89.4	%		40		bps
Economic		88.2	%		89.4	%		(120	)	bps
NarPAB	$	370		$	373			-0.7	%
Other income per avail. bed	$	18		$	21			-15.3	%
RevPAB	$	388		$	394			-1.5	%
Operating expense per bed	$	176		$	177			-0.6	%
Operating margin		54.7	%		55.2	%		(49	)	bps
Design Beds		76,362			74,364			2.7	%

6

EDUCATION REALTY TRUST, INC.
LEGACY-COMMUNITY STATISTICS
	Three Months Ended March 31,
	2010			2009			Change
Occupancy
Physical		92.5	%		92.3	%		18		bps
Economic		91.9	%		92.7	%		(82	)	bps
NarPAB	$	388		$	400			-3.0	%
Other income per avail. bed	$	19		$	22			-15.5	%
RevPAB	$	406		$	422			-3.7	%
Operating expense per bed (1)	$	181		$	182			-0.6	%
Operating margin		55.4	%		56.8	%		(140	)	bps
Design Beds		55,080			55,098			0.0	%

7

EDUCATION REALTY TRUST, INC.
PLACE-COMMUNITY STATISTICS
	Three Months Ended March 31,
	2010			2009			Change
Occupancy
Physical		84.1	%		79.7	%		440		bps
Economic		80.1	%		76.7	%		340		bps
NarPAB	$	297		$	283			4.9	%
Other income per avail. bed	$	17		$	17			0.0	%
RevPAB	$	314		$	300			4.7	%
Operating expense per bed	$	160		$	155			3.2	%
Operating margin		49.0	%		48.3	%		66		bps
Design Beds		17,682			17,682			-

8

EDUCATION REALTY TRUST, INC.
Preleasing Statistics
		2010-2011					2009-2010							Fall 2009
Community	Primary University	Leases		%			Leases		%			Design Beds		Beginning Occupancy
The Reserve at Clemson	Clemson University		237		40.2	%		357		60.5	%		590		97.3	%
Players Club	Florida State University		277		82.4	%		240		71.4	%		336		99.1	%
The Commons	Florida State University		169		23.1	%		236		32.2	%		732		87.6	%
University Towers	North Carolina State		684		71.8	%		834		87.5	%		953		100.0	%
The Reserve on Perkins	Oklahoma State		331		45.2	%		303		41.4	%		732		86.2	%
The Pointe	Penn State		983		99.9	%		984		100.0	%		984		100.0	%
College Station at West Lafayette	Purdue University		682		71.0	%		795		82.8	%		960		99.0	%
The Reserve on Frankford	Texas Tech		302		41.0	%		286		38.8	%		737		92.0	%
Commons on Kinnear	Ohio State University		386		76.9	%		382		76.1	%		502		97.4	%
NorthPointe	University of Arizona		273		29.9	%		244		26.8	%		912		93.5	%
The Reserve at Star Pass	University of Arizona		383		37.5	%		299		29.3	%		1,020		71.1	%
The Lofts	University of Central Florida		383		52.4	%		447		61.1	%		731		98.2	%
The Reserve at Athens	University of Georgia		336		54.9	%		514		84.0	%		612		100.0	%
The Reserve on West 31st	University of Kansas		399		55.9	%		273		38.2	%		714		92.3	%
The Reserve at Columbia	University of Missouri		620		91.7	%		598		88.5	%		676		99.9	%
Pointe at South Florida	University of South Florida		366		36.5	%		335		33.4	%		1,002		87.2	%
Commons at Knoxville	University of Tennessee		379		53.5	%		513		72.5	%		708		95.3	%
The Gables	Western Kentucky University		142		49.3	%		161		55.9	%		288		100.0	%
The Pointe at Western	Western Michigan University		505		57.6	%		382		43.6	%		876		93.3	%
Campus Creek	University of Mississippi		352		55.3	%		280		44.0	%		636		96.4	%
Pointe West	University of South Carolina		259		54.0	%		241		50.2	%		480		89.0	%
College Grove	Middle Tennessee State Univ.		170		19.7	%		368		42.6	%		864		91.2	%
Campus Lodge	University of Florida		484		43.4	%		512		45.9	%		1,115		98.0	%
The Reserve on South College	Auburn University		304		52.8	%		246		42.7	%		576		76.7	%
The Avenue at Southern	Georgia Southern Univ.		192		30.8	%		198		31.7	%		624		77.9	%
Legacy-communities			9,598		52.3	%		10,028		54.6	%		18,360		92.5	%
Clayton Place	Clayton College & State Univ.		153		17.9	%		95		11.1	%		854		42.7	%
Berkeley Place	Clemson University		401		83.5	%		399		83.1	%		480		99.8	%
Clemson Place	Clemson University		225		78.1	%		223		77.4	%		288		99.7	%
The Pointe at Southern	Georgia Southern Univ.		270		51.1	%		141		26.7	%		528		98.5	%
The Reserve at Jacksonville	Jacksonville State University		191		37.9	%		191		37.9	%		504		67.1	%
Collegiate Village	Macon State College		54		16.1	%		90		26.8	%		336		68.2	%
The Chase at Murray	Murray State Univ.		307		75.2	%		223		54.7	%		408		99.8	%
Cape Place	Southeast Missouri State Univ.		351		97.5	%		277		76.9	%		360		100.0	%
Troy Place	Troy State Univ.		164		40.2	%		168		41.2	%		408		90.9	%
The Reserve at Martin	Univ. of Tenn. - Martin		152		39.6	%		116		30.2	%		384		87.5	%
Carrollton Place	State Univ. of West GA		202		60.1	%		190		56.5	%		336		87.8	%
River Place	State Univ. of West GA		258		51.2	%		231		45.8	%		504		95.2	%
Western Place	Western Kentucky University		195		38.7	%		234		46.4	%		504		99.4	%
Place-communitites			2,923		49.6	%		2,578		43.7	%		5,894		84.3	%
The Reserve at Saluki Pointe	Southern Illinois University		397		51.7	%		262		34.1	%		768		75.8	%
University Village on Colvin	Syracuse University		373		86.3	%		122		28.2	%		432		79.2	%
Other-communitites			770		64.2	%		384		32.0	%		1,200		77.0	%
Same-community - Wholly-owned			13,291		52.2	%		12,990		51.0	%		25,454		89.8	%

9

EDUCATION REALTY TRUST, INC.
THIRD-PARTY DEVELOPMENT
(Amounts in thousands except bed counts)
CURRENT AND RECENTLY COMPLETED PROJECTS
Project	Bed Count			Completion Date	Project Development Cost		Total Project Fees		Fees Earned Three Months Ended March 31, 2010		Remaining Fees to Earn		Fees Paid Through March 31, 2010
Colorado State University - Pueblo Phase II		500		August 2010		34,058		1,583		360		173		1,207
Indiana University of Pennsylvania Phase IV		596		September 2010		37,029		1,187		333		308		771
		1,096			$	71,087	$	2,770	$	693	$	481	$	1,978
RECENTLY AWARDED PROJECTS (1)
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		28,201		1,174
East Stroudsburg University - Pennsylvania		984	June 2010	August 2011		57,898		2,177
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		55,860		2,122
Indiana University of Pennsylvania - on-campus hotel		120	TBD	Summer 2011		16,895		745
Mansfield University of Pennsylvania		634	July 2010	August 2011		31,946		1,484
		3,650			$	239,000	$	9,402
(1) 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 financing.

10

EDUCATION REALTY TRUST, INC.
CAPITAL STRUCTURE, as of March 31, 2010
(dollars in thousands)
Total Debt to Gross Assets									Net Debt to Enterprise Value
Debt (1)	$	404,602							Net Debt (1)						$	376,218
Gross Assets (2)	$	948,500							Market Equity (3)							332,191
Debt to Gross Assets		42.7	%						Enterprise Value						$	708,409
									Net Debt to Enterprise Value							53.1	%
Interest coverage (TTM)		2.1		x
Net Debt to EBITDA (TTM)		7.5		x
Total Debt Outstanding
	Principal				Weighted Average							Average Term
	Outstanding				Interest Rate				%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	326,561				5.91	%			80.7	%		5.36		years
Variable Rate - Mortgage Debt		49,133				3.61	%			12.1	%		3.75		years
Variable Rate - Construction Debt		28,908				1.62	%			7.1	%		0.63		years
Total / Weighted Average	$	404,602				5.33	%			100.0	%		4.83		years
Future Maturities
Fiscal Yr Ending
Ending	Amortization				Maturities				Total			Percentage
2010	$	2,909			$	20,082	(4	)	$	22,991			5.7	%
2011		4,126				8,826	(4	)		12,952			3.2	%
2012		4,026				64,591				68,617			17.0	%
2013		4,156				28,872				33,028			8.2	%
2014		3,063				97,052				100,115			24.7	%
Thereafter		8,209				158,690				166,899			41.3	%
Mortgage Debt (1)		26,489				378,113				404,602			100.0	%
Revolving Credit Facility		-				-				-
Gross Debt (1)	$	26,489			$	378,113			$	404,602
Cash										28,384
Net Debt										376,218

(1) Excludes unamortized debt premium of $0.7 million.

(2) Excludes accumulated depreciation of $148,779 as of March 31, 2010.

(3) Market equity includes 56,761,966 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $5.74, the closing price per share of the Company's common stock on March 31, 2010.

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

11

EDUCATION REALTY TRUST, INC.
COMMUNITY LISTING - WHOLLY-OWNED
Name	Primary University Served	Acquisition Date	# of Beds		Name	Primary University Served		Acquisition Date	# of Beds
The Reserve at Clemson	Clemson University	Jan ’05		590	Clayton Place	Clayton State University		Jan ’06		854
Players Club	Florida State University	Jan ’05		336	Berkeley Place	Clemson University		Jan ’06		480
The Commons	Florida State University	Jan ’05		732	Clemson Place	Clemson University		Jan ’06		288
University Towers	North Carolina State University	Jan ’05		953	The Pointe at Southern	Georgia Southern University		Jan ’06		528
The Reserve on Perkins	Oklahoma State University	Jan ’05		732	The Reserve at Jacksonville	Jacksonville State University		Jan ’06		504
The Pointe	Pennsylvania State University	Jan ’05		984	Collegiate Village	Macon State College		Jan ’06		336
College Station at W. Lafayette	Purdue University	Jan ’05		960	The Chase at Murray	Murray State		Jan ’06		408
The Reserve on Frankford	Texas Tech University	Jan ’05		737	Cape Place	Southeast MO State University		Jan ’06		360
Commons on Kinnear	The Ohio State University	Jan ’05		502	Troy Place	Troy University		Jan ’06		408
NorthPointe	University of Arizona	Jan ’05		912	The Reserve at Martin	University of TN at Martin		Jan ’06		384
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020	Carrolton Place	University of West GA		Jan ’06		336
The Lofts	University of Central Florida	Jan ’05		731	River Place	University of West GA		Jan ’06		504
The Reserve at Athens	University of Georgia	Jan ’05		612	Western Place	Western Kentucky University		Jan ’06		504
The Reserve on West 31st	University of Kansas	Jan ’05		714		Sub-Total Place-Communities				5,894
The Reserve at Columbia	University of Missouri	Jan ’05		676
The Pointe at South Florida	University of South Florida	Jan ’05		1,002		Sub-Total Same-Communities				24,254
Commons at Knoxville	University of Tennessee	Jan ’05		708
The Gables	Western Kentucky University	Jan ’05		288	The Reserve at Saluki Pointe	Southern Illinois University	Aug '08, Aug '09			768
The Pointe at Western	Western Michigan University	Jan ’05		876	University Village on Colvin	Syracuse University		Aug '09		432
Campus Creek	University of Mississippi	Feb ’05		636		Sub-Total New-Communities				1,200
Pointe West	University of South Carolina	Mar ’05		480
College Grove	Middle Tennessee State University	Apr ’05		864		Total Wholly-Owned				25,454
Campus Lodge	University of Florida	Jun ’05		1,115
The Reserve on South College	Auburn University	Jul ’05		576
The Avenue at Southern	Georgia Southern University	Jun ’06		624
	Sub-Total Legacy-Communities			18,360

12

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
	(901) 259-2500
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
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
	Macquarie Capital	Michael J. Levy	(212) 231-2626
	Morgan Keegan & Company	Stephen Swett	(212) 508-7585
	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

13

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 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.

14

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.

15