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.

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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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