0001144204-10-038996.txt : 20100722 0001144204-10-038996.hdr.sgml : 20100722 20100722161449 ACCESSION NUMBER: 0001144204-10-038996 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100722 DATE AS OF CHANGE: 20100722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Education Realty Trust, Inc. CENTRAL INDEX KEY: 0001302343 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 201352180 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32417 FILM NUMBER: 10964971 BUSINESS ADDRESS: STREET 1: 530 OAK COURT DRIVE, SUITE 300 CITY: MEMPHIS STATE: TN ZIP: 38117 BUSINESS PHONE: 901.259.2500 MAIL ADDRESS: STREET 1: 530 OAK COURT DRIVE, SUITE 300 CITY: MEMPHIS STATE: TN ZIP: 38117 8-K 1 v191207_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report: July 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):

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

On July 22, 2010, Education Realty Trust, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended June 30, 2010 and made available supplemental information concerning the ownership, operations and portfolio of the Company as of June 30, 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 quarter ended June 30, 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 July 22, 2010
99.2		Second 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: July 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 July 22, 2010
99.2		Second Quarter 2010 Supplemental Financial Report

EX-99.1 2 v191207_ex99-1.htm Unassociated Document

Exhibit 99.1

EDUCATION REALTY TRUST ANNOUNCES

SECOND QUARTER 2010 RESULTS

- Company Raises 2010 FFOA Per Share Guidance -

MEMPHIS, TN, July 22, 2010 - Education Realty Trust, Inc. (NYSE:EDR), one of America’s largest owners, developers and operators of collegiate student housing, today announced operating results for the quarter ended June 30, 2010.

Second Quarter Highlights

Funds from operations (“FFO”) and funds from operations adjusted (“FFOA”) for the second quarter were $0.12 per share/unit;

Same-community net operating income decreased 2.3% for the second quarter on a 1.1% decline in revenue and flat operating expenses as compared to the prior year;

Same-community preleasing for the 2010-2011 lease term is 311 basis points ahead of this time last year with 82.9% of beds preleased for the fall, while net rental rates are approximately 1.9% ahead;

Selected by the University of Texas System Board of Regents in July to be the ground tenant to develop, own and manage a new high-rise student apartment community located a couple of blocks from the core of the University of Texas at Austin campus. This project will be owned by the Company under The ONE Plan;

Commenced construction on a $60.1 million third-party participating-development project at the Science + Technology Park at Johns Hopkins. The 572-bed, 20-story high-rise development is expected to open in the summer of 2012;

Began construction on the 454-bed, $28.2 million third-party development at SUNY ESF. The project is expected to open in the summer of 2011; and

General and administrative costs were reduced 4.0%, excluding $0.4 million of reorganization and third-party development pursuit costs recognized in the second quarter of 2010.

Randy Churchey, Education Realty Trust’s President and Chief Executive Officer stated, “We continue to make progress on improving our preleasing for the 2010/2011 school year. We attribute this preleasing improvement to the solid execution of our key initiatives, including a more analytical approach toward balancing rate and occupancy, improved systems to monitor our daily progress at each community and improved property websites generating additional traffic.”

“I am also proud that our team was able to take advantage of our deep industry relationships and strong balance sheet to secure two new development projects including an on-campus “ONE Plan” project at the University of Texas at Austin. These projects, along with our capital recycling initiatives and the commencement of new third-party developments, position the Company to grow earnings and cash flow in the coming years.”

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the second quarter of 2010 was a loss of $0.6 million, or $0.01 per diluted share, compared to net income attributable to common stockholders of $0.2 million, or $0.01 per diluted share, for the same period in 2009.

Funds From Operations

FFO for the second quarter of 2010 was $6.9 million compared to $7.3 million for the same period last year. FFO per share/unit for the second quarter was $0.12 as compared to $0.24 in the second 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 second quarter of 2010 was $7.0 million, an increase of 9.4%, or $0.6 million, over the prior year. FFOA per share/unit for the quarter was $0.12 compared to $0.22 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 with the financial tables accompanying this release.

Same-Community Results

Same-community net operating income was $14.3 million for the second quarter of 2010 on a revenue decline of 1.1%, and relatively flat operating expenses. Net operating income improved from the 4.1% decline experienced in the first quarter of 2010 due to stronger occupancy retention in the second quarter of 2010 compared to the second quarter of 2009. As a result, operating margins were down 60 basis points to 53.2%.

Legacy-Communities

Net operating income for the Legacy-communities was $11.7 million for the second quarter of 2010 on a revenue decline of 2.2%, or $0.5 million, and flat operating expenses. Revenue was mainly impacted by a 2.1% decline in rental rates and a 0.5% decrease in other rental revenue. Occupancy was up approximately 0.4% from the prior year. The average operating margin for the Legacy-communities was 54.5%, approximately 100 basis points below the second quarter of 2009.

Place-Communities

Net operating income for the Place-communities increased 5.5%, or $0.1 million, for the second quarter of 2010 on revenue growth of 3.7%, or $0.2 million, and an operating expense increase of just under $0.1 million. The revenue growth is a result of an approximate 3.4% improvement in occupancy, a decline in rental rates of approximately 0.2% and a 0.5% increase in other rental revenue. As a result, operating margins improved approximately 80 basis points to 47.8%.

Community Occupancy

Second quarter 2010 average physical and economic occupancies for the Legacy-communities were 88.2% and 86.6%, respectively, compared to 87.7% and 86.3% for the same period in 2009. The Place-communities had physical and economic occupancies of 81.9% and 78.8%, respectively, compared to 79.0% and 76.7% in the second 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.

Development and Investment Activity

The Company began construction on the 454-bed, $28.2 million third-party development at SUNY College of Environmental Science and Forestry, which is expected to open in August 2011.

The Company was awarded a ONE Plan on-campus development project at the University of Texas at Austin by The University of Texas System Board of Regents. This is the Company’s second ONE Plan development. While the final design and total cost is still to be finalized, the project is projected for a summer 2013 opening. Commencement of construction is subject to execution of final definitive agreements, city approval processes and confirmation of development costs.

In July, the Company commenced construction on a new graduate student housing project in the Science + Technology Park at Johns Hopkins. Scheduled to open in the summer of 2012, the Company will develop and manage the 572-bed, 20-story building which will draw residents from the more than 4,000 students and fellows attending the Johns Hopkins Medical School, the School of Nursing, and the Bloomberg School of Public Health located on the east campus. The Company will invest in the project in the form of an $18.0 million second mortgage and will also provide a repayment guarantee on the construction first mortgage. Due to this financial involvement in a third-party development, the project is considered a participating-development project, and the Company’s statements of operations will recognize the development services revenue and interest income earned on the Second Mortgage when the Second Mortgage is repaid. The Company’s calculation of Funds From Operations – Adjusted will, however, include the economic benefits of these items on a quarterly basis.

“We anticipated that the improvement in the credit markets over the past twelve months along with additional new third-party development awards would result in increased construction starts.” stated Tom Trubiana, Education Realty Trust’s Executive Vice President and Chief Investment Officer. “Based on the rising velocity of our activities over the last several months, it is becoming apparent that this could be the start of an evolving trend.”

Capital Recycling

The Company previously announced that it had signed contracts to sell two communities. These transactions are still contingent upon the completion of the due diligence and financing process. If these transactions progress as expected, they could close by the end of the third quarter of this year.

The Company entered into a lease agreement with Macon State University under which the University will master lease the Macon Place community beginning August 1, 2010. The lease has a term of one year and also includes an option for the University to purchase the property. The monthly lease payments of $30,000 are more than the monthly net operating income achieved by or forecasted for the property in 2010. Because the University will be responsible for leasing the community this fall and the Company will not have individual leases with students during the master lease, Macon Place has been removed from the Company’s 2010-2011 preleasing statistics. The community will also be removed from same-community operating information starting in the third quarter of 2010.

Capital Structure

On June 30, 2010, the Company had cash and cash equivalents totaling $23.3 million and no outstanding borrowings on its revolving credit facility, which had a borrowing base availability of $41.9 million. In addition, the Company has two communities unencumbered by debt and eligible for inclusion in the revolving credit facility. If these communities were included, the Company estimates that the borrowing base availability would be approximately $52.0 million. The Company’s debt to gross asset value was 42.1%, its net debt was 7.6x EBITDA, and its interest coverage ratio was 2.1x.

Approximately 94% of the Company’s indebtedness has either fixed or capped interest rates. The Company addressed its only 2010 maturity by paying down $5.0 million of the construction loan on its community at Southern Illinois University and obtaining an extension of the remaining debt through June 2012. The Company has one other project-based construction loan with a balance of $8.8 million that will reach initial maturity in September of 2011. Upon initial maturity, the Company expects to also exercise the two year extension option on this loan.

Earnings Guidance and Outlook

Based upon management’s current estimates, the Company is raising its guidance for full year 2010 FFOA per share/unit to a range of $0.38 to $0.42 from its previous 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, July 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.

The conference call will be accessible by telephone and the Internet. To access the call, participants from within the U.S. may dial (877) 941-4774, and participants from outside the U.S. may dial (480) 629-9760. The passcode for this call is 4325599. Participants may also access the call via live webcast by visiting the Company’s investor relations website at www.educationrealty.com.

The replay of the call will be available at approximately 7:00 p.m. Eastern Time on July 22, 2010 through midnight Eastern Time on August 5, 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 4325599. The archive of the webcast will be available on the Company’s website 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.

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 37,830 beds. For more information please visit the Company's website at www.educationrealty.com.

Contact:

Brad Cohen

ICR, LLC

203-682-8211

bcohen@icrinc.com

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	June 30, 2010			December 31, 2009
	(unaudited)
Assets
Student housing properties, net	$	743,462		$	749,884
Cash and cash equivalents		23,348			31,169
Restricted cash		5,167			4,579
Other assets		19,078			18,981

Total assets	$	791,055		$	804,613

Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	399,243		$	406,365
Accounts payable and accrued expenses		14,708			11,658
Deferred revenue		7,071			10,346
Total liabilities		421,022			428,369

Commitments and contingencies		-			-

Redeemable noncontrolling interests		10,725			11,079

Equity:
Education Realty Trust, Inc. stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 56,823,288 and 56,705,605 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively		568			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding		-			-
Additional paid-in capital		407,796			410,455
Accumulated deficit		(49,056	)		(48,636	)
Total Education Realty Trust, Inc. stockholders’ equity		359,308			362,386
Noncontrolling interest		-			2,779
Total equity		359,308			365,165

Total liabilities and equity	$	791,055		$	804,613

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Three months ended June 30,
	2010			2009
Revenues:
Student housing leasing revenue	$	28,394		$	27,967
Third-party development services		648			1,259
Third-party management services		707			723
Operating expense reimbursements		1,957			2,036
Total revenues		31,706			31,985

Operating expenses:
Student housing leasing operations		13,208			12,929
General and administrative		4,036			3,841
Depreciation and amortization		7,475			7,110
Reimbursable operating expenses		1,957			2,036
Total operating expenses		26,676			25,916

Operating income		5,030			6,069

Nonoperating expenses:
Interest expense		5,518			6,150
Amortization of deferred financing costs		334			218
Interest income		(111	)		(105	)
Gain on extinguishment of debt		-			(830	)
Total nonoperating expenses		5,741			5,433

Income (loss) before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(711	)		636

Equity in earnings of unconsolidated entities		7			46
Less: Income tax (benefit) expense		(102	)		502
Less: Loss attributable to redeemable noncontrolling interests		(16	)		(63	)
Loss from discontinued operations		-			(2	)
Net income (loss)		(586	)		241

Less: Net income attributable to the noncontrolling interests		4			10
Net income (loss) attributable to Education Realty Trust, Inc.	$	(590	)	$	231

Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted:	$	(0.01	)	$	0.01

Weighted-average common shares outstanding – basic		56,933			28,520
Weighted-average common shares outstanding – diluted		56,933			29,641

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

Unaudited

	Six months ended June 30,
	2010			2009
Revenues:
Student housing leasing revenue	$	58,045		$	57,280
Third-party development services		1,341			2,716
Third-party management services		1.573			1,632
Operating expense reimbursements		3,865			4,226
Total revenues		64,824			65,854

Operating expenses:
Student housing leasing operations		26,646			26,099
General and administrative		8,336			7,835
Depreciation and amortization		14,891			14,274
Reimbursable operating expenses		3,865			4,226
Total operating expenses		53,738			52,434

Operating income		11,086			13,420

Nonoperating expenses:
Interest expense		11,129			12,502
Amortization of deferred financing costs		668			519
Interest income		(228	)		(154	)
Gain on extinguishment of debt		-			(830	)
Total nonoperating expenses		11,569			12,037

Income (loss) before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(483	)		1,383

Equity in earnings of unconsolidated entities		86			146
Less: Income tax (benefit) expense		(176	)		690
Less: Income attributable to redeemable noncontrolling interests		189			138
Loss from discontinued operations		-			(18	)
Net income (loss)		(410	)		683

Less: Net income attributable to the noncontrolling interests		10			19
Net income (loss) attributable to Education Realty Trust, Inc.	$	(420	)	$	664

Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share – basic & diluted:	$	(0.01	)	$	0.02

Weighted-average common shares outstanding – basic		56,847			28,518
Weighted-average common shares outstanding – diluted		56,847			29,639

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

CALCULATION OF FFO AND FFOA

(Amounts in thousands, except per share data)

Unaudited

	Three months ended June 30,						Six months ended June 30,
	2010			2009			2010			2009

Net income (loss) attributable to Education Realty Trust, Inc.	$	(590	)	$	231		$	(420	)	$	664

Real estate related depreciation and amortization		7,373			6,954			14,683			13,959
Equity portion of real estate depreciation and amortization on equity investees		124			122			248			244
Depreciation and amortization of discontinued operations		-			-			-			25
Noncontrolling interests		(12	)		(53	)		199			157
Funds from operations (“FFO”)	$	6,895		$	7,254		$	14,710		$	15,049

Elimination of refinancing and reorganization charges:
Elimination of gain on extinguishment of debt		-			(830	)		-			(830	)
Reorganization/severance costs, net of tax		134			-			307			-
Impact of refinancing and reorganization charges	$	134		$	(830	)	$	307		$	(830	)

Funds from operations – adjusted (“FFOA”)	$	7,029		$	6,424		$	15,017		$	14,219

FFO per weighted average share/unit (1)	$	0.12		$	0.24		$	0.25		$	0.50
FFOA per weighted average share/unit (1)	$	0.12		$	0.22		$	0.26		$	0.48

Weighted average shares/units (1)		58,186			29,894			58,141			29,888

Notes:

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

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

2010 GUIDANCE – RECONCILIATION OF FFO AND FFOA

(Amounts in thousands, except per share data)

Unaudited

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

	Year ending December 31, 2010
	Low End			High End

Net loss attributable to Education Realty Trust, Inc.	$	(9,230	)	$	(6,861	)

Real estate related depreciation and amortization		29,771			29,771
Equity portion of real estate depreciation and amortization on equity investees		513			513
Noncontrolling interest		370			330
Funds from operations ("FFO")	$	21,424		$	23,753

Elimination of reorganization charges:
Reorganization/severance costs, net of tax		307			307
Impact of reorganization charges		307			307

FFO on Participating Developments
Deferred fees and interest on Johns Hopkins project, net		390			390
FFO on Participating Developments		390			390

Funds from operations – adjusted (“FFOA”)	$	22,121		$	24,450

FFO per weighted average share/unit (1)	$	0.37		$	0.41
FFOA per weighted average share/unit (1)	$	0.38		$	0.42

Weighted average shares/units (1)		58,214			58,214

Notes:

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

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EDUCATION REALTY TRUST, INC.	Exhibit 99.2

SECOND 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

Development Update		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, unaudited)

OPERATING DATA:

	Three months ended June 30,												Six months ended June 30,
	2010			2009			$ Chg			% Chg			2010			2009		$ Chg			% Chg
Community revenues	$	28,394		$	27,967		$	427			1.5	%	$	58,045		$	57,280	$	765			1.3	%
Total revenues		31,706			31,985			(279	)		-0.9	%		64,824			65,854		(1,030	)		-1.6	%

Community net operating income		15,186			15,038			148			1.0	%		31,399			31,181		218			0.7	%
Total operating income (loss)		5,030			6,069			(1,039	)		-17.1	%		11,086			13,420		(2,334	)		-17.4	%

Net income (loss)		(590	)		231			(821	)					(420	)		664		(1,084	)
Per share - basic & diluted		(0.01	)		0.01			(0.02	)					(0.01	)		0.02		(0.03	)

Funds from operations (FFO)		6,895			7,254			(359	)					14,710			15,049		(339	)
Per weighted average share/unit (1)		0.12			0.24			(0.12	)					0.25			0.50		(0.25	)

Funds from operations adjusted (FFOA)		7,029			6,424			605						15,017			14,219		798
Per weighted average share/unit (1)	$	0.12		$	0.22		$	(0.10	)				$	0.26		$	0.48	$	(0.22	)

BALANCE SHEET DATA:

	6/30/2010			6/30/2009
Debt to gross assets		42.1	%		52.7	%
Net debt to enterprise value		51.7	%		78.9	%
Interest coverage ratio (TTM)		2.1			2.0

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

EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	June 30, 2010			December 31, 2009
	(unaudited)
Assets
Student housing properties, net (1)	$	743,462		$	749,884
Cash and cash equivalents		23,348			31,169
Restricted cash		5,167			4,579
Other assets		19,078			18,981

Total assets	$	791,055		$	804,613

Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	399,243		$	406,365
Accounts payable and accrued expenses		14,708			11,658
Deferred revenue		7,071			10,346
Total liabilities		421,022			428,369

Commitments and contingencies		-			-

Redeemable noncontrolling interests		10,725			11,079

Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 56,823,288 and 56,705,605 shares issued and outstanding June 30, 2010 and December 31, 2009, respectively		568			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		407,796			410,455
Accumulated deficit		(49,056	)		(48,636	)
Total Education Realty Trust, Inc. stockholders' equity		359,308			362,386
Noncontrolling interest		-			2,779
Total equity		359,308			365,165

Total liabilities and equity	$	791,055		$	804,613

(1)	Amount is net of accumulated depreciation of $156,028 and $141,507 as of June 30, 2010 and December 31, 2009, respectively

EDUCATION REALTY TRUST, INC.

OPERATING RESULTS

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

	Three Months Ended June 30,									Six Months Ended June 30,
	2010			2009			$ Change			2010			2009			$ Change
Revenues:
Student housing leasing revenue	$	28,394		$	27,967		$	427		$	58,045		$	57,280		$	765
Third-party development services		648			1,259			(611	)		1,341			2,716			(1,375	)
Third-party management services		707			723			(16	)		1,573			1,632			(59	)
Operating expense reimbursements		1,957			2,036			(79	)		3,865			4,226			(361	)
Total revenues		31,706			31,985			(279	)		64,824			65,854			(1,030	)

Operating expenses:
Student housing leasing operations		13,208			12,929			279			26,646			26,099			547
General and administrative		4,036			3,841			195			8,336			7,835			501
Depreciation and amortization		7,475			7,110			365			14,891			14,274			617
Reimbursable operating expenses		1,957			2,036			(79	)		3,865			4,226			(361	)
Total operating expenses		26,676			25,916			760			53,738			52,434			1,304

Operating income		5,030			6,069			(1,039	)		11,086			13,420			(2,334	)

Nonoperating expenses:
Interest expense		5,518			6,150			(632	)		11,129			12,502			(1,373	)
Amortization of deferred financing costs		334			218			116			668			519			149
Interest income		(111	)		(105	)		(6	)		(228	)		(154	)		(74	)
Gain on extinguishment of debt		-			(830	)		830			-			(830	)		830
Total nonoperating expenses		5,741			5,433			308			11,569			12,037			(468	)

Income (loss) before equity in earnings of unconsolidated entities, income taxes, redeemable noncontrolling interests and discontinued operations		(711	)		636			(1,347	)		(483	)		1,383			(1,866	)

Equity in earnings of unconsolidated entities		7			46			(39	)		86			146			(60	)
Less: Income tax expense (benefit)		(102	)		502			(604	)		(176	)		690			(866	)
Less: Income (loss) attributable to redeemable noncontrolling interests		(16	)		(63	)		47			189			138			51
Loss from discontinued operations		-			(2	)		2			-			(18	)		18

Net income (loss)		(586	)		241			(827	)		(410	)		683			(1,093	)

Less: Net income attributable to the noncontrolling interests		4			10			(6	)		10			19			(9	)
Net income (loss) attributable to Education Realty Trust, Inc.	$	(590	)	$	231		$	(821	)	$	(420	)	$	664		$	(1,084	)

Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common shareholders per share - basic and diluted	$	(0.01	)	$	0.01		$	(0.02	)	$	(0.01	)	$	0.02		$	(0.04	)

Weighted-average common shares outstanding - basic		56,933			28,520						56,847			28,518

Weighted-average common shares outstanding - diluted		56,933			29,641						56,847			29,639

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	Three months ended June 30,									Six months ended June 30,
	2010			2009			Change			2010			2009			Change

Net income (loss) attributable to Education Realty Trust, Inc.	$	(590	)	$	231		$	(821	)	$	(420	)	$	664		$	(1,084	)

Real estate related depreciation and amortization		7,373			6,954			419			14,683			13,959			724
Equity portion of real estate depreciation and amortization on equity investees		124			122			2			248			244			4
Depreciation and amortization of discontinued operations		-			-			-			-			25			(25	)
Noncontrolling interests		(12	)		(53	)		41			199			157			42
Funds from operations ("FFO")		6,895			7,254			(359	)		14,710			15,049			(339	)

Elimination of refinancing and reorganization charges:
Elimination of gain on extinguishment of debt		-			(830	)		830			-			(830	)		830
Reorganization/severance costs, net of tax		134			-			134			307			-			307
Impact of refinancing and reorganization charges		134			(830	)		964			307			(830	)		1,137

Funds from operations - adjusted ("FFOA")	$	7,029		$	6,424		$	605		$	15,017		$	14,219		$	798

FFO per weighted average share/unit (1)	$	0.12		$	0.24		$	(0.12	)	$	0.25		$	0.50		$	(0.25	)
FFOA per weighted average share/unit (1)	$	0.12		$	0.22		$	(0.10	)	$	0.26		$	0.48		$	(0.22	)

Weighted average shares/units (1)		58,186			29,894			28,292			58,141			29,888			28,253

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

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)

	Three Months Ended June 30,										Six Months Ended June 30,
	2010		2009		$ Change			% Change			2010		2009		$ Change			% Change
Revenues
Legacy-communities	$	21,458	$	21,942	$	(484	)		-2.2	%	$	43,842	$	45,185	$	(1,343	)		-3.0	%
Place-communities		5,463		5,268		195			3.7	%		11,012		10,572		440			4.2	%
Total Same-community		26,921		27,210		(289	)		-1.1	%		54,854		55,757		(903	)		-1.6	%

New-communities		1,473		757		716		NM				3,191		1,523		1,668		NM
Total revenues		28,394		27,967		427			1.5	%		58,045		57,280		765			1.3	%

Operating expenses (1)
Legacy-communities		9,754		9,770		(16	)		-0.2	%		19,744		19,821		(77	)		-0.4	%
Place-communities		2,853		2,794		59			2.1	%		5,685		5,536		149			2.7	%
Total Same-community		12,607		12,564		43			0.3	%		25,429		25,357		72			0.3	%

New-communities		601		365		236		NM				1,217		742		475		NM
Total operating expenses		13,208		12,929		279			2.2	%		26,646		26,099		547			2.1	%

Net operating income
Legacy-communities		11,704		12,172		(468	)		-3.8	%		24,098		25,364		(1,266	)		-5.0	%
Place-communities		2,610		2,474		136			5.5	%		5,327		5,036		291			5.8	%
Total Same-community		14,314		14,646		(332	)		-2.3	%		29,425		30,400		(975	)		-3.2	%

New-communities		872		392		480		NM				1,974		781		1,193		NM
Total net operating income	$	15,186	$	15,038	$	148			1.0	%	$	31,399	$	31,181	$	218			0.7	%

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

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	Three Months Ended June 30,										Six Months Ended June 30,
	2010			2009			Change				2010			2009			Change

Occupancy
Physical		85.8	%		85.8	%		-		bps		87.8	%		87.6	%		20		bps
Economic		83.4	%		84.6	%		(120	)	bps		86.0	%		87.1	%		(110	)	bps

NarPAB	$	350		$	352			-0.7	%		$	360		$	362			-0.7	%
Other income per avail. bed	$	22		$	24			-8.0	%		$	20		$	23			-11.4	%
RevPAB	$	372		$	376			-1.2	%		$	380		$	385			-1.3	%

Operating expense per bed	$	173		$	174			-0.5	%		$	174		$	176			-0.6	%

Operating margin		53.5	%		53.8	%		(29	)	bps		54.1	%		54.4	%		(34	)	bps

Design Beds		76,362			74,346			2.7	%			152,724			148,710			2.7	%

EDUCATION REALTY TRUST, INC.

LEGACY-COMMUNITY STATISTICS

	Three Months Ended June 30,										Six Months Ended June 30,
	2010			2009			Change				2010			2009			Change

Occupancy
Physical		88.2	%		87.7	%		51		bps		90.3	%		90.0	%		29		bps
Economic		86.6	%		86.3	%		30		bps		89.4	%		89.6	%		(20	)	bps

NarPAB	$	365		$	371			-1.8	%		$	376		$	385			-2.4	%
Other income per avail. bed	$	25		$	27			-7.6	%		$	22		$	25			-11.2	%
RevPAB	$	390		$	398			-2.2	%		$	398		$	410			-3.0	%

Operating expense per bed	$	177		$	177			-0.2	%		$	179		$	180			-0.4	%

Operating margin		54.5	%		55.5	%		(100	)	bps		55.0	%		56.1	%		(110	)	bps

Design Beds		55,080			55,080			0.0	%			110,160			110,178			0.0	%

EDUCATION REALTY TRUST, INC.

PLACE-COMMUNITY STATISTICS

	Three Months Ended June 30,										Six Months Ended June 30,
	2010			2009			Change				2010			2009			Change

Occupancy
Physical		81.9	%		79.0	%		290		bps		83.0	%		79.3	%		370		bps
Economic		78.8	%		76.7	%		210		bps		79.5	%		76.7	%		280		bps

NarPAB	$	293		$	283			3.5	%		$	295		$	283			4.2	%
Other income per avail. bed	$	16		$	15			6.7	%		$	16		$	16			0.0	%
RevPAB	$	309		$	298			3.7	%		$	311		$	299			4.0	%

Operating expense per bed	$	161		$	158			1.9	%		$	161		$	157			2.5	%

Operating margin		47.8	%		47.0	%		81		bps		48.4	%		47.6	%		74		bps

Design Beds		17,682			17,682			0.0	%			35,364			35,364			0.0	%

EDUCATION REALTY TRUST, INC.

Preleasing Statistics

		As of July 19th
		2010-2011				2009-2010						Fall 2009
Community	Primary University	Leases	%			Leases	%			Design Beds		Beginning Occupancy

The Reserve at Clemson	Clemson University	447		75.8	%	560		94.9	%		590		97.3	%
Players Club	Florida State University	336		100.0	%	324		96.4	%		336		99.1	%
The Commons	Florida State University	458		62.6	%	540		73.8	%		732		87.6	%
University Towers	North Carolina State University	936		98.2	%	953		100.0	%		953		100.0	%
The Reserve on Perkins	Oklahoma State University	665		90.8	%	548		74.9	%		732		86.2	%
The Pointe	Pennsylvania State University	984		100.0	%	984		100.0	%		984		100.0	%
College Station at West Lafayette	Purdue University	844		87.9	%	910		94.8	%		960		99.0	%
The Reserve on Frankford	Texas Tech University	634		86.0	%	550		74.6	%		737		92.0	%
Commons on Kinnear	The Ohio State University	479		95.4	%	454		90.4	%		502		97.4	%
NorthPointe	University of Arizona	573		62.8	%	695		76.2	%		912		93.5	%
The Reserve at Star Pass	University of Arizona	719		70.5	%	560		54.9	%		1,020		71.1	%
The Lofts	University of Central Florida	676		92.5	%	647		88.5	%		731		98.2	%
The Reserve at Athens	University of Georgia	463		75.7	%	597		97.5	%		612		100.0	%
The Reserve on West 31st	University of Kansas	668		93.6	%	540		75.6	%		714		92.3	%
The Reserve at Columbia	University of Missouri	676		100.0	%	671		99.3	%		676		99.9	%
The Pointe at South Florida	University of South Florida	719		71.8	%	668		66.7	%		1,002		87.2	%
The Commons at Knoxville	University of Tennessee	553		78.1	%	657		92.8	%		708		95.3	%
The Gables	Western Kentucky University	287		99.7	%	276		95.8	%		288		100.0	%
The Pointe at Western	Western Michigan University	766		87.4	%	673		76.8	%		876		93.3	%
Campus Creek	University of Mississippi	636		100.0	%	573		90.1	%		636		96.4	%
Pointe West	University of South Carolina	394		82.1	%	363		75.6	%		480		89.0	%
College Grove	Middle Tennessee State Univ.	599		69.3	%	631		73.0	%		864		91.2	%
Campus Lodge	University of Florida	888		79.6	%	1,116		100.1	%		1,115		98.0	%
The Reserve on South College	Auburn University	517		89.8	%	375		65.1	%		576		76.7	%
The Avenue at Southern	Georgia Southern Univ.	404		64.7	%	350		56.1	%		624		77.9	%
The Reserve at Saluki Pointe	Southern Illinois University	589		76.7	%	461		60.0	%		768		75.8	%
University Village on Colvin	Syracuse University	432		100.0	%	272		63.0	%		432		79.2	%
Same-communites - excluding Place		16,342		83.5	%	15,948		81.5	%		19,560		91.5	%

Clayton Place	Clayton State University	246		28.8	%	186		21.8	%		854		42.7	%
Berkeley Place	Clemson University	479		99.8	%	477		99.4	%		480		99.8	%
Clemson Place	Clemson University	285		99.0	%	285		99.0	%		288		99.7	%
The Pointe at Southern	Georgia Southern Univ.	423		80.1	%	324		61.4	%		528		98.5	%
The Reserve at Jacksonville	Jacksonville State University	358		71.0	%	238		47.2	%		504		67.1	%
The Chase at Murray	Murray State Univ.	408		100.0	%	397		97.3	%		408		99.8	%
Cape Place	Southeast Missouri State Univ.	360		100.0	%	358		99.4	%		360		100.0	%
Troy Place	Troy University	336		82.4	%	329		80.6	%		408		90.9	%
The Reserve at Martin	University of TN at Martin	333		86.7	%	278		72.4	%		384		87.5	%
Carrollton Place	Univ. of West GA	336		100.0	%	263		78.3	%		336		87.8	%
River Place	Univ. of West GA	447		88.7	%	492		97.6	%		504		95.2	%
Western Place	Western Kentucky University	472		93.7	%	469		93.1	%		504		99.4	%
Place-communitites		4,483		80.7	%	4,096		73.7	%		5,558		84.3	%

Same-community - Wholly-owned		20,825		82.9	%	20,044		79.8	%		25,118		89.8	%

EDUCATION REALTY TRUST, INC.

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

ONE PLAN AND PARTICIPATING PROJECTS

Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees

University of Texas at Austin	TBD		Fall 2011	Summer 2013	TBD		NA
Science + Technology Park at Johns Hopkins		572		Summer 2012	$	60,100	$	2,100

		572			$	60,100	$	2,100

THIRD-PARTY PROJECTS
Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year		Fees Earned Six Months Ended June 30, 2010		Remaining Fees to Earn

Colorado State University - Pueblo Phase II		500		August 2010	$	34,058	$	1,583	$	1,051	$	513	$	19
Indiana University of Pennsylvania Phase IV		596		September 2010		37,029		1,187		605		536		46
SUNY College of Env. Science & Forestry		454		August 2011		28,201		1,174		-		67		1,107

Projects Under Construction - Total		1,550				99,288		3,944		1,656		1,116		1,172

East Stroudsburg University - Pennsylvania		984	August 2010	August 2011		59,975		2,253						2,253
West Chester University of Pennsylvania Phase II		886	TBD	TBD		48,200		1,700						1,700
Mansfield University of Pennsylvania		634	August 2010	August 2011		32,956		1,528						1,528

Recently Awarded Projects - Total		2,504				141,131		5,481		-		-		5,481

Total Third-Party Projects		4,054			$	240,419	$	9,425	$	1,656	$	1,116	$	6,653

NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of June 30, 2010

(dollars in thousands)

Total Debt to Gross Assets
Debt (1)	$	398,645
Gross Assets (2)	$	947,083
Debt to Gross Assets		42.1	%

Net Debt to Enterprise Value
Net Debt (1)	$	375,297
Market Equity (3)		350,462
Enterprise Value	$	725,759
Net Debt to Enterprise Value		51.7	%

Interest coverage (TTM)			2.1		x
Net Debt to EBITDA (TTM)			7.6		x

Total Debt Outstanding
	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	325,775		5.91	%		81.7	%		5.11		years
Variable Rate - Mortgage Debt		48,975		3.67	%		12.3	%		3.50		years
Variable Rate - Construction Debt		23,895		1.61	%		6.0	%		1.72		years
Total / Weighted Average	$	398,645		5.38	%		100.0	%		4.71		years

Future Maturities
Fiscal Year Ending	Amortization		Maturities			Total			Percentage
2010	$	2,166	$	-		$	2,166			0.5	%
2011		4,532		8,825	(4)		13,357			3.4	%
2012		4,196		78,884			83,080			20.8	%
2013		4,156		28,872			33,028			8.3	%
2014		45,437		54,678			100,115			25.1	%
Thereafter		8,208		158,690			166,899			41.9	%
Mortgage Debt (1)		68,695		329,949			398,645			100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	68,695	$	329,949			398,645
Cash							23,348
Net Debt						$	375,297

(1)	Excludes unamortized debt premium of $0.6 million.

(2)	Excludes accumulated depreciation of $156,028 as of June 30, 2010.

(3)	Market equity includes 57,008,792 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $6.03, the closing price per share of the Company's common stock on June 30, 2010.

(4)	Maturities in 2011 relate to a construction loan that has a two year extension option which the Company expects to exercise.

EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING - WHOLLY-OWNED

Name		Primary University Served	Acquisition Date	# of Beds

The Reserve at Clemson		Clemson University	Jan ’05	590
Players Club		Florida State University	Jan ’05	336
The Commons		Florida State University	Jan ’05	732
University Towers		North Carolina State University	Jan ’05	953
The Reserve on Perkins		Oklahoma State University	Jan ’05	732
The Pointe		Pennsylvania State University	Jan ’05	984
College Station at West Lafayette		Purdue University	Jan ’05	960
The Reserve on Frankford		Texas Tech University	Jan ’05	737
Commons on Kinnear		The Ohio State University	Jan ’05	502
NorthPointe		University of Arizona	Jan ’05	912
The Reserve at Star Pass		University of Arizona	Jan ’05	1,020
The Lofts		University of Central Florida	Jan ’05	731
The Reserve at Athens		University of Georgia	Jan ’05	612
The Reserve on West 31st		University of Kansas	Jan ’05	714
The Reserve at Columbia		University of Missouri	Jan ’05	676
The Pointe at South Florida		University of South Florida	Jan ’05	1,002
The Commons at Knoxville		University of Tennessee	Jan ’05	708
The Gables		Western Kentucky University	Jan ’05	288
The Pointe at Western		Western Michigan University	Jan ’05	876
Campus Creek		University of Mississippi	Feb ’05	636
Pointe West		University of South Carolina	Mar ’05	480
College Grove		Middle Tennessee State University	Apr ’05	864
Campus Lodge		University of Florida	Jun ’05	1,115
The Reserve on South College		Auburn University	Jul ’05	576
The Avenue at Southern		Georgia Southern University	Jun ’06	624
The Reserve at Saluki Pointe		Southern Illinois University	Aug '08, Aug '09	768
University Village on Colvin		Syracuse University	Aug '09	432
	Sub-Total Wholly-Owned Communties - Excluding Place			19,560

Name	Primary University Served	Acquisition Date	# of Beds

Clayton Place	Clayton State University	Jan ’06	854
Berkeley Place	Clemson University	Jan ’06	480
Clemson Place	Clemson University	Jan ’06	288
The Pointe at Southern	Georgia Southern University	Jan ’06	528
The Reserve at Jacksonville	Jacksonville State University	Jan ’06	504
Collegiate Village	Macon State College	Jan ’06	336
The Chase at Murray	Murray State University	Jan ’06	408
Cape Place	Southeast Missouri State University	Jan ’06	360
Troy Place	Troy University	Jan ’06	408
The Reserve at Martin	University of TN at Martin	Jan ’06	384
Carrolton Place	University of West GA	Jan ’06	336
River Place	University of West GA	Jan ’06	504
Western Place	Western Kentucky University	Jan ’06	504
	Sub-Total Place-Communities		5,894

	Total Wholly-Owned		25,454

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
Keete, Bruyette & Woods	Haendel St. Juste	(212) 887-3842
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
Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937
Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
UBS Securities	Dustin Pizzo	(212) 713-4847

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.

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.

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.