8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 17, 2009 (March 16, 2009)

Education Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-32417	201352180
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

530 Oak Court Drive, Suite 300 Memphis, Tennessee	38117
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 901-259-2500

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:

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 March 16, 2009, Education Realty Trust, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended December 31, 2008, and made available supplemental information concerning the ownership, operations and portfolio of the Company as of December 31, 2008. 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 and twelve months ended December 31, 2008.

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 March 16, 2009
	99.2	Fourth Quarter 2008 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: March 17, 2009	By:	/s/ Randall H. Brown
		Randall H. Brown
		Executive Vice President, Chief Financial Officer, Treasurer and Secretary

INDEX TO EXHIBITS

Exhibit No.		Description
	99.1	Press Release dated March 16, 2009
	99.2	Fourth Quarter 2008 Supplemental Financial Report

EX-99.1

Exhibit 99.1

EDUCATION REALTY TRUST ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2008 RESULTS

MEMPHIS, TN., March 16, 2009 — Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of student housing, today announced operating results for the fourth quarter and year ended December 31, 2008.

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

Fourth Quarter Highlights

• Total revenue for the quarter increased $3.5 million or 11.0% to $36.2 million. Operating income was $6.5 million versus $7.8 million for the comparable fourth quarter 2007. Operating income for the three months ended December 31, 2008 included a $2.0 million impact from impairment losses on a student housing community and goodwill. Excluding the impact of this non-cash asset impairment charge, operating income increased $0.8 million or 9.7% to $8.5 million for the quarter ended;

• Net loss from continuing operations was $4.9 million compared to a net income of $0.7 million in 2007. Excluding impairment and refinancing items, net income increased $1.2 million to $1.9 million in 2008;

• Funds from operations (FFO) for the fourth quarter 2008 were $2.6 million or $0.09 per share/unit versus $9.2 million or $0.31 per share/unit in the fourth quarter 2007. FFO for the three months ended December 31, 2008 included the impact of approximately $0.22 per share/unit related to the following impairment and refinancing charges:

• $4.4 million or $0.14 per share/unit impact from a loss on early retirement of debt,

• $2.0 million or $0.07 per share/unit from impairment losses on a student housing community and goodwill related to the student housing segment, and

• $0.4 million, net of tax, or $0.01 per share/unit impact from the write-off of development costs.

Excluding the impact of these charges FFO per share/unit for the quarter was $0.31 versus $0.31 in 2007;

• Same-community net operating income increased 6.3% on revenue growth of approximately 1.0% and a 6.4% reduction in operating expenses compared to the fourth quarter 2007;

• Secured a $222.0 million debt facility, used initial loan proceeds to refinance $185.6 million in mortgage debt that was due to mature in July 2009 and recognized a $4.4 million loss on the early debt retirement;

• Awarded two third-party development projects, including a 984-bed project at East Stroudsburg University of Pennsylvania that is scheduled to open in 2010 and a 340-bed student housing project at State University of New York College of Environmental Science and Forestry that is scheduled for a 2011 opening; and

• Awarded a new management contract for a 330-bed community in downtown Atlanta near Georgia Tech University.

Full Year Highlights

• FFO for the year was $21.8 million or $0.73 per share/unit compared to $25.9 million or $0.88 per share/unit in 2007. FFO for the twelve months ended December 31, 2008 included approximately $0.14 per share/unit impact from a loss on early retirement of debt, $0.07 per share/unit from asset impairment losses on a student housing community and goodwill, and $0.01 per share/unit impact from the write-off of development costs, net of tax. Excluding the impact of these charges, FFO per share/unit for 2008 was $0.96 per share/unit versus $0.88 per share/unit an increase of approximately 9.0%;

• Same-community rental rates increased 5.1% for the 2008-2009 lease year and opening physical occupancies were down approximately 0.8% over the prior lease year, excluding three communities with challenging leasing markets in 2008. In total same-community rates were up about 3.3% and opening physical occupancies, as measured on September 30^th, were down about 260 basis points at 93.7%;

• Awarded a total of five new third-party development projects in 2008 with combined project costs of approximately $170.7 million;

• Terminated the lease with Place Properties, Inc. (“Place”) related to a 13 property portfolio, received a $6.0 million termination fee and began recognizing operating results of the properties February 1, 2008;

• Opened the Company’s first owned development, The Reserve at Saluki Point, at Southern Illinois University, in August 2008 on time and 100% leased; and

• Began construction of the Company’s first on-campus owned development at Syracuse University, which is scheduled to open in 2009.

Paul O. Bower, Chairman, President and Chief Executive Officer commented that “Our portfolio has been resilient in the face of a deteriorating economy during unprecedented times. Despite the adversity, the fundamentals of the student housing industry and the EDR portfolio remain stable. We are working diligently to push forward on the key initiatives we outlined in 2008 to further strengthen the Company.”

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Mr. Bower concluded, “These initiatives include reducing operating expenses and strengthening our balance sheet. With respect to our 2009 debt maturities, we refinanced $185.6 of mortgage debt in December that was due to mature in July 2009 and we are diligently pursuing replacement debt for the balance of our outstanding maturities that are not due until December 2009. We remain intensely focused on effectively executing on the management of our properties, improving occupancy across the portfolio, as well as producing growth in our third-party development revenue to position the Company to deliver the best possible results in 2009.”

Fourth Quarter Operating Results

Total revenue grew $3.6 million or 11.0% to $36.2 million for the fourth quarter of 2008 from $32.6 million in the comparable quarter of 2007. Student housing leasing revenue increased $6.5 million or 27.8% to $29.7 million in the fourth quarter of 2008, the increase included $5.5 million related to the inclusion of the Place Portfolio properties, $0.8 million related to the August 2008 opening of The Reserve at Saluki Point community which was developed by the Company’s development subsidiary, and $0.2 million related to an approximate 1.0% increase in same-community revenue. Other leasing revenue was down $3.2 million from the same quarter in 2007 as a result of the termination of the 13 property lease with Place Properties.

Third-party development services revenue increased 1.1% to $2.1 million for the fourth quarter of 2008. Third-party management services revenue increased 5.4% to $1.0 million for the fourth quarter of 2008. Two new management contracts contributed growth of 4.4%, and revenue from existing contracts increased 9.9%. The loss of revenue related to a contract the Company exited in the past year partially offset these increases.

Total operating expenses were $29.7 million for the fourth quarter of 2008 compared to $24.8 million in 2007, an increase of $4.9 million. Student housing operating expenses increased $2.5 million or 25.2%, with $2.9 million attributable to the addition of the Place Properties operations in 2008 and $0.3 million from the August 2008 opening of The Reserve at Saluki Point community. These increases were offset by a $0.6 million dollar or 6.4% decrease in same-community operating expenses, which was achieved as a result of cost containment efforts and specific cost reduction plans that were initiated in the second half of 2008.

Corporate general and administrative expense increased $0.7 million to $4.5 million as a result of a $0.7 million write-off of development costs related to a project the Company is no longer pursuing as Company owned. In the fourth quarter of 2008 the Company also incurred $2.0 million of asset impairment charges, which included a $1.6 million impairment related to its Clayton Place community and a $0.4 million goodwill impairment, related to the student housing segment. Based on current market conditions the goodwill was deemed to have no current value.

As a result, the Company had operating income of $6.5 million for the fourth quarter of 2008 compared to $7.8 million for the same period last year. Total non-operating expenses increased $4.8 million to $11.2 million in the fourth quarter of 2008. The increase in non-operating expenses was primarily driven by a $4.4 million loss recognized on the December 2008 early retirement of $185.6 million in debt that was due to mature in July 2009.

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Net loss from continuing operations was $4.9 million, or $0.17 per weighted average diluted share, in the fourth quarter of 2008 compared to net income of $0.7, or $0.02 per weighted average diluted share the prior year.

FFO was $2.6 million in the fourth quarter of 2008 compared to $9.2 million in 2007. FFO per share/unit was $0.09 compared to $0.31 per share/unit, representing a year over year decline of $0.22 per share/unit. FFOA, which adjusts for significant impairment and financing charges, increased approximately 1.8% to $9.4 million for the fourth quarter of 2008 and FFOA per share/unit was relatively flat at $0.31. The decline in FFO and FFO per share/unit reflects growth in core revenue, and higher same-community NOI offset by approximately $6.8 million in charges and a lower operating income contribution from operating the Place Portfolio compared to the lease revenue received on the Portfolio in the prior year. A reconciliation of FFO to net income (loss), in accordance with U.S. generally accepted accounting principles (GAAP) is included in the financial tables accompanying this release.

Same-Community Results

Revenue for the fourth quarter of 2008 was $23.5 million, an increase of approximately 1.0% over the fourth quarter of 2007. Rental rate increases of approximately 3.5% were offset by a 2.8% drop due to occupancy and a 0.3% increase in other revenue. Operating expenses were reduced 6.4% to $9.3 million and net operating income grew 6.3% to $14.1 million. The Company achieved operating expense reductions through focused expense control efforts and targeted layoffs at its communities.

Full Year Operating Results

Total revenue grew 16.6% to $139.9 million for the year ended December 31, 2008. Student housing leasing revenue increased $21.9 million or 25.6% to $107.6 million in 2008, the increase included $19.5 million related to the inclusion of the Place Portfolio properties, $1.2 million related to the August 2008 opening of The Reserve at Saluki Point community, and $1.2 million related to an approximate 1.4% increase in same-community revenue. Other leasing revenue was down $6.7 million from 2007 as a result of the termination of the Place lease.

Third-party development services revenue increased 53.4% to $8.3 million. The 2008 start of projects at West Chester University of Pennsylvania and Phase III at Indiana University of Pennsylvania (IUPA) along with recognition of development fee incentives on the second phase project at IUPA contributed to the growth. Third-party management services revenue increased 8.3% to $3.7 million. New management contracts contributed growth of 3.1%, and revenue from existing contracts increased 9.1%. The loss of revenue related to a contract the Company exited in the past year partially offset these increases.

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Total operating expenses were $116.4 million for the full year 2008 compared to $99.6 million in 2007, an increase of $16.8 million. Student housing operating expenses increased $14.4 million or 34.8%, with $11.8 million attributable to the Place Properties’ operations and $0.6 million from the August 2008 opening of The Reserve at Saluki Point community and $1.9 million from a 4.5% increase in same-community operating expenses.

Corporate general and administrative expense increased $1.8 million to $16.3 million. The increase includes growth mainly in compensation expense through the first three quarters of 2008 and a $0.7 million write-off of development costs in the fourth quarter of 2008.

The Company also incurred $2.0 million of asset impairment charges in the fourth quarter of 2008. As a result, the Company had operating income of $23.5 million in 2008 compared to $20.4 million for the prior year. Total non-operating expenses increased $2.5 million to $30.2 million. The increase in non-operating expenses was primarily driven by a $4.4 million loss on early retirement of debt in December offset by a $1.8 million decline in interest expense as a result of lower variable rates on the Company’s line of credit and lower outstanding borrowings for most of the year.

Net loss from continuing operations was $7.9 million, or $0.28 per weighted average diluted share, for the full year 2008 compared to a net loss of $5.4 million, or $0.20 per weighted average diluted share the prior year.

FFO was $21.8 million and FFO per share/unit was $0.73 in 2008 compared to $25.9 million and $0.88 respectively the prior year. Excluding the impact of approximately $6.8 million related to non-routine charges, funds from operations — adjusted (“FFOA”) increased approximately 10.0% to $28.6 million and FFOA per share/unit increased approximately 9.0% to $0.96.

Occupancy and Leasing

The average physical and economic occupancies on a same-community basis for the fourth quarter of 2008 were 93.2% and 94.4%, respectively, compared to 95.9% and 97.5% in the prior year. Physical occupancy is the average of occupied rooms at the end of each month, whereas economic occupancy represents net apartment rent on a US GAAP basis as a percentage of potential rent and reflects the impact of straight-line rent.

On a same-community basis, the 2008-2009 lease year opened with an average rate growth of 5.1% and an occupancy decline of approximately 0.8%, excluding three communities in the currently challenging markets of Kalamazoo, Michigan, Gainesville, Florida, and Oxford, Mississippi. In total, same-community average rates for the 2008-2009 lease year grew about 3.3% and occupancy declined approximately 2.6%. The Place Portfolio opened with an average occupancy of 81.9% compared with 87.8% one year ago.

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Fall 2009 Leasing

As of March 12^th leasing on a same community basis reflected approximately 50.4% of beds applied for and 42.5% already leased compared to 51.1% and 42.0% at this time last year. Leasing for the three properties in the previously identified challenged markets shows 36.5% of beds applied for and 30.8% leased compared to 33.7% applied for and 25.1% leased one year ago. Regarding the former Place portfolio, approximately 40.5% of the beds have been applied for and 32.9% have been leased compared to 35.4% and 27.2% at this time last year.

An application is defined as a signed student lease without the receipt of an executed parental guarantee, which can take time to obtain.

Place Portfolio Conversion

In February 2008, the Company terminated a lease with Place for 13 properties (“Place Portfolio”) owned by the Company but previously operated and managed by Place. As a result, Allen & O’Hara Education Services, Inc., the Company’s management subsidiary, began managing these 13 properties and the Company began recognizing the property operating results in its financial results effective February 1, 2008. The agreement included a termination fee of $6.0 million.

The Place Portfolio produced net operating income of $2.6 million for the fourth quarter of 2008 on student housing leasing revenue of $5.5 million and operating expenses of $2.9 million. The net operating income for the fourth quarter 2008 represents a $0.8 million or $0.03 per share/unit decline from the $3.4 million of lease revenue received under the lease agreement with Place in the fourth quarter of 2007. The Company negotiated the lease termination fee in part to offset the expected shortfall in operating results of the properties. Over time, the Company expects to be able to improve the operating results of the Place Portfolio through revenue growth driven by improved marketing and customer service strategies.

Development Activity

The Company’s first off-campus owned development, The Reserve at Saluki Point, at Southern Illinois University in Carbondale, Illinois, opened in August 2008 on time and 100% leased. The second phase of the project at this location has begun and is scheduled for a 2009 opening. The Company also began construction on its first on-campus owned development at Syracuse University, which is scheduled to open in 2009.

The Company’s development subsidiary, Allen & O’Hara Development Company (AODC), was awarded new development projects at SUNY College of Environment Science and Forestry and at East Stroudsburg University, in Pennsylvania comprising a total of 1,324 beds and estimated total development costs of $84.8 million. AODC was also awarded additional phase work at Indiana University of Pennsylvania and Colorado State University.

Capital Structure

The Company closed a $222.0 million credit facility with Red Mortgage Capital Inc., a Fannie Mae lender, on December 31, 2008. The Company drew down approximately $197.7 million in initial loans. The proceeds were used to retire approximately $185.6 million secured first mortgage debt that was due to mature in July 2009. The remaining proceeds were used to pay approximately $6.4 million in deferred financing and defeasance costs and to reduce the balance on the corporate revolving credit facility.

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The Company had $32.9 million outstanding on its credit facility, an increase of $21.4 million from the prior year end, and cash and cash equivalents totaling $9.0 million at December 31, 2008. Total debt outstanding at December 31, 2008, excluding unamortized debt premiums, was $474.0 million with 80.2% of the Company’s debt at fixed rates. Approximately $98.7 million or 22.4% of the Company mortgage debt is currently due to mature in December 2009. Management is currently engaged in negotiating replacement financing for this maturing debt. At the end of the quarter, the Company’s combined outstanding common stock and partnership units totaled 29.6 million.

Dividend

In January 2009 the Board of Directors adjusted the Company’s annual 2009 dividend target to $0.41 per share/unit from the previous rate of $0.82. Based on the January 2, 2009 closing common share price of $5.01, the 2009 estimated dividend represents an annual yield of 8.2%. The Company is expected to be able to retain approximately $12.0 million of cash flow in 2009 as a result of the new dividend policy, which will further strengthen its liquidity and balance sheet position.

On January 5, 2009, the Company declared its fourth quarter dividend of $0.1025 per share/unit, which is payable on February 16, 2009, to holders of record as of the close of business on January 30, 2009.

Earnings Guidance and Outlook

Based upon the Company’s current estimates, FFO per share/unit is expected to be in the range of $0.70 to $0.80 for the full year ending December 31, 2009. Education Realty Trust’s 2009 earnings guidance is based on the following assumptions:

• For the same apartment community portfolio, Fall 2009 Net Apartment Rent growth of 0.5% to 2%, operating expense growth of flat to 2%, and full year NOI growth of flat to 3.0%;

• For the former Place portfolio, Fall 2009 Net Apartment Rent growth of approximately 2% to 5%, annualized operating expense growth of flat to 2% and NOI growth of flat to 5.0%;

• Third-party development fees ranging between $5.0 to $5.5 million, excluding potential incentive development fees;

• Third-party management fees ranging from $3.0 to $3.5 million. This range reflects the loss of approximately $0.4 million related to the previously reported termination of a 5-property managed portfolio in October, 2008;

• 2009 corporate general and administrative expense of approximately $14.5 to $15.0 million;

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• Interest expense is expected to range between $26.0 and $26.5 million net of capitalized interest of $.5 to $1 million;

• Income taxes ranging from $1.0 to $1.5 million.

The impact of the following possible events has not been included in determining guidance for 2009:

• Defeasance or financing costs related to the refinancing of existing debt or credit facilities;

• Any dispositions, acquisitions, or additional wholly-owned developments;

• Any new management contracts.

Earnings Release Delay

The Company had previously delayed its fourth quarter and full year 2008 earnings release and conference call pending completion of an ongoing review of the Company’s accrual for certain state tax items. There were no financial statement adjustments as a result of completing this review

Conference Call

The Company will host a conference call for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Tuesday, March 17, 2009. The call will be hosted by Paul O. Bower, Chairman, President and Chief Executive Officer, and Randall H. Brown, Executive Vice President and Chief Financial Officer.

The conference call will be accessible by telephone and the Internet. To access the call, participants from within the U.S. may dial (800) 257-3401, and participants from outside the U.S. may dial (303) 262-2053. The passcode for this call is 11128034. 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 1:00 p.m. Eastern Time on March 17, 2009 through midnight Eastern Time on March 24, 2009. To access the replay, the domestic dial-in number is (800) 405-2236, the international dial-in number is (303) 590-3000, and the passcode is 11128034.

The archive of the webcast will be available on the Company’s Web site for a limited time.

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

Statements about the Company’s business that are not historical facts are “forward-looking statements.” Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our annual report on Form 10-K and under the caption “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and EDR 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.

About Education Realty Trust

Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the United States. Led by a team with over 200 years of shared industry experience, EDR is one of America’s largest owners and operators of collegiate student housing. Its portfolio includes 69 communities in 21 states with 41,329 owned and managed beds. For more information please visit the Company’s Web site at www.educationrealty.com.

Contact:
Brad Cohen or Ken Avalos
ICR, LLC
203-682-8211 or 203-682-8341
bcohen@icrinc.com or Ken.Avaols@icrinc.com

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EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)

	December 31, 2008			December 31, 2007
	(unaudited)
Assets
Student housing properties, net	$	733,507		$	732,979
Assets under development		6,572			5,675
Corporate office furniture, net		1,465			1,693
Cash and cash equivalents		9,003			4,034
Restricted cash		5,595			8,188
Student contracts receivable, net		533			329
Receivable from affiliates		25			18
Management fee receivable from third parties		401			606
Goodwill and other intangibles, net		3,111			3,531
Other assets		17,435			10,407
Total assets	$	777,647		$	767,460
Liabilities and stockholders’ equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	442,259		$	420,940
Revolving line of credit		32,900			11,500
Accounts payable and accrued expenses		10,605			11,092
Accounts payable affiliate		—			60
Deferred revenue		9,954			7,928
Total liabilities		495,718			451,520
Minority interest		14,669			18,121
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,475,855 and 28,431,855 shares issued and outstanding at December 31, 2008 and December 31, 2007, respectively		285			284
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding		—			—
Additional paid-in capital		308,356			330,969
Accumulated deficit		(41,381	)		(33,434	)
Total stockholders’ equity		267,260			297,819
Total liabilities and stockholders’ equity	$	777,647		$	767,460

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EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Unaudited

	Three months ended			Three months ended
	December 31, 2008			December 31, 2007
Revenues:
Student housing leasing revenue	$	29,737		$	23,270
Student housing food service revenue		574			615
Other leasing revenue		200			3,434
Third-party development services		2,079			2,057
Third-party management services		995			944
Operating expense reimbursements		2,604			2,275
Total revenues		36,189			32,595
Operating expenses:
Student housing leasing operations		12,505			9,988
Student housing food service operations		529			553
General and administrative		4,481			3,772
Depreciation and amortization		7,521			8,214
Loss on impairment		2,021			—
Reimbursable operating expenses		2,604			2,275
Total operating expenses		29,661			24,802
Operating income		6,528			7,793
Nonoperating expenses:
Interest expense		6,673			6,281
Amortization of deferred financing costs		252			244
Interest income		(106	)		(139	)
Loss on early retirement of debt		4,360			—
Total nonoperating expenses		11,179			6,386
Income (loss) before equity in earnings of unconsolidated entities, income taxes, minority interest, and discontinued operations		(4,651	)		1,407
Equity in earnings of unconsolidated entities		27			(32	)
Income (loss) before income taxes, minority interest, and discontinued operations		(4,624	)		1,375
Income tax expense		241			361
Net income (loss) before minority interest and discontinued operations		(4,865	)		1,014
Minority interest		30			302
Income (loss) from continuing operations		(4,895	)		712
Loss from discontinued operations, net of minority interest		—			(29	)
Net income (loss)	$	(4,895	)	$	683
Earnings per share information:
Income/(loss) per share — basic
Continuing operations	$	(0.17	)	$	0.02
Discontinued operations		—			—
Net income/(loss) per share	$	(0.17	)	$	0.02
Income/(loss) per share — diluted
Continuing operations	$	(0.17	)	$	0.02
Discontinued operations		—			—
Net income/(loss) per share	$	(0.17	)	$	0.02
Weighted-average common shares outstanding — basic		28,471,352			28,427,352
Weighted-average common shares outstanding — diluted		28,471,352			29,610,846

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EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)

	Year ended			Year ended
	December 31, 2008			December 31, 2007
	(unaudited)
Revenues:
Student housing leasing revenue	$	107,566		$	85,651
Student housing food service revenue		2,378			2,359
Other leasing revenue		7,145			13,811
Third-party development services		8,303			5,411
Third-party management services		3,672			3,391
Operating expense reimbursements		10,796			9,330
Total revenues		139,860			119,953
Operating expenses:
Student housing leasing operations		55,569			41,215
Student housing food service operations		2,257			2,236
General and administrative		16,348			14,561
Depreciation and amortization		29,417			32,223
Loss on impairment		2,021			—
Reimbursable operating expenses		10,796			9,330
Total operating expenses		116,408			99,565
Operating income		23,452			20,388
Nonoperating expenses:
Interest expense		25,229			26,957
Amortization of deferred financing costs		992			1,036
Interest income		(373	)		(492	)
Loss on early retirement of debt		4,360			174
Total nonoperating expenses		30,208			27,675
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest, and discontinued operations		(6,756	)		(7,287	)
Equity in earnings of unconsolidated entities		(196	)		(277	)
Loss before income taxes, minority interest, and discontinued operations		(6,952	)		(7,564	)
Income tax expense		1,123			258
Net loss before minority interest and discontinued operations		(8,075	)		(7,822	)
Minority interest		(128	)		(39	)
Loss from continuing operations		(7,947	)		(7,783	)
Discontinued operations: (1)
Income from discontinued operations, net of minority interest		—			788
Gain on sale of student housing property, net of minority interest		—			1,579
Income from discontinued operations		—			2,367
Net loss	$	(7,947	)	$	(5,416	)
Earnings per share information:
Income (loss) per share — basic & diluted:
Continuing operations	$	(0.28	)	$	(0.28	)
Discontinued operations		—			0.08
Net loss per share	$	(0.28	)	$	(0.20	)
Weighted-average common shares outstanding — basic & diluted		28,455,713			28,010,144

(1) Student housing properties that are designated as held for sale and/or sold during a period are included in discontinued operations. For the year ended December 31, 2007, the operating results of The Village on Tharpe are included in discontinued operations net of minority interest.

12

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
CALCULATION OF FFO
(Amounts in thousands, except share and per share data)
Unaudited

	Three months ended					Year ended
	December 31,					December 31,
	2008			2007		2008			2007
Net loss	$	(4,895	)	$	683	$	(7,947	)	$	(5,416	)
Gain on sale of student housing property, net of minority interest		—			—		—			(1,579	)
Loss on sale of student housing assets		—			—		512			—
Real estate related depreciation and amortization		7,324			8,147		28,819			31,780
Equity portion of real estate depreciation and amortization on equity investees		125			85		496			424
Depreciation and amortization of discontinued operations		—			—		—			711
Minority interest		30			300		(128	)		(6	)
Funds from operations (“FFO”)	$	2,584		$	9,215	$	21,752		$	25,914
Elimination of impairment and refinancing charges:
Development cost write-off, net of tax	$	417		$	—	$	417		$	—
Loss on impairment		2,021			—		2,021			—
Loss on early retirement of debt		4,360			—		4,360			—
Impact of impairment and refinancing charges	$	6,798			—	$	6,798			—
Funds from operations — adjusted (“FFOA”)	$	9,382		$	9,215	$	28,550		$	25,914
FFO per weighted average share/unit (1)	$	0.09		$	0.31	$	0.73		$	0.88
FFOA per weighted average share/unit (1)	$	0.31		$	0.31	$	0.96		$	0.88
Weighted average shares/units (1)		29,872,207			29,887,513		29,867,388			29,466,229

Notes:

(1)	- Funds from operations (FFO) per weighted average share/unit was computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.
	FFO is an important supplemental measure of operating performance for EDR. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that when compared year over year, reflects the impact to operations from trends in occupancy rate, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.
	For a definition of FFO and a statement by management regarding the reasons for and significance of reporting FFO as a measure of performance, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in the EDR annual report on Form 10-K for the year ended December 31, 2008.

13

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
2009 GUIDANCE — RECONCILIATION OF FFO
(Amounts in thousands, except share and per share data)
Unaudited

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

	Year ending December 31, 2009
	Low End			High End
FFO guidance:
Net loss	$	(8,750	)	$	(5,358	)
Add (subtract):
Real estate related depreciation and amortization		28,865			28,865
Minority interest		699			565
Funds from operations (“FFO”)	$	20,814		$	24,072
FFO per weighted average share/unit	$	0.70		$	0.80
Weighted average shares/units		29,904,000			29,904,000

FFO is an important supplemental measure of operating performance for EDR. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that when compared year over year, reflects the impact to operations from trends in occupancy rate, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

For a definition of FFO and a statement by management regarding the reasons for and significance of reporting FFO as a measure of performance, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in the EDR annual report on Form 10-K for the year ended December 31, 2008.

14

EX-99.2

Exhibit 99.2

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2008
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations — Three Months Ended December 31,	3
Condensed Consolidated Statements of Operations — Year Ended December 31,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results — Three Months Ended December 31,	6
Community Operating Results — Year Ended December 31,	7
Preleasing Statistics	8
Consolidated Community Statistics — Owned and Operated	9
Same Apartment Community Statistics	10
University Towers Residence Hall Statistics	11
Place Portfolio Community Statistics	12
Third-Party Development Project Summary	13
Capital Structure	14
Community Listing — Owned and Operated	15
Definitions	16

EDUCATION REALTY TRUST, INC.

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

	Three months ended December 31,											Year ended December 31,
	2008			2007		$ Chg			% Chg			2008			2007			$ Chg			% Chg
	(unaudited)			(unaudited)
Total revenues	$	36,189		$	32,595	$	3,594			11.0	%	$	139,860		$	119,953		$	19,907			16.6	%
Operating income		6,528			7,793		(1,265	)		-16.2	%		23,452			20,388			3,064			15.0	%
Income (loss) from continuing operations		(4,895	)		712		(5,607	)	NM				(7,947	)		(7,783	)		(164	)		-2.1	%
Net income (loss)		(4,895	)		683		(5,578	)	NM				(7,947	)		(5,416	)		(2,531	)		-46.7	%
Net income (loss) per share — basic & diluted	$	(0.17	)	$	0.02	$	(0.20	)	NM			$	(0.28	)	$	(0.20	)	$	(0.08	)		-43.0	%
Weighted-average common shares outstanding — basic		28,471,352			28,427,352								28,455,713			28,010,144
Weighted-average common shares outstanding — diluted		28,471,352			29,610,846								28,455,713			28,010,144
Funds from operations (FFO)	$	2,584		$	9,215	$	(6,631	)		-72.0	%	$	21,752		$	25,914		$	(4,162	)		-16.1	%
FFO per weighted average share/unit (4)	$	0.09		$	0.31	$	(0.22	)		-71.0	%	$	0.73		$	0.88		$	(0.15	)		-17.0	%
Funds from operations adjusted (FFOA)	$	9,382		$	9,215	$	167			1.8	%	$	28,550		$	25,914		$	2,636			10.2	%
FFOA per weighted average share/unit (4)	$	0.31		$	0.31	$	—			0.0	%	$	0.96		$	0.88		$	0.08			9.1	%
Weighted average shares/units (4)		29,872,207			29,887,513								29,867,388			29,466,229

Total Debt to Gross Assets
Total Debt (1)	$	473,956
Total Gross Assets (2)	$	891,737
Total Debt to Gross Assets		53.1	%

Capitalization Data as of: December 31, 2008
Total debt (1)	$	473,956
Market equity (3)		154,700
Total enterprise value	$	628,656
Debt to total enterprise value		75.4	%

Notes:
(1)	Excludes debt premium of $1.2 million.
(2)	Excludes accumulated depreciation of $114,090 for the year ended December 31, 2008.
(3)	Market equity represents the aggregate market value of the Company’s common stock outstanding, restricted shares and operating partnership units, calculated at the closing price per common share of $5.22 at December 31, 2008. Excludes 275,000 Profits Interest Units outstanding.
(4)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.

1

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except share and per share data)

	December 31, 2008			December 31, 2007
Assets
Student housing properties, net (1)	$	733,507		$	732,979
Assets under development		6,572			5,675
Corporate office furniture and equipment, net		1,465			1,693
Cash and cash equivalents		9,003			4,034
Restricted cash		5,595			8,188
Student contracts receivable, net		533			329
Receivable from affiliates		25			18
Receivable from third party management contracts		401			606
Goodwill and other intangibles, net		3,111			3,531
Other assets		17,435			10,407
Total assets	$	777,647		$	767,460
Liabilities and stockholders’ equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	442,259		$	420,940
Revolving line of credit		32,900			11,500
Accounts payable and accrued expenses		10,605			11,092
Accounts payable affiliate		—			60
Deferred revenue		9,954			7,928
Total liabilities		495,718			451,520
Minority interest		14,669			18,121
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,475,855 and 28,431,855 shares issued and outstanding December 31, 2008 and December 31, 2007, respectively		285			284
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		308,356			330,969
Accumulated deficit		(41,381	)		(33,434	)
Total stockholders’ equity		267,260			297,819
Total liabilities and stockholders’ equity	$	777,647		$	767,460

(1) Amount is net of accumulated depreciation of $114,090 and $86,209 as of December 31, 2008 and December 31, 2007, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED DECEMBER 31,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	29,737		$	23,270		$	6,467			27.8	%
Student housing food service revenue		574			615			(41	)		-6.7	%
Other leasing revenue		200			3,434			(3,234	)		-94.2	%
Third-party development services		2,079			2,057			22			1.1	%
Third-party management services		995			944			51			5.4	%
Operating expense reimbursements		2,604			2,275			329			14.5	%
Total revenues		36,189			32,595			3,594			11.0	%
Operating expenses:
Student housing leasing operations		12,505			9,988			2,517			25.2	%
Student housing food service operations		529			553			(24	)		-4.3	%
General and administrative		4,481			3,772			709			18.8	%
Depreciation and amortization		7,521			8,214			(693	)		-8.4	%
Loss on impairment		2,021			—			2,021		NM
Reimbursable operating expenses		2,604			2,275			329			14.5	%
Total operating expenses		29,661			24,802			4,859			19.6	%
Operating income		6,528			7,793			(1,265	)		-16.2	%
Nonoperating expenses:
Interest expense		6,673			6,281			392			6.2	%
Amortization of deferred financing costs		252			244			8			3.3	%
Interest income		(106	)		(139	)		(33	)		-23.7	%
Loss on extinguishment of debt		4,360			—			(4,360	)	NM
Total nonoperating expenses		11,179			6,386			4,793			75.1	%
Income/(loss) before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(4,651	)		1,407			(6,058	)	NM
Equity in earnings of unconsolidated entities		27			(32	)		59		NM
Income/(loss) before income taxes, minority interest and discontinued operations		(4,624	)		1,375			(5,999	)	NM
Income tax expense		241			361			(120	)		-33.2	%
Net income/(loss) before minority interest and discontinued operations		(4,865	)		1,014			(5,879	)	NM
Minority interest		30			302			(272	)		-90.1	%
Income/(loss) from continuing operations		(4,895	)		712			(5,607	)	NM
Loss from discontinued operations, net of minority interest		—			(29	)		29		NM
Net income/(loss)	$	(4,895	)	$	683		$	(5,578	)	NM
Earnings per share information:
Income/(loss) per share — basic
Continuing operations	$	(0.17	)	$	0.02		$	(0.20	)
Discontinued operations		—			—			—
Net income/(loss) per share	$	(0.17	)	$	0.02		$	(0.20	)
Income/(loss) per share — diluted
Continuing operations	$	(0.17	)	$	0.02
Discontinued operations		—			—
Net income/(loss) per share	$	(0.17	)	$	0.02
Weighted-average common shares outstanding — basic		28,471,352			28,427,352
Weighted-average common shares outstanding — diluted		28,471,352			29,610,846

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — YEAR ENDED DECEMBER 31,

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

	2008			2007			$ Change			% Change
Revenues:
Student housing leasing revenue	$	107,566		$	85,651		$	21,915			25.6	%
Student housing food service revenue		2,378			2,359			19			0.8	%
Other leasing revenue		7,145			13,811			(6,666	)		-48.3	%
Third-party development services		8,303			5,411			2,892			53.4	%
Third-party management services		3,672			3,391			281			8.3	%
Operating expense reimbursements		10,796			9,330			1,466			15.7	%
Total revenues		139,860			119,953			19,907			16.6	%
Operating expenses:
Student housing leasing operations		55,569			41,215			14,354			34.8	%
Student housing food service operations		2,257			2,236			21			0.9	%
General and administrative		16,348			14,561			1,787			12.3	%
Depreciation and amortization		29,417			32,223			(2,806	)		-8.7	%
Loss on impairment		2,021			—			2,021		NM
Reimbursable operating expenses		10,796			9,330			1,466			15.7	%
Total operating expenses		116,408			99,565			16,843			16.9	%
Operating income		23,452			20,388			3,064			15.0	%
Nonoperating expenses:
Interest expense		25,229			26,957			(1,728	)		-6.4	%
Amortization of deferred financing costs		992			1,036			(44	)		-4.2	%
Interest income		(373	)		(492	)		(119	)		-24.2	%
Loss on extinguishment of debt		4,360			174			(4,186	)	NM
Total nonoperating expenses		30,208			27,675			2,533			9.2	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(6,756	)		(7,287	)		531			7.3	%
Equity in earnings of unconsolidated entities		(196	)		(277	)		81			29.2	%
Loss before income taxes, minority interest and discontinued operations		(6,952	)		(7,564	)		612			8.1	%
Income tax expense		1,123			258			865			335.3	%
Net loss before minority interest and discontinued operations		(8,075	)		(7,822	)		(253	)		-3.2	%
Minority interest		(128	)		(39	)		(89	)		-228.2	%
Loss from continuing operations		(7,947	)		(7,783	)		(164	)		-2.1	%
Discontinued operations:
Income from discontinued operations, net of minority interest		—			788			(788	)	NM
Gain on sale of student housing property, net of minority interest		—			1,579			(1,579	)	NM
Income from discontinued operations		—			2,367			(2,367	)	NM
Net loss	$	(7,947	)	$	(5,416	)	$	(2,531	)		-46.7	%
Earnings per share information:
Income (loss) per share — basic & diluted
Continuing operations	$	(0.28	)	$	(0.28	)	$	(0.00	)
Discontinued operations		—			0.08			(0.08	)
Net loss per share	$	(0.28	)	$	(0.20	)	$	(0.08	)
Weighted-average common shares outstanding — basic & diluted		28,455,713			28,010,144

NOTE:

The operating results for The Village on Tharpe, which was designated as held for sale in the second quarter of 2007, are included in discontinued operations in the prior year.

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

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

	Three months ended December 31,					Year ended December 31,
	2008			2007		2008			2007
Net income (loss)	$	(4,895	)	$	683	$	(7,947	)	$	(5,416	)
Gain on sale of student housing property, net of minority interest		—			—		—			(1,579	)
Loss on sale of student housing assets (2)		—			—		512			—
Real estate related depreciation and amortization		7,324			8,147		28,819			31,780
Equity portion of real estate depreciation and amortization on equity investees		125			85		496			424
Depreciation and amortization of discontinued operations		—			—		—			711
Minority interest		30			300		(128	)		(6	)
Funds from operations (“FFO”)	$	2,584		$	9,215	$	21,752		$	25,914
Elimination of impairment and refinancing charges:
Development cost write-off, net of tax	$	417		$	—	$	417		$	—
Loss on impairment		2,021			—		2,021			—
Gain/loss on extinguishment of debt		4,360			—		4,360			—
Impact of impairment and refinancing charges	$	6,798		$	—	$	6,798		$	—
Funds from operations — adjusted (“FFOA”)	$	9,382		$	9,215	$	28,550		$	25,914
FFO per weighted average share/unit (1)	$	0.09		$	0.31	$	0.73		$	0.88
FFOA per weighted average share/unit (1)	$	0.31		$	0.31	$	0.96		$	0.88
Weighted average shares/units (1)		29,872,207			29,887,513		29,867,388			29,466,229

Notes:
(1)	Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.
(2)	Represents the loss on sale of land and parking garage at University Towers.

5

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — THREE MONTHS ENDED DECEMBER 31,
(Amounts in thousands, unaudited)

	2008		2007		$ Change			% Change
Revenues
Same apartment community	$	21,593	$	21,348	$	245			1.1	%
University Towers — residence hall		1,879		1,922		(43	)		-2.2	%
New community		779		—		779			N/A
Place Portfolio		5,486		—		5,486			N/A
Total community revenue		29,737		23,270		6,467			27.8	%
Operating expenses (1)
Same apartment community		8,943		9,527		(584	)		-6.1	%
University Towers — residence hall		406		461		(55	)		-11.9	%
New community		306		—		306			N/A
Place Portfolio		2,850		—		2,850			N/A
Total community operating expenses		12,505		9,988		2,517			25.2	%
Net operating income
Same apartment community		12,650		11,821		829			7.0	%
University Towers — residence hall		1,473		1,461		12			0.8	%
New community		473		—		473			N/A
Place Portfolio		2,636		—		2,636			N/A
Total community net operating income	$	17,232	$	13,282	$	3,950			29.7	%

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

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — YEAR ENDED DECEMBER 31,
(Amounts in thousands, unaudited)

	2008		2007		$ Change			% Change
Revenues
Same apartment community	$	81,492	$	80,327	$	1,165			1.5	%
University Towers — residence hall		5,395		5,324		71			1.3	%
New community		1,194		—		1,194			N/A
Place Portfolio (2)		19,485		—		19,485			N/A
Total community revenue		107,566		85,651		21,915			25.6	%
Operating expenses (1)
Same apartment community		40,725		39,283		1,442			3.7	%
University Towers — residence hall		2,364		1,932		432			22.4	%
New community		635		—		635			N/A
Place Portfolio (2)		11,845		—		11,845			N/A
Total community operating expenses		55,569		41,215		14,354			34.8	%
Net operating income
Same apartment community		40,767		41,044		(277	)		-0.7	%
University Towers — residence hall		3,031		3,392		(361	)		-10.6	%
New community		559		—		559			N/A
Place Portfolio (2)		7,640		—		7,640			N/A
Total community net operating income	$	51,997	$	44,436	$	7,561			17.0	%

(1)	Represents community-level operating expenses excluding management fees, depreciation and amortization.
(2)	Information for the Place Portfolio covers the period since termination of the lease on February 1, 2008.

NOTE:

Schedule does not include The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in the prior year.

7

EDUCATION REALTY TRUST, INC.

Preleasing Statistics — as of March 12

	Fall 2009												2008
	Design		Applied**					Leased					Design		Applied**					Leased
	Beds		Beds		%			Beds		%			Beds		Beds		%			Beds		%
Same apartment portfolio — core		14,988		7,650		51.0	%		6,503		43.4	%		14,988		7,759		51.8	%		6,475		43.2	%
Properties in stressed markets *		2,628		960		36.5	%		810		30.8	%		2,628		885		33.7	%		659		25.1	%
Total same apartment portfolio		17,616		8,610		48.9	%		7,313		41.5	%		17,616		8,644		49.1	%		7,134		40.5	%
University Towers — residence hall		953		747		78.4	%		574		60.2	%		953		842		88.4	%		671		70.4	%
Total same community portfolio		18,569		9,357		50.4	%		7,887		42.5	%		18,569		9,486		51.1	%		7,805		42.0	%
Place Portfolio		5,894		2,388		40.5	%		1,939		32.9	%		5,894		2,086		35.4	%		1,606		27.2	%
Total owned properties		24,463		11,745		48.0	%		9,826		40.2	%		24,463		11,572		47.3	%		9,411		38.5	%
Joint venture portfolio		2,195		923		42.1	%		705		32.1	%		2,195		1,208		55.0	%		855		39.0	%
Same apartments — managed, not owned		9,827		6,838		69.6	%		4,935		50.2	%		9,243		6,838		74.0	%		5,410		58.5	%
Total same community, owned, joint venture & managed		36,485		19,506		53.5	%		15,466		42.4	%		35,901		19,618		54.6	%		15,676		43.7	%
New development — less than one year		1,200		360		30.0	%		285		23.8	%		528		271		51.3	%		201		38.1	%
New managed — less than one year		1,101		707		64.2	%		576		52.3	%		770		531		69.0	%		529		68.7	%

*	Three properties in markets with temporary imbalances of supply or demand: 636-beds in Oxford, MS; 1,116-beds in Gainesville, FL; 876-beds in Kalamazoo, MI.
**	An application is defined as a signed student lease without the receipt of an executed parental guarantee, which can take time to obtain.

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EDUCATION REALTY TRUST, INC.

CONSOLIDATED COMMUNITY STATISTICS — OWNED AND OPERATED

	Three Months Ended December 31,									Year Ended December 31,
	2008			2007			Difference			2008 (2)			2007			Difference
Occupancy
Physical		90.5	%		95.9	%		-5.4	%		90.3	%		93.5	%		-3.2	%
Economic		91.3	%		97.2	%		-5.9	%		87.1	%		90.9	%		-3.8	%
NarPAB	$	372		$	393		$	(21	)	$	349		$	360		$	(11	)
Other income per avail. Bed	$	24		$	24		$	0		$	22		$	24		$	(2	)
RevPAB	$	396		$	417		$	(21	)	$	371		$	384		$	(13	)
Operating expense per bed	$	167		$	179		$	(12	)	$	190	(1)	$	185		$	5
Operating margin		58.0	%		57.1	%		0.9	%		48.8	%(1)		51.9	%		-3.1	%
Design Beds		74,973			55,713			19,260			290,312			222,852			67,460

(1)	Operating expense statistics exclude approximately $2 per bed related to the loss on the sale of land and the parking garage at University Towers. The loss of $512,184 is included in our statements of operations.
(2)	2008 data includes the results of operating the Place Portfolio since the termination of the lease on February 1, 2008.

NOTE:

Operating statistics exclude The Village on Tharpe, which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in the prior year in our statement of operations.

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EDUCATION REALTY TRUST, INC.

SAME APARTMENT COMMUNITY STATISTICS

	Three Months Ended December 31,									Year Ended December 31,
	2008			2007			Difference			2008			2007			Difference
Occupancy
Physical		92.8	%		95.7	%		-2.9	%		93.1	%		94.5	%		-1.4	%
Economic		93.9	%		97.0	%		-3.1	%		91.3	%		93.2	%		-1.9	%
NarPAB	$	382		$	382		$	0		$	364		$	360		$	4
Other income per avail. Bed	$	27		$	22		$	5		$	22		$	20		$	2
RevPAB	$	409		$	404		$	5		$	386		$	380		$	6
Operating expense per bed	$	169		$	180		$	(11	)	$	193		$	186		$	7
Operating margin		58.6	%		55.4	%		3.2	%		50.0	%		51.1	%		-1.1	%
Design Beds		52,848			52,854			(6	)		211,402			211,416			(14	)

NOTE:

- University Towers residence hall statistics are shown separately.

- Operating statistics exclude The Village on Tharpe which was designated as held for sale in the second quarter of 2007 and included in discontinued operations in the prior year.

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EDUCATION REALTY TRUST, INC.

UNIVERSITY TOWERS RESIDENCE HALL STATISTICS

	Three Months Ended December 31,									Year Ended December 31,
	2008			2007			Difference			2008			2007			Difference
Occupancy
Physical		99.8	%		99.4	%		0.4	%		75.5	%		74.7	%		0.8	%
Economic		100.8	%		104.4	%		-3.6	%		64.1	%		62.2	%		1.9	%
NarPAB	$	638		$	609		$	29		$	393		$	353		$	40
Other income per avail. Bed	$	19		$	63		$	(44	)	$	79		$	112		$	(33	)
RevPAB	$	657		$	672		$	(15	)	$	472		$	465		$	7
Operating expense per bed	$	142		$	161		$	(19	)	$	162	(1)	$	169		$	(7	)
Operating margin		78.4	%		76.0	%		2.4	%		65.6	%(1)		63.7	%		1.9	%
Design Beds		2,859			2,859			—			11,436			11,436			—

(1) Operating expense statistics exclude approximately $45 per bed related to the loss on the sale of land and the parking garage at University Towers. The loss of $512,184 is included in our statements of operations.

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EDUCATION REALTY TRUST, INC.

PLACE PORTFOLIO COMMUNITY STATISTICS

	Three Months Ended			Year Ended
	December 31, 2008			December 31, 2008
Occupancy
Physical		81.3	%		83.3	%
Economic		79.0	%		78.9	%
NarPAB	$	293		$	289
Other income per avail. Bed	$	17		$	12
RevPAB	$	310		$	301
Operating expense per bed	$	161		$	183
Operating margin		48.0	%		39.2	%
Design Beds		17,682			64,834

NOTE:

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

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EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY
(Amounts in ‘000s)

	Three months ended								Year ended
	December 31,			December 31,					December 31,			December 31,
	2008			2007		Change			2008			2007		Change
Third-party development services revenue	$	2,079		$	2,057	$	22		$	8,303		$	5,411	$	2,892
Equity in earnings of development joint ventures		(2	)		12		(14	)		(4	)		233		(237	)
	$	2,077		$	2,069	$	8		$	8,299		$	5,644	$	2,655

CURRENT AND RECENTLY COMPLETED PROJECTS

															Fees Earned
															Twelve Months				Fees Paid
				Project		Total							Fees Earned		Ended				Through
			Completion	Development		Project		EDR %			EDR Project		Prior to		December 31,		Remaining		December 31,
Project	Bed Count		Date	Cost		Fees		of fees			Fees		2008		2008 (1)		Fees to Earn		2008
University of Michigan, Ann Arbor		896	Aug ‘08, May ‘09 (2)				1,350		100	%		1,350		852		314		184		1,131
Slippery Rock University Phase II		746	August 2008		47,300		2,085		100	%		2,085		1,067		1,018		—		2,085
Indiana University of Pennsylvania Phase II		1,102	August 2008		68,817		2,479		100	%		3,719		1,378		2,341		—		3,719
Fontainebleu		435	June 2009		7,227		275		100	%		275		10		190		75		155
West Chester University of Pennsylvania Phase I		1,197	August 2009		94,498		3,407		100	%		3,407		—		2,033		1,374		1,943
Indiana University of Pennsylvania Phase III		1,084	August 2009		61,904		2,190		100	%		2,190		—		1,339		851		1,312
Colorado State University — Pueblo Phase I		253	August 2009		15,631		696		100	%		696		—		234		462		420
		5,713		$	295,377						$	13,722	$	3,307	$	7,469	$	2,946	$	10,765

RECENTLY AWARDED PROJECTS (3)

	Estimated		Estimated	Estimated	Project		Total
	Bed		Start	Completion	Development		Project		EDR %			Total
Project	Count		Date	Date	Cost		Fees		of Fees			EDR Fees
Indiana University of Pennsylvania Phase IV		596	May 2009	August 2010		35,141		1,241		100	%		1,241
SUNY College of Env. Science & Forestry		340	June 2010	August 2011		23,246		1,140		100	%		1,140
Colorado State University — Pueblo (Bldgs 2 & 3)		500	July 2009	August 2010		35,169		1,637		100	%		1,637
East Stroudsburg University — Pennsylvania		984	July 2009	August 2010		61,562		2,602		100	%		2,602
		2,420			$	155,118	$	6,620				$	6,620

(1)	Represents fees earned, which will vary from income recognized by EDR due to joint venture expenses which are included in the equity in earnings of joint ventures. Development fees are recognized on the percentage completion method based on construction costs. In addition, revenue related to inactive development projects in the amount of $852 is not included in this schedule.
(2)	The project includes three buildings, one was completed in August 2008 and two additional buildings are expected to be completed in May 2009. Specific information on project development costs are omitted as this project is for a private ownership group.
(3)	The initiation and completion of an awarded development project is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining adequate financing.

13

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE
As of December 31, 2008
(dollars in thousand)

Total Debt to Gross Assets
Total Debt (1)	473,956
Total Gross Assets (2)	891,737
Total Debt to Gross Assets	53	%

Total Debt to Enterprise Value
Total Debt (1)	$	473,956	75.4	%
Total Market Equity (3)		154,700	24.6	%
Total Enterprise Value	$	628,656	100	%

	Principal		Weighted Average						Average Term
Total Debt Outstanding	Outstanding		Interest Rate			%			to Maturity
Fixed Rate — Mortgage Debt (1)	$	380,090		6.11	%		80.2	%		4.82	years
Variable Rate — Mortgage Debt		60,378		3.66	%		12.7	%		4.74	years
Variable Rate — Construction Debt		588		3.07	%		0.1	%		3.90	years
Variable Rate — Corporate Credit Facility		32,900		2.78	%		6.9	%		0.05	years
Total / Weighted Average	$	473,956		5.56	%		100.0	%		4.48	years

Mortgage and Construction Debt Maturity
Fiscal Yr Ending
Ending
2009	$	101,631	23.1	%
2010		3,448	0.8	%
2011		3,765	0.9	%
2012		78,417	17.8	%
2013		32,488	7.4	%
Thereafter		221,307	50.2	%
Total	$	441,056	100.0	%
Unamortized debt premium		1,203
Total, net of debt premium	$	442,259

	12 Months Ended
	December 31, 2008 (5)
Interest expense (4)	$	26,836
Interest coverage		2.07
Fixed charge coverage		1.75

(1)	Excludes unamortized debt premium of $1.2 million.
(2)	Excludes accumulated depreciation of $114,090 for the year ended December 31, 2008.
(3)	Market equity represents the aggregate market value of the Company’s common stock outstanding, restricted shares and operating partnership units, calculated at the closing price per common share of $5.22 at December 31, 2008. Excludes 275,000 Profits Interest Units outstanding.
(4)	Excludes amortization of debt premium/discount, includes the Company’s portion of interest on equity investees, and is gross of capitalized interest related to development projects.
(5)	Amounts are calculated in compliance with the terms of our existing credit facility, on a trailing 12 month basis.

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EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING — OWNED AND OPERATED

Name	Primary University Served	Acquisition Date	# of Beds
NorthPointe	University of Arizona	Jan ’05		912
The Reserve at Athens	University of Georgia	Jan ’05		612
The Reserve at Clemson	Clemson University	Jan ’05		590
Players Club	Florida State University	Jan ’05		336
The Gables	Western Kentucky University	Jan ’05		288
College Station	Augusta State University	Jan ’05		203
University Towers	North Carolina State University	Jan ’05		953
The Pointe at South Florida	University of South Florida	Jan ’05		1,002
Commons at Knoxville	University of Tennessee	Jan ’05		708
The Commons	Florida State University	Jan ’05		732
The Reserve on Perkins	Oklahoma State University	Jan ’05		732
The Reserve at Star Pass	University of Arizona	Jan ’05		1,020
The Pointe at Western	Western Michigan University	Jan ’05		876
College Station at W. Lafayette	Purdue University	Jan ’05		960
Commons on Kinnear	The Ohio State University	Jan ’05		502
The Pointe	Pennsylvania State University	Jan ’05		984
The Reserve at Columbia	University of Missouri	Jan ’05		676
The Reserve on Frankford	Texas Tech University	Jan ’05		737
The Lofts	University of Central Florida	Jan ’05		730
The Reserve on West 31st	University of Kansas	Jan ’05		720
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		1,116
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		528
Sub-Total				19,097
Berkeley Place	Clemson University	Jan ’06		480
Clemson Place	Clemson University	Jan ’06		288
Cape Place	Southeast MO State University	Jan ’06		360
The Reserve at Martin	University of TN at Martin	Jan ’06		384
The Chase at Murray	Murray State	Jan ’06		408
Western Place	Western Kentucky University	Jan ’06		504
Carrolton Place	University of West GA	Jan ’06		336
Clayton Place	Clayton State University	Jan ’06		854
The Reserve at Jacksonville	Jacksonville State University	Jan ’06		504
Macon Place	Macon State College	Jan ’06		336
River Place	University of West GA	Jan ’06		504
Troy Place	Troy University	Jan ’06		408
The Pointe at Southern	Georgia Southern University	Jan ’06		528
Sub-Total Place Portfolio				5,894
Total owned and operated beds				24,991

15

EDUCATION REALTY TRUST, INC.

DEFINITIONS

Physical occupancy

Represents a weighted average of the month end occupancies for each month included in the period reported.

Economic occupancy

Represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the respective period divided by potential rent for the respective period.

Net apartment rent per available bed (NarPAB)

Represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported. Does not include food service revenue.

Other income per available bed

Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

Revenue per available bed (RevPAB)

Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in in the portfolio for each month included in the period reported.

Operating expense per bed

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

Design beds

Represents the sum of the monthly design beds in the portfolio during the period, excluding the Place properties portfolio.

Same community

Includes communities that have been owned for more than a year as of the beginning of the current period being reported.

16