Education Realty Trust, Inc. - FORM 8-K - EX-99.2

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8-K - 8-K - Education Realty Trust, Inc.	v212493_8k.htm
EX-99.1 - EX-99.1 - Education Realty Trust, Inc.	v212493_ex99-1.htm

EDUCATION REALTY TRUST, INC.

FOURTH QUARTER 2010

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

Financial Highlights	1

Balance Sheet	2

Operating Results	3

General and Administrative Expense Detail	4

Funds From Operations	5

Wholly-Owned Community Operating Results	6

Wholly-Owned Community Statistics	7

Same-Community Statistics	8

Preleasing Statistics	9

Development Update	10

Capital Structure	11

Proforma Capital Structure	12

Community Listing - Wholly-Owned	13

Investor Information	14

Definitions	15

Safe Harbor Statement	16

EDUCATION REALTY TRUST, INC.

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

OPERATING DATA:
	Three months ended December 31,												Year ended December 31,
	2010			2009			$ Chg			% Chg			2010			2009			$ Chg			% Chg
	(unaudited)			(unaudited)									(unaudited)
Same-community revenue	$	25,765		$	24,964		$	801			3.2	%	$	88,551		$	88,917		$	(366	)		-0.4	%
Total Community revenue		27,381			25,757			1,624			6.3	%		99,389			96,822			2,567			2.7	%
Total revenue		32,545			31,484			1,061			3.4	%		119,580			117,943			1,637			1.4	%

Same-community net operating income		14,961			14,746			215			1.5	%		45,160			45,567			(407	)		-0.9	%
Total Community net operating income		15,840			15,008			832			5.5	%		50,959			48,933			2,026			4.1	%
Total operating income		3,373			6,649			(3,276	)	NM				4,924			18,556			(13,632	)	NM

Net loss		(1,818	)		(535	)		(1,283	)	NM				(42,058	)		(7,255	)		(34,803	)	NM
Per share - basic & diluted		(0.03	)		(0.01	)		(0.02	)	NM				(0.73	)		(0.18	)		(0.55	)	NM

Funds from operations (FFO)		5,542			7,293			(1,751	)		-24.0	%		(12,346	)		21,943			(34,289	)		NM
Per weighted average share/unit (1)		0.09			0.13			(0.04	)		-30.8	%		(0.21	)		0.52			(0.73	)		NM

Core funds from operations (Core FFO)		9,478			10,466			(988	)		-9.4	%		26,045			24,286			1,759			7.2	%
Per weighted average share/unit (1)	$	0.16		$	0.18		$	(0.02	)		-11.1	%	$	0.44		$	0.58		$	(0.14	)		-24.1	%

BALANCE SHEET DATA:
				12/31/2010
	12/31/2010			Proforma (2)			12/31/2009
Debt to gross assets		41.5	%		35.5	%		42.9	%
Net debt to enterprise value		43.9	%		29.2	%		57.2	%
Interest coverage ratio (TTM)		2.2						2.0

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

(2)	Represents proforma 12/31/2010 balance sheet data adjusted for the effect of the follow-on equity offering, completion of the Place asset sales and paydown of the remaining variable rate mortgage debt, all of which occurred subsequent to 12/31/2010.

EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	December 31, 2010			December 31, 2009
	(unaudited)
Assets
Collegiate housing properties, net (1)	$	652,603		$	749,884
Collegiate housing properties- held for sale (2)		45,044			-
Assets under development		1,146			-
Cash and cash equivalents		6,958			31,169
Restricted cash		4,791			4,579
Other assets		26,138			18,981

Total assets	$	736,680		$	804,613

Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	367,631		$	406,365
Revolving line of credit		3,700			-
Accounts payable and accrued expenses		18,324			11,658
Deferred revenue		12,243			10,346
Total liabilities		401,898			428,369

Commitments and contingencies		-			-

Redeemable noncontrolling interests		10,039			11,079

Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
58,657,056 and 56,705,605 shares issued and outstanding
December 31, 2010 and December 31, 2009, respectively		587			567
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issues and outstanding		-			-
Additional paid-in capital		414,850			410,455
Accumulated deficit		(90,694	)		(48,636	)
Total Education Realty Trust, Inc. stockholders' equity		324,743			362,386
Noncontrolling interest		-			2,779
Total equity		324,743			365,165

Total liabilities and equity	$	736,680		$	804,613

(1)	Amount is net of accumulated depreciation of $145,315 and $141,507 as of December 31, 2010 and December 31, 2009, respectively

(2)	Amount is net of accumulated depreciation of $11,043 as of December 31, 2010.

EDUCATION REALTY TRUST, INC.

OPERATING RESULTS

(Amounts in thousands, except per share data)

	Three Months Ended December 31,									Year Ended December 31,
	2010			2009			$ Change			2010			2009			$ Change
	(unaudited)			(unaudited)						(unaudited)
Revenues:
Collegiate housing leasing revenue	$	27,381		$	25,757		$	1,624		$	99,389		$	96,822		$	2,567
Third-party development services		808			2,903			(2,095	)		2,483			8,178			(5,695	)
Third-party management services		854			851			3			3,189			3,221			(32	)
Operating expense reimbursements		3,502			1,973			1,529			14,519			9,722			4,797
Total revenues		32,545			31,484			1,061			119,580			117,943			1,637

Operating expenses:
Collegiate housing leasing operations		11,541			10,749			792			48,430			47,889			541
General and administrative		4,047			3,887			160			14,964			15,400			(436	)
Severance, development pursuit and acquisition costs		1,693			127			1,566			2,437			352			2,085
Depreciation and amortization		7,373			6,290			1,083			26,269			24,091			2,178
Ground leases		1,016			83			933			1,528			207			1,321
Loss on impairment		-			1,726			(1,726	)		7,425			1,726			5,699
Reimbursable operating expenses		3,502			1,973			1,529			13,603			9,722			3,881
Total operating expenses		29,172			24,835			4,337			114,656			99,387			15,269

Operating income		3,373			6,649			(3,276	)		4,924			18,556			(13,632	)

Nonoperating expenses:
Interest expense		5,023			5,111			(88	)		19,787			21,077			(1,290	)
Amortization of deferred financing costs		284			285			(1	)		1,192			939			253
Interest income		(13	)		(136	)		123			(414	)		(469	)		55
Gain on extinguishment of debt		-			-			-			-			(830	)		830
Total nonoperating expenses		5,294			5,260			34			20,565			20,717			(152	)

Income (loss) before equity in losses of unconsolidated entities, income taxes and discontinued operations		(1,921	)		1,389			(3,310	)		(15,641	)		(2,161	)		(13,480	)

Equity in losses of unconsolidated entities		(18	)		(1,404	)		1,386			(260	)		(1,410	)		1,150
Loss before income taxes and discontinued operations		(1,939	)		(15	)		(1,924	)		(15,901	)		(3,571	)		(12,330	)
Less: Income tax expense		175			707			(532	)		442			1,905			(1,463	)
Loss from continuing operations		(2,114	)		(722	)		(1,392	)		(16,343	)		(5,476	)		(10,867	)
Income (loss) from discontinued operations		492			394			98			(25,948	)		(1,615	)		(24,333	)

Net loss		(1,622	)		(328	)		(1,294	)		(42,291	)		(7,091	)		(35,200	)

Less: Net income (loss) attributable to the noncontrolling interests		196			207			(11	)		(233	)		164			(397	)
Net loss attributable to Education Realty Trust, Inc.	$	(1,818	)	$	(535	)	$	(1,283	)	$	(42,058	)	$	(7,255	)	$	(34,803	)

Earnings per share information:
Net loss attributable to Education Realty Trust, Inc.
common stockholders per share - basic and diluted	$	(0.03	)	$	(0.01	)	$	(0.02	)	$	(0.73	)	$	(0.18	)	$	(0.55	)

Weighted-average share of common stock outstanding - basic & diluted		58,714			56,700						57,536			40,496

EDUCATION REALTY TRUST, INC.

General and Administrative Expense Detail

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

	Three Months Ended December 31,							Year Ended December 31,
	2010		2009		$ Change			2010		2009		$ Change

Management services (1)		1,654		1,647		7			6,581		7,135		(554	)
Development consulting services		727		731		(4	)		2,649		2,813		(164	)
Corporate general and administrative		1,666		1,509		157			5,734		5,452		282
Total general and administrative expense		4,047		3,887		160			14,964		15,400		(436	)

Severance and related		40		-		40			740		-		740
Development pursuit		210		127		83			230		352		(122	)
Acquisition costs		1,443		-		1,443			1,467		-		1,467
						-							-
Total severance, development pursuit and acquisition costs		1,693		127		1,566			2,437		352		2,085

(1)	Management services represents costs related to region managers, accounting, and other support staff necessary to oversee, manage and support the operations of both our wholly-owned and managed communities.

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	Three months ended December 31,									Year ended December 31,
	2010			2009			Change			2010			2009			Change

Net loss attributable to Education Realty Trust, Inc.	$	(1,818	)	$	(535	)	$	(1,283	)	$	(42,058	)	$	(7,255	)	$	(34,803	)

Gain on sale of collegiate housing assets		(611	)		-			(611	)		(611	)		-			(611	)
Real estate related depreciation and amortization		7,249			6,184			1,065			25,829			23,499			2,330
Depreciation and amortization of discontinued operations		415			1,298			(883	)		4,111			5,023			(912	)
Equity portion of real estate depreciation and amortization on equity investees		111			139			(28	)		479			512			(33	)
Equity portion of loss on sale of collegiate housing property on equity investee		-			-			-			137			-			137
Noncontrolling interests		196			207			(11	)		(233	)		164			(397	)
Funds from operations ("FFO")		5,542			7,293			(1,751	)		(12,346	)		21,943			(34,289	)

FFO adjustments:(1)
Loss (gain) on extinguishment of debt		1,426			-			1,426			1,426			(830	)		2,256
Acquisition costs		1,443			-			1,443			1,467						1,467
Loss on impairment		-			3,173			(3,173	)		33,610			3,173			30,437
Straight-line adjustment for ground leases (2)		721						721			984						984
Reorganization/severance costs, net of taxes		24			-			24			447			-			447
FFO adjustments:		3,614			3,173			441			37,934			2,343			35,591

FFO on Participating Developments:(3)
Interest on loan to Participating Development		217			-			217			329			-			329
Development fees on Participating Development, net of costs and taxes		105			-			105			128			-			128
FFO on Participating Developments		322			-			322			457			-			457

Core funds from operations ("Core FFO")	$	9,478		$	10,466		$	(988	)	$	26,045		$	24,286		$	1,759

FFO per weighted average share/unit (4)	$	0.09		$	0.13		$	(0.04	)	$	(0.21	)	$	0.52		$	(0.73	)
Core FFO per weighted average share/unit (4)	$	0.16		$	0.18		$	(0.02	)	$	0.44		$	0.58		$	(0.14	)

Weighted average shares/units (4)		59,825			58,086			1,739			58,737			41,873			16,864

(1)	Includes the impact of refinancing, impairment and reorganization charges as well as acquisition costs and the impact of the GAAP stright-line adjustment related to ground lease expense.

(2)

This represents the straight-line rent expense adjustment required by GAAP related to ground leases at two of our communities. Terms of the ground leases include an increase in annual rents based on the higher of 3% or the consumer price index. Due to the fixed nature of the 3% floor, GAAP requires rent expense to be straight-lined over the lease period. As our ground lease terms range from 40 to 99 years, the adjustment to straight-line these inflation type rent increases becomes material to our operating results, distorting the true economic results of the communities by matching today's resident rental revenue against future year's ground lease expense. For the year ended December 31, 2010, the adjustment includes $664 related to the recently acquired GrandMarc community at the Univeristy of Virginia and $320 related to Univeristy Village on Colvin in Syracuse.

(3)

FFO on participating developments represents the actual economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustments are calculated under the same percentage of completion method of accounting used for third-party development fees.

(4)	FFO and Core FFO 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 (1)

(Amounts in thousands, unaudited)

	Three Months Ended December 31,										Year Ended December 31,
	2010		2009		$ Change			% Change			2010		2009		$ Change			% Change
Revenues
Same-communities	$	25,765	$	24,964	$	801			3.2	%	$	88,551	$	88,917	$	(366	)		-0.4	%
New-communities (2)		1,018		-		1,018		NM				7,959		4,442		3,517			79.2	%
Other-communities (3)		598		793		(195	)		-24.6	%		2,879		3,463		(584	)		-16.9	%
Total revenues		27,381		25,757		1,624			6.3	%		99,389		96,822		2,567			2.7	%

Operating expenses (4)
Same-communities		10,804		10,218		586			5.7	%		43,391		43,350		41			0.1	%
New-communities (2)		284		-		284		NM				2,902		2,232		670			30.0	%
Other-communities (3)		453		531		(78	)		-14.7	%		2,137		2,307		(170	)		-7.4	%
Total operating expenses		11,541		10,749		792			7.4	%		48,430		47,889		541			1.1	%

Net operating income
Same-communities		14,961		14,746		215			1.5	%		45,160		45,567		(407	)		-0.9	%
New-communities (2)		734		-		734		NM				5,057		2,210		2,847			128.8	%
Other-communities (3)		145		262		(117	)		-44.7	%		742		1,156		(414	)		-35.8	%
Total net operating income		15,840		15,008		832			5.5	%		50,959		48,933		2,026			4.1	%

(1) Excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations:College Station (sold in April 2009), Reserve at Clemson (sold in November 2010), The Gables, Western Place, Berkeley Place and the Pointe at Southern (all sold in December 2010), and Troy Place, The Reserve at Jacksonville, The Reserve at Martin, The Chase at Murray and Clemson Place (all sold in January 2011).

(2) Both The Reserve at Saluki Pointe at Southern Illinois University and University Village on Colvin at Syracuse Univeristy are considered new communities for the years ended December 31, 2010 and 2009. Both of these communities are included in Same-communities for the fourth quarter. GrandMarc at the Corner at the University of Virginia, which was purchased in October of 2010 is included in new-communities for the three months and year ended December 31, 2010.

(3) Includes Collegiate Village, which was leased to Macon State College in August 2010 and Clayton Station, which was leased to Clayton State University in February 2011.

(4) Represents community-level operating expenses excluding management fees, depreciation, amortization and ground lease expense.

EDUCATION REALTY TRUST, INC.

WHOLLY-OWNED COMMUNITY STATISTICS

	Three Months Ended December 31,									Year Ended December 31,
	2010			2009			Change			2010			2009			Change

Occupancy
Physical		93.3	%		90.8	%		250	bps		90.4	%		90.0	%		40	bps
Economic		93.8	%		92.0	%		180	bps		86.6	%		86.6	%		-	bps

NarPAB	$	416		$	399			4.2	%	$	378		$	374			1.1	%
Other income per avail. bed	$	19		$	19			-1.3	%	$	23		$	25			-8.1	%
RevPAB	$	435		$	419			3.9	%	$	401		$	399			0.5	%

Operating expense per bed	$	180		$	171			5.1	%	$	192		$	195			-1.2	%

Operating margin		58.6	%		59.1	%		(47	) bps		52.0	%		51.2	%		86	bps

Design Beds		61,566			59,646			3.2	%		240,508			233,898			2.8	%

NOTE:

Operating statistics for all periods presented exclude communities classified as discontinued operations and those communities that are master leased. See notes on Pg. 6.

EDUCATION REALTY TRUST, INC.

SAME-COMMUNITY STATISTICS

	Three Months Ended December 31,									Year Ended December 31,
	2010			2009			Change			2010			2009			Change

Occupancy
Physical		93.4	%		90.8	%		260	bps		91.2	%		90.2	%		100	bps
Economic		94.0	%		92.0	%		200	bps		87.6	%		87.1	%		50	bps

NarPAB	$	414		$	399			3.6	%	$	372		$	371			0.1	%
Other income per avail. bed	$	18		$	19			-6.1	%	$	23		$	25			-7.8	%
RevPAB	$	432		$	419			3.2	%	$	395		$	397			-0.5	%

Operating expense per bed	$	181		$	171			5.7	%	$	194		$	193			0.1	%

Operating margin		58.1	%		59.1	%		(100	) bps		51.0	%		51.2	%		(20	) bps

Design Beds		59,643			59,646			0.0	%		224,185			224,202			0.0	%

NOTE:

Operating statistics for all periods presented exclude communities classified as discontinued operations and those communities that are master leased. See notes on Pg. 6. The Reserve at Saluki Pointe at Southern Illinois University and University Village on Colvin at Syracuse University are only considered same-community for the three months ended December 31, 2010 and 2009.

EDUCATION REALTY TRUST, INC.

2011/2012 PreLeasing update as of February 23rd

		2011-2012					2010-2011					Projected					September 30, 2010
Community	Primary University	Leases		%			Leases		%			Rate Increase			Design Beds		Opening Occupancy

Campus Creek	University of Mississippi		220		34.6	%		180		28.3	%		13.8	%		636		99.7	%
The Reserve at Columbia	University of Missouri		379		56.1	%		372		55.0	%		11.5	%		676		100.0	%
The Reserve on West 31st	University of Kansas		204		28.6	%		205		28.7	%		10.4	%		714		98.0	%
The Reserve at Star Pass	University of Arizona		80		7.8	%		115		11.3	%		9.7	%		1,020		87.1	%
The Reserve on Perkins	Oklahoma State University		190		26.0	%		165		22.5	%		7.4	%		732		98.2	%
University Village on Colvin	Syracuse University		254		58.8	%		248		57.4	%		6.8	%		432		98.6	%
The Pointe	Pennsylvania State University		918		93.3	%		984		100.0	%		5.1	%		984		100.0	%
Cape Trails	Southeast Missouri State University		194		53.9	%		246		68.3	%		5.1	%		360		100.0	%
The Pointe at South Florida	University of South Florida		217		21.7	%		197		19.7	%		4.9	%		1,002		91.1	%
Pointe West	University of South Carolina		85		17.7	%		129		26.9	%		4.5	%		480		99.6	%
NorthPointe	University of Arizona		32		3.5	%		164		18.0	%		4.4	%		912		78.7	%
The Reserve on South College	Auburn University		174		30.2	%		190		33.0	%		4.0	%		576		96.0	%
Players Club	Florida State University		319		94.9	%		144		42.9	%		3.7	%		336		99.1	%
University Towers	North Carolina State University		269		28.2	%		336		35.3	%		3.6	%		953		99.5	%
The Pointe at Western	Western Michigan University		230		26.3	%		303		34.6	%		3.0	%		876		97.5	%
The Commons	Florida State University		103		14.1	%		82		11.2	%		2.9	%		732		86.6	%
The Commons at Knoxville	University of Tennessee		163		23.0	%		169		23.9	%		2.6	%		708		85.3	%
College Grove	Middle Tennessee State University		97		11.2	%		95		11.0	%		2.5	%		864		90.9	%
Campus Lodge	University of Florida		404		36.2	%		213		19.1	%		2.5	%		1,115		88.3	%
College Station at West Lafayette	Purdue University		447		46.6	%		526		54.8	%		2.2	%		960		96.8	%
The Reserve on Frankford	Texas Tech University		126		17.1	%		170		23.1	%		2.2	%		737		98.6	%
Commons on Kinnear	The Ohio State University		252		50.2	%		291		58.0	%		2.1	%		502		98.6	%
River Pointe	University of West Georgia		66		13.1	%		145		28.8	%		2.1	%		504		95.4	%
Carrollton Crossing	University of West Georgia		173		51.5	%		132		39.3	%		1.7	%		336		99.1	%
The Avenue at Southern	Georgia Southern University		103		16.5	%		109		17.5	%		1.4	%		624		88.1	%
The Reserve at Saluki Pointe	Southern Illinois University		235		30.6	%		267		34.8	%		1.4	%		768		90.1	%
The Lofts	University of Central Florida		253		34.7	%		213		29.2	%		1.1	%		730		98.9	%
The Reserve at Athens	University of Georgia		289		47.2	%		270		44.1	%		-5.8	%		612		83.2	%
Same-communites			6,476		32.6	%		6,660		33.5	%		4.0	%		19,881		93.6	%

GrandMarc at the Corner	University of Virginia		370		57.7	%		400		62.4	%		4.0	%		641		95.4	%
New-communitites			370		57.7	%		400		62.4	%					641		95.4	%

Wholly-owned			6,846		33.4	%		7,060		34.4	%		4.0	%		20,522		93.7	%

NOTE:

The above excludes Collegiate Village at Macon State College and Clayton Station at Clayton State University, both of which were master leased to the respective university they serve.

EDUCATION REALTY TRUST, INC.

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

COMPANY OWNED PROJECTS

Project

Project Type

Bed Count

Estimated Start

Date

Anticipated

Completion Date

Project

Development

Cost

The University of Texas at Austin

ONE Plan

622

Summer 2011

Summer 2013

64,396

University of Connecticut - Storrs Center

Wholly Owned

500

Summer 2011

Summer 2012/2013

48,455

Syracuse University - Campus West

One Plan

312

Summer 2011

Summer 2012

29,909

University of Alabama

Joint Venture

774

Summer 2011

Summer 2012

41,350

2,208

184,110

PARTICIPATING PROJECTS (1)

Project		Bed Count			Estimated Start Date		Anticipated Completion Date		Project Development Cost				Total Project Fees				Fees Earned Prior Year				Fees Earned Year Ended December 31, 2010				Remaining Fees to Earn
Johns Hopkins Graduate Housing			572		In progress		Summer 2012			60,700			$	2,122			$	-			$	304			$	1,818

THIRD-PARTY PROJECTS

Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year		Fees Earned Year Ended December 31, 2010		Remaining Fees to Earn
Colorado State University - Pueblo Phase II		500	Completed	Completed	$	34,058	$	1,583	$	1,052	$	531	$	-
Indiana University of Pennsylvania Phase IV		596	Completed	Completed		37,029		1,247		605		642		-
SUNY College of Env. Science & Forestry		454	In progress	Summer 2011		28,147		1,174		-		802		372
East Stroudsburg University - Pennsylvania		969	In progress	December 2011		59,491		2,234		-		232		2,002
Mansfield University of Pennsylvania		634	In progress	December 2011		35,031		1,449		-		52		1,397
Projects Under Construction - Total		3,153				193,756		7,687		1,657		2,259		3,771

West Chester University of Pennsylvania Phase II		1,467	May 2012	Summer 2013		79,416		2,304		-		-		2,304
Recently Awarded Projects - Total		1,467				79,416		2,304		-		-		2,304

Total Third-Party Projects		4,620			$	273,172	$	9,991	$	1,657	$	2,259	$	6,075

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.

(1)

Participating projects are third-party development projects the Company has a significant investment in but does not own. The Company earns fees on the project but the fees are deferred and not recognized in its operating statements until its investment is recovered. The Company includes the earned fees in computing its Core FFO. See page 5.

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of December 31, 2010

(dollars in thousands)

Total Debt to Gross Assets				Net Debt to Enterprise Value
Debt (1)	$	370,931		Net Debt (1)	$	363,973
Gross Assets (2)	$	893,038		Market Equity (3)		465,600
Debt to Gross Assets		41.5	%	Enterprise Value	$	829,573
				Net Debt to Enterprise Value		43.9	%
Interest coverage (TTM)		2.2	x
Net Debt to EBITDA (TTM)		7.8	x

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	307,997		5.93	%		83.0	%		4.77	years
Variable Rate - Mortgage Debt		35,543		3.64	%		9.6	%		3.00	years
Variable Rate - Construction Debt		23,691		1.52	%		6.4	%		1.22	years
Variable Rate - Credit Facility		3,700		5.75	%		1.0	%		0.06	years
Total / Weighted Average	$	370,931		5.43	%		100.0	%		4.33	years

Future Maturities

Fiscal Year Ending	Amortization		Maturities			Total		Percentage
2011	$	4,454	$	8,825	(4)	$	13,279		3.6	%
2012		4,109		66,867			70,976		19.3	%
2013		4,076		25,000			29,076		7.9	%
2014		3,063		83,938			87,001		23.7	%
2015		2,831		7,107			9,938		2.7	%
Thereafter		5,377		151,584			156,961		42.7	%
Mortgage Debt (1)		23,910		343,321			367,231		100.0	%
Revolving Credit Facility		-		3,700			3,700
Gross Debt (1)	$	23,910	$	347,021			370,931
Cash							6,958
Net Debt						$	363,973

(1)	Excludes unamortized debt premium of $0.4 million.

(2)	Excludes accumulated depreciation of $156,358 as of December 31, 2010.

(3)	Market equity includes 58,811,722 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $7.77 per share, the closing price of the Company's common stock on December 31, 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.

PROFORMA CAPITAL STRUCTURE

(dollars in thousands)

NOTE:

The following proforma capital structure information is based on 12/31/2010 actual financials adjusted for the effect of the follow-on equity offering, completion of the Place asset sales and paydown of the remaining variable rate mortgage debt, all of which occurred subsequent to 12/31/10.

Total Debt to Gross Assets				Net Debt to Enterprise Value
Debt (1)	$	331,688		Net Debt	$	226,405
Gross Assets (2)	$	935,273		Market Equity		548,608
Debt to Gross Assets		35.5	%	Enterprise Value	$	775,013
				Net Debt to Enterprise Value		29.2	%

Total Debt Outstanding
	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt	$	307,997		5.93	%		92.9	%		4.77	years
Variable Rate - Mortgage Debt		-		0.00	%		0.0	%		-	years
Variable Rate - Construction Debt		23,691		1.52	%		7.1	%		1.22	years
Variable Rate - Credit Facility		-		0.00	%		0.0	%		-	years
Total / Weighted Average	$	331,688		5.62	%		100.0	%		4.52	years

Future Maturities
Fiscal Year Ending	Amortization		Maturities		Total		Percentage
2011	$	3,819	$	8,825	$	12,644		3.8	%
2012		3,474		66,867		70,341		21.2	%
2013		3,441		25,000		28,441		8.6	%
2014		3,063		50,300		53,363		16.1	%
2015		2,831		7,107		9,938		3.0	%
Thereafter		5,377		151,584		156,961		47.3	%
Mortgage Debt		22,005		309,683		331,688		100.0	%
Revolving Credit Facility		-		-		-
Gross Debt	$	22,005	$	309,683		331,688
Cash						105,283
Net Debt					$	226,405

(1)	Excludes unamortized debt premium of $0.4 million.

(2)	Excludes accumulated depreciation.

(3)	Includes 58,811,722 shares of the Company's common stock and 1,110,995 operating partnership units outstanding at December 31, 2010 and 13,225,000 shares of common stock issued in January 2011. The Share price after the offering of $7.50 was used to calculate market equity.

(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

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		730
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 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
Cape Place	Southeast Missouri State University	Jan ’06		360
Carrolton Place	University of West Georgia	Jan ’06		336
River Place	University of West Georgia	Jan ’06		504
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
GrandMarc at The Corner	University of Virginia	Oct '10		641

		Total Wholly-Owned		20,522

NOTE:

The community listing excludes five communities that are classified as discontinued operations as well as two communities that are currently master leased to the respective university that they serve.

EDUCATION REALTY TRUST, INC.

INVESTOR INFORMATION

Executive Management
Randy Churchey	Chief Executive Officer
Randy Brown	Chief Financial Officer
Tom Trubiana	Chief Investment Officer
Christine Richards	Senior Vice President of Operations

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	Jeff Spector	(646) 855-1363
Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
Hilliard Lyons	Carol Kemple	(502) 588-1839
Janney Capital Markets	Andrew DiZio	(215) 665-6439
JMP Securities	Jim Wilson	(415) 835-8975
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
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.

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