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

Attached files

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8-K - 8-K - Education Realty Trust, Inc.	v238352_8k.htm
EX-99.1 - EX-99.1 - Education Realty Trust, Inc.	v238352_ex99-1.htm

EDUCATION REALTY TRUST, INC.

THIRD QUARTER 2011

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

Opening Occupancies and Rate Increases	9

Development Update	10

Capital Structure	11

Community Listing - Wholly-Owned	12

Investor Information	13

Definitions	14

Safe Harbor Statement	15

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

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

OPERATING DATA:

	Three months ended September 30,												Nine months ended September 30,
	2011			2010			$ Chg			% Chg			2011			2010			$ Chg			% Chg

Same-community revenue	$	23,121		$	21,889		$	1,232			5.6	%	$	72,313		$	69,726		$	2,587			3.7	%
Total community revenue		25,116			21,889			3,227			14.7	%		77,428			69,726			7,702			11.0	%
Total revenue		29,597			30,137			(540	)		-1.8	%		89,710			84,753			4,957			5.8	%

Same-community net operating income		7,899			7,734			165			2.1	%		35,455			34,522			933			2.7	%
Community net operating income		8,979			7,734			1,245			16.1	%		38,759			34,522			4,237			12.3	%
Total operating income (loss)		(1,512	)		(55	)		(1,457	)	NM				7,946			9,298			(1,352	)		-14.5	%

Net income (loss)		(6,466	)		(39,820	)		33,354		NM				(5,235	)		(40,240	)		35,005		NM
Per share - basic & diluted		(0.09	)		(0.69	)		0.60		NM				(0.07	)		(0.70	)		0.63		NM

Funds from operations (FFO)		499			(32,598	)		33,097		NM				13,819			(17,888	)		31,707		NM
Per weighted average share/unit (1)		0.01			(0.55	)		0.56		NM				0.19			(0.31	)		0.50		NM

Core funds from operations (Core FFO)		2,362			1,550			812			52.4	%		20,114			16,567			3,547			21.4	%
Per weighted average share/unit (1)	$	0.03		$	0.03		$	-			0.0	%	$	0.27		$	0.28		$	(0.01	)		-3.6	%

BALANCE SHEET DATA:
	9/30/2011			12/31/2010
Debt to gross assets		34.1	%		41.5	%
Net debt to enterprise value		30.2	%		43.9	%
Interest coverage ratio (TTM)		2.4			2.2

(1)	FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.See page 5 for detailed calculation.

EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	September 30, 2011			December 31, 2010
	(unaudited)
Assets
Collegiate housing properties, net (1)	$	701,310		$	652,603
Collegiate housing properties - held for sale (2)		-			45,044
Assets under development		35,348			1,146
Cash and cash equivalents		47,342			6,958
Restricted cash		4,600			4,791
Other assets		37,133			26,138

Total assets	$	825,733		$	736,680

Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	335,864		$	367,631
Unsecured revolving line of credit		-			-
Secured revolving line of credit		-			3,700
Accounts payable and accrued expenses		27,406			18,324
Deferred revenue		14,783			12,243
Total liabilities		378,053			401,898

Commitments and contingencies		-			-

Redeemable noncontrolling interests		10,880			10,039

Equity:
Stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 76,120,789 and 58,657,056 shares issued and outstanding September 30, 2011 and December 31, 2010, respectively		762			587
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		-			-
Additional paid-in capital		531,967			414,850
Accumulated deficit		(95,929	)		(90,694	)
Total stockholders' equity		436,800			324,743

Total liabilities and stockholders' equity	$	825,733		$	736,680

(1)	Amount is net of accumulated depreciation of $158,202 and $145,315 as of September 30, 2011 and December 31, 2010, 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, unaudited)

	Three Months Ended September 30,									Nine Months Ended September 30,
	2011			2010			$ Change			2011			2010			$ Change
Revenues:
Collegiate housing leasing revenue	$	25,116		$	21,889		$	3,227		$	77,428		$	69,726		$	7,702
Third-party development services		1,132			334			798			3,481			1,675			1,806
Third-party management services		846			762			84			2,425			2,335			90
Operating expense reimbursements		2,503			7,152			(4,649	)		6,376			11,017			(4,641	)
Total revenues		29,597			30,137			(540	)		89,710			84,753			4,957

Operating expenses:
Collegiate housing leasing operations		16,137			14,155			1,982			38,669			35,204			3,465
Development and management services (1)		1,466			1,251			215			4,132			3,834			299
General and administrative (1)		2,671			2,198			473			7,527			7,083			443
Severance, development pursuit and acquisition costs		108			(124	)		232			259			744			(485	)
Ground leases		1,365			347			1,018			4,097			512			3,585
Depreciation and amortization		6,859			6,129			730			20,704			17,977			2,727
Reimbursable operating expenses		2,503			6,236			(3,733	)		6,376			10,101			(3,725	)
Total operating expenses		31,109			30,192			917			81,764			75,455			6,309

Operating income (loss)		(1,512	)		(55	)		(1,457	)		7,946			9,298			(1,352	)

Nonoperating expenses:
Interest expense		4,443			4,889			(446	)		13,827			14,764			(937	)
Amortization of deferred financing costs		362			284			78			930			908			22
Interest income		(37	)		(174	)		137			(129	)		(401	)		272
Loss on extinguishment of debt		-			-			-			351			-			351
Total nonoperating expenses		4,768			4,999			(231	)		14,979			15,271			(292	)

Loss before equity in earnings (losses) of unconsolidated entities, income taxes and discontinued operations		(6,280	)		(5,054	)		(1,226	)		(7,033	)		(5,973	)		(1,060	)

Equity in earnings (losses) of unconsolidated entities		(390	)		(328	)		(62	)		(408	)		(242	)		(166	)
Loss before income taxes and discontinued operations		(6,670	)		(5,382	)		(1,288	)		(7,441	)		(6,215	)		(1,226	)
Less: Income tax (benefit) expense		(60	)		444			(504	)		(278	)		267			(545	)
Loss from continuing operations		(6,610	)		(5,826	)		(784	)		(7,163	)		(6,482	)		(681	)
Income (loss) from discontinued operations		53			(34,622	)		34,675			1,988			(34,187	)		36,175

Net income (loss)		(6,557	)		(40,448	)		33,891			(5,175	)		(40,669	)		35,494

Less: Net income (loss) attributable to the noncontrolling interests		(91	)		(628	)		537			60			(429	)		489
Net income (loss) attributable to Education Realty Trust, Inc.	$	(6,466	)	$	(39,820	)	$	33,354		$	(5,235	)	$	(40,240	)	$	35,005

Earnings per share information:
Net income (loss) attributable to Education Realty Trust, Inc. common shareholders per share - basic and diluted	$	(0.09	)	$	(0.69	)	$	0.60		$	(0.07	)	$	(0.70	)	$	0.63

Weighted-average common shares outstanding - basic and diluted		73,061			57,719						72,040			57,120

(1) See note on page 4 regarding presentation of general and administrative costs.

EDUCATION REALTY TRUST, INC.

General and Administrative Expense Detail

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

Note: This schedule provides more clarity on the composition of our general and administrative costs. Historically we have presented all general and administrative costs, including regional and corporate costs of supporting our communities, as one line in our income statement. We intend to present G&A costs in this fashion for the remainder of the year.However, beginning in 2012 we intend to report the management services - owned G&A costs as part of our collegiate housing operating costs and not as part of G&A. We believe the new presentation will improve comparability within the industry and provide a better reflection of the total cost to operate a property. If this new presentation had been implemented for all periods presented, our same-community operating expenses per bed on page 8 would have been $273 and $253 and the same-community operating margins would have been 29.5% and 31.1% for the third quarter of 2011 and 2010, respectively. And on a year to date basis, operating expenses per bed would have been $223 and $214 and the operating margins would have been 44.7% and 45.2% for 2011 and 2010, respectively.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011		2010			$ Change			2011			2010		$ Change

Management services - third-party (1)	$	684	$	589		$	95		$	1,982		$	1,912	$	71
Development consulting services		782		662			120			2,150			1,922		228
Development and management services - third-party		1,466		1,251			215			4,132			3,834		299

Management services - owned (1)		1,079		930			149			3,127			3,015		111
Corporate general and administrative		1,592		1,268			324			4,400			4,068		332
General and administrative - non third-party		2,671		2,198			473			7,527			7,083		443

Total general and administrative expense	$	4,137	$	3,449		$	688		$	11,659		$	10,917	$	742


Severance and related	$	-	$	181		$	(181	)	$	-		$	700	$	(700	)
Development pursuit		-		(329	)		329			(221	)		20		(241	)
Acquisition costs		108		24			84			480			24		456
							-								-
Total severance, development pursuit and acquisition costs	$	108	$	(124	)	$	232		$	259		$	744	$	(485	)

(1)	Management services owned and third-party represents costs related to regional managers, accounting, and other support staff necessary to oversee, manage and support the operations of our communities and those we manage for third-parties.

EDUCATION REALTY TRUST, INC.

FUNDS FROM OPERATIONS

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

	Three months ended September 30,									Nine months ended September 30,
	2011			2010			Change			2011			2010			Change

Net income (loss) attributable to Education Realty Trust, Inc.	$	(6,466	)	$	(39,820	)	$	33,354		$	(5,235	)	$	(40,240	)	$	35,005

Gain on sale of collegiate housing assets (1)		-			-			-			(2,388	)		-			(2,388	)
Real estate related depreciation and amortization		6,693			7,593			(900	)		20,797			22,276			(1,479	)
Equity portion of real estate depreciation and amortization on equity investees		107			120			(13	)		329			368			(39	)
Equity portion of loss on sale of student housing property on equity investees		256			137			119			256			137			119
Noncontrolling interests		(91	)		(628	)		537			60			(429	)		489
Funds from operations ("FFO")		499			(32,598	)		33,097			13,819			(17,888	)		31,707

FFO adjustments:
Loss on extinguishment of debt (1)		-			-			-			757			-			757
Acquisition costs		108			24			84			480			24			456
Loss on impairment		-			33,610			(33,610	)		-			33,610			(33,610	)
Straight-line adjustment for ground leases (2)		1,051			263			788			3,157			263			2,894
Reorganization/severance costs, net of taxes		-			116			(116	)		-			423			(423	)
FFO adjustments:		1,159			34,013			(32,854	)		4,394			34,320			(29,926	)

FFO on Participating Developments:(3)
Interest on loan to Participating Development		460			112			348			1,138			112			1,026
Development fees on Participating Development, net of costs and taxes		244			23			221			763			23			740
FFO on Participating Developments		704			135			569			1,901			135			1,766

Core funds from operations ("Core FFO")	$	2,362		$	1,550		$	812		$	20,114		$	16,567		$	3,547


FFO per weighted average share/unit (4)	$	0.01		$	(0.55	)	$	0.56		$	0.19		$	(0.31	)	$	0.50
Core FFO per weighted average share/unit (4)	$	0.03		$	0.03		$	0.00		$	0.27		$	0.28		$	(0.01	)


Weighted average shares/units (4)		74,172			58,830			15,342			73,151			58,353			14,798

(1)	All of or a portion of these amounts are included in discontinued operations and are not visible on the face of our statement of operations on page 3.

(2)

This represents the straight-line rent expense adjustment required by GAAP related to ground leases at two communities. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities. For the three and nine months ended September 30, 2011, the adjustment includes $996 and $2,987 related to GrandMarc at the Corner at the University of Virginia and $55 and $170 related to University Village on Colvin in Syracuse, respectively.

(3)

FFO on participating developments represents the 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 adjustment for development fees is calculated under the same percentage of completion method of accounting used for third-party development fees. The adjustment for interest income is based on terms of the loan.

(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

(Amounts in thousands, unaudited)

	Three Months Ended September 30,									Nine Months Ended September 30,
	2011		2010		$ Change		% Change			2011		2010		$ Change		% Change
Revenues
Same-communities	$	23,121	$	21,889	$	1,232		5.6	%	$	72,313	$	69,726	$	2,587		3.7	%
New-communities (1)		1,995		-		1,995	NM				5,115		-		5,115	NM
Total revenues		25,116		21,889		3,227		14.7	%		77,428		69,726		7,702		11.0	%

Operating expenses (2)
Same-communities		15,222		14,155		1,067		7.5	%		36,858		35,204		1,654		4.7	%
New-communities (1)		915		-		915	NM				1,811		-		1,811	NM
Total operating expenses		16,137		14,155		1,982		14.0	%		38,669		35,204		3,465		9.8	%

Net operating income
Same-communities		7,899		7,734		165		2.1	%		35,455		34,522		933		2.7	%
New-communities (1)		1,080		-		1,080	NM				3,304		-		3,304	NM
Total net operating income	$	8,979	$	7,734	$	1,245		16.1	%	$	38,759	$	34,522	$	4,237		12.3	%

NOTE: This table excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: 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), Collegiate Village and Clayton Station (both sold in Q2 2011).

(1)	New-communities includes GrandMarc at the Corner, Wertland Square and Jefferson Commons communities at the University of Virginia that were purchased in October of 2010 and March of 2011 as well as Westminster House, which was acquired in June of 2011.

(2)	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 September 30,									Nine Months Ended September 30,
	2011			2010			Change			2011			2010			Change

Occupancy
Physical		91.1	%		89.8	%	130 bps				90.6	%		89.4	%	117 bps
Economic		77.1	%		76.5	%	60 bps				84.6	%		83.8	%	85 bps

NarPAB	$	365		$	338			8.1	%	$	388		$	366			6.0	%
Other income per avail. bed	$	33		$	29			14.8	%	$	26		$	24			6.7	%
RevPAB	$	399		$	367			8.6	%	$	413		$	390			6.1	%

Operating expense per bed	$	256		$	237			8.0	%	$	206		$	197			4.9	%

Operating margin		35.8	%		35.3	%	42 bps				50.1	%		49.5	%	55 bps

Design Beds		62,972			59,650			5.6	%		187,406			178,942			4.7	%

NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations. See note on Pg. 6.

EDUCATION REALTY TRUST, INC.

SAME-COMMUNITY STATISTICS

	Three Months Ended September 30,									Nine Months Ended September 30,
	2011			2010			Change			2011			2010			Change

Occupancy
Physical		91.4	%		89.8	%	160 bps				90.8	%		89.4	%	137 bps
Economic		77.8	%		76.5	%	130 bps				85.1	%		83.8	%	135 bps

NarPAB	$	356		$	338			5.4	%	$	380		$	366			3.8	%
Other income per avail. bed	$	32		$	29			8.4	%	$	24		$	24			1.8	%
RevPAB	$	388		$	367			5.6	%	$	404		$	390			3.7	%

Operating expense per bed	$	255		$	237			7.5	%	$	206		$	197			4.7	%

Operating margin		34.2	%		35.3	%	(110) bps				49.0	%		49.5	%	(50) bps

Design Beds		59,661			59,650			0.0	%		178,983			178,942			0.0	%

NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations. See note on Pg. 6.

EDUCATION REALTY TRUST, INC.

Opening Occupancies and Rate Increases

		2011-2012		2010-2011								Projected
Community	Primary University	Leases		%			Leases		%			Rate Increase			Design Beds

Campus Creek	University of Mississippi		636		100.0	%		634		99.7	%		18.4	%		636
The Reserve at Columbia	University of Missouri		675		99.9	%		676		100.0	%		11.7	%		676
The Reserve on South College	Auburn University		576		100.0	%		553		96.0	%		10.0	%		576
The Reserve on West 31st	University of Kansas		612		85.7	%		700		98.0	%		10.0	%		714
The Reserve at Star Pass	University of Arizona		784		76.9	%		888		87.1	%		9.2	%		1,020
University Village on Colvin	Syracuse University		431		99.8	%		426		98.6	%		7.9	%		432
Carrollton Crossing	University of West Georgia		336		100.0	%		333		99.1	%		7.4	%		336
NorthPointe	University of Arizona		856		93.9	%		718		78.7	%		7.3	%		912
The Reserve on Perkins	Oklahoma State University		710		97.0	%		719		98.2	%		5.8	%		732
The Pointe	Pennsylvania State University		984		100.0	%		984		100.0	%		5.5	%		984
Cape Trails	Southeast Missouri State University		360		100.0	%		360		100.0	%		5.2	%		360
The Pointe at South Florida	University of South Florida		986		98.4	%		913		91.1	%		5.2	%		1,002
Players Club	Florida State University		336		100.0	%		333		99.1	%		4.5	%		336
College Station at West Lafayette	Purdue University		919		95.7	%		929		96.8	%		4.0	%		960
Commons on Kinnear	The Ohio State University		502		100.0	%		495		98.6	%		3.8	%		502
River Pointe	University of West Georgia		472		93.7	%		481		95.4	%		3.6	%		504
Pointe West	University of South Carolina		471		98.1	%		478		99.6	%		3.5	%		480
The Commons	Florida State University		715		97.7	%		634		86.6	%		3.1	%		732
The Reserve at Saluki Pointe	Southern Illinois University		759		98.8	%		692		90.1	%		3.1	%		768
The Pointe at Western	Western Michigan University		668		76.3	%		854		97.5	%		3.1	%		876
The Commons at Knoxville	University of Tennessee		664		93.8	%		604		85.3	%		3.0	%		708
The Avenue at Southern	Georgia Southern University		604		96.8	%		550		88.1	%		2.6	%		624
College Grove	Middle Tennessee State University		735		85.1	%		785		90.9	%		2.0	%		864
University Towers	North Carolina State University		953		100.0	%		948		99.5	%		2.0	%		953
Campus Lodge	University of Florida		1,079		96.8	%		984		88.3	%		1.5	%		1,115
The Lofts	University of Central Florida		720		97.8	%		728		98.9	%		1.2	%		736
The Reserve on Frankford	Texas Tech University		715		97.0	%		727		98.6	%		1.0	%		737
The Reserve at Athens	University of Georgia		610		99.7	%		509		83.2	%		-4.9	%		612
Same-communities			18,870		94.9	%		18,620		93.6	%		4.6	%		19,887

GrandMarc at the Corner	University of Virginia		573		89.4	%		582		90.8	%		5.0	%		641
Wertland Square	University of Virginia		152		100.0	%		152		100.0	%		1.0	%		152
Jefferson Commons	University of Virginia		82		100.0	%		82		100.0	%		0.9	%		82
Westminster House	University of California at Berkeley		97		75.8	%		108		64.7	%		-1.1	%		128	(1)
New-communities			904		90.1	%		924								1,003

Wholly-owned communities			19,774		94.7	%		19,544								20,890

(1)	Design beds are reduced by 39 beds as subsequent to the acquisition the North house was closed for renovations. The Company plans to reopen the building in January of 2012.

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 (1)		Cost Funded to Date
Syracuse University - Campus West	ONE Plan		312	In progress	Summer 2012	$	29,747	$	2,418
University of Alabama	Joint Venture		774	In progress	Summer 2012		37,215		16,263
University of Connecticut - Storrs Center Phase I	Wholly Owned		250	In progress	Summer 2012		24,240		8,719
University of Connecticut - Storrs Center Phase II	Wholly Owned		250	In progress	Summer 2013		24,239		-
The University of Texas at Austin	ONE Plan		622	In progress	Summer 2013		63,993		4,303
			2,208			$	179,433	$	31,703

PARTICIPATING PROJECTS (2)

Project		Bed Count			Estimated Start Date	Anticipated Completion Date		Project Development Cost				Total Project Fees				Fees Earned Prior Year				Fees Earned Nine Months Ended September 30, 2011				Remaining Fees to Earn
Johns Hopkins Graduate Housing			572		In progress	Summer 2012			60,700			$	2,122			$	304			$	1,352			$	466

THIRD-PARTY PROJECTS

Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year (3)		Fees Earned Nine Months Ended September 30, 2011 (3)		Remaining Fees to Earn
East Stroudsburg University - Pennsylvania		969	In progress	December 2011		59,491		2,234		232		1,595		407
Mansfield University of Pennsylvania		634	In progress	December 2011		35,031		1,449		52		1,032		365
Projects Under Construction - Total		1,603				94,522		3,683		284		2,627		772

Bloomsburg University of Pennsylvania		522	Summer 2012	Summer 2013		29,832		1,237		-		-		1,237
West Chester University of Pennsylvania Phase II	TBD		Spring 2013	Summer 2014	TBD		TBD			-		-		-
Recently Awarded Projects - Total		522				29,832		1,237		-		-		1,237

Total Third-Party Projects		2,125			$	124,354	$	4,920	$	284	$	2,627	$	2,009

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)	Project development costs include only the Company's equity portion of the total project costs where a development is being done through a joint venture.

(2)

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.

(3)	Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress.

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE, as of September 30, 2011

(dollars in thousands)

Total Debt to Gross Assets				Net Debt to Enterprise Value
Debt (1)	$	335,759		Net Debt (1)	$	288,417
Gross Assets (2)	$	983,935		Market Equity (3)		665,246
Debt to Gross Assets		34.1	%	Enterprise Value	$	953,663
				Net Debt to Enterprise Value		30.2	%

Interest coverage (TTM)	2.4	x
Net Debt to EBITDA (TTM)	6.1	x

Total Debt Outstanding
	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	305,473		5.93	%		91.0	%		4.01	years
Variable Rate - Construction Debt		30,286		1.75	%		9.0	%		1.57	years
Total / Weighted Average	$	335,759		5.55	%		100.0	%		3.79	years

Future Maturities
Fiscal Year Ending	Amortization		Maturities		Total		Percentage
2011	$	1,042	$	-	$	1,042		0.3	%
2012		3,693		66,872		70,565		21.0	%
2013		11,983		25,000		36,983		11.0	%
2014		9,971		50,299		60,270		18.0	%
2015		2,831		7,107		9,938		3.0	%
Thereafter		5,377		151,584		156,961		46.7	%
Mortgage Debt (1)		34,897		300,862		335,759		100.0	%
Revolving Credit Facility		-		-		-
Gross Debt (1)	$	34,897	$	300,862		335,759
Cash						47,342
Net Debt					$	288,417

(1)	Excludes unamortized debt premium of $0.1 million.

(2)	Excludes accumulated depreciation of $158,202 as of September 30, 2011.

(3)	Market equity includes 76,333,254 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $8.59 per share, the closing price of the Company's common stock on September 30, 2011.

EDUCATION REALTY TRUST, INC.

COMMUNITY LISTING - WHOLLY-OWNED

Name

Primary University Served

Acquisition Date

# of Beds

Name

Primary University Served

Acquisition Date

# of Beds

Players Club

Florida State University

Jan ’05

336

College Grove

Middle Tennessee State University

Apr ’05

864

The Commons

Florida State University

Jan ’05

732

Campus Lodge

University of Florida

Jun ’05

1,115

University Towers

North Carolina State University

Jan ’05

953

The Reserve on South College

Auburn University

Jul ’05

576

The Reserve on Perkins

Oklahoma State University

Jan ’05

732

Cape Trails

Southeast Missouri State University

Jan ’06

360

The Pointe

Pennsylvania State University

Jan ’05

984

Carrollton Crossing

University of West Georgia

Jan ’06

336

College Station at West Lafayette

Purdue University

Jan ’05

960

River Pointe

University of West Georgia

Jan ’06

504

The Reserve on Frankford

Texas Tech University

Jan ’05

737

The Avenue at Southern

Georgia Southern University

Jun ’06

624

Commons on Kinnear

The Ohio State University

Jan ’05

502

The Reserve at Saluki Pointe

Southern Illinois University

Aug '08, Aug '09

768

NorthPointe

University of Arizona

Jan ’05

912

University Village on Colvin

Syracuse University

Aug '09

432

The Reserve at Star Pass

University of Arizona

Jan ’05

1,020

GrandMarc at The Corner

University of Virginia

Oct '10

641

The Lofts

University of Central Florida

Jan ’05

730

Wertland Square

University of Virginia

Mar ’11

152

The Reserve at Athens

University of Georgia

Jan ’05

612

Jefferson Commons

University of Virginia

Mar ’11

The Reserve on West 31st

University of Kansas

Jan ’05

719

Westminster House

University of California, Berkeley

May ’11

167

The Reserve at Columbia

University of Missouri

Jan ’05

676

University Village Towers

University of California, Riverside

Sept '11

554

The Pointe at South Florida

University of South Florida

Jan ’05

1,002

The Commons at Knoxville

University of Tennessee

Jan ’05

708

Total Wholly-Owned

21,482

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

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 Property 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	Mitch Germain	(212) 906-3546
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

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 that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our most recent 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, except as otherwise may be required by law, 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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