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

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8-K - Education Realty Trust, Inc.	v219305_8k.htm
EX-99.1 - Education Realty Trust, Inc.	v219305_ex99-1.htm

EDUCATION REALTY TRUST, INC.

FIRST 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

Preleasing Statistics	9

Development Update	10

Capital Structure	11

Community Listing - Wholly-Owned	12

Investor Information	13

Definitions	14

Safe Harbor Statement	15

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data)

OPERATING DATA:

	Three months ended March 31,
	2011		2010		$ Chg			% Chg
	(unaudited)		(unaudited)
Same-community revenue	$	25,353	$	24,501	$	852			3.5	%
Total community revenue		27,098		25,311		1,787			7.1	%
Total revenue		31,063		28,778		2,285			7.9	%

Same-community net operating income		14,425		13,827		598			4.3	%
Total community net operating income		15,616		14,087		1,529			10.9	%
Total operating income		5,597		5,054		543		10.7		%

Net Income		655		170		485		NM
Per share - basic & diluted		0.01		0.00		0.01		NM

Funds from operations (FFO)		6,919		7,815		(896	)		-11.5	%
Per weighted average share/unit (1)		0.10		0.13		(0.03	)		-23.1	%

Core funds from operations (Core FFO)		9,387		7,988		1,399			17.5	%
Per weighted average share/unit (1)	$	0.13	$	0.14	$	(0.01	)		-7.1	%

BALANCE SHEET DATA:

	3/31/2011			12/31/2010
Debt to gross assets		35.4	%		41.5	%
Net debt to enterprise value		30.2	%		43.9	%
Interest coverage ratio (TTM)		2.3			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 a detailed calculation.

EDUCATION REALTY TRUST, INC.

BALANCE SHEET

(Amount in thousands, except share data)

	March 31, 2011			December 31, 2010
	(unaudited)
Assets
Collegiate housing properties, net (1)	$	670,920		$	652,603
Collegiate housing properties- held for sale (2)		-			45,044
Assets under development		3,206			1,146
Cash and cash equivalents		75,609			6,958
Restricted cash		3,032			4,791
Other assets		30,217			26,138

Total assets	$	782,984		$	736,680

Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount	$	331,006		$	367,631
Revolving line of credit		-			3,700
Accounts payable and accrued expenses		17,288			18,324
Deferred revenue		10,624			12,243
Total liabilities		358,918			401,898

Commitments and contingencies		-			-

Redeemable noncontrolling interests		10,195			10,039

Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized,
71,915,126 and 58,657,056 shares issued and outstanding
March 31, 2011 and December 31, 2010, respectively		719			587
Preferred shares, $0.01 par value, 50,000,000 shares authorized,
no shares issues and outstanding		-			-
Additional paid-in capital		503,191			414,850
Accumulated deficit		(90,039	)		(90,694	)
Total Education Realty Trust, Inc. stockholders' equity		413,871			324,743
Noncontrolling interest		-			-
Total equity		413,871			324,743

Total liabilities and equity	$	782,984		$	736,680

(1)	Amount is net of accumulated depreciation of $151,958 and $145,315 as of March 31, 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 March 31,
	2011			2010			$ Change
Revenues:
Collegiate housing leasing revenue	$	27,098		$	25,311		$	1,787
Third-party development services		1,276			693			583
Third-party management services		834			866			(32	)
Operating expense reimbursements		1,855			1,908			(53	)
Total revenues		31,063			28,778			2,285

Operating expenses:
Collegiate housing leasing operations		11,482			11,224			258
Development and management services (1)		1,331			1,313			18
General and administrative (1)		2,482			2,526			(44	)
Severance, development pursuit and acquisition costs		(56	)		461			(517	)
Ground leases		1,366			83			1,283
Depreciation and amortization		7,006			6,209			797
Reimbursable operating expenses		1,855			1,908			(53	)
Total operating expenses		25,466			23,724			1,742

Operating income		5,597			5,054			543

Nonoperating expenses:
Interest expense		4,742			4,987			(245	)
Amortization of deferred financing costs		284			312			(28	)
Interest income		(45	)		(117	)		72
Loss on extinguishment of debt		351			-			351
Total nonoperating expenses		5,332			5,182			150

Income (loss) before equity in earnings of unconsolidated entities, income
taxes and discontinued operations		265			(128	)		393

Equity in earnings of unconsolidated entities		5			79			(74	)
Income (Loss) before income taxes and discontinued operations		270			(49	)		319
Less: Income tax expense (benefit)		154			(75	)		229
Income from continuing operations		116			26			90
Income from discontinued operations		750			355			395

Net Income		866			381			485

Less: Net income (loss) attributable to the noncontrolling interests		211			211			-
Net Income attributable to Education Realty Trust, Inc.	$	655		$	170		$	485

Earnings per share information:
Net income attributable to Education Realty Trust, Inc.
common stockholders per share - basic and diluted	$	0.01		$	0.00		$	0.01

Weighted-average shares of common stock outstanding - basic		70,852			56,760

Weighted-average shares of common stock outstanding - diluted		71,963			57,871

(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 on 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 this quarter, our same-community operating expenses per bed on page 8 would have been $200 and $198 and the same- community operating margins would have been 52.9% and 51.9% for the first quarter of 2011 and 2010, respectively.

	Three Months Ended March 31,
	2011			2010		$ Change

Management services - third-party (1)		667			704		(36	)
Development consulting services		664			609		55
Development and management services - third-party		1,331			1,313		19

Management services - owned (1)		1,053			1,110		(57	)
Corporate general and administrative		1,429			1,416		12
General and administrative - non third-party		2,482			2,526		(45	)

Total general and administrative expense		3,813			3,839		(26	)

Severance and related		-			292		(292	)
Development pursuit		(227	)		169		(396	)
Acquisition costs		171			-		171
							-
Total severance, development pursuit and acquisition costs		(56	)		461		(517	)

(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 March 31,
	2011			2010		Change

Net Income attributable to Education Realty Trust, Inc.	$	655		$	170	$	485

Gain on sale of collegiate housing assets (1)		(944	)		-		(944	)
Real estate related depreciation and amortization		6,886			6,103		783
Depreciation and amortization of discontinued operations		-			1,207		(1,207	)
Equity portion of real estate depreciation and amortization on equity investees		111			124		(13	)
Noncontrolling interests		211			211		-
Funds from operations ("FFO")		6,919			7,815		(896	)

FFO adjustments:
Loss on extinguishment of debt (1)		757			-		757
Acquisition costs		171			-		171
Straight-line adjustment for ground leases (2)		1,053			-		1,053
Reorganization/severance costs, net of taxes		-			173		(173	)
FFO adjustments:		1,981			173		1,808

FFO on Participating Developments:(3)
Interest on loan to Participating Development		285			-		285
Development fees on Participating Development, net of costs and taxes		202			-		202
FFO on Participating Developments		487			-		487

Core funds from operations ("Core FFO")	$	9,387		$	7,988	$	1,399

FFO per weighted average share/unit (4)	$	0.10		$	0.13	$	(0.03	)
Core FFO per weighted average share/unit (4)	$	0.13		$	0.14	$	(0.01	)

Weighted average shares/units (4)		71,963			58,097		13,866

(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 quarter ended March 31, 2011, the adjustment includes $996 related to The GrandMarc at the Univeristy of Virginia and $57 related to Univeristy Village on Colvin in Syracuse.

(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 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

(Amounts in thousands, unaudited)

	Three Months Ended March 31,
	2011		2010		$ Change			% Change
Revenues
Same-communities	$	25,353	$	24,501	$	852			3.5	%
New-communities (1)		1,347		-		1,347		NM
Other-communities (2)		398		810		(412	)		-50.9	%
Total revenues		27,098		25,311		1,787			7.1	%

Operating expenses (3)
Same-communities		10,928		10,674		254			2.4	%
New-communities (1)		333		-		333		NM
Other-communities (2)		221		550		(329	)		-59.8	%
Total operating expenses		11,482		11,224		258			2.3	%

Net operating income
Same-communities		14,425		13,827		598			4.3	%
New-communities (1)		1,014		-		1,014		NM
Other-communities (2)		177		260		(83	)		-31.9	%
Total net operating income		15,616		14,087		1,529			10.9	%

NOTE: This table 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).

(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.

(2) 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.

(3) 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 March 31,
	2011			2010			Change

Occupancy
Physical		92.7	%		91.4	%		130	bps
Economic		92.1	%		90.6	%		150	bps

NarPAB	$	412		$	392			5.1	%
Other income per avail. bed	$	20		$	19			2.8	%
RevPAB	$	432		$	411			5.0	%

Operating expense per bed	$	182		$	179			1.8	%

Operating margin		57.8	%		56.4	%		139	bps

Design Beds		61,814			59,646			3.6	%

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 March 31,
	2011			2010			Change

Occupancy
Physical		92.7	%		91.4	%		130	bps
Economic		92.2	%		90.6	%		160	bps

NarPAB	$	405		$	392			3.3	%
Other income per avail. bed	$	20		$	19			5.3	%
RevPAB	$	425		$	411			3.5	%

Operating expense per bed	$	183		$	179			2.4	%

Operating margin		56.9	%		56.4	%		50	bps

Design Beds		59,661			59,646			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.

EDUCATION REALTY TRUST, INC.

2011/2012 PreLeasing update as of April 18th

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

Campus Creek	University of Mississippi		636		100.0	%		378		59.4	%		18.5	%		636		99.7	%
The Reserve at Columbia	University of Missouri		526		77.8	%		627		92.8	%		11.5	%		676		100.0	%
The Reserve at Star Pass	University of Arizona		342		33.5	%		403		39.5	%		9.7	%		1,020		87.1	%
The Reserve on West 31st	University of Kansas		357		50.0	%		417		58.4	%		9.5	%		714		98.0	%
The Reserve on South College	Auburn University		391		67.9	%		329		57.1	%		9.3	%		576		96.0	%
University Village on Colvin	Syracuse University		315		72.9	%		387		89.6	%		7.9	%		432		98.6	%
Carrollton Crossing	University of West Georgia		273		81.3	%		206		61.3	%		7.2	%		336		99.1	%
The Reserve on Perkins	Oklahoma State University		329		44.9	%		369		50.4	%		5.3	%		732		98.2	%
Players Club	Florida State University		334		99.4	%		284		84.5	%		5.2	%		336		99.1	%
The Pointe	Pennsylvania State University		971		98.7	%		983		99.9	%		5.1	%		984		100.0	%
Cape Trails	Southeast Missouri State University		273		75.8	%		352		97.8	%		5.1	%		360		100.0	%
NorthPointe	University of Arizona		373		40.9	%		293		32.1	%		4.4	%		912		78.7	%
University Towers	North Carolina State University		667		70.0	%		733		76.9	%		3.6	%		953		99.5	%
Commons on Kinnear	The Ohio State University		356		70.9	%		391		77.9	%		3.1	%		502		98.6	%
The Pointe at Western	Western Michigan University		365		41.7	%		519		59.2	%		3.0	%		876		97.5	%
The Commons	Florida State University		222		30.3	%		185		25.3	%		2.9	%		732		86.6	%
College Grove	Middle Tennessee State University		234		27.1	%		203		23.5	%		2.5	%		864		90.9	%
The Commons at Knoxville	University of Tennessee		431		60.9	%		388		54.8	%		2.2	%		708		85.3	%
College Station at West Lafayette	Purdue University		602		62.7	%		696		72.5	%		2.2	%		960		96.8	%
River Pointe	University of West Georgia		181		35.9	%		264		52.4	%		2.1	%		504		95.4	%
Pointe West	University of South Carolina		204		42.5	%		263		54.8	%		1.5	%		480		99.6	%
The Avenue at Southern	Georgia Southern University		147		23.6	%		196		31.4	%		1.4	%		624		88.1	%
The Reserve at Saluki Pointe	Southern Illinois University		420		54.7	%		420		54.7	%		1.4	%		768		90.1	%
The Lofts	University of Central Florida		495		67.3	%		388		52.7	%		1.1	%		736		98.9	%
The Pointe at South Florida	University of South Florida		504		50.3	%		399		39.8	%		1.0	%		1,002		91.1	%
Campus Lodge	University of Florida		702		63.0	%		493		44.2	%		0.2	%		1,115		88.3	%
The Reserve on Frankford	Texas Tech University		293		39.8	%		308		41.8	%		0.0	%		737		98.6	%
The Reserve at Athens	University of Georgia		504		82.4	%		342		55.9	%		-4.6	%		612		83.2	%
Same-communites			11,447		57.6	%		11,216		56.4	%		4.0	%		19,887		93.6	%

Wertland Square	University of Virginia		152		100.0	%		152		100.0	%		1.0	%		152		100.0	%
Jefferson Commons	University of Virginia		82		100.0	%		82		100.0	%		1.0	%		82		100.0	%
GrandMarc at the Corner	University of Virginia		393		61.3	%		445		69.4	%		4.0	%		641		90.8	%
New-communitites			627		71.7	%		679		77.6	%		3.2	%		875		95.4	%

Wholly-owned			12,074		58.2	%		11,895		57.3	%		4.0	%		20,762		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

63,993

University of Connecticut - Storrs Center

Wholly Owned

500

Summer 2011

Summer 2012/2013

48,479

Syracuse University - Campus West

One Plan

312

Summer 2011

Summer 2012

29,747

University of Alabama

Joint Venture

774

Summer 2011

Summer 2012

41,350

2,208

183,569

PARTICIPATING PROJECTS (1)


Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year		Fees Earned Three Months Ended March 31, 2011		Remaining Fees to Earn
Johns Hopkins Graduate Housing		572	In progress	Summer 2012		60,700	$	2,122	$	304	$	366	$	1,452

THIRD-PARTY PROJECTS


Project	Bed Count		Estimated Start Date	Anticipated Completion Date	Project Development Cost		Total Project Fees		Fees Earned Prior Year		Fees Earned Three Months Ended March 31, 2011 (2)		Remaining Fees to Earn
SUNY College of Env. Science & Forestry		454	In progress	Summer 2011		28,147		1,174		802		152		220
East Stroudsburg University - Pennsylvania		969	In progress	December 2011		59,491		2,234		232		399		1,603
Mansfield University of Pennsylvania		634	In progress	December 2011		35,031		1,449		52		144		1,253
Projects Under Construction - Total		2,057				122,669		4,857		1,086		695		3,076

West Chester University of Pennsylvania Phase II	TBD		TBD	TBD	TBD		TBD			-		-		-
Bloomsburg University of Pennsylvania		522	Summer 2012	Summer 2013		27,782		1,161		-		-		1,161
Recently Awarded Projects - Total		522				27,782		1,161		-		-		1,161

Total Third-Party Projects		2,579			$	150,451	$	6,018	$	1,086	$	695	$	4,237

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.

(2)	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 March 31, 2011

(dollars in thousands)

Total Debt to Gross Assets					Net Debt to Enterprise Value
	Debt (1)	$	330,704		Net Debt (1)	$	255,095
	Gross Assets (2)	$	934,942		Market Equity (3)		588,534
	Debt to Gross Assets		35.4	%	Enterprise Value	$	843,629
					Net Debt to Enterprise Value		30.2	%
Interest coverage (TTM)			2.3	x
Net Debt to EBITDA (TTM)			5.2	x

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate - Mortgage Debt (1)	$	307,117		5.93	%		92.9	%		4.51	years
Variable Rate - Construction Debt		23,587		1.52	%		7.1	%		0.96	years
Total / Weighted Average	$	330,704		5.62	%		100.0	%		4.26	years

Future Maturities

Fiscal Year Ending	Amortization		Maturities			Total		Percentage
2011	$	2,835	$	8,826	(4)	$	11,661		3.5	%
2012		3,474		66,867			70,341		21.3	%
2013		3,441		25,000			28,441		8.6	%
2014		3,063		50,299			53,362		16.1	%
2015		2,831		7,107			9,938		3.0	%
Thereafter		5,377		151,584			156,961		47.5	%
Mortgage Debt (1)		21,021		309,683			330,704		100.0	%
Revolving Credit Facility		-		-			-
Gross Debt (1)	$	21,021	$	309,683			330,704
Cash							75,609
Net Debt						$	255,095

(1)	Excludes unamortized debt premium of $0.3 million.

(2)	Excludes accumulated depreciation of $151,958 as of March 31, 2011.

(3)	Market equity includes 72,180,959 shares of the Company's common stock and 1,110,995 operating partnership units and is calculated using $8.03 per share, the closing price of the Company's common stock on March 31, 2011.

(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		736
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 Trails	Southeast Missouri State University	Jan ’06		360
Carrollton Crossing	University of West Georgia	Jan ’06		336
River Pointe	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
Wertland Square	University of Virginia	Mar ’11		152
Jefferson Commons	University of Virginia	Mar ’11		82

	Total Wholly-Owned			20,762

NOTE:

The community listing excludes 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 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	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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