EDUCATION REALTY TRUST, INC.

SECOND QUARTER 2007
SUPPLEMENTAL ANALYST PACKAGE

TABLE OF CONTENT

Financial Highlights	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations — Three Months Ended June 30,	3
Condensed Consolidated Statements of Operations — Six Months Ended June 30,	4
Consolidated Statements of Funds from Operations	5
Community Operating Results — Three Months Ended June 30,	6
Community Operating Results — Six Months Ended June 30,	7
Same Community Statistics — Three Months Ended June 30,	8
Same Community Statistics — Six Months Ended June 30,	9
Community Statistics — Owned and Operated — Three Months Ended June 30,	10
Community Statistics — Owned and Operated — Six Months Ended June 30,	11
Third-Party Development Project Summary	12
Capital Structure	13
Community Listing — Owned and Operated	14
Definitions	15

EDUCATION REALTY TRUST, INC.

FINANCIAL HIGHLIGHTS

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

	Three months ended June 30,											Six months ended June 30,
	2007			2006			$ Chg		% Chg			2007			2006			$ Chg		% Chg
	(unaudited)			(unaudited)								(unaudited)			(unaudited)
Total revenues	$	28,959		$	27,464		$	1,495		5.4	%	$	59,026		$	55,770		$	3,256		5.8	%
Operating income		5,335			4,275			1,060		24.8	%		12,093			9,691			2,402		24.8	%
Loss from continuing operations		(1,810	)		(2,954	)		1,144		38.7	%		(2,709	)		(4,198	)		1,489		35.5	%
Net income (loss)		194			(2,514	)		2,708		107.7	%		(297	)		(3,294	)		2,997		91.0	%
Net income (loss) per share — basic and diluted	$	0.01		$	(0.01	)						$	(0.01	)	$	(0.13	)
Weighted-average common shares outstanding — basic and diluted		28,012,275			26,349,426								27,592,873			26,309,154
FFO	$	6,655		$	6,279			376		6.0	%	$	14,865		$	14,709			156		1.1	%
FFO per weighted average share/unit (3)	$	0.23		$	0.23							$	0.51		$	0.52
Weighted average shares/units (3)		29,465,325			27,850,196								29,046,143			28,025,579

Capitalization Data as of: June 30, 2007

Total debt (1)	$	421,120
Market equity (2)		426,954
Total enterprise value	$	848,074
Debt to total enterprise value		49.7	%

Notes:
(1)	Excludes debt premium of $2.0 million.
(2)	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 shares of $14.03 at June 30, 2007. Excludes the 267,500 Profits interest units outstanding.
(3)	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)

	June 30, 2007			December 31, 2006
	(Unaudited)
Assets
Student housing properties, net (1)	$	743,293		$	804,759
Assets under development		1,941			—
Corporate office furniture, net		1,324			752
Cash and cash equivalents		4,081			6,427
Restricted cash		8,130			9,154
Student contracts receivable, net		432			227
Receivable from affiliates		357			369
Management fee receivable from third parties		304			669
Goodwill and other intangibles, net		3,567			3,649
Other assets		11,006			9,452
Total assets	$	774,435		$	835,458
Liabilities and stockholders’ equity
Liabilities:
Mortgage loans, net of unamortized premium/discount	$	423,146		$	423,933
Other long term debt		—			47,000
Revolving line of credit		—			22,400
Accounts payable and accrued expenses		10,092			10,764
Deferred revenue		8,001			9,073
Total liabilities		441,239			513,170
Minority interest		18,812			19,289
Commitments and contingencies		—			—
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 28,413,849 and 26,810,552 shares issued and outstanding June 30, 2007 and December 31, 2006, respectively		284			268
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding		—			—
Additional paid-in capital		342,415			330,374
Warrants		—			375
Accumulated deficit		(28,315	)		(28,018	)
Total stockholders’ equity		314,384			302,999
Total liabilities and stockholders’ equity	$	774,435		$	835,458

(1) Amount is net of accumulated depreciation of $70,320 and $58,489 as of June 30, 2007 and December 31, 2006, respectively.

2

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — THREE MONTHS ENDED JUNE 30,

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

	2007			2006			$ Change			% Change
Revenues:
Student housing leasing revenue	$	21,031		$	19,702			1,329			6.7	%
Student housing food service revenue		522			807			(285	)		-35.3	%
Other leasing revenue		3,434			3,434			—			0.0	%
Third-party development services		1,024			872			152			17.4	%
Third-party management services		721			699			22			3.1	%
Operating expense reimbursements		2,227			1,950			277			14.2	%
Total revenues		28,959			27,464			1,495			5.4	%
Operating expenses:
Student housing leasing operations		9,402			8,755			647			7.4	%
Student housing food service operations		511			724			(213	)		-29.4	%
General and administrative		3,560			3,185			375			11.8	%
Depreciation and amortization		7,924			8,575			(651	)		-7.6	%
Reimbursable operating expenses		2,227			1,950			277			14.2	%
Total operating expenses		23,624			23,189			435			1.9	%
Operating income		5,335			4,275			1,060			24.8	%
Nonoperating expenses:
Interest expense		6,999			7,261			(262	)		-3.6	%
Amortization of deferred financing costs		268			279			(11	)		-3.9	%
Loss on early extinguishment of debt		174			—			174			100.0	%
Interest income		(167	)		(129	)		38			29.5	%
Total nonoperating expenses		7,274			7,411			(137	)		-1.8	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(1,939	)		(3,136	)		1,197			38.2	%
Equity in earnings of unconsolidated entities		(41	)		142			(183	)		-128.9	%
Loss before income taxes, minority interest and discontinued operations		(1,980	)		(2,994	)		1,014			33.9	%
Income tax expense (benefit)		(47	)		186			(233	)		-125.3	%
Net loss before minority interest and discontinued operations		(1,933	)		(3,180	)		1,247			39.2	%
Minority interest		(123	)		(226	)		103			45.6	%
Loss from continuing operations		(1,810	)		(2,954	)		1,144			38.7	%
Discontinued operations:
Income from operations, net of minority interest		425			440			(15	)		-3.4	%
Gain on sale of student housing property, net of minority interest		1,579			—			1,579			100.0	%
Income from discontinued operations		2,004			440			1,564			355.5	%
Net income (loss)	$	194		$	(2,514	)	$	2,708			107.7	%
Earnings per share information:
Income (loss) per share — basic & diluted
Continuing operations	$	(0.06	)	$	(0.11	)	$	0.05			42.4	%
Discontinued operations		0.07			0.01		$	0.06			422.2	%
Net income (loss) per share	$	0.01		$	(0.10	)	$	0.11			107.0	%
Weighted-average common shares outstanding — basic & diluted		28,012,275			26,349,426

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 for each period shown.

3

EDUCATION REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — SIX MONTHS ENDED JUNE 30,

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

	2007			2006			$ Change			% Change
Revenues:
Student housing leasing revenue	$	43,003		$	40,557			2,446			6.0	%
Student housing food service revenue		1,102			1,775			(673	)		-37.9	%
Other leasing revenue		6,868			6,868			—			0.0	%
Third-party development services		2,067			1,427			640			44.8	%
Third-party management services		1,603			1,398			205			14.7	%
Operating expense reimbursements		4,383			3,745			638			17.0	%
Total revenues		59,026			55,770			3,256			5.8	%
Operating expenses:
Student housing leasing operations		18,424			17,362			1,062			6.1	%
Student housing food service operations		1,072			1,583			(511	)		-32.3	%
General and administrative		7,050			6,165			885			14.4	%
Depreciation and amortization		16,004			17,224			(1,220	)		-7.1	%
Reimbursable operating expenses		4,383			3,745			638			17.0	%
Total operating expenses		46,933			46,079			854			1.9	%
Operating income		12,093			9,691			2,402			24.8	%
Nonoperating expenses:
Interest expense		14,386			14,131			255			1.8	%
Amortization of deferred financing costs		548			553			(5	)		-0.9	%
Loss on early extinguishment of debt		174			—			174			100.0	%
Interest income		(251	)		(338	)		(87	)		-25.7	%
Total nonoperating expenses		14,857			14,346			511			3.6	%
Loss before equity in earnings of unconsolidated entities, income taxes, minority interest and discontinued operations		(2,764	)		(4,655	)		1,891			40.6	%
Equity in earnings of unconsolidated entities		2			425			(423	)		-99.5	%
Loss before income taxes, minority interest and discontinued operations		(2,762	)		(4,230	)		1,468			34.7	%
Income tax expense (benefit)		(49	)		82			(131	)		-159.8	%
Net loss before minority interest and discontinued operations		(2,713	)		(4,312	)		1,599			37.1	%
Minority interest		(4	)		(114	)		110			96.5	%
Loss from continuing operations		(2,709	)		(4,198	)		1,489			35.5	%
Discontinued operations:
Income from operations, net of minority interest		833			904			(71	)		-7.9	%
Gain on sale of student housing property, net of minority interest		1,579			—			1,579			100.0	%
Income from discontinued operations		2,412			904			1,508			166.8	%
Net loss	$	(297	)	$	(3,294	)	$	2,997			91.0	%
Earnings per share information:
Income (loss) per share — basic & diluted
Continuing operations	$	(0.10	)	$	(0.16	)	$	0.06			38.5	%
Discontinued operations		0.09			0.03		$	0.06			178.7	%
Net loss per share	$	(0.01	)	$	(0.13	)	$	0.12			91.6	%
Weighted-average common shares outstanding — basic & diluted		27,592,873			26,309,154

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 for each period shown.

4

EDUCATION REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

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

	Three months ended June 30,						Six months ended June 30,
	2007			2006			2007			2006
Net income (loss)	$	194		$	(2,514	)	$	(297	)	$	(3,294	)
Gain on sale of student housing property, net of minority interest		(1,579	)		—			(1,579	)		—
Real estate related depreciation and amortization		7,811			8,487			15,809			17,052
Equity portion of real estate depreciation and amortization on equity investees		92			—			190			—
Depreciation and amortization of discontinued operations		242			512			711			1,016
Minority interest		(105	)		(206	)		31			(65	)
Funds from operations (“FFO”)	$	6,655		$	6,279		$	14,865		$	14,709
FFO per weighted average share/unit (1)	$	0.23		$	0.23		$	0.51		$	0.52
Weighted average shares/units (1)		29,465,325			27,850,196			29,046,143			28,025,579

Notes:

(1) Funds from operations per share/unit was computed using weighted average shares and units outstanding, regardless of their dilutive impact.

5

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — THREE MONTHS ENDED JUNE 30,

(Amounts in thousands, unaudited)

	2007		2006		$ Change		% Change
Revenues
Same community	$	20,480	$	19,519	$	961		4.9	%
New community		551		183		368		201.1	%
Total community revenue		21,031		19,702		1,329		6.7	%
Operating expenses (1)
Same community	$	9,099	$	8,714	$	385		4.4	%
New communities		303		41		262		639.0	%
Total community operating expenses		9,402		8,755		647		7.4	%
Net operating income
Same community	$	11,381	$	10,805	$	576		5.3	%
New communities		248		142		106		74.6	%
Total community net operating income	$	11,629	$	10,947	$	682		6.2	%

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

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 both the current and prior year periods in our statement of operations.

6

EDUCATION REALTY TRUST, INC.

COMMUNITY OPERATING RESULTS — SIX MONTHS ENDED JUNE 30,

(Amounts in thousands, unaudited)

	2007		2006		$ Change		% Change
Revenues
Same community	$	41,899	$	40,374	$	1,525		3.8	%
New community		1,104		183		921		503.3	%
Total community revenue		43,003		40,557		2,446		6.0	%
Operating expenses (1)
Same community	$	17,833	$	17,321	$	512		3.0	%
New communities		591		41		550		1341.5	%
Total community operating expenses		18,424		17,362		1,062		6.1	%
Net operating income
Same community	$	24,066	$	23,053	$	1,013		4.4	%
New communities		513		142		371		261.3	%
Total community net operating income	$	24,579	$	23,195	$	1,384		6.0	%

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

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 both the current and prior year periods in our statement of operations.

7

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — THREE MONTHS ENDED JUNE 30,

	2007			2006			Difference
Occupancy
Physical		91.4	%		90.5	%		0.9	%
Economic		95.4	%		91.5	%		3.9	%
NarPAB	$	353		$	337		$	16
Other income per avail. Bed	$	28		$	26		$	2
RevPAB	$	381		$	363		$	18
Operating expense per bed	$	169		$	162		$	7
Operating margin		55.6	%		55.3	%		0.3	%
Design Beds		53,841			53,841			—

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 both the current and prior year periods in our statement of operations.

8

EDUCATION REALTY TRUST, INC.

SAME COMMUNITY STATISTICS — SIX MONTHS ENDED JUNE 30,

	2007			2006			Difference
Occupancy
Physical		93.6	%		92.5	%		1.1	%
Economic		96.0	%		93.3	%		2.7	%
NarPAB	$	364		$	352		$	12
Other income per avail. Bed	$	25		$	23		$	2
RevPAB	$	389		$	375		$	14
Operating expense per bed	$	166		$	161		$	5
Operating margin		57.4	%		57.1	%		0.3	%
Design Beds		107,682			107,682			—

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 both the current and prior year periods in our statement of operations.

9

EDUCATION REALTY TRUST, INC.

COMMUNITY STATISTICS — OWNED AND OPERATED — THREE MONTHS ENDED JUNE 30,

	2007			2006			Difference
Occupancy
Physical		91.0	%		90.4	%		0.6	%
Economic		94.9	%		91.4	%		3.5	%
NarPAB	$	350		$	337		$	13
Other income per avail. Bed	$	27		$	25		$	2
RevPAB	$	377		$	362		$	15
Operating expense per bed	$	169		$	161		$	8
Operating margin		55.3	%		55.6	%		-0.3	%
Design Beds		55,713			54,465			1,248

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 both the current and prior year periods in our statement of operations.

10

EDUCATION REALTY TRUST, INC.

COMMUNITY STATISTICS — OWNED AND OPERATED — SIX MONTHS ENDED JUNE 30,

	2007			2006			Difference
Occupancy
Physical		93.1	%		92.4	%		0.7	%
Economic		95.4	%		93.2	%		2.2	%
NarPAB	$	362		$	352		$	10
Other income per avail. Bed	$	24		$	23		$	1
RevPAB	$	386		$	375		$	11
Operating expense per bed	$	165		$	160		$	5
Operating margin		57.2	%		57.2	%		0.0	%
Design Beds		111,426			108,306			3,120

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 both the current and prior year periods in our statement of operations.

11

EDUCATION REALTY TRUST, INC.

THIRD-PARTY DEVELOPMENT PROJECT SUMMARY

(Amounts in ‘000s)

	Three months ended							Six months ended
	June 30, 2007		June 30, 2006		Change			June 30, 2007		June 30, 2006		Change
Third-party development services revenue	$	1,024	$	872	$	152		$	2,067	$	1,427	$	640
Equity in earnings of development joint ventures		102		142		(40	)		242		425		(183	)
	$	1,126	$	1,014	$	112		$	2,309	$	1,852	$	457

CURRENT AND RECENTLY COMPLETED PROJECTS

			Project												Fees Earned Six				Fees Paid
			Development		Total Project								Fees Earned		Months Ended		Remaining Fees		Through June
Project	Bed Count	Completion Date	Cost		Fees			EDR % of fees			EDR Project Fees		Prior to 2007		June 30, 2007 (1)		to Earn		30, 2007
Slippery Rock University — Phase I, PA	1,390	Aug-06, Oct-06, Mar-07	$	64,204	$	2,720			100	%	$	2,720	$	2,674	$	38	$	8	$	2,220
California University of Pennsylvania Phase V, PA	354	August 2007		19,909		538			50	%		269		144		111		14		188
Indiana University of Pennsylvania, PA	734	August 2007		43,725		1,673			100	%		1,673		924		634		115		1,146
University of North Carolina-Greensboro	600	August 2007		26,000		1,162	(2)					683		458		202		23		603
University of Alabama — Tuscaloosa	631	August 2007		31,652		1,236			100	%		1,236		257		875		104		956
University of Michigan, Ann Arbor	849	August 2008		45,000		1,200			100	%		1,200		567		133		500		723
Slippery Rock University Phase II	746	August 2008		47,300		1,381			100	%		1,381		—		232		1,149		967
Indiana University of Pennsylvania Phase II	1,094	August 2008		68,366		2,479			100	%		2,465		—		108		2,357		909
	6,398		$	346,156							$	11,627	$	5,024	$	2,333	$	4,270	$	7,712

RECENTLY AWARDED PROJECTS

				Estimated	Project
				Completion	Development
Project	Estimated Bed Count		Estimated Start Date	Date	Cost		Total Project Fees		EDR % of Fees			Total EDR Fees
West Chester University of Pennsylvania Phase I		1,050	March 2008	August 2009		85,223		3,277		100	%		3,277
University of Alabama — Tuscaloosa Phase II		930	TBD	August 2009		62,000		2,336		100	%		2,336
Indiana University of Pennsylvania Phase III		650	April 2008	August 2009		40,619		1,464		100	%		1,464
		2,630			$	187,842	$	7,077				$	7,077

(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.
(2)	Total fees of $1,162 on the project include $957 of development fees and $205 of construction oversight fees. EDR participates 50% and 100% respectively in those fees

12

EDUCATION REALTY TRUST, INC.

CAPITAL STRUCTURE

As of June 30, 2007
(dollars in thousand)

Total Debt to Enterprise Value

Total Debt (1)	$	421,120	49.7	%
Total Market Equity (2)		426,954	50.3	%
Total Enterprise Value	$	848,074	100	%

Total Debt Outstanding

	Principal		Weighted Average						Average Term
	Outstanding		Interest Rate			%			to Maturity
Fixed Rate Mortgage Loans (1)	$	421,120		5.90	%		100.0	%	3.0		years
Variable Rate		—		—			—			—	years
Total / Weighted Average	$	421,120		5.90	%		100.0	%	3.0		years

Mortgage Debt Maturity

Fiscal Yr Ending
Ending
2007	$	1,853	0.5	%
2008		26,481	6.3	%
2009		285,049	67.7	%
2010		888	0.2	%
2011		947	0.2	%
Thereafter		105,902	25.1	%
Total	$	421,120	100.0	%
Unamortized debt premium		2,026
Total, net of debt premium		423,146

	Six Months Ended
	June 30, 2007
Interest expense (3)	$	14,616
Interest coverage (4)		1.80
Fixed charge coverage (4)		1.52

(1)	Excludes unamortized debt premium of $2.0 million.
(2)	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 shares of $14.03 at June 30, 2007. Excludes the 267,500 Profits interest units outstanding.
(3)	Excludes amortization of debt premium/discount.
(4)	Coverage ratios are calculated in compliance with the terms of our existing credit facililty, on a trailing 12 month basis.

13

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		290
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
Players Club	Georgia Southern University	Jun ’06		624
	Total owned and operated beds			18,571

NOTE: The above listing excludes the 13 communities leased to and managed by Place Properties, which were acquired on January 1, 2006.

14

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.

     Sames community

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

15