Education Realty Trust - Investor Overview

Financial Highlights

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Income Statement ($000)
	2009 Q3	2008 Q3	Y-Y Ch (%)	2009 Q2
Rental Revenue	28,628	27,723	3.26	29,537
Partnership Income	(152)	(196)	(22.45)	46
Total Revenue	32,530	32,298	0.72	32,136
Rental Operating Expense	21,349	20,885	2.22	14,524
Expenses	39,598	39,177	1.07	31,454
Net Income	(7,417)	(7,259)	2.18	241
Rental NOI	7,279	6,838	6.45	15,013
Diluted EPS before Extraordinary Items ($)	(0.15)	(0.26)	(42.31)	0.01
Diluted EPS after Extraordinary Items ($)	(0.15)	(0.26)	(42.31)	0.01
Dividends Declared per Common Share ($)	0.1025	0.2050	(50.00)	0.1025
Avg Diluted Shares Out (actual)	47,932,410	28,462,349	68.41	29,641,339

Balance Sheet ($000)
	2009 Q3	2008 Q3	Y-Y Ch (%)	2009 Q2
Properties at Cost: Operational	890,827	845,118	5.41	850,645
Accumulated Depreciation	134,206	106,891	25.55	127,190
Net Properties: Operational	756,621	738,227	2.49	723,455
Land Held for Development	0	2,883	NM	29,248
Total Real Estate Investments	760,288	744,577	2.11	756,545
Total Assets	865,694	769,230	12.54	782,441
Total Debt	457,608	447,613	2.23	480,093
Total Liabilities	486,316	476,427	2.08	505,809
Common Equity	365,534	277,805	31.58	262,444
Common Shares Outstanding (actual)	56,685,849	28,466,849	99.13	28,501,849
Convertible Operating Partnership Units (actual)	1,120,995	1,120,995	0.00	1,120,995

Same Store Operations
	2009 Q3	2008 Q3	Y-Y Ch (bp)	2009 Q2
Same-store NOI: Change from Prior (%)	4.80	(9.00)	1,380	6.40

EBITDA
	2009 Q3	2008 Q3	Y-Y Ch (bp)	2009 Q2
Recurring EBITDA/ Interest Expense (x)	1.02	1.03	(1) (100bp)	2.09
Recurring EBITDA/ Interest & Preferred Dividends (x)	1.02	1.03	(1) (100bp)	2.09

^† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

* Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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