----

| x |   | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|--------|------------------------------------------------------------------------------------------------|

|   |   |                                                                                               |
|--------|--------|----------------------------------------------------------------------------------------------------|
|  ̈ |   | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |

|                                                                                                                    |   |                                                             |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
| Maryland (State      or Other Jurisdiction of Incorporation      or Organization)                             |   | 20-1352180 (IRS      Employer Identification      No.) |
|                                                                                                                    |   |                                                             |
| 530      Oak Court Drive, Suite 300 Memphis      Tennessee (Address      of Principal Executive Offices) |   | 38117 (Zip      Code)                                       |

|                                        |   |                                           |
|---------------------------------------------|--------|------------------------------------------------|
| Title of Each Class                         |   | Name Of Each Exchange On Which      Registered |
| Common      Stock, $.01 par value per share |   | New      York Stock Exchange                   |

| Large      accelerated filer  ̈ | Accelerated      filer      x |
|--------------------------------------------------|---------------------------------------|
|                                             |                                  |
| Non-accelerated      filer  ̈                | Smaller      reporting company  ̈ |

----

----

----

----

|                |                                                                                                                    |   |
|---------------------|-------------------------------------------------------------------------------------------------------------------------|--------|
| PART I              |                                                                                                                    |   |
| Item 1.        | Business                                                                                                                | 4      |
| Item 1A.       | Risk Factors                                                                                                            | 14     |
| Item 1B.       | Unresolved Staff Comments                                                                                               | 30     |
| Item 2.        | Properties                                                                                                              | 31     |
| Item 3.        | Legal Proceedings                                                                                                       | 36     |
| Item 4.        | Reserved                                                                                                                | 36     |
|                |                                                                                                                    |   |
| PART II             |                                                                                                                    |   |
| Item 5.        | Market For Registrant’s Common Equity, Related Stockholder      Matters and Issuer Purchases of Equity Securities | 37     |
| Item 6.        | Selected Financial Data                                                                                                 | 40     |
| Item 7.        | Management’s Discussion and Analysis of Financial Condition      and Results of Operations                        | 43     |
| Item 7A.  | Quantitative and Qualitative Disclosures About Market      Risk                                                         | 72     |
| Item 8.        | Financial Statements and Supplementary      Data                                                                        | 74     |
| Item 9.        | Changes in and Disagreements With Accountants on      Accounting and Financial Disclosure                               | 113    |
| Item 9A.       | Controls and Procedures                                                                                                 | 113    |
| Item 9B.       | Other Information                                                                                                       | 113    |
|                |                                                                                                                    |   |
| PART III            |                                                                                                                    |   |
| Item 10.       | Directors, Executive Officers and Corporate      Governance                                                             | 116    |
| Item 11.       | Executive Compensation                                                                                                  | 116    |
| Item 12.       | Security Ownership of Certain Beneficial Owners and      Management and Related Stockholder Matters                     | 117    |
| Item 13.       | Certain Relationships and Related Transactions, and      Director Independence                                          | 118    |
| Item 14.       | Principal Accountant Fees and    Services                                                                               | 118    |
|                |                                                                                                                    |   |
| PART IV             |                                                                                                                    |   |
| Item 15.       | Exhibits and Financial Statement      Schedules                                                                         | 118    |
|                |                                                                                                                    |   |
| Signatures          |                                                                                                                    | 119    |

----

PART I

Item 1. Business.

----

|   | • | university      and campus reputation; |
|--------|---------|----------------------------------------|

|   | • | competitive      admissions criteria; |
|--------|---------|---------------------------------------|

|   | • | limited      number of on-campus beds and limited plans for  expansion; |
|--------|---------|-------------------------------------------------------------------------|

|   | • | distance      of property from campus; |
|--------|---------|----------------------------------------|

|   | • | property      unit mix; |
|--------|---------|-------------------------|

|   | • | competition; |
|--------|---------|--------------|

|   | • | significant      out-of-state enrollment; |
|--------|---------|-------------------------------------------|

|   | • | past      operating performance; |
|--------|---------|----------------------------------|

|   | • | potential      for improved management; |
|--------|---------|-----------------------------------------|

|   | • | ownership      and capital structure; |
|--------|---------|---------------------------------------|

|   | • | presence      of desired amenities; |
|--------|---------|-------------------------------------|

|   | • | maintenance      and condition of the property; |
|--------|---------|-------------------------------------------------|

|   | • | access      to a university-sponsored or public transportation line;    and |
|--------|---------|-----------------------------------------------------------------------------|

|   | • | parking      availability. |
|--------|---------|----------------------------|

----

|   | • | establishing      internal controls and procedures for cost control consistently throughout      our communities; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | operating      with flat property-level management structures, minimizing multiple layers      of management; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | negotiating      service-level pricing arrangements with national and regional vendors and      requiring corporate-level approval of service agreements for each      community. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Property                                               |   | University                                           |   | # of Beds |   |   | # of Units |   |
|--------------------------------------------------------|--------|------------------------------------------------------|--------|---------------------|--------|--------|----------------------|--------|
| On-campus      properties                              |   |                                                 |   |                |   |   |                 |   |
| University      Park — Calhoun Street Apartments |   | University      of Cincinnati                        |   |                | 749    |   |                 |   | 288 |   |
| Reinhard      Villages                                 |   | Clarion      University of Pennsylvania              |   |                | 656    |   |                 |   | 180 |   |
| University      Park                                   |   | Salisbury      University (Maryland)                 |   |                | 578    |   |                 |   | 145 |   |
| University      Park — Phase II                  |   | Salisbury      University (Maryland)                 |   |                | 312    |   |                 |   | 108 |   |
| Bettie      Johnson Hall                               |   | University      of Louisville                        |   |                | 490    |   |                 |   | 224 |   |
| Herman      & Heddy Kurz Hall                      |   | University      of Louisville                        |   |                | 402    |   |                 |   | 224 |   |
| Billy      Minardi Hall                                |   | University      of Louisville                        |   |                | 38     |   |                 |   | 20 |   |
| Community      Park                                    |   | University      of Louisville                        |   |                | 358    |   |                 |   | 101 |   |
| University      Village                                |   | California      State University — San Marcos  |   |                | 627    |   |                 |   | 126 |   |
| Arlington      Park Apartments                         |   | University      of Northern Colorado                 |   |                | 394    |   |                 |   | 179 |   |
| Total      on-campus                                   |   |                                                 |   |                | 4,604  |   |                 |   | 1,595 |   |
| Off-campus      properties                             |   |                                                 |   |                |   |   |                 |   |   |   |
| Granville      Towers                                  |   | University      of North Carolina at Chapel Hill     |   |                | 1,333  |   |                 |   | 363 |   |
| Honeysuckle      Apartments                            |   | Bloomsburg      University of Pennsylvania           |   |                | 407    |   |                 |   | 104 |   |
| Evergreen      Commons                                 |   | Lock      Haven University of Pennsylvania           |   |                | 408    |   |                 |   | 108 |   |
| Campus      Village                                    |   | University      of Colorado — Denver           |   |                | 689    |   |                 |   | 210 |   |
| The      College Inn                                   |   | North      Carolina State University                 |   |                | 440    |   |                 |   | 121 |   |
| Upper      Eastside Lofts                              |   | Sacramento      State University                     |   |                | 309    |   |                 |   | 134 |   |
| 100      Midtown                                       |   | Georgia      Tech and Georgia State                  |   |                | 330    |   |                 |   | 118 |   |
| The      Courtyards                                    |   | University      of Michigan                          |   |                | 896    |   |                 |   | 320 |   |
| Vulcan      Village I                                  |   | California      University of Pennsylvania           |   |                | 432    |   |                 |   | 108 |   |
| Vulcan      Village II                                 |   | California      University of Pennsylvania           |   |                | 338    |   |                 |   | 91 |   |
| University      Village (1)                            |   | University      of North Carolina – Greensboro |   |                | 600    |   |                 |   | 203 |   |
| University      Village Towers (1)                     |   | University      of California – Riverside      |   |                | 548    |   |                 |   | 149 |   |
| The      Reserve on Stinson (1)                        |   | University      of Oklahoma                          |   |                | 612    |   |                 |   | 204 |   |
| Fontainebleu      (1)                                  |   | University      of California – Santa Barbara  |   |                | 435    |   |                 |   | 99 |   |
| Total      off-campus                                  |   |                                                 |   |                | 7,777  |   |                 |   | 2,332 |   |
| Totals      (for both on- and off-campus)              |   |                                                 |   |                | 12,381 |   |                 |   | 3,927 |   |

|   | (1) | EDR      holds a noncontrolling interest in the community pursuant to its joint      venture arrangements. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | • | market      analysis and evaluation of housing needs and  options; |
|--------|---------|--------------------------------------------------------------------|

|   | • | cooperation      with university in architecturaldesign; |
|--------|---------|----------------------------------------------------------|

|   | • | negotiation      of ground lease, development agreement, construction contract,      architectural contract and bonddocuments; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------|

|   | • | oversight      of architectural design process; |
|--------|---------|-------------------------------------------------|

|   | • | coordination      of governmental and university planapprovals; |
|--------|---------|-----------------------------------------------------------------|

|   | • | oversight      of construction process; |
|--------|---------|-----------------------------------------|

|   | • | design,      purchase and installation offurniture; |
|--------|---------|-----------------------------------------------------|

|   | • | pre-opening      marketing to students; and |
|--------|---------|---------------------------------------------|

|   | • | obtaining      final approvals ofconstruction. |
|--------|---------|------------------------------------------------|

----

|   | • | community-building      and social activities geared to university-related events, holidays,      public safety and education; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------|

|   | • | study      and attention skills counseling; |
|--------|---------|---------------------------------------------|

----

|   | • | career      development, resume writing and employment search skill      training; |
|--------|---------|------------------------------------------------------------------------------------|

|   | • | sponsorship      of intramural sport teams, academic clubs and alumni-based      activities; |
|--------|---------|----------------------------------------------------------------------------------------------|

|   | • | parent      and resident appreciation events; |
|--------|---------|-----------------------------------------------|

|   | • | community      service activities including recycling, blood drives, food drives and      student volunteer committees; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | • | lectures      focused on social issues, including effective communication,      multi-cultural awareness and substanceabuse; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------|

|   | • | university      outreach activities; and |
|--------|---------|------------------------------------------|

|   | • | voter      registration, enrollment andeducation. |
|--------|---------|---------------------------------------------------|

----

----

----

|   | • | 1,158      on-site employees, including 536 Community  Assistants; |
|--------|---------|--------------------------------------------------------------------|

|   | • | 24      people in our property management services  department; |
|--------|---------|-----------------------------------------------------------------|

|   | • | 7      people in our development consulting services department;    and |
|--------|---------|-------------------------------------------------------------------------|

|   | • | 60      executive, corporate administration and financial    personnel. |
|--------|---------|-------------------------------------------------------------------------|

----

Item 1A. Risk Factors

----

|   | • | local      oversupply of student housing units, increased competition or reduction in      demand for student housing; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------|

|   | • | inability      to collect rent from tenants; |
|--------|---------|----------------------------------------------|

|   | • | vacancies      or our inability to lease beds on favorable  terms; |
|--------|---------|--------------------------------------------------------------------|

|   | • | inability      to finance property development and acquisitions on favorable      terms; |
|--------|---------|------------------------------------------------------------------------------------------|

|   | • | increased      operating costs, including insurance premiums, utilities, and real estate      taxes; |
|--------|---------|------------------------------------------------------------------------------------------------------|

|   | • | costs      of complying with changes in governmental  regulations; |
|--------|---------|--------------------------------------------------------------------|

|   | • | the      relative illiquidity of real estateinvestments; |
|--------|---------|----------------------------------------------------------|

|   | • | changing      student demographics; |
|--------|---------|-------------------------------------|

|   | • | decreases      in student enrollment at particular colleges and    universities; |
|--------|---------|----------------------------------------------------------------------------------|

|   | • | changes      in university policies related toadmissions; |
|--------|---------|-----------------------------------------------------------|

|   | • | national,      regional and local economic conditions;and |
|--------|---------|-----------------------------------------------------------|

|   | • | rising      interest rates. |
|--------|---------|-----------------------------|

----

----

----

|   | • | we      may be unable to acquire a desired property at all or at a desired      purchase price because of competition from other purchasers of student      housing; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | many      of our future acquisitions are likely to be dependent on external      financing, and we may be unable to finance an acquisition on favorable      terms or at all; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | we      may be required to incur significant capital expenditures to improve or      renovate acquired properties; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

|   | • | we      may incur an increase in operating costs or may not have the proceeds      available to implement renovations or improvements at existing properties      which are necessary to attract and retain  tenants; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | we      may be unable to quickly and efficiently integrate new acquisitions,      particularly acquisitions of portfolios of properties, into our existing      operations; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | market      conditions may result in higher than expected vacancy rates and lower than      expected rental rates; and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------|

|   | • | we      may acquire properties subject to liabilities but without any recourse, or      with only limited recourse, to the sellers, or with liabilities that are      unknown to us, such as liabilities for undisclosed environmental      contamination, claims by tenants, vendors or other persons dealing with      the former owners of the properties and claims for indemnification by      members, directors, officers and others indemnified by the former owners      of the properties. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | • | general      market conditions; |
|--------|---------|---------------------------------|

|   | • | our      current debt levels and the number of properties subject to      encumbrances; |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | • | our      current performance and the market’s perception of our growth      potential; |
|--------|---------|----------------------------------------------------------------------------------------------|

|   | • | our      cash flow and cash distributions;and |
|--------|---------|-----------------------------------------------|

|   | • | the      market price per share of our commonstock. |
|--------|---------|-----------------------------------------------------|

----

|  | • | we      may be unable to borrow additional funds as needed or on favorable      terms; |
|--|---------|----------------------------------------------------------------------------------------|

|  | • | we      may be unable to refinance our indebtedness at maturity or the refinancing      terms may be less favorable than the terms of our original      indebtedness; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | we      may be forced to dispose of one or more of our properties, possibly on      disadvantageous terms; |
|--|---------|------------------------------------------------------------------------------------------------------------|

|  | • | we      may default on our payment or other obligations as a result of      insufficient cash flow or otherwise, and the lenders or mortgagees may      foreclose on our properties that secure their loans and receive an      assignment of rents and leases; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | • | a      default under the Master Credit Facility or the Second Amended Revolver      may preclude further availability;and |
|--|---------|---------------------------------------------------------------------------------------------------------------------------|

|  | • | foreclosures      could create taxable income without accompanying cash proceeds, a      circumstance that could hinder our ability to meet the REIT distribution      requirements. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | • |   | the      REIT ownership limit described above;                                                                                                                    |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                                                              |
|   | • |   | authorization      of the issuance of our preferred shares with powers, preferences or rights      to be determined by our Board of Directors;                    |
|   |    |   |                                                                                                                                                              |
|   | • |   | the      right of our Board of Directors, without a stockholder vote, to increase      our authorized shares and classify or reclassify unissued shares;      and |
|   |    |   |                                                                                                                                                              |
|   | • |   | advance      notice requirements for stockholder nomination of directors and for other      proposals to be presented at stockholder  meetings.                   |

----

----

|  | •  | we      would not be allowed a deduction for distributions to stockholders in      computing our taxable income; therefore, such amounts would be subject to      federal income tax at regular corporaterates; |
|--|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | •  | we      also could be subject to the federal alternative minimum tax and possibly      increased state and local taxes;and |
|--|---------------|----------------------------------------------------------------------------------------------------------------------------|

|  | •  | unless      we are entitled to relief under applicable statutory provisions, we could      not elect to be taxed as a REIT for four taxable years following the year      during which we weredisqualified. |
|--|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Item 1B. Unresolved Staff Comments.

----

Item 2. Properties.

|  | • | located      in close proximity to university campuses (within two miles or      less); |
|--|---------|-----------------------------------------------------------------------------------------|

|  | • | average      age of approximately 10 years; |
|--|---------|--------------------------------------------------|

|  | • | designed      specifically for students with modern unit plans and amenities;      and |
|--|---------|----------------------------------------------------------------------------------------|

|  | • | supported      by our long-standing Community Assistant program and other      student-oriented activities and services that enhance the college      experience. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                       |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   | Year      EndedDecember      31, 2009 |   |
|--------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------|--------|--------|--------------------|--------|-----------|--------|--------|-----------|--------|--------|---------------------------------------|--------|
|                                       |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   | Average                               |   |   | Monthly |   |   | Revenueper |   |
|                                       |   | Primary      University                                                  |   | Year   |   |   | Acquisition        |   | #      of |   |   | #      of |   |   | Occupancy                             |   |   | Total |   |   | Available |   |
| Name                                       |   | Served                                                                   |   | Built  |   |   | Date               |   | Beds      |   |   | Units     |   |   | Rate(1)                               |   |   | Revenue |   |   | Bed(2) |   |
|                                       |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   |                                  |   |   |   |   |   |   |   |
| Owned      and Operated                    |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   |                                  |   |   |   |   |   |   |   |
| NorthPointe                                |   | University      of Arizona Tucson,      Arizona                          |   | 1999   |   |   | Jan      ’05 |   |      | 912    |   |      |   | 300    |                                  |   |   | 89.3 | % |   | $ | 330 |   |   | $ | 361 |   |
| The      Reserve at Athens                 |   | University      of Georgia Athens,      Georgia                          |   | 1999   |   |   | Jan      ’05 |   |      | 612    |   |      |   | 200    |                                  |   |   | 98.4 |   |   |   | 241 |   |   |   | 394 |   |
| The      Reserve at Clemson                |   | Clemson      University Clemson,      South Carolina                     |   | 1999   |   |   | Jan      ’05 |   |      | 590    |   |      |   | 177    |                                  |   |   | 92.7 |   |   |   | 195 |   |   |   | 331 |   |
| Players      Club                          |   | Florida      State University Tallahassee,      Florida                  |   | 1994   |   |   | Jan      ’05 |   |      | 336    |   |      |   | 84     |                                  |   |   | 97.6 |   |   |   | 150 |   |   |   | 446 |   |
| The      Gables                            |   | Western      Kentucky University Bowling      Green, Kentucky            |   | 1996   |   |   | Jan      ’05 |   |      | 288    |   |      |   | 72     |                                  |   |   | 95.5 |   |   |   | 87 |   |   |   | 303 |   |
| University      Towers                     |   | North      Carolina State University Raleigh,      North Carolina   |   | 1989   |   |   | Jan      ’05 |   |      | 953    |   |      |   | 251    |                                  |   |   | 74.6 |   |   |   | 462 | (4) |   |   | 485 | (4) |
| The      Pointe at South Florida           |   | University      of South Florida Tampa,      Florida                |   | 1999   |   |   | Jan      ’05 |   |      | 1,002  |   |      |   | 336    |                                  |   |   | 86.7 |   |   |   | 381 |   |   |   | 380 |   |
| Commons      at Knoxville                  |   | University      of Tennessee Knoxville,      Tennessee              |   | 1999   |   |   | Jan      ’05 |   |      | 708    |   |      |   | 211    |                                  |   |   | 97.1 |   |   |   | 341 |   |   |   | 481 |   |
| The      Commons                           |   | Florida      State University Tallahassee,      Florida             |   | 1997   |   |   | Jan      ’05 |   |      | 732    |   |      |   | 252    |                                  |   |   | 79.5 |   |   |   | 223 |   |   |   | 305 |   |
| The      Reserve on Perkins                |   | Oklahoma      State University Stillwater,      Oklahoma            |   | 1999   |   |   | Jan      ’05 |   |      | 732    |   |      |   | 234    |                                  |   |   | 91.0 |   |   |   | 239 |   |   |   | 327 |   |
| The      Reserve at Star Pass              |   | University      of Arizona Tucson,      Arizona                     |   | 2001   |   |   | Jan      ’05 |   |      | 1,020  |   |      |   | 336    |                                  |   |   | 81.2 |   |   |   | 339 |   |   |   | 332 |   |
| The      Pointe at Western                 |   | Western      Michigan University Kalamazoo,      Michigan           |   | 2000   |   |   | Jan      ’05 |   |      | 876    |   |      |   | 324    |                                  |   |   | 84.7 |   |   |   | 271 |   |   |   | 309 |   |
| College      Station at  W. Lafayette |   | Purdue      University West      Lafayette, Indiana                 |   | 2000   |   |   | Jan      ’05 |   |      | 960    |   |      |   | 336    |                                  |   |   | 94.5 |   |   |   | 355 |   |   |   | 370 |   |
| Commons      on Kinnear                    |   | The      Ohio State University Columbus,      Ohio                  |   | 2000   |   |   | Jan      ’05 |   |      | 502    |   |      |   | 166    |                                  |   |   | 96.5 |   |   |   | 248 |   |   |   | 494 |   |
| The      Pointe                            |   | Pennsylvania      State University State      College, Pennsylvania |   | 1999   |   |   | Jan      ’05 |   |      | 984    |   |      |   | 294    |                                  |   |   | 98.8 |   |   |   | 460 |   |   |   | 468 |   |
| The      Reserve at Columbia               |   | University      of Missouri Columbia,      Missouri                 |   | 2000   |   |   | Jan      ’05 |   |      | 676    |   |      |   | 260    |                                  |   |   | 98.8 |   |   |   | 264 |   |   |   | 390 |   |
| The      Reserve on Frankford              |   | Texas      Tech University Lubbock, Texas                      |   | 1997   |   |   | Jan      ’05 |   |      | 737    |   |      |   | 243    |                                  |   |   | 88.7 |   |   |   | 241 |   |   |   | 327 |   |
| The      Lofts                             |   | University      of Central Florida Orlando,      Florida            |   | 2002   |   |   | Jan      ’05 |   |      | 731    |   |      |   | 254    |                                  |   |   | 96.7 |   |   |   | 449 |   |   |   | 615 |   |
| The      Reserve on West 31st              |   | University      of Kansas Lawrence,      Kansas                     |   | 1998   |   |   | Jan      ’05 |   |      | 714    |   |      |   | 192    |                                  |   |   | 94.4 |   |   |   | 241 |   |   |   | 337 |   |

----

|                              |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   | Year      EndedDecember      31, 2009 |   |
|-----------------------------------|--------|--------------------------------------------------------------------------|--------|--------|--------|--------|--------------------|--------|-----------|--------|--------|-----------|--------|--------|---------------------------------------|--------|
|                              |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   | Average                               |   |   | Monthly |   |   | Revenueper |   |
|                              |   | Primary      University                                                  |   | Year   |   |   | Acquisition        |   | #      of |   |   | #      of |   |   | Occupancy                             |   |   | Total |   |   | Available |   |
| Name                              |   | Served                                                                   |   | Built  |   |   | Date               |   | Beds      |   |   | Units     |   |   | Rate(1)                               |   |   | Revenue |   |   | Bed(2) |   |
|                              |   |                                                                     |   |   |   |   |               |   |      |   |   |      |   |   |                                  |   |   |   |   |   |   |   |
| Campus      Creek                 |   | University      of Mississippi Oxford,      Mississippi             |   | 2004   |   |   | Feb      ’05 |   |      | 636    |   |      |   | 192    |                                  |   |   | 91.8 |   |   |   | 212 |   |   |   | 333 |   |
| Pointe      West                  |   | University      of South Carolina Cayce,      South Carolina        |   | 2003   |   |   | Mar      ’05 |   |      | 480    |   |      |   | 144    |                                  |   |   | 92.4 |   |   |   | 205 |   |   |   | 427 |   |
| Campus      Lodge                 |   | University      of Florida Gainesville,      Florida                |   | 2001   |   |   | Jun      ’05 |   |      | 1,115  |   |      |   | 360    |                                  |   |   | 89.6 |   |   |   | 499 |   |   |   | 447 |   |
| College      Grove                |   | Middle      Tennessee State University Murfreesboro,      Tennessee |   | 1998   |   |   | Apr      ’05 |   |      | 864    |   |      |   | 240    |                                  |   |   | 94.5 |   |   |   | 298 |   |   |   | 345 |   |
| The      Reserve on South College |   | Auburn      University Auburn,      Alabama                         |   | 1999   |   |   | Jul      ’05 |   |      | 576    |   |      |   | 180    |                                  |   |   | 86.0 |   |   |   | 179 |   |   |   | 311 |   |
| The      Avenue at Southern       |   | Georgia      Southern University Statesboro,      Georgia           |   | 1993   |   |   | Jun      ’06 |   |      | 624    |   |      |   | 214    |                                  |   |   | 81.9 |   |   |   | 200 |   |   |   | 320 |   |
| The      Reserve at Saluki Pointe |   | Southern      Illinois University Carbondale,      Illinois              |   | 2008   | (5)    |   | Aug      ’08 | (5)    |      | 768    |   |      |   | 288    |                                  |   |   | 85.7 |   |   |   | 619 |   |   |   | 411 |   |
| University      Village on Colvin |   | Syracuse      University Syracuse,      New York                         |   | 2009   |   |   | Aug      ‘09 |   |      | 432    |   |      |   | 120    |                                  |   |   | 78.1 |   |   |   | 269 |   |   |   | 624 |   |
| Troy      Place                   |   | Troy      State University Troy,      Alabama                            |   | 2000   |   |   | Jan      ’06 |   |      | 408    |   |      |   | 108    |                                  |   |   | 92.7 |   |   |   | 159 |   |   |   | 358 |   |
| The      Reserve at Jacksonville  |   | Jacksonville      State University Jacksonville,      Alabama            |   | 2000   |   |   | Jan      ’06 |   |      | 504    |   |      |   | 132    |                                  |   |   | 70.8 |   |   |   | 154 |   |   |   | 279 |   |
| Macon      Place                  |   | Macon      State College Macon,      Georgia                             |   | 1999   |   |   | Jan      ’06 |   |      | 336    |   |      |   | 84     |                                  |   |   | 73.9 |   |   |   | 110 |   |   |   | 300 |   |
| Clayton      Place                |   | Clayton      College & State University Morrow,      Georgia         |   | 1999   |   |   | Jan      ’06 |   |      | 854    |   |      |   | 221    |                                  |   |   | 48.9 |   |   |   | 205 |   |   |   | 220 |   |
| River      Place                  |   | State      University of West Georgia Carrollton, Georgia                |   | 2000   |   |   | Jan      ’06 |   |      | 504    |   |      |   | 132    |                                  |   |   | 82.4 |   |   |   | 167 |   |   |   | 303 |   |
| The      Chase at Murray          |   | Murray      State University Murray,      Kentucky                       |   | 2000   |   |   | Jan      ’06 |   |      | 408    |   |      |   | 108    |                                  |   |   | 85.8 |   |   |   | 121 |   |   |   | 272 |   |
| Cape      Place                   |   | Southeast      Missouri State University Cape      Girardeau, Missouri   |   | 2000   |   |   | Jan      ’06 |   |      | 360    |   |      |   | 96     |                                  |   |   | 97.8 |   |   |   | 139 |   |   |   | 354 |   |
| Clemson      Place                |   | Clemson      UniversityClemson, South      Carolina                      |   | 1998   |   |   | Jan      ’06 |   |      | 288    |   |      |   | 96     |                                  |   |   | 95.3 |   |   |   | 108 |   |   |   | 344 |   |
| The      Reserve at Martin        |   | University      of Tennessee at Martin Martin,      Tennessee            |   | 2000   |   |   | Jan      ’06 |   |      | 384    |   |      |   | 96     |                                  |   |   | 71.2 |   |   |   | 116 |   |   |   | 277 |   |
| Berkeley      Place               |   | Clemson      University Clemson,      South Carolina                     |   | 1999   |   |   | Jan      ’06 |   |      | 480    |   |      |   | 132    |                                  |   |   | 92.8 |   |   |   | 169 |   |   |   | 323 |   |

----

|                                |   |                                                           |   |   |   |   |               |   |      |   |   |      |   |   | Year      EndedDecember      31, 2009 |   |
|-------------------------------------|--------|----------------------------------------------------------------|--------|--------|--------|--------|--------------------|--------|-----------|--------|--------|-----------|--------|--------|---------------------------------------|--------|
|                                |   |                                                           |   |   |   |   |               |   |      |   |   |      |   |   | Average                               |   |   | Monthly |   |   | Revenueper |   |
|                                |   | Primary      University                                        |   | Year   |   |   | Acquisition        |   | #      of |   |   | #      of |   |   | Occupancy                             |   |   | Total |   |   | Available |   |
| Name                                |   | Served                                                         |   | Built  |   |   | Date               |   | Beds      |   |   | Units     |   |   | Rate(1)                               |   |   | Revenue |   |   | Bed(2) |   |
| Carrollton      Place               |   | State      University of West Georgia Carrollton, Georgia      |   | 1998   |   |   | Jan      ’06 |   |      | 336    |   |      |   | 84     |                                  |   |   | 92.5 |   |   |   | 124 |   |   |   | 340 |   |
| The      Pointe at Southern         |   | Georgia      Southern University Statesboro,      Georgia |   | 1999   |   |   | Jan      ’06 |   |      | 528    |   |      |   | 132    |                                  |   |   | 92.4 |   |   |   | 190 |   |   |   | 330 |   |
| Western      Place                  |   | Western      Kentucky University Bowling Green, Kentucky       |   | 2000   |   |   | Jan      ’06 |   |      | 504    |   |      |   | 132    |                                  |   |   | 90.2 |   |   |   | 151 |   |   |   | 275 |   |
|                                |   |                                                           |   |   |   |   |               |   |      |   |   |      |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      wholly-owned communities |   |                                                           |   | 1999   | (3)    |   |               |   |      | 25,454 |   |      |   | 7,813  |                                  |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)  | Average      of the physical month-end occupancyrates. |
|-----------|--------------------------------------------------------|

| (2)  | Monthly      revenue per available bed for 2009 is equal to total revenue for the year      ended December 31, 2009 divided by the sum of the total beds      (including staff and model beds) at the property each month. For      properties acquired during the year, monthly revenue per available bed      equals total revenue for the period subsequent to acquisition through      December 31, 2009 divided by the sum of the total beds      (including staff and model beds) at the property each month while      owned. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Represents      average year for all properties inportfolio. |
|-----------|--------------------------------------------------------------|

| (4)  | Revenues      and revenue per available bed for University Towers excludes revenue from      food service operations. |
|-----------|-----------------------------------------------------------------------------------------------------------------------|

| (5)  | The      first phase of The Reserve at Saluki Pointe, which included 528 beds, was      completed in August 2008. The second phase, which included 240 beds, was      completed in August 2009. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                       |   | Outstanding      as of |    |   |               |   |     |          |         |   |
|------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|--------|--------------------|--------|----------|---------------|--------------|--------|
|                                                                                                       |   | December      31,      |    |   |               |   | Maturity |          |         |   |
| Property                                                                                                   |   | 2009                   |    |   | Interest      Rate |   | Date     |          | Amortization |   |
| University      Towers                                                                                     |   | $                      | 25,000  |   |               |   | 5.99     | %   | 7/1/2013     |   | 30      Year |   |
| The      Reserve at Clemson                                                                                |   |                   | 12,000  |   |               |   | 5.55     | %             | 3/1/2012     |   | 30      Year |   |
| The      Gables                                                                                            |   |                   | 4,213   |   |               |   | 5.50     | %             | 11/1/2013    |   | 30      Year |   |
| NorthPointe                                                                                                |   |                   | 18,800  |   |               |   | 5.55     | %             | 3/1/2012     |   | 30      Year |   |
| The      Pointe at S. Florida/The Reserve at Columbia/ The Commons at      Knoxville/College Grove         |   |                   | 59,629  |   |               |   | 6.02     | %             | 1/1/2019     |   | 30      Year |   |
| The      Reserve at Perkins                                                                                |   |                   | 15,328  |   |               |   | 5.99     | %             | 1/1/2014     |   | 30      Year |   |
| The      Lofts                                                                                             |   |                   | 27,000  |   |               |   | 5.59     | %             | 5/1/2014     |   | 30      Year |   |
| College      Station at W. Lafayette/The Pointe at Penn State/The Reserve at Star      Pass                |   |                   | 71,347  |   |               |   | 6.02     | %             | 1/1/2016     |   | 30      Year |   |
| Campus      Lodge                                                                                          |   |                   | 35,276  |   |               |   | 6.97     | %             | 5/1/2012     |   | 30      Year |   |
| Pointe      West                                                                                           |   |                   | 10,448  |   |               |   | 4.92     | %             | 8/1/2014     |   | 30      Year |   |
| The      Pointe at Western/The Commons on Kinnear/The Reserve on South College/The      Avenue at Southern |   |                   | 42,353  |   |               |   | 3.64     | %             | 1/1/2014     |   | 30      Year |   |
| The      Reserve on Frankford                                                                              |   |                   | 6,938   |   |               |   | 3.54     | %             | 1/1/2014     |   | 30      Year |   |
| Reserve      at Saluki Pointe – Phase I                                                              |   |                   | 10,759  |   |               |   | 1.33     | %             | 6/28/2010    |   | (1) |   |
| Reserve      at Saluki Pointe – Phase II                                                             |   |                   | 9,323   |   |               |   | 2.23     | %             | 6/28/2010    |   | (1) |   |
| University      Village Apartments on Colvin                                                               |   |                   | 8,826   |   |               |   | 1.33     | %             | 9/29/2011    |   | (2) |   |
| Troy      Place/Clemson Place/Western Place                                                                |   |                   | 17,359  |   |               |   | 5.45     | %             | 1/1/2017     |   | 30      Year |   |
| Carrollton      Place/Murray Place                                                                         |   |                   | 7,700   |   |               |   | 4.96     | %             | 1/1/2015     |   | 30      Year |   |
| Berkeley      Place/River Place/Cape Place                                                                 |   |                   | 23,269  |   |               |   | 5.67     | %             | 1/1/2020     |   | 30      Year |   |
| Total      debt /weighted average rate                                                                     |   |                   | 405,568 |   |               |   | 5.33     | %             |         |   |   |   |   |
| Unamortized      premium                                                                                   |   |                   | 797     |   |               |   |     |          |         |   |   |   |   |
| Total      net of unamortized premium                                                                      |   |                   | 406,365 |   |               |   |     |          |         |   |   |   |   |
| Less      current portion                                                                                  |   |                   | (23,957 | )      |               |   |     |          |         |   |   |   |   |
| Total      long-term debt, net of current portion                                                          |   | $                      | 382,408 |   |               |   |     |          |         |   |   |   |   |

| (1)  | The      construction debt encumbering The Reserve at Saluki Pointe is interest      only through June 28, 2010, the initial maturity date.  The      Trust has the ability to extend the construction loan if certain criteria      are met on the initial maturitydate. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | The      construction debt encumbering the University Village Apartments on Colvin      is interest only through September 29, 2011, the initial maturity      date.  The Trust has the ability to extend the construction loan      if certain criteria are met on the initial maturity  date. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Item 3. Legal Proceedings.

Item 4. Reserved.

----

PART II

Item 5. Market For Registrant’s Common Equity, RelatedStockholder Matters and Issuer Purchases of Equity Securities.

|             |   |   |   |   |   |   |   | Distributions |   |
|------------------|--------|--------|--------|--------|--------|--------|--------|---------------|--------|
|             |   | High   |   |   | Low    |   |   | Declared      |   |
| Fiscal      2008 |   |   |   |   |   |   |   |          |   |
| Quarter      1   |   | $      | 13.50  |   |   | $      | 10.29  |          |   | $ | 0.210 |   |
| Quarter      2   |   |   | 14.31  |   |   |   | 11.65  |          |   |   | 0.210 |   |
| Quarter      3   |   |   | 13.00  |   |   |   | 10.33  |          |   |   | 0.210 |   |
| Quarter      4   |   |   | 10.83  |   |   |   | 2.60   |          |   |   | 0.103 |   |
| Fiscal      2009 |   |   |   |   |   |   |   |          |   |   |   |   |
| Quarter      1   |   | $      | 6.03   |   |   | $      | 2.61   |          |   | $ | 0.103 |   |
| Quarter      2   |   |   | 5.24   |   |   |   | 3.32   |          |   |   | 0.103 |   |
| Quarter      3   |   |   | 6.44   |   |   |   | 4.22   |          |   |   | 0.050 |   |
| Quarter      4   |   |   | 6.01   |   |   |   | 4.56   |          |   |   | 0.050 |   |

|  | • | automatic      reinvestment of some or all of the cash distributions paid on common      stock, shares of other classes of stock that we might issue in the future      and units of limited partnershipinterest; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | an      opportunity to make an initial purchase of our common stock and to acquire      additional shares over time; and |
|--|---------|--------------------------------------------------------------------------------------------------------------------------|

|  | • | safekeeping      of shares and accounting for distributions received and reinvested at no      cost. |
|--|---------|------------------------------------------------------------------------------------------------------|

----

| Period                   |   | Total Number of SharesPurchased(1) |   |   | Average Price Paidper Share |   |   | Total Number ofShares Purchasedas Part of PubliclyAnnounced Plans orPrograms |   |   | MaximumNumber (orApproximateDollar Value)of Shares thatMay Yet BePurchasedUnder thePlans orPrograms |   |
|--------------------------|--------|---------------------------------------------------|--------|--------|--------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
| October      1-31, 2009  |   |                                              | 1,059  |   |                                       | $      | 5.75   |                                                                                                                 |   |   | —                                                                                                                                     |   |   |   | — |   |
| November      1-30, 2009 |   |                                              | 836    |   |                                       | $      | 5.24   |                                                                                                                 |   |   | —                                                                                                                                     |   |   |   | — |   |
| December      1-31, 2009 |   |                                              | 836    |   |                                       | $      | 5.02   |                                                                                                                 |   |   | —                                                                                                                                     |   |   |   | — |   |
| Total                    |   |                                              | 2,731  |   |                                       | $      | 5.34   |                                                                                                                 |   |   | —                                                                                                                                     |   |   |   | — |   |

----

----

----

|                               |   | Period ending |   |
|------------------------------------|--------|--------------------|--------|
| Index                              |   | 01/26/05           |   |   | 06/30/05 |   |   | 12/31/05 |   |   | 06/30/06 |   |   | 12/31/06 |   |   | 06/30/07 |   |   | 12/31/07 |   |   | 06/30/08 |   |   | 12/31/08 |   |   | 06/30/09 |   |   | 12/31/09 |   |
| Education      Reality Trust, Inc. |   |               | 100.00 |   |   |   | 112.57 |   |   |   | 82.17 |   |   |   | 110.59 |   |   |   | 101.28 |   |   |   | 98.90 |   |   |   | 81.68 |   |   |   | 87.59 |   |   |   | 41.82 |   |   |   | 35.83 |   |   |   | 41.73 |   |
|                               |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| S&P      500                   |   |               | 100.00 |   |   |   | 102.31 |   |   |   | 108.21 |   |   |   | 111.14 |   |   |   | 125.30 |   |   |   | 134.02 |   |   |   | 132.18 |   |   |   | 116.44 |   |   |   | 83.28 |   |   |   | 82.91 |   |   |   | 105.32 |   |
|                               |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MSCI      US REIT                  |   |               | 100.00 |   |   |   | 115.39 |   |   |   | 121.67 |   |   |   | 138.07 |   |   |   | 165.37 |   |   |   | 154.71 |   |   |   | 137.57 |   |   |   | 132.82 |   |   |   | 85.33 |   |   |   | 74.73 |   |   |   | 109.74 |   |

----

Item 6. Selected Financial Data.

|                                                                                                                                                                   |   | Year      Ended December 31,                         |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                                                                                                                   |   | 2009                                                 |    |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                                                                                                                                                   |   | (In thousands, except share and      per share data) |    |
| Revenues:                                                                                                                                                              |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing revenue                                                                                                                                   |   | $                                                    | 110,810 |   |   | $ | 107,149 |   |   | $ | 85,175 |   |   | $ | 80,777 |   |   | $ | 69,558 |   |
| Student      housing food service revenue                                                                                                                              |   |                                                 | 2,267   |   |   |   | 2,378 |   |   |   | 2,359 |   |   |   | 3,634 |   |   |   | 3,491 |   |
| Other      leasing revenue                                                                                                                                             |   |                                                 | — |   |   |   | 7,145 |   |   |   | 13,811 |   |   |   | 14,012 |   |   |   | — |   |
| Third-party      development services                                                                                                                                  |   |                                                 | 8,178   |   |   |   | 8,303 |   |   |   | 5,411 |   |   |   | 3,773 |   |   |   | 1,759 |   |
| Third-party      management services                                                                                                                                   |   |                                                 | 3,221   |   |   |   | 3,672 |   |   |   | 3,391 |   |   |   | 2,796 |   |   |   | 1,968 |   |
| Operating      expense reimbursements                                                                                                                                  |   |                                                 | 9,722   |   |   |   | 10,796 |   |   |   | 9,330 |   |   |   | 7,638 |   |   |   | 6,694 |   |
| Total      revenues                                                                                                                                                    |   |                                                 | 134,198 |   |   |   | 139,443 |   |   |   | 119,477 |   |   |   | 112,630 |   |   |   | 83,470 |   |
| Operating      expenses:                                                                                                                                               |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing operations                                                                                                                                |   |                                                 | 55,161  |   |   |   | 55,120 |   |   |   | 40,798 |   |   |   | 39,100 |   |   |   | 34,390 |   |
| Student      housing food service operations                                                                                                                           |   |                                                 | 2,156   |   |   |   | 2,257 |   |   |   | 2,236 |   |   |   | 3,318 |   |   |   | 3,275 |   |
| Reimbursable      operating expenses                                                                                                                                   |   |                                                 | 9,722   |   |   |   | 10,796 |   |   |   | 9,330 |   |   |   | 7,638 |   |   |   | 6,694 |   |
| General      and administrative                                                                                                                                        |   |                                                 | 15,752  |   |   |   | 16,348 |   |   |   | 14,561 |   |   |   | 12,331 |   |   |   | 12,549 |   |
| Depreciation      and amortization                                                                                                                                     |   |                                                 | 29,089  |   |   |   | 29,318 |   |   |   | 32,119 |   |   |   | 33,877 |   |   |   | 26,676 |   |
| Impairment      losses                                                                                                                                                 |   |                                                 | 1,726   |   |   |   | 2,021 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Total      operating expenses                                                                                                                                          |   |                                                 | 113,606 |   |   |   | 115,860 |   |   |   | 99,044 |   |   |   | 96,264 |   |   |   | 83,584 |   |
| Operating      income (loss)                                                                                                                                           |   |                                                 | 20,592  |   |   |   | 23,583 |   |   |   | 20,433 |   |   |   | 16,366 |   |   |   | (114 | ) |
| Nonoperating      expenses                                                                                                                                             |   |                                                 | 24,332  |   |   |   | 30,208 |   |   |   | 27,675 |   |   |   | 29,933 |   |   |   | 17,267 |   |
| Loss before      equity in earnings (losses) of unconsolidated entities, income taxes,      redeemable noncontrolling interests, and discontinued      operations |   |                                                 | (3,740  | ) |   |   | (6,625 | ) |   |   | (7,242 | ) |   |   | (13,567 | ) |   |   | (17,381 | ) |
| Equity      in earnings (losses) of unconsolidated entities                                                                                                            |   |                                                 | (1,410  | ) |   |   | (196 | ) |   |   | (277 | ) |   |   | 740 |   |   |   | 880 |   |
| Loss before      income taxes, redeemable noncontrolling interests, and discontinued      operations                                                              |   |                                                 | (5,150  | ) |   |   | (6,821 | ) |   |   | (7,519 | ) |   |   | (12,827 | ) |   |   | (16,501 | ) |
| Income      tax expense                                                                                                                                                |   |                                                 | 1,920   |   |   |   | 1,123 |   |   |   | 258 |   |   |   | 659 |   |   |   | 497 |   |
| Loss before      redeemable noncontrolling interests and discontinued      operations                                                                             |   |                                                 | (7,070  | ) |   |   | (7,944 | ) |   |   | (7,777 | ) |   |   | (13,486 | ) |   |   | (16,998 | ) |
| Income      (loss) attributable to redeemable noncontrolling interests                                                                                                 |   |                                                 | 177     |   |   |   | (75 | ) |   |   | 85 |   |   |   | (251 | ) |   |   | (881 | ) |
| Loss      from continuing operations                                                                                                                                   |   |                                                 | (7,247  | ) |   |   | (7,869 | ) |   |   | (7,862 | ) |   |   | (13,235 | ) |   |   | (16,117 | ) |
|                                                                                                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued      operations:                                                                                                                                          |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from operations of discontinued operations                                                                                                          |   |                                                 | (21     | ) |   |   | (131 | ) |   |   | 777 |   |   |   | 886 |   |   |   | 424 |   |
| Gain      on sale of student housing property                                                                                                                          |   |                                                 | — |   |   |   | — |   |   |   | 1,644 |   |   |   | — |   |   |   | — |   |
| Income      (loss) from discontinued operations                                                                                                                        |   |                                                 | (21     | ) |   |   | (131 | ) |   |   | 2,421 |   |   |   | 886 |   |   |   | 424 |   |
| Net      loss                                                                                                                                                          |   |                                                 | (7,268  | ) |   |   | (8,000 | ) |   |   | (5,441 | ) |   |   | (12,349 | ) |   |   | (15,693 | ) |
| Less:      Net loss attributable to the noncontrolling interests                                                                                                       |   |                                                 | (13     | ) |   |   | (53 | ) |   |   | (25 | ) |   |   | (104 | ) |   |   | (159 | ) |
| Net      loss attributable to Education Realty Trust, Inc.                                                                                                             |   | $                                                    | (7,255  | ) |   | $ | (7,947 | ) |   | $ | (5,416 | ) |   | $ | (12,245 | ) |   | $ | (15,534 | ) |

| Earnings      per share information:                                      |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |
|---------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|
| Income      (loss) per share – basic and diluted                    |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |
| Continuing      operations                                                |   |   | (0.18      | )      |   |   | (0.28      | )      |   |   | (0.28      | )      |   |   | (0.49      | ) |   |   | (0.69 | ) |
| Discontinued      operations                                              |   |   | —    |   |   |   | —    |   |   |   | 0.08       |   |   |   | 0.03       |   |   |   | 0.02 |   |
| Net      loss per share                                                   |   | $      | (0.18      | )      |   | $      | (0.28      | )      |   | $      | (0.20      | )      |   | $      | (0.46      | ) |   | $ | (0.67 | ) |
| Weighted      average common shares outstanding — basic and diluted |   |   | 40,495,558 |   |   |   | 28,512,777 |   |   |   | 28,103,208 |   |   |   | 26,516,611 |   |   |   | 23,229,182 |   |
| Distributions      per common share                                       |   | $      | 0.36       |   |   | $      | 0.82       |   |   | $      | 0.82       |   |   | $      | 1.10       |   |   | $ | 0.79 |   |

| Amounts      attributable to Education Realty Trust, Inc. – common      stockholders: |   |   |   |          |   |   |   |          |   |   |   |          |   |   |    |
|---------------------------------------------------------------------------------------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|---------|
| Loss      from continuing operations, net of tax                                            |   |   | (7,235 | )             |   |   | (7,822 | )             |   |   | (7,738 | )             |   |   | (13,089 | ) |   |   | (15,930 | ) |
| Income      (loss) from discontinued operations, net of tax                                 |   |   | (20    | )             |   |   | (125   | )             |   |   | 2,322  |          |   |   | 844     |   |   |   | 396 |   |
| Net      loss                                                                               |   | $      | (7,255 | )        |   | $      | (7,947 | )   |   | $      | (5,416 | )   |   | $      | (12,245 | )   |   | $ | (15,534 | ) |

----

|                                         |   | As      of December 31, |    |
|----------------------------------------------|--------|-------------------------|---------|
|                                         |   | 2009                    |    |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                         |   | (In      thousands)     |    |
| Assets:                                      |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing properties, net         |   | $                       | 749,884 |   |   | $ | 733,507 |   |   | $ | 732,979 |   |   | $ | 804,759 |   |   | $ | 620,305 |   |
| Other      assets, net                       |   |                    | 54,729  |   |   |   | 44,140 |   |   |   | 34,481 |   |   |   | 30,699 |   |   |   | 83,744 |   |
| Total      assets                            |   | $                       | 804,613 |   |   | $ | 777,647 |   |   | $ | 767,460 |   |   | $ | 835,458 |   |   | $ | 704,049 |   |
| Liabilities      and equity:                 |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage      and construction notes payable |   | $                       | 406,365 |   |   | $ | 442,259 |   |   | $ | 420,940 |   |   | $ | 423,933 |   |   | $ | 328,335 |   |
| Other      indebtedness                      |   |                    | — |   |   |   | 32,900 |   |   |   | 11,500 |   |   |   | 69,400 |   |   |   | — |   |
| Other      liabilities                       |   |                    | 22,004  |   |   |   | 20,559 |   |   |   | 19,080 |   |   |   | 19,837 |   |   |   | 17,255 |   |
| Total      liabilities                       |   |                    | 428,369 |   |   |   | 495,718 |   |   |   | 451,520 |   |   |   | 513,170 |   |   |   | 345,590 |   |
| Redeemable      noncontrolling interests     |   |                    | 11,079  |   |   |   | 11,751 |   |   |   | 14,879 |   |   |   | 15,868 |   |   |   | 24,151 |   |
| Equity                                       |   |                    | 365,165 |   |   |   | 270,178 |   |   |   | 301,061 |   |   |   | 306,420 |   |   |   | 334,308 |   |
| Total      liabilities and equity            |   | $                       | 804,613 |   |   | $ | 777,647 |   |   | $ | 767,460 |   |   | $ | 835,458 |   |   | $ | 704,049 |   |

|                                                                                      |   | As      of December 31,                                                    |    |
|-------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|---------|
|                                                                                      |   | 2009                                                                       |    |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                                                                      |   | (In      thousands, except per share and selected property    information) |    |
| Funds      from operations (FFO) (1):                                                     |   |                                                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss attributable to Education Realty Trust, Inc.                                |   | $                                                                          | (7,255  | ) |   | $ | (7,947 | ) |   | $ | (5,416 | ) |   | $ | (12,245 | ) |   | $ | (15,534 | ) |
| Gain      on sale of student housing property                                             |   |                                                                       | — |   |   |   | — |   |   |   | (1,644 | ) |   |   | — |   |   |   | — |   |
| Loss      on sale of student housing assets                                               |   |                                                                       | — |   |   |   | 512 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Student      housing property depreciation and amortization of lease      intangibles     |   |                                                                       | 28,497  |   |   |   | 28,720 |   |   |   | 31,675 |   |   |   | 33,522 |   |   |   | 26,676 |   |
| Equity      portion of real estate depreciation and amortization on equity      investees |   |                                                                       | 512     |   |   |   | 496 |   |   |   | 424 |   |   |   | 54 |   |   |   | — |   |
| Depreciation      and amortization of discontinued operations                             |   |                                                                       | 25      |   |   |   | 99 |   |   |   | 815 |   |   |   | 2,206 |   |   |   | 2,492 |   |
| Noncontrolling      interests                                                             |   |                                                                       | 164     |   |   |   | (128 | ) |   |   | 60 |   |   |   | (355 | ) |   |   | (1,040 | ) |
| Funds      from operations available to all share and unitholders                         |   | $                                                                          | 21,943  |   |   | $ | 21,752 |   |   | $ | 25,914 |   |   | $ | 23,182 |   |   | $ | 12,594 |   |
| Elimination      of impairment and refinancing charges:                                   |   |                                                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Development      cost write-off, net of tax benefit                                       |   |                                                                       | — |   |   |   | 417 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Impairment      losses                                                                    |   |                                                                       | 3,173   |   |   |   | 2,021 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Loss      (gain) on extinguishment of debt                                                |   |                                                                       | (830    | ) |   |   | 4,360 |   |   |   | 174 |   |   |   | — |   |   |   | 1,084 |   |
| Impact      of impairment and refinancing charges                                         |   |                                                                       | 2,343   |   |   |   | 6,798 |   |   |   | 174 |   |   |   | — |   |   |   | 1,084 |   |
| Funds      from operations- adjusted available to all share and unitholders      (2)      |   | $                                                                          | 24,286  |   |   | $ | 28,550 |   |   | $ | 26,088 |   |   | $ | 23,182 |   |   | $ | 13,678 |   |
| Cash      flow information:                                                               |   |                                                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash provided by operations                                                      |   | $                                                                          | 33,235  |   |   | $ | 26,011 |   |   | $ | 26,806 |   |   | $ | 25,187 |   |   | $ | 18,373 |   |
| Net      cash provided by (used in) investing                                             |   |                                                                       | (41,638 | ) |   |   | (31,656 | ) |   |   | 33,399 |   |   |   | (120,830 | ) |   |   | (200,157 | ) |
| Net      cash provided by (used in) financing                                             |   |                                                                       | 30,569  |   |   |   | 10,614 |   |   |   | (62,598 | ) |   |   | 40,408 |   |   |   | 243,445 |   |
| Per      share and distribution data:                                                     |   |                                                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss per share – basic and diluted                                         |   | $                                                                          | (0.18   | ) |   | $ | (0.28 | ) |   | $ | (0.20 | ) |   | $ | (0.46 | ) |   | $ | (0.67 | ) |
| Cash      distributions declared per share/unit                                           |   |                                                                       | 0.36    |   |   |   | 0.82 |   |   |   | 0.82 |   |   |   | 1.10 |   |   |   | 0.79 |   |
| Cash      distributions declared                                                          |   |                                                                       | 15,330  |   |   |   | 25,797 |   |   |   | 22,985 |   |   |   | 29,114 |   |   |   | 18,721 |   |
| Selected      property information (3):                                                   |   |                                                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Units                                                                                     |   |                                                                       | 7,813   |   |   |   | 7,537 |   |   |   | 5,852 |   |   |   | 5,852 |   |   |   | 5,638 |   |
| Beds                                                                                      |   |                                                                       | 25,454  |   |   |   | 24,788 |   |   |   | 18,368 |   |   |   | 18,368 |   |   |   | 17,744 |   |
| Occupancy      (4)                                                                        |   |                                                                       | 88.0    | % |   |   | 90.6 | % |   |   | 93.7 | % |   |   | 93.5 | % |   |   | 92.2 | % |
| Revenue      per available bed (5)                                                        |   | $                                                                          | 368     |   |   | $ | 372 |   |   | $ | 387 |   |   | $ | 372 |   |   | $ | 369 |   |

----

| (1)  | As      defined by the National Association of Real Estate Investment Trusts      (“NAREIT”), FFO represents net income (loss) (computed in accordance with      GAAP), excluding gains (or losses) from sales of property, plus real      estate-related depreciation and amortization and after adjustments for      unconsolidated partnerships and joint ventures. Adjustments for      unconsolidated partnerships and joint ventures will be calculated to      reflect funds from operations on the same basis. We present FFO available      to all stockholders and unitholders because we consider it an important      supplemental measure of our operating performance and believe it is      frequently used by securities analysts, investors and other interested      parties in the evaluation of REITs, many of which present FFO when      reporting their results. As such, we also exclude the impact of      noncontrolling interest in our calculation. FFO is intended to exclude      GAAP historical cost depreciation and amortization of real estate and      related assets, which assumes that the value of real estate diminishes      ratably over time. Historically, however, real estate values have risen or      fallen with market conditions. Because FFO excludes depreciation and      amortization unique to real estate, gains and losses from property      dispositions and extraordinary items, it provides a performance measure      that, when compared year over year, reflects the impact to operations from      trends in occupancy rates, rental rates, operating costs, development      activities and interest costs, providing perspective not immediately      apparent from net income. For a reconciliation of our FFO available      to our stockholders and unitholders to our net loss for the years ended      December 31, 2009, 2008, and 2007, see “Item 7 – Management’s Discussion      and Analysis of Financial Condition and Results of Operations – Funds From      Operations.” |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Funds      from operations- adjusted excludes the impact of asset impairment and      financing charges from FFO as definedabove. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | The      selected community information represents all wholly-owned      communities for 2009 (40), 2008 (39), 2007 (25), 2006 (25) and 2005 (24)      (2007, 2006 and 2005 exclude the Place portfolio). This information      excludes property information related to Tharpe and College Station      (discontinued operations) for allyears. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)  | Average      of the month-end occupancy rates for theperiod. |
|-----------|--------------------------------------------------------------|

| (5)  | Revenue      per available bed is equal to the total revenue divided by the sum of the      design beds (including staff and model beds) at the property each month.      Revenue and design beds for any acquired properties are included      prospectively from acquisitiondate. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Item 7. Management’s Discussion and Analysis of FinancialCondition and Results of Operations.

|   | · | Overview |
|--------|--------|----------|

|   | · | Our      Business Segments |
|--------|--------|----------------------------|

|   | · | Trends      and Outlook |
|--------|--------|-------------------------|

|   | · | Critical      Accounting Policies |
|--------|--------|-----------------------------------|

|   | · | Results      of Operations |
|--------|--------|----------------------------|

|   | · | Liquidity      and Capital Resources |
|--------|--------|--------------------------------------|

|   | · | Distributions |
|--------|--------|---------------|

|   | · | Off-Balance      Sheet Arrangements |
|--------|--------|-------------------------------------|

|   | · | Funds      From Operations |
|--------|--------|----------------------------|

|   | · | Inflation |
|--------|--------|-----------|

|   | · | Recent      Accounting Pronouncements |
|--------|--------|---------------------------------------|

----

----

|  | • | market      analysis and evaluation of housing needs and  options; |
|--|---------|--------------------------------------------------------------------|

|  | • | cooperation      with university in architecturaldesign; |
|--|---------|----------------------------------------------------------|

|  | • | negotiation      of ground lease, development agreement, construction contract,      architectural contract and bonddocuments; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------|

|  | • | oversight      of architectural design process; |
|--|---------|-------------------------------------------------|

|  | • | coordination      of governmental and university planapprovals; |
|--|---------|-----------------------------------------------------------------|

|  | • | oversight      of construction process; |
|--|---------|-----------------------------------------|

|  | • | design,      purchase and installation offurniture; |
|--|---------|-----------------------------------------------------|

|  | • | pre-opening      marketing to students; and |
|--|---------|---------------------------------------------|

|  | • | obtaining      final approvals of construction. |
|--|---------|-------------------------------------------------|

----

----

----

----

----

|                                             |   | Year      Ended December 31, 2009 |    |   | Year      Ended December 31, 2008 |   |
|--------------------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
|                                             |   | Student                           |    |   | Development                       |   |   |   |   |   |   |   |   |   |   |   | Student |   |   | Development |   |   |   |   |   |   |   |   |   |   |
|                                             |   | Housing                           |    |   | Consulting                        |   |   | Management |   |   |   |   |   |   |   |   | Housing |   |   | Consulting |   |   | Management |   |   |   |   |   |   |   |
|                                             |   | Leasing                           |    |   | Services                          |   |   | Services |   |   | Eliminations |   |   | Total |   |   | Leasing |   |   | Services |   |   | Services |   |   | Eliminations |   |   | Total |   |
|                                             |   |                              |    |
| Segment      revenues:                           |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing revenue             |   | $                                 | 110,810 |   |                              | $      | — |   |   | $ | — |   |   | $ | — |   |   | $ | 110,810 |   |   | $ | 107,149 |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 107,149 |   |
| Student      housing food service revenue        |   |                              | 2,267   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,267 |   |   |   | 2,378 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,378 |   |
| Other      leasing revenue                       |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 7,145 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 7,145 |   |
| Third-party      development consulting services |   |                              | — |   |                              |   | 8,178 |   |   |   | — |   |   |   | — |   |   |   | 8,178 |   |   |   | — |   |   |   | 8,303 |   |   |   | — |   |   |   | — |   |   |   | 8,303 |   |
| Third-party      management services             |   |                              | — |   |                              |   | — |   |   |   | 3,221 |   |   |   | — |   |   |   | 3,221 |   |   |   | — |   |   |   | — |   |   |   | 3,672 |   |   |   | — |   |   |   | 3,672 |   |
| Intersegment      revenues                       |   |                              | — |   |                              |   | 1,129 |   |   |   | 4,419 |   |   |   | (5,548 | ) |   |   | — |   |   |   | — |   |   |   | 661 |   |   |   | 4,290 |   |   |   | (4,951 | ) |   |   | — |   |
| Operating      expense reimbursements            |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | 9,722 |   |   |   | 9,722 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |
| Total      segment revenues                      |   |                              | 113,077 |   |                              |   | 9,307 |   |   |   | 7,640 |   |   |   | 4,174 |   |   |   | 134,198 |   |   |   | 116,672 |   |   |   | 8,964 |   |   |   | 7,962 |   |   |   | 5,845 |   |   |   | 139,443 |   |
| Segment      operating expenses:                 |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing operations          |   |                              | 55,161  |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 55,161 |   |   |   | 55,120 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 55,120 |   |
| Student      housing food service operations     |   |                              | 2,156   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,156 |   |   |   | 2,257 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,257 |   |
| General      and administrative                  |   |                              | — |   |                              |   | 3,261 |   |   |   | 7,135 |   |   |   | (96 | ) |   |   | 10,300 |   |   |   | 3 |   |   |   | 4,196 |   |   |   | 7,234 |   |   |   | (337 | ) |   |   | 11,096 |   |
| Intersegment      expenses                       |   |                              | 4,419   |   |                              |   | — |   |   |   | — |   |   |   | (4,419 | ) |   |   | — |   |   |   | 4,290 |   |   |   | — |   |   |   | — |   |   |   | (4,290 | ) |   |   | — |   |
| Reimbursable      operating expenses             |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | 9,722 |   |   |   | 9,722 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |
| Total      segment operating expenses            |   |                              | 61,736  |   |                              |   | 3,261 |   |   |   | 7,135 |   |   |   | 5,207 |   |   |   | 77,339 |   |   |   | 61,670 |   |   |   | 4,196 |   |   |   | 7,234 |   |   |   | 6,169 |   |   |   | 79,269 |   |
| Net      operating income (loss)                 |   |                              | 51,341  |   |                              |   | 6,046 |   |   |   | 505 |   |   |   | (1,033 | ) |   |   | 56,859 |   |   |   | 55,002 |   |   |   | 4,768 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 60,174 |   |
| Nonoperating      expenses (1)                   |   |                              | 54,349  |   |                              |   | (86 | ) |   |   | — |   |   |   | — |   |   |   | 54,263 |   |   |   | 60,114 |   |   |   | (76 | ) |   |   | — |   |   |   | — |   |   |   | 60,038 |   |

----

|                                                                                                                                                                                |   | Year      Ended December 31, 2009 |   |   | Year      Ended December 31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|-----------------------------------|--------|
|                                                                                                                                                                                |   | Student                           |   |   | Development                       |   |   |   |   |   |   |   |   |   |   |   | Student |   |   | Development |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Housing                           |   |   | Consulting                        |   |   | Management |   |   |   |   |   |   |   |   | Housing |   |   | Consulting |   |   | Management |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Leasing                           |   |   | Services                          |   |   | Services |   |   | Eliminations |   |   | Total |   |   | Leasing |   |   | Services |   |   | Services |   |   | Eliminations |   |   | Total |   |
|                                                                                                                                                                                |   |                              |   |
| Income      (loss) before equity in earnings (losses) of unconsolidated entities,      income taxes, redeemable noncontrolling interests and discontinued      operations |   |                              | (3,008 | )      |                              |   | 6,132 |   |   |   | 505 |   |   |   | (1,033 | ) |   |   | 2,596 |   |   |   | (5,112 | ) |   |   | 4,844 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 136 |   |
| Equity      in earnings (losses) of unconsolidated entities                                                                                                                         |   |                              | (1,406 | )      |                              |   | (4 | ) |   |   | — |   |   |   | — |   |   |   | (1,410 | ) |   |   | (192 | ) |   |   | (4 | ) |   |   | — |   |   |   | — |   |   |   | (196 | ) |
| Income      (loss) before taxes, redeemable noncontrolling interests and      discontinued operations (2)                                                                      |   | $                                 | (4,414 | )      |                              | $      | 6,128 |   |   | $ | 505 |   |   | $ | (1,033 | ) |   | $ | 1,186 |   |   | $ | (5,304 | ) |   | $ | 4,840 |   |   | $ | 728 |   |   | $ | (324 | ) |   | $ | (60 | ) |

| (1)  | Nonoperating      expenses include interest expense, interest income, gain (losses) on      extinguishment of debt, amortization of deferred financing costs,      depreciation, amortization of intangibles and impairment losses on assets.      Certain expenses which are classified as operating expenses in accordance      with GAAP, are classified as nonoperating expenses for presentation      purposes above based on how management evaluates segment operating      performance. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | The      following is a reconciliation of the reportable segments’ net income      (loss) before income taxes, redeemable noncontrolling interests and      discontinued operations to the Trust’s consolidated net loss before      income taxes, redeemable noncontrolling interests and discontinued      operations for the years ended December31: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                           |   | 2009   |   |          | 2008   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|---------------|--------|--------|
| Income      (loss) before income taxes, redeemable noncontrolling interests      and discontinued operations for reportable segments |   | $      | 1,186  |          |   | $      | (60 | ) |
| Other      unallocated corporate expenses                                                                                                      |   |   | (6,336 | )        |   |   | (6,761 | ) |
| Loss before      income taxes, redeemable noncontrolling interests and discontinued      operations                                  |   | $      | (5,150 | )        |   | $      | (6,821 | ) |

|                                            |   | Year      Ended   |    |   | Year      Ended   |   |    |       |   |
|-------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|---------|------------|--------|
|                                            |   | December      31, |    |   | December      31, |   |    |       |   |
|                                            |   | 2009      (9)     |    |   | 2008      (9)     |   |    | Difference |   |
| Occupancy                                       |   |              |    |   |              |   |    |       |   |
| Physical      (1)                               |   |              | 88.0    | %      |              |   | 90.6    | %          |   |   | (2.6 | )% |
| Economic      (2)                               |   |              | 84.3    | %      |              |   | 87.3    | %          |   |   | (3.0 | )% |
| NarPAB      (3)                                 |   | $                 | 346     |   |              | $      | 350     |       |   | $ | (4 | ) |
| Other      income per avail. bed (4)            |   | $                 | 22      |   |              | $      | 22      |       |   | $ | — |   |
| RevPAB      (5)                                 |   | $                 | 368     |   |              | $      | 372     |       |   | $ | (4 | ) |
|                                            |   |              |    |   |              |   |    |       |   |   |   |   |
| Property      operating expense per bed (6) (7) |   | $                 | 183     |   |              | $      | 190     |       |   | $ | 7 |   |
| Operating      margin (10)                 |   |              | 50.2    | %      |              |   | 49.0    | %          |   |   | 1.2 | % |
| Design      Beds (8)                            |   |              | 300,762 |   |              |   | 287,876 |       |   |   | 12,886 |   |

----

|  | (1)  | Physical      occupancy represents a weighted average of the month-end occupancies for      the respective period. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------|

|  | (2)  | Economic      occupancy represents the effective occupancy calculated by taking net      apartment rent accounted for on a GAAP basis for the respective period      divided by market rent for the respective  period. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3)  | NarPAB      represents GAAP net apartment rent for the respective period divided by      the sum of the design beds in the portfolio for each of the included      months. Does not include food service revenue or other leasing      revenue. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4)  | 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/application fees, late fees, termination fees,      parking fees, transfer fees, damage recovery, utility recovery, and other      miscellaneous fees. |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5)  | 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 of      the included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6)  | Represents      property-level operating expense excluding management fees, depreciation      and amortization divided by the sum of the design beds for each of the      included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7)  | For      the year ended December 31, 2008, approximately $2 per bed related to the      loss on the sale of land and the parking garage at University Towers (see      Note 5 in the consolidated financial statements) is    excluded. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8)  | Represents      the sum of the monthly design beds in the portfolio during the period. As      of February 1, 2008, the design beds related to the Place Portfolio were      included in the total for year ended December 31, 2008 due to the      termination of the lease withPlace. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9)  | This      information excludes property information related to College Station      (discontinued operations). |
|--|-----------|----------------------------------------------------------------------------------------------------------------|

|  | (10)  | Represents      wholly-owned community operating income divided by wholly-owned community      revenue. |
|--|------------|---------------------------------------------------------------------------------------------------------|

|                                            |   | Year      Ended   |    |   | Year      Ended   |   |    |       |   |
|-------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|---------|------------|--------|
|                                            |   | December      31, |    |   | December      31, |   |    |       |   |
|                                            |   | 2009      (9)     |    |   | 2008      (9)     |   |    | Difference |   |
| Occupancy                                       |   |              |    |   |              |   |    |       |   |
| Physical      (1)                               |   |              | 90.2    | %      |              |   | 92.6    | %          |   |   | (2.4 | )% |
| Economic      (2)                               |   |              | 86.9    | %      |              |   | 89.5    | %          |   |   | (2.6 | )% |
| NarPAB      (3)                                 |   | $                 | 362     |   |              | $      | 368     |       |   | $ | (6 | ) |
| Other      income per avail. bed (4)            |   | $                 | 25      |   |              | $      | 25      |       |   | $ | — |   |
| RevPAB      (5)                                 |   | $                 | 387     |   |              | $      | 393     |       |   | $ | (6 | ) |
|                                            |   |              |    |   |              |   |    |       |   |   |   |   |
| Property      operating expense per bed (6) (7) |   | $                 | 185     |   |              | $      | 193     |       |   | $ | 8 |   |
| Operating      margin (10)                 |   |              | 52.2    | %      |              |   | 50.9    | %          |   |   | 1.3 | % |
| Design      Beds (8)                            |   |              | 220,338 |   |              |   | 220,402 |       |   |   | (64 | ) |

|  | (1)  | Physical      occupancy represents a weighted average of the month-end occupancies for      the respective period. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------|

|  | (2)  | Economic      occupancy represents the effective occupancy calculated by taking net      apartment rent accounted for on a GAAP basis for the respective period      divided by market rent for the respective  period. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3)  | NarPAB      represents GAAP net apartment rent for the respective period divided by      the sum of the design beds in the portfolio for each of the included      months. Does not include food service revenue or other leasing      revenue. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4)  | 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/application fees, late fees, termination fees,      parking fees, transfer fees, damage recovery, utility recovery, and other      miscellaneous fees. |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5)  | 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 of      the included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6)  | Represents      property-level operating expense excluding management fees, depreciation      and amortization divided by the sum of the design beds for each of the      included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7)  | For      the year ended December 31, 2008, approximately $2 per bed related to the      loss on the sale of land and the parking garage at University Towers (see      Note 5 in the consolidated financial statements) is    excluded. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8)  | Represents      the sum of the monthly design beds in the portfolio during the      period. |
|--|-----------|---------------------------------------------------------------------------------------------|

----

|  | (9)  | This      information excludes property information related to College Station      (discontinued operations). |
|--|-----------|----------------------------------------------------------------------------------------------------------------|

|  | (10)  | Represents      same-community operating income divided by same-community      revenue. |
|--|------------|-----------------------------------------------------------------------------------------|

|                                                      |   |   |    |   | Recognized      Earnings |   |
|-----------------------------------------------------------|--------|--------|---------|--------|--------------------------|--------|
| Project                                                   |   | Beds   |    |   | 2009                     |   |   | 2008 |   |   | Difference |   |
| University      of Michigan                               |   |   | 896     |   |                     | $      | 183 |   |   | $ | 314 |   |   | $ | (131 | ) |
| University      of Alabama – Tuscaloosa             |   |   | 631     |   |                     |   | — |   |   |   | 670 |   |   |   | (670 | ) |
| Slippery      Rock University – Phase II            |   |   | 746     |   |                     |   | — |   |   |   | 1,019 |   |   |   | (1,019 | ) |
| Indiana      University of Pennsylvania – Phase II  |   |   | 1,102   |   |                     |   | — |   |   |   | 2,341 |   |   |   | (2,341 | ) |
| Fontainebleu      Renovation Project                      |   |   | 435     |   |                     |   | 68 |   |   |   | 171 |   |   |   | (103 | ) |
| West      Chester – Phase I                         |   |   | 1,197   |   |                     |   | 3,287 |   |   |   | 2,033 |   |   |   | 1,254 |   |
| West      Chester – Phase II                        |   |   | — |   |                     |   | 65 |   |   |   | — |   |   |   | 65 |   |
| Indiana      University of Pennsylvania – Phase III |   |   | 1,084   |   |                     |   | 1,946 |   |   |   | 1,339 |   |   |   | 607 |   |
| Colorado      State University – Pueblo I           |   |   | 253     |   |                     |   | 791 |   |   |   | 234 |   |   |   | 557 |   |
| Colorado      State University – Pueblo II          |   |   | 500     |   |                     |   | 1,051 |   |   |   | — |   |   |   | 1,051 |   |
| Auraria      Higher Education System                      |   |   | 685     |   |                     |   | 182 |   |   |   | 182 |   |   |   | — |   |
| Indiana      University of Pennsylvania – Phase IV  |   |   | 596     |   |                     |   | 605 |   |   |   | — |   |   |   | 605 |   |
| Third-party      development consulting services          |   |   |    |   |                     |   | 8,178 |   |   |   | 8,303 |   |   |   | (125 | ) |
| Southern      Illinois University – Carbondale      |   |   | 768     |   |                     |   | 100 |   |   |   | 199 |   |   |   | (99 | ) |
| Syracuse      University                                  |   |   | 432     |   |                     |   | 1,029 |   |   |   | 462 |   |   |   | 567 |   |
| Intersegment      development services                    |   |   |    |   |                     |   | 1,129 |   |   |   | 661 |   |   |   | 468 |   |
| Development      consulting services                      |   |   |    |   |                     | $      | 9,307 |   |   | $ | 8,964 |   |   | $ | 343 |   |

----

----

----

|                                                                                                                                                                                |   | Year      Ended December 31, 2008 |    |   | Year      Ended December 31, 2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
|                                                                                                                                                                                |   | Student                           |    |   | Development                       |   |   |   |   |   |   |   |   |   |   |   | Student |   |   | Development |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Housing                           |    |   | Consulting                        |   |   | Management |   |   |   |   |   |   |   |   | Housing |   |   | Consulting |   |   | Management |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Leasing                           |    |   | Services                          |   |   | Services |   |   | Eliminations |   |   | Total |   |   | Leasing |   |   | Services |   |   | Services |   |   | Eliminations |   |   | Total |   |
|                                                                                                                                                                                |   |                              |    |
| Segment      revenues:                                                                                                                                                              |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing revenue                                                                                                                                                |   | $                                 | 107,149 |   |                              | $      | — |   |   | $ | — |   |   | $ | — |   |   | $ | 107,149 |   |   | $ | 85,175 |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 85,175 |   |
| Student      housing food service revenue                                                                                                                                           |   |                              | 2,378   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,378 |   |   |   | 2,359 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,359 |   |
| Other      leasing revenue                                                                                                                                                          |   |                              | 7,145   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 7,145 |   |   |   | 13,811 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 13,811 |   |
| Third-party      development consulting services                                                                                                                                    |   |                              | — |   |                              |   | 8,303 |   |   |   | — |   |   |   | — |   |   |   | 8,303 |   |   |   | — |   |   |   | 5,411 |   |   |   | — |   |   |   | — |   |   |   | 5,411 |   |
| Third-party      management services                                                                                                                                                |   |                              | — |   |                              |   | — |   |   |   | 3,672 |   |   |   | — |   |   |   | 3,672 |   |   |   | — |   |   |   | — |   |   |   | 3,391 |   |   |   | — |   |   |   | 3,391 |   |
| Intersegment      revenues                                                                                                                                                          |   |                              | — |   |                              |   | 661 |   |   |   | 4,290 |   |   |   | (4,951 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 3,409 |   |   |   | (3,409 | ) |   |   | — |   |
| Operating      expense reimbursements                                                                                                                                               |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 9,330 |   |   |   | 9,330 |   |
| Total      segment revenues                                                                                                                                                         |   |                              | 116,672 |   |                              |   | 8,964 |   |   |   | 7,962 |   |   |   | 5,845 |   |   |   | 139,443 |   |   |   | 101,345 |   |   |   | 5,411 |   |   |   | 6,800 |   |   |   | 5,921 |   |   |   | 119,477 |   |
| Segment      operating expenses:                                                                                                                                                    |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing operations                                                                                                                                             |   |                              | 55,120  |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 55,120 |   |   |   | 40,798 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 40,798 |   |
| Student      housing food service operations                                                                                                                                        |   |                              | 2,257   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,257 |   |   |   | 2,236 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,236 |   |
| General      and administrative                                                                                                                                                     |   |                              | 3       |   |                              |   | 4,196 |   |   |   | 7,234 |   |   |   | (337 | ) |   |   | 11,096 |   |   |   | 105 |   |   |   | 2,787 |   |   |   | 6,628 |   |   |   | — |   |   |   | 9,520 |   |
| Intersegment      expenses                                                                                                                                                          |   |                              | 4,290   |   |                              |   | — |   |   |   | — |   |   |   | (4,290 | ) |   |   | — |   |   |   | 3,409 |   |   |   | — |   |   |   | — |   |   |   | (3,409 | ) |   |   | — |   |
| Reimbursable      operating expenses                                                                                                                                                |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 9,330 |   |   |   | 9,330 |   |
| Total      segment operating expenses                                                                                                                                               |   |                              | 61,670  |   |                              |   | 4,196 |   |   |   | 7,234 |   |   |   | 6,169 |   |   |   | 79,269 |   |   |   | 46,548 |   |   |   | 2,787 |   |   |   | 6,628 |   |   |   | 5,921 |   |   |   | 61,884 |   |
| Net      operating income (loss)                                                                                                                                                    |   |                              | 55,002  |   |                              |   | 4,768 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 60,174 |   |   |   | 54,797 |   |   |   | 2,624 |   |   |   | 172 |   |   |   |   |   |   |   | 57,593 |   |
| Nonoperating      expenses (1)                                                                                                                                                      |   |                              | 60,114  |   |                              |   | (76 | ) |   |   | — |   |   |   | — |   |   |   | 60,038 |   |   |   | 58,007 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 58,007 |   |
| Income      (loss) before equity in earnings (losses) of unconsolidated entities,      income taxes, redeemable noncontrolling interests and discontinued      operations |   |                              | (5,112  | )      |                              |   | 4,844 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 136 |   |   |   | (3,210 | ) |   |   | 2,624 |   |   |   | 172 |   |   |   | — |   |   |   | (414 | ) |

----

|                                                                                                           |   | Year      Ended December 31, 2008 |   |   | Year      Ended December 31, 2007 |   |
|----------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|-----------------------------------|--------|
|                                                                                                           |   | Student                           |   |   | Development                       |   |   |   |   |   |   |   |   |   |   |   | Student |   |   | Development |   |   |   |   |   |   |   |   |   |   |
|                                                                                                           |   | Housing                           |   |   | Consulting                        |   |   | Management |   |   |   |   |   |   |   |   | Housing |   |   | Consulting |   |   | Management |   |   |   |   |   |   |   |
|                                                                                                           |   | Leasing                           |   |   | Services                          |   |   | Services |   |   | Eliminations |   |   | Total |   |   | Leasing |   |   | Services |   |   | Services |   |   | Eliminations |   |   | Total |   |
|                                                                                                           |   |                              |   |
| Equity      in earnings (losses) of unconsolidated entities                                                    |   |                              | (192   | )      |                              |   | (4 | ) |   |   | — |   |   |   | — |   |   |   | (196 | ) |   |   | (510 | ) |   |   | 233 |   |   |   | — |   |   |   | — |   |   |   | (277 | ) |
| Income      (loss) before taxes, redeemable noncontrolling interests and      discontinued operations (2) |   | $                                 | (5,304 | )      |                              | $      | 4,840 |   |   | $ | 728 |   |   | $ | (324 | ) |   | $ | (60 | ) |   | $ | (3,720 | ) |   | $ | 2,857 |   |   | $ | 172 |   |   | $ | — |   |   | $ | (691 | ) |

| (1)  | Nonoperating      expenses include interest expense, interest income, gain (losses) on      extinguishment of debt, amortization of deferred financing costs,      depreciation, amortization of intangibles and impairment losses on assets.      Certain expenses which are classified as operating expenses in accordance      with GAAP, are classified as nonoperating expenses for presentation      purposes above based on how management evaluates segment operating      performance. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | The      following is a reconciliation of the reportable segments’ net      loss before income taxes, redeemable noncontrolling interests and      discontinued operations to the Trust’s consolidated net loss before      income taxes, redeemable noncontrolling interests and discontinued      operations for the years ended December31: |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                  |   | 2008   |   |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Loss before      income taxes, redeemable noncontrolling interests and discontinued      operations for reportable segments |   | $      | (60    | )      |   | $      | (691 | ) |
| Other      unallocated corporate expenses                                                                                             |   |   | (6,761 | )      |   |   | (6,828 | ) |
| Loss before      income taxes, redeemable noncontrolling interests and discontinued      operations                         |   | $      | (6,821 | )      |   | $      | (7,519 | ) |

|                                            |   | Year      Ended   |    |   | Year      Ended   |      |    |   |       |
|-------------------------------------------------|--------|-------------------|---------|--------|-------------------|-----------|---------|--------|------------|
|                                            |   | December      31, |    |   | December      31, |      |    |   |       |
|                                            |   | 2008      (9)     |    |   |              | 2007 (10) |    |   | Difference |   |
| Occupancy                                       |   |              |    |   |              |      |    |   |       |   |
| Physical      (1)                               |   |              | 90.6    | %      |              |      | 93.7    | %      |       |   | (3.1 | )% |
| Economic      (2)                               |   |              | 87.3    | %      |              |      | 91.1    | %      |       |   | (3.8 | )% |
| NarPAB      (3)                                 |   | $                 | 350     |   |              | $         | 362     |   |       | $ | (12 | ) |
| Other      income per avail. bed (4)            |   | $                 | 22      |   |              | $         | 25      |   |       | $ | (3 | ) |
| RevPAB      (5)                                 |   | $                 | 372     |   |              | $         | 387     |   |       | $ | (15 | ) |
|                                            |   |              |    |   |              |      |    |   |       |   |   |   |
| Property      operating expense per bed (6) (7) |   | $                 | 190     |   |              | $         | 185     |   |       | $ | (5 | ) |
| Operating      margin (11)                 |   |              | 49.0    | %      |              |      | 52.2    | %      |       |   | (3.2 | )% |
| Design      Beds (8)                            |   |              | 287,876 |   |              |      | 220,416 |   |       |   | 67,460 |   |

|  | (1)  | Physical      occupancy represents a weighted average of the month-end occupancies for      the respective period. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------|

----

|  | (2)  | Economic      occupancy represents the effective occupancy calculated by taking net      apartment rent accounted for on a GAAP basis for the respective period      divided by market rent for the respective  period. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3)  | NarPAB      represents GAAP net apartment rent for the respective period divided by      the sum of the design beds in the portfolio for each of the included      months. Does not include food service revenue or other leasing      revenue. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4)  | 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/application fees, late fees, termination fees,      parking fees, transfer fees, damage recovery, utility recovery, and other      miscellaneous fees. |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5)  | 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 of      the included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6)  | Represents      property-level operating expense excluding management fees, depreciation      and amortization divided by the sum of the design beds for each of the      included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7)  | For      the year ended December 31, 2008, approximately $2 per bed related to the      loss on the sale of land and the parking garage at University Towers (see      Note 5 in the consolidated financial statements) is    excluded. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8)  | Represents      the sum of the monthly design beds in the portfolio during the period. As      of February 1, 2008, the design beds related to the Place Portfolio were      included in the total for year ended December 31, 2008 due to the      termination of the lease withPlace. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9)  | This      information excludes property information related to College Station      (discontinued operations). |
|--|-----------|----------------------------------------------------------------------------------------------------------------|

|  | (10)  | This      information excludes property information related to Tharpe and College      Station (discontinued operations). |
|--|------------|---------------------------------------------------------------------------------------------------------------------------|

|  | (11)  | Represents      wholly-owned community operating income divided by wholly-owned community      revenue. |
|--|------------|---------------------------------------------------------------------------------------------------------|

|                                            |   | Year      Ended   |    |   | Year      Ended   |           |    |         |       |
|-------------------------------------------------|--------|-------------------|---------|--------|-------------------|----------------|---------|--------------|------------|
|                                            |   | December      31, |    |   | December      31, |           |    |         |       |
|                                            |   | 2008      (9)     |    |   |              | 2007      (10) |    |    | Difference |   |
| Occupancy                                       |   |              |    |   |              |           |    |         |       |   |
| Physical      (1)                               |   |              | 92.6    | %      |              |           | 93.7    | %            |       |   | (1.1 | )% |
| Economic      (2)                               |   |              | 89.5    | %      |              |           | 91.1    | %            |       |   | (1.6 | )% |
| NarPAB      (3)                                 |   | $                 | 368     |   |              | $              | 362     |         |       | $ | 6 |   |
| Other      income per avail. bed (4)            |   | $                 | 25      |   |              | $              | 25      |         |       | $ | — |   |
| RevPAB      (5)                                 |   | $                 | 393     |   |              | $              | 387     |         |       | $ | 6 |   |
|                                            |   |              |    |   |              |           |    |         |       |   |   |   |
| Property      operating expense per bed (6) (7) |   | $                 | 193     |   |              | $              | 185     |         |       | $ | (8 | ) |
| Operating      margin (11)                 |   |              | 50.9    | %      |              |           | 52.2    | %            |       |   | (1.3 | )% |
| Design      Beds (8)                            |   |              | 220,402 |   |              |           | 220,416 |         |       |   | (14 | ) |

|  | (1)  | Physical      occupancy represents a weighted average of the month-end occupancies for      the respective period. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------|

|  | (2)  | Economic      occupancy represents the effective occupancy calculated by taking net      apartment rent accounted for on a GAAP basis for the respective period      divided by market rent for the respective  period. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3)  | NarPAB      represents GAAP net apartment rent for the respective period divided by      the sum of the design beds in the portfolio for each of the included      months. Does not include food service revenue or other leasing      revenue. |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4)  | 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/application fees, late fees, termination fees,      parking fees, transfer fees, damage recovery, utility recovery, and other      miscellaneous fees. |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5)  | 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 of      the included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6)  | Represents      property-level operating expense excluding management fees, depreciation      and amortization divided by the sum of the design beds for each of the      included months. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7)  | For      the year ended December 31, 2008, approximately $2 per bed related to the      loss on the sale of land and the parking garage at University Towers (see      Note 5 in the consolidated financial statements) is    excluded. |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (8)  | Represents      the sum of the monthly design beds in the portfolio during the      period. |
|--|-----------|---------------------------------------------------------------------------------------------|

|  | (9)  | This      information excludes property information related to College Station      (discontinued operations). |
|--|-----------|----------------------------------------------------------------------------------------------------------------|

|  | (10)  | This      information excludes property information related to Tharpe and College      Station (discontinued operations). |
|--|------------|---------------------------------------------------------------------------------------------------------------------------|

|  | (11)  | Represents      same-community operating income divided by same-community      revenue. |
|--|------------|-----------------------------------------------------------------------------------------|

----

|                                                         |   |   |   |   | Recognized      Earnings |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------------------------|--------|
| Project                                                      |   | Beds   |   |   | 2008                     |   |   | 2007 |   |   | Difference |   |
| Slippery      Rock University — Phase I                |   |   | 1,390  |   |                     | $      | — |   |   | $ | 46 |   |   | $ | (46 | ) |
| Indiana      University of Pennsylvania — Phase I |   |   | 734    |   |                     |   | — |   |   |   | 1,597 |   |   |   | (1,597 | ) |
| University      of Michigan                                  |   |   | 895    |   |                     |   | 314 |   |   |   | 285 |   |   |   | 29 |   |
| University      of North Carolina — Greensboro         |   |   | 600    |   |                     |   | — |   |   |   | 50 |   |   |   | (50 | ) |
| University      of Alabama – Tuscaloosa                |   |   | 631    |   |                     |   | 670 |   |   |   | 978 |   |   |   | (308 | ) |
| Slippery      Rock University – Phase II               |   |   | 746    |   |                     |   | 1,019 |   |   |   | 1,067 |   |   |   | (48 | ) |
| Indiana      University of Pennsylvania – Phase II     |   |   | 1,102  |   |                     |   | 2,341 |   |   |   | 1,378 |   |   |   | 963 |   |
| Fontainebleu      Renovation Project                         |   |   | 435    |   |                     |   | 171 |   |   |   | 10 |   |   |   | 161 |   |
| West      Chester – Phase I                            |   |   | 1,197  |   |                     |   | 2,033 |   |   |   | — |   |   |   | 2,033 |   |
| Indiana      University of Pennsylvania – Phase III    |   |   | 1,084  |   |                     |   | 1,339 |   |   |   | — |   |   |   | 1,339 |   |
| Colorado      State University – Pueblo                |   |   | 253    |   |                     |   | 234 |   |   |   | — |   |   |   | 234 |   |
| Auraria      Higher Education System                         |   |   | 685    |   |                     |   | 182 |   |   |   | — |   |   |   | 182 |   |
| Third-party      development consulting services             |   |   |   |   |                     |   | 8,303 |   |   |   | 5,411 |   |   |   | 2,892 |   |
| Southern      Illinois University – Carbondale         |   |   | 528    |   |                     |   | 199 |   |   |   | — |   |   |   | 199 |   |
| Syracuse      University                                     |   |   | 432    |   |                     |   | 462 |   |   |   | — |   |   |   | 462 |   |
| Intersegment      development services                       |   |   |   |   |                     |   | 661 |   |   |   | — |   |   |   | 661 |   |
| Development      consulting services                         |   |   |   |   |                     | $      | 8,964 |   |   | $ | 5,411 |   |   | $ | 3,553 |   |
| California      University of Pennsylvania — Phase V   |   |   | 354    |   |                     | $      | — |   |   | $ | 124 |   |   | $ | (124 | ) |
| University      of North Carolina — Greensboro         |   |   | 600    |   |                     |   | — |   |   |   | 118 |   |   |   | (118 | ) |
| University      of Louisville — Phase III              |   |   | 359    |   |                     |   | — |   |   |   | (9 | ) |   |   | 9 |   |
| Other                                                        |   |   |   |   |                     |   | (4 | ) |   |   | — |   |   |   | (4 | ) |
| Equity      in earnings of unconsolidated entities           |   |   |   |   |                     | $      | (4 | ) |   | $ | 233 |   |   | $ | (237 | ) |

----

----

----

----

----

----

|                                                  |   | As of and for the Years Ended |   |
|-------------------------------------------------------|--------|-------------------------------------------------------------|--------|
|                                                  |   | December 31,                                           |   |
|                                                  |   | 2009                                                        |   |   | 2008 |   |   | 2007 |   |
| Total      units                            |   |                                                        | 7,537  |   |   |   | 7,466 |   |   |   | 6,400 |   |
| Total      beds                             |   |                                                        | 24,782 |   |   |   | 24,463 |   |   |   | 20,125 |   |
| Total      recurring capital expenditures   |   | $                                                           | 5,214  |   |   | $ | 3,815 |   |   | $ | 2,487 |   |
| Average      per unit                       |   | $                                                           | 691.79 |   |   | $ | 510.98 |   |   | $ | 388.56 |   |
| Average      per bed                        |   | $                                                           | 210.39 |   |   | $ | 155.95 |   |   | $ | 123.57 |   |

----

|                                                    |   | Less      than |   |   | 1-3    |   |    | 3-5    |   |   | More      than 5 |   |   |   |    |
|---------------------------------------------------------|--------|----------------|--------|--------|--------|--------|---------|--------|--------|--------|------------------|--------|--------|--------|---------|
|                                                    |   | 1      Year    |   |   | Years  |   |    | Years  |   |   | Years            |   |   | Total  |    |
|                                                    |   |           |   |   |   |   |    |   |   |   |             |   |   |   |    |   |   |
| Contractual      Obligations:                           |   |           |   |   |   |   |    |   |   |   |             |   |   |   |    |   |   |
| Long-Term      Debt Obligations(1)                      |   | $              | 23,957 |   |   | $      | 81,569  |   |   | $      | 133,143          |   |   | $      | 166,899 |   |   | $ | 405,568 |   |
| Contractual      Interest Obligations(2)                |   |           | 21,618 |   |   |   | 39,043  |   |   |   | 26,491           |   |   |   | 24,746  |   |   |   | 111,898 |   |
| Operating      Lease and Future Purchase Obligations(3) |   |           | 3,873  |   |   |   | 5,922   |   |   |   | 2,540            |   |   |   | 250     |   |   |   | 12,585 |   |
| Capital      Reserve Obligations(4)                     |   |           | 1,788  |   |   |   | 3,507   |   |   |   | 2,844            |   |   |   | 3,025   |   |   |   | 11,164 |   |
| Total                                                   |   | $              | 51,236 |   |   | $      | 130,041 |   |   | $      | 165,018          |   |   | $      | 194,920 |   |   | $ | 541,215 |   |

| (1)  | Includes      required monthly principal amortization and amounts due at maturity on      first mortgage debt secured by student housing properties and any amounts      due under the Second Amended Revolver and construction loan agreements.      The first mortgage debt does not include $797 of unamortized debt      premium. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Includes      contractual fixed-rate interest payments as well as estimates of variable      rate interest payments based on the variable interest rates effective as      of December 31, 2009. The Trust has $78,200 of variable rate debt as of      December 31, 2009. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Includes      future minimum lease commitments under operating lease obligations and      future purchase obligations foradvertising. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------|

| (4)  | Includes      future annual contributions to the capital reserve as required by certain      mortgage debt. |
|-----------|-------------------------------------------------------------------------------------------------------------|

----

| Year                                                               |   |   |    |
|--------------------------------------------------------------------|--------|--------|---------|
| 2010                                                               |   | $      | 23,957  |   |
| 2011                                                               |   |   | 12,952  |   |
| 2012                                                               |   |   | 68,617  |   |
| 2013                                                               |   |   | 33,028  |   |
| 2014                                                               |   |   | 100,115 |   |
| Thereafter                                                         |   |   | 166,899 |   |
| Total                                                              |   |   | 405,568 |   |
| Debt      premium                                                  |   |   | 797     |   |
| Outstanding      as of December 31, 2009, net of debt premium |   | $      | 406,365 |   |

----

|                                                                                        |   | Year      Ended December 31, |    |
|-------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                        |   | 2009                         |    |   | 2008 |   |   | 2007 |   |
|                                                                                        |   |                         |    |   |   |   |   |   |   |
| Net      loss attributable to Education Realty Trust, Inc.                                       |   | $                            | (7,255  | ) |   | $ | (7,947 | ) |   | $ | (5,416 | ) |
| Gain      on sale of student housing property                                                         |   |                         | — |   |   |   | — |   |   |   | (1,644 | ) |
| Loss      on sale of student housing assets                                                           |   |                         | — |   |   |   | 512 |   |   |   | — |   |
| Student      housing property depreciation and amortization of lease      intangibles       |   |                         | 28,497  |   |   |   | 28,720 |   |   |   | 31,675 |   |
| Equity      portion of real estate depreciation and amortization on equity      investees   |   |                         | 512     |   |   |   | 496 |   |   |   | 424 |   |
| Depreciation      and amortization of discontinued operations                                         |   |                         | 25      |   |   |   | 99 |   |   |   | 815 |   |
| Noncontrolling      interests                                                                    |   |                         | 164     |   |   |   | (128 | ) |   |   | 60 |   |
| Funds      from operations available to all stock and unit      holders                     |   | $                            | 21,943  |   |   | $ | 21,752 |   |   | $ | 25,914 |   |

----

----

----

Item 7A. Quantitative and Qualitative Disclosures About MarketRisk.

----

----

Item 8. Financial Statements and SupplementaryData.

----

----

----

|                                                                                                                                                                                         |   | 2009                               |    |   | 2008   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|--------|--------|
|                                                                                                                                                                                         |   | (Amounts      in thousands, except |    |
|                                                                                                                                                                                         |   | share      and per share data)     |    |
|                                                                                                                                                                                         |   |
| Assets:                                                                                                                                                                                      |   |                               |    |   |   |   |
| Student      housing properties, net                                                                                                                                                         |   | $                                  | 749,884 |   |   | $      | 733,507 |   |
| Assets      under development                                                                                                                                                                |   |                               | — |   |   |   | 6,572 |   |
| Corporate      office furniture, net                                                                                                                                                         |   |                               | 1,118   |   |   |   | 1,465 |   |
| Cash      and cash equivalents                                                                                                                                                               |   |                               | 31,169  |   |   |   | 9,003 |   |
| Restricted      cash                                                                                                                                                                         |   |                               | 4,579   |   |   |   | 5,595 |   |
| Student      contracts receivable, net                                                                                                                                                       |   |                               | 386     |   |   |   | 533 |   |
| Receivable      from affiliate                                                                                                                                                               |   |                               | 18      |   |   |   | 25 |   |
| Receivable      from managed third parties                                                                                                                                                   |   |                               | 277     |   |   |   | 401 |   |
| Goodwill      and other intangibles, net                                                                                                                                                     |   |                               | 3,073   |   |   |   | 3,111 |   |
| Other      assets                                                                                                                                                                            |   |                               | 14,109  |   |   |   | 17,435 |   |
| Total      assets                                                                                                                                                                            |   | $                                  | 804,613 |   |   | $      | 777,647 |   |
|                                                                                                                                                                                         |   |                               |    |   |   |   |   |   |
| Liabilities:                                                                                                                                                                                 |   |                               |    |   |   |   |   |   |
| Mortgage      and construction loans, net of unamortizedpremium/discount                                                                                                                     |   | $                                  | 406,365 |   |   | $      | 442,259 |   |
| Revolving      line of credit                                                                                                                                                                |   |                               | — |   |   |   | 32,900 |   |
| Accounts      payable                                                                                                                                                                        |   |                               | 235     |   |   |   | 303 |   |
| Accrued      expenses                                                                                                                                                                        |   |                               | 11,423  |   |   |   | 10,302 |   |
| Deferred      revenue                                                                                                                                                                        |   |                               | 10,346  |   |   |   | 9,954 |   |
| Total      liabilities                                                                                                                                                                       |   |                               | 428,369 |   |   |   | 495,718 |   |
|                                                                                                                                                                                         |   |                               |    |   |   |   |   |   |
| Commitments      and contingencies (see Note 16)                                                                                                                                             |   |                               | — |   |   |   | — |   |
|                                                                                                                                                                                         |   |                               |    |   |   |   |   |   |
| Redeemable      noncontrolling interests                                                                                                                                                     |   |                               | 11,079  |   |   |   | 11,751 |   |
|                                                                                                                                                                                         |   |                               |    |   |   |   |   |   |
| Equity:                                                                                                                                                                                      |   |                               |    |   |   |   |   |   |
| Education      Realty Trust, Inc. stockholders’ equity:                                                                                                                                |   |                               |    |   |   |   |   |   |
| Common      stock, $.01 par value, 200,000,000 shares authorized, 56,705,605 and      28,475,855 shares issued and outstanding as of December 31, 2009      and 2008, respectively |   |                               | 567     |   |   |   | 285 |   |
| Preferred      shares, $0.01 par value, 50,000,000 shares authorized, no shares issued      and outstanding                                                                                  |   |                               | — |   |   |   | — |   |
| Additional      paid-in capital                                                                                                                                                              |   |                               | 410,455 |   |   |   | 308,356 |   |
| Warrants                                                                                                                                                                                     |   |                               | — |   |   |   | — |   |
| Accumulated      deficit                                                                                                                                                                     |   |                               | (48,636 | )      |   |   | (41,381 | ) |
| Total      Education Realty Trust, Inc. stockholders’ equity                                                                                                                           |   |                               | 362,386 |   |   |   | 267,260 |   |
| Noncontrolling      interests                                                                                                                                                                |   |                               | 2,779   |   |   |   | 2,918 |   |
| Total      equity                                                                                                                                                                            |   |                               | 365,165 |   |   |   | 270,178 |   |
| Total      liabilities and equity                                                                                                                                                            |   | $                                  | 804,613 |   |   | $      | 777,647 |   |

----

|                                                                                                                                                                                             |   | 2009                                                                                            |       |   | 2008   |   |       | 2007   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|------------|--------|--------|--------|------------|--------|--------|
|                                                                                                                                                                                             |   | (Amounts in thousands, except share and per share data) |       |
| Revenues:                                                                                                                                                                                        |   |                                                                                            |       |   |   |   |       |   |   |
| Student      housing leasing revenue                                                                                                                                                             |   | $                                                                                               | 110,810    |   |   | $      | 107,149    |   |   | $ | 85,175 |   |
| Student      housing food service revenue                                                                                                                                                        |   |                                                                                            | 2,267      |   |   |   | 2,378      |   |   |   | 2,359 |   |
| Other      leasing revenue                                                                                                                                                                       |   |                                                                                            | —    |   |   |   | 7,145      |   |   |   | 13,811 |   |
| Third-party      development services                                                                                                                                                            |   |                                                                                            | 8,178      |   |   |   | 8,303      |   |   |   | 5,411 |   |
| Third-party      management services                                                                                                                                                             |   |                                                                                            | 3,221      |   |   |   | 3,672      |   |   |   | 3,391 |   |
| Operating      expense reimbursements                                                                                                                                                            |   |                                                                                            | 9,722      |   |   |   | 10,796     |   |   |   | 9,330 |   |
| Total      revenues                                                                                                                                                                              |   |                                                                                            | 134,198    |   |   |   | 139,443    |   |   |   | 119,477 |   |
| Operating      expenses:                                                                                                                                                                         |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Student      housing leasing operations                                                                                                                                                          |   |                                                                                            | 55,161     |   |   |   | 55,120     |   |   |   | 40,798 |   |
| Student      housing food service operations                                                                                                                                                     |   |                                                                                            | 2,156      |   |   |   | 2,257      |   |   |   | 2,236 |   |
| General      and administrative                                                                                                                                                                  |   |                                                                                            | 15,752     |   |   |   | 16,348     |   |   |   | 14,561 |   |
| Depreciation      and amortization                                                                                                                                                               |   |                                                                                            | 29,089     |   |   |   | 29,318     |   |   |   | 32,119 |   |
| Loss      on impairment of student housing properties                                                                                                                                            |   |                                                                                            | 1,726      |   |   |   | 1,633      |   |   |   | — |   |
| Loss      on impairment of goodwill                                                                                                                                                              |   |                                                                                            | —    |   |   |   | 388        |   |   |   | — |   |
| Reimbursable      operating expenses                                                                                                                                                             |   |                                                                                            | 9,722      |   |   |   | 10,796     |   |   |   | 9,330 |   |
| Total      operating expenses                                                                                                                                                                    |   |                                                                                            | 113,606    |   |   |   | 115,860    |   |   |   | 99,044 |   |
| Operating      income                                                                                                                                                                            |   |                                                                                            | 20,592     |   |   |   | 23,583     |   |   |   | 20,433 |   |
| Nonoperating      expenses:                                                                                                                                                                      |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Interest      expense                                                                                                                                                                            |   |                                                                                            | 24,585     |   |   |   | 25,229     |   |   |   | 26,957 |   |
| Amortization      of deferred financing costs                                                                                                                                                    |   |                                                                                            | 1,047      |   |   |   | 992        |   |   |   | 1,036 |   |
| Loss      (gain) on extinguishment of debt                                                                                                                                                       |   |                                                                                            | (830       | )      |   |   | 4,360      |   |   |   | 174 |   |
| Interest      income                                                                                                                                                                             |   |                                                                                            | (470       | )      |   |   | (373       | )      |   |   | (492 | ) |
| Total      nonoperating expenses                                                                                                                                                                 |   |                                                                                            | 24,332     |   |   |   | 30,208     |   |   |   | 27,675 |   |
| Loss      from continuing operations before equity in earnings (losses) of      unconsolidated entities, income taxes, redeemable noncontrolling      interests and discontinued operations |   |                                                                                            | (3,740     | )      |   |   | (6,625     | )      |   |   | (7,242 | ) |
| Equity      in earnings (losses) of unconsolidated entities                                                                                                                                      |   |                                                                                            | (1,410     | )      |   |   | (196       | )      |   |   | (277 | ) |
| Loss      from continuing operations before income taxes, redeemable      noncontrolling interests and discontinued operations                                                         |   |                                                                                            | (5,150     | )      |   |   | (6,821     | )      |   |   | (7,519 | ) |
| Income      tax expense                                                                                                                                                                          |   |                                                                                            | 1,920      |   |   |   | 1,123      |   |   |   | 258 |   |
| Loss from      continuing operations before redeemable noncontrolling interests and      discontinued operations                                                                            |   |                                                                                            | (7,070     | )      |   |   | (7,944     | )      |   |   | (7,777 | ) |
| Income      (loss) attributable to redeemable noncontrolling interests                                                                                                                           |   |                                                                                            | 177        |   |   |   | (75        | )      |   |   | 85 |   |
| Loss      from continuing operations                                                                                                                                                             |   |                                                                                            | (7,247     | )      |   |   | (7,869     | )      |   |   | (7,862 | ) |
|                                                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Discontinued      operations:                                                                                                                                                                    |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Income      (loss) from operations of discontinued operations                                                                                                                                    |   |                                                                                            | (21        | )      |   |   | (131       | )      |   |   | 777 |   |
| Gain      on sale of student housing property                                                                                                                                                    |   |                                                                                            | —    |   |   |   | —    |   |   |   | 1,644 |   |
| Income      (loss) from discontinued operations                                                                                                                                                  |   |                                                                                            | (21        | )      |   |   | (131       | )      |   |   | 2,421 |   |
| Net      loss                                                                                                                                                                                    |   |                                                                                            | (7,268     | )      |   |   | (8,000     | )      |   |   | (5,441 | ) |
|                                                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Less:      Net loss attributable to the noncontrolling interests                                                                                                                                 |   |                                                                                            | (13        | )      |   |   | (53        | )      |   |   | (25 | ) |
| Net      loss attributable to Education Realty Trust, Inc.                                                                                                                                       |   | $                                                                                               | (7,255     | )      |   | $      | (7,947     | )      |   | $ | (5,416 | ) |
|                                                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Earnings      per share information:                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Income      (loss) attributable to Education Realty Trust, Inc. common stockholders      per share — basic and diluted:                                                                    |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Continuing      operations                                                                                                                                                                       |   | $                                                                                               | (0.18      | )      |   | $      | (0.28      | )      |   | $ | (0.28 | ) |
| Discontinued      operations                                                                                                                                                                     |   |                                                                                            | —    |   |   |   | —    |   |   |   | 0.08 |   |
| Net      loss attributable to Education Realty Trust, Inc. common stockholders per      share                                                                                                    |   | $                                                                                               | (0.18      | )      |   | $      | (0.28      | )      |   | $ | (0.20 | ) |
|                                                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Weighted      average common shares outstanding — basic and diluted                                                                                                                        |   |                                                                                            | 40,495,558 |   |   |   | 28,512,777 |   |   |   | 28,103,208 |   |
|                                                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Amounts      attributable to Education Realty Trust, Inc. – common      stockholders:                                                                                                      |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Loss      from continuing operations, net of tax                                                                                                                                                 |   | $                                                                                               | (7,235     | )      |   | $      | (7,822     | )      |   | $ | (7,738 | ) |
| Income      (loss) from discontinued operations, net of tax                                                                                                                                      |   |                                                                                            | (20        | )      |   |   | (125       | )      |   |   | 2,322 |   |
| Net      loss                                                                                                                                                                                    |   | $                                                                                               | (7,255     | )      |   | $      | (7,947     | )      |   | $ | (5,416 | ) |
|                                                                                                                                                                                             |   |                                                                                            |       |   |   |   |       |   |   |   |   |   |
| Distributions      per common share                                                                                                                                                              |   | $                                                                                               | 0.36       |   |   | $      | 0.82       |   |   | $ | 0.82 |   |

----

|                                                                                                                    |   | Common      Stock |       |   | Additional |   |    |    |   |   |     |   |   |        |    |   |           |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|------------|--------|---------|---------|--------|--------|----------|--------|--------|-------------|---------|--------|----------------|--------|
|                                                                                                                    |   |              |       |   |       |   |    | Paid-In |   |   |     |   |   | Accumulated |    |   | Noncontrolling |   |   |   |   |
|                                                                                                                    |   | Shares            |       |   | Amount     |   |    | Capital |   |   | Warrants |   |   | Deficit     |    |   | Interests      |   |   | Total |   |
| Balance,      December 31, 2006                                                                          |   |              | 26,810,552 |   |       | $      | 268     |    |   | $      | 330,374  |   |   | $           | 375     |   |           | $      | (28,018 | )   |   | $ | 3,421 |   |   | $ | 306,420 |   |
| Common      stock issued to officers and directors                                                                      |   |              | 8,000      |   |       |   | — |    |   |   | 113      |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 113 |   |
| Amortization      of restricted stock                                                                                   |   |              | 36,000     |   |       |   | — |    |   |   | 604      |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 604 |   |
| Net      proceeds from issuance of common shares – direct stock purchase plan and      dividend reinvestment plan |   |              | 1,577,303  |   |       |   | 16      |    |   |   | 22,476   |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 22,492 |   |
| Cash      dividends                                                                                                     |   |              | —    |   |       |   | — |    |   |   | (22,985  | )      |   |        | — |   |           |   | — |   |   |   | (223 | ) |   |   | (23,208 | ) |
| Expiration      of Warrants                                                                                             |   |              | —    |   |       |   | — |    |   |   | 375      |   |   |        | (375    | )      |           |   | — |   |   |   | — |   |   |   | — |   |
| PIU      Repurchase                                                                                                     |   |              | —    |   |       |   | — |    |   |   | 12       |   |   |        | — |   |           |   | — |   |   |   | (12 | ) |   |   | — |   |
| PIU’s      Issued                                                                                                 |   |              | —    |   |       |   | — |    |   |   | —  |   |   |        | — |   |           |   | — |   |   |   | 81 |   |   |   | 81 |   |
| Net      loss                                                                                                           |   |              | —    |   |       |   | — |    |   |   | —  |   |   |        | — |   |           |   | (5,416 | ) |   |   | (25 | ) |   |   | (5,441 | ) |
| Balance,      December 31, 2007                                                                                    |   |              | 28,431,855 |   |       |   | 284     |    |   |   | 330,969  |   |   |        | — |   |           |   | (33,434 | ) |   |   | 3,242 |   |   |   | 301,061 |   |
| Common      stock issued to officers and directors                                                                      |   |              | 8,000      |   |       |   | — |    |   |   | 101      |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 101 |   |
| Amortization      of restricted stock                                                                                   |   |              | 36,000     |   |       |   | 1       |    |   |   | 604      |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 605 |   |
| Cash      dividends                                                                                                     |   |              | —    |   |       |   | — |    |   |   | (23,379  | )      |   |        | — |   |           |   | — |   |   |   | (259 | ) |   |   | (23,638 | ) |
| PIU      Repurchase                                                                                                     |   |              | —    |   |       |   | — |    |   |   | 61       |   |   |        | — |   |           |   | — |   |   |   | (61 | ) |   |   | — |   |
| PIU’s      Issued                                                                                                 |   |              | —    |   |       |   | — |    |   |   | —  |   |   |        | — |   |           |   | — |   |   |   | 49 |   |   |   | 49 |   |
| Net      loss                                                                                                           |   |              | —    |   |       |   | — |    |   |   | —  |   |   |        | — |   |           |   | (7,947 | ) |   |   | (53 | ) |   |   | (8,000 | ) |
| Balance,      December 31, 2008                                                                                    |   |              | 28,475,855 |   |       |   | 285     |    |   |   | 308,356  |   |   |        | — |   |           |   | (41,381 | ) |   |   | 2,918 |   |   |   | 270,178 |   |
| Net      proceeds from issuance of common shares – secondary    offering                                          |   |              | 28,175,000 |   |       |   | 282     |    |   |   | 115,851  |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 116,133 |   |
| Common      stock issued to officers and directors                                                                      |   |              | 8,000      |   |       |   | — |    |   |   | 34       |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 34 |   |
| Amortization      of restricted stock                                                                                   |   |              | 36,750     |   |       |   | — |    |   |   | 617      |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 617 |   |
| Cash      dividends                                                                                                     |   |              | —    |   |       |   | — |    |   |   | (14,491  | )      |   |        | — |   |           |   | — |   |   |   | (100 | ) |   |   | (14,591 | ) |
| PIU      Repurchase                                                                                                     |   |              | —    |   |       |   | — |    |   |   | 39       |   |   |        | — |   |           |   | — |   |   |   | (39 | ) |   |   | — |   |
| PIU’s      Issued                                                                                                 |   |              | —    |   |       |   | — |    |   |   | —  |   |   |        | — |   |           |   | — |   |   |   | 13 |   |   |   | 13 |   |
| OP      Unit Conversion                                                                                                 |   |              | 10,000     |   |       |   | — |    |   |   | 49       |   |   |        | — |   |           |   | — |   |   |   | — |   |   |   | 49 |   |
| Net      loss                                                                                                           |   |              | —    |   |       |   | — |    |   |   |     |   |   |        | — |   |           |   | (7,255 | ) |   |   | (13 | ) |   |   | (7,268 | ) |
| Balance,      December 31, 2009                                                                                    |   |              | 56,705,605 |   |       | $      | 567     |    |   | $      | 410,455  |   |   | $           | — |   |           | $      | (48,636 | ) |   | $ | 2,779 |   |   | $ | 365,165 |   |

----

|                                                                                      |   | 2009                        |     |   | 2008   |   |     | 2007   |   |
|-------------------------------------------------------------------------------------------|--------|-----------------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                      |   | (Amounts      in thousands) |     |
| Operating      activities:                                                                |   |                        |     |   |   |   |     |   |   |   |   |   |
| Net      loss                                                                             |   | $                           | (7,268   | )      |   | $      | (8,000   | )      |   | $ | (5,441 | ) |
| Adjustments      to reconcile net loss to net cash provided by operating      activities: |   |                        |     |   |   |   |     |   |   |   |   |   |
| Depreciation      and amortization                                                        |   |                        | 29,089   |   |   |   | 29,318   |   |   |   | 32,119 |   |
| Depreciation      included in discontinued operations                                     |   |                        | 25       |   |   |   | 99       |   |   |   | 815 |   |
| Deferred      tax expense (benefit)                                                  |   |                        | 228      |   |   |   | 59       |   |   |   | (178 | ) |
| Loss      on disposal of assets                                                           |   |                        | 28       |   |   |   | 532      |   |   |   | 38 |   |
| Gain      on sale of student housing property                                             |   |                        | —  |   |   |   | —  |   |   |   | (1,644 | ) |
| Gain      on redemption of noncontrolling interest                                        |   |                        | (60      | )      |   |   | —  |   |   |   | — |   |
| Loss      on impairment of student housing properties                                     |   |                        | 1,726    |   |   |   | 1,633    |   |   |   | — |   |
| Loss      on impairment of goodwill                                                       |   |                        | —  |   |   |   | 388      |   |   |   | — |   |
| Loss      (gain) on extinguishment of debt                                                |   |                        | (830     | )      |   |   | 4,360    |   |   |   | 138 |   |
| Amortization      of deferred financing costs                                             |   |                        | 1,047    |   |   |   | 992      |   |   |   | 1,036 |   |
| Loss      (gain) on interest rate cap                                                     |   |                        | (204     | )      |   |   | 38       |   |   |   | — |   |
| Amortization      of unamortized debt premiums/discounts                                  |   |                        | (406     | )      |   |   | (470     | )      |   |   | (583 | ) |
| Distributions      of earnings from unconsolidated entities                               |   |                        | 393      |   |   |   | 277      |   |   |   | 364 |   |
| Noncash      compensation expense related to PIUs and restricted stock                    |   |                        | 677      |   |   |   | 761      |   |   |   | 772 |   |
| Equity      in (earnings) losses of unconsolidated entities                               |   |                        | 1,410    |   |   |   | 196      |   |   |   | 277 |   |
| Redeemable      noncontrolling interests in continuing operations                         |   |                        | 178      |   |   |   | (71      | )      |   |   | 8 |   |
| Redeemable      noncontrolling interests in discontinued operations                       |   |                        | (1       | )      |   |   | (4       | )      |   |   | 77 |   |
| Change      in operating assets and liabilities (net of acquisitions):                    |   |                        |     |   |   |   |     |   |   |   |   |   |
| Student      contracts receivable                                                         |   |                        | 112      |   |   |   | (204     | )      |   |   | (291 | ) |
| Management      fees receivable                                                           |   |                        | 124      |   |   |   | 205      |   |   |   | 63 |   |
| Other      assets                                                                         |   |                        | 5,461    |   |   |   | (5,678   | )      |   |   | (1,104 | ) |
| Accounts      payable and accrued expenses                                                |   |                        | 1,063    |   |   |   | (446     | )      |   |   | 509 |   |
| Accounts      receivable (payable) affiliate                                              |   |                        | 7        |   |   |   | (67      | )      |   |   | 411 |   |
| Deferred      revenue                                                                     |   |                        | 436      |   |   |   | 2,093    |   |   |   | (580 | ) |
| Net      cash provided by operating activities                                            |   |                        | 33,235   |   |   |   | 26,011   |   |   |   | 26,806 |   |
| Investing      activities:                                                                |   |                        |     |   |   |   |     |   |   |   |   |   |
| Purchase      of corporate furniture and fixtures                                         |   |                        | (209     | )      |   |   | (317     | )      |   |   | (1,348 | ) |
| Restricted      cash                                                                      |   |                        | 1,016    |   |   |   | 2,593    |   |   |   | 966 |   |
| Insurance      proceeds received from property damage                                     |   |                        | 234      |   |   |   | 613      |   |   |   | — |   |
| Investment      in student housing properties                                             |   |                        | (11,298  | )      |   |   | (13,986  | )      |   |   | (8,463 | ) |
| Proceeds      from sale of assets                                                         |   |                        | —  |   |   |   | 2,578    |   |   |   | — |   |
| Proceeds      from sale of student housing properties                                     |   |                        | 210      |   |   |   | —  |   |   |   | 48,942 |   |
| Loan      to equity investee                                                              |   |                        | —  |   |   |   | —  |   |   |   | (845 | ) |
| Investment      in assets under development                                               |   |                        | (31,098  | )      |   |   | (22,576  | )      |   |   | (5,675 | ) |
| Investments      in unconsolidated entities                                               |   |                        | (493     | )      |   |   | (561     | )      |   |   | (178 | ) |
| Net      cash provided by (used in) investing activities                             |   |                        | (41,638  | )      |   |   | (31,656  | )      |   |   | 33,399 |   |
| Financing      activities:                                                                |   |                        |     |   |   |   |     |   |   |   |   |   |
| Payment      of mortgage notes                                                            |   |                        | (101,631 | )      |   |   | (212,038 | )      |   |   | (60,158 | ) |
| Borrowings      under mortgage and construction loans                                     |   |                        | 66,143   |   |   |   | 233,827  |   |   |   | 57,800 |   |
| Repayments      of long-term debt                                                         |   |                        | —  |   |   |   | —  |   |   |   | (47,000 | ) |
| Debt      issuance costs                                                                  |   |                        | (2,676   | )      |   |   | (2,363   | )      |   |   | (551 | ) |
| Debt      extinguishment costs                                                            |   |                        | 830      |   |   |   | (4,295   | )      |   |   | — |   |
| Interest      rate cap issuance cost                                                      |   |                        | —  |   |   |   | (120     | )      |   |   | — |   |
| Borrowings      on line of credit                                                         |   |                        | 28,000   |   |   |   | 68,600   |   |   |   | 27,900 |   |
| Repayments      of line of credit                                                         |   |                        | (60,900  | )      |   |   | (47,200  | )      |   |   | (38,800 | ) |
| Proceeds      from issuance of common stock                                               |   |                        | 122,561  |   |   |   | —  |   |   |   | 22,414 |   |
| Payment      of offering costs                                                            |   |                        | (6,428   | )      |   |   | —  |   |   |   | — |   |
| Dividends      and distributions paid to common and restricted    stockholders            |   |                        | (14,491  | )      |   |   | (23,379  | )      |   |   | (22,907 | ) |
| Dividends      and distributions paid to noncontrolling interests                         |   |                        | (839     | )      |   |   | (2,418   | )      |   |   | (1,296 | ) |
| Net      cash provided by (used in) financing activities                                  |   |                        | 30,569   |   |   |   | 10,614   |   |   |   | (62,598 | ) |
| Net      increase (decrease) in cash and cash equivalents                            |   |                        | 22,166   |   |   |   | 4,969    |   |   |   | (2,393 | ) |
| Cash      and cash equivalents, beginning of period                                       |   |                        | 9,003    |   |   |   | 4,034    |   |   |   | 6,427 |   |
| Cash      and cash equivalents, end of period                                             |   | $                           | 31,169   |   |   | $      | 9,003    |   |   | $ | 4,034 |   |
| Supplemental      disclosure of cash flow information:                                    |   |                        |     |   |   |   |     |   |   |   |   |   |
| Interest      paid                                                                        |   | $                           | 25,269   |   |   | $      | 26,828   |   |   | $ | 27,520 |   |
| Income      taxes paid                                                                    |   | $                           | 1,658    |   |   | $      | 755      |   |   | $ | 796 |   |
| Supplemental      disclosure of noncash activities:                                       |   |                        |     |   |   |   |     |   |   |   |   |   |
| Redemption      of noncontrolling interests from unit holder                         |   | $                           | 109      |   |   | $      | 893      |   |   | $ | — |   |
| Warrants      issued (expired)                                                            |   |                        | —  |   |   |   | —  |   |   |   | (375 | ) |
| Common      stock issued under the dividend reinvestment plan                             |   |                        | —  |   |   |   | —  |   |   |   | 78 |   |

----

|  | • | Allen      & O’Hara Education Services, Inc. (“AOES”), a Delaware corporation      performing student housing management  activities. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Allen      & O’Hara Development Company, LLC (“AODC”), a Delaware limited      liability company providing development consulting services for third      party student housing properties. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                                             |   | 2009   |    |   | 2008   |   |
|----------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Beginning      balance- redeemable noncontrolling interests                      |   | $      | 11,751  |   |   | $      | 14,879 |   |
| Conversion      of operating partnership units to common stock                   |   |   | (109    | )      |   |   | — |   |
| Net      income (loss) attributable to redeemable noncontrolling      interests  |   |   | 177     |   |   |   | (75 | ) |
| Repurchase      of partnership units from redeemable noncontrolling    interests |   |   | — |   |   |   | (893 | ) |
| Distributions      attributable to redeemable noncontrolling interests           |   |   | (740    | )      |   |   | (2,160 | ) |
| Ending      balance- redeemable noncontrolling interests                         |   | $      | 11,079  |   |   | $      | 11,751 |   |

----

|                                                 |   | 2009   |      |   | 2008   |   |
|----------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Operating      Partnership units                     |   |   | 903,738   |   |   |   | 913,738 |   |
| University      Towers Operating Partnership units   |   |   | 207,257   |   |   |   | 207,257 |   |
| Profits      Interest Units                          |   |   | 275,000   |   |   |   | 275,000 |   |
| Total      potentially dilutive securities           |   |   | 1,385,995 |   |   |   | 1,395,995 |   |

----

|  | • | University      Village-Greensboro LLC, a Delaware limited liability company, 25% owned by      the Operating Partnership |
|--|---------|---------------------------------------------------------------------------------------------------------------------------|

|  | • | AODC/CPA,      LLC, a Delaware limited liability company, 50% owned by    AODC |
|--|---------|--------------------------------------------------------------------------------|

|  | • | WEDR      Riverside Investors V, LLC, a Delaware limited liability company, 10%      owned by the Operating Partnership |
|--|---------|-------------------------------------------------------------------------------------------------------------------------|

|  | • | APF      EDR, LP, a Delaware limited partnership, 10% owned by the Operating      Partnership |
|--|---------|-----------------------------------------------------------------------------------------------|

|  | • | APF      EDR Food Services, LP, a Delaware limited partnership, 10% owned by the      Operating Partnership |
|--|---------|-------------------------------------------------------------------------------------------------------------|

|  | • | WEDR      Stinson Investors V, LLC, a Delaware limited liability company, 10% owned      by the Operating Partnership |
|--|---------|-----------------------------------------------------------------------------------------------------------------------|

----

|                                      |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Balance,      beginning of period         |   | $      | 141    |   |   | $      | 173    |   |   | $ | 43 |   |
| Provision      for uncollectible accounts |   |   | 1,836  |   |   |   | 1,327  |   |   |   | 804 |   |
| Deductions                                |   |   | (1,770 | )      |   |   | (1,359 | )      |   |   | (674 | ) |
| Balance,      end of period               |   | $      | 207    |   |   | $      | 141    |   |   | $ | 173 |   |

----

----

|                                                 |   | 2009   |    |   | 2008   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Deferred      tax assets:                            |   |   |    |   |   |   |   |   |
| Deferred      revenue                                |   | $      | 35      |   |   | $      | — |   |
| Depreciation      and amortization                   |   |   | 113     |   |   |   | 365 |   |
| Accrued      expenses                                |   |   | 166     |   |   |   | 178 |   |
| Straight      line rent                              |   |   | 81      |   |   |   | 110 |   |
| Total      deferred tax assets                       |   |   | 395     |   |   |   | 653 |   |
| Deferred      tax liabilities:                       |   |   |    |   |   |   |   |   |
| Deferred      revenue                                |   |   | — |   |   |   | (4 | ) |
| Depreciation      and amortization                   |   |   | — |   |   |   | (12 | ) |
| Amortization      of management contracts intangible |   |   | (1      | )      |   |   | (15 | ) |
| Net      deferred tax assets                         |   | $      | 394     |   |   | $      | 622 |   |

|                            |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|---------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Deferred:                       |   |   |   |   |   |   |   |   |   |
| Federal                         |   | $      | 197    |   |   | $      | 26     |   |   | $ | (127 | ) |
| State                           |   |   | 31     |   |   |   | 33     |   |   |   | (51 | ) |
| Deferred      expense (benefit) |   |   | 228    |   |   |   | 59     |   |   |   | (178 | ) |
| Current:                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal                         |   |   | 1,333  |   |   |   | 802    |   |   |   | 377 |   |
| State                           |   |   | 359    |   |   |   | 262    |   |   |   | 59 |   |
| Current      expense            |   |   | 1,692  |   |   |   | 1,064  |   |   |   | 436 |   |
| Total      provision            |   | $      | 1,920  |   |   | $      | 1,123  |   |   | $ | 258 |   |

|                                                                       |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Tax      provision at U.S. statutory rates on TRS income subject to    tax |   | $      | 1,224  |   |   | $      | 883    |   |   | $ | 226 |   |
| State      income tax, net of federal benefit                              |   |   | 252    |   |   |   | 156    |   |   |   | 29 |   |
| Other                                                                      |   |   | 444    |   |   |   | 84     |   |   |   | 3 |   |
| Tax      provision                                                         |   | $      | 1,920  |   |   | $      | 1,123  |   |   | $ | 258 |   |

----

----

|                                                                                              |   |   | 2009    |   |   |   | 2008    |   |   |   | 2007   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------|--------|
|                                                                                              |   |   |    |   |   |   |    |   |   |   |   |   |
| Student      housing leasing revenue                                                         |   | $      | 131     |   |   | $      | 417     |   |   | $      | 3,168  |   |
| Student      housing leasing operating expenses                                              |   |   | (127    | )      |   |   | (449    | )      |   |   | (1,576 | )      |
| Depreciation      and amortization                                                           |   |   | (25     | )      |   |   | (99     | )      |   |   | (815   | )      |
| Redeemable      noncontrolling interests                                                          |   |   | 1       |   |   |   | 5       |   |   |   | (27    | )      |
| Noncontrolling      interests                                                                     |   |   | — |   |   |   | 1       |   |   |   | (7     | )      |
| Income/(loss)      from discontinued operations attributable to Education Realty Trust,      Inc. |   | $      | (20     | )      |   |   | (125    | )      |   |   | 743    |   |
| Gain      on sale of student housing property                                                     |   |   | — |   |   |   | — |   |   |   | 1,644  |   |
| Redeemable      noncontrolling interests                                                          |   |   | — |   |   |   | — |   |   |   | (51    | )      |
| Noncontrolling      interests                                                                     |   |   | — |   |   |   | — |   |   |   | (14    | )      |
| Gain      on sale of student housing property attributable to Education Realty      Trust, Inc.   |   | $      | — |   |   | $      | — |   |   | $      | 1,579  |   |

----

----

|                                   |   | 2009   |     |   | 2008   |   |
|----------------------------------------|--------|--------|----------|--------|--------|--------|
| Land                                   |   | $      | 58,511   |   |   | $      | 58,754 |   |
| Land      improvements                 |   |   | 52,133   |   |   |   | 51,837 |   |
| Construction      in progress          |   |   | 2,467    |   |   |   | 2,453 |   |
| Buildings                              |   |   | 731,330  |   |   |   | 691,451 |   |
| Furniture,      fixtures and equipment |   |   | 46,950   |   |   |   | 43,102 |   |
|                                   |   |   | 891,391  |   |   |   | 847,597 |   |
| Less      accumulated depreciation     |   |   | (141,507 | )      |   |   | (114,090 | ) |
| Student      housing properties, net   |   | $      | 749,884  |   |   | $      | 733,507 |   |

|                                     |   |         |    |   | Initial Cost |   |    |                           |   |   | Total Costs |   |   |                        |   |   |   |
|------------------------------------------|--------|--------------|---------|--------|-------------------|--------|---------|--------------------------------|--------|--------|------------------|--------|--------|-----------------------------|--------|--------|--------|
| Property(4)                              |   | Encumbrances |    |   | Land              |   |    | Buildings andImprovements |   |   | Total            |   |   | CostCapitalizedSubsequently |   |   | Land   |   |   | Buildings andImprovements |   |   | Total |   |   | AccumulatedDepreciation(5) |   | Date ofAcquisition/Construction |   |
| University      Towers                   |   | $            | 25,000  |   |              | $      | — |                           |   | $      | 28,652           |   |   | $                           | 28,652 |   |   | $ | 2,039 |   |   | $ | — |   |   | $ | 30,691 |   |   | $ | 30,691 |   |   | $ | 6,405 |   | 01/31/05 |   |
| The      Gables                          |   |         | 4,213   |   |              |   | 198     |                           |   |   | 5,099            |   |   |                        | 5,297  |   |   |   | 304 |   |   |   | 198 |   |   |   | 5,403 |   |   |   | 5,601 |   |   |   | 1,123 |   | 01/31/05 |   |
| The      Reserve at Athens               |   |         | — |   |              |   | 1,740   |                           |   |   | 17,985           |   |   |                        | 19,725 |   |   |   | 508 |   |   |   | 1,740 |   |   |   | 18,493 |   |   |   | 20,233 |   |   |   | 3,375 |   | 01/31/05 |   |
| Players      Club                        |   |         | — |   |              |   | 727     |                           |   |   | 7,498            |   |   |                        | 8,225  |   |   |   | 670 |   |   |   | 727 |   |   |   | 8,168 |   |   |   | 8,895 |   |   |   | 1,598 |   | 01/31/05 |   |
| The      Reserve at Clemson              |   |         | 12,000  |   |              |   | 625     |                           |   |   | 18,230           |   |   |                        | 18,855 |   |   |   | 747 |   |   |   | 625 |   |   |   | 18,977 |   |   |   | 19,602 |   |   |   | 3,836 |   | 01/31/05 |   |
| NorthPointe                              |   |         | 18,800  |   |              |   | 2,498   |                           |   |   | 27,323           |   |   |                        | 29,821 |   |   |   | 1,148 |   |   |   | 2,498 |   |   |   | 28,471 |   |   |   | 30,969 |   |   |   | 5,436 |   | 01/31/05 |   |
| The      Pointe at South Florida (1)     |   |         | 8,571   |   |              |   | 3,508   |                           |   |   | 30,510           |   |   |                        | 34,018 |   |   |   | 3,443 |   |   |   | 3,508 |   |   |   | 33,953 |   |   |   | 37,461 |   |   |   | 6,568 |   | 01/31/05 |   |
| The      Reserve on Perkins              |   |         | 15,328  |   |              |   | 913     |                           |   |   | 15,795           |   |   |                        | 16,708 |   |   |   | 1,194 |   |   |   | 913 |   |   |   | 16,989 |   |   |   | 17,902 |   |   |   | 3,415 |   | 01/31/05 |   |
| The      Commons at Knoxville(1)         |   |         | 21,545  |   |              |   | 4,630   |                           |   |   | 18,386           |   |   |                        | 23,016 |   |   |   | 902 |   |   |   | 4,630 |   |   |   | 19,288 |   |   |   | 23,918 |   |   |   | 3,854 |   | 01/31/05 |   |
| The      Reserve at Tallahassee          |   |         | — |   |              |   | 2,743   |                           |   |   | 21,176           |   |   |                        | 23,919 |   |   |   | 1,888 |   |   |   | 2,743 |   |   |   | 23,064 |   |   |   | 25,807 |   |   |   | 4,405 |   | 01/31/05 |   |
| The      Pointe at Western (3)           |   |         | 5,559   |   |              |   | 1,096   |                           |   |   | 30,647           |   |   |                        | 31,743 |   |   |   | 2,347 |   |   |   | 1,096 |   |   |   | 32,994 |   |   |   | 34,090 |   |   |   | 6,163 |   | 01/31/05 |   |
| College      Station at W. Lafayette (2) |   |         | 19,359  |   |              |   | 1,887   |                           |   |   | 19,528           |   |   |                        | 21,415 |   |   |   | 1,293 |   |   |   | 1,887 |   |   |   | 20,821 |   |   |   | 22,708 |   |   |   | 4,350 |   | 01/31/05 |   |
| The      Commons on Kinnear (3)          |   |         | 14,825  |   |              |   | 1,327   |                           |   |   | 20,803           |   |   |                        | 22,130 |   |   |   | 913 |   |   |   | 1,327 |   |   |   | 21,716 |   |   |   | 23,043 |   |   |   | 3,854 |   | 01/31/05 |   |
| The      Pointe at Penn State(2)         |   |         | 28,385  |   |              |   | 2,151   |                           |   |   | 35,094           |   |   |                        | 37,245 |   |   |   | 1,603 |   |   |   | 2,151 |   |   |   | 36,697 |   |   |   | 38,848 |   |   |   | 6,739 |   | 01/31/05 |   |
| The      Reserve at Star Pass(2)         |   |         | 23,603  |   |              |   | 1,585   |                           |   |   | 30,810           |   |   |                        | 32,395 |   |   |   | 1,124 |   |   |   | 1,585 |   |   |   | 31,934 |   |   |   | 33,519 |   |   |   | 6,137 |   | 01/31/05 |   |
| The      Reserve at Columbia (1)         |   |         | 14,845  |   |              |   | 1,071   |                           |   |   | 26,134           |   |   |                        | 27,205 |   |   |   | 978 |   |   |   | 1,071 |   |   |   | 27,112 |   |   |   | 28,183 |   |   |   | 4,807 |   | 01/31/05 |   |

----

|                                  |   |         |    |   | Initial Cost |   |    |                           |   |   | Total Costs |   |   |                        |    |   |   |
|---------------------------------------|--------|--------------|---------|--------|-------------------|--------|---------|--------------------------------|--------|--------|------------------|--------|--------|-----------------------------|---------|--------|--------|
| Property(4)                           |   | Encumbrances |    |   | Land              |   |    | Buildings andImprovements |   |   | Total            |   |   | CostCapitalizedSubsequently |    |   | Land   |   |   | Buildings andImprovements |   |   | Total |   |   | AccumulatedDepreciation(5) |   | Date ofAcquisition/Construction |   |
| The      Reserve on Frankford         |   |         | 6,938   |   |              |   | 1,181   |                           |   |   | 26,758           |   |   |                        | 27,939  |   |   |   | 1,167 |   |   |   | 1,181 |   |   |   | 27,925 |   |   |   | 29,106 |   |   |   | 5,799 |   | 01/31/05 |   |
| The      Lofts                        |   |         | 27,000  |   |              |   | 2,801   |                           |   |   | 34,117           |   |   |                        | 36,918  |   |   |   | 770 |   |   |   | 2,801 |   |   |   | 34,887 |   |   |   | 37,688 |   |   |   | 6,010 |   | 01/31/05 |   |
| The      Reserve on West 31st         |   |         | — |   |              |   | 1,896   |                           |   |   | 14,920           |   |   |                        | 16,816  |   |   |   | 1,597 |   |   |   | 1,896 |   |   |   | 16,517 |   |   |   | 18,413 |   |   |   | 3,350 |   | 01/31/05 |   |
| Campus      Creek                     |   |         | — |   |              |   | 2,251   |                           |   |   | 21,604           |   |   |                        | 23,855  |   |   |   | 1,027 |   |   |   | 2,251 |   |   |   | 22,631 |   |   |   | 24,882 |   |   |   | 4,448 |   | 02/22/05 |   |
| Pointe      West                      |   |         | 10,448  |   |              |   | 2,318   |                           |   |   | 10,924           |   |   |                        | 13,242  |   |   |   | 538 |   |   |   | 2,318 |   |   |   | 11,462 |   |   |   | 13,780 |   |   |   | 2,531 |   | 03/17/05 |   |
| Campus      Lodge                     |   |         | 35,276  |   |              |   | 2,746   |                           |   |   | 44,415           |   |   |                        | 47,161  |   |   |   | 694 |   |   |   | 2,746 |   |   |   | 45,109 |   |   |   | 47,855 |   |   |   | 7,776 |   | 06/07/05 |   |
| College      Grove (1)                |   |         | 14,668  |   |              |   | 1,334   |                           |   |   | 19,270           |   |   |                        | 20,604  |   |   |   | 2,236 |   |   |   | 1,334 |   |   |   | 21,506 |   |   |   | 22,840 |   |   |   | 4,740 |   | 04/27/05 |   |
| The      Reserve on South College (3) |   |         | 12,601  |   |              |   | 1,744   |                           |   |   | 10,784           |   |   |                        | 12,528  |   |   |   | 1,967 |   |   |   | 1,744 |   |   |   | 12,751 |   |   |   | 14,495 |   |   |   | 2,805 |   | 07/06/05 |   |
| The      Avenue at Southern(3)        |   |         | 9,368   |   |              |   | 2,028   |                           |   |   | 10,675           |   |   |                        | 12,703  |   |   |   | 2,329 |   |   |   | 2,028 |   |   |   | 13,004 |   |   |   | 15,032 |   |   |   | 2,115 |   | 06/15/06 |   |
| The      Reserve at Saluki Pointe     |   |         | 20,082  |   |              |   | 1,099   |                           |   |   | 32,377           |   |   |                        | 33,476  |   |   |   | 214 |   |   |   | 1,099 |   |   |   | 32,591 |   |   |   | 33,690 |   |   |   | 1,112 |   | 08/01/08 | (6) |
| University      Apartments on Colvin  |   |         | 8,826   |   |              |   | — |                           |   |   | 25,792           |   |   |                        | 25,792  |   |   |   | — |   |   |   | — |   |   |   | 25,792 |   |   |   | 25,792 |   |   |   | 380 |   | 08/01/09 |   |
| Troy      Place(7)                    |   |         | 6,999   |   |              |   | 523     |                           |   |   | 12,404           |   |   |                        | 12,927  |   |   |   | 694 |   |   |   | 523 |   |   |   | 13,098 |   |   |   | 13,621 |   |   |   | 1,955 |   | 01/01/06 |   |
| The      Reserve at Jacksonville      |   |         | — |   |              |   | 628     |                           |   |   | 14,532           |   |   |                        | 15,160  |   |   |   | 656 |   |   |   | 628 |   |   |   | 15,188 |   |   |   | 15,816 |   |   |   | 2,240 |   | 01/01/06 |   |
| The      Pointe at Southern           |   |         | — |   |              |   | 1,180   |                           |   |   | 17,288           |   |   |                        | 18,468  |   |   |   | 717 |   |   |   | 1,180 |   |   |   | 18,005 |   |   |   | 19,185 |   |   |   | 2,626 |   | 01/01/06 |   |
| Macon      Place                      |   |         | — |   |              |   | 340     |                           |   |   | 9,856            |   |   |                        | 10,196  |   |   |   | (1,144 | ) |   |   | 340 |   |   |   | 8,712 |   |   |   | 9,052 |   |   |   | 1,552 |   | 01/01/06 |   |
| Clayton      Place                    |   |         | — |   |              |   | 4,291   |                           |   |   | 28,843           |   |   |                        | 33,134  |   |   |   | (1,186 | ) |   |   | 4,291 |   |   |   | 27,657 |   |   |   | 31,948 |   |   |   | 3,949 |   | 01/01/06 |   |
| Carrollton      Place(8)              |   |         | 4,078   |   |              |   | 682     |                           |   |   | 12,166           |   |   |                        | 12,848  |   |   |   | 474 |   |   |   | 682 |   |   |   | 12,640 |   |   |   | 13,322 |   |   |   | 1,725 |   | 01/01/06 |   |
| River      Place(9)                   |   |         | 7,238   |   |              |   | 837     |                           |   |   | 17,746           |   |   |                        | 18,583  |   |   |   | 594 |   |   |   | 837 |   |   |   | 18,340 |   |   |   | 19,177 |   |   |   | 2,656 |   | 01/01/06 |   |
| The      Chase at Murray(8)           |   |         | 3,622   |   |              |   | 550     |                           |   |   | 8,864            |   |   |                        | 9,414   |   |   |   | 766 |   |   |   | 550 |   |   |   | 9,630 |   |   |   | 10,180 |   |   |   | 1,597 |   | 01/01/06 |   |
| Western      Place(7)                 |   |         | 4,744   |   |              |   | 660     |                           |   |   | 16,332           |   |   |                        | 16,992  |   |   |   | 497 |   |   |   | 660 |   |   |   | 16,829 |   |   |   | 17,489 |   |   |   | 2,372 |   | 01/01/06 |   |
| Cape      Place(9)                    |   |         | 7,631   |   |              |   | 445     |                           |   |   | 11,207           |   |   |                        | 11,652  |   |   |   | 538 |   |   |   | 445 |   |   |   | 11,745 |   |   |   | 12,190 |   |   |   | 1,716 |   | 01/01/06 |   |
| Clemson      Place(7)                 |   |         | 5,616   |   |              |   | 759     |                           |   |   | 10,317           |   |   |                        | 11,076  |   |   |   | 370 |   |   |   | 759 |   |   |   | 10,687 |   |   |   | 11,446 |   |   |   | 1,514 |   | 01/01/06 |   |
| Berkeley      Place(9)                |   |         | 8,400   |   |              |   | 1,048   |                           |   |   | 18,497           |   |   |                        | 19,545  |   |   |   | 360 |   |   |   | 1,048 |   |   |   | 18,857 |   |   |   | 19,905 |   |   |   | 2,619 |   | 01/01/06 |   |
| The      Reserve at Martin            |   |         | — |   |              |   | 471     |                           |   |   | 11,784           |   |   |                        | 12,255  |   |   |   | 762 |   |   |   | 471 |   |   |   | 12,546 |   |   |   | 13,017 |   |   |   | 1,855 |   | 01/01/06 |   |
| Totals                                |   | $            | 405,568 |   |              | $      | 58,511  |                           |   | $      | 795,142          |   |   | $                           | 853,653 |   |   | $ | 37,738 |   |   | $ | 58,511 |   |   | $ | 832,880 |   |   | $ | 891,391 |   |   | $ | 141,507 |   |   |   |

| (1) | The      Pointe at South Florida, College Grove, The Commons at Knoxville and The      Reserve at Columbia are cross collateralized  against the      $59,629 outstanding loan discussed in Note10. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      Pointe at Penn State, The Reserve at Star Pass and College Station at West      Lafayette are cross collateralized against the $71,347 outstanding loan      discussed in Note 10. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The Pointe at Western, The      Commons on Kinnear, The Reserve on South College and at The Avenue at      Southern are cross collateralized against the $42,353 outstanding loan discussed in      Note 10. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | All      properties are garden-style student housing communities except for      University Towers which is a traditional residence  hall. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| (5) | Assets      have useful lives ranging from 3 to  40 years. |
|-----|-----------------------------------------------------------------|

| (6) | The      first phase of The Reserve at Saluki Pointe, which included 528 beds, was      completed in August 2008. The second phase, which included 240 beds, was      completed in August 2009. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Troy      Place, Clemson Place and Western Place are cross collateralized against      the $17,359 outstanding loan discussed in Note  10. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Carrolton      Place and The Chase at Murray are cross collateralized against the $7,700      outstanding loan discussed in Note10. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Berkeley      Place, River Place and Cape Place are cross collateralized against the      $23,269 outstanding loan discussed in Note10. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                        |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|-------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Balance,      beginning of period                           |   | $      | 847,597 |   |   | $      | 819,188 |   |   | $ | 863,248 |   |
| Student      housing acquisitions or completed developments |   |   | 37,670  |   |   |   | 21,679  |   |   |   | — |   |
| Student      housing dispositions                           |   |   | (2,652  | )      |   |   | — |   |   |   | (52,406 | ) |
| Impairment      loss                                        |   |   | (1,726  | )      |   |   | (1,633  | )      |   |   | — |   |
| Additions                                                   |   |   | 11,298  |   |   |   | 13,986  |   |   |   | 8,463 |   |
| Disposals                                                   |   |   | (796    | )      |   |   | (5,623  | )      |   |   | (117 | ) |
| Balance,      end of period                                 |   | $      | 891,391 |   |   | $      | 847,597 |   |   | $ | 819,188 |   |

|                              |   | 2009   |    |   | 2008  |   |    | 2007  |   |
|-----------------------------------|--------|--------|---------|--------|------------|--------|---------|------------|--------|
| Balance,      beginning of period |   | $      | 114,090 |   |       | $      | 86,209  |       |   | $ | 58,489 |   |
| Depreciation                      |   |   | 28,522  |   |       |   | 28,819  |       |   |   | 32,409 |   |
| Disposals                         |   |   | (535    | )      |       |   | (938    | )          |   |   | (77 | ) |
| Student      housing dispositions |   |   | (570    | )      |       |   | — |       |   |   | (4,612 | ) |
| Balance,      end of period       |   | $      | 141,507 |   |       | $      | 114,090 |       |   | $ | 86,209 |   |

|                                                      |   | 2009   |    |   | 2008   |   |
|-----------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Accounts      receivable related to pre-development costs |   | $      | 1,563   |   |   | $      | 965 |   |
| Refundable      deposit                                   |   |   | — |   |   |   | 7,162 |   |
| Prepaid      expenses                                     |   |   | 416     |   |   |   | 371 |   |
| Deferred      tax asset                                   |   |   | 395     |   |   |   | 653 |   |
| Deferred      financing costs                             |   |   | 5,141   |   |   |   | 3,306 |   |
| Investments      in unconsolidated entities               |   |   | 1,450   |   |   |   | 2,759 |   |
| Note      receivable (see Note 12)                        |   |   | 2,021   |   |   |   | 834 |   |
| Note      receivable (see Note 5)                         |   |   | 2,300   |   |   |   | — |   |
| Other                                                     |   |   | 823     |   |   |   | 1,385 |   |
| Total      other assets                                   |   | $      | 14,109  |   |   | $      | 17,435 |   |

| Financial      Position:                                 |   |    |    |   |   |    |
|----------------------------------------------------------|--------|---------|---------|--------|--------|---------|
|  As of December      31,                            |   | 2009    |    |   | 2008   |    |
| Total      assets                                        |   | $       | 134,781 |   |   | $       | 147,951 |   |
| Total      liabilities                                   |   |    | 113,161 |   |   |    | 114,348 |   |
| Equity                                                   |   |  $ | 21,620  |   |   |  $ | 33,603 |   |
| Trust’s      investment in unconsolidated entities |   | $       | 1,450   |   |   | $       | 2,759 |   |

| Results of Operations:                                          |   |   |    |   |   |   |   |   |   |
|---------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
|  For the years ended December 31,      |   | 2009   |    |   | 2008   |   |   | 2007   |   |
| Revenues                                                                  |   | $      | 15,957  |   |   | $      | 16,415 |   |   | $ | 13,283 |   |
| Net      loss                                                             |   |   | (15,145 | )      |   |   | (1,890 | )      |   |   | (4,194 | ) |
| Trust’s      equity in earnings (losses) of unconsolidated entities |   | $      | (1,410  | )      |   | $      | (196   | )      |   | $ | (277 | ) |

----

----

----

|                                       |   |        |    |   | Stock     |   |    |   |   |
|--------------------------------------------|--------|-------------|---------|--------|-----------|--------|---------|--------|--------|
|                                       |   | PIU’s |    |   | Awards(1) |   |    | Total  |   |
| Outstanding      at December 31, 2006 |   |        | 265,000 |   |      |   | 192,000 |   |   |   | 457,000 |   |
| Granted                                    |   |        | 17,500  |   |      |   | 8,000   |   |   |   | 25,500 |   |
| Retired                                    |   |        | (5,000  | )      |      |   | — |   |   |   | (5,000 | ) |
| Outstanding      at December 31, 2007 |   |        | 277,500 |   |      |   | 200,000 |   |   |   | 477,500 |   |
| Granted                                    |   |        | 10,000  |   |      |   | 8,000   |   |   |   | 18,000 |   |
| Retired                                    |   |        | (12,500 | )      |      |   | — |   |   |   | (12,500 | ) |
| Outstanding      at December 31, 2008 |   |        | 275,000 |   |      |   | 208,000 |   |   |   | 483,000 |   |
| Granted                                    |   |        | 5,000   |   |      |   | 8,000   |   |   |   | 13,000 |   |
| Retired                                    |   |        | (5,000  | )      |      |   | — |   |   |   | (5,000 | ) |
| Outstanding      at December 31, 2009 |   |        | 275,000 |   |      |   | 216,000 |   |   |   | 491,000 |   |
| Vested      at December 31, 2009           |   |        | 275,000 |   |      |   | 213,639 |   |   |   | 488,639 |   |

| (1) | Includes      restricted stock awards. |
|-----|----------------------------------------|

----

|                                                                                                       |   | Outstanding at |    |   |               |   |   |     |   |         |
|------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|--------------------|--------|--------|----------|--------|--------------|
|                                                                                                       |   | December 31,   |    |   |               |   |   | Maturity |   |         |
| Property                                                                                                   |   | 2009                |    |   | Interest Rate |   |   | Date     |   | Amortization |
| University      Towers                                                                                     |   | $                   | 25,000  |   |               |   | 5.99   | %        |   |         | 7/1/2013 |   | 30      Year |
| The      Reserve at Clemson                                                                                |   |                | 12,000  |   |               |   | 5.55   | %        |   |         | 3/1/2012 |   | 30      Year |
| The      Gables                                                                                            |   |                | 4,213   |   |               |   | 5.50   | %        |   |         | 11/1/2013 |   | 30      Year |
| NorthPointe                                                                                                |   |                | 18,800  |   |               |   | 5.55   | %        |   |         | 3/1/2012 |   | 30      Year |
| The      Pointe at S. Florida/The Reserve at Columbia/ The Commons at      Knoxville/College Grove         |   |                | 59,629  |   |               |   | 6.02   | %        |   |         | 1/1/2019 |   | 30      Year |
| The      Reserve at Perkins                                                                                |   |                | 15,328  |   |               |   | 5.99   | %        |   |         | 1/1/2014 |   | 30      Year |
| The      Lofts                                                                                             |   |                | 27,000  |   |               |   | 5.59   | %        |   |         | 5/1/2014 |   | 30      Year |
| College      Station at W. Lafayette/The Pointe at Penn State/The Reserve at Star      Pass                |   |                | 71,347  |   |               |   | 6.02   | %        |   |         | 1/1/2016 |   | 30      Year |
| Campus      Lodge                                                                                          |   |                | 35,276  |   |               |   | 6.97   | %        |   |         | 5/1/2012 |   | 30      Year |
| Pointe      West                                                                                           |   |                | 10,448  |   |               |   | 4.92   | %        |   |         | 8/1/2014 |   | 30      Year |
| The      Pointe at Western/The Commons on Kinnear/The Reserve on South College/The      Avenue at Southern |   |                | 42,353  |   |               |   | 3.64   | %        |   |         | 1/1/2014 |   | 30      Year |
| The      Reserve on Frankford                                                                              |   |                | 6,938   |   |               |   | 3.54   | %        |   |         | 1/1/2014 |   | 30      Year |
| The      Reserve at Saluki Pointe – Phase I                                                          |   |                | 10,759  |   |               |   | 1.33   | %        |   |         | 6/28/2010 |   | (1) |
| The      Reserve at Saluki Pointe – Phase II                                                         |   |                | 9,323   |   |               |   | 2.23   | %        |   |         | 6/28/2010 |   | (1) |
| University      Village Apartments on Colvin                                                               |   |                | 8,826   |   |               |   | 1.33   | %        |   |         | 9/29/2011 |   | (2) |
| Troy      Place/Clemson Place/Western Place                                                                |   |                | 17,359  |   |               |   | 5.45   | %        |   |         | 1/1/2017 |   | 30      Year |
| Carrollton      Place/Murray Place                                                                         |   |                | 7,700   |   |               |   | 4.96   | %        |   |         | 1/1/2015 |   | 30      Year |
| Berkeley      Place/River Place/Cape Place                                                                 |   |                | 23,269  |   |               |   | 5.67   | %        |   |         | 1/1/2020 |   | 30      Year |
| Total      debt /weighted average rate                                                                     |   |                | 405,568 |   |               |   | 5.33   | %        |   |         |   |   |   |
| Unamortized      premium                                                                                   |   |                | 797     |   |               |   |   |     |   |         |   |   |   |
| Total      net of unamortized premium                                                                      |   |                | 406,365 |   |               |   |   |     |   |         |   |   |   |
| Less      current portion                                                                                  |   |                | (23,957 | )      |               |   |   |     |   |         |   |   |   |
| Total      long-term debt, net of current portion                                                          |   | $                   | 382,408 |   |               |   |   |     |   |         |   |   |   |
|                                                                                                       |

| (1) | The      construction debt encumbering The Reserve at Saluki Pointe is interest      only through June 28, 2010, the initial maturity date.  The      Trust has the ability to extend the construction loan if certain criteria      are met on the initial maturitydate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      construction debt encumbering the University Village Apartments on Colvin      is interest only through September 29, 2011, the initial maturity      date.  The Trust has the ability to extend the construction loan      if certain criteria are met on the initial maturity  date. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                    |   | Prepaid      on  |   |   |                   |   |   |     |   |         |
|-------------------------|--------|------------------|--------|--------|------------------------|--------|--------|----------|--------|--------------|
|                    |   | November      6, |   |   | Contractual      Fixed |   |   | Maturity |   |         |
| Property                |   | 2009             |   |   | Interest Rate          |   |   | Date     |   | Amortization |
| Troy      Place         |   |  $          | 9,440  |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Jacksonville      Place |   |             | 11,120 |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Macon      Place        |   |             | 7,440  |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Clayton      Place      |   |             | 24,540 |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| River      Place        |   |             | 13,680 |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Murray      Place       |   |             | 6,800  |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Cape      Place         |   |             | 8,520  |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Clemson      Place      |   |             | 8,160  |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Martin      Place       |   |             | 8,960  |   |                   |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Total                   |   |  $          | 98,660 |   |                   |   |   |     |   |         |   |   |   |

|                                          |   | Outstanding      at |   |          |        |   |     |   |         |
|-----------------------------------------------|--------|---------------------|--------|---------------|-------------|--------|----------|--------|--------------|
|                                          |   | December      31,   |   |          |        |   | Maturity |   |         |
| Property                                      |   | 2009                |   | Interest Rate |        |   | Date     |   | Amortization |
| Troy      Place/ Clemson Place/ Western Place |   |  $             | 17,359 |          | fixed  |   | 5.45     | %      |         |   | 1/1/2017 |   | 30      Year |
| River      Place/ Cape Place/ Berkeley Place  |   |                | 23,269 |          | fixed       |   | 5.67     | %      |         |   | 1/1/2020 |   | 30      Year |
| Murray      Place/ Carrollton Place           |   |                | 7,699  |          | fixed       |   | 4.96     | %      |         |   | 1/1/2015 |   | 30      Year |
| Total                                         |   |  $             | 48,327 |          |        |   |     |   |         |   |   |   |   |

----

|                                                                                                       |   | Outstanding      at |    |   |          |   |   |     |   |         |
|------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|---------------|--------|--------|----------|--------|--------------|
|                                                                                                       |   | December      31,   |    |   |          |   |   | Maturity |   |         |
| Property                                                                                                   |   | 2008                |    |   | Interest Rate |   |   | Date     |   | Amortization |
| University      Towers                                                                                     |   | $                   | 25,000  |   |          |   | 5.99   | %        |   |         | 7/1/2013 |   | 30      Year |
| The      Reserve at Clemson                                                                                |   |                | 12,000  |   |          |   | 5.55   | %        |   |         | 3/1/2012 |   | 30      Year |
| The      Gables                                                                                            |   |                | 4,291   |   |          |   | 5.50   | %        |   |         | 11/1/2013 |   | 30      Year |
| NorthPointe                                                                                                |   |                | 18,800  |   |          |   | 5.55   | %        |   |         | 3/1/2012 |   | 30      Year |
| The      Pointe at S. Florida/The Reserve at Columbia/ The Commons at      Knoxville/College Grove         |   |                | 60,263  |   |          |   | 6.02   | %        |   |         | 1/1/2019 |   | 30      Year |
| The      Reserve at Perkins                                                                                |   |                | 15,492  |   |          |   | 5.99   | %        |   |         | 1/1/2014 |   | 30      Year |
| The      Lofts                                                                                             |   |                | 27,000  |   |          |   | 5.59   | %        |   |         | 5/1/2014 |   | 30      Year |
| College      Station at W. Lafayette/The Pointe at Penn State/The Reserve at Star      Pass                |   |                | 72,106  |   |          |   | 6.02   | %        |   |         | 1/1/2016 |   | 30      Year |
| Campus      Lodge                                                                                          |   |                | 35,841  |   |          |   | 6.97   | %        |   |         | 5/1/2012 |   | 30      Year |
| Pointe      West                                                                                           |   |                | 10,637  |   |          |   | 4.92   | %        |   |         | 8/1/2014 |   | 30      Year |
| The      Pointe at Western/The Commons on Kinnear/The Reserve on South College/The      Avenue at Southern |   |                | 42,854  |   |          |   | 3.91   | %        |   |         | 1/1/2014 |   | 30      Year |
| The      Reserve on Frankford                                                                              |   |                | 7,020   |   |          |   | 3.81   | %        |   |         | 1/1/2014 |   | 30      Year |
| The      Reserve at Saluki Pointe                                                                          |   |                | 10,901  |   |          |   | 2.57   | %        |   |         | 6/28/2012 |   | 30      Year |
| University      Village Apartments on Colvin                                                               |   |                | 191     |   |          |   | 2.30   | %        |   |         | 9/29/2013 |   | 30      Year |
| Troy      Place                                                                                            |   |                | 9,440   |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| The      Reserve at Jacksonville                                                                           |   |                | 11,120  |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Macon      Place                                                                                           |   |                | 7,440   |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Clayton      Place                                                                                         |   |                | 24,540  |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| River      Place                                                                                           |   |                | 13,680  |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Murray      Place                                                                                          |   |                | 6,800   |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Cape      Place                                                                                            |   |                | 8,520   |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Clemson      Place                                                                                         |   |                | 8,160   |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| The      Reserve at Martin                                                                                 |   |                | 8,960   |   |          |   | 6.44   | %        |   |         | 12/9/2009 |   | 30      Year |
| Total      debt /weighted average rate                                                                     |   |                | 441,056 |   |          |   | 5.77   | %        |   |         |   |   |   |
| Unamortized      premium                                                                                   |   |                | 1,203   |   |          |   |   |     |   |         |   |   |   |
| Total      net of unamortized premium                                                                      |   |                | 442,259 |   |          |   |   |     |   |         |   |   |   |
| Less      current portion                                                                                  |   |                | 101,631 |   |          |   |   |     |   |         |   |   |   |
| Total      long-term debt, net of current portion                                                          |   | $                   | 340,628 |   |          |   |   |     |   |         |   |   |   |

----

----

|                              |   | 2009   |     |   | 2008   |   |       | 2007   |   |
|-----------------------------------|--------|--------|----------|--------|--------|--------|------------|--------|--------|
| Balance,      beginning of period |   | $      | 442,259  |   |   | $      | 420,940    |   |   | $ | 423,933 |   |
| Additions                         |   |   | 66,143   |   |   |   | 233,827    |   |   |   | 57,800 |   |
| Repayments      of principal      |   |   | (101,631 | )      |   |   | (212,038   | )      |   |   | (60,158 | ) |
| Amortization      of premium      |   |   | (406     | )      |   |   |  (470 | )      |   |   |  (635 | ) |
| Balance,      end of period       |   | $      | 406,365  |   |   | $      | 442,259    |   |   | $ | 420,940 |   |

| Year                                                               |   |   |    |   |
|--------------------------------------------------------------------|--------|--------|---------|--------|
| 2010                                                               |   | $      | 23,957  |   |
| 2011                                                               |   |   | 12,952  |   |
| 2012                                                               |   |   | 68,617  |   |
| 2013                                                               |   |   | 33,028  |   |
| 2014                                                               |   |   | 100,115 |   |
| Thereafter                                                         |   |   | 166,899 |   |
| Total                                                              |   |   | 405,568 |   |
| Debt      premium                                                  |   |   | 797     |   |
| Outstanding      as of December 31, 2009, net of debt premium |   | $      | 406,365 |   |

----

|                                                                                                                                                                                |   | Year Ended December 31, 2009 |    |   | Year Ended December 31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|--------|--------------------------------------------------|--------|
|                                                                                                                                                                                |   |                                             |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Student                                          |    |   | Development                                      |   |   |   |   |   |   |   |   |   |   |   | Student |   |   | Development |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Housing                                          |    |   | Consulting                                       |   |   | Management |   |   |   |   |   |   |   |   | Housing |   |   | Consulting |   |   | Management |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Leasing                                          |    |   | Services                                         |   |   | Services |   |   | Eliminations |   |   | Total |   |   | Leasing |   |   | Services |   |   | Services |   |   | Eliminations |   |   | Total |   |
|                                                                                                                                                                                |   |                                             |    |
| Segment Revenues:                                                                                                                                                              |   |                                             |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing revenue                                                                                                                                                |   | $                                                | 110,810 |   |                                             | $      | — |   |   | $ | — |   |   | $ | — |   |   | $ | 110,810 |   |   | $ | 107,149 |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 107,149 |   |
| Student      housing food service revenue                                                                                                                                           |   |                                             | 2,267   |   |                                             |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,267 |   |   |   | 2,378 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,378 |   |
| Other      leasing revenue                                                                                                                                                          |   |                                             | — |   |                                             |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 7,145 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 7,145 |   |
| Third-party      development consulting services                                                                                                                                    |   |                                             | — |   |                                             |   | 8,178 |   |   |   | — |   |   |   | — |   |   |   | 8,178 |   |   |   | — |   |   |   | 8,303 |   |   |   | — |   |   |   | — |   |   |   | 8,303 |   |
| Third-party      management services                                                                                                                                                |   |                                             | — |   |                                             |   | — |   |   |   | 3,221 |   |   |   | — |   |   |   | 3,221 |   |   |   | — |   |   |   | — |   |   |   | 3,672 |   |   |   | — |   |   |   | 3,672 |   |
| Intersegment      revenues                                                                                                                                                          |   |                                             | — |   |                                             |   | 1,129 |   |   |   | 4,419 |   |   |   | (5,548 | ) |   |   | — |   |   |   | — |   |   |   | 661 |   |   |   | 4,290 |   |   |   | (4,951 | ) |   |   | — |   |
| Operating      expense reimbursements                                                                                                                                               |   |                                             | — |   |                                             |   | — |   |   |   | — |   |   |   | 9,722 |   |   |   | 9,722 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |
| Total      segment revenues                                                                                                                                                         |   |                                             | 113,077 |   |                                             |   | 9,307 |   |   |   | 7,640 |   |   |   | 4,174 |   |   |   | 134,198 |   |   |   | 116,672 |   |   |   | 8,964 |   |   |   | 7,962 |   |   |   | 5,845 |   |   |   | 139,443 |   |
| Segment      operating expenses:                                                                                                                                                    |   |                                             |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing operations                                                                                                                                             |   |                                             | 55,161  |   |                                             |   | — |   |   |   | — |   |   |   | — |   |   |   | 55,161 |   |   |   | 55,120 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 55,120 |   |
| Student      housing food service operations                                                                                                                                        |   |                                             | 2,156   |   |                                             |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,156 |   |   |   | 2,257 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,257 |   |
| General      and administrative                                                                                                                                                     |   |                                             | — |   |                                             |   | 3,261 |   |   |   | 7,135 |   |   |   | (96 | ) |   |   | 10,300 |   |   |   | 3 |   |   |   | 4,196 |   |   |   | 7,234 |   |   |   | (337 | ) |   |   | 11,096 |   |
| Intersegment      expenses                                                                                                                                                          |   |                                             | 4,419   |   |                                             |   | — |   |   |   | — |   |   |   | (4,419 | ) |   |   | — |   |   |   | 4,290 |   |   |   | — |   |   |   | — |   |   |   | (4,290 | ) |   |   | — |   |
| Reimbursable      operating expenses                                                                                                                                                |   |                                             | — |   |                                             |   | — |   |   |   | — |   |   |   | 9,722 |   |   |   | 9,722 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |
| Total      segment operating expenses                                                                                                                                               |   |                                             | 61,736  |   |                                             |   | 3,261 |   |   |   | 7,135 |   |   |   | 5,207 |   |   |   | 77,339 |   |   |   | 61,670 |   |   |   | 4,196 |   |   |   | 7,234 |   |   |   | 6,169 |   |   |   | 79,269 |   |
| Net      operating income (loss)                                                                                                                                                    |   |                                             | 51,341  |   |                                             |   | 6,046 |   |   |   | 505 |   |   |   | (1,033 | ) |   |   | 56,859 |   |   |   | 55,002 |   |   |   | 4,768 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 60,174 |   |
| Nonoperating      expenses(1)                                                                                                                                                       |   |                                             | 54,349  |   |                                             |   | (86 | ) |   |   | — |   |   |   | — |   |   |   | 54,263 |   |   |   | 60,114 |   |   |   | (76 | ) |   |   | — |   |   |   | — |   |   |   | 60,038 |   |
| Income      (loss) before equity in earnings (losses) of unconsolidated entities,      income taxes, redeemable noncontrolling interests and discontinued      operations |   |                                             | (3,008  | )      |                                             |   | 6,132 |   |   |   | 505 |   |   |   | (1,033 | ) |   |   | 2,596 |   |   |   | (5,112 | ) |   |   | 4,844 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 136 |   |
| Equity      in earnings (losses) of unconsolidated entities                                                                                                                         |   |                                             | (1,406  | )      |                                             |   | (4 | ) |   |   | — |   |   |   | — |   |   |   | (1,410 | ) |   |   | (192 | ) |   |   | (4 | ) |   |   | — |   |   |   | — |   |   |   | (196 | ) |
| Income      (loss) before income taxes, redeemable noncontrolling interests and      discontinued operations (2)                                                               |   | $                                                | (4,414  | )      |                                             | $      | 6,128 |   |   | $ | 505 |   |   | $ | (1,033 | ) |   | $ | 1,186 |   |   | $ | (5,304 | ) |   | $ | 4,840 |   |   | $ | 728 |   |   | $ | (324 | ) |   | $ | (60 | ) |
| Total      segment assets, as of December 31, 2009 and 2008    (3)(4)                                                                                                          |   | $                                                | 766,655 |   |                                             | $      | 3,742 |   |   | $ | 5,535 |   |   | $ | — |   |   | $ | 775,932 |   |   | $ | 760,477 |   |   | $ | 2,381 |   |   | $ | 4,567 |   |   | $ | — |   |   | $ | 767,425 |   |

----

|                                                                                                                                                                |   |   | 2009    |   |   |   | 2008    |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|
| Total      segment revenues                                                                                                                                         |   | $      | 139,746 |   |   | $      | 144,394 |   |
| Elimination      of intersegment revenues                                                                                                                           |   |   | (5,548  | )      |   |   | (4,951  | )      |
| Total      consolidated revenues                                                                                                                                    |   |   | 134,198 |   |   |   | 139,443 |   |
|                                                                                                                                                                |   |   |    |   |   |   |    |   |
| Segment      net income (loss) before income taxes, redeemable noncontrolling interests      and discontinued operations                                            |   |   | 1,186   |   |   |   | (60     | )      |
| Other      unallocated corporate expenses                                                                                                                           |   |   | (6,336  | )      |   |   | (6,761  | )      |
| Net      loss before income taxes,  redeemable noncontrolling interests      and discontinued operations                                                  |   | $      | (5,150  | )      |   | $      | (6,821  | )      |
|                                                                                                                                                                |   |   |    |   |   |   |    |   |
| (3)      Reconciliation of segment assets to the Trust’s total    assets:                                                                                     |   |   |    |   |   |   |    |   |
| Total      segment assets, end of period (includes goodwill of $2,149 related to      management services and $921 related to development consulting      services) |   | $      | 775,932 |   |   | $      | 767,425 |   |
| Unallocated      corporate amounts:                                                                                                                                 |   |   |    |   |   |   |    |   |
| Cash                                                                                                                                                                |   |   | 22,638  |   |   |   | 3,765   |   |
| Other      assets                                                                                                                                                   |   |   | 4,019   |   |   |   | 6,242   |   |
| Deferred      financing costs, net                                                                                                                                  |   |   | 2,024   |   |   |   | 215     |   |
| Total      assets, end of period                                                                                                                                    |   | $      | 804,613 |   |   | $      | 777,647 |   |

----

| (4) | The      increase in segment assets related to student housing leasing is primarily      related to the development of two wholly owned student apartment      communities in Carbondale, IL and Syracuse, NY (see Note 4) offset by      the impairment loss of $1,726 recorded in 2009 (see Note      6).  The increase in segment assets related to development      consulting services is primarily due to a $610 increase in operating cash      related to the timing of the receipt of project fees and a $946 net      increase in receivables for reimbursable project costs related to      development projects. The increase in segment assets related to management      services is primarily due to an increase in operating cash related to      distributions from AODC. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                |   | Year      Ended December 31, 2008 |    |   | Year      Ended December 31, 2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
|                                                                                                                                                                                |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Student                           |    |   | Development                       |   |   |   |   |   |   |   |   |   |   |   | Student |   |   | Development |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Housing                           |    |   | Consulting                        |   |   | Management |   |   |   |   |   |   |   |   | Housing |   |   | Consulting |   |   | Management |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   | Leasing                           |    |   | Services                          |   |   | Services |   |   | Eliminations |   |   | Total |   |   | Leasing |   |   | Services |   |   | Services |   |   | Eliminations |   |   | Total |   |
|                                                                                                                                                                                |   |                              |    |
| Segment      revenues:                                                                                                                                                              |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing revenue                                                                                                                                                |   |                              | 107,149 |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 107,149 |   |   | $ | 85,175 |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 85,175 |   |
| Student      housing food      service revenue                                                                                                                                      |   |                              | 2,378   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,378 |   |   |   | 2,359 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,359 |   |
| Other      leasing revenue                                                                                                                                                          |   |                              | 7,145   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 7,145 |   |   |   | 13,811 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 13,811 |   |
| Third-party      development consulting services                                                                                                                                    |   |                              | — |   |                              |   | 8,303 |   |   |   | — |   |   |   | — |   |   |   | 8,303 |   |   |   | — |   |   |   | 5,411 |   |   |   | — |   |   |   | — |   |   |   | 5,411 |   |
| Third-party      management services                                                                                                                                                |   |                              | — |   |                              |   | — |   |   |   | 3,672 |   |   |   | — |   |   |   | 3,672 |   |   |   | — |   |   |   | — |   |   |   | 3,391 |   |   |   | — |   |   |   | 3,391 |   |
| Intersegment      revenues                                                                                                                                                          |   |                              | — |   |                              |   | 661 |   |   |   | 4,290 |   |   |   | (4,951 | ) |   |   |   |   |   |   | — |   |   |   | — |   |   |   | 3,409 |   |   |   | (3,409 | ) |   |   | — |   |
| Operating      expense reimbursements                                                                                                                                               |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 9,330 |   |   |   | 9,330 |   |
| Total      segment revenues                                                                                                                                                         |   |                              | 116,672 |   |                              |   | 8,964 |   |   |   | 7,962 |   |   |   | 5,845 |   |   |   | 139,443 |   |   |   | 101,345 |   |   |   | 5,411 |   |   |   | 6,800 |   |   |   | 5,921 |   |   |   | 119,477 |   |
| Segment      operating expenses:                                                                                                                                                    |   |                              |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Student      housing leasing operations                                                                                                                                             |   |                              | 55,120  |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 55,120 |   |   |   | 40,798 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 40,798 |   |
| Student      housing food service operations                                                                                                                                        |   |                              | 2,257   |   |                              |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,257 |   |   |   | 2,236 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,236 |   |
| General      and administrative                                                                                                                                                     |   |                              | 3       |   |                              |   | 4,196 |   |   |   | 7,234 |   |   |   | (337 | ) |   |   | 11,096 |   |   |   | 105 |   |   |   | 2,787 |   |   |   | 6,628 |   |   |   | — |   |   |   | 9,520 |   |
| Intersegment      expenses                                                                                                                                                          |   |                              | 4,290   |   |                              |   | — |   |   |   | — |   |   |   | (4,290 | ) |   |   | — |   |   |   | 3,409 |   |   |   | — |   |   |   | — |   |   |   | (3,409 | ) |   |   | — |   |
| Reimbursable      operating expenses                                                                                                                                                |   |                              | — |   |                              |   | — |   |   |   | — |   |   |   | 10,796 |   |   |   | 10,796 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 9,330 |   |   |   | 9,330 |   |
| Total      segment operating expenses                                                                                                                                               |   |                              | 61,670  |   |                              |   | 4,196 |   |   |   | 7,234 |   |   |   | 6,169 |   |   |   | 79,269 |   |   |   | 46,548 |   |   |   | 2,787 |   |   |   | 6,628 |   |   |   | 5,921 |   |   |   | 61,884 |   |
| Net      operating income                                                                                                                                                           |   |                              | 55,002  |   |                              |   | 4,768 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 60,174 |   |   |   | 54,797 |   |   |   | 2,624 |   |   |   | 172 |   |   |   | — |   |   |   | 57,593 |   |
| Nonoperating      expenses(1)                                                                                                                                                       |   |                              | 60,114  |   |                              |   | (76 | ) |   |   | — |   |   |   | — |   |   |   | 60,038 |   |   |   | 58,007 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 58,007 |   |
| Income      (loss) before equity in earnings (losses) of unconsolidated entities,      income taxes, redeemable noncontrolling interests and discontinued      operations |   |                              | (5,112  | )      |                              |   | 4,844 |   |   |   | 728 |   |   |   | (324 | ) |   |   | 136 |   |   |   | (3,210 | ) |   |   | 2,624 |   |   |   | 172 |   |   |   | — |   |   |   | (414 | ) |
| Equity      in earnings (losses) of unconsolidated entities                                                                                                                         |   |                              | (192    | )      |                              |   | (4 | ) |   |   | — |   |   |   | — |   |   |   | (196 | ) |   |   | (510 | ) |   |   | 233 |   |   |   | — |   |   |   | — |   |   |   | (277 | ) |
| Income      (loss) before income taxes, redeemable noncontrolling interests and      discontinued operations (2)                                                               |   | $                                 | (5,304  | )      |                              | $      | 4,840 |   |   | $ | 728 |   |   | $ | (324 | ) |   | $ | (60 | ) |   | $ | (3,720 | ) |   | $ | 2,857 |   |   | $ | 172 |   |   | $ | — |   |   | $ | (691 | ) |
| Total      segment assets, as of December 31, 2008 and 2007 (3)                                                                                                                |   | $                                 | 760,477 |   |                              | $      | 2,381 |   |   | $ | 4,567 |   |   | $ | — |   |   | $ | 767,425 |   |   | $ | 751,086 |   |   | $ | 4,528 |   |   | $ | 6,505 |   |   | $ | — |   |   | $ | 762,119 |   |

|                                                                                                                                                                |   |   | 2008    |   |   |   | 2007    |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|
| Total      segment revenues                                                                                                                                         |   | $      | 144,394 |   |   | $      | 122,886 |   |
| Elimination      of intersegment revenues                                                                                                                           |   |   | (4,951  | )      |   |   | (3,409  | )      |
| Total      consolidated revenues                                                                                                                                    |   |   | 139,443 |   |   |   | 119,477 |   |
|                                                                                                                                                                |   |   |    |   |   |   |    |   |
| Segment      net loss before income taxes, redeemable noncontrolling interests and      discontinued operations                                                     |   |   | (60     | )      |   |   | (691    | )      |
| Other      unallocated corporate expenses                                                                                                                           |   |   | (6,761  | )      |   |   | (6,828  | )      |
| Net      loss before income taxes,  redeemable noncontrolling interests      and discontinued operations                                                  |   | $      | (6,821  | )      |   | $      | (7,519  | )      |
|                                                                                                                                                                |   |   |    |   |   |   |    |   |
| (3)      Reconciliation of segment assets to the Trust’s total    assets:                                                                                     |   |   |    |   |   |   |    |   |
| Total      segment assets, end of period (includes goodwill of $2,149 related to      management services and $921 related to development consulting      services) |   | $      | 767,425 |   |   | $      | 762,119 |   |
| Unallocated      corporate amounts:                                                                                                                                 |   |   |    |   |   |   |    |   |
| Cash                                                                                                                                                                |   |   | 3,765   |   |   |   | 298     |   |
| Other      assets                                                                                                                                                   |   |   | 6,242   |   |   |   | 4,377   |   |
| Deferred      financing costs, net                                                                                                                                  |   |   | 215     |   |   |   | 666     |   |
| Total      assets, end of period                                                                                                                                    |   | $      | 777,647 |   |   | $      | 767,460 |   |

----

| Year      Ending |   | Advertising |    | Leases |
|------------------|--------|-------------|---------|--------|
| 2010             |   | $           | 49      |   |   | $ | 3,873 |   |
| 2011             |   |        | 6       |   |   |   | 3,385 |   |
| 2012             |   |        | 2       |   |   |   | 2,537 |   |
| 2013             |   |        | — |   |   |   | 1,836 |   |
| 2014             |   |        | — |   |   |   | 704 |   |
| Thereafter       |   |        | — |   |   |   | 250 |   |

----

|                        |   | 2009   |   |   | 2008   |   |
|-----------------------------|--------|--------|--------|--------|--------|--------|
| Payroll                     |   | $      | 2,424  |   |   | $      | 2,473 |   |
| Real      estate taxes      |   |   | 3,715  |   |   |   | 3,548 |   |
| Interest                    |   |   | 1,618  |   |   |   | 1,158 |   |
| Utilities                   |   |   | 1,170  |   |   |   | 1,095 |   |
| Other                       |   |   | 2,496  |   |   |   | 2,028 |   |
| Total      accrued expenses |   | $      | 11,423 |   |   | $      | 10,302 |   |

----

----

| 2009                                                                 |   | 1st Quarter |   |   | 2nd Quarter |   |   | 3rd Quarter |   |   | 4th Quarter |   |   | Total  |    |
|----------------------------------------------------------------------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|--------|--------|---------|
| Revenues                                                             |   | $                | 33,869 |   |             | $      | 31,985 |             |   | $      | 32,502           |   |   | $      | 35,842  |   |   | $ | 134,198 |   |
| Operating      expenses (1)                                     |   |             | 26,518 |   |             |   | 25,916 |             |   |   | 33,045           |   |   |   | 28,127  |   |   |   | 113,606 |   |
| Nonoperating      expenses (2)                                  |   |             | 6,604  |   |             |   | 5,433  |             |   |   | 6,373            |   |   |   | 5,922   |   |   |   | 24,332 |   |
| Equity      in earnings (losses) of unconsolidated entities (3) |   |             | 100    |   |             |   | 46     |             |   |   | (152             | )      |   |   | (1,404  | ) |   |   | (1,410 | ) |
| Income      taxes expense                                            |   |             | (188   | )      |             |   | (502   | )                |   |   | (513             | )      |   |   | (717    | ) |   |   | (1,920 | ) |
| Noncontrolling      interests                                        |   |             | (210   | )      |             |   | 53     |             |   |   | 200              |   |   |   | (207    | ) |   |   | (164 | ) |
| Discontinued      operations (6)                                     |   |             | (16    | )      |             |   | (2     | )                |   |   | (3               | )      |   |   | — |   |   |   | (21 | ) |
| Net      income (loss) attributable to Education Realty Trust, Inc.  |   | $                | 433    |   |             | $      | 231    |             |   | $      | (7,384           | )      |   | $      | (535    | ) |   | $ | (7,255 | ) |
| Net      income (loss) per share-basic and diluted              |   | $                | 0.02   |   |             | $      | 0.01   |             |   | $      | (0.15            | )      |   | $      | (0.01   | ) |   | $ | (0.18 | ) |

| 2008                                                                |   | 1st Quarter |   |   | 2nd Quarter |   |   | 3rd Quarter |   |   | 4th Quarter |   |   | Total  |   |
|---------------------------------------------------------------------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|--------|--------|--------|
| Revenues                                                            |   | $                | 34,212 |   |             | $      | 36,828 |             |   | $      | 32,333           |   |   | $      | 36,070 |   |   | $ | 139,443 |   |
| Operating      expenses(4)                                          |   |             | 26,753 |   |             |   | 27,165 |             |   |   | 32,418           |   |   |   | 29,524 |   |   |   | 115,860 |   |
| Nonoperating      expenses(5)                                       |   |             | 6,289  |   |             |   | 6,221  |             |   |   | 6,519            |   |   |   | 11,179 |   |   |   | 30,208 |   |
| Equity      in earnings (losses) of unconsolidated entities         |   |             | (1     | )      |             |   | (26    | )                |   |   | (196             | )      |   |   | 27     |   |   |   | (196 | ) |
| Income      taxes (expense)/benefit                                 |   |             | (191   | )      |             |   | 18     |             |   |   | (709             | )      |   |   | (241   | ) |   |   | (1,123 | ) |
| Noncontrolling      interests                                       |   |             | (97    | )      |             |   | (74    | )                |   |   | 329              |   |   |   | (30    | ) |   |   | 128 |   |
| Discontinued      operations (6)                                    |   |             | 8      |   |             |   | (42    | )                |   |   | (79              | )      |   |   | (18    | ) |   |   | (131 | ) |
| Net      income (loss) attributable to Education Realty Trust, Inc. |   | $                | 889    |   |             | $      | 3,318  |             |   | $      | (7,259           | )      |   | $      | (4,895 | ) |   | $ | (7,947 | ) |
| Net      income (loss) per share-basic and diluted             |   | $                | 0.03   |   |             | $      | 0.12   |             |   | $      | (0.26            | )      |   | $      | (0.17  | ) |   | $ | (0.28 | ) |

----

----

Item 9. Changes in and Disagreements With Accountants onAccounting and Financial Disclosure.

Item 9A. Controls and Procedures.

Item 9B. Other Information.

----

----

----

PART III

Item 10. Directors, Executive Officers and CorporateGovernance.

Item 11. Executive Compensation.

----

Item 12. Security Ownership of Certain Beneficial Owners andManagement and Related Stockholder Matters.

|                                                                                 |   |                                                              |   |                                                        |   | Number of Securities                                               |   |
|--------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|
|                                                                            |   |                                                              |   |                                                        |   | Remaining Available for                                            |   |
|                                                                                 |   | Number of Securities to                            |   | Weighted Average                                       |   | Future Issuance under                                              |   |
|                                                                                 |   | be Issued upon Exercise                            |   | Exercise Price of                                 |   | Equity Compensation                                                     |   |
|  Plan Category                                                             |   | of Outstanding Options,Warrants and Rights(1) |   | Outstanding OptionsWarrants and Rights(1)(2) |   | Plans (excluding securitiesreflected in column (a)) |   |
|                                                                                 |   | (a)                                                               |   | (b)                                                         |   | (c)                                                                          |   |
| Equity compensation plans approved by security      holders |   |                                                              | N/A    |                                                        |   |                                                                         | N/A    |   |   |   | 629,000( | 3) |
| Equity      compensation plans not approved by security holders                      |   |                                                              | N/A    |                                                        |   |                                                                         | N/A    |   |   |   | N/A( | 2)  |
| Total                                                                                |   |                                                              | N/A    |                                                        |   |                                                                         | N/A    |   |   |   | 629,000 |   |

| (1) | Does not include      27,000 shares of restricted stock that are subject to vesting requirements      and 275,000 PIUs which were issued through EDR’s 2004 Incentive      Plan.  As      of February 21, 2010, each of the remaining 27,000 shares of restricted      common stock had fully vested and were no longer subject to restriction.      For a more detailed discussion of PIUs, see Note 9, “Incentive Plans,” to      our accompanying consolidated financial      statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)    | Does      not include 50,000 shares of restricted common stock which were granted to      Randall Churchey on January 12, 2010 pursuant to an inducement      award.  For a more detailed discussion of the inducement award,      see “Item 5 – Market For Registrant’s Common Equity, Related Stockholder      Matters and Issuer Purchases of Equity Securities – Recent Sales of      Unregistered Securities”above. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)    | The      2004 Incentive Plan initially reserved 800,000 shares of our common stock      for issuance under the plan.  The amount of      shares  may be increased annually on January 1st of each year so      that the total number of shares reserved under the 2004 Incentive Plan is      equal to 4% of the aggregate number of shares outstanding on the last day      of the preceding fiscal year; provided that such annual increase generally      may not exceed 80,000 shares. |

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Item 13. Certain Relationships and Related Transactions, andDirector Independence.

Item 14. Principal Accountant Fees andServices.

PART IV

Item 15. Exhibits and Financial StatementSchedules.

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SIGNATURES

|   |   | Education      Realty Trust, Inc.  |
|--------|--------|-----------------------------------------|
|   |   | By:                                     |   | /s/ Randy Churchey |
|   |   |                                    |   | Randy      Churchey |
|   |   |                                    |   | President,      Chief Executive Officer andDirector |

| Signature                                                                                                          |   | Date                |
|--------------------------------------------------------------------------------------------------------------------|--------|---------------------|
|                                                                                                               |   |                |
| /s/ Randy Churchey                                                                                                 |   | March      15, 2010 |
| Randy      Churchey                                                                                                |   |                |
| President,      Chief Executive Officer and Director (Principal Executive      Officer)                            |   |                |
|                                                                                                               |   |                |
| /s/ Randall H. Brown                                                                                               |   | March      15, 2010 |
| Randall      H. Brown                                                                                              |   |                |
| Executive      Vice President, Chief Financial Officer, Treasurer and Secretary      (Principal Financial Officer) |   |                |
|                                                                                                               |   |                |
| /s/ J. Drew Koester                                                                                                |   | March      15, 2010 |
| J.      Drew Koester                                                                                               |   |                |
| Vice      President , Assistant Secretary and Chief Accounting Officer (Principal      Accounting Officer)         |   |                |
|                                                                                                               |   |                |
| /s/Paul O. Bower                                                                                                   |   | March      15, 2010 |
| Paul      O. BowerChairman      of the Board of Directors                                                          |   |                |
|                                                                                                               |   |                |
| /s/ Monte J. Barrow                                                                                                |   | March      15, 2010 |
| Monte      J. Barrow                                                                                               |   |                |
| Director                                                                                                           |   |                |
|                                                                                                               |   |                |

----

| /s/      William J. Cahill, III |   | March      15, 2010 |
|---------------------------------|--------|---------------------|
| William      J. Cahill, III     |   |                |
| Director                        |   |                |
|                            |   |                |
| /s/      John L. Ford           |   | March      15, 2010 |
| John      L. Ford               |   |                |
| Director                        |   |                |
|                            |   |                |
| /s/      Howard A. Silver       |   | March      15, 2010 |
| Howard      A. SilverDirector   |   |                |
|                            |   |                |
| /s/      Wendell W. Weakley     |   | March      15, 2010 |
| Wendell      W. Weakley         |   |                |
| Director                        |   |                |

----

| Exhibit |   |                                                                                                                                                                                                                                                                                                                              |
|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  |   | Description                                                                                                                                                                                                                                                                                                                       |
| 3.1     |   | Second      Articles of Amendment and Restatement of Education Realty Trust, Inc.      (Incorporated by reference to Exhibit 3.1 to the Trust’s Amendment      No. 2 to its Registration Statement on Form S-11 (File      No. 333-119264), filed on December 10, 2004.)                                |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 3.2     |   | Amended      and Restated Bylaws of Education Realty Trust, Inc. (Incorporated by      reference to Exhibit 3.2 to the Trust’s Current Report on      Form 8-K, filed on February 20, 2009.)                                                                                                                      |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 4.1     |   | Form      of Certificate for Common Stock of Education Realty Trust, Inc., filed      herewith.                                                                                                                                                                                                                                   |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.1    |   | Amended      and Restated Agreement of Limited Partnership of Education Realty      Operating Partnership, LP. (Incorporated by reference to Exhibit 10.1 to      the Trust’s Annual Report on Form 10-K, filed on March 16,      2009.)                                                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.2    |   | First      Amendment to the Amended and Restated Agreement of Limited Partnership of      Education Realty Operating Partnership, LP. (Incorporated by reference to      Exhibit 10.2 to the Trust’s Quarterly Report on Form 10-Q, filed on August      1, 2008.)                                                          |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.3    |   | Amended      and Restated Agreement of Limited Partnership of University Towers      Operating Partnership, LP. (Incorporated by reference to Exhibit 10.2      to the Trust’s Registration Statement on Form S-11 (File No.      333-119264), filed on September 24, 2004.)                                      |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.4(1) |   | Education      Realty Trust, Inc. 2004 Incentive Plan. (Incorporated by reference to      Exhibit 10.3 to the Trust’s Amendment No. 4 to its Registration      Statement on Form S-11 (File No. 333-119264), filed on      January 11, 2005.)                                                           |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.5    |   | Form      of Indemnification Agreement between Education Realty Trust, Inc. and its      directors and officers. (Incorporated by reference to Exhibit 10.4 to      the Trust’s Amendment No. 1 to its Registration Statement on Form      S-11 (File No. 333-119264), filed on November 4,      2004.) |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.6(1) |   | Executive      Employment Agreement between Education Realty Trust, Inc. and Randall L.      Churchey, effective as of January 1, 2010. (Incorporated by reference to      Exhibit 10.1 to the Trust’s Current Report on Form 8-K, filed on January      12, 2010.)                                                         |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.7(1) |   | Amended      and Restated Executive Employment Agreement between Education Realty      Trust, Inc. and Paul O. Bower, dated as of October 29, 2008. (Incorporated      by reference to Exhibit 10.1 to the Trust’s Quarterly Report on      Form 10-Q, filed on November 4, 2008.)                                |
|    |   |                                                                                                                                                                                                                                                                                                                              |
| 10.8(1) |   | Amended      and Restated Executive Employment Agreement between Education Realty      Trust, Inc. and Randall H. Brown, dated as of October 29, 2008.      (Incorporated by reference to Exhibit 10.2 to the Trust’s Quarterly      Report on Form 10-Q, filed on November 4,  2008.)                       |

----

| 10.9(1)        |   | Amended      and Restated Executive Employment Agreement between Education Realty      Trust, Inc. and William W. Harris, dated as of October 29, 2008.      (Incorporated by reference to Exhibit 10.6 to the Trust’s Quarter      Report on Form 10-Q, filed on November 4,  2008.)                                                                                                                                                                                                |
|----------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.10      (1) |   | Amended      and Restated Executive Employment Agreement between Education Realty      Trust, Inc. and Thomas Trubiana, dated as of October 29, 2008.      (Incorporated by reference to Exhibit 10.9 to the Trust’s Annual Report on      Form 10-K, filed on March 16, 2009.)                                                                                                                                                                                                                          |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.11      (1) |   | Executive      Employment Agreement between Education Realty Trust, Inc. and J. Drew      Koester, dated as of October 29, 2008. (Incorporated by reference to      Exhibit 10.7 to the Trust’s Quarterly Report on Form 10-Q, filed on      November 4, 2008.)                                                                                                                                                                                                                                          |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.12(1)       |   | Amended      and Restated Executive Employment Agreement between Education Realty      Trust, Inc. and Thomas J. Hickey, dated as of October 29, 2008.      (Incorporated by reference to Exhibit 10.5 to the Trust’s Quarterly      Report on Form 10-Q, filed on November 4,  2008.)                                                                                                                                                                                               |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.13(1)       |   | Amended      and Restated Employment Agreement between Education Realty Trust, Inc. and      Craig L. Cardwell, dated as of October 29, 2008. (Incorporated by      reference to Exhibit 10.3 to the Trust’s Quarterly Report on      Form 10-Q, filed on November 4, 2008.)                                                                                                                                                                                                                   |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.14      (1) |   | Restricted      Stock Award Agreement between Education Realty Trust, Inc. and Randall L.      Churchey, dated as of January 12, 2010 (Incorporated by reference to      Exhibit 10.2 to the Trust’s Current Report on Form 8-K, filed on January      12, 2010.)                                                                                                                                                                                                                                        |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.15      (1) |   | Separation      and Release Agreement by and between Craig L. Cardwell and Education      Realty Trust, Inc., dated as of February 1, 2010 (Incorporated by      reference to Exhibit 10.1 to the Trust’s Current Report on Form 8-K, filed      on February 2, 2010.)                                                                                                                                                                                                                                   |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.16      (1) |   | Amendment,      Waiver and Retirement Agreement by and between Education Realty Trust,      Inc. and Thomas J. Hickey, dated as of March 15, 2010, filed      herewith.                                                                                                                                                                                                                                                                                                                                        |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.17          |   | Contribution      Agreement dated as of September 24, 2004, by and among University      Towers Operating Partnership, LP, Allen & O’Hara, Inc., Paul O. Bower,      Clyde C. Porter, Robert D. Bird, Thomas J. Hickey, Barbara S. Hays and      Hays Enterprises III, Ltd. (Incorporated by reference to Exhibit 10.8      to the Trust’s Amendment No. 2 to its Registration Statement on Form      S-11 (File No. 333-119264), filed on December 10,      2004.)   |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.18          |   | Contribution      Agreement dated as of September 20, 2004, by and between Melton E.      Valentine, Jr. and University Towers Operating Partnership, LP.      (Incorporated by reference to Exhibit 10.9 to the Trust’s Amendment      No. 2 to its Registration Statement on Form S-11 (File No.      333-119264), filed on December 10, 2004.)                                                                                                                                    |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.19          |   | Contribution      Agreement dated September 20, 2004, by and among Allen & O’Hara      Educational Properties, LLC, Allen & O’Hara, Inc., Thomas J. Hickey,      Craig L. Cardwell, Randall H. Brown, William W. Harris, Wallace L. Wilcox      and Education Realty Operating Partnership, LP. (Incorporated by reference      to Exhibit 10.10 to the Trust’s Registration Statement on Form S-11      (File No. 333-119264), filed on September 24,    2004.) |

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| 10.20       |   | Agreement      and Plan of Merger dated September 20, 2004 by and among C Station,      L.L.C., Allen & O’Hara, Inc., Paul O. Bower, Craig L. Cardwell,      Student Management Associates, LLC, Thomas J. Hickey, Randall H. Brown,      William W. Harris, Wallace L. Wilcox, EDR C Station, LLC and Education      Realty Operating Partnership, LP. (Incorporated by reference to      Exhibit 10.11 to the Trust’s Amendment No. 2 to its Registration      Statement on Form S-11 (File No. 333-119264), filed on      December 10, 2004.)                                                       |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.21       |   | Agreement      and Plan of Merger dated September 20, 2004, by and among Allen &      O’Hara Education Services, LLC, Allen & O’Hara, Inc., Student      Management Associates, LLC, Thomas J. Hickey, Craig L. Cardwell, Randall      H. Brown, William W. Harris, Wallace L. Wilcox, Allen & O’Hara      Education Services, Inc., and Education Realty Operating Partnership, LP.      (Incorporated by reference to Exhibit 10.12 to the Trust’s Amendment      No. 2 to its Registration Statement on Form S-11 (File      No. 333-119264), filed on December 10, 2004.) |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.22       |   | Contract      of Sale/Contribution made effective as of September 17, 2004, among      JPI-CG Mezz LLC, JPI-MC Mezz LLC, JPI Genpar Realty LLC, JPI Investment      Company, L.P. and Education Realty Operating Partnership, LP.      (Incorporated by reference to Exhibit 10.13 to the Trust’s Amendment      No. 2 to its Registration Statement on Form S-11 (File      No. 333-119264), filed on December 10, 2004.)                                                                                                                                                                                  |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.      23 |   | Contract      of Sale made effective as of September 17, 2004, between Jefferson      Commons — Lawrence, L.P., Jefferson Commons — Wabash, L.P. and Education      Realty Operating Partnership, LP. (Incorporated by reference to      Exhibit 10.14 to the Trust’s Amendment No. 2 to its Registration      Statement on Form S-11 (File No. 333-119264), filed on      December 10, 2004.)                                                                                                                                                                                                  |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.24       |   | Contract      of Sale/Contribution made effective as of September 17, 2004, between      Jefferson Commons — Tucson Phase II Limited Partnership, Jefferson Commons      — Columbia, L.P. and Education Realty Operating Partnership, LP.      (Incorporated by reference to Exhibit 10.15 to the Trust’s Amendment      No. 2 to its Registration Statement on Form S-11 (File      No. 333-119264), filed on December 10, 2004.)                                                                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.25       |   | Contribution      Agreement dated September 23, 2004 by and among Allen & O’Hara      Educational Properties, LLC, FSPP Education I, L.L.C., FSPP Education II,      L.L.C., Allen & O’Hara, Inc., Thomas J. Hickey, Craig L. Cardwell,      Randall H. Brown, William W. Harris, Wallace L. Wilcox and Education      Realty Operating Partnership, LP. (Incorporated by reference to      Exhibit 10.16 to the Trust’s Amendment No. 2 to its Registration      Statement on Form S-11 (File No. 333-119264), filed on      December 10, 2004.)                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.26       |   | Purchase      and Sale Agreement dated August 27, 2004 by and between The Gables,      LLC and Education Realty Operating Partnership, LP. (Incorporated by      reference to Exhibit 10.20 to the Trust’s Registration Statement on      Form S-11 (File No. 333-119264), filed on September 24,      2004.)                                                                                                                                                                                                                                                                                                         |

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| 10.27  |   | Second      Amendment to Contribution Agreement, dated January 6, 2006, by and      between Place Properties, L.P., Place Mezz Borrower, LLC and Education      Realty Operating Partnership, LP. (Incorporated by reference to      Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on      January 12, 2006.)                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.28  |   | Required      Repair Escrow Agreement, dated as of January 1, 2006, by and between      Place Properties, L.P., Place Mezz Borrower, LLC, Education Realty      Operating Partnership, LP and Chicago Title Insurance Company.      (Incorporated by reference to Exhibit 10.2 to the Trust’s Current      Report on Form 8-K filed on January 12,2006.)                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.29  |   | Lease      Agreement, dated as of January 1, 2006, by and between Education Realty      Operating Partnership, LP and Place Portfolio Lessee, LLC. (Incorporated      by reference to Exhibit 10.3 to the Trust’s Current Report on Form 8-K      filed on January 12, 2006.)                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.30  |   | Consent,      Ratification, Assumption and Release Agreement made effective as of      January 6, 2006, by and among Cape Place (DE), LLC, Martin Place      (DE), LLC, Clayton Place (DE), LLC, Macon Place (DE), LLC, River Place      (DE), LLC, Jacksonville Place (DE), LLC, Clemson Place (DE), LLC, Troy      Place (DE), LLC, Murray Place (DE), LLC, EDR Lease Holdings, LLC, Cecil M.      Philips, Place Properties, L.P., Education Realty Operating Partnership,      LP, and LaSalle Bank, National Association, as Trustee. (Incorporated by      reference to Exhibit 10.1 to the Trust’s Current Report on      Form 8-K/A filed on January 25, 2006.) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.31  |   | Loan      and Security Agreement dated as of December 3, 2004, between Cape      Place (DE), LLC; Clayton Place (DE), LLC; Clemson Place (DE), LLC;      Jacksonville Place (DE), LLC; Macon Place (DE), LLC; Martin Place (DE),      LLC; Murray Place (DE), LLC; River Place (DE), LLC; and Troy Place (DE),      LLC and Greenwich Capital Financial Products, Inc. (Incorporated by      reference to Exhibit 10.2 to the Trust’s Current Report on      Form 8-K/A filed on January 25, 2006.)                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.32  |   | Promissory      Note, dated December 3, 2004, between Cape Place (DE), LLC, Clayton      Place (DE), LLC, Clemson Place (DE), LLC, Jacksonville Place (DE), LLC,      Macon Place (DE), LLC, Martin Place (DE), LLC, Murray Place (DE), LLC,      River Place (DE), LLC, Troy Place (DE), LLC and Greenwich Capital      Financial Products, Inc. (Incorporated by reference to Exhibit 10.3      to the Trust’s Current Report on Form 8-K/A filed on January 25,      2006.)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.33  |   | Exceptions      to Non-Recourse Guaranty dated as of January 6, 2006, by Education      Realty Operating Partnership, LP for the benefit of LaSalle Bank, National      Association. (Incorporated by reference to Exhibit 10.4 to the      Trust’s Current Report on Form 8-K/A filed on January 25,      2006.)                                                                                                                                                                                                                                                                                                                                                       |

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| 10.34       |   | Environmental      Indemnity Agreement, dated January 6, 2006, by Cape Place (DE), LLC,      Clayton Place (DE), LLC, Clemson Place (DE), LLC, Jacksonville Place (DE),      LLC, Macon Place (DE), LLC, Martin Place (DE), LLC, Murray Place (DE),      LLC, River Place (DE), LLC, Troy Place (DE), LLC, and EDR Lease Holdings,      LLC and EDR Clemson Place Limited Partnership and Education Realty      Operating Partnership, LP in favor of LaSalle Bank, National Association.      (Incorporated by reference to Exhibit 10.5 to the Trust’s Current      Report on Form 8-K/A filed on January 25,  2006.) |
|-------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.35       |   | Credit      Agreement dated as of March 30, 2006 among Education Realty Operating      Partnership, L.P., as borrower, the lenders party thereto and KeyBank,      National Association as administrative agent. (Incorporated by reference      to Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed      on April 6, 2006.)                                                                                                                                                                                                                                                                                     |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.36       |   | Amended      and Restated Credit Agreement dated as of March 30, 2006 among      Education Realty Operating Partnership, L.P., and certain of its      subsidiaries as borrowers, the lenders party thereto and KeyBank, National      Association as administrative agent. (Incorporated by reference to      Exhibit 10.2 to the Trust’s Current Report on Form 8-K filed on      April 6, 2006.)                                                                                                                                                                                                                          |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.37       |   | Second      Amended and Restated Credit Agreement dated as of November 20, 2009 among      Education Realty Operating Partnership, L.P., and certain of its      subsidiaries as borrowers, the lenders party thereto and KeyBank, National      Association as administrative agent. (Incorporated by reference to Exhibit      10.1 to the Trust’s Current Report on Form 8-K filed on November 24,      2009.)                                                                                                                                                                                                                           |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.38(1)    |   | Incentive      Compensation Plan for Executive Officers filedherewith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.39(1)    |   | Form      of Restricted Stock Award Agreement. (Incorporated by reference to      Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on      August 17, 2006.)                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.40(1)    |   | Education      Realty Trust, Inc. 2010 Long-Term Incentive Plan, filed      herewith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.41(1)    |   | Form      of Restricted Stock Award Agreement (Time-Vested Restricted Stock) for the      Education Realty Trust, Inc. 2010 Long-Term Incentive Plan, filed      herewith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.42(1)    |   | Form      of Restricted Stock Unit Award Agreement (Performance Shares) for the      Education Realty Trust, Inc. 2010 Long-Term Incentive Plan, filed      herewith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|  10.43 |   | Master      Credit Facility Agreement, dated as of December 31, 2008, by and among      Education Realty Trust, Inc., Education Realty Operating Partnership, LP      and certain subsidiaries, and Red Mortgage Capital Inc. (Incorporated by      reference to Exhibit 10.35 to the Trust’s Annual Report on Form 10-K,      filed on March 16, 2009.)                                                                                                                                                                                                                                                                                    |

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| 10.44          |   | Amended      and Restated Master Credit Facility, dated as of December 2, 2009, by and      among Education Realty Trust, Inc., Education Realty Operating      Partnership, LP and certain subsidiaries, Red Mortgage Capital Inc. and      Fannie Mae. (Incorporated by reference to Exhibit 10.1 to the Trust’s      Current Report on Form 8-K, filed on December 8, 2009.) |
|----------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.45          |   | Amendment      No. 1 to Amended and Restated Master Credit Facility Agreement, dated as      of February 25, 2010, Education Realty Trust, Inc., Education Realty      Operating Partnership, LP and certain subsidiaries, Red Mortgage Capital      Inc. and Fannie Mae, filed herewith.                                                                                             |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.46      (1) |   | Schedule      of 2009 Annual Incentive Compensation Payouts and 2010 Base Salaries for      Named Executive Officers, filed herewith.                                                                                                                                                                                                                                                 |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.47      (1) |   | Amendment      No. 1 to the Education Realty Trust, Inc. 2004 Incentive Plan, filed      herewith.                                                                                                                                                                                                                                                                                    |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 11             |   | Statement      Regarding Computation of Per Share Earnings (included within Annual Report      on Form 10-K).                                                                                                                                                                                                                                                                         |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 12             |   | Statement      Regarding Computation of Ratios, filed herewith.                                                                                                                                                                                                                                                                                                                       |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 14             |   | Code      of Business Conduct and Ethics (Incorporated by reference to Exhibit 14 to      the Trust’s Annual Report on Form 10-K, filed on March 16,      2009.)                                                                                                                                                                                                                |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 21.1           |   | List      of Subsidiaries of the Registrant.                                                                                                                                                                                                                                                                                                                                          |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 23.1           |   | Consent      of Independent Registered Public Accounting Firm, Deloitte & Touche      LLP.                                                                                                                                                                                                                                                                                        |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 31.1           |   | Certificate      of Chief Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                      |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 31.2           |   | Certificate      of Chief Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                      |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.1           |   | Certificate      of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                                                                                                           |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.2           |   | Certificate      of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                                                                                                           |
|           |   |                                                                                                                                                                                                                                                                                                                                                                                  |
|           |   | (1)      Denotes a management contract or compensatory plan, contract or      arrangement.                                                                                                                                                                                                                                                                                            |

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