Exhibit
12


EDUCATION
REALTY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES


(dollars
in thousands)





For
      the year ended December 31,2004(1)
                
                
                2005
                
                
                2006
                
                
                2007
                
                
                2008
                
                
                2009Earnings:Income
      before taxes, noncontrolling interests and equity in earnings of equity
      investees
                
                $
                (205
                )
                
                $
                (17,371
                )
                
                $
                (13,567
                )
                
                $
                (7,242
                )
                
                $
                (6,625
                )
                
                $
                (3,740
                )Interest
      expense, net of amortization of premium/discount
                
                
                5,455
                
                
                
                16,186
                
                
                
                29,353
                
                
                
                26,957
                
                
                
                25,229
                
                
                
                24,585Amortization
      of deferred financing fees
                
                
                163
                
                
                
                820
                
                
                
                1,114
                
                
                
                1,036
                
                
                
                992
                
                
                
                1,047Distributed
      income of equity investees
                
                
                808
                
                
                
                879
                
                
                
                787
                
                
                
                364
                
                
                
                277
                
                
                
                393Total
      earnings
                
                $
                6,221
                
                
                $
                514
                
                
                $
                17,687
                
                
                $
                21,115
                
                
                $
                19,873
                
                
                $
                22,285Fixed
      Charges:Interest
      expense, net of amortization of premium/discount
                
                $
                5,455
                
                
                $
                16,186
                
                
                $
                29,353
                
                
                $
                26,957
                
                
                $
                25,229
                
                
                $
                24,585Capitalized
      interest
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                58
                
                
                
                453
                
                
                
                554Amortization
      of deferred fees
                
                
                163
                
                
                
                820
                
                
                
                1,114
                
                
                
                1,036
                
                
                
                992
                
                
                
                1,047Total
      fixed charges
                
                $
                5,618
                
                
                $
                17,006
                
                
                $
                30,467
                
                
                $
                28,051
                
                
                $
                26,674
                
                
                $
                26,186Consolidated
      ratio of earnings to fixed charges (2)
                
                
                1.11
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -





1)
Information presented for periods prior to January 31, 2005, the date of our
initial public offering, relate to our predecessor.





2) For
the years ended December 31, 2005, 2006, 2007, 2008 and 2009 fixed charges
exceeded earnings by $16,492, $12,780, $6,936, $6,801 and $3,901,
respectively.