Exhibit
12


EDUCATION
REALTY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES


(dollars
in thousands)





For
      the year ended December 31,
                  
                  
                  
                  
                  
                  6
      months
                    ended2004(1)
                  
                  
                  2005
                  
                  
                  2006
                  
                  
                  2007
                  
                  
                  2008
                  
                  
                  2009
                  
                  
                  June 30, 2010Earnings:Income
      before taxes, noncontrolling interests and equity in earnings of equity
      investees
                  
                  $
                  (205
                  )
                  
                  $
                  (17,371
                  )
                  
                  $
                  (13,567
                  )
                  
                  $
                  (7,242
                  )
                  
                  $
                  (6,625
                  )
                  
                  $
                  (3,740
                  )
                  
                  $
                  (483
                  )Interest
      expense, net of amortization of premium/discount
                  
                  
                  5,455
                  
                  
                  
                  16,186
                  
                  
                  
                  29,353
                  
                  
                  
                  26,957
                  
                  
                  
                  25,229
                  
                  
                  
                  24,585
                  
                  
                  
                  11,129Amortization
      of deferred financing fees
                  
                  
                  163
                  
                  
                  
                  820
                  
                  
                  
                  1,114
                  
                  
                  
                  1,036
                  
                  
                  
                  992
                  
                  
                  
                  1,047
                  
                  
                  
                  668Distributed
      income of equity investees
                  
                  
                  808
                  
                  
                  
                  879
                  
                  
                  
                  787
                  
                  
                  
                  364
                  
                  
                  
                  277
                  
                  
                  
                  393
                  
                  
                  
                  227Total
      earnings
                  
                  $
                  6,221
                  
                  
                  $
                  514
                  
                  
                  $
                  17,687
                  
                  
                  $
                  21,115
                  
                  
                  $
                  19,873
                  
                  
                  $
                  22,285
                  
                  
                  $
                  11,541Fixed
      Charges:Interest
      expense, net of amortization of premium/discount
                  
                  $
                  5,455
                  
                  
                  $
                  16,186
                  
                  
                  $
                  29,353
                  
                  
                  $
                  26,957
                  
                  
                  $
                  25,229
                  
                  
                  $
                  24,585
                  
                  
                  $
                  11,129Capitalized
      interest
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  58
                  
                  
                  
                  453
                  
                  
                  
                  554
                  
                  
                  
                  -Amortization
      of deferred fees
                  
                  
                  163
                  
                  
                  
                  820
                  
                  
                  
                  1,114
                  
                  
                  
                  1,036
                  
                  
                  
                  992
                  
                  
                  
                  1,047
                  
                  
                  
                  668Total
      fixed charges
                  
                  $
                  5,618
                  
                  
                  $
                  17,006
                  
                  
                  $
                  30,467
                  
                  
                  $
                  28,051
                  
                  
                  $
                  26,674
                  
                  
                  $
                  26,186
                  
                  
                  $
                  11,797Consolidated
      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.
For the six months ended June 30, 2010 fixed charges were flat to
earnings.