Exhibit
12


EDUCATION
REALTY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES


(dollars
in thousands)





For
      the year ended December 31,
                                          
                                          
                                          
                                          
                                          
                                          3
      months
                                            ended2004(1)
                                          
                                          
                                          2005
                                          
                                          
                                          2006
                                          
                                          
                                          2007
                                          
                                          
                                          2008
                                          
                                          
                                          2009
                                          
                                          
                                          March
      31,
                                            2010Earnings:Income
      before taxes, noncontrolling interests and equity in earnings of equity
      investees
                                          
                                          $
                                          (205
                                          )
                                          
                                          $
                                          (17,371
                                          )
                                          
                                          $
                                          (13,567
                                          )
                                          
                                          $
                                          (7,242
                                          )
                                          
                                          $
                                          (6,625
                                          )
                                          
                                          $
                                          (3,740
                                          )
                                          
                                          $
                                          228Interest
      expense, net of amortization of premium/discount
                                          
                                          
                                          5,455
                                          
                                          
                                          
                                          16,186
                                          
                                          
                                          
                                          29,353
                                          
                                          
                                          
                                          26,957
                                          
                                          
                                          
                                          25,229
                                          
                                          
                                          
                                          24,585
                                          
                                          
                                          
                                          5,611Amortization
      of deferred financing fees
                                          
                                          
                                          163
                                          
                                          
                                          
                                          820
                                          
                                          
                                          
                                          1,114
                                          
                                          
                                          
                                          1,036
                                          
                                          
                                          
                                          992
                                          
                                          
                                          
                                          1,047
                                          
                                          
                                          
                                          334Distributed
      income of equity investees
                                          
                                          
                                          808
                                          
                                          
                                          
                                          879
                                          
                                          
                                          
                                          787
                                          
                                          
                                          
                                          364
                                          
                                          
                                          
                                          277
                                          
                                          
                                          
                                          393
                                          
                                          
                                          
                                          122Total
      earnings
                                          
                                          $
                                          6,221
                                          
                                          
                                          $
                                          514
                                          
                                          
                                          $
                                          17,687
                                          
                                          
                                          $
                                          21,115
                                          
                                          
                                          $
                                          19,873
                                          
                                          
                                          $
                                          22,285
                                          
                                          
                                          $
                                          6,295Fixed
      Charges:Interest
      expense, net of amortization of premium/discount
                                          
                                          $
                                          5,455
                                          
                                          
                                          $
                                          16,186
                                          
                                          
                                          $
                                          29,353
                                          
                                          
                                          $
                                          26,957
                                          
                                          
                                          $
                                          25,229
                                          
                                          
                                          $
                                          24,585
                                          
                                          
                                          $
                                          5,611Capitalized
      interest
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          58
                                          
                                          
                                          
                                          453
                                          
                                          
                                          
                                          554
                                          
                                          
                                          
                                          -Amortization
      of deferred fees
                                          
                                          
                                          163
                                          
                                          
                                          
                                          820
                                          
                                          
                                          
                                          1,114
                                          
                                          
                                          
                                          1,036
                                          
                                          
                                          
                                          992
                                          
                                          
                                          
                                          1,047
                                          
                                          
                                          
                                          334Total
      fixed charges
                                          
                                          $
                                          5,618
                                          
                                          
                                          $
                                          17,006
                                          
                                          
                                          $
                                          30,467
                                          
                                          
                                          $
                                          28,051
                                          
                                          
                                          $
                                          26,674
                                          
                                          
                                          $
                                          26,186
                                          
                                          
                                          $
                                          5,945Consolidated
      ratio of earnings to fixed charges (2)
                                          
                                          
                                          1.11
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          1.06





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.