Exhibit
12


EDUCATION
REALTY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES


(dollars
in thousands)





For the year ended December 31,
                                              
                                              
                                              
                                              
                                              
                                              9 months
                                                ended2004(1)
                                              
                                              
                                              2005
                                              
                                              
                                              2006
                                              
                                              
                                              2007
                                              
                                              
                                              2008
                                              
                                              
                                              2009
                                              
                                              
                                              September 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
                                              )
                                              
                                              $
                                              (40,159
                                              )Interest
      expense, net of amortization of premium/discount
                                              
                                              
                                              5,455
                                              
                                              
                                              
                                              16,186
                                              
                                              
                                              
                                              29,353
                                              
                                              
                                              
                                              26,957
                                              
                                              
                                              
                                              25,229
                                              
                                              
                                              
                                              24,585
                                              
                                              
                                              
                                              16,653Amortization
      of deferred financing fees
                                              
                                              
                                              163
                                              
                                              
                                              
                                              820
                                              
                                              
                                              
                                              1,114
                                              
                                              
                                              
                                              1,036
                                              
                                              
                                              
                                              992
                                              
                                              
                                              
                                              1,047
                                              
                                              
                                              
                                              974Distributed
      income of equity investees
                                              
                                              
                                              808
                                              
                                              
                                              
                                              879
                                              
                                              
                                              
                                              787
                                              
                                              
                                              
                                              364
                                              
                                              
                                              
                                              277
                                              
                                              
                                              
                                              393
                                              
                                              
                                              
                                              995Total
      earnings
                                              
                                              $
                                              6,221
                                              
                                              
                                              $
                                              514
                                              
                                              
                                              $
                                              17,687
                                              
                                              
                                              $
                                              21,115
                                              
                                              
                                              $
                                              19,873
                                              
                                              
                                              $
                                              22,285
                                              
                                              
                                              $
                                              (21,537
                                              )Fixed
      Charges:Interest
      expense, net of amortization of premium/discount
                                              
                                              $
                                              5,455
                                              
                                              
                                              $
                                              16,186
                                              
                                              
                                              $
                                              29,353
                                              
                                              
                                              $
                                              26,957
                                              
                                              
                                              $
                                              25,229
                                              
                                              
                                              $
                                              24,585
                                              
                                              
                                              $
                                              16,653Capitalized
      interest
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              58
                                              
                                              
                                              
                                              453
                                              
                                              
                                              
                                              554
                                              
                                              
                                              
                                              3Amortization
      of deferred fees
                                              
                                              
                                              163
                                              
                                              
                                              
                                              820
                                              
                                              
                                              
                                              1,114
                                              
                                              
                                              
                                              1,036
                                              
                                              
                                              
                                              992
                                              
                                              
                                              
                                              1,047
                                              
                                              
                                              
                                              974Total
      fixed charges
                                              
                                              $
                                              5,618
                                              
                                              
                                              $
                                              17,006
                                              
                                              
                                              $
                                              30,467
                                              
                                              
                                              $
                                              28,051
                                              
                                              
                                              $
                                              26,674
                                              
                                              
                                              $
                                              26,186
                                              
                                              
                                              $
                                              17,630Consolidated
      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 nine months ended September 30, 2010 fixed charges exceeded earnings by
$39,167.