Document:

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                                                                   Exhibit 10.31

                    PROPERTY MANAGEMENT AND LEASING AGREEMENT

                          JEFFERSON COMMONS APARTMENTS

                                 BY AND BETWEEN

                   EDUCATION REALTY OPERATING PARTNERSHIP, LP

                                       AND

                          JPI MANAGEMENT SERVICES, L.P.

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                                TABLE OF CONTENTS

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ARTICLE 1 DEFINITIONS...................................................     1

         Section 1.1  Definitions.......................................     1
         Capital Budget.................................................     1
         City...........................................................     1
         Fiscal Year....................................................     1
         Land...........................................................     1
         Legal Requirements.............................................     1
         Marketing Plan.................................................     1
         Monthly Gross Collections......................................     1
         Operating Budget...............................................     2
         Operating Plan.................................................     2
         Project........................................................     2
         Project Account................................................     2
         Rent Schedule..................................................     2
         Standard Lease Forms...........................................     2

ARTICLE 2 APPOINTMENT OF MANAGER........................................     3

         Section 2.1  Appointment of Manager............................     3

ARTICLE 3 TERM..........................................................     3

         Section 3.1  Term..............................................     3

ARTICLE 4 DUTIES OF MANAGER.............................................     3

         Section 4.1  Manager's General Duties..........................     3
         Section 4.2  Preparation of Annual Operating Plan..............     3
         Section 4.3  Supplement to Operating Plan......................     4
         Section 4.4  Leasing of Project................................     4
         Section 4.5  Acceptance of Personal Property...................     4
         Section 4.6  Employment of Personnel...........................     4
         Section 4.7  Service Contracts.................................     5
         Section 4.8  Maintenance and Repair of Property................     5
         Section 4.9  Collection of Monies..............................     6
         Section 4.10 Enforcement of Collections........................     6
         Section 4.11 Manager Disbursements.............................     6
         Section 4.12 Records...........................................     6
         Section 4.13 Reporting.........................................     7
         Section 4.14 Resident Complaints/Requests......................     7
         Section 4.15 Returns Required by Law...........................     7
         Section 4.16 Compliance with Legal Requirements................     7
         Section 4.17 Services to Tenants...............................     7
         Section 4.18 Claims............................................     7
         Section 4.19 Rules and Regulations.............................     8
         Section 4.20 Legal Counsel.....................................     8
         Section 4.21 Notices to Owner..................................     8

ARTICLE 5 RELATIONSHIP OF MANAGER TO OWNER..............................     8
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         Section 5.1  Monthly Management Fee............................     8
         Section 5.2  Reimbursable Expenses.............................     8
         Section 5.3  Payments..........................................     8
         Section 5.4  Major Repairs or Remodeling.......................     9
         Section 5.5  On-Site Computer Systems..........................     9
         Section 5.6  Manager's Affiliates and Subsidiaries.............     9
         Section 5.7  Use and Operation of the Project..................     9
         Section 5.8  Separation of Owner's Monies......................     9
         Section 5.9  Manager's Insurance...............................    10
         Section 5.10 Expense of Owner..................................    10
         Section 5.11 Employee Discounts and Bonuses....................    10

ARTICLE 6 OWNER'S OBLIGATIONS...........................................    10

         Section 6.1  Owner's Obligation to Fund........................    10
         Section 6.2  Owner's Insurance.................................    10
         Section 6.3  Waiver of Subrogation.............................    10

ARTICLE 7 INDEMNIFICATION...............................................    11

         Section 7.1  Indemnification...................................    11
         Section 7.2  Indemnification by Manager........................    11
         Section 7.3  Notice of Claims..................................    11

ARTICLE 8 DEFAULT AND TERMINATION.......................................    11

         Section 8.1  Default and Termination - For Cause...............    11
         Section 8.2  Termination - Without Cause.......................    12
         Section 8.3  Duties Upon Termination...........................    12

ARTICLE 9 MISCELLANEOUS.................................................    12

         Section 9.1  Entire Agreement..................................    12
         Section 9.2  Heading...........................................    13
         Section 9.3  Governing Law.....................................    13
         Section 9.4  Legal Fees........................................    13
         Section 9.5  Third Party Beneficiaries.........................    13
         Section 9.6  Assignment........................................    13
         Section 9.7  Disclaimer of Fiduciary Status....................    13
         Section 9.8  Notices...........................................    13
         Section 9.9  Severability......................................    14
         Section 9.10 Performance.......................................    14
         Section 9.11 Exhibits..........................................    14
         Section 9.12 Manager's Status..................................    14
         Section 9.13 WAIVER OF JURY TRIAL..............................    14
         Section 9.14 Limitation of Recourse............................    14
         Section 9.15 Counterpart.......................................    14
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EXHIBIT "A" - Legal Description

EXHIBIT "B" - On-Site Computer Systems

EXHIBIT "C" - Manager's Insurance

EXHIBIT "D" - Owner's Insurance

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                    PROPERTY MANAGEMENT AND LEASING AGREEMENT

      THIS PROPERTY MANAGEMENT AND LEASING AGREEMENT (this "AGREEMENT") is made
as of November 22, 2004, by and between EDUCATION REALTY OPERATING PARTNERSHIP,
LP, a Delaware limited partnership (together with its successors and assigns,
herein referred to as "OWNER") and JPI MANAGEMENT SERVICES, L.P., a Delaware
limited partnership (herein referred to as "MANAGER") to become effective on the
Effective Date as defined herein.

                                    ARTICLE 1

                                   DEFINITIONS

      Section 1.1 Definitions. When used in this Agreement, the following terms
shall have the meanings set forth opposite such terms, respectively:

            "Capital Budget" means the annual capital budget for the
      expenditures for major repairs, renovations and/or capital improvements
      in, on or about the Project, detailing the timing of such matters and the
      estimated cost.

            "City" means Columbus, Ohio.

            "Closing" means the closing of the CONTRACT OF SALE/CONTRIBUTION
      AMONG JPI-CG MEZZ LLC, JPI-MC MEZZ LLC, JPI GENPAR REALTY LLC and JPI
      INVESTMENT COMPANY, L.P. AS SELLERS, AND EDUCATION REALTY OPERATING
      PARTNERSHIP, LP, AS BUYER

            "Effective Date" means the date on which the Closing is completed
      and becomes effective.

            "Fiscal Year" means a calendar year.

            "Land" means the approximate 4.018 acre tract of land more
      particularly described on EXHIBIT "A", attached hereto and made a part
      hereof.

            "Legal Requirements" means all statutes, laws, orders, codes,
      regulations and requirements affecting the management, leasing, use,
      construction, repair or reconstruction of the Project by any federal,
      state or local governmental authority having jurisdiction as well as the
      orders of the fire marshal, board of fire underwriters and similar bodies.

            "Marketing Plan" means the overall annual advertising and other
      marketing plans for the Project detailing, among other things, the timing,
      cost and media type to be utilized.

            "Monthly Gross Collections" means the amount of all cash receipts
      from the Project and shall include: (a) rentals collected pursuant to all
      residential, carport, garage and storage leases for each month during the
      term of this Agreement, (b) security, pet and other deposits forfeited
      during such period, (c) proceeds from business income or rental
      interruption insurance or other proceeds effecting a replacement of lost
      income, (d) interest and income earned on deposited funds, (e) late
      charges or fees, (f) application and processing fees and forfeited
      application deposits, (g) proceeds from the rental of or

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS             Page 1

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      payments with respect to washers and dryers, (h) proceeds from vending
      machines or other concessions or the rental paid to Owner by the supplier
      of such vending machines or other concessions, (i) periodic proceeds (not
      up-front cash payments) from service contracts relating to providing
      telephone, cable, alarm, internet and other communications related
      devices, (j) non-refundable deposits or fees from residents, (k) service
      charges on utilities billed by Manager, (l) application and processing
      fees, (m) proceeds from the sale of used furniture, (n) non-refundable
      deposits or fees collected from the resident, and (o) other income which
      is directly related to management of the Project; provided, however, it
      shall not include (i) Owner's capital contributions or working capital
      advances, nor any interest thereon, (ii) the proceeds of any financing or
      voluntary conversion, sale, exchange, pledging or other disposition or
      encumbrance of all or any part of the Project, (iii) casualty insurance
      proceeds (other than from loss of rents or similar replacement insurance),
      (iv) condemnation awards, (v) refundable rental deposits or security and
      pet deposits received from residents or other deposits received from
      residents or applicants (other than forfeited deposits), (vi) abatement or
      reduction of taxes, or (vii) discounts and dividends on insurance
      policies.

            "Operating Budget" means the annual operating budget which sets
      forth the detail and summary of anticipated receipts and disbursements for
      the upcoming fiscal year.

            "Operating Plan" means the overall annual plan for the management
      and leasing of the Project consisting of an Operating Budget, Marketing
      Plan, Capital Budget and Rent Schedule, each of which have been approved
      by Owner.

            "Project" means the residential apartment project constructed on the
      Land (as heretofore defined) generally consisting of 166 apartment units,
      and other improvements, amenities and appurtenances associated therewith.

            "Project Account" shall mean the bank account established by the
      Manager for the Project in accordance with the provisions of SECTION 5.8
      hereof.

            "Rent Schedule" means the schedule of rents which sets forth the
      proposed monthly rents for the respective types of units in the Project
      together with any anticipated marketing incentive programs set forth in
      the Marketing Plan or a rent schedule that has been recommended by the
      Manager and adopted by the Owner during any fiscal year.

            "Standard Lease Forms" means the forms of the Apartment Lease
      Contract, Inventory and Condition Form Rental Application, Pet Agreement
      and other forms utilized for the leasing of the Project as approved by
      Owner.

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                                    ARTICLE 2

                             APPOINTMENT OF MANAGER

      Section 2.1 Appointment of Manager. Subject to the terms and conditions as
hereinafter provided, Owner hereby appoints Manager as the sole and exclusive
management and leasing representative for the Project. Manager hereby accepts
such appointments and shall use reasonable, business-like efforts with respect
to the management and leasing of the Project in accordance with the terms of
this Agreement and in accordance with the standard management and leasing of
comparable apartment communities in the City's metropolitan area, subject,
however, to contrary instructions prescribed in writing by Owner and to the
operating and financial parameters stated in the Operating Plan.

                                    ARTICLE 3

                                      TERM

      Section 3.1 Term. This Agreement shall commence upon the Effective Date
and, subject to ARTICLE 8, below, shall continue for a period of thirty (30)
days, plus, for the first month, the number of days from the Effective Date
through the last day of the month in which the Closing occurs. This Agreement
shall automatically renew monthly thereafter unless (a) either party provides
written notice to the other party of such party's intent to terminate this
Agreement at least thirty (30) days prior to the expiration of the initial term
or any renewal term, or (b) this Agreement has been terminated in accordance
with other terms or conditions herein contained. Upon request of either party,
each party hereby agrees to execute a letter agreement setting forth the
specific dates of the expiration of the initial term and such agreement shall
thereupon become part of and an amendment to this Agreement.

                                    ARTICLE 4

                                DUTIES OF MANAGER

      Section 4.1 Manager's General Duties. In managing and leasing the Project,
the Manager shall manage, operate, staff and maintain the Project in an
efficient and reasonably satisfactory manner. Manager's duties shall include,
but shall not necessarily be limited to, the specific duties listed below in
this ARTICLE 4.

      Section 4.2 Annual Operating Plan. Manager shall implement the Operating
Plan prepared by Owner. The Operating Plan shall constitute a standard to which
Manager shall reasonably attempt to adhere in the operation of the Project;
provided, however, as the Operating Plan is a budget, Manager makes no
representation or warranty that the actual operations of the Project shall
conform to such plan. Except in an emergency, Manager shall not expend funds in
any fiscal year in excess of the budgeted line item amounts in the Operating
Budget without Owner's prior written approval. In the event any Fiscal Year
shall commence without an approved Operating Plan, until the Operating Plan for
such Fiscal Year is approved, Manager shall be entitled to make expenditures for
items specified in the approved Operating Plan for the past Fiscal Year, at a
rate not in excess of the rate permitted under that prior Operating Plan (other
than for utilities, taxes, insurance premiums and mortgage payments), without
the prior consent of Owner.

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      Section 4.3 Supplement to Operating Plan. If Owner determines (and
thereafter notifies Manager) or if Manager identifies (and thereafter provides
written notice to Owner) that there has occurred a material variance within any
plan, budget or schedule of the current Operating Plan (whether due to change in
market conditions, a material change in the Project or an unforeseen cost,
expense, or occurrence), and controllable costs have increased by more than
thirty percent (30%) in excess of the respective budget, at Owner's request,
Manager shall prepare and submit to Owner within thirty (30) days after Owner's
notification to Manager, a supplement to the then current Operating Plan
("SUPPLEMENT") together with a narrative explanation of the change and why a
change was necessary, suggested, or needed. Once the Supplement is reviewed and
approved by Owner, the Supplement will act to modify the current Operating Plan
and, as modified, the Operating Plan will continue.

      Section 4.4 Leasing of Project. Manager shall reasonably endeavor to lease
the Project as expeditiously as possible, and to keep the Project leased to
students of Ohio State University or other desirable categories of residents
approved by Owner in advance in writing at rentals at least equal to those set
forth on the approved Rent Schedule; provided, however Manager does not warrant
or represent that the Project shall meet any specific occupancy or leasing
goals; that any resident leasing space in the Property shall actually be
suitable, creditworthy or desirable; or that occupancy goals will be reached
within any specific time. All inquiries for any lease(s) or renewals(s) for the
leasing of the Project shall be referred to Manager and all negotiations
connected therewith shall be conducted by or under the direction of Manager
subject to the terms of this Agreement. Leases or other agreements of residents
executed on other than Standard Lease Forms shall require the prior approval of
Owner. Subject to the Annual Operating Plan, substantial compliance with the
Rent Schedule and the use of approved forms, Manager is authorized to execute,
deliver, renew, modify and terminate leases on behalf of Owner; provided,
however, that (i) all leases shall be for a period of no longer than twelve (12)
months, and (ii) all leases shall be in compliance with written guidelines
provided by the Owner from time to time. Subject to compliance with the Rent
Schedule, Manager is authorized to permit such concessions, considerations, or
other special arrangements as may be deemed appropriate, necessary or desirable
by Manager in the leasing of units within the Property; but no such concessions,
considerations, rebates, free rent, allowances or special arrangements shall be
made or given in connection with the leasing of the Property without the prior
written approval of Owner to the extent that the granting thereof shall not
comply with the Rent Schedule.

      Section 4.5 Acceptance of Personal Property. Manager hereby acknowledges
and accepts delivery of the on-site computer systems listed on EXHIBIT "B"
attached hereto, such property being accepted in its "as-is" condition.

      Section 4.6 Employment of Personnel. On the basis of the Operating Plan,
Manager shall investigate, hire, train, pay, supervise and discharge the
personnel necessary to be employed in order to manage and lease the Project.
Such personnel shall in every instance be deemed employees of Manager and not of
Owner and Owner shall have no rights with respect to or responsibility for the
supervision or direction of any such personnel. All employees of the Manager on
the Property payroll shall work solely and specifically for the Property unless
disclosed to and approved by Owner. The costs of gross salaries, leasing
bonuses, and other incentive compensation payments or pro-rata share thereof,
including payroll taxes, insurance, worker's compensation, and other employee
benefits of the on-site manager and staff as approved by Owner in the Operating
Budget shall be reimbursed to Manager to the extent expended by Manager and
provided, Manager represents, warrants and agrees that it and its affiliates
will pay and/or deduct from the compensation of employees all contributions,
taxes and other payments or charges required to be paid and/or deducted by an
employer under the provisions of all applicable state unemployment

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insurance, disability benefits and withholding tax laws, and will comply with
all other local, state and federal laws, regulations and requirements applicable
to employees or affecting their compensation or conditions of employment or
applicable to the Manager for the performance of the services hereunder;
subject, however, to Manger's right to reasonably contest the enforcement
thereof. If requested by Owner, Manager shall promptly furnish, from time to
time, reasonably satisfactory proof of (or allow Owner to inspect the Manager's
records to confirm) compliance with any of the foregoing, to the extent such
proof is available. Except for on-going, on-site training (the scope of which
has been provided to Owner showing the training's relationship with the
Property), any and all expenses associated with the education and/or training of
Manager's employees shall not be the financial responsibility of the Owner
unless approved in the Operating Budget by Owner. The cost of the Worker's
Compensation Insurance shall be deducted from the Monthly Gross Collections as
an operating expense and included in the monthly reports. Manager understands
and agrees that its relationship to Owner is that of independent contractor and
that it will not represent to anyone that its relationship to Owner is other
than that of independent contractor.

      Section 4.7 Service Contracts. On the basis of the Operating Plan, Manager
shall, upon request by Owner, execute in the Project's name and on behalf of
Owner, contracts for water, electricity, gas, fuel, oil, landscape maintenance,
security services, pool maintenance, cleaning, apartment locator services,
washer and dryer rental, copier rental, cable TV, sign service, vending,
telephone, vermin extermination, trash removal and other necessary services. Any
of the foregoing contracts which are entered into in arms length transactions on
the basis of the Operating Plan and which are cancelable by Owner, or by Manager
on behalf of Owner, on thirty (30) days written notice without any termination
fee or penalty shall not require Owner's prior approval. No approval shall be
required by Owner as to the cost, terms, or purpose of any such service or
contract unless and only to the extent that the total cost of such service
contract exceeds the allocation for such service contract in the Operating
Budget by more than five percent (5%) or $5,000, whichever is less, or has a
term of more than one (1) year. Manager shall, on behalf of the Owner and
subject to the Operating Budget, place orders for such equipment, tools,
appliances, materials and supplies as are necessary to properly manage and lease
the Project. When taking bids or issuing purchase orders, Manager shall act at
all times under the direction of Owner and shall secure for and credit to Owner
any discounts, commissions, or rebates obtained as a result of such purchases.

      Section 4.8 Maintenance and Repair of Property. Manager shall, subject to
the parameters of the Operating Budget, use commercially reasonable efforts to
maintain the buildings, appurtenances and grounds of the Project in substantial
accordance with standards prescribed by Owner, including, without limitation
thereof, interior and exterior cleaning, painting and decorating, plumbing,
carpentry, and such other normal maintenance and repair work as may be
desirable; provided, however, that no warranty, express or implied, shall arise
from the foregoing Manager's obligation as to the tenantability, habitability,
suitability or fitness for a particular purpose of the buildings, appurtenances
and grounds. For any one non-budgeted item of repair or replacement, Owner's
authorization is required if the expense exceeds Twenty-Five Hundred Dollars
($2,500.00), and for any one budgeted item of repair or replacement, the expense
incurred shall not be in excess of the budgeted amount by twenty-five percent
(25%) or Twenty-Five Hundred Dollars ($2,500.00), whichever the lesser, unless
specifically authorized by Owner; provided, however, that emergency repairs
necessary for the preservation and safety of the Project or the avoidance or the
suspension of any service to the Project or the protecting of life or property
from serious injury or damage may be made by Manager, but Manager will confer
immediately with Owner regarding every such expenditure and will furnish a
complete written report as soon as possible.

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      Section 4.9 Collection of Monies. On behalf of Owner, Manager shall use
reasonable business efforts to collect all rent and other charges due from
residents, applicants and others. All monies collected by Manager shall be
forthwith deposited in the separate bank account referred to in SECTION 5.6.

      Section 4.10 Enforcement of Collections. On behalf of Owner, Manager (a)
shall request, demand, collect, receive and provide receipts for all rental and
other income of the Project; (b) may institute legal proceedings for the
collection thereof and the dispossession and/or termination of the resident's
rights of possession or a contracting party's contractual agreement; provided,
however, such expense shall not exceed $1,000.00 without the prior written
approval of Owner, (c) compromise and settle lawsuits against residents or
service providers, and (d) incur reasonable collection fees and costs and legal
expenses in connection with such activities, which fees, costs and expenses
shall be a cost of the Project and payable by Owner.

      Section 4.11 Manager Disbursements. From Project funds collected and
deposited in the Project Account, but only to the extent sufficient funds are
available and only if Owner has not elected to pay such amounts directly or
instructed Manager in writing to the contrary, Manager shall cause to be
disbursed regularly and punctually amounts otherwise due and payable as
operating expenses of the Project authorized to be incurred under the terms of
this Agreement, including, without limitation, the Monthly Management Fee and
Manager's reimbursable expenses. Any balance remaining in the Project Account
after disbursements have been made and appropriate, as determined by the
Operating Plan, reserves have been established and funded, shall be disbursed or
transferred as generally or as specifically directed from time to time by Owner.
If at any time the funds in the Project Account are insufficient to pay all the
expenses which Manager is required or permitted to pay pursuant to this
Agreement, Manager shall give Owner notice of the need for additional funds and,
in the event that Owner fails to furnish sufficient funds to pay for the
foregoing: (i) Manager may draw from the Project account its Monthly Management
Fee and reimbursable expenses, then (ii) Manager shall apply the remaining funds
available to satisfy outstanding liabilities, costs and expenses, according to
such priority as Owner directs; (iii) Manager shall have no liability whatsoever
for any consequences arising from such failure by Owner; and (iv) Owner hereby
indemnifies Manager and agrees to defend and hold Manager harmless from any and
all claims or actions by third parties and all liability, cost and expense
arising from failure to make any expenditures or from inability to draw checks
or from the failure or refusal of any entity upon which a check is drawn to
honor same by reason of the failure of Owner to provide sufficient funds in
response to such notice.

      Section 4.12 Records. Manager shall maintain at its principal office and
at the Project's leasing offices or such other places as may be approved by
Owner a system of office records, books and accounts relating to the Project.
Owner and other parties designated by the Owner shall have at all reasonable
times during Manager's normal business hours, upon prior notice, access to such
records, accounts and books and to all vouchers, files and all other material
pertaining to the Project and this Agreement. The parties hereby agree that the
ownership of such records (but not the systems on which they are kept or
calculated and which are licensed to or owned by Manager) shall be vested in
Owner, and Owner shall have the right at any time to inspect the records.
Manager will furnish to Owner, at Owner's cost, copies of any of the above
records on a timely basis as they may be requested and will deliver all such
records to Owner upon the termination of this Agreement. Manager shall have the
right to retain copies of such records for its files.

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      Section 4.13 Reporting. Manager shall provide to Owner the following
reports (in such forms as are provided by Manager and approved by Owner, but
subject to Manager's software capabilities):

      1.    Within two (2) business days after the end of each week, during the
      leasing season, weekly marketing and leasing reports;

      2.    Within thirty (30) days after the end of each calendar month or such
      period as may be required by Owner's lender, and which is reasonably
      acceptable to Manager, the following reports: monthly income summary, rent
      roll report, accounts receivable and aging schedule, security deposit
      report, current rent schedule, lease expiration report, accounts payable
      schedule, bank reconciliation report, and balance sheet and income
      statement; and

      Section 4.14 Resident Complaints/Requests. Manager shall exercise
businesslike relationships with residents and shall receive, log in and respond
timely to all resident complaints and requests for services. Manager shall keep
systematic records showing the action(s) taken with respect to each material
complaint or request. Complaint(s) of a material nature shall be reported to
Owner with an appropriate recommendation or an itemization of alternatives for
Owner's review. Manager shall be required to respond to such complaints as
directed by Owner and Owner shall respond promptly indicating its approval or
changes to any recommendation of Manager or its approval or changes to any
itemized alternative.

      Section 4.15 Returns Required by Law. Manager shall exercise diligent,
good faith efforts to execute and file punctually when due all forms, reports
and returns required by law relating to the employment of personnel and to the
operation of the Project.

      Section 4.16 Compliance with Legal Requirements. Manager shall use
commercially reasonable efforts to take such actions as may be necessary to
comply with any and all Legal Requirements, subject to the limitations contained
in this Section; provided, however, Manger shall not be deemed to be a warrantor
or a guarantor that the Project meets such Legal Requirements. Manager, however,
shall not take any such action as long as Owner is contesting, or has affirmed
its intention to contest and promptly institutes proceedings contesting any such
order or requirement, except that, if failure to comply promptly with any such
order or requirement would or might reasonably expose Owner, Manager or any of
Manager's employees or agents to criminal liability, Manager shall cause the
same to be complied with without first obtaining Owner's approval. Manager shall
promptly, and in no event later than seventy-two (72) hours from the time of
their receipt, forward to Owner copies of all such orders and notices of
requirements.

      Section 4.17 Services to Residents. In connection with its management and
leasing of the Project, Manager shall coordinate and facilitate on Owner's
behalf the supplying to the residents of the Project (i) the utilities and other
services stipulated in the leases, (ii) such other services as Owner may approve
or specify in writing, and (iii) the services contemplated and/or specifically
prescribed in the Operating Plan.

      Section 4.18 Claims. Manager shall advise Owner promptly by telephone,
with confirmation in writing, of the service upon Manager of any summons,
subpoena, citation or claim for matters relating to the leasing, operation,
management or maintenance of the Project.

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      Section 4.19 Rules and Regulations. Manager may, with Owner's prior
written approval, adopt and from time to time modify the rules and regulations
which are intended to govern the day-to-day activities of the residents of the
Project.

      Section 4.20 Legal Counsel. For matters in the ordinary course of
business, Manager shall employ, at Owner's cost, legal counsel of Manager's
choosing, in order to represent the Owner's interest therein. For matters other
than in the ordinary course of business, Manager shall inform Owner thereof and
shall conform to the Owner's desired course of action and shall utilize the
attorney selected by Owner.

      Section 4.21 Notices to Owner. Manager shall notify the Owner promptly
(which notice shall include copies of supporting documentation) of any notice of
violation of any Legal Requirements; any material defect in the Project of which
Manager has actual knowledge; any fire or other material casualty loss to the
Project; any condemnation action, rezoning or other governmental order; and any
tax assessment notices.

                                    ARTICLE 5

                        RELATIONSHIP OF MANAGER TO OWNER

      Section 5.1 Monthly Management Fee. Owner agrees to pay to Manager all of
Manager's reimbursable expenses for the preceding month together with a fee (the
"MONTHLY MANAGEMENT FEE") computed and payable monthly in arrears in an amount
equal to four percent (4%) of the Monthly Gross Collections of the Project. The
Monthly Management Fee will be due and payable on or before the tenth (10th) day
after Owner's receipt of an invoice from Manager with respect to and showing the
amount of Monthly Gross Collections received, if any, during the immediately
preceding month.

      Section 5.2 Reimbursable Expenses. As approved by Owner in the Operating
Budget, the following reimbursable expenses shall be paid to Manager
simultaneously with payment of the Monthly Management Fee: the costs of gross
salaries, leasing bonuses, other incentive compensation payments, and employee
benefits, including, without limitation, housing, payroll taxes, insurance,
worker's compensation, unemployment compensation and other employment taxes,
group insurance, pension or 401K co-contributions, premiums for disability
insurance, and other employee benefits of the on-site manager and staff and of
off-site personnel approved in writing in advance by Owner. As to employees of
Manager or an affiliate who are on-site on a full time basis, such reimbursement
shall be equal to one hundred percent (100%) of those salaries, bonuses,
payments and benefits; as to employees of the Manager or an affiliate who are
utilized for the Project for only a portion of their time or who are located at
Manager's headquarters and whose time is properly allocable to the Project (such
as, but not limited to, trainers, leasing specialists, tax and audit personnel
and personnel performing bookkeeping functions for the Project, whether on-site
or off-site) rather than to Manager's overhead in general, the reimbursement of
those employee's salaries, bonuses, payment and benefits shall be in proportion
to the time spent at the Project or working on Project related matters in the
off-site location.

      Section 5.3 Payments. If Manager invoices Owner for the Monthly Management
Fee and/or reimbursable expenses, such amounts shall be due and payable on or
before the seventh (7th) business day after Owner's receipt of the invoice. Past
due payments shall bear interest at ten percent (10%) per annum until paid.

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      Section 5.4 Major Repairs or Remodeling. Owner shall pay to Manager an
administrative fee equal to four percent (4%) of the costs of any construction,
repair or renovation work which is in excess of a budget of $5,000.00, to
compensate Manager for the extra duties and obligations related to the conduct
of such work on the Project, provided, however, all such work must be approved
in advance in writing by Owner.

      Section 5.5 On-Site Computer Systems. Owner acknowledges that it shall
provide and maintain the computer hardware systems more specifically described
on EXHIBIT "B", attached hereto and made a part hereof, and that such systems
will be installed at the Project. Manager, as the holder of the licenses
thereon, shall provide the software necessary to provide the reports required in
SECTION 4.12 hereof and such software shall remain the property of Manager.

      Section 5.6 Manager's Affiliates and Subsidiaries. Upon not less than five
(5) days prior written notice to Owner and unless Owner notes reasonable
objection thereto, in performing work at the Project, Manager may, from time to
time, deal with certain of its affiliated or subsidiary organizations as
independent contractors. The amounts payable to any such related entity shall
not be greater than would have been paid under an arms-length contract with a
non-related entity.

      Section 5.7 Use and Operation of the Project. Manager agrees not to
knowingly permit the use of the Project for any purpose which might void any
policy of insurance held by Owner, which might render any loss thereunder
uncollectible, or which would be in violation of any Legal Requirement. Manager
shall use reasonable efforts to routinely monitor the Project for such
violations. Manager shall advise and consult with Owner, from time to time
regarding general operational matters of which Manager may have knowledge, and
to the extent approved by Owner, and at Owner's expense, Manager shall implement
and maintain or cause to be implemented and maintained, appropriate systems,
procedures and policies necessary for the proper operation of the Property.
Subject to Manager's reasonable ability to vary or modify actions in the
ordinary course of operating a student housing complex, full compliance by the
residents with the terms and conditions of their respective leases and rules and
regulations applicable to the Property shall be sought and, to this end, Manager
shall see that all residents are informed with respect to such rules,
regulations, and notices as may be promulgated by Owner. Manager shall be
expected to perform such other acts and duties as are reasonable, necessary, and
proper in the discharge of its duties under this Agreement, but Manager shall
not be responsible for failing to perform such other acts and duties unless
Owner shall have first requested, in writing, Manager's performance thereof and
shall have fully funded such performance.

      Section 5.8 Separation of Owner's Monies. Manager shall establish and
maintain on behalf of Owner, in a banking facility acceptable to Owner, in a
manner to indicate the custodial nature thereof, a separate bank account (the
"PROJECT ACCOUNT") for the deposit of monies of Owner from the Project. Owner's
monies shall not be commingled with any funds of the Manager. Manager shall also
establish such other special bank accounts as may be required by Owner or by
law. Funds may be disbursed by Manager from such account to cover authorized
Project expenditures upon the signature of Manager. All payments to be made by
Manager hereunder shall be made by check drawn on an account established
pursuant to this SECTION 5.8, except petty cash items not exceeding $250.00,
which may be paid from a fund to be maintained by Manager for such purposes.
Manager shall not be obligated to make any advance to or for the account of
Owner or to pay any sums, except out of funds held in any account maintained
under this SECTION 5.8, nor shall Manager be obligated to incur any liability or
obligation for the account of Owner without assurance that the necessary funds
for the discharge thereof will be provided. Any bank accounts established under
this Section shall expressly be subject to the right of Owner,

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS             Page 9

<PAGE>

by written notice to the subject bank, at any time, to terminate the Manager's
authority to write checks on such account.

      Section 5.9 Manager's Insurance. Manager shall obtain and keep in force
during the term of this Agreement at its sole cost and expense, the insurance
coverages identified on EXHIBIT "C", attached hereto and made a part hereof.

      Section 5.10 Expense of Owner. Everything done by Manager under the
provisions of ARTICLE 4 shall, in accordance with the provisions of ARTICLE 4,
and all obligations or expenses incurred under the provisions of this ARTICLE 5
shall, in accordance with this ARTICLE 5, be for the account of, on behalf of
and at the expense of Owner except that Owner shall not be obligated to
reimburse Manager for any obligations or expenses resulting from the gross
negligence, fraud or willful misconduct of Manager, nor for the failure of
Manager to perform its obligations and duties under this Agreement. Except to
the extent specifically set forth herein, Manager shall not be obligated to pay
any expenses or charges from its own funds.

      Section 5.11 Employee Discounts and Bonuses. To the extent set forth in
the Operating Plan, Manager may implement its internal policy to provide
monetary discounts for accommodations to its employees to live on-site and
financial bonuses to employees.

                                    ARTICLE 6

                               OWNER'S OBLIGATIONS

      Owner hereby covenants and agrees as follows:

      Section 6.1 Owner's Obligation to Fund. If, for any respective month,
funds in the Project Account or the respective reserves are not sufficient to
cover expenses specified in the approved Operating Plan, or those which have
been approved in writing by Owner, Owner shall, within ten (10) days after
receipt of written notice from Manager of the amount of the estimated
insufficiency, deposit in the Operating Account or contribute to the respective
reserve an amount equal to such estimated shortfall.

      Section 6.2 Owner's Insurance. Owner shall cause to be placed and kept in
force, at Owner's expense, the insurance itemized in EXHIBIT "D" attached hereto
and made a part thereof.

      Manager is authorized to settle any and all claims against insurance
companies not in excess of $2,500.00, including the execution of proofs of loss.
If the claim is greater than $2,500.00, Manager shall not act without the
approval of Owner.

      Section 6.3 Waiver of Subrogation. Owner hereby releases Manager, its
agents, contractors and employees, from any and all liability and responsibility
to Owner or anyone claiming by, through or under Owner by way of subrogation or
otherwise, for any loss covered by the Owner's property insurance (even if Owner
did not have the required coverage) WHETHER OR NOT THE LOSS OR DAMAGE IS CAUSED
IN WHOLE OR IN PART BY THE FAULT OR NEGLIGENCE OR STRICT LIABILITY OF MANAGER,
ITS AGENTS, CONTRACTORS OR EMPLOYEES.

      If necessary, Owner shall give its insurance company(ies) written notice
of this waiver and shall have the policies properly endorsed to prevent
invalidation of insurance coverage.

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 10

<PAGE>

                                    ARTICLE 7

                                 INDEMNIFICATION

      Section 7.1 Indemnification. Owner shall indemnify, defend, and hold
harmless Manager and all of its partners, members, officers, directors, agents,
and employees ("MANAGER INDEMNITEES") from any and all costs, losses,
liabilities, expenses (including reasonable legal fees and costs), judgments,
fines and amounts paid in settlement actually and reasonably incurred in
connection with third party claims against any Manager Indemnitee (collectively,
"LOSSES") arising from the performance by Manager of its obligations under this
Agreement, WHETHER RESULTING FROM ANY ACT OR OMISSION BY OR ON BEHALF OF ANY
MANAGER INDEMNITEE UNDER THIS AGREEMENT OR OTHERWISE, INCLUDING THE NEGLIGENCE
OF ANY MANAGER INDEMNITEE, UNLESS THE ACT OR OMISSION CONSTITUTES FRAUD, GROSS
NEGLIGENCE, WILLFUL MISCONDUCT OR AN ACTION OR ACTIONS OUTSIDE OF THE SCOPE OF
AUTHORITY GRANTED HEREUNDER BY THE MANAGER INDEMNITEE, IN WHICH EVENT THE
MANAGER INDEMNITEE WILL NOT BE INDEMNIFIED UNDER THIS AGREEMENT.

      Section 7.2 Indemnification by Manager. Manager shall indemnify, defend,
and hold harmless Owner, its partners and members and their respective partners,
members, officers, directors, agents, and employees ("OWNER INDEMNITEES")
against any and all Losses in connection with third party claims against any
Owner Indemnitee that result from any Manager Indemnitee's fraud, gross
negligence, willful misconduct or action outside the scope of authority granted
hereunder.

      Section 7.3 Notice of Claims. Manager or Owner, as the case may be, shall
immediately notify the other party if either receives a complaint, claim or
other notice of any loss, claim, damage or liability giving rise to a claim for
indemnification under SECTION 7.1 or SECTION 7.2 above, but failure to provide
the notice will not relieve the other party from any duty to indemnify unless
the other party is materially prejudiced by the failure and had no actual
knowledge of the complaint, claim or other notice.

                                    ARTICLE 8

                             DEFAULT AND TERMINATION

      Section 8.1 Default and Termination - For Cause. If either party shall
default in the performance of any of its obligations hereunder, and such default
shall continue for thirty (30) days after written notice from the other party
designating such default, or either party shall make any assignment for the
benefit of creditors or there shall be filed by or against either party any
petition for adjudication as a bankrupt or for reorganization, or an
arrangement, or for any relief under other debtor relief laws, the other party
may terminate this Agreement by written notice at any time thereafter while such
default or other events shall be continuing and thereupon this Agreement shall
forthwith terminate. If termination shall occur through default of Owner,
Manager as its sole and exclusive remedy, shall be paid, as compensation, its
fees and reimbursable expenses hereunder accrued through the date of such
termination plus reasonable expenses relating to relocating Manager's employees.
Termination of this Agreement because of Owner's default, shall, except as
provided in SECTION 8.3 below, release Manager from liability for failure to
perform any of the duties or obligations of Manager as expressed herein and
required to be performed after such termination.

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 11

<PAGE>

      Section 8.2 Termination - Without Cause. Notwithstanding anything
contained in SECTION 8.1 this Agreement shall terminate:

      1.    At the election of Owner on the date that is thirty (30) days after
      Owner provides written notice of termination to Manager; or

      2.    At the election of Manager, on the date that is thirty (30) days
      after Manager provides written notice of termination to Owner; or

      3.    Upon the sale, whether by voluntary or involuntary transfer, or the
      substantial condemnation of the Project, upon thirty (30) days prior
      written notice.

      Section 8.3 Duties Upon Termination. Upon any termination, Manager shall
forthwith (a) surrender and deliver up to Owner, the Project and all rents and
income of the Project and other monies of Owner on hand and in any bank account
after deducting reimbursable expenses and fees due Manager hereunder; (b)
deliver to Owner as received any monies due Owner under this Agreement but
received after such termination after deducting reimbursable expenses and fees
due Manager hereunder; (c) deliver to Owner all materials and supplies, keys and
documents, and such other accountings, papers and records pertaining to this
Agreement, as Owner shall request; (d) assign such existing contracts relating
to the operations and maintenance of the Project as Owner shall require,
provided Owner shall agree to assume and indemnify Manager for all liability
thereunder occurring after the termination of this Agreement; (e) provide to
Owner hard copies of all Project related information in the on-site computer
systems (as the Manager will retain all software); and (f) vacate any occupied
space. Within sixty (60) days after such termination, Manager shall deliver to
Owner the written report required by SECTION 4.12 for any period not covered by
such a report at time of termination, and within sixty (60) days after any such
termination, Manager shall deliver to Owner as required by SECTION 4.12 the
profit and loss statement for the fiscal year or portion thereof ending on the
day of termination and the balance sheet of Project as of the date of
termination. Notwithstanding any provisions hereof to the contrary, in the event
Owner hereafter notifies Manager of any default by Manager hereunder, from and
after the date of notice of default, Manager shall not deduct or withdraw from
any project bank account, from the rents and income of the Project or from any
other monies paid to Manager for the account of Owner, any sums for the account
of Manager, pending (i) written consent by Owner, (ii) cure of such default by
Manager to the satisfaction of Owner, or (iii) resolution of the amount of
damages, if any, owing by Manager to Owner by reason of such default by Manager.
No termination of this Agreement shall release either party from any obligations
that continue beyond the term or termination of this Agreement, including,
without limitation, indemnity obligations.

                                    ARTICLE 9

                                  MISCELLANEOUS

      Section 9.1 Entire Agreement. This Agreement, together with any agreements
executed in connection herewith, constitutes the entire agreement between the
parties hereto pertaining to the subject matter hereof and supersedes all prior
and contemporaneous agreements and understandings of the parties in connection
therewith. No covenant, representation or condition not expressed in this
Agreement or such other agreements, if any, shall affect, or be effective to
interpret, change or restrict the express provisions of this Agreement.

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 12

<PAGE>

      Section 9.2 Heading. The Article and Section headings contained herein are
for convenience of reference only and are not intended to define, limit or
describe the scope or intent of any provision of this Agreement.

      Section 9.3 Governing Law. This Agreement shall be governed exclusively by
its terms and the laws of the State in which the Project is located, without
regard to principles of conflict of laws.

      Section 9.4 Legal Fees. In the event of any dispute arising out of or
concerning the terms hereof, the prevailing party in such dispute shall be
entitled to recover its reasonable legal fees, court costs and expenses, whether
at the trial or appellate level.

      Section 9.5 Third Party Beneficiaries. Any provision herein to the
contrary notwithstanding, it is agreed that none of the provisions of this
Agreement shall be for the benefit of or enforceable by any party other than the
parties to this Agreement.

      Section 9.6 Assignment. Manager shall not assign any of its rights or
obligations under this Agreement without the prior written consent of Owner.
Subject to the immediately preceding sentence, this Agreement and all of its
terms and provisions shall be binding upon and inure to the benefit of the
parties hereto and their successors and assigns.

      Section 9.7 Disclaimer of Fiduciary Status. Given that the Manager's
actions hereunder are subject to the direction and control of Owner through its
approval process and/or the budgetary constraints imposed upon Manager, and that
the actions of Manager herein are ministerial in nature, Owner hereby
acknowledges that Manager is not a fiduciary and that Manager is not acting in a
fiduciary capacity with respect to its management or operation of the Project.

      Section 9.8 Notices. All notices, approvals and other communications
required or permitted to be delivered hereunder must be in writing and must be
sent by (a) a recognized private courier company, (b) by facsimile or e-mail if
a confirming copy is sent by (a) or (c), or (c) by United States mail,
registered or certified, return receipt requested, postage prepaid, addressed to
Owner or Manager, as the case may be, at the following addresses:

                  Owner:   Education Realty Operating Partnership, LP
                           530 Oak Court Drive, Suite 300
                           Memphis, Tennessee 38117
                           Attn: Paul O. Bower

                  Manager: JPI Management Services, L.P.
                           600 E. Las Colinas Blvd., Suite 1800
                           Irving, Texas 75039
                           Attention: Ronald D. Ingram

Either party may change its address by notice to the other party. Such notices,
approvals and other communications shall be deemed delivered and received by the
respective party upon receipt or refusal to accept delivery (such refusal being
evidenced by the U.S. Postal Services return receipt or similar advice from the
courier company) or on the business day sent (if sent by no later than 3:00
p.m., Dallas, Texas time) if sent by facsimile or e-mail. Any such notice,
approval or other communication shall also be deemed to be received by the
addressee if (i) personal delivery is attempted at the addressee's specified
address on a business day between the hours of 9:00 a.m. and 5:00 p.m., Dallas,
Texas time, (ii) no one is present at such address to

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 13

<PAGE>

accept the delivery and (iii) it is left in a prominent place (e.g., on a
receptionist's desk or taped to a front door).

      Section 9.9 Severability. If any provision of this Agreement is declared
or found to be illegal, unenforceable or void, in whole or in part, then the
parties shall be relieved of all obligations arising under such provision, but
only to the extent that it is illegal, unenforceable or void, it being the
intent and agreement of the parties that this Agreement shall be deemed amended
by modifying such provision to the extent necessary to make it legal and
enforceable while preserving its intent or, if that is not possible, by
substituting therefor another provision that is legal and enforceable and
achieves the same objectives.

      Section 9.10 Performance. Time is of the essence in the performance of all
duties, covenants and obligations hereunder.

      Section 9.11 Exhibits. All Exhibits to this Agreement which are attached
hereto are incorporated herein by reference.

      Section 9.12 Manager's Status. Manager is, and shall at all times during
the term of this Agreement be, an independent contractor in the performance of
its duties and obligations under this Agreement. Nothing herein contained,
whether express or implied, nor any acts by Manager or Owner, nor any other
circumstances shall constitute or be deemed or construed to create a partnership
or joint venture, or any general agency relationship, between Owner and Manager.
Manager shall have no authority to bind or otherwise obligate Owner, orally, in
writing or by any acts unless specifically authorized by Owner in writing or
within the terms of this Agreement. Manager shall take all reasonable steps in
dealing with third parties to negate any inference that Manager is a general
agent or partner of Owner.

      Section 9.13 WAIVER OF JURY TRIAL. TO THE MAXIMUM EXTENT PERMITTED BY LAW,
EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON,
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION
BETWEEN OR AMONG THE PARTIES OR ANY EXERCISE BY ANY PARTY OF ITS RESPECTIVE
RIGHTS UNDER THIS AGREEMENT OR IN ANY WAY RELATING TO THE ASSET. THIS WAIVER IS
A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT. THIS WAIVER
SHALL SURVIVE THE EXPIRATION OR TERMINATION OF THIS AGREEMENT.

      Section 9.14 Limitation of Recourse. There shall be no liability under
this Agreement of, nor any recourse under this Agreement to, any officer,
director, shareholder, beneficial owner, partner, employee or agent of either
party to this Agreement.

      Section 9.15 Counterpart. This Agreement may be executed in one or more
counterparts with the same effect as if all parties had signed the same
document. Each party is authorized to substitute a counterpart original
signature page into its respective document. All counterparts will be construed
together and shall constitute the same instrument.

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 14

<PAGE>

      EXECUTED as of the date and year first above written.

                                    OWNER:

                                    EDUCATION REALTY OPERATING PARTNERSHIP,
                                    LP, a Delaware limited partnership

                                    By: /s/ Paul O. Bower
                                        ---------------------------------
                                        Name: Paul O. Bower
                                        Title: President and CEO

                                    MANAGER:

                                    JPI MANAGEMENT SERVICES, L.P.,
                                    a Delaware limited partnership

                                    By: JPI Management Services GP LLC,
                                        a Delaware limited liability company,
                                        the general partner

                                        By: /s/James W. Morgan, Jr.
                                            -------------------------------
                                            Name: James W. Morgan, Jr
                                            Title: Assistant Vice President

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 15

<PAGE>

                                   EXHIBIT "A"

                                LEGAL DESCRIPTION

PARCEL ONE:
3.580 ACRES

      Situated in the Sate of Ohio, County of Franklin, Township of Clinton,
quarter Township 3, Township 1, Range 18, United States Military Lands and being
all of those tracts as conveyed to The Fishel Company of record in Deed Book
1479, Page 589, Official Records Volume 2085, Page H04 and Official Records
Volume 2085, Page H09, (all references refer to the records of the Recorder's
Office, Franklin County, Ohio) and described as follows:

      Beginning at a P.K. Nail found at the centerline intersection of Kinnear
Road with a C & O Railroad Right-of-Way Easement at the southeasterly corner of
that original 4.358 acre tract as conveyed to Graybar Electric Company of record
in Deed Book 1958, page 484, said P.K. Nail being South 85(degree) 35' 00" East,
a distance of 10.00 feet from a P.K. Nail found at the southwesterly corner of
Lot 5 of "Lewis Sell's Subdivision" of record in Plat Book 8, page 6-B;

      thence North 04(degree) 19' 09" East, with the easterly line of said 4.358
acre tract and the centerline of said right-of-way easement, a distance of
103.58 feet to an iron pin set at the point of curvature;

      thence continuing with the easterly line and said centerline and the
easterly lines of those tracts as conveyed to Bobbie Ruch and Jack Moore Jr. of
record in Official Records Volume 8965, Page I12 and with a curve to the right,
having a central angle of 71(degree) 02' 32" and a radius of 410.27 feet, a
chord bearing and distance of North 39(degree) 47' 18" East, 476.74 feet to an
iron pin set in the easterly line of Parcel 1 of said Ruch/Moore tract, being in
the easterly line of said Lot 5

      thence North 04(degree) 18' 09" East, continuing with the easterly line of
said Parcel 1 and easterly lot line, a distance of 25.95 feet to an iron pin
with cap (S-6579) found at the northeasterly corner of said Parcel 1 and the
southwesterly corner of that tract as conveyed to The Ohio State University
Board of Trustees of record in Deed Book 2881, page 291, being in the centerline
of a C & O Railroad Right-of-Way Easement;

      thence South 85(degree) 34' 47" East, with the southerly line of said Ohio
State University tract and said centerline, a distance of 94.19 feet to an iron
pin with cap found (S-6579) at a northwesterly corner of that tract as conveyed
to the State of Ohio FBO OSU of record in Instrument No. 199710070114040;

      thence South 04(degree) 20' 02" West, with a westerly line of said State
of Ohio tract and across said Lot 4 (passing an iron pin with cap (S-6579) found
at 40.71 feet), a total distance of 518.26 feet to a railroad spike found in the
centerline of said Kinnear Road;

      thence North 85(degree) 35' 00" West, with said centerline, (passing a
railroad spike found at 93.91 feet and a P.K. Nail found at 360.65 feet), a
total distance of 370.68 feet to the point of beginning and containing 3.580
acres of land, more or less.

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 16

<PAGE>

PARCEL TWO:
0.438 ACRE

      Situated in the State of Ohio, County of Franklin, City of Columbus,
Quarter Township 3, Township 1, Range 18, Untied States Military Lands and being
out of Parcels 1 and 2 as conveyed to Bobbi Ruch and Jack Moore, Jr. of record
in Official Records Volume 8965, Page I12, said parcels being portions of Lots 5
and 6 of "Lewis Sell's Subdivision" of record in Plat Book 8, page 6B, (all
references refer to the records of the Recorder's Office, Franklin County, Ohio)
and described as follows:

      Beginning, for reference, at an iron rod found in the centerline of
Kinnear Road, marking the intersection of said centerline with the division line
between Lots 6 and 7 of said subdivision;

      thence North 04(degree) 18' 34" East, with said division line, a distance
of 337.38 feet to a railroad spike found at the northwesterly corner of the
remainder of that tract as conveyed to Graybar Electric Company Inc. of record
in Deed Book 1958, page 484;

      thence South 85(degree) 33' 26" East, with the northerly line of said
Graybar Electric Company Inc. remainder tract, a distance of 360.79 feet to an
iron pin set at the True Point of Beginning;

      thence North 05(degree) 12' 26" East, across said Parcels 1 and 2, a
distance of 181.09 feet to an iron pin set in the centerline of an abandoned
railroad bed, the southerly line of that tract as conveyed to the Ohio State
University Board of Trustees of record in Deed Book 2881, page 291;

      thence South 85(degree) 34' 47" East, with the centerline of said
abandoned railroad bed and said southerly line, a distance of 210.62 feet to an
iron pin found in the division line between Lots 4 and 5 of said subdivision, a
northwesterly corner of that tract as conveyed to the Fishel Corporation of
record in Deed Book 1479, page 589 and Official Records Volume 2085, Page H04
and Official Records Volume 2085, Page H09;

      thence South 04(degree) 18' 09" West, with said division line, a westerly
line of said Fishel tract, a distance of 25.95 feet to an iron pin set on a
curve in the centerline of an abandoned railroad bed;

      thence with the centerline of said abandoned railroad bed, a northerly
line of said Fishel tract and with a curve to the left, having a central angle
of 36(degree) 21' 46" and a radius of 410.27 feet, a chord bearing and distance
of South 57(degree) 07' 41" West, 256.03 feet to an iron pin set at the
northeasterly corner of said remainder tract;

thence North 85(degree) 33' 26" West, with the northerly line of said remainder
tract, a distance of 9.48 feet to the True Point of Beginning and containing
0.438 acre of land, more or less.

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 17

<PAGE>

                                   EXHIBIT "B"

                            ON-SITE COMPUTER SYSTEMS

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 18

<PAGE>

                                   EXHIBIT "C"

                               MANAGER'S INSURANCE

Manager shall

      -     Carry the insurance listed below.

      -     Furnish Certificates of Insurance and Endorsements to Owner
            evidencing required coverages prior to commencement of the Work and
            prior to the expiration of any then current policy.

Certificates of Insurance must:

      -     Be given on ACORD Form 27 certificate, modified as necessary.

      -     Provide for at least 30 days prior written notice of cancellation,
            non-renewal, or material reduction in coverage to Owner.

Insurance policies must:

      -     Be written on an occurrence basis and not on a claims-made basis.

      -     Be endorsed to waive any rights of subrogation against Owner and its
            respective partners, members, officers, directors, employees,
            agents, successors, and assigns.

      -     Be written by an insurance company or companies with a current A. M.
            Best Company rating of A-/VIII or better and be admitted to do
            business in the State where the Project is located.

      -     Owner and its respective partners, members, officers, directors,
            employees, agents, successors, and assigns will be named as
            "additional insureds," using ISO additional insured form CG 20 09 10
            93, without modification on the General Liability and Auto Liability
            policies.

Required Insurance coverage:

1.    COMMERCIAL GENERAL LIABILITY: (1986 ISO Form or its replacement):
      Insurance must provide contractual liability coverage with the following
      minimum limits in regards to negligent acts of Manager:

            $1,000,000 General Aggregate
            $1,000,000 Products-Comp/OP Aggregate
            $1,000,000 Personal & Advertising Injury
            $1,000,000 Each Occurrence
            $   50,000 Fire Damage (any one fire)
            $1,000,000 Aggregate

2.    UMBRELLA: In excess of and following form with the Commercial General
      Liability at the following minimum limits:

            $2,000,000 Each Occurrence
            $2,000,000 Aggregate

3.    WORKERS' COMPENSATION: Workers' Compensation Insurance - State Statutory
      Limits.

4.    EMPLOYERS' LIABILITY: With the following minimum limits:

            $100,000 Each Accident
            $500,000 Disease-Policy Limit
            $100,000 Disease-Each Employee

5.    AUTOMOBILE LIABILITY: Insurance for claims arising out of ownership,
      maintenance, or use of owned, non-owned, and hired motor vehicles at,
      upon, or away from the Project with the following minimum limits:

            $1,000,000 Each Accident Single Limit Bodily Injury and Property
                       Damage Combined

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 19

<PAGE>

                                   EXHIBIT "D"

                                OWNER'S INSURANCE

Owner shall

      -     Carry the insurance listed below.

      -     Furnish Certificates of Insurance and Endorsements to Manager
            evidencing required coverages prior to commencement of the Work and
            prior to the expiration of any then current policy.

Certificates of Insurance must:

      -     Be given on ACORD Form 27 certificate, modified as necessary.

      -     Provide for at least 30 days prior written notice of cancellation,
            non-renewal, or material reduction in coverage to Manager.

Insurance policies must:

      -     Be written on an occurrence basis and not on a claims-made basis.

      -     Be endorsed to waive any rights of subrogation against Manager and
            its employees, partners, members, officers, directors, employees,
            agents, successors, and assigns.

      -     Be written by an insurance company or companies with a current A. M.
            Best Company rating of A-/VIII or better and be admitted to do
            business in the State where the Project is located.

      -     Manager and its respective partners, members, officers, directors,
            employees, agents, successors, and assigns will be named as
            "additional insureds," using ISO additional insured form CG 20 09 10
            93, without modification on the General Liability Coverage.

Required Insurance coverage:

1.    PROPERTY AND BOILER AND MACHINERY: Insurance must be provided at full
      replacement cost coverage with business interruption for a 12 month
      period.

2.    COMMERCIAL GENERAL LIABILITY: (1986 ISO Form or its replacement):
      Insurance must provide contractual liability coverage with the following
      minimum limits:

            $1,000,000 General Aggregate
            $1,000,000 Products-Comp/OP Aggregate
            $1,000,000 Personal & Advertising Injury
            $1,000,000 Each Occurrence
            $   50,000 Fire Damage (any one fire)
            $1,000,000 Aggregate

3. UMBRELLA: In excess of and following form with the Commercial General
Liability at the following minimum limits:

            $5,000,000 Each Occurrence
            $5,000,000 AGGREGATE

PROPERTY MANAGEMENT AND LEASING AGREEMENT/COLUMBUS APARTMENTS            Page 20<PAGE>
                                                                   EXHIBIT 10.32

                         EXECUTIVE EMPLOYMENT AGREEMENT

                                     BETWEEN

                          EDUCATION REALTY TRUST, INC.

                                       AND

                                WILLIAM W. HARRIS

                                DECEMBER 6, 2004

<PAGE>
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") by and between Education
Realty Trust, Inc. (the "Company"), and William W. Harris ("You" or "Your")
(collectively, the "Parties"), is effective as of the date of the consummation
of the Company's initial public offering pursuant to an effective registration
statement on Form S-11 (the "Effective Date"). Unless otherwise indicated, all
capitalized terms used in this Agreement are defined in the "Definitions"
section attached as Exhibit A. Exhibit A is incorporated by reference and is
included in the definition of "Agreement."

         WHEREAS, the Company desires to employ You as Senior Vice-President --
Development, and You desire to accept said employment by the Company;

         WHEREAS, Your position is a position of trust and responsibility with
access to Confidential Information, Trade Secrets, and information concerning
employees and customers of the Company;

         WHEREAS, the Trade Secrets and Confidential Information, and the
relationship between the Company and each of its employees and customers are
valuable assets of the Company and may not be used for any purpose other than
the Company's Business;

         WHEREAS, You acknowledge that if You were to perform services for a
competitor during the Restrictive Period, it would be inevitable that You would
disclose the Company's Trade Secrets and Confidential Information;

         WHEREAS, the Company has agreed to employ You in exchange for Your
compliance with the terms of this Agreement;

         WHEREAS, the Company and You desire to express the terms and conditions
of Your employment in this Agreement.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

         1.       Employment and Duties

                  A.       Position. The Company shall employ You as Senior-Vice
         President Development.

                  B.       Duties. You agree to perform all duties that are
         consistent with Your position and that may otherwise be assigned to You
         by the Company from time to time.

                  C.       Reporting. You shall report directly to the Board of
         Directors (the "Board") of the Company or any other executive
         designated by the Board from time to time.

                  D.       Devotion of Time. You agree to (i) devote all
         necessary working time required of Your position, (ii) devote Your best
         efforts, skill, and energies to promote and advance the business and/or
         interests of the Company, and (iii) fully perform Your obligations
         under this Agreement. During Your employment, You shall not render
         services to any other entity, regardless of whether You receive
         compensation, without the prior written consent of the Company. You
         may, however, (i) engage in community, charitable, and educational
         activities, (ii) manage Your personal investments, (iii) continue
         working with Allen & O'Hara, Inc.,

<PAGE>

         provided, however, that such work does not compete with the Company and
         does not involve student housing whatsoever, and (iv) with the prior
         written consent of the Company, serve on corporate boards or
         committees, provided that such activities do not conflict or interfere
         with the performance of Your obligations under this Agreement or
         conflict with the interests of the Company.

                  E.       Company Policies. You agree to comply with the
         policies and procedures of the Company as may be adopted and changed
         from time to time, including those described in the Company's employee
         handbook. If this Agreement conflicts with such policies or procedures,
         this Agreement will control.

                  F.       Fiduciary Duties. As an officer of the Company, You
         owe a duty of care and loyalty to the Company, as well as a duty to
         perform Your Duties in a manner that is in the best interests of the
         Company. You owe such duties to the Company in addition to duties
         imposed upon You under applicable law.

                  2.       Term. The term of this Agreement shall be for a
         period of 3 years, beginning on the Effective Date and ending on the
         first anniversary of the Effective Date (the "Employment Period"). Upon
         expiration of the Employment Period, this Agreement will automatically
         renew for a one-year period (each a "Renewal Period"), unless either
         Party notifies the other Party, in writing, at least sixty (60) days
         prior to the end of the Employment Period or the Renewal Period that
         the Agreement will not be renewed. If this Agreement is renewed in
         accordance with this Section, each Renewal Period shall be included in
         the definition of "Employment Period" for purposes of this Agreement.
         If this Agreement is not renewed in accordance with this Section, Your
         employment will either (a) terminate, or (b) convert to an at-will
         relationship, meaning that You may terminate your employment with the
         Company at any time and for any reason whatsoever simply by notifying
         the Company, and the Company may terminate your employment at any time
         with or without cause or advance notice. If this Agreement is not
         renewed and Your employment converts to an at-will relationship, then
         (a) the period in which You continue to be employed with the Company
         shall not be included in the definition of "Employment Period" for
         purposes of this Agreement, and (b) this Agreement will no longer be in
         effect; provided, however, that the restrictive covenants and all
         post-termination obligations contained in this Agreement shall survive
         termination of this Agreement.

         3.       Compensation.

                  A.       Base Salary. During the Employment Period, the
         Company will pay You an annual base salary ("Base Salary") of
         $140,000.00, minus applicable withholdings, in accordance with the
         Company's normal payroll practices. Your Base Salary will be increased
         annually at the discretion of the Compensation Committee of the Board
         (the "Committee") based upon Your performance and the Company's
         performance; provided, however, that the annual increase in Your Base
         Salary shall not be less than the percentage increase in the applicable
         Consumer Price Index published by the U.S. Bureau of Labor Statistics.

                  B.       Bonus. During the Employment Period, You will receive
         an annual bonus of up to 50% of Your Base Salary only if, as determined
         by the Committee in its sole discretion, You meet certain criteria
         established from year to year by the Committee (the "Bonus"). You will
         not receive any Bonus if You do not meet such criteria. In addition,
         You will not receive any Bonus if, for any reason, You are not employed
         on the date on which the Bonus is to be paid. The amount of any Bonus
         paid under this Section 3.B will be reduced by any bonus payments made
         to You during the same year for which you are receiving the Bonus,
         which were paid pursuant to the

                                       2
<PAGE>

         On-Campus Student Housing Development Bonus Plan. The Bonus will be
         subject to all applicable withholdings and will be paid as soon as
         reasonably practical after the end of the calendar year.

                  C.       Restricted Stock. As soon as possible after execution
         of this Agreement, the Company will request that the Committee grant
         You 10,000 restricted shares of the Company's common stock (the
         "Restricted Stock") pursuant to the terms and conditions of the
         Restricted Stock Grant Certificate (the "Restricted Stock Certificate")
         to be prepared by the Company in accordance with the Stock Incentive
         Plan. The Restricted Stock shall vest pursuant to the terms of the
         Restricted Stock Certificate.

                  D.       Profits Interest Units. As soon as possible after
         execution of this Agreement, the Company will request that the
         Committee cause Education Realty Limited Partner, LLC, a Delaware
         limited liability company controlled by the Company (the "Profits
         Interest LLC"), to grant to You Units in Profits Interest LLC that will
         result in Your receiving with respect to such Units in Profits Interest
         LLC current distributions that are equivalent to those distributions
         that would be received by a holder of 20,000 Common Partnership Units
         in Education Realty Operating Partnership, LP, a Delaware limited
         partnership (the "UPREIT"), pursuant to the terms and conditions of the
         operating agreement of the Profits Interest LLC, as such agreement may
         be amended, restated and supplemented from time to time (the "Profits
         Interest LLC Agreement"). A condition to Your receipt of such interest
         in the Profits Interest LLC shall be the execution by You of the
         Profits Interest LLC Agreement.

                  E.       Benefits Plans. During the Employment Period, You are
         eligible to participate in all benefit plans in effect for executives
         and employees of the Company, subject to the terms and conditions of
         such plans.

                  F.       Vacation. During the Employment Period, You are
         entitled to 4 weeks of paid vacation per calendar year. All vacation
         must be pre-approved by the Board.

                  G.       Executive Benefits. During the Employment Period, You
         will be entitled to receive all other fringe benefits available to
         executives of the Company.

                  H.       Business Expenses. During the Employment Period, the
         Company will reimburse You for all approved business expenses incurred
         by You in the performance of Your duties under this Agreement in
         accordance with the policies and procedures of the Company.

         4.       Termination. This Agreement may be terminated by any of the
         following events:

                  A.       Expiration of the Employment Period unless
         renewed/extended as set forth above.

                  B.       Mutual written agreement between You and the Company
         at any time.

                  C.       Your death.

                  D.       Your disability which renders You unable to perform
         the essential functions of Your job even with reasonable accommodation,
         as determined in the Company's sole discretion.

                  E.       For Cause, which shall mean a termination by the
         Company, upon the action of the Board, because of any one of the
         following events:

                                       3
<PAGE>

                  (i)      Your insubordination;

                  (ii)     Your breach of this Agreement;

                  (iii)    Any act or omission by You which injures, or is
                           likely to injure, the Company or the business
                           reputation of the Company;

                  (iv)     Your dishonesty, fraud, malfeasance, negligence or
                           misconduct;

                  (v)      Your failure to (a) satisfactorily perform Your
                           duties under this Agreement, (b) follow the direction
                           of any individual to whom You report, (c) abide by
                           the policies, procedures, and rules of the Company,
                           or (d) abide by laws applicable to You in Your
                           capacity as an employee, executive, or officer of the
                           Company;

                  (vi)     Your arrest, indictment for, conviction of, or entry
                           of a plea of guilty or no contest to, a felony or
                           crime involving moral turpitude;

                  (vii)    Your resignation unless such resignation is based
                           upon Good Reason; or

                  (viii)   Your refusal to perform duties unless such refusal is
                           based upon Good Reason.

                  F.       Your resignation for Good Reason.

                  G.       Without Cause, which shall mean any termination of
         employment by the Company which is not defined in sub-sections A-F
         above.

         5.       Company's Post-Termination Obligations

                  A.       If this Agreement terminates for the reasons set
         forth in Sections 4.A, B, C, D, or E above, then the Company will pay
         You all accrued but unpaid wages, based on Your then current Base
         Salary, through the termination date. The Company shall have no other
         obligations to You, including under any provision of this Agreement,
         Company policy, or otherwise; however, You shall continue to be bound
         by Section 7 and all other post-termination obligations to which You
         are subject, including, but not limited to, the obligations contained
         in this Agreement.

                  B.       If this Agreement terminates for any of the reasons
         set forth in Sections 4.F or G above, then the Company will pay You (i)
         all accrued but unpaid wages through the termination date, based on
         Your then current Base Salary; (ii) a separation payment equal to
         twelve (12) months of Your then current Base Salary, to be paid over a
         period of twelve (12) months in accordance with the Company's regular
         payroll practices; (iii) a payment for all accrued but unpaid vacation
         through Your termination date, based on Your then current Base Salary;
         (iv) a payment for all approved, but unreimbursed, business expenses,
         provided that a request for reimbursement of business expenses is
         submitted in accordance with the Company's policies and submitted
         within five (5) business days of Your termination date; (v) a payment
         for all earned and accrued but unpaid bonuses; and (vi) payment of any
         COBRA continuation coverage premiums required for the coverage of You
         and

                                       4
<PAGE>

         Your eligible dependents under the Company's major medical group health
         plan for a period of up to 12 months (or, if less, the period that You
         and Your eligible dependents are entitled to such COBRA continuation
         coverage).(1) Except as set forth in this Section 5.B, the Company
         shall have no other obligations to You. The Company's obligation to
         provide the payments set forth in this Section 5.B above shall be
         conditioned upon the following (the "Separation Conditions"):

                  (i)      Your execution and non-revocation of a Separation &
                           Release Agreement in a form prepared by the Company
                           by which You release the Company from any and all
                           liability and claims of any kind; and

                  (ii)     Your compliance with the restrictive covenants
                           (Section 7) and all post-termination obligations,
                           including, but not limited, the obligations contained
                           in this Agreement.

                  C.       If You do not execute an effective Separation &
         Release Agreement as set forth above, the Company will not provide any
         payments or benefits to You under Section 5.B. The Company's obligation
         to make the separation payments set forth in Section 5.B shall
         terminate immediately upon any breach by You of any post-termination
         obligations to which You are subject.

                  6.       Change of Control. Notwithstanding the provisions of
         Section 5, if, within one (1) year following a Change of Control, the
         Company terminates Your employment without Cause, as defined in Section
         4.G, then the Company will pay You (i) all accrued but unpaid wages
         through the termination date, based on Your then current Base Salary;
         (ii) a separation payment equal to 12 months of Your then current Base
         Salary, to be paid within thirty (30) days of Your termination date;
         (iii) a payment for all earned and accrued but unpaid bonuses; and (iv)
         payment of any COBRA continuation coverage premiums required for the
         coverage of You and Your eligible dependents under the Company's major
         medical group health plan for a period of up to 12 months (or, if less,
         the period that You and Your eligible dependents are entitled to such
         COBRA continuation coverage).(2) The payments and benefits set forth in
         this Section 6 shall be provided to You in lieu of any benefits to
         which You may be entitled to receive under Section 5.B above; provided,
         however, that Your right to receive the separation payments and
         benefits set forth in this Section 6 shall be subject to the Separation
         Conditions set forth in Section 5.B above. The separation payments and
         benefits set forth in this Section 6 shall constitute full satisfaction
         of the Company's obligations under this Agreement, any Company policy,
         or otherwise.

         7.       Your Post-Termination Obligations.

                  A.       Return of Materials. Upon the termination of Your
         employment for any reason, You will return to the Company all of the
         Company's property, including, but not limited to, keys, passcards,
         credit cards, customer lists, rolodexes, tapes, software, computer
         files, marketing and sales materials, and any other property, record,
         document or piece of equipment belonging to the Company.

                  B.       Set-Off. If You have any outstanding obligations to
         the Company upon the termination of Your employment for any reason, You
         hereby authorize the Company to deduct

---------------

         (1)      You and Your eligible dependents shall be solely responsible
                  for any requirements which must be satisfied or actions that
                  must be taken in order to obtain such COBRA continuation
                  coverage other than the payment of COBRA premiums.

         (2)      ID. 5
<PAGE>

         any amounts owed to the Company from Your final paycheck and/or any
         amounts that would otherwise be due to You, including under Sections 5
         or 6 above.

                  C.       Non-Disparagement. During Your employment and upon
         the termination of Your employment with the Company for any reason, You
         will not make any disparaging or defamatory statements, whether written
         or verbal, regarding the Company.

                  D.       Restrictive Covenants. You acknowledge that the
         restrictions contained in this Section 7 are reasonable and necessary
         to protect the legitimate business interests of the Company, and will
         not impair or infringe upon Your right to work or earn a living after
         Your employment with the Company ends.

                  (i)      Trade Secrets and Confidential Information. You
                           represent and warrant that: (a) You are not subject
                           to any legal or contractual duty or agreement that
                           would prevent or prohibit You from performing the
                           duties contemplated by this Agreement or otherwise
                           complying with this Agreement, and (b) You are not in
                           breach of any legal or contractual duty or agreement,
                           including any agreement concerning trade secrets or
                           confidential information owned by any other party.

                           You agree that You will not: (a) use, disclose, or
                           reverse engineer the Trade Secrets or the
                           Confidential Information for any purpose other than
                           the Company's Business, except as authorized in
                           writing by the Company; (b) during Your employment
                           with the Company, use, disclose, or reverse engineer
                           (1) any confidential information or trade secrets of
                           any former employer or third party, or (2) any works
                           of authorship developed in whole or in part by You
                           during any former employment or for any other party,
                           unless authorized in writing by the former employer
                           or third party; or (c) upon Your resignation or
                           termination (1) retain Trade Secrets or Confidential
                           Information, including any copies existing in any
                           form (including electronic form), which are in Your
                           possession or control, or (2) destroy, delete, or
                           alter the Trade Secrets or Confidential Information
                           without the Company's written consent.

                           The obligations under this Section 7 shall remain in
                           effect as long as the information constitutes a trade
                           secret or Confidential Information under applicable
                           law. The confidentiality, property, and proprietary
                           rights protections available in this Agreement are in
                           addition to, and not exclusive of, any and all other
                           rights to which the Company is entitled under federal
                           and state law, including, but not limited to, rights
                           provided under copyright laws, trade secret and
                           confidential information laws, and laws concerning
                           fiduciary duties.

                  (ii)     Non-Competition. During the Restricted Period, You
                           agree that You shall not perform the Duties,
                           individually or on behalf of any person, firm,
                           partnership, association, business organization,
                           corporation or entity engaged in the Business within
                           the Territory. The Parties agree and acknowledge
                           that: (a) the periods of restriction and Territory of
                           restriction contained in this Agreement are fair and
                           reasonable in that they are reasonably required for
                           the protection of the Company and that the Territory
                           is the area in which You perform services for
                           Company; and (b) by having access to information
                           concerning employees and actual or prospective
                           Customers of Company, You shall obtain a competitive
                           advantage as to the Company.

                                       6
<PAGE>

                  (iii)    Non-Solicitation of Customers. During the Restricted
                           Period, You will not, directly or indirectly, solicit
                           any Customer of the Company for the purpose of
                           providing any goods or services competitive with the
                           Business within the Territory. The restrictions set
                           forth in this Section 7 apply only to the Customers
                           with whom You had Contact.

                  (iv)     Non-Recruit of Employees. During the Restricted
                           Period, You will not, directly or indirectly,
                           solicit, recruit or induce any Employee to (a)
                           terminate his or her employment relationship with the
                           Company or (b) work for any other person or entity
                           engaged in the Business.

                  E.       Post-Employment Disclosure. During the Restricted
         Period, You shall provide a copy of this Agreement to persons and/or
         entities for whom You work or consult as an owner, partner, joint
         venturer, employee or independent contractor. If, during the Restricted
         Period, You work or consult for another person or entity as an owner,
         partner, joint venturer, employee or independent contractor, You shall
         provide the Company with such person or entity's name, the nature of
         such person or entity's business, Your job title, and a general
         description of the services You will provide.

                  F.       Resignation. Upon the termination of Your employment
         with the Company for any reason and upon the request of the Company,
         You shall deliver to the Company a written resignation from all
         offices, membership on the Board, and fiduciary positions in which You
         serve for the Company and each of its subsidiaries and affiliates.

         8.       Work Product. Your employment duties may include inventing in
areas directly or indirectly related to the Business of the Company or to a line
of business that the Company may reasonably be interested in pursuing. All Work
Product shall constitute work made for hire. If (a) any of the Work Product may
not be considered work made for hire, or (b) ownership of all right, title, and
interest to the legal rights in and to the Work Product will not vest
exclusively in the Company, then, without further consideration, You assign all
presently-existing Work Product to the Company, and agree to assign, and
automatically assign, all future Work Product to the Company.

         The Company will have the right to obtain, and hold in its own name,
copyrights, patents, design registrations, proprietary database rights,
trademarks, rights of publicity, and any other protection available in the Work
Product. At the Company's request, You agree to perform, during or after Your
employment with the Company, any acts to transfer, perfect and defend the
Company's ownership of the Work Product, including, but not limited to: (a)
executing all documents (including a formal assignment to the Company) necessary
for filing an application or registration for protection of the Work Product (an
"Application"), (b) explaining the nature of the Work Product to persons
designated by the Company, (c) reviewing Applications and other related papers,
or (d) providing any other assistance reasonably required for the orderly
prosecution of Applications.

         You agree to provide the Company with a written description of any Work
Product in which You are involved (solely or jointly with others) and the
circumstances attendant to the creation sufficient of such Work Product.

         9.       License. During Your employment and after Your employment with
the Company ends, You grant to the Company an irrevocable, nonexclusive,
worldwide, royalty-free license to: (i) make, use, sell, copy, perform, display,
distribute, or otherwise utilize copies of the Licensed Materials, (ii) prepare,
use and distribute derivative works based upon the Licensed Materials, and (ii)
authorize

                                       7
<PAGE>

others to do the same. You shall notify the Company in writing of any Licensed
Materials You deliver to the Company.

         10.      Release. During Your employment and after Your employment with
the Company ends, You consent to the Company's use of Your image, likeness,
voice, or other characteristics in the Company's products or services. You
release the Company from any causes of action that You have or may have arising
out of the use, distribution, adaptation, reproduction, broadcast, or exhibition
of such characteristics.

         11.      Injunctive Relief. You agree that if You breach Section 7 of
this Agreement: (a) the Company would suffer irreparable harm; (b) it would be
difficult to determine damages, and money damages alone would be an inadequate
remedy for the injuries suffered by the Company, and (c) if the Company seeks
injunctive relief to enforce this Agreement, You will waive and will not (i)
assert any defense that the Company has an adequate remedy at law with respect
to the breach, (ii) require that the Company submit proof of the economic value
of any Trade Secret or Confidential Information, or (iii) require the Company to
post a bond or any other security. Nothing contained in this Agreement shall
limit the Company's right to any other remedies at law or in equity.

         12.      Payment of Defense Costs. If You are individually named as a
defendant in a lawsuit relating to or arising out of the performance of Your
duties for the Company pursuant to this Agreement, then the Company agrees to
pay the reasonable attorneys' fees and expenses You incur in defending such
lawsuit (the "Defense Costs"). The Company will not pay any damages or any other
sums or relief for which You are held liable. Payment of the Defense Costs shall
be the Company's only obligation under this Section. If You are held liable,
then You agree to reimburse the Company for all Defense Costs the Company paid
to You or on Your behalf. The Company's obligation under this Section shall not
apply to any claim or lawsuit brought by the Company against You.

         13.      Severability. The provisions of this Agreement are severable.
If any provision of this Agreement is determined to be unenforceable, in whole
or in part, then such provision shall be modified so as to be enforceable to the
maximum extent permitted by law. If such provision cannot be modified to be
enforceable, the provision shall be severed from this Agreement to the extent
unenforceable. The remaining provisions and any partially enforceable provisions
shall remain in full force and effect.

         14.      Attorneys' Fees. In the event of litigation relating to this
Agreement, the prevailing party shall be entitled to recover attorneys' fees and
costs of litigation in addition to all other remedies available at law or in
equity.

         15.      Waiver. Either Party's failure to enforce any provision of
this Agreement shall not act as a waiver of that or any other provision. Either
Party's waiver of any breach of this Agreement shall not act as a waiver of any
other breach.

         16.      Entire Agreement. This Agreement, including Exhibit A that is
incorporated by reference, constitutes the entire agreement between the Parties
concerning the subject matter of this Agreement. This Agreement supersedes any
prior communications, agreements or understandings, whether oral or written,
between the Parties relating to the subject matter of this Agreement. Other than
terms of this Agreement, no other representation, promise or agreement has been
made with You to cause You to sign this Agreement.

         17.      Amendments. This Agreement may not be amended or modified
except in writing signed by both Parties.

                                       8
<PAGE>

         18.      Successors and Assigns. This Agreement shall be assignable to,
and shall inure to the benefit of, the Company's successors and assigns,
including, without limitation, successors through merger, name change,
consolidation, or sale of a majority of the Company's stock or assets, and shall
be binding upon You. You shall not have the right to assign Your rights or
obligations under this Agreement. The covenants contained in Section 7 of this
Agreement shall survive cessation of Your employment with the Company,
regardless of who causes the cessation or the reason for cessation.

         19.      Governing Law. The laws of the State of Tennessee shall govern
this Agreement. If Tennessee's conflict of law rules would apply another state's
laws, the Parties agree that Tennessee law shall still govern.

         20.      No Strict Construction. If there is a dispute about the
language of this Agreement, the fact that one Party drafted the Agreement shall
not be used in its interpretation.

         21.      Notice. Whenever any notice is required, it shall be given in
writing addressed as follows:

         To Company:                Attention: Chief Financial Officer
                                    Education Realty Trust, Inc.
                                    530 Oak Court Drive
                                    Suite 300
                                    Memphis, TN 38117

         To Executive:              William W. Harris
                                    977 Fairmeadow Road
                                    Memphis, TN  38117

         Notice shall be deemed given and effective three (3) days after the
deposit in the U.S. mail of a writing addressed as above and sent first class
mail, certified, return receipt requested, or when actually received. Either
Party may change the address to which notices shall be delivered or mailed by
notifying the other party of such change in accordance with this Section.

         22.      Consent to Jurisdiction and Venue. You agree that any claim
arising out of or relating to this Agreement shall be brought in a state or
federal court of competent jurisdiction in Tennessee. You consent to the
personal jurisdiction of the state and/or federal courts located in Tennessee.
You waive (i) any objection to jurisdiction or venue, or (ii) any defense
claiming lack of jurisdiction or improper venue, in any action brought in such
courts.

         23.      AFFIRMATION. YOU acknowledge that YOU HAVE carefully read this
Agreement, YOU know and understand its terms and conditions, and YOU HAVE had
the opportunity to ask the Company any questions YOU may have had prior to
signing this Agreement.

         24.      Compliance with Code Section 409A. Notwithstanding any
provision of this Agreement to the contrary, it is the intent of the parties
hereto that this Agreement shall not create or provide for any "nonqualified
deferred compensation plan" (as defined in Code Section 409A(d)(1)) unless such
"nonqualified deferred compensation plan" shall meet the requirements of Code
Section 409A(a)(2), (3) and (4), and this Agreement and any plans, agreements or
arrangements between the parties shall be interpreted accordingly. If any
"nonqualified deferred compensation plan" created or provided for pursuant to
this Agreement shall fail to meet the requirements of Code Section 409A(a)(2),
(3) or (4) due to a term or provision of such "nonqualified deferred
compensation plan" prior to taking into account the provisions of this

                                       9
<PAGE>

paragraph 24, such "nonqualified deferred compensation plan" and its
corresponding terms or provisions causing such failure shall be deemed to be
modified and shall be interpreted (1) so as not to allow any distributions or
payments to be made until one of the events listed in Code Section 409A(a)(2)(A)
have occurred, (2) so as not to allow any acceleration of the time or schedule
of any payment or distribution in accordance with Code Section 409A(a)(3), and
(3) so that any elections regarding deferrals, or the timing or form of
distributions or payments, shall comply with the provisions of Code Section
409A(a)(4). For example, should this Agreement provide for a payment from a
"nonqualified deferred compensation plan" earlier than the occurrence of an
event listed in Code Section 409A(a)(2)(A), such payment shall not occur until
the occurrence of an event listed in Code Section 409A(a)(2)(A) notwithstanding
any terms or provisions of any document effectuating such "nonqualified deferred
compensation plan" to the contrary, and this Agreement shall be deemed to be
modified accordingly.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       10
<PAGE>

         IN WITNESS WHEREOF, the Parties hereto have executed this Agreement
effective as of the Effective Date.

                                EDUCATION REALTY TRUST, INC.

                                By: /s/ PAUL O. BOWER
                                   --------------------------------------------
                                   Name: Paul O. Bower
                                        ---------------------------------------
                                   Title: President and Chief Executive Officer
                                         --------------------------------------
                                Date: 12/6/04
                                     ------------------------------------------

                                WILLIAM W. HARRIS

                                /s/ WILLIAM W. HARRIS
                                -----------------------------------------------

                                Date: 12/5/04
                                     ------------------------------------------

                                       11
<PAGE>
                                    EXHIBIT A

                                   DEFINITIONS

A.       "Business" shall mean the business of owning and managing off-campus
         student housing communities, providing third-party management services
         for student housing communities, and providing third-party development
         consulting services for student housing communities.

B.       "Change of Control" means (i) the sale, transfer, or other disposition
         of eighty percent (80%) or more of the aggregate value of the Company's
         assets, as reasonably determined by the Board, or (ii) a sale of fifty
         percent (50%) or more of the then outstanding voting stock of the
         Company in a single transaction or a series of related transactions.

C.       "Confidential Information" means (i) information of the Company, to the
         extent not considered a Trade Secret under applicable law, that (a)
         relates to the business of the Company, (b) possesses an element of
         value to the Company, (c) is not generally known to the Company's
         competitors, and (d) would damage the Company if disclosed, and (ii)
         information of any third party provided to the Company which the
         Company is obligated to treat as confidential. Confidential Information
         includes, but is not limited to, (i) future business plans, (ii) the
         composition, description, schematic or design of products, future
         products or equipment of the Company, (iii) communication systems,
         audio systems, system designs and related documentation, (iv)
         advertising or marketing plans, (v) information regarding independent
         contractors, employees, clients and customers of the Company, and (vi)
         information concerning the Company's financial structure and methods
         and procedures of operation. Confidential Information shall not include
         any information that (i) is or becomes generally available to the
         public other than as a result of an unauthorized disclosure, (ii) has
         been independently developed and disclosed by others without violating
         this Agreement or the legal rights of any party, or (iii) otherwise
         enters the public domain through lawful means.

D.       "Contact" means any interaction between You and a Customer which (i)
         takes place in an effort to establish, maintain, and/or further a
         business relationship on behalf of the Company, and (ii) occurs during
         the last year of Your employment with the Company (or during Your
         employment if employed less than a year).

E.       "Customer" means any person or entity to whom the Company has sold its
         products or services, or solicited to sell its products or services.

F.       "Duties" means coordinating the efforts of the Company's development
         department to solicit development consulting work and to execute
         project engagements for development consulting.

G.       "Employee" means any person who (i) is employed by the Company at the
         time Your employment with the Company ends, (ii) was employed by the
         Company during the last year of Your employment with the Company (or
         during Your employment if employed less than a year), or (iii) is
         employed by the Company during the Restricted Period.

H.       "Good Reason" shall exist if (i) the Company, without Your written
         consent, materially reduces Your then current title, duties or
         responsibilities, provided, however, that the occurrence of a Change of
         Control and the corresponding change in Your duties and
         responsibilities one (1) or more year(s) after the Change of Control
         shall not, by itself, be sufficient to qualify as Good Reason under
         this clause, (ii) You provide written notice to the Company of such
         action and provide the Company with thirty (30) days to remedy such
         action (the "Cure Period"), (iii) the

<PAGE>

         Company fails to remedy such action within the Cure Period, and (iv)
         You resign within ten (10) days of the expiration of the Cure Period.
         Good Reason shall not include any isolated, insubstantial or
         inadvertent action that (i) is not taken in bad faith, and (ii) is
         remedied by the Company within the Cure Period.

I.       "Licensed Materials" means any materials that You utilize for the
         benefit of the Company, or deliver to the Company or the Company's
         customers, which (i) do not constitute Work Product, (ii) are created
         by You or of which You are otherwise in lawful possession, and (iii)
         You may lawfully utilize for the benefit of, or distribute to, the
         Company or the Company's customers.

J.       "Restricted Period" means the time period during Your employment with
         the Company, and for one year after Your employment with the Company
         ends.

K.       "Territory" means the states of Alabama, Arizona, California, Colorado,
         Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland,
         Michigan, Mississippi, Missouri, North Carolina, Ohio, Oklahoma,
         Pennsylvania, South Carolina, Tennessee and Texas.

L.       "Trade Secrets" means information of the Company, and its licensors,
         suppliers, clients and customers, without regard to form, including,
         but not limited to, technical or nontechnical data, a formula, a
         pattern, a compilation, a program, a device, a method, a technique, a
         drawing, a process, financial data, financial plans, product plans, or
         a list of actual or potential customers or suppliers which is not
         commonly known by or available to the public and which information (i)
         derives economic value, actual or potential, from not being generally
         known to, and not being readily ascertainable by proper means by, other
         persons who can obtain economic value from its disclosure or use, and
         (ii) is the subject of efforts that are reasonable under the
         circumstances to maintain its secrecy.

M.       "Work Product" means (i) any data, databases, materials, documentation,
         computer programs, inventions (whether or not patentable), designs,
         and/or works of authorship, including but not limited to, discoveries,
         ideas, concepts, properties, formulas, compositions, methods, programs,
         procedures, systems, techniques, products, improvements, innovations,
         writings, pictures, audio, video, images of You, and artistic works,
         and (ii) any subject matter protected under patent, copyright,
         proprietary database, trademark, trade secret, rights of publicity,
         confidential information, or other property rights, including all
         worldwide rights therein, that is or was conceived, created or
         developed in whole or in part by You while employed by the Company and
         that either (i) is created within the scope of Your employment, (ii) is
         based on, results from, or is suggested by any work performed within
         the scope of Your employment and is directly or indirectly related to
         the Business of the Company or a line of business that the Company may
         reasonably be interested in pursuing, (iii) has been or will be paid
         for by the Company, or (iv) was created or improved in whole or in part
         by using the Company's time, resources, data, facilities, or equipment.

                                      2

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