Same Community Occupancy

The average physical and economic occupancies on a same-community basis for the fourth quarter of 2008 were 93.2% and 94.4%, respectively, compared to 95.9% and 97.5% in the prior year. As of January 31, 2009, average physical and economic occupancies were 92.3% and 93.5%, respectively, compared to 95.3% and 96.8% on the same date last year.

Physical occupancy is the average of occupied rooms at the end of each month, whereas economic occupancy represents net apartment rent on a US GAAP basis as a percentage of potential rent and reflects the impact of straight-line rent.

Fall 2009 Leasing

As of February 22, 2009, same-community leasing reflected approximately 42.2% of the same store beds have been applied for and 33.8% has been leased compared to 41.8% and 32.9% one year ago on this date. Leasing for the three previously identified properties in challenged markets was 32.0% applied for and 25.8% leased compared to 26.0% applied for and 17.4% leased one year ago. Regarding the former Place portfolio, as of February 22, 2009, approximately 30.6% of the beds have been applied for and 23.6% have been leased compared to 30.8% and 23.8% one year ago on this date.

An application is defined as a signed student lease without the receipt of an executed parental guarantee, which can take time to obtain.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Company's business that are not historical facts are ``forward-looking statements.'' Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions ``Item 1A. Risk Factors'' and ``Forward-Looking Statements'' in our annual report on Form 10-K and under the caption ``Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations'' (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and EDR undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.

About Education Realty Trust

Education Realty Trust, Inc. (NYSE:EDR - News) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the United States. Led by a team with over 200 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 65 communities in 21 states with 38,172 owned and managed beds. For more information please visit the Company's Web site at http://www.educationrealty.com.