Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K

CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): January 25, 2011 (January 19, 2011)

Education Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Maryland
  
001-32417
  
20-1352180
(State or Other Jurisdiction
of Incorporation)
  
(Commission File
Number)
  
(IRS Employer
Identification No.)
 
530 Oak Court Drive, Suite 300
Memphis, Tennessee
  
 
38117
(Address of Principal Executive Offices)
  
(Zip Code)

901-259-2500
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
Item 2.01.   Completion of Acquisition or Disposition of Assets.
 
Completion of the Disposition of Nine Collegiate Housing Communities

As previously reported in a Current Report on Form 8-K which was filed with the Securities and Exchange Commission (“SEC”) on October 26, 2010, Education Realty Operating Partnership, LP and certain of its subsidiaries, each of which is an indirectly owned subsidiary of Education Realty Trust, Inc. (collectively, the “Company”), entered into two sales agreements, agreeing to sell a total of nine collegiate housing communities (collectively the “Dispositions”) to KAREP REIT I, Inc. (“KAREP”). On January 19, 2011, the Company completed the second of the two dispositions.  KAREP is not affiliated with the Company or its affiliates, and the Dispositions resulted from arm’s-length negotiations between the Company and KAREP.

In accordance with the terms of the first agreement, the Company sold the following four collegiate housing communities (the “Communities”) to KAREP on December 8, 2010:

 
·
The Gables, a 288-bed community serving Western Kentucky University in Bowling Green, Kentucky;

 
·
Western Place, a 504-bed community serving Western Kentucky University in Bowling Green, Kentucky;

 
·
Berkeley Place, a 480-bed community serving Clemson University in Clemson, South Carolina; and

 
·
The Pointe at Southern, a 528-bed community serving Georgia Southern University in Statesboro, Georgia.

The sales price for the Communities was approximately $38.7 million, and the Company received net proceeds of approximately $20.5 million after the repayment of related debt of $17.2 million and other closing costs. The foregoing description of the First Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the First Agreement, a copy of which was filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2010 and which is incorporated herein by reference.

In accordance with the terms of the second agreement, the Company sold the following five collegiate housing communities (the “Additional Communities”) to KAREP on January 19, 2011:

 
·
Troy Place, a 408-bed community serving Troy University in Troy, Alabama;

 
·
The Reserve at Jacksonville, a 504-bed community serving Jacksonville State University in Jacksonville, Alabama;

 
·
The Reserve at Martin, a 384-bed community serving the University of Tennessee at Martin in Martin, Tennessee;

 
·
The Chase at Murray, a 408-bed community serving Murray State University in Murray, Kentucky; and

 
·
Clemson Place, a 288-bed community serving Clemson University in Clemson, South Carolina.

The sales price for the Additional Communities was approximately $46.1 million, and the Company received net proceeds of approximately $29.7 million after the repayment of related debt of $16.1 million and other closing costs. The foregoing description of the Second Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Agreement, a copy of which was filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2010 and which is incorporated herein by reference.

1
 
The Company expects to use the net proceeds from the sales of the Communities and the Additional Communities to reduce outstanding debt, finance previously announced development projects at the University of Texas at Austin, Johns Hopkins University and the University of Connecticut and fund additional development and acquisition opportunities.

Safe Harbor Statement

The Company believes that certain statements in this Current Report on Form 8-K may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements contained herein include, but are not limited to, statements regarding the Company’s expected use of the net proceeds from the sales of the Communities and the Additional Communities. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors and are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained in the Company’s filings with the SEC. The Company disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

 
2
 

Item 9.01.  Financial Statements and Exhibits.

(b)   Pro Forma Financial Information.

 
Page
   
Pro forma condensed consolidated balance sheet for Education Realty Trust, Inc. and subsidiaries as of September 30, 2010 (unaudited)
F-1
   
Pro forma condensed consolidated statement of operations for Education Realty Trust, Inc. and subsidiaries for the nine months ended September 30, 2010 (unaudited)
F-2
   
Pro forma condensed consolidated statement of operations for Education Realty Trust, Inc. and subsidiaries for the year ended December 31, 2009 (unaudited)
F-3
   
Pro forma condensed consolidated statement of operations for Education Realty Trust, Inc. and subsidiaries for the year ended December 31, 2008 (unaudited)
F-4
   
Pro forma condensed consolidated statement of operations for Education Realty Trust, Inc. and subsidiaries for the year ended December 31, 2007 (unaudited)
F-5
   
Notes to pro forma condensed consolidated financial statements (unaudited)
F-6

 
3
 

Education Realty Trust, Inc. and Subsidiaries
Pro forma condensed consolidated balance sheet
 As of September 30, 2010 (Unaudited)
(Dollars in thousands, except share and per share data)

   
Education
Realty Trust,
Inc. (a)
    
Pro Forma
Adjustments
        
Company
Pro forma
  
                       
Assets
                      
Collegiate housing properties, net
   $ 708,496     $ (83,499 ) b     $ 624,997  
Assets under development
     446       -           446  
Corporate office furniture and equipment, net
     869       -           869  
Cash and cash equivalents
     27,960       49,608   c       77,568  
Restricted cash
     6,488       (445 ) d       6,043  
Student contracts receivable, net
     379       (33 ) e       346  
Management fee receivable from third party, net
     395       -           395  
Goodwill and other intangibles, net
     3,070       -           3,070  
Other assets
     21,663       (601 ) f       21,062  
Total assets
     769,766       (34,970 )         734,796  
                             
Liabilities and stockholders' equity
                            
                             
Liabilities:
                            
Mortgage loans, net of unamortized premium/discount
     398,087       (33,282 ) g       364,805  
Accounts payable
     287       -           287  
Accrued expenses
     19,721       (1,393 ) h       18,328  
Deferred revenue
     14,499       (1,579 ) i       12,920  
Total liabilities
     432,594       (36,254 )         396,340  
                             
Commitments and contingencies
     -       -           -  
                             
Redeemable noncontrolling interests
     10,035       19   j       10,054  
                             
Equity:
                            
Common stock, $.01 par value, 200,000,000 shares authorized, 56,685,849 shares issued and outstanding at September 30,   2010
     584       -           584  
Preferred stock, $.01 par value, 50,000,000 shares authorized, no shares issued and outstanding
     -       -           -  
Additional paid in capital
     415,429       -           415,429  
Accumulated deficit
     (88,876 )     1,265   k       (87,611 )
Total equity
     327,137       1,265           328,402  
                             
Total liabilities and equity
   $ 769,766     $ (34,970 )       $ 734,796  
 
See accompanying notes to the pro forma condensed consolidated financial statements.
 .
 
F-1
 

Education Realty Trust, Inc. and Subsidiaries
Pro forma condensed consolidated statement of operations
 Nine months ended September 30, 2010 (Unaudited)
(Dollars in thousands, except for share and per share data)
 
   
Education
                
   
Realty
    
Pro Forma
      
Company
  
   
Trust, Inc. (l)
    
Adjustments(m)
      
Pro Forma
  
Revenues:
                    
Collegiate housing leasing revenue
   $ 84,628     $ 10,917       $ 73,711  
Other leasing revenue
     77       —         77  
Third-party development consulting services
     1,675       —         1,675  
Third-party management services
     2,335       —         2,335  
Operating expense reimbursements
     11,017       —         11,017  
Total revenues
     99,732       10,917         88,815  
Operating expenses:
                          
Collegiate housing leasing operations
     44,702       6,365         38,337  
General and administrative
     11,661       —         11,661  
Depreciation and amortization
     22,592       3,239         19,353  
Loss on impairment
     33,610       24,213         9,397  
Reimbursable operating expenses
     10,101       —         10,101  
Total operating expenses
     122,666       33,817         88,849  
Operating loss
     (22,934 )     (22,900 )       (34 )
Nonoperating expenses:
                          
Interest expense
     16,653       1,384         15,269  
Amortization of deferred financing costs
     974       45         929  
Interest income
     (402 )     (1 )       (401 )
Gain on extinguishment of debt
     —       —         —  
Total nonoperating expenses
     17,225       1,428         15,797  
Loss before equity in losses of unconsolidated entities, income taxes and discontinued operations
     (40,159 )     (24,328 )       (15,831 )
Equity in losses of unconsolidated entities
     (242 )     —         (242 )
Loss before income taxes and discontinued operations
     (40,401 )     (24,328 )       (16,073 )
Income tax expense
     268       1         267  
Loss from continuing operations
     (40,669 )     (24,329 )       (16,340 )
Loss from discontinued operations
     —       —         —  
Net loss
     (40,669 )     (24,329 )       (16,340 )
                           
Less: Net loss attributable to the noncontrolling interests
     (429 )     (406 ) n     (23 )
Net loss attributable to Education Realty Trust, Inc.
   $ (40,240 )   $ (23,923 )     $ (16,317 )
Earnings per share information:
                          
Loss attributable to Education Realty Trust, Inc. common stockholders per share — basic and diluted:
                          
Continuing operations
   $ (0.70 )             $ (0.29 )
Discontinued operations
     —                 —  
Net loss attributable to Education Realty Trust, Inc. common stockholders per share
   $ (0.70 )             $ (0.29 )
                           
Weighted average shares of common stock outstanding – basic and diluted
     57,120,291                 57,120,291  
                           
Amounts attributable to Education Realty Trust, Inc. – common stockholders:
                          
Loss from continuing operations, net of tax
   $ (40,240 )             $ (16,317 )
Loss from discontinued operations, net of tax
     —                 —  
Net loss
   $ (40,240 )             $ (16,317 )
Distributions per share of common stock
   $ 0.1500               $ 0.1500  
 
See accompanying notes to the pro forma condensed consolidated financial statements.
 
 
F-2
 

Education Realty Trust, Inc. and Subsidiaries
Pro forma condensed consolidated statement of operations
Year ended December 31, 2009 (Unaudited)
(Dollars in thousands, except for share and per share data)

   
Education
              
   
Realty
    
Pro Forma
    
Company
  
   
Trust, Inc. (o)
    
Adjustments (p)
    
Pro Forma
  
Revenues:
                  
Collegiate housing leasing revenue
   $ 113,077     $ 13,910     $ 99,167  
Other leasing revenue
     —       —       —  
Third-party development consulting services
     8,178       —       8,178  
Third-party management services
     3,221       —       3,221  
Operating expense reimbursements
     9,722       —       9,722  
Total revenues
     134,198       13,910       120,288  
Operating expenses:
                        
Collegiate housing leasing operations
     57,317       8,044       49,273  
General and administrative
     15,752       —       15,752  
Depreciation and amortization
     29,089       4,363       24,726  
Loss on impairment
     1,726       —       1,726  
Reimbursable operating expenses
     9,722       —       9,722  
Total operating expenses
     113,606       12,407       101,199  
Operating income
     20,592       1,503       19,089  
Nonoperating expenses:
                        
Interest expense
     24,585       2,832       21,753  
Amortization of deferred financing costs
     1,047       80       967  
Interest income
     (470 )     (1 )     (469 )
Gain on extinguishment of debt
     (830 )     —       (830 )
Total nonoperating expenses
     24,332       2,911       21,421  
Loss before equity in losses of unconsolidated entities, income taxes and discontinued operations
     (3,740 )     (1,408 )     (2,332 )
Equity in losses of unconsolidated entities
     (1,410 )     —       (1,410 )
Loss before income taxes and discontinued operations
     (5,150 )     (1,408 )     (3,742 )
Income tax expense
     1,920       14       1,906  
Loss from continuing operations
     (7,070 )     (1,422 )     (5,648 )
Loss from discontinued operations
     (21 )     —       (21 )
Net loss
     (7,091 )     (1,422 )     (5,669 )
Less: Net income (loss) attributable to the noncontrolling interest
     164       (43 ) q     207  
Net loss attributable to Education Realty Trust, Inc.
   $ (7,255 )   $ (1,379 )   $ (5,876 )
Earnings per share information:
                        
Loss attributable to Education Realty Trust, Inc. common stockholders per share — basic and diluted:
                        
Continuing operations
   $ (0.18 )           $ (0.14 )
Discontinued operations
     —               —  
Net loss attributable to Education Realty Trust, Inc. common stockholders per share
   $ (0.18 )           $ (0.14 )
                         
Weighted average shares of common stock outstanding – basic and diluted
     40,495,558               40,495,558  
Amounts attributable to Education Realty Trust, Inc. – common stockholders:
                        
Loss from continuing operations, net of tax
   $ (7,235 )           $ (5,856 )
Loss from discontinued operations, net of tax
     (20 )             (20 )
Net loss
   $ (7,255 )           $ (5,876 )
Distributions per share of common stock
   $ 0.36             $ 0.36  

See accompanying notes to the pro forma condensed consolidated financial statements.

 
F-3
 

Education Realty Trust, Inc. and Subsidiaries
Pro forma condensed consolidated statement of operations
Year ended December 31, 2008 (Unaudited)
(Dollars in thousands, except for share and per share data)

   
Education
              
   
Realty
    
Pro Forma
    
Company
  
   
Trust, Inc. (o)
    
Adjustments (p)
    
Pro Forma
  
Revenues:
                  
Collegiate housing leasing revenue
   $ 109,527     $ 12,541     $ 96,986  
Other leasing revenue
     7,145       4,021       3,124  
Third-party development consulting services
     8,303       —       8,303  
Third-party management services
     3,672       —       3,672  
Operating expense reimbursements
     10,796       —       10,796  
Total revenues
     139,443       16,562       122,881  
Operating expenses:
                        
Collegiate housing leasing operations
     57,377       7,731       49,646  
General and administrative
     16,348       —       16,348  
Depreciation and amortization
     29,318       4,326       24,992  
Loss on impairment of collegiate housing properties
     1,633       —       1,633  
Loss on impairment of goodwill
     388       —       388  
Reimbursable operating expenses
     10,796       —       10,796  
Total operating expenses
     115,860       12,057       103,803  
Operating income
     23,583       4,505       19,078  
Nonoperating expenses:
                        
Interest expense
     25,229       3,154       22,075  
Amortization of deferred financing costs
     992       149       843  
Interest income
     (373 )     (6 )     (367 )
Gain on extinguishment of debt
     4,360       —       4,360  
Total nonoperating expenses
     30,208       3,297       26,911  
Income (loss) before equity in losses of unconsolidated entities, income taxes and discontinued operations
     (6,625 )     1,208       (7,833 )
Equity in losses of unconsolidated entities
     (196 )     —       (196 )
Income (loss) before income taxes and discontinued operations
     (6,821 )     1,208       (8,029 )
Income tax expense
     1,123       21       1,102  
Income (loss) from continuing operations
     (7,944 )     1,187       (9,131 )
Loss from discontinued operations
     (131 )     —       (131 )
Net income (loss)
     (8,075 )     1,187       (9,262 )
Less: Net income (loss) attributable to the noncontrolling interest
     (128 )     48 q     (176 )
Net income (loss) attributable to Education Realty Trust, Inc.
   $ (7,947 )   $ 1,139     $ (9,086 )
Earnings per share information:
                        
Loss attributable to Education Realty Trust, Inc. common stockholders per share — basic and diluted:
                        
Continuing operations
   $ (0.28 )           $ (0.32 )
Discontinued operations
     —               —  
Net loss attributable to Education Realty Trust, Inc. common stockholders per share
   $ (0.28 )           $ (0.32 )
                         
Weighted average shares of common stock outstanding – basic and diluted
     28,512,777               28,512,777  
Amounts attributable to Education Realty Trust, Inc. – common stockholders:
                        
Loss from continuing operations, net of tax
   $ (7,822 )           $ (8,961 )
Loss from discontinued operations, net of tax
     (125 )             (125 )
Net loss
   $ (7,947 )           $ (9,086 )
Distributions per share of common stock
   $ 0.82             $ 0.82  

See accompanying notes to the pro forma condensed consolidated financial statements.

 
F-4
 
 
Education Realty Trust, Inc. and Subsidiaries
Pro forma condensed consolidated statement of operations
 Year ended December 31, 2007 (Unaudited)
(Dollars in thousands, except for share and per share data)

   
Education
              
   
Realty
    
Pro Forma
    
Company
  
   
Trust, Inc. (o)
    
Adjustments (p)
    
Pro Forma
  
Revenues:
                  
Collegiate housing leasing revenue
   $ 87,534     $ 1,061     $ 86,473  
Other leasing revenue
     13,811       8,029       5,782  
Third-party development consulting services
     5,411       —       5,411  
Third-party management services
     3,391       —       3,391  
Operating expense reimbursements
     9,330       —       9,330  
Total revenues
     119,477       9,090       110,387  
Operating expenses:
                        
Collegiate housing leasing operations
     43,034       676       42,358  
General and administrative
     14,561       —       14,561  
Depreciation and amortization
     32,119       4,452       27,667  
Loss on impairment
     —       —       —  
Reimbursable operating expenses
     9,330       —       9,330  
Total operating expenses
     99,044       5,128       93,916  
Operating income
     20,433       3,962       16,471  
Nonoperating expenses:
                        
Interest expense
     26,957       3,149       23,808  
Amortization of deferred financing costs
     1,036       148       888  
Interest income
     (492 )     (12 )     (480 )
Gain on extinguishment of debt
     174       —       174  
Total nonoperating expenses
     27,675       3,285       24,390  
Income (loss) before equity in losses of unconsolidated entities, income taxes and discontinued operations
     (7,242 )     677       (7,919 )
Equity in losses of unconsolidated entities
     (277 )     —       (277 )
Income (loss) before income taxes and discontinued operations
     (7,519 )     677       (8,196 )
Income tax expense
     258       3       255  
Income (loss) from continuing operations
     (7,777 )     674       (8,451 )
Income from discontinued operations
     2,421       —       2,421  
Net income (loss)
     (5,356 )     674       (6,030 )
Less: Net income attributable to the noncontrolling interest
     60       27 q     33  
Net income (loss) attributable to Education Realty Trust, Inc.
   $ (5,416 )   $ 647     $ (6,063 )
Earnings per share information:
                        
Loss attributable to Education Realty Trust, Inc. common stockholders per share — basic and diluted:
                        
Continuing operations
   $ (0.28 )           $ (0.30 )
Discontinued operations
     0.08               0.08  
Net loss attributable to Education Realty Trust, Inc. common stockholders per share
   $ (0.20 )           $ (0.22 )
                         
Weighted average shares of common stock outstanding – basic and diluted
     28,103,208               28,103,208  
Amounts attributable to Education Realty Trust, Inc. – common stockholders:
                        
Loss from continuing operations, net of tax
   $ (7,738 )           $ (8,385 )
Loss from discontinued operations, net of tax
     2,322               2,322  
Net loss
   $ (5,416 )           $ (6,063 )
Distributions per share of common stock
   $ 0.82             $ 0.82  
 
See accompanying notes to the pro forma condensed consolidated financial statements.

 
F-5
 

Education Realty Trust, Inc. and Subsidiaries
Notes to pro forma condensed consolidated financial statements (Unaudited)
 (Dollars in thousands)

1.
Basis of Presentation

On December 8, 2010 and January 19, 2011, the Company completed the Dispositions pursuant to the First Agreement and the Second Agreement, respectively. The unaudited pro forma financial information is presented to illustrate the effect of the Dispositions on the Company’s historical financial position and operating results. The unaudited pro forma consolidated balance sheet is as of September 30, 2010 and is based upon our historical statements after giving effect to the Dispositions as if they had occurred on September 30, 2010. The unaudited pro forma consolidated statements of operations for the nine months ended September 30, 2010 and the years ended December 31, 2009, 2008 and 2007 are based upon our historical statements for such periods after giving effect to the Dispositions as if they had occurred on January 1 of the earliest period presented. The unaudited pro forma financial information should be read in conjunction with our historical consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2009 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010.

The preparation of the unaudited pro forma consolidated financial information is based upon financial statements prepared in accordance with accounting principles generally accepted in the United States of America. These principles require the use of estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates.

The unaudited pro forma consolidated financial information is provided for illustrative purposes only and does not purport to represent what the actual results of our operations or financial position would have been had the Dispositions occurred on the respective dates assumed, nor is it necessarily indicative of our future operating results or financial position. However, the pro forma adjustments reflected in the accompanying unaudited pro forma consolidated financial information reflect estimates and assumptions that our management believes to be reasonable.

2.
Pro Forma Adjustments

The unaudited pro forma condensed consolidated balance sheet at September 30, 2010 reflects the following as if the transactions occurred on September 30, 2010:

 
a.
Reflects the Company’s unaudited condensed consolidated balance sheet as of September 30, 2010 as reported in our Form 10-Q as of September 30, 2010.
 
b.
Adjustment to reflect the decrease in the number of collegiate housing properties, net of the Communities and Additional Communities sold.
 
c.
Net cash received from the Dispositions after giving effect to the pay down of debt and payment of transaction costs at September 30, 2010. Includes the return of escrow funds in restricted cash. See note d below.
 
d.
Adjustment to reflect the return of escrows associated with the pay down of debt.
 
e.
Adjustment to reflect the decrease in student contracts receivable, net for the receivables sold.
 
f.
Adjustment to reflect the decrease in prepaid insurance and deferred financing fees associated with the pay down of debt.
 
g.
Pay down of debt with proceeds from the Dispositions.
 
h.
Adjustment to reflect the decrease in accrued expenses for the liabilities assumed by KAREP.
 
i.
Adjustment to reflect the decrease in deferred revenue for prepaid rent assumed by KAREP.
 
j.
Reflects the adjustment to redeemable noncontrolling interests for the approximate gain on the Dispositions described in note k below.
 
k.
Reflects the approximate gain on the Dispositions including the gain/loss on extinguishment of debt.

 
F-6
 

The unaudited pro forma condensed consolidated statement of operations for the nine months ended September 30, 2010 reflects the following:

 
l.
Reflects the Company’s historical unaudited condensed consolidated statement of operations for the nine months ended September 30, 2010.
 
m.
Represents the Communities and Additional Communities’ historical unaudited condensed consolidated statements of operations for the nine months ended September 30, 2010.
 
n.
Represents corresponding adjustment to noncontrolling interests related to pro forma adjustments to income/(loss) before noncontrolling interests.

The unaudited pro forma condensed consolidated statements of operations for the years ended December 31, 2009, 2008 and 2007 reflect the following:

 
o.
Reflects the Company’s historical condensed consolidated statements of operations for the years ended December 31, 2009, 2008 and 2007.
 
p.
Represents the Communities and Additional Communities’ historical unaudited condensed consolidated statement of operations for the years ended December 31, 2009, 2008 and 2007.
 
q.
Represents corresponding adjustment to noncontrolling interests related to pro forma adjustments to income/(loss) before noncontrolling interests.

 
F-7
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
EDUCATION REALTY TRUST, INC.
   
Date: January 25, 2011
By:
/s/ Randall  H. Brown
   
Randall H. Brown
   
Executive Vice President, Chief Financial Officer,
Treasurer and Secretary