Education Realty Trust, Inc. (NYSE: EDR) today announced its initial public offering of 19 million shares of common stock at a price to the public of $16 per share. Education Realty Trust has granted the underwriters an option to purchase up to an additional 2.745 million shares of common stock to cover any over-allotments.

The shares will begin trading tomorrow on the New York Stock Exchange under the symbol "EDR." The offering is expected to close on Monday, January 31, 2005.

J. P. Morgan Securities, Inc. and UBS Investment Bank served as joint book-running managers for the offering, and Morgan Keegan & Company, Inc. acted as co-lead manager. KeyBanc Capital Markets, Legg Mason Wood Walker, Incorporated and Robert W. Baird & Co., Inc. acted as co-managers for the offering.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the final prospectus relating to the offering may be obtained by contacting the prospectus department of J.P. Morgan Securities Inc., Attn: Addressing Department, One Chase Manhattan Plaza, Floor 5B, New York, NY 10081, phone: 212-552-5164, or UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, NY 10171, phone: 212-821-3000.

About Education Realty Trust

Education Realty Trust has been formed to own and manage student housing communities located near university campuses throughout the United States. The company will elect to be taxed as a real estate investment trust. The company will also manage student housing communities for college and university systems across the country.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Education Realty Trust's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations and involve a number of 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 forward-looking statements. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the "Risk Factors" section of the Company's final prospectus for its initial public offering. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.