Education Realty Trust, Inc. (the Trust), is a self-managed and self-advised real estate investment trust (REIT) organized to develop, acquire, own and manage student housing communities located near university campuses. During the year ended December 31, 2008, the Trust owned 40 student housing communities located in 18 states containing 24,991 beds in 7,598 apartment units located near 34 universities. During 2008, the Trust provided third-party management services for 20 student housing communities located in nine states containing 10,656 beds in 3,350 apartment units at 16 universities. The Trust also provide third-party development consulting services on student housing development projects mostly for universities but also for the ownership and other third parties. The Trust conducted all its activities, through Education Realty Operating Partnership, LP, and it’s wholly owned subsidiaries Allen & O’Hara Education Services, Inc. and Allen & O’Hara Development Company, LLC.