Education Realty Trust Acquires Student Housing Community Near University of South Carolina, Agrees to Purchase Community Near University of Florida.MEMPHIS Memphis, city, ancient Egypt
Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn. -- Education Realty Trust, Inc. (NYSE NYSE
See: New York Stock Exchange :EDR (Enhanced Data Rate) An acronym occasionally used to reflect an advancement in transmission or transfer speed. For example, Bluetooth 2.0 + EDR provides a dramatic increase in speed over the previous version. See Bluetooth. ) today announced it has completed its previously-disclosed acquisition of Sterling University Riverside apartments in Cayce, South Carolina Cayce is a city located in Lexington County, South Carolina, along the Congaree River. As of July 2006, the city had an estimated population of 12,597, about 3.7% more than the 2000 census figure of 12,150. for $13.7 million, including the assumption of $11.2 million in debt. The debt carries an interest rate of 4.92%. The property, which EDR will re-brand as Pointe West Collegiate Residences, is located approximately 2.5 miles from the University of South Carolina
• • , and is composed of 10 three-story apartment buildings containing 144 fully-furnished units with 480 beds. The property was purchased from the Dinerstein Group of Houston, which was the developer.
EDR also announced it has signed an agreement to purchase Campus Lodge in Gainesville, Florida for $44.9 million, including assumption of existing debt of $38.6 million. The debt carries an interest rate of 6.97%. This Campus Lodge property serves students at the University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. , and includes 360 fully-furnished units with 1,116 beds. Built in 2001, it is approximately two miles from the University of Florida campus, and is located on the University's bus line. The property is currently owned by Campus Lodge Partners, which was the developer. The sale is expected to close on or about May 15, 2005.
Campus Lodge will be EDR's first property at the University of Florida. EDR currently has five properties in Florida, including student housing communities at the University of Central Florida “UCF” redirects here. For other uses, see UCF (disambiguation).
UCF is a member institution of the State University System of Florida. UCF was founded in 1963 as Florida Technological University with the goal of providing highly trained personnel to support the Kennedy , the University of South Florida
• • [ , and Florida State University Florida State University, at Tallahassee; coeducational; chartered 1851, opened 1857. Present name was adopted in 1947. Special research facilities include those in nuclear science and oceanography. . Campus Lodge is situated on a 33.6 acre site, and includes amenities such as a fitness center, a pool plaza with water volleyball and poolside billiards, and a computer center. The property is 90% leased for the current academic year.
Pointe West provides EDR with properties at both of South Carolina's premier universities. Its other property in the state, The Reserve at Clemson, is located near Clemson University. Pointe West offers amenities including a free shuttle bus to campus, a sand volleyball court, a basketball court, a fitness center, a pool with sundeck and hot tub. EDR plans to expand the amenities package at Pointe West in order to increase its appeal. The property is 95% leased for the current academic year.
"These acquisitions continue our pattern of growth by acquisition of quality assets in close proximity to vital and growing universities," said Paul O. Bower, EDR chairman, chief executive officer, and president. "Both properties are less than five years old and are a good fit for our target market."
About Education Realty Trust
Education Realty Trust owns, manages, and develops student housing communities located near university campuses throughout the United States. EDR will elect to be taxed as a real estate investment trust. EDR also manages student housing communities for college and university systems across the country.
"Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 EDR'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 EDR's final prospectus for its initial public offering. 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 forward-looking statement, whether as a result of new information, future developments, or otherwise.