Education Realty Trust Completes Acquisition at Middle Tennessee State University

Business Wire,  May 3, 2005  

• E-mail
• Print
• Link

MEMPHIS, Tenn. -- Education Realty Trust, Inc. (NYSE: EDR), America's most experienced provider of collegiate student housing, today announced it has completed the purchase of University Courtyard in Murfreesboro, Tennessee for $20.9 million in an all cash transaction. The property is located approximately one-half mile from Middle Tennessee State University (MTSU), the fastest growing public university in Tennessee, with a current enrollment of approximately 22,000. The property is composed of 11 three-story buildings containing 240 fully furnished units with 864 beds. The property was developed by The Ambling Companies, a respected, national developer of student housing properties.

The property offers amenities including a swimming pool, hot tub, game room, basketball and tennis courts, and fitness center on a 24-acre site. The property is 90% leased for the current academic year. EDR plans to expand the amenities package in order to further increase the property's appeal.

"We are excited about the MTSU property, and eager to begin the rebranding and upgrade of the amenities package there," said Craig L. Cardwell, EDR executive vice president and chief investment officer. "We believe there is excellent upside potential for this acquisition."

About Education Realty Trust

Education Realty Trust is one of America's largest owners and operators of collegiate student housing, owning and/or managing over 26,800 beds at 40 properties on or near 33 university campuses across the United States. EDR is one of the largest real estate investment trusts (REITs) focused solely on collegiate student housing, and is the nation's most experienced provider of collegiate student housing, as the successor to the first national company to own, build, and operate collegiate student residences. For more information about EDR, please visit the Company's web site at www.educationrealty.com.

"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 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 "Business-Risk Factors" section of EDR's annual report on Form 10-K for the year ended December 31, 2004. 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.

COPYRIGHT 2005 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning