MEMPHIS, Tenn., June 22, 2005 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR), America's most experienced collegiate student housing provider, today announced completion of a $75.8 million bond issue that will finance construction of a new on-campus student housing community at Slippery Rock University of Pennsylvania in Slippery Rock, Pennsylvania.
Construction has started on the new four-building, 1,390-bed student housing community, which will offer residential suites with living rooms, a mix of private bedroom layouts and desirable amenities such as high-speed Internet, cable television and on-floor access to washers and dryers. The initiative is the first phase of a planned replacement of 2,200 old-style residence hall beds over the next three years.
Allen & O'Hara Development Company, LLC, a subsidiary of EDR, serves as the sole developer of the residential complex on the 600-acre Slippery Rock University campus located about a one-hour drive north of Pittsburgh. The university will manage the student housing facility as buildings are ready for occupancy beginning in August 2006.
Morgan Keegan & Company, Inc., a subsidiary of Regions Financial Corporation (NYSE:RF), led the financial team and served as underwriter on the bond issue. The Pennsylvania Higher Education Facilities Authority is the issuer. The borrower is Slippery Rock University Foundation, Inc., a nonprofit, tax-exempt corporation.
"Slippery Rock University will soon have an entirely new housing stock. By replacing 2,200 beds of old dorms, the University will benefit by providing their students superior, state-of-the-art living facilities," said William W. Harris, senior vice president of development. "Our team is proud to have been selected to help accomplish this amazing transformation of the campus."
About Education Realty Trust
Education Realty Trust is one of America's largest owners and operators of collegiate student housing, owning and/or managing about 28,000 beds at 41 properties near campuses around America and developing another 4,851 beds. 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.