EDR Acquires Student Housing Community Near University of Florida

Separately, EDR Agrees to Purchase Student Housing Community Near Auburn University


MEMPHIS, Tenn., June 23, 2005 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR), America's most experienced provider of collegiate student housing, today announced it has completed its previously disclosed acquisition of Campus Lodge in Gainesville, Florida for $44.9 million, including $38.6 million in assumed debt. The debt carries an interest rate of 6.97 percent.

Campus Lodge serves students at the University of Florida. The four-year-old community is located on a 33.6-acre site along the university's bus line approximately two miles from campus. The property includes 360 fully furnished units with 1,116 beds and features amenities such as a fitness center, a pool plaza with water volleyball and poolside billiards, and a computer center.

Campus Lodge is EDR's first property at the University of Florida and was owned by its developer, Campus Lodge Partners. EDR owns and manages five additional student housing communities in Florida located at the University of Central Florida, the University of South Florida, and Florida State University.

In a separate transaction, EDR has entered a contract to acquire Sterling Arbors at Auburn University in Auburn, Alabama, for $12.6 million in cash. The student housing community, located one mile from campus along the Auburn University shuttle line, has 576 beds. The property opened in 1999 and is 95 percent pre-leased for the academic year beginning in the fall of 2005.

Amenities include a sand volleyball court, a basketball court, and a pool with sundeck and hot tub. Clubhouse amenities include a computer center, fitness center, and game room. EDR plans to expand the amenities package at Sterling Arbors to enhance its appeal. The property was developed by the Dinerstein Group. The transaction is expected to close in early July.

"Our acquisition program continues on pace with our pattern of growth by acquisition of quality assets in close proximity to vital and growing universities," said Craig Cardwell, EDR executive vice president and chief investment officer. "Both properties are a good fit for our target market."

About Education Realty Trust

Education Realty Trust is one of America's largest owners and operators of collegiate student housing, owning and/or managing approximately 28,000 beds at 41 properties near campuses across 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.



            

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