MEMPHIS, Tenn., July 7, 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 Sterling Arbors in Auburn, Alabama for $12.6 million in cash. The 576-bed student housing community, located along the Auburn University shuttle line one mile from campus, is 98 percent pre-leased for the academic year beginning in the fall of 2005.
Sterling Arbors 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 re-brand the community and expand the amenities package at Sterling Arbors to enhance its appeal. The property, opened in 1999, was developed by the Dinerstein Group.
Since EDR closed its initial public offering in late January, the company has acquired five student housing communities with 3,672 beds at an aggregate cost of approximately $115.6 million.
"We are on plan with our acquisition program, and our strategy of targeting quality assets in close proximity to vital and growing universities such as Auburn University is important to the future," said Craig Cardwell, EDR executive vice president and chief investment officer.
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 28,500 beds at 42 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.