MEMPHIS, Tenn., Aug. 26, 2005 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR), America's most experienced collegiate student housing provider, today announced completion of a $16 million bond issue that will finance construction of a student housing community at the University of Louisville in Louisville, Kentucky. EDR also announced that construction has started on the facility, named Community Park, which consists of a four-story building that will provide fully-furnished residential suites for 358 students and additional space for five fraternity and sorority chapter houses.
The venture is the latest in a multi-phase, multi-year scope of work to provide new campus housing at the University of Louisville and is scheduled for completion in August 2006.
Memphis-based Education Realty Trust will provide development consulting services for the student housing project through developer ULAD, LLC, a company comprised of EDR subsidiary Allen & O'Hara Development Company, LLC, and Academic Privatization, LLC of Raleigh, N.C. EDR will manage the new community upon its completion through its property management subsidiary, Allen & O'Hara Education Services, Inc. The Louisville-based firm of Luckett & Farley serves as architect, and Cincinnati-based Messer Construction Company serves as the general contractor.
This latest project on the Belknap Campus in south-central Louisville follows the successful completion of the $21.6 million, 493-bed Bettie Johnson Hall in 2000 and the $14.5 million, 402-bed Kurz Hall student housing community in 2003 by the ULAD, Luckett & Farley and Messer Construction team. EDR was also involved in the development of a small 40-bed specialty residence hall, Manardi Hall, completed in 2003. Upon the completion of Community Park, EDR will have developed and will be managing a total of 1,293 beds of new housing on the campus of the University of Louisville. This represents an 83% increase in campus housing in the past five years to accommodate growing on-campus demand.
Morgan Keegan & Company, Inc., a wholly owned subsidiary of Regions Financial Corporation (NYSE:RF), led the financial team and served as underwriter on the bond issue, which closed August 17. The Louisville/Jefferson County Metro Government is the issuer of the bonds. ULH, Inc., a tax-exempt, not-for-profit entity affiliated with the University of Louisville, is the borrower.
"We are pleased to have been selected to assist the leaders of the University of Louisville in helping bring their vision for the university to fruition," said William W. Harris, senior vice president of development of EDR and president of Allen & O'Hara Development Company, LLC.
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.