MEMPHIS, Tenn., April 26, 2006 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR) announced today that the company has repurchased 400,632 operating partnership units from JPI Multifamily Investments, L.P.
In a transaction completed April 20, 2006, EDR repurchased the units, which were convertible into a like number of shares of EDR common stock, in exchange for retirement of a note payable and accrued interest by JPI Multifamily to EDR issued in connection with the initial public offering of shares in EDR in January 2005. JPI Multifamily is an affiliate of JPI Investment Company, L.P., a Texas-based limited partnership.
EDR acquired the convertible units at an effective price of $15.267 per share of EDR common stock, the average closing price of the company's shares during the 10-day period prior to the repurchase transaction.
"We're pleased to have completed this initiative, which benefits the company and its shareholders," said Paul Bower, Education Realty Trust chairman, president and chief executive officer.
About Education Realty Trust
Education Realty Trust is one of America's largest owners and operators of collegiate student housing with a portfolio of approximately 36,637 beds at 59 properties near campuses around the country. For more information please visit the company's Web site at www.educationrealty.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements about the company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. 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.