MEMPHIS, Tenn., June 15, 2006 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced it has completed its acquisition of Players Club, an off-campus collegiate community near Georgia Southern University in Statesboro, Georgia, for $13.0 million.
EDR used its credit facility to fund the purchase of the 624-bed community located less than one mile from the center of the Georgia Southern campus. Players Club is 72 percent pre-leased for the academic year beginning in the fall of 2006.
With an enrollment approaching 17,000 students, Georgia Southern is the fourth largest university in the state. It has experienced compound annual growth of 3 percent per year for the past five years. And Georgia is one of nine states expecting its number of high school graduates to rise by 20 percent during the next five years.
EDR plans an extensive repositioning of the community and will expand the amenities package to enhance its appeal. For 2007, EDR estimates its return on invested equity at 7.5 percent and for 2008 the estimated return on invested equity is 9.25 percent.
Players Club, opened in 1991 and 1993, was developed by the highly respected John Barrett Companies. Amenities include a sand volleyball court, a basketball court, and a pool with sundeck. Clubhouse amenities include a TV area, fitness center, and game room. Nearly one third of the site is designed as highly popular townhouses.
"This community fits the heart of our acquisition program, and our strategy of targeting quality assets, positioning them for increased success, and in close proximity to vital and growing universities such as Georgia Southern," said Craig Cardwell, EDR executive vice president and chief investment officer.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is a real estate investment trust that owns, manages and develops high-quality collegiate student housing. Led by a team with more than 170 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 36,569 beds at 59 properties in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
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