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Education Realty Trust Announces Pricing of Common Stock Offering

^{Published on 2011-01-05 10:35:40 - Market Wire}
 

MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Education Realty Trust, Inc. (NYSE: EDR) today announced that it has priced its public offering of11,500,000 shares of its common stock at a price to the public of $7.30 per share. The offering was increased in size from the originally contemplated 9,500,000 shares of common stock. The Company has also granted the underwriters a 30-day option to purchase up to 1,725,000 additional shares of common stock to cover overallotments, if any, at the price to the public less the underwriting discount. Subject to customary conditions, the offering is expected to close on or about January 10, 2011. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $79.7 million (exclusive of the underwritersa™ overallotment option). BofA Merrill Lynch and KeyBanc Capital Markets are serving jointly as book-running managers for the offering.

"Item 2. Managementa™s Discussion and Analysis of Financial Condition and Results of Operations"

The Company intends to use the net proceeds from the offering to repay debt, fund its development pipeline, fund future acquisitions and for general corporate purposes.

To obtain a copy of the prospectus and the final prospectus supplement for this offering, please contact: BofA Merrill Lynch, 4 World Financial Center,New York, NY 10080, Attention: Prospectus Department or email [ dg.prospectus_requests@baml.com ]; or KeyBanc Capital Markets, Attention: Prospectus Delivery Department, 127 Public Square, 6th Floor, Cleveland, OH 44114.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Education Realty Trust

Education Realty Trust, Inc. (NYSE: EDR) is one of Americaa™s largest owners, developers and managers of collegiate housing. EDR is a self-administered and self-managed real estate investment trust that currently owns or manages 59 communities in 23 states with more than 35,600 beds.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the Companya™s business that are not historical facts are aforward-looking statements.a Forward-looking statements are based upon current expectations. You should not rely upon our forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Companya™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 aItem 1A. Risk Factorsa and aForward-Looking Statementsa in our annual report on Form 10-K and under the caption aItem 2. Managementa™s Discussion and Analysis of Financial Condition and Results of Operationsa (or similar captions) in our quarterly reports on Form 10-Q, and are 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 the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.