Business & Finance
Business and Finance
Business and Finance
Tue, February 22, 2011 Education Realty Trust Executes Ground Lease for Previously Announced New Housing at the University of Texas
MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Education Realty Trust Inc. (NYSE:EDR), one of the nationa™s largest developers, owners and managers of collegiate housing, has executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas (UT) at Austin campus. Construction is expected to begin this summer for a summer 2013 opening.
"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations"
Named 2400 Nueces for its address, the housing will be located at the intersection of 24th Street and Nueces. This community will be two blocks from UTa™s core a" the closest to the center of campus of any new housing in the west campus area. The 2400 Nueces project is designed to appeal to graduate students, undergraduate upperclassmen, faculty, staff and the public.
The building will contain residential floors above parking along with nearly 11,000 feet of mixed-use retail at the street level. Its 304 units will provide 622 beds in a mix of studios, one-, two-, three- and four-bedroom apartments with premium amenities such as faux wood flooring, stainless-steel appliances and granite countertops. The units will be leased either furnished or unfurnished.
Residents at 2400 Nueces will have access to the latest internet technology, onsite parking and numerous amenities. There will be a multi-purpose gathering room, cyber cafe and a fitness center that will look out toward one of two courtyards. One courtyard overlooks both the hill country and the campus and contains a swimming pool surrounded by a rooftop garden patio. The other courtyard offers a scenic view of the campus from another rooftop garden patio.
The award-winning architectural firm Page Southerland Page is designing the 2400 Nueces project from its Austin and Denver offices.
The design includes an active pedestrian environment that reinforces the 24th Street gateway to campus and applies the University Neighborhood Overlay guidelines put into effect by the City of Austin several years ago to encourage the development of high-quality housing adjacent to campus.
aWhile the building does not mimic UTa™s specific architectural motif, it composes materials, textures and colors that are drawn from the palette of the campus together in an Elegant Modernism architectural style,a said Larry Speck, design principal at Page Southerland Page.
A priority has been placed on sustainable design and energy efficiency for this project and it is targeted to meet Leadership in Energy and Environmental Designa™s (LEED) Silver Certification requirements. The building will also meet the Austin Energy Green Building requirements.
The project will be financed through Education Realty Trusta™s On-Campus Equity plan a" or The ONE PlanSM. With The ONE Plan, EDR uses its capital and financial stability to fund its projects on university-owned land, on or near a university campus. The ground lease transaction should have minimal or no effect on the universitya™s debt capacity, and is expected to create long-term financial benefits for both parties.
Education Realty Trust has selected Hensel Phelps Construction Co. as the general contractor. Hensel Phelps received the 2010 building award in the Residential/Multifamily Category from the TEXCO Construction Association.
"Our company is honored to develop, own and manage such an impressive building near one of Americaa™s most prestigious campuses," said Tom Trubiana, executive vice president and chief investment officer of Education Realty Trust. "This development will be a point of pride for all involved.a
About Education Realty Trust
Education Realty Trust Inc. (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. EDR is a self-administered and self-managed real estate investment trust that owns or manages 54 communities in 23 states with more than 33,500 beds within more than 10,500 units. For more information please visit the company's web site at [ www.educationrealty.com ].
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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 dates 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.
