Business & Finance
Business and Finance
Business and Finance
Tue, February 22, 2011 Education Realty Trust Selected to Develop Second On-Campus Housing Community for Syracuse University
MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Education Realty Trust Inc. (NYSE:EDR), one of the nationa™s largest developers, owners and managers of collegiate housing, was selected by Syracuse University (SU) to develop, own and manage new collegiate housing on its campus. This will be the second EDR on-campus development at this prominent university financed through the companya™s ONE PlanSM.
"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations"
aSyracuse University has had a positive and rewarding relationship with Education Realty Trust since we began planning their first development on our campus,a said Louis G. Marcoccia, SUa™s executive vice president and chief financial officer. aThey have proven themselves to be a trusted and valuable resource for the university. They understood our goal was to provide additional on-campus housing options for our students, and worked with us to make that happen.a
The team is currently working to receive the necessary local government approvals. Education Realty Trust anticipates breaking ground this summer for a summer 2012 completion.
Named Campus West Apartments, the development will be on the west end of the main campus near the Carrier Dome and two blocks from the universitya™s College of Law and only one block from the site of the planned new College of Law building. It is designed to appeal primarily to law students, and other graduate students and upperclassmen.
Four residential floors will rise above the ground level, which will include approximately 5,000 square feet of retail space leased by the university and expected to include a combination coffee caf© and convenience store. There will be a clubhouse area with state-of-the-art fitness center, computer lab and business center. The universitya™s Department of Public Safety will maintain an office in the complex as well.
Campus West will provide 312 beds within a mix of 191 studios, one-, two- and four-bedroom units. Each apartment will have private bathrooms and bedrooms and a full kitchen with washer and dryer.
The project will be financed through Education Realty Trusta™s On-Campus Equity plan a" or The ONE Plan. With The ONE Plan, EDR uses its capital and financial stability to fund projects on university land, which gives the university access to a single trusted partner, avoids the need for the university to incur long-term debt, and makes possible the construction of new on-campus housing for university students.
aTo be selected again by Syracuse University to create new housing for its campus is truly an honor,a said Randy Churchey, president and chief executive officer of Education Realty Trust. aWe consider it a testament to our team members, as well as our partners, who deliver impressive products and creative solutions to this and many other universitiesa™ housing needs.a
EDRa™s first property on the SU campus, University Village Apartments on Colvin, was completed in 2009 and was awarded a Leadership in Energy and Environmental Design (LEED) Gold certification. Located on the southern end of the SU campus, University Village Apartments on Colvin is currently 98% occupied and is on track for full occupancy for fall 2011.
Campus West will be constructed using the latest processes and products to provide sustainability and energy efficiency, and also is targeted to at least meet LEED Silver certification requirements.
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.
