Business & Finance
Business and Finance
Business and Finance
Wed, July 6, 2011
Tue, July 5, 2011 Education Realty Trust Completes Sale of Clayton Place for $20.5 Million
MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Education Realty Trust Inc. (NYSE: EDR), one of the nationa™s largest developers, owners and managers of collegiate housing, today announced it completed the sale of Clayton Place for $20.5 million.
"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations"
The 854-bed apartment community serves Clayton College and State University in Morrow, Georgia. CSU Foundation Real Estate II, LLC acquired the property from EDR under a lease-purchase agreement after leasing the property from EDR since February 1, 2011.
In April 2011 the Company sold another non-core property a" the 336-bed Collegiate Village in Macon, Georgia to the Macon State College Foundation Real Estate, LLC for $7.5 million.
The net cash proceeds of $27.8 million generated from the sale of the two properties will be used for working capital needs.
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 57 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 ].
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 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.
