Business & Finance
Business and Finance
Business and Finance
Mon, July 18, 2011 Education Realty Trust Closes Financing, Begins Construction on Collegiate Housing Adjacent to the University of Alabama
MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Education Realty Trust Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, and the Edwards Companies today announced the closing of financing and commencement of construction on a $41 million apartment community adjacent to the eastern edge of the University of Alabama campus in Tuscaloosa.
"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations"
Scheduled to open in 2012, The Edwards Companies is providing development and design build services for the project, which will be owned jointly by the two companies. Education Realty Trust, as the majority owner and managing member of the joint venture, will manage the community upon completion.
The joint venture secured a conventional construction loan through Regions Bank to fund the project.
Adjacent to the eastern edge of campus near the universitya™s Schools of Law and Nursing, the community will include 774 beds within 337 units in a variety of studios, one-, two-, three- and four-bedroom apartments. Each apartment will be fully furnished with private bathrooms and bedrooms, a full kitchen and a washer and dryer.
The buildings will be three and five stories with a variety of structured and surface parking. The clubhouse will include a movie theatre, state-of-the-art fitness center, study space, game lounge, computer lab, great room with kitchen and staff offices. The grounds will feature a large swimming pool with outdoor patio complete with grills and picnic area.
aWe are excited to break ground in Tuscaloosa and contribute to the re-birth of this campus after the devastating storms earlier this year,a said Randy Churchey, president and chief executive officer of Education Realty Trust.
About The Edwards Companies
The Edwards Companies is a privately-held, family-owned corporation that acts as a holding company for numerous operating companies engaged in the businesses of student housing development and construction, multi-family and single-family residential development and construction, and land development. For more information, please visit the Companya™s Web site at [ www.edwardscompanies.com ].
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 56 communities in 23 states with more than 33,000 beds within nearly 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 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.
