Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Education Realty Trust, Inc. | v190838_8k.htm |
| EX-99.1 - EX-99.1 - Education Realty Trust, Inc. | v190838_ex99-1.htm |
Exhibit
99.2
 |
For Immediate Release
Contact: Randall H. Brown,
Executive
Vice President, CFO & Treasurer,
Education
Realty Trust
901-259-2507 rbrown@edrtrust.com
|
|
Susan Jennings, Public
Relations,
Education Realty Trust
901-259-2506 sjennings@edrtrust.com
|
Education
Realty Trust Selected to Develop, Own and Manage
New
Collegiate Housing by The University of Texas at Austin
Project
Authorized by Board of Regents
MEMPHIS, Tenn., July 19, 2010
—— Education Realty Trust Inc. (NYSE:EDR), one of the
nation's largest developers, owners and managers of quality university housing,
has been selected by The University of Texas System Board of Regents to be the
ground tenant to develop, own and manage a new high-rise apartment community
aimed at the collegiate community near the campus of The University of Texas at
Austin. No ground lease has yet been signed; the parties are in the
process of negotiating the lease and related documents.
This
project will be financed through Education Realty Trust’s On-Campus Equity plan
– or The ONE PlanSM.
“With The
ONE Plan, the Company uses its equity and financial stability to fund projects
on university-owned land,” said Thomas Trubiana, Executive Vice President and
Chief Investment Officer for Education Realty Trust.
-more-
Page
2, EDR – UT
Last
Wednesday The University of Texas System Board of Regents authorized the ground
lease of approximately 1.43 acres which are known as 600 West 24th Street,
Austin, Travis County, Texas, to Education Realty Trust “for a term of 60
years
plus a construction period expiring no later than September 1, 2013, for the
construction and operation of residential, ground floor retail, and related
parking facilities.” It further authorized the U.T. System Executive
Director of Real Estate “to execute all documents, instruments, and other
agreements, subject to approval of all such documents as to legal form by the
Office of General Counsel, and to take all further actions deemed necessary or
advisable to carry out the purpose and intent of the foregoing actions within
the parameters outlined in the Executive Session.”
"It was a
competitive process and we are happy The University of Texas at Austin selected
us for this meaningful new project," said Randy Churchey, President and Chief
Executive Officer of Education Realty Trust.
Two
award-winning companies have been selected by Education Realty Trust to work on
the project. The lead architecture and design firm is Page
Southerland Page Architects, which received the Texas Society of Architects’
Design Award in 2010 and the Architecture Firm Award in 2009. Hensel
Phelps Construction Company is the general contractor. They received
the 2010 Building Award in the Residential/ Multi-family Category from the TEXCO
Construction Association.
Commencement
of construction is subject to execution of final definitive agreements, city
approval processes and confirmation of development costs.
About Education Realty
Trust
Education
Realty Trust, Inc. (NYSE:EDR) is one of America's largest owners, developers and
operators of collegiate student housing. EDR is a self-administered and
self-managed real estate investment trust that owns or manages 64 communities in
22 states with 37,830 beds. 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.