MEMPHIS, Tenn., May 13, 2008 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR), a nationwide leader in the ownership, development and management of student housing, today announced that its development subsidiary, Allen & O'Hara Development Co., LLC, has completed the closing of a $73.4 million bond issue on behalf of the Foundation for Indiana University of Pennsylvania (IUPA). The bond is in support of the third phase of a $250 million, four phase program to replace 3,600-beds of functionally obsolete dormitories with cutting edge, LEED rated on-campus student housing. Construction on this phase has commenced.
Allen & O'Hara is the sole project developer responsible for overseeing the entire design, financing and construction process. To date, 1,850 beds are complete or nearing completion. Student interest in the new housing for the fall of 2008 has been strong with Phases I and II each achieving 100% occupancy with a waiting list. In the third phase, four old dormitories are being demolished to make way for the two new buildings with 1,084 beds. The third phase will be completed August 2009.
Paul Bower, Chairman, President and Chief Executive Officer commented, "This is an important project for us given its size and complexity. We are pleased that the foundation recognized our on-time, under budget work in phase two of the project by continuing to retain us for phase three."
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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 date on which they are made, and EDR undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the United States. Led by a team with over 200 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 68 communities in 21 states with 41,286 owned and managed beds. For more information please visit the company's Web site at www.educationrealty.com.