MEMPHIS, Tenn., Nov. 13, 2007 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that it has been awarded the management contract for The Courtyards, a new 896-bed, student apartment community adjacent to the University of Michigan's North Campus in Ann Arbor, Michigan. The four-story property will feature the latest amenities and services and desirable bedroom/bathroom layouts.
"This new management agreement is a testament to the reputation that we have in the student housing business and to the forward skills we bring to the success of each project," said Thomas J. Hickey, Senior Vice President of Allen & O'Hara Education Services. "The University of Michigan at Ann Arbor is an attractive market for us with undergraduate enrollment of over 25,000 students and solid annual enrollment growth for the schools and colleges, which this property will serve," Mr. Hickey added. Year to date, the Company has commenced 8 new management agreements, with 5,260 beds, located at 5 universities.
Allen & O'Hara Education Services, the management subsidiary of EDR, will provide pre-leasing and management services for Ann Arbor Campus Housing, LLC, a Kensington affiliate, which is the owner of the community. Kensington affiliate Kensington/Marquette Partners, LLC and EDR subsidiary Allen & O'Hara Development Company, LLC are developing the community jointly. The community will open in two phases, the first with 580 beds will open for the Fall of 2008, and the balance will enter the market for the Fall of 2009.
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 U.S. Led by a team with more than 200 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 40,756 beds at 67 communities in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
About Kensington Realty Advisors
Kensington Realty Advisors, Inc. is a SEC Registered Investment Advisor providing investment management and advisory services relative to multi-family, industrial, senior and student housing properties. Acting strictly as a fiduciary, the primary clientele includes institutional and corporate owners. The firm is composed of a team of highly experienced real estate professionals with extensive backgrounds in real estate investment and asset management. In addition, Kensington is the co-owner of Kensington/Marquette Partners LLC and KMF Senior Housing Investors LLC. Find additional information on the Web at www.kra-net.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 EDR undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.