MEMPHIS, Tenn., June 17, 2008 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR), a nationwide leader in the ownership, development and management of student housing, today announced that it has received the $5 million lease termination fee from Place Properties, Inc., as previously agreed upon in connection with the February 1, 2008 termination of the lease by Place of 13 properties owned by Education Realty Trust. All conditions requisite to the payment, including the return to Place of its letter of credit securing the base rent payments under the former lease, were satisfied thereby allowing the $5 million termination fee to be collected. The $5 million was used to reduce the Company's line of credit.
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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. The Company has ownership and management interests in 69 properties with 42,054 beds in a total of 21 states. For more information please visit the company's Web site at www.educationrealty.com.