MEMPHIS, Tenn., Oct. 12, 2005 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that its development company subsidiary has been selected to help replace existing student housing with newly constructed residential facilities on the campus of Indiana University of Pennsylvania at Indiana, Pennsylvania.
The Foundation for Indiana University of Pennsylvania, a not-for-profit, tax-exempt organization founded in 1967 to enhance the university, has chosen EDR's real estate development company subsidiary, Allen & O'Hara Development Company, LLC, to lead the housing redevelopment initiative.
Phase one is currently in the design stage as part of a planned four-phase, $230 million replacement of all 3,600 student housing beds on the campus in the Allegheny foothills about one hour northeast of Pittsburgh. Construction is scheduled to start in the spring of 2006.
The Indiana University of Pennsylvania campus housing assignment is the ninth project awarded to Allen & O'Hara Development Company at schools within the Pennsylvania State System of Higher Education. Under those contracts, Allen & O'Hara Development Company has completed student housing with 2,156 beds, has under construction housing with 1,747 beds and has in the planning stages housing with 1,950 beds.
"We appreciate the confidence of the Foundation for IUP and the opportunity to tackle what we believe is the largest planned housing replacement on any campus in the U.S. at the present time," said William W. Harris, president of Allen & O'Hara Development Company. "We're also proud of our company's contributions to our other client schools in Pennsylvania, where new housing enhances both campus life and student recruitment."
About Education Realty Trust
Education Realty Trust is one of America's largest owners and operators of collegiate student housing, owning and/or managing approximately 28,910 beds at 43 properties serving 35 universities in 21 states and developing communities with 3,633 beds. Totals do not include the pending purchase of 13 properties with 5,894 beds from Place Properties. EDR is one of the largest real estate investment trusts (REITs) focused solely on collegiate student housing, and is the nation's most experienced provider of collegiate student housing, as the successor to the first national company to own, build, and operate collegiate student residences. For more information about EDR, please visit the company's Web site at www.educationrealty.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release regarding Education Realty Trust's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause EDR's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include the risk that the pending acquisition of student housing properties from Place Properties L.P. may not close on a timely basis, or at all, if certain conditions set forth in the purchase agreement are not satisfied. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the "Business-Risk Factors" section of EDR's annual report on Form 10-K for the year ended December 31, 2004. 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.