MEMPHIS, Tenn., July 9, 2008 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR), a nationwide leader in the ownership, development and management of student housing, today announced that the Company has closed a $25 million Freddie Mac leasehold interest mortgage on its University Towers property at North Carolina State University. The loan is interest-only for 60 months and bears interest at 5.99% per annum.
Mr. Randall H. Brown, Chief Financial Officer, commented, "We are pleased that there continues to be available financing at attractive rates for student housing real estate. We will utilize the proceeds to pay down our short-term borrowings, which in turn, will provide us with additional financing capacity with which to execute our growth plans."
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.
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.