MEMPHIS, Tenn., Oct. 31, 2008 (GLOBE NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR), a nationwide leader in the ownership, development and management of student housing, today announced that its third-party development services subsidiary, Allen & O'Hara Development Company, LLC. ("AODC"), has been selected as the development team to partner with East Stroudsburg University of Pennsylvania in the creation of a new student housing community. The $38.8 million on-campus facility will consist of a 626 bed residence-hall and a 256 bed upper class apartment complex. The residence hall will contain suites with single and double rooms, classroom space and study rooms, while the apartments will include private bedrooms, living rooms and full kitchens. The project may be multi-phased, but the initial phase will generate approximately $1.6 million in fee revenue.
Project construction is expected to begin in May 2009 and is to be completed in 2010. The initiation and completion of this awarded development project are contingent upon the execution of transactional documents and obtaining adequate tax exempt financing.
This project is part of an initiative to address a housing shortage at the university. East Stroudsburg University of Pennsylvania is a state university founded in 1893 that has over 7,000 students enrolled in more than 68 undergraduate and 21 graduate degree programs.
Mr. William Harris, President, Allen & O'Hara Development Company, commented, "The housing project at East Stroudsburg University represents the eighth school in the Pennsylvania state system where we have been selected to develop new state of the art housing, now totaling over 13,000 beds. We look forward to playing an important part in helping the University grow, and helping fulfill the housing needs of its students."
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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 64 properties with 37,813 beds in a total of 21 states. For more information please visit the company's Web site at www.educationrealty.com.