October 23, 2012 at 16:01 PM EDT
EdR Completes Purchase of Collegiate Community at Michigan State University

EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced the purchase of Campus Village — a collegiate housing community serving Michigan State University in East Lansing, MI — for $20.9 million.

Campus Village is a 355-bed, 106-unit community located adjacent to the university. Developed in two phases in 2002 and 2004, the community is 97.7% leased for the 2012-2013 academic year with an average monthly lease rate of $639 per bed. The purchase price represents an approximate 6.7% economic cap rate on expected next 12 months’ net operating income. This fully-furnished community features one-, two-, three- and four-bedroom apartments with a private bathroom for each bedroom. Amenities include a clubhouse with fitness center, tanning bed, computer lab/business center, game room, volleyball court, and grill/picnic area.

The Michigan State campus has a total full-time enrollment of more than 41,500 undergraduate and graduate students. Current on-campus housing consists of approximately 15,000 beds.

About EdR

EdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. A self-administered and self-managed real estate investment trust, EdR owns or manages — with this purchase — 65 communities in 24 states with more than 36,600 beds within over 12,000 units. For more information, please visit the company's web site at www.EdRtrust.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 dates on which they are made, and the company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.

Contacts:

EdR
Randall H. Brown, 901-259-2500
Executive Vice President and Chief Financial Officer
rbrown@EdRtrust.com
or
Susan Jennings, 901-259-2506
Vice President, Corporate Communications and Marketing
sjennings@EdRtrust.com
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here