EdR Begins Construction on College View Development at Mississippi State University
MEMPHIS, Tenn., Feb. 28, 2018 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high-quality collegiate housing communities, today announced that construction has begun on the College View mixed-use development on the campus of Mississippi State University (MSU).
Plans call for construction of a multi-phased development that includes 656 residential beds for upperclassmen in Phase I, with delivery in the fall of 2019. College View will also feature 46,000 square feet of retail and commercial space, recreational amenities, an outdoor entertainment zone, a 7,000-square-foot day care center, and parking. Subsequent phases are possible, pending further market analysis.
"We believe that our partnership with EdR will help us meet the needs of our students, and College View will also become a destination for members of the community, alumni and other visitors to Starkville and Mississippi State," said MSU president Mark E. Keenum. "I appreciate the support of the Board of Trustees as we have worked steadily over the past three years to bring this first-of-its kind project to a Mississippi university campus."
On Feb. 15, the Board of Trustees of State Institutions of Higher Learning approved an agreement between EdR and the university to build College View.
The development will be financed through EdR's innovative on-campus equity plan, The ONE Plan. The ONE PlanSM uses the company's equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner, and helps create substantial long-term financial benefits for EdR and its partner university.
"We are honored to start this development that will positively impact both Mississippi State and the overall community of Starkville," said EdR chief executive officer Randy Churchey. "We have consistently seen that new on-campus housing developed by EdR helps our partner universities to increase enrollment, improve retention and generate a stronger sense of community and engagement with the campus."
About EdR
EdR (NYSE: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 83 communities with more than 44,700 beds serving 52 universities in 26 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices. For details, please visit the company's Web site at www.EdRtrust.com.
For more information, contact:
J. Drew Koester, Senior Vice President, Capital Markets and Investor Relations
901-259-2523 [email protected]
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901-252-6809 [email protected]
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, unless required by law.
SOURCE EdR
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