EdR Closes Previously Announced Acquisitions of Three Communities at Colorado State University and the University of Arizona
MEMPHIS, Tenn., Sept. 12, 2016 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high quality collegiate housing communities, today announced the closing of the previously announced acquisitions of two communities at Colorado State University and one at the University of Arizona.
These acquisitions add a total of 505 beds at strong, growing universities to the EdR portfolio.
"These communities fit the EdR portfolio perfectly," said Randy Churchey, EdR chief executive officer. "They appeal to students with a combination of location, amenities and technology that are unmatched in these desirable college communities that are experiencing tremendous growth."
Colorado State
Pura Vida and Carriage House, with a total of 194 beds, are new communities adjacent to campus, where EdR has the opportunity to develop additional beds. The amenities at each community include 24-hour computer lab, indoor bike storage, full-sized washer and dryer in the units and safety features that include cameras and electronic locks. With their more intimate size, Pura Vida and Carriage House cater to juniors and seniors who are seeking more privacy.
Nestled in the Colorado Front Range, Fort Collins, Colo., was named as one of the Top 10 college towns in America. CSU's 2015 enrollment was 32,236 and has been rising steadily over the past four years. The 2015 freshman enrollment was a record for the school and was nine percent larger than 2014. It offers bachelor's degrees in 65 majors and post-graduate programs in more than 90 fields. Colorado State was recognized by Forbes Magazine on its "America's Most Entrepreneurial Universities" lists in 2014.
University of Arizona
The Urbane, a 311-bed community, which opened last month, will be one of the most highly amenitized communities in the EdR portfolio. Amenities include large rooftop deck with pool, cabanas and an oversized hot tub; indoor and outdoor lounges, study areas and bed-bath parity with tiered amenity options in floor plans ranging from studios to five bedrooms.
The University of Arizona has an enrollment of more than 40,000 students, which has been growing steadily over the course of the last decade, on the Tucson, Ariz., campus. It is classified as a Carnegie Foundation very high research activity university. Arizona is a leader in space exploration research with its Lunar and Planetary Laboratory contributing to numerous NASA missions.
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 86 communities with more than 44,000 beds serving 53 universities in 24 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]
For media information or photography, contact:
Craig Wack, PR Coordinator
901-252-6809 [email protected]
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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 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.
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SOURCE EdR
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