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Education Realty Trust Selected to Develop New On-Campus Housing at Mansfield University of Pennsylvania(March 08, 2010)
MEMPHIS, Tenn., March 8, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust Inc. (NYSE:EDR), one of the nation's largest developers, owners and managers of quality university housing properties, today announced that the Mansfield Auxiliary Corporation (MAC), a 501(c)(3) corporation that supports Mansfield University of Pennsylvania, has selected Allen & O'Hara Development Co., LLC ("Allen & O'Hara"), a wholly owned subsidiary of EDR, to design and develop on-campus student housing for the benefit of students of Mansfield University of Pennsylvania.
"Education Realty Trust is delighted to have been chosen to execute all the aspects of this student housing project for Mansfield University of Pennsylvania," said Randy Churchey, President and Chief Executive Officer of EDR. "We couldn't be more pleased with the efforts of our team and all of our partners to make this project a reality."
The first phase of this multi-phase housing replacement project is currently being designed, but is intended to consist of approximately 640 residence hall beds in a mix of shared and private semi-suites and suites. The two buildings in this first phase will have four stories each and approximately 20,000 square feet of common space with living-learning environments to include flexible multi-purpose rooms, classrooms and more.
These residence halls will provide state-of-the-art accommodations and amenities such as fully wired data and cable services, group and individual study areas, and kitchenettes for the comfort and convenience of the Mansfield students.
"We were impressed with Allen & O'Hara's team and its vision to fit these buildings into the beautiful mountain scenery that surrounds Mansfield University's campus," said David Cummings, president of MAC. "We are looking forward to the improved living environments they will provide for Mansfield University's students."
Allen & O'Hara will also be incorporating sustainable building materials and systems and will seek LEED certification for the project.
Allen & O'Hara has selected WTW Architects as the lead firm on the architecture and design of the project, and Massaro Corporation as the general contractor. Morgan Keegan & Co., Inc. will assist MAC and Allen & O'Hara by underwriting the financial package for the project. These four companies have extensive experience developing successful projects together.
Commencement of construction is subject to execution of final definitive agreements and the ability to secure acceptable financing from several options that are currently being evaluated.
About Education Realty Trust
Education Realty Trust (NYSE:EDR) is a self-administered, self-managed real estate investment trust that currently owns, develops or manages 64 student housing communities in 22 states with 37,827 beds. Led by a team with more than 200 years of collective industry experience, EDR is one of America's largest owners and operators of high-quality collegiate student housing. For more information please visit the Company's website at www.educationrealty.com.
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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 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.
CONTACT: Education Realty Trust
Randy Brown, Executive Vice President, CFO & Treasurer
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