EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced that the University of Kentucky Board of Trustees has unanimously approved a 50-year ground lease with the company, allowing it to proceed with the first phase of the university’s on-campus housing revitalization.
In Phase I, EdR will develop, construct and own a 601-bed, $25.8 million freshman honors housing community at Haggin Field. The living-learning community will include classroom and meeting space, and will be available for occupancy by fall 2013.
The architectural conceptual design is complete and construction contracts are in final negotiations for Phase I. The company is anticipating a spring 2012 groundbreaking.
Simultaneously, EdR and UK are having formal discussions regarding Phase II, which is anticipated to include an expansion to 9,000 residence hall beds and EdR’s management of UK’s entire housing portfolio of 6,000 beds in the fall of 2013.“The University of Kentucky has taken a historic step and now leads the way in innovative campus revitalization,” said Randy Churchey, EdR president and chief executive officer. “EdR is honored to be entrusted with a development and mission of this magnitude.” In Phase II, EdR will systematically demolish most of the current on-campus dormitories, replacing them with modern and attractive living communities that will provide comfortable accommodations for UK students and programs along with up-to-date services and technology. This project will be financed through EdR’s On-Campus Equity Plan — The ONE Plan SM — which uses the company’s equity and financial stability to fund projects on university land. This gives the university access to a single trusted partner, and helps create substantial long-term financial benefits for EdR and UK. EdR has selected Sherman Carter Barnhart of Lexington, Kentucky, as the architect of record for Phase I. 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 60 communities in 23 states with more than 34,200 beds within more than 11,100 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.