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EdR’s St. Louis Community To Be Reconstructed Following Fire

Stocks in this article: EDR

3949 Lindell, an upscale apartment community in St. Louis, Mo., owned by EdR (NYSE:EDR) will be demolished and reconstructed following a fire the evening of July 17, 2012. There were no major injuries or casualties.

“First and foremost, we are relieved that all residents are safe,” said Randy Churchey, president and chief executive officer of EdR. “Words cannot express the gratitude we extend to the men and women of the St. Louis Fire Department, the Red Cross, St. Louis University and the Humane Society. They worked diligently and heroically to quickly contain the fire and provide comfort to the residents.”

All safety systems performed as intended, the building was up to code and the fire is not suspicious according to preliminary reports from local fire officials. EdR will assist the St. Louis Fire Department as the investigation continues, but for now our focus is on caring for and providing assistance to our residents.

A team of EdR executives have been onsite since Tuesday night helping residents find temporary and long-term accommodations, reunite with lost pets and retrieve valuables and essentials from lesser damaged apartments. The team delivered refund checks on Thursday, July 19, to all lessees for their July rent, deposit and any other pre-paid items.

EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, purchased the collegiate community adjacent to St. Louis University in St. Louis, Mo., in January 2012 for $28.45 million. The four-story apartment complex contained 256 beds in a variety of 197 studios, one- and two-bedroom apartments with upscale amenities and features.

“As with all of our communities, EdR has casualty insurance and business interruption coverage which will provide for rebuilding the asset and replacing lost income during the construction period,” said Randy H. Brown, executive vice president and chief financial officer for EdR.

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