EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced the purchase of Campus Village — a collegiate housing community serving Michigan State University in East Lansing, MI — for $20.9 million.
Campus Village is a 355-bed, 106-unit community located adjacent to the university. Developed in two phases in 2002 and 2004, the community is 97.7% leased for the 2012-2013 academic year with an average monthly lease rate of $639 per bed. The purchase price represents an approximate 6.7% economic cap rate on expected next 12 months’ net operating income. This fully-furnished community features one-, two-, three- and four-bedroom apartments with a private bathroom for each bedroom. Amenities include a clubhouse with fitness center, tanning bed, computer lab/business center, game room, volleyball court, and grill/picnic area.
The Michigan State campus has a total full-time enrollment of more than 41,500 undergraduate and graduate students. Current on-campus housing consists of approximately 15,000 beds.
About EdREdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. A self-administered and self-managed real estate investment trust, EdR owns or manages — with this purchase — 65 communities in 24 states with more than 36,600 beds within over 12,000 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.
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