- EdR completed the previously announced purchase of two communities adjacent to Texas Tech University in Lubbock, Texas for $74 million with cash-on-hand and the assumption of two fixed-rate mortgage loans totaling $48.5 million.
- The company purchased The Province, a purpose-built collegiate community adjacent to Kent State University, for $45 million in cash.
- EdR closed on the sale of The Reserve at Star Pass — a 1,020-bed collegiate housing community 4.5 miles from the University of Arizona —for $25.5 million. These proceeds were utilized to reduce borrowings under the Company’s unsecured line of credit.
- EdR acquired the ground lease encumbering its 74% owned asset, University Towers — a 953-bed collegiate community adjacent to North Carolina State University in Raleigh, N.C. The $7.5 million purchase price included an attached 454-space parking deck.
Since 2006 Texas Tech has steadily increased enrollment and set a record in Fall 2012 with more than 32,000 undergraduate and graduate students. With a 26% growth through the past decade, the university predicts it will reach an enrollment of 40,000 by 2020.Kent State University — The Province opened in Fall 2012. This 596-bed collegiate community is adjacent to campus and contains a variety of one-, two-, three- and four-bedroom apartments — each with private bedrooms and baths. The Province has many amenities, including Wi-Fi, study rooms and a computer lab. The average monthly rental rate is $625 per bed, and the community is currently 98% leased. Based on this leasing and other information, the purchase price represents an approximate 6.2 % economic cap rate on expected next 12 months’ net operating income. In 2012 the university —the second largest in Ohio — increased its enrollment approximately 3% to 27,700 full-time students according to the university’s website. Kent State University has also experienced improved retention (up 2% to 77%) and better student quality with the freshman class having the highest academic profile in the school’s history. About EdR EdR (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 these transactions — 67 communities in 24 states with more than 37,000 beds within more than 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.