MEMPHIS, Tenn., April 11, 2016 /PRNewswire/ -- EdR (NYSE:
EDR), one of the nation's largest developers, owners and managers
of high quality collegiate housing, and Boise
State University celebrated the groundbreaking ceremony to
commemorate the commencement of work on a nearly $40 million Honors College and First-Year
Residence Hall.
"This new Honors College and First-Year Residence Hall right in
the heart of our campus shouts Boise
State's commitment to academics and student success to
everyone," said Boise State President
Bob Kustra. "Working with partners
like EdR who come to us with a proven model to finance, create and
build this community without relying on university funding is a
breath of fresh air in this era of declining state
appropriations."
Upon scheduled completion in fall 2017, the five-story, 236,000
square foot building will be centrally located on campus directly
across from the Student Union.
Designed with both the growing number of honors students and
first-year students in mind, the Honors-dedicated living-learning
center and freshman housing community will feature 235 two- and
four-person private and semi-private suite-style units. A
number of apartment-style units are also included to provide
alternatives for upper-division students in the Honors College. The
building will also include classrooms, study lounges, Honors
offices and dining facilities along with robust internet
capabilities and Wi-Fi access.
EdR has financed the nearly $40
million Honors College and First-Year Residence Hall through
its On-Campus Equity Plan — The ONE PlanSM — which uses
the company's equity and financial stability to fund projects on
university land. This program gives the university access to
a single trusted partner and helps create substantial long-term
financial benefits for Boise State and
EdR.
By using EdR's equity for the housing revitalization,
Boise State remains able to focus its
financial and organizational resources on other projects and campus
enhancements.
This public-private partnership, which includes both the 305-bed
Honors College and 351 beds of replacement freshman housing, is
representative of a growing number of Honors College applicants and
an increased need for student housing in general according to
Boise State officials:
"We expect this trend to continue," said Dr.
Andrew Finstuen, dean of the Honors
College. "Our current Honors residence hall accommodates
less than half of the Honors students who live on campus. A
new facility will help provide classrooms, community space and
additional beds to not only support the Honors College students,
but also the university community at large."
In their agreement, EdR provides financing, oversees development
and construction, and is responsible for maintenance and management
while Boise State provides residence
life services.
"This new Honors College and First-Year Residence Hall will be a
valuable addition to our portfolio, but helping provide a path to
greater student success is what really drives us," said
Randy Churchey, EdR chief executive
officer and chairman of the board. "Shared goals and a
unified vision for the future have made collaborating with a
top-tier university like Boise State a
great fit for our company and a great benefit for students for
years to come."
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 80
communities with nearly 42,000 beds serving 51 universities in 23
states. EdR is a member of the Russell 2000 Index and the Morgan
Stanley REIT indices. For details, please visit the company's Web
site at www.EdRtrust.com.
For more information, contact:
J Drew
Koester, Senior Vice President, Capital
Markets and Investor Relations
901-259-2523 dkoester@EdRtrust.com
For media information or photography, contact:
Susan
Jennings, Vice President, Corporate
Communication and Marketing
901-259-2506 sjennings@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, unless required by law.
Logo - http://photos.prnewswire.com/prnh/20160201/328115LOGO
Photo - http://photos.prnewswire.com/prnh/20160411/353842
Photo -
http://photos.prnewswire.com/prnh/20160411/353843
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/boise-state-university-and-edr-celebrate-groundbreaking-for-new-honors-college-and-first-year-residence-hall-300249572.html
SOURCE EdR