Education Realty Trust Selected by the University of Kentucky to Negotiate University’s Housing Revitalization and Expansion

Education Realty Trust Inc. (NYSE: EDR), one of the nation’s largest developers, owners and managers of collegiate housing, was selected to negotiate the potential revitalization and expansion of more than 9,000 residence hall beds over the next seven to 10 years at the University of Kentucky (UK).

Phase I includes EDR assuming management of all the university’s 6,000-bed housing on July 1, 2012, and the development, construction and ownership of a 600-bed, on-campus undergraduate honors housing community, to be available for occupancy by August 2013.

EDR is currently negotiating this first phase of UK’s on-campus revitalization which is part of “The Kentucky Promise” — an initiative to revitalize the core of campus, enhance undergraduate education, offer more opportunities to young Kentuckians through scholarships, and continue a nearly 150-year legacy of education, research and service to the Commonwealth.

"We are honored the University of Kentucky selected us to potentially partner with them for what we expect will be the largest on-campus housing revitalization in the U.S.," said Randy Churchey, president and chief executive officer of EDR.

Upon completion of Phase I, UK may enter into a new agreement with EDR to proceed with Phase II after the university requests and receives legislative authority.

In Phase II, planned phases of construction and demolition will add modern accommodations and attractive new living communities to the UK campus. Upon completion of both phases in the next seven to 10 years, UK’s total bed count is anticipated to be close to 9,000 beds which will be privately funded and owned on land leased from the university.

This project will be financed through EDR’s On-Campus Equity plan —The ONE PlanSM.

“With The ONE Plan, our company uses its equity and financial stability to fund projects on university land,” said Tom Trubiana, EDR’s executive vice president and chief investment officer. “This gives the university access to a single trusted partner, and helps create substantial long-term financial benefits for both partners.”

The Lexington region also will see financial benefits from this work.

“EDR is committed to maximizing Lexington and Kentucky resources in many areas including design, construction and management,” said Trubiana. “On the construction side, EDR will partner with qualified, experienced, local and regional consultants who we believe have the capabilities to accomplish the significant design and construction tasks on schedule. We will also employ area residents in the long-term operations and management of the communities.”

About Education Realty Trust

Education Realty Trust Inc. (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 nearly 34,500 beds within nearly 11,000 units. For more information please visit the company's web site at www.educationrealty.com.

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