EdR Begins Construction on Collegiate Housing Community Adjacent to the University of Hawai'i

News provided by

Dec 01, 2016, 06:00 ET

MEMPHIS, Tenn., Dec. 1, 2016 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high-quality collegiate housing communities, today announced it has started construction on a collegiate housing community adjacent to the University of Hawai'i in Honolulu in a joint venture with Laconia Development. EdR will be the 90 percent owner and will manage the $110 million development upon completion.

EdR along with joint venture partner Laconia Development has started construction on a 599-bed collegiate housing community adjacent to the University of Hawai'i.

This community will serve the pent up demand for modern collegiate housing as there are few student housing options and high barriers to entry. All entitlements have been obtained and construction is already under way with targeted delivery for Summer 2018 or 2019, depending on the speed at which the early phases of construction can be completed.

"This is a great opportunity to add to our development pipeline, which is driving significant growth for EdR," said Randy Churchey, EdR's chief executive officer. "Assembling land with our partner, Laconia, in such a prime location in the city of Honolulu that the joint venture will own fee simple is a major feat and will allow us to bring modern off-campus living options to University of Hawai'i students."

The community will feature 599 beds in a mix of one-, two-, three- and four-bedroom floor plans; 13,000 square feet of ground floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas – all with views of Waikiki, Diamond Head and Manoa Valley.

"We are very pleased to be partnering with EdR to bring a modern housing option to students at the Manoa Campus of the University of Hawai'i," said Paul Menzies, Laconia's chief executive officer. "From the very beginning, we have been very impressed by EdR's professionalism and history of outstanding accomplishment in collegiate housing."

With an enrollment of nearly 19,000 students, the University of Hawai'i is ranked in the Top 50 of the nation's public universities for Research and Development expenditures for the fiscal year 2014. It is 89th among public universities in U.S. News and World Report's latest rankings. As the flagship institution of the University of Hawai'i System, approximately 35 percent of the student body is from out of state with students coming from across the world to seek the university's nationally acclaimed academic programs in such fields as cancer research, genetics, astronomy, education and oceanography.

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 86 communities with more than 44,400 beds serving 53 universities in 24 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices. For details, please visit the company's Web site at www.EdRtrust.com.

About Laconia Development
Founded decades ago in the San Francisco Bay Area, Laconia Development is a full service real estate investment and development company active throughout the western United States and Hawaii. Laconia employs an experienced and credentialed team of specialists in the areas of site selection, project underwriting, project design, finance, construction management, marketing, leasing and sales.

For more information, contact:
J. Drew Koester, Senior Vice President, Capital Markets and Investor Relations
901-259-2523 [email protected]

For media information or photography, contact:
Craig Wack, PR Coordinator
901-252-6809 [email protected]

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.

Photo - http://photos.prnewswire.com/prnh/20161130/444314

Logo - http://photos.prnewswire.com/prnh/20160201/328115LOGO

SOURCE EdR