MEMPHIS, Tenn., May 8, 2017 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high quality collegiate housing, and Cornell University celebrated a ceremony on Friday, May 5, to commemorate the commencement of work on new housing for the university's graduate and professional students.
"Having access to affordable, sustainable housing near the campus is vital to student success," said Cornell president Martha E. Pollack. "As a newcomer, I've been learning about the extent of the affordable housing challenge in Ithaca and the surrounding area. And I am very pleased that this project will help to mitigate the problem.
"The new Maplewood project will nearly triple the number of students who lived here previously, its proximity to campus is tremendously valuable to students and the rents will be affordable."
Designed to fill Cornell's need for quality on-campus housing geared toward the unique demands of graduate students, the Maplewood Graduate and Professional Student Housing will feature 872 beds, open outdoor space, a playground for children, a community center, study areas and robust internet and Wi-Fi throughout the complex.
Speaking at the ceremony was President Pollack; Nathaniel Rogers, president of the Cornell Graduate and Professional Student Assembly; Bill Goodman, Supervisor of the Board for the Town of Ithaca and Tom Trubiana, president of EdR. After the formal part of the program, the speakers joined other members of the university and Ithaca communities to turn the ceremonial dirt.
"We are incredibly honored to be a part of this important day for Cornell University," Trubiana said. "We believe the housing under construction today will benefit and enrich the lives of Cornell's graduate student population for decades to come. I speak for the entire EdR team when I say we're absolutely proud to be Cornell's long-term partner on this new and exciting housing project."
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 88 communities with more than 45,800 beds serving 55 universities in 25 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.
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.