MEMPHIS, Tenn., Feb. 19, 2016 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of quality collegiate housing, today announced that the University of Kentucky Board of Trustees has unanimously approved the sixth phase of the university's on-campus housing revitalization.
This development — Lewis Hall — will bring the total number of beds delivered, in construction or currently under development to 6,850.
EdR will finance this previously announced development through its On-Campus Equity Plan — The ONE Plan(SM). Under EdR's ONE Plan, UK uses EdR's equity and financial stability to develop and revitalize its campus housing while preserving its funds and debt capacity for other projects, such as classroom and research space. This program gives the university access to a single trusted partner, and helps create substantial long-term financial benefits for both UK and EdR.
As with other phases of this long-term project, financing, development and construction oversight, as well as management and maintenance, will be EdR's responsibility while UK will provide residence life services upon completion of the hall in 2017.
Dedicated to the UK Honors program, Lewis Hall will be adjacent to existing Honors housing, Lyman T. Johnson Hall and Central Hall, on the Lexington campus. The five-story building will provide 346 beds in two-bedroom suites. Each apartment will include furnishings, upscale appointments and a kitchenette.
"The success of our students and our university has been heightened by the living-learning residence halls EdR is developing on our campus," said Eric N. Monday, UK's executive vice president for finance and administration. "We've had record recruiting and retention numbers since the new residence halls opened. Our housing transformation and partnership has been a critical part of our success."
The largest on-campus housing development in American public higher education to date, UK's revitalization began in late 2011 when its Board of Trustees envisioned a strong opportunity for improving student success by enhancing the undergraduate experience with new living-learning communities.
By spring 2012, UK and EdR formalized a partnership and broke ground on the first phase that opened just 16 months later in August 2013.
Since then, EdR and UK have opened new communities each year:
- 2013, two buildings with 601 beds
- 2014, five buildings with 2,381 beds
- 2015, three buildings with 1,610 beds
Upcoming deliveries include:
- 2016, two buildings with 1,141 beds
- 2017, two buildings (University Flats and Lewis Honors Hall) with 1,117 beds
"While EdR takes pride in our accomplishments on the UK campus, we know this success is wholly due to the collaborative partnership we have forged with the university," said Randy Churchey, EdR chief executive officer and chairman of the board. "Since 2011, the UK and EdR teams — at every level — have truly worked together to bring nearly 7,000 beds of vibrant, state-of-the-art living-learning centers to this great campus. To say we are proud is an understatement."
About EdR One of America's largest owners, developers and managers of collegiate housing, EdR (NYSE: 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
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