University of Kentucky
SERVICES: EdR DEVELOPMENT • EdR FINANCING
This housing renaissance at the University of Kentucky(UK) has delighted students and administrators alike.
As you can see in this video, the students are thrilled with the living-learning aspects of the new on-campus housing developed, constructed and managed by EdR. They also love the apartments and living in a community “where everyone cares about each other.”
UK leadership is equally pleased.
Preliminary enrollment numbers for the 2014-2015 academic year show UK has enrolled its largest, most diverse and academically prepared first-year class in its history. Dr. Eli Capilouto, president of the University of Kentucky said investments in the campus are an example of a “promise made; promise kept” to the Commonwealth of Kentucky.
The UK Board of Trustees “understood the need to grow our enrollment thoughtfully and strategically, to find new and innovative ways to invest in our students, faculty and staff, and to make tangible, concrete steps toward being one of the handful of premier residential public research campuses in America,” Capilouto said.
The approximately $500 million on-campus revitalization is being financed through EdR’s On-Campus Equity Plan — the ONE Plan — which uses EdR’s equity and financial stability to fund projects on university-owned land. This gives the university access to a single, trusted partner and helps create substantial long-term financial benefits for UK and EdR.
EdR IN THE NEWS
November 20, 2014 | EdR today announced that its Board of Directors has approved a reverse stock split of EdR’s outstanding shares of common stock at a ratio of 1-for-3. The reverse stock split is expected to take effect at about 8:00 a.m. Eastern time on December 1, 2014 (the “Effective Time”).
November 19, 2014 | EdR today announced that Paul O. Bower will retire as Chairman of the Company’s Board of Directors on December 31, 2014. The Board of Directors appointed EdR President and Chief Executive Officer Randy Churchey to the position of Chairman of the Board. Tom Trubiana, EdR’s executive vice president and chief investment officer, will advance to the role of President and will join the Board of Directors.
November 19, 2014 | Education Realty Trust, Inc. today announced that its operating partnership, Education Realty Operating Partnership, LP (the “Operating Partnership”), priced the offering of $250 million aggregate principal amount of senior notes due 2024 under its existing shelf registration statement filed with the SEC. The 10-year notes were issued at 99.991% of par value with a coupon of 4.600% per annum and are fully and unconditionally guaranteed by EdR. Interest on the notes is payable semi-annually on June 1 and December 1 of each year, with the first payment beginning on June 1, 2015. The notes will mature on December 1, 2024. The Operating Partnership expects to use the net proceeds of approximately $247 million to repay $69 million of mortgage debt, including prepayment penalties and other fees, with a fixed interest rate of 6.015%, to pay down the outstanding balance on its revolving credit facility and for general business purposes. Settlement is expected to occur on November 24, 2014, subject to customary closing conditions.
October 27, 2014 | EdR today announced results for the quarter ended September 30, 2014.
October 15, 2014 | EdR announced today that its Board of Directors has approved a quarterly cash dividend of $0.12 per share of common stock.