EDR

(NYSE: EDR)

Industry: Residential REITs
On the web: http://www.educationrealty.com
Employees: 1,259

Education Realty Trust, Inc. is a self-managed and self-advised real estate investment trust, or REIT, which was organized in July 2004. The Company develops, acquires, owns and manages student housing communities located near university campuses. It also provides third-party development consulting services on student housing development projects mostly for universities but also for its own ownership and other third parties. All of the Company's assets are held by, and it has conducted all of its activities through Education Realty Operating Partnership, LP, its Operating Partnership, and its wholly owned subsidiaries, Allen & O'Hara Education Services, Inc., which it refers to as its Management Company or AOES and Allen & O'Hara Development Company, LLC, which it refers to as its Development Company or AODC. The Company is the sole general partner of its Operating Partnership. It owns 96.0% of the outstanding partnership units of its Operating Partnership, and 3.1% of the partnership units are held by the former owners of its initial properties and assets. University Towers Operating Partnership, LP, or the University Towers Partnership, which is the Company's affiliate, holds, owns and operates its University Towers property located in Raleigh, North Carolina. In addition to managing its owned student housing communities and developing communities for its ownership, the Company also provides management and development consulting services for third-parties. Universities and other third-party owners look to the private sector for assistance in developing and managing their student housing properties. The Company provides third-party management services for student housing communities owned by educational institutions, charitable foundations and others. Its management services typically cover all aspects of operations, including residence life and student development, marketing, leasing administration, strategic relationships, information systems and accounting services. The Company provides third-party development consulting services mainly to universities seeking to modernize their on-campus student housing communities but also to other third-party investors. As of December 31, 2008, the Company owned 40 student housing communities located in 18 states containing 24,991 beds in 7,598 apartment units located near 34 universities. As of December 31, 2008, it provided third-party management services for 20 student housing communities located in 9 states containing 10,656 beds in 3,350 apartment units at 16 universities. The Company competes for student tenants with the owners of on-campus student housing, which is generally owned by educational institutions or charitable foundations. It competes with several regional and national owner-operators of off-campus student housing, including one publicly-traded competitor, American Campus Communities, Inc. It also competes with privately held developers and other real estate firms and in a number of markets with smaller local owner-operators. The properties in the Company's portfolio are subject to various federal, state and local regulatory requirements, such as state and local fire and life safety requirements.

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