EdR Creates Joint Venture to Develop and Own New Off-Campus Collegiate Housing Community at the University of Minnesota

  EdR Creates Joint Venture to Develop and Own New Off-Campus Collegiate
  Housing Community at the University of Minnesota

Forms Joint Venture With GEM Realty Capital and Schenk Realty Group

Business Wire

MEMPHIS, Tenn. -- January 23, 2013

EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of
collegiate housing, has executed agreements with GEM Realty Capital and Schenk
Realty Group to jointly develop and own new off- campus collegiate housing at
the University of Minnesota in Minneapolis.

EdR will be a 50% owner and will manage the community on behalf of the joint
venture.

“The opportunity to add another strategically well-located collegiate housing
community at a school such as the prestigious and vibrant University of
Minnesota in conjunction with two highly regarded partners is exciting,” said
Randy Churchey, president and chief executive officer of EdR. “Both of these
companies have a long history of success in our industry and we anticipate
that this partnership will lead to more opportunities to create value for our
shareholders.”

“This in-fill development at the University of Minnesota capitalizes on each
of the partners’ respective strengths,” said Jared Schenk, president of Schenk
Realty Group. “We hope that this project will provide a model to pursue
additional well-located opportunities throughout the country.”

Construction has begun on an $88 million collegiate housing development in the
Dinkytown neighborhood two blocks from the University of Minnesota’s main — or
Twin Cities — campus in Minneapolis.

Scheduled for completion in summer 2014, this community will offer 901 beds in
a variety of 308 furnished studios, one-, two-, three- and four-bedroom units
each with private bedrooms and baths. Amenities will include indoor swimming
pool and basketball court, fitness center, bicycle storage and wash area,
outdoor deck and grilling area, Zen gardens and an outdoor plaza. The building
will also contain 25,000 square feet of retail space.

Enrollment at the University of Minnesota has increased nearly 16% since 2000.
Fall 2012 enrollment was up to nearly 52,000 at the Twin Cities campus with
more than 30,000 under-graduate students.

About EdR

EdR (NYSE:EDR) is one of America's largest owners, developers and managers of
collegiate housing. A self-administered and self-managed real estate
investment trust, EdR owns or manages 67 communities in 24 states with more
than 37,000 beds within more than 12,000 units. For more information, please
visit the company's web site at www.EdRtrust.com.

About Schenk Realty Group

Since 1998 Schenk Realty Group has acquired, developed or re-developed more
than 8,500 student-occupied units containing over 18,500 beds in university
markets across the country.

About GEM Realty Capital, Inc.

Founded in 1994, GEM Realty Capital, Inc. is a real estate investment company
located in Chicago that utilizes its extensive expertise to invest in
private-market real estate assets and publicly traded real estate securities
through two lines of business, GEM Realty Properties and GEM Realty
Securities.

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.

Contact:

EdR
Randall H. Brown, Executive Vice President and Chief Financial Officer
901-259-2500
rbrown@EdRtrust.com
or
Susan Jennings, Vice President, Corporate Communications and Marketing
901-259-2506
sjennings@EdRtrust.com
 
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