EdR Closes Financing and Begins Construction of On-campus Development at West Chester University

  EdR Closes Financing and Begins Construction of On-campus Development at
  West Chester University

— EdR’s 2^nd Third-Party Development for WCU and 19^th for a PASSHE University

Business Wire

MEMPHIS, Tenn. -- March 5, 2013

EdR (NYSE:EDR), a leader in the ownership, development and management of
collegiate housing, today announced the closing of financing and commencement
of construction on a $57.5 million third-party collegiate housing development
on the campus of the West Chester University of Pennsylvania (WCU) in West
Chester, Pa.

“We are proud to have been selected by West Chester University Foundation to
partner with them again as they continue to enhance and grow their student
housing,” said Randy Churchey, president and chief executive officer of EdR.
“This will be our 19th development within the Pennsylvania State System of
Higher Education and we are very pleased to continue our successful track
record at WCU.”

This development continues the university’s Housing Renewal Initiative that
began in 2001 to renovate student housing on West Chester University’s campus.

The new housing — named Commonwealth Hall — will be complete by the summer of
2014. It will provide 653 beds in a variety of floor plans from
single-occupancy apartments to shared-living suites for up to six residents.
Amenities will include fitness center, study lounges and a full residence life
program. The university’s Student Health Services, Counseling Center and
Emergency Medical Services will be on the lower level of this eight-story

“We are excited to continue this initiative to revitalize our campus,” said
Rich Przywara, executive director of the West Chester University Foundation.
Commonwealth Hall will be owned by University Student Housing LLC, a
subsidiary of the West Chester University Foundation, which has constructed
and currently operates 2,311 beds in five residence halls on campus.

“As high school students visit our university, they will see a welcoming and
attractive campus that complements our academic reputation,” added Przywara.
“This combination is everything young people could want from their college

“Prospective students visiting the University will see a very attractive
campus that complements our academic reputation,” says West Chester University
President Greg Weisenstein. “This new residence hall will help us to continue
offering the best possible collegiate experience for our students in and
outside the classroom.”

West Chester University of Pennsylvania is the second largest of the 14 public
institutions in the Pennsylvania State System of Higher Education and the
fourth-largest university in the Philadelphia area. Enrollment has grown
approximately 3% in each of the past five years.

As third-party developer, EdR worked with Raymond James-Morgan Keegan as the
placement agent and underwriter to arrange the tax-exempt financing for the
project with the U.S. Department of Agriculture. Other members of the EdR team
are P. Agnes Construction of Philadelphia, Voith & Mactavish Architects of
Philadelphia (lead architects) and WTW Architects of Pittsburgh.

About EdR

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 67 communities in 24 states with more
than 37,000 beds. For more information please visit the company's Web site at

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forward-looking statement, whether as a result of new information, future
developments, or otherwise.


Randall H. Brown, 901-259-2500
Executive Vice President, CFO & Treasurer
Susan Jennings, 901-259-2506
Vice President, Corporate Communications and Marketing
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