MEMPHIS, Tenn.--(BUSINESS WIRE)--Education Realty Trust Inc. (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, announced today market-leading leasing results for the 2011/2012 academic school year.
EDR reported opening occupancy of 94.9% across the company’s same-community owned portfolio for the 2011/2012 lease term, which represents a 112 basis point improvement over the prior year. Additionally, the company’s same-community net rental rates for the 2011/2012 lease term have increased 4.6% over 2010/2011.
“It is gratifying that enhancements in our technology platform and marketing-yield management systems along with a realignment of our management staff over the past two years have improved our property operations and produced such strong results,” said Christine Richards, senior vice president of property operations for Education Realty Trust. “With this success and plans for additional enhancements as we move ahead, we expect to build on our market-leading results in the coming years.”
EDR will release property specific leasing data in the company’s third quarter earnings release scheduled for October 27, 2011.
About Education Realty Trust
Education Realty Trust Inc. (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 — with this purchase —owns or manages 57 communities in 23 states with over 33,000 beds within more than 10,500 units. For more information please visit the company's web site at www.educationrealty.com.
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