updated 12/9/2010 8:16:24 AM ET 2010-12-09T13:16:24

MEMPHIS, Tenn., Dec. 9, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, today announced it completed the sale of five student housing communities for a total price of $53.1 million.

The dispositions included the sale of a group of four properties (The Gables Student Apartments in Bowling Green, Ky., and three former Place communities – Western Place in Bowling Green, Ky., Berkeley Place in Clemson, S.C., and The Pointe at Southern in Statesboro, Ga.) totaling $38.7 million. The Company also sold one additional 590- bed community (The Reserve at Clemson in Normal, SC) for $14.4 million. In total the company received approximately $22.1 million in net proceeds after repayment of related debt of $29.3 million and other closing costs. 

"The sale of these five properties is consistent with our goal to improve the overall quality of our portfolio which will lead to increased future revenue and growth," said Randy Churchey, president and chief executive officer of Education Realty Trust. "We will continue implementing our realignment strategy by investing this recycled equity into collegiate communities at larger universities similar to our recent purchase of GrandMarc at The Corner near the University of Virginia."

About Education Realty Trust

Education Realty Trust, Inc. (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate student housing. EDR is a self-administered and self-managed real estate investment trust that owns or manages 59 communities in 23 states with more than 35,600 beds. For more information please visit the company's website at www.educationrealty.com.

CONTACT:  Education Realty Trust
          Randall H. Brown, Executive Vice President, CFO & Treasurer
          Public Relations
          Susan Jennings

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