By Business Wire, February 26, 2013, 06:44:00 PM EDT
- Partnership to focus on property network services and innovations -
MEMPHIS, Tenn.--(BUSINESS WIRE)--
EdR (NYSE:EDR), a leader in the ownership, development and
management of collegiate housing, announced it was providing additional
details on its previously communicated purchase of a 10% interest in
Elauwit Networks — an industry-leading provider of Internet access,
high-definition video and telephone service. While the initial
investment for this minority interest was nominal for EdR, it provides a
variety of potential benefits including reduced network operating costs
along with opportunities to create innovative enhancements and generate
ancillary income.
"Our equity investment in Elauwit will secure reliable and superior
technology services for the No. 1 amenity desired by our residents,
whose internet and bandwidth consumption grows every day," said
Christine J. Richards, EdR's senior vice president and chief operating
officer. "We are also excited about potential cost reductions, the
creation of innovative enhancements and ancillary income opportunities
through this partnership."
Elauwit Networks has been in the broadband and network service business
since 1989 but has shifted its primary focus to the student housing
industry for the last three years. During this time, Elauwit has
established itself as one of the most reliable service providers with
strong customer and revenue growth. Besides EdR, the company currently
serves communities owned by American Campus Communities (NYSE:ACC),
Landmark Properties, Campus Crest Communities (NYSE:CCG) and Preiss
Properties, among many others. It has forecasted student housing
customer growth of 90 properties by the end of 2014.
"We welcome EdR to the Elauwit team," said Barry Rubens, Elauwit's chief
executive officer. "Their robust communities, years of collegiate
housing experience and push for excellent and innovative services will
spur and aid our quest to continually improve and create cutting-edge
products, services and ancillary opportunities for EdR and the
collegiate housing industry as well."
"The vertical integration between Elauwit's and EdR's technical and
operational teams is designed to create an effortless exchange of data
and user feedback to accelerate the development of new products and
services," said Scott P. Casey, EdR's chief technology officer, who will
work with Rubens as a board member and as co-chairman of a committee
specifically created to support this partnership and business
development initiative.
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 within more than
12,500 units. For more information please visit the company's Web site
at www.EdRtrust.com.
About Elauwit
Based in Charleston, S.C., Elauwit Networks is a privately held company
with interests in media and technology. The company has twice been named
to the Inc. 5000 list of the fastest growing companies in the U.S.
Elauwit can be found on the Web at www.elauwit.com.
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.
Source: EdR