EdR Credit Rating Upgraded to Baa2 by Moody's
MEMPHIS, Tenn., Sept. 6, 2017 /PRNewswire/ -- EdR (NYSE: EDR), a leader in the ownership, development and management of collegiate housing, today announced that Moody's Investor Services ("Moody's") has upgraded its senior unsecured debt and shelf ratings from Baa3 to Baa2; outlook stable. EdR's preferred equity shelf rating was also upgraded from Ba1 to Baa3; outlook stable.
In its Ratings Action dated August 31, 2017, Moody's states that "The upgrade reflects EdR's position as one of the leading student housing REITs in the U.S. and its strong credit profile, which is supported by a low-levered balance sheet, good-quality portfolio, large unencumbered asset pool, as well as ample liquidity to fund its growth strategy and meet its near-term debt commitments."
"As a growing REIT, EdR takes its capital management and capital allocation decisions seriously," said Drew Koester, EdR's senior vice president of capital markets. "Moody's rating upgrade recognizes our commitment to a low leverage strategy, which affectively prefunds our significant development pipeline and leaves the company in a good position to take advantage of additional growth opportunities."
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 87 communities with more than 46,000 beds serving 54 universities in 26 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices. For details, please visit the Company's Web site at www.EdRtrust.com.
For more information, contact:
J. Drew Koester, Senior Vice President, Capital Markets and Investor Relations
901-259-2523 dkoester@EdRtrust.com
For media information or photography, contact:
Craig Wack, PR Coordinator
901-252-6809 cwack@EdRtrust.com
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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, unless required by law.
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SOURCE EdR
