Memphis, Tenn. — Student housing REIT Education Realty Trust (NYSE: EDR) has announced plans to offer 11.5 million shares of common stock. The public offering will be priced at $7.30 per share and is expected to close on or around January 10. The company has also granted its underwriters a 30-day option to purchase an additional 1.72 million shares to cover overallotments. Bank of America Merrill Mynch and KeyBanc Capital Markets are serving as joint book-running managers.
EDR expects to receive approximately $79.7 million in net proceeds from the offering, after underwriting discounts and offering expenses are deducted. The company plans to use the proceeds to repay debt, fund development projects and future acquisitions, and for general corporate purposes.