LEXINGTON, KY-Student housing developer, owner and managerEdR and the University ofKentucky have come to an agreement concerning the secondphase of the university's campus revitalization plan. Phase II,which will launch during November, 2012, will focus on theconstruction of five residence halls containing 2,300 beds at acost of $133.7 million, with delivery slated for summer, 2014.

The second phase is part of the university's overall master planto systematically replace outdated residence halls with updatedstudent housing. The cost of Phase II is beingfinanced through Memphis-based EdR's On-Campus Equity Plan - TheONE PlanSM - which uses the company's equity and financialstability to fund projects on university land. Future phases underconsideration include the systematic addition of more new residencehalls in the next five to seven years which will bring UK's totalon-campus housing to approximately 9,000 beds. The cost ofthe entire plan is estimated at $500 million.

EdR is currently involved with the plan's first phase, a309-unit, 601-bed residence hall -- dubbed New Central ResidenceHall -- that is going north at a cost of $26 million and will beready for the 2013-2014 school year. The studenthousing planned for the second phase will contain two- andfour-bedroom suites, offices, classrooms, study rooms, multipurposerooms and other amenities. EdR will manage and operate theseresidence halls in addition to New Central Residence Hall.