EdR Purchases Minority Interest in Elauwit Networks


EdR Purchases Minority Interest in Elauwit Networks

- Partnership to focus on property network services and innovations -

MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: 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 (NYS: ACC) , Landmark Properties, Campus Crest Communities (NYS: 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 (NYS: 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.

Randall H. Brown, Executive Vice President, CFO & Treasurer, 901-259-2500
Susan Jennings, Vice President, Corporate Communications and Marketing, 901-259-2506

KEYWORDS: United States North America Tennessee


The article EdR Purchases Minority Interest in Elauwit Networks originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.