Education Realty Trust Inc., a new Memphis-based company formed to own and manage student housing communities, has priced an initial public offering of 19 million shares of common stock at $16 per share.J.P. Morgan Securities Inc. and UBS Investment Bank were the joint book-running managers of the offering, the company said. The underwriters have been granted an option to buy up to 2.745 million additional shares to cover any overallotments. The shares of the new company are trading on the New York Stock Exchange under the symbol EDR. The company said it will elect to be taxed as a real estate investment trust.
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