We are pleased with our partnership with IRET. Edgewood is committed to helping seniors stay as independent as possible, for as long as possible. These five properties will be a nice addition to the Edgewood family of senior living communities.
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Grand Forks, ND (Vocus) February 20, 2010
Edgewood Management Group, LLC. (EMG) a Midwest operator of assisted living communities has announced that it has entered into an agreement with Investors Real Estate Trust ("IRET"), an equity real estate investment trust located in Minot, North Dakota, to manage five assisted living communities in Wyoming. EMG and IRET will also be announcing expansion plans in at least three of the properties, to add memory care units and additional assisted living units.
The properties, purchased by IRET, are located in Casper, Cheyenne and Laramie, Wyoming, and have approximately 322 total units.
EMG’s President and Chief Executive Officer, Phil Gisi commented, “We are pleased with our partnership with IRET. Edgewood is committed to helping seniors stay as independent as possible, for as long as possible. These five properties will be a nice addition to the Edgewood family of senior living communities.”
Edgewood Management Group, LLC. of Grand Forks, North Dakota, owns and/or manages 27 assisted living communities in North Dakota, South Dakota, Montana, Minnesota, Nebraska and Wyoming, with the combined ability to serve more than 1,900 residents.
IRET has purchased these five Wyoming assisted living communities; Edgewood will begin managing the properties effective April 1, 2010.
4010 North College Drive, Cheyenne
3955 East 12th Street, Casper
1930 East 12th Street, Casper
4606 North College Drive, Cheyenne
1072 North 22nd Street, Laramie
First Memory Care in Wyoming
Pending approval by the state of Wyoming, three of these Wyoming senior housing communities will be licensed to provide Memory Care. This marks the first time that Memory Care has been available in an assisted living facility in the state. Previously, Wyoming residents who needed these specialized services were forced to choose between moving into a nursing home environment or moving out-of-state.
HISTORY AND PHILOSOPHY
Edgewood Management Group (Edgewood) owns, develops and operates quality independent living, assisted living and Memory Care communities across the Upper Midwest. Edgewood strives to help people stay as independent as possible, for as long as possible through personalized care. We do this with well-trained staff members in settings designed for residents to receive various living and care options, from independent living to the special sensitivities of Memory Care assisted living. Through precision senior housing management services, Edgewood properties provide high- quality care in a safe, home-like setting.
Edgewood began in Minot, North Dakota, in 1992, when the company developed a 32-bed basic care facility to accommodate the needs of the area’s expanding senior population. Today, including these Wyoming senior housing communities, Edgewood manages 27 senior housing communities in six states (Minnesota, Montana, Nebraska, North Dakota, South Dakota and Wyoming).
These communities include 12 stand-alone Memory Care communities, specifically designed for those living with Alzheimer’s and other forms of memory loss.
In an industry that blends healthcare, customer service and real estate/development Edgewood has established a reputation as a permanent, trusted partner in the communities in which it operates. More information is available at http://www.edgewood-emg.com
Investors Real Estate Trust (IRET), an equity real estate investment trust, acquired these Wyoming senior housing communities in December 2009. IRET’s diversified portfolio includes multi-family residential, office, medical, industrial and retail properties located primarily in the upper Midwest. With headquarters in Minot, North Dakota, IRET has additional offices in Minneapolis, Minnesota, and Omaha, Nebraska. IRET’s common shares of beneficial interest trade on the NASDAQ Global Select Market under the symbol IRET. More information is available at http://www.iret.com
Edgewood will manage these five assisted living communities in Wyoming through a long-term agreement with IRET. With the addition of these five communities, Edgewood now manages 24 IRET-owned communities in six states.
Investment in expansion and new amenities planned
Edgewood will add new amenities to these senior housing communities, including a total planned investment of $8 million to the Aspen Wind, Spring Wind and Meadow Wind.
Through our commitment to standards of excellence, Edgewood achieves the best possible outcomes in terms of quality and value for our customers and financial success for our investors. Expansion is part of this strategy to remain a long-term partner in providing quality care to residents, families and staff members here in the state.
Statements contained in this release other than statements of historical fact, including statements regarding anticipated financial performance, business strategy and management plans and objectives for future operations, are forward-looking statements. Forward-looking statements generally/but do not require words such as expect, intend, will, anticipate, believe, estimate, plan, strategy or objectives or other similar expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Given these risks and uncertainties, readers are cautioned not to place undue reliance on EMG’s forward-looking statements. All forward-looking statements contained in this release are necessarily estimates reflecting the best judgment of the party making such statements based upon current information, and EMG assumes no obligation to update any forward-looking statement.
Contact: Phil Gisi, Owner & President/CEO
Phone: (701) 741-6230
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