EdR (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, today announced results for the quarter ended December 31, 2011.
- Core funds from operations (“Core FFO”) was $0.14 per share/unit for the fourth quarter. Full year Core FFO was $0.43 and meets high end of Company’s previous full year guidance;
- Same-community net operating income (“NOI”) for the quarter increased 14.5% on a 7.1% increase in revenues and a 3.1% decline in operating expenses. For the full year, same-community NOI increased 6.3%;
- Preleasing for the 2012/2013 lease term is 259 basis points ahead of last year with the same-community portfolio 34.8% preleased;
- Anticipated net rental rate increase of 3.5% for the 2012/2013 lease term;
- Selected by the University of Kentucky for the potential revitalization of its entire housing portfolio and expansion of such to 9,000 beds within seven years. The University’s board of trustees recently approved the first phase, which includes the construction of a 601-bed, $25.8 million freshman honors housing community to be delivered in 2013;
- Purchased four communities with 1,184 beds in the fourth quarter for $116.7 million. A total of eight communities were added in 2011 for $189.7 million;
- Acquired one community with 612 beds in January of 2012 for $20.6 million; and
- Entered into an agreement in January 2012 for the development of a 668-bed cottage style community at the University of Mississippi for a summer 2013 delivery.
“Two years ago our team embarked on implementing a plan to create long-term value for our shareholders. I am pleased that our efforts have yielded market leading operating and development results,” commented Randy Churchey, EdR’s president and chief executive officer. “For 2011, same-community revenue grew 4.6%, operating expenses were tightly controlled and Core FFO increased 25%. Even more exciting is that EdR is perfectly positioned to continue producing market leading results, as evidenced by our strong start to the fall 2012 leasing cycle. In addition to driving internal growth, we will benefit from the more than $210 million of collegiate housing communities we purchased in the last twelve months and the $311 million of new developments we will bring to market in 2012 and 2013.”
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