- Core funds from operations (“Core FFO”) was $5.9 million or $0.06 per share/unit for the third quarter, compared to $2.4 million or $0.03 per share/unit in the prior year;
- Same-community net operating income (“NOI”) for the quarter increased 8.8% on a 2.3% increase in revenues and a 0.6% reduction in operating expenses;
- Same-community net rental rates increased 5.1% for the 2012-2013 lease term;
- Same-community portfolio opened the 2012-2013 lease term 90.5% occupied, compared to opening 94.7% occupied the prior lease term;
- Signed agreements with the University of Kentucky for Phase II of the multi-year, 9,000-bed, campus-housing revitalization project. Phase II includes four communities with 2,317 beds and total estimated project costs of $133.7 million. These communities are scheduled to open summer of 2014;
- Acquired three communities with a total of 1,847 beds and an aggregate purchase price of $137.3 million;
- Closed on the sale of two communities, NorthPointe serving University of Arizona and The Reserve on Frankford serving Texas Tech University, for a gross sales price and net cash proceeds of approximately $42.3 million;
- The previously announced $74.8 million acquisition of two communities at Texas Tech University with a total of 866 beds is scheduled to close in the fourth quarter of 2012; and
- Raised $180.9 million in net proceeds from a follow-on equity offering in August 2012, selling 17.3 million shares, including the exercise of the underwriters' option to purchase additional shares.
EdR Announces Third Quarter 2012 Results
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