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EdR Announces Third Quarter 2012 Results

Stocks in this article: EDR

EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced results for the quarter ended September 30, 2012.

Company Highlights

  • 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.

"The transformation of our portfolio of communities continues to evolve as we further work to position EdR to outperform in this growing industry,” commented Randy Churchey, EdR's president and chief executive officer. "We have sold 35% of the communities that were in our portfolio at the beginning of 2010 and since that time we have also added $468 million of acquisitions and $91 million of developments to our portfolio. In addition we announced $343 million of developments delivering in 2013 and 2014. The culmination of these transactions has reduced our median distance from campus to 0.2 miles from 1.3 miles, increased our average rental rate by 20% to $562 per bed and continues us along the path of adding well-located quality assets to our portfolio."

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