EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced results for the quarter ended December 31, 2012.
- Core funds from operations (“Core FFO”) increased 14% to $0.16 per share/unit, for the quarter. For the full year, Core FFO increased 9.3% to $0.47 per share/unit;
- Same-community net operating income (“NOI”) for the quarter decreased 2.7% on flat revenue and a 3.3% increase in operating expenses. For the full year, same-community NOI increased 5.7%;
- Preleasing for the 2013-2014 lease term is 460 basis points ahead of last year with the same-community portfolio 39.1% preleased, compared to 34.5% the same time last year;
- Net rental rate increase of 2.2% anticipated for the 2013-2014 lease term;
- Borrowing capacity under the credit facility was expanded to $375 million in January 2013, with an accordion feature to $500 million and a four-year term;
- Acquired five communities with a total of 2,581 beds for $206.3 million;
- Entered into a joint venture agreement to develop an $89.2 million, 901-bed community within two blocks of the University of Minnesota;
- Sold The Reserve at Star Pass, a 1,020-bed community 4.5 miles from the University of Arizona, for $25.5 million;
- Purchased a 10% interest in Elauwit Networks, an industry-leading provider of internet access and high-definition video service, one of the main amenities for the student housing industry; and
- In total, the Company has approximately $442.3 million of potential new assets under contract or in development for delivery in 2013 and 2014.
“The recent expansion of our line of credit provides additional financial flexibility and capacity to take advantage of our many growth opportunities," stated Randy Churchey, EdR's president and chief executive officer. "Our pipeline of new opportunities is robust and we are positioned to drive earnings growth from our high quality well located communities around the country."
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