- 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.
EdR Announces Fourth Quarter 2012 Results
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