- Core funds from operations (“Core FFO”) was $8.7 million, or $0.08, per share/unit for the third quarter, compared to $5.9 million, or $0.06, per share/unit in the prior year;
- Same-community net operating income (“NOI”) for the quarter was $9.2 million on a 1.1% increase in revenue and a 2.8% increase in operating expenses;
- Achieved same-community revenue growth of 5.0% for the 2013/2014 lease term, with a net rental rate increase of 2.0% and a 300 basis point growth in occupancy to 94.1%;
- Completed the previously announced $56.2 million acquisition of the Retreat at State College, a 587-bed cottage community serving Penn State University;
- Acquired the Cottages on Lindberg, a 745-bed community, serving Purdue University for $36.0 million;
- Delivered five new owned development communities with 2,750 beds for an aggregate cost of $192.4 million. The communities opened 92.4% leased with four of the five communities at or above 100% occupancy; and
- Amended and upsized the revolving credit facility to $500.0 million and added a new $200 million accordion, while improving facility pricing and extending the maturity date to January 2018.
EdR Announces Third Quarter 2013 Results
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