- Core funds from operations (“Core FFO”) was $11.6 million or $0.12 per share/unit for the second quarter, compared to $8.4 million or $0.11 per share/unit in the prior year;
- Same-community net operating income (“NOI”) for the quarter increased 10.9% on a 7.5% increase in revenues and a 3.8% increase in operating expenses;
- Same-community portfolio is currently 83.9% preleased for the 2012/2013 lease term, compared to 86.1% at this time last year;
- Anticipated same-community net rental rate increase of 5.0% for the 2012/2013 lease term;
- Reduced overall company leverage with debt to gross assets of 28.8% at June 30, 2012, a 18.4% reduction from 35.3% a year earlier;
- Awarded a new third-party development project at Clarion University of Pennsylvania. With a project total cost of $44.7 million, this approximate 700-bed community is anticipated to be delivered in the summer of 2014; and
- EdR’s Board of Directors increased the Company’s quarterly dividend 43% to $0.10 per share/unit, starting with the second quarter dividend that is payable on August 15, 2012.
EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced results for the quarter ended June 30, 2012. Company Highlights