EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, announced today leasing results for the 2012-2013 academic school year. Net rental rates increased 5.1% for EdR’s same-community portfolio for the 2012-2013 lease term over 2011-2012. The Company’s same-community opening occupancy was 90.5% for the 2012-2013 lease term, compared to 94.7% occupancy in the prior year. “While we were able to achieve another year of strong growth in rental rates, our occupancy was below the level we expected to reach,” stated Christine Richards, senior vice president and chief operating officer. “The vast majority of our communities achieved expected occupancy targets, however, five communities were impacted by local factors, including modest declines in university enrollment. These five communities accounted for 76% of our occupancy decline.” Recent investments by EdR are changing the growth characteristics of the Company and reducing its reliance on NOI growth from its legacy same-community portfolio. Since 2011, the Company has acquired or developed communities representing more than $360 million of investment. These new communities, accounting for more than one-third of our asset base, are well located at growing major universities and, along with 2013 development deliveries, are expected to produce revenue and NOI growth trends in excess of the Company’s existing same-community portfolio. The Company continued its strategic portfolio repositioning in the third-quarter, completing the acquisition of The Province, a 728-bed, $50 million community serving East Carolina University at Greenville, North Carolina in September. Also in the quarter, EdR completed the sale of The Reserve at Frankford, a 737-bed community at Lubbock, Texas and North Pointe Apartments, 912-bed community at Tucson, Arizona. Combined gross proceeds for the two communities were $42 million. Based on expectations resulting from same-community occupancy rate for the 2012-2013 lease term, as well as the recently-completed dispositions and acquisition, EdR has narrowed its 2012 Core FFO per share guidance to $0.46 to $0.48 per share, from $0.46 to $0.51 per share. Consistent with prior guidance, this outlook does not include the impact of any unannounced dispositions, acquisitions, or developments, new third-party development or management contracts, or capital transactions. A reconciliation of funds from operations (“FFO”) and Core FFO to net income is included within the financial table accompanying this release.