- Core funds from operations (“Core FFO”) increased 25% to $0.20 per share/unit for the fourth quarter and grew 17% to $0.55 per share/unit for the full year;
- Same-community net operating income (“NOI”) for the quarter was $17.8 million, an increase of 4.2% on a 4.9% increase in revenue partially offset by a 6.0% increase in operating expenses;
- Preleasing for the 2014-2015 lease term is 550 basis points ahead of last year with the same-community portfolio 45.4% preleased. The same-community portfolio is projected to open the 2014-2015 lease term with an increase in revenue ranging from 3% to 4%, comprised of a 1% to 2% increase in occupancy and an approximate 2% increase in net rate;
- University of Kentucky ("UK") Board of Trustees approved the 2016 delivery phase of the multi-year UK campus housing revitalization plan, consisting of 1,141 beds for $83.9 million;
- Recycled capital from the sale and pending sales of $62.9 million of communities with an average distance to campus of 1.9 miles into a $54.0 million acquisition pedestrian to campus at the University of Michigan and a $27.8 million joint venture investment in a community adjacent to the University of Georgia;
- In January 2014, entered into a $187.5 million term loan with five- and seven-year tranches at an effective fixed interest rate of 3.6%; and
- 2014 full year Core FFO guidance range of $0.62 to $0.68 per share/unit, which represents an 18% increase, at the midpoint, over 2013.
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, 2013. Company Highlights