EdR

 

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FIRST QUARTER 2012

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

 

Financial Highlights		1
Balance Sheet		2
Operating Results		3
Funds From Operations		4
Community Operating Results		5
Community Statistics		6
Same-Community Statistics		7
Preleasing Statistics		8
Development Update.		9
Capital Structure		10
Community Listing - Owned.		11
Investor Information		12
Definitions		13
Safe Harbor Statement		14

 

 

EdR

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data)

 

OPERATING DATA:

 

		Three months ended March 31,
		2012				2011				$ Chg				% Chg
		(unaudited)				(unaudited)
Same-community revenue		$	28,548			$	26,610			$	1,938				7.3	%
Total community revenue			34,606				26,700				7,906				29.6	%
Total revenue			37,905				30,665				7,240				23.6	%
Same-community net operating income			15,867				14,314				1,553				10.8	%
Total community net operating income			19,452				14,386				5,065				35.2	%
Total operating income			6,730				5,686				1,044				18.4	%
Net Income			1,888				655				1,233				188.2	%
Per share - basic & diluted			0.02				0.01				0.01				120.0	%
Funds from operations (FFO)			10,846				6,919				3,927				56.8	%
Per weighted average share/unit (1)			0.12				0.10				0.02				20.0	%
Core funds from operations (Core FFO)			12,591				9,387				3,204				34.1	%
Per weighted average share/unit (1)		$	0.13			$	0.13			$	-				0.0	%

 

BALANCE SHEET DATA:

 

		3/31/2012				12/31/2011
Debt to gross assets			29.1	%			31.3	%
Net debt to enterprise value			23.3	%			22.9	%
Interest coverage ratio (TTM)			2.9				2.7

 

(1)

FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.

See page 4 for a detailed calculation.

 

 

EdR

BALANCE SHEET

(Amount in thousands, except share data)

 

		March 31, 2012				December 31, 2011
		(unaudited)
Assets
Collegiate housing properties, net (1)		$	821,137			$	803,519
Assets under development			86,364				56,648
Cash and cash equivalents			21,305				75,813
Restricted cash			5,139				4,826
Other assets			39,079				37,003
Total assets		$	973,024			$	977,809
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount		$	334,340			$	358,504
Accounts payable and accrued expenses			36,880				31,766
Deferred revenue			12,856				14,409
Total liabilities			384,076				404,679
Commitments and contingencies			-				-
Redeemable noncontrolling interests			9,446				9,776
Equity:
Education Realty Trust, Inc. stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 93,810,947 and 91,800,688 shares issued and outstanding March 31, 2012 and December 31, 2011, respectively			938				918
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding			-				-
Additional paid-in capital			677,014				662,657
Accumulated deficit			(99,820	)			(101,708	)
Total Education Realty Trust, Inc. stockholders' equity			578,132				561,867
Noncontrolling interest			1,370				1,487
Total equity			579,502				563,354
Total liabilities and equity		$	973,024			$	977,809

 

(1)

Amount is net of accumulated depreciation of $174,366 and $166,336 as of March 31, 2012 and December 31, 2011, respectively.

 

 

EdR

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)

 

		Three Months Ended March 31,
		2012				2011				$ Change
Revenues:
Collegiate housing leasing revenue		$	34,606			$	26,700			$	7,906
Third-party development services			328				1,276				(948	)
Third-party management services			853				834				19
Operating expense reimbursements			2,118				1,855				263
Total revenues			37,905				30,665				7,240
Operating expenses:
Collegiate housing leasing operations			15,154				12,314				2,840
Development and management services			1,616				1,331				285
General and administrative			2,010				1,429				581
Severance, development pursuit and acquisition costs			107				(56	)			163
Ground leases			1,511				1,366				145
Depreciation and amortization			8,659				6,740				1,919
Reimbursable operating expenses			2,118				1,855				263
Total operating expenses			31,175				24,979				6,196
Operating income			6,730				5,686				1,044
Nonoperating expenses:
Interest expense			4,110				4,742				(632	)
Amortization of deferred financing costs			348				284				64
Interest income			(21	)			(45	)			24
Loss on extinguishment of debt			-				351				(351	)
Total nonoperating expenses			4,437				5,332				(895	)
Income before equity in earnings (loss) of unconsolidated entities, income taxes and discontinued operations			2,293				354				1,939
Equity in earnings (losses) of unconsolidated entities			(263	)			5				(268	)
Income before income taxes and discontinued operations			2,030				359				1,671
Less: Income tax expense (benefit)			(75	)			154				(229	)
Income from continuing operations			2,105				205				1,900
Income from discontinued operations			9				661				(652	)
Net Income			2,114				866				1,248
Less: Net income attributable to the noncontrolling interests			226				211				15
Net Income attributable to Education Realty Trust, Inc.		$	1,888			$	655			$	1,233
Earnings per share information:
Net income attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted		$	0.02			$	0.01			$	0.01
Weighted-average shares of common stock outstanding - basic			92,839				70,852
Weighted-average shares of common stock outstanding - diluted			93,937				71,963

 

 

EdR

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)

 

		Three months ended March 31,
		2012				2011				Change
Net Income attributable to Education Realty Trust, Inc.		$	1,888			$	655			$	1,233
Gain on sale of collegiate housing assets (1)			-				(944	)			944
Real estate related depreciation and amortization			8,563				6,886				1,677
Equity portion of real estate depreciation and amortization on equity investees			66				111				(45	)
Equity portion of loss on sale of student housing property on equity investees			88				-				88
Noncontrolling interests			241				211				30
Funds from operations ("FFO")			10,846				6,919				3,927
FFO adjustments:
Loss on extinguishment of debt (1)			-				757				(757	)
Acquisition costs			167				171	(4)
Straight-line adjustment for ground leases (2)			1,061				1,053				8
FFO adjustments:			1,228				1,981				(753	)
FFO on Participating Developments:(3)
Interest on loan to Participating Development			455				285				170
Development fees on Participating Development, net of costs and taxes			62				202				(140	)
FFO on Participating Developments			517				487				30
Core funds from operations ("Core FFO")		$	12,591			$	9,387			$	3,204
FFO per weighted average share/unit (4)		$	0.12			$	0.10			$	0.02
Core FFO per weighted average share/unit (4)		$	0.13			$	0.13			$	(0.00	)
Weighted average shares/units (4)			93,937				71,963				21,974

 

(1)

All of or a portion of these amounts may be included in discontinued operations and may not be visible on the face of our statement of operations on page 3.

(2)

This represents the straight-line rent expense adjustment required by GAAP related to ground leases at three communities. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.

(3)

FFO on participating developments represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for development fees is calculated under the same percentage of completion method of accounting used for third-party development fees. The adjustment for interest income is based on terms of the loan.

(4)

FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

 

 

EdR

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)

 

		Three Months Ended March 31,
		2012				2011				$ Change				% Change
Revenues
Same-communities		$	28,548			$	26,610			$	1,938				7.3	%
New-communities (1)			6,058				90				5,968				NM
Total revenues			34,606				26,700				7,906				29.6	%
Operating expenses (2)
Same-communities			12,681				12,296				385				3.1	%
New-communities (1)			2,473				18				2,456				NM
Total operating expenses			15,154				12,314				2,841				23.1	%
Net operating income
Same-communities			15,867				14,314				1,553				10.8	%
New-communities (1)			3,585				72				3,512				NM
Total net operating income		$	19,452			$	14,386			$	5,065				35.2	%

 

NOTE: This table excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Troy Place, The Reserve at Jacksonville, The Reserve at Martin, The Chase at Murray and Clemson Place (all sold in January 2011) and Collegiate Village and Clayton Station (both sold in Q2 2011).

 

	(1)	See page 11 of this supplement for a listing of which communities are categorized as same-communities and which are new communities.
	(2)	Represents community level operating expenses, excluding management fees, depreciation, amortization, ground lease expense and impairment charges plus regional and other corporate costs of supporting the communities.

 

 

EdR

COMMUNITY STATISTICS

 

		Three Months Ended March 31,
		2012				2011				Change
Occupancy
Physical			93.8	%			92.7	%			110  bps
Economic			93.5	%			91.9	%			160  bps
NarPAB		$	470			$	412				14.2	%
Other income per avail. bed		$	26			$	20				25.8	%
RevPAB		$	496			$	432				14.8	%
Operating expense per bed		$	217			$	199				9.0	%
Operating margin			56.2	%			53.9	%			233  bps
Design Beds			69,816				61,814				12.9	%

 

NOTE:

Operating statistics for all periods presented exclude communities classified as discontinued operations.

See note on Pg. 5.

 

 

EdR

SAME-COMMUNITY STATISTICS

 

		Three Months Ended March 31,
		2012				2011				Change
Occupancy
Physical			93.9	%			92.7	%			120 bps
Economic			94.2	%			91.9	%			230 bps
NarPAB		$	443			$	412				7.5	%
Other income per avail. bed		$	21			$	20				3.0	%
RevPAB		$	464			$	432				7.3	%
Operating expense per bed		$	206			$	200				3.1	%
Operating margin			55.6	%			53.8	%			180 bps
Design Beds			61,581				61,580				0.0	%

 

NOTE:

Operating statistics for all periods presented exclude communities classified as discontinued operations.

See note on Pg. 5.

 

 

EdR

2012/2013 PRELEASING UPDATE AS OF APRIL 24TH

 

				2012-2013					2011-2012						Projected					September 30, 2011
Community		Primary University		Leases		%			Leases			%			Rate Increase			Design Beds		Opening Occupancy
Campus Creek		University of Mississippi		636		100.0	%		636			100.0	%		13.8	%		636		100.0	%
University Village on Colvin		Syracuse University		384		88.9	%		323			74.8	%		5.4	%		432		99.8	%
The Pointe		Pennsylvania State University		969		98.5	%		974			99.0	%		5.3	%		984		100.0	%
The Commons		Florida State University		269		36.7	%		255			34.8	%		5.1	%		732		97.7	%
The Pointe at South Florida		University of South Florida		433		43.2	%		556			55.5	%		5.0	%		1,002		98.4	%
Cape Trails		Southeast Missouri State University		319		88.6	%		279			77.5	%		5.2	%		360		100.0	%
Carrollton Crossing		University of West Georgia		256		76.2	%		291			86.6	%		4.9	%		336		100.0	%
The Reserve at Columbia		University of Missouri		517		76.5	%		557			82.4	%		6.2	%		676		99.9	%
The Reserve on Frankford		Texas Tech University		337		45.7	%		327			44.4	%		4.6	%		737		97.0	%
Wertland Square		University of Virginia		130		85.5	%		152			100.0	%		4.0	%		152		100.0	%
Jefferson Commons		University of Virginia		62		75.6	%		82			100.0	%		4.0	%		82		100.0	%
Pointe West		University of South Carolina		225		46.9	%		214			44.6	%		4.4	%		480		98.1	%
The Reserve at Athens		University of Georgia		512		83.7	%		512			83.7	%		4.7	%		612		99.7	%
The Reserve on South College		Auburn University		358		62.2	%		415			72.0	%		6.0	%		576		100.0	%
The Reserve on Perkins		Oklahoma State University		400		54.6	%		374			51.1	%		5.0	%		732		97.0	%
Campus Lodge		University of Florida		766		68.7	%		737			66.1	%		4.1	%		1,115		96.8	%
The Avenue at Southern		Georgia Southern University		141		22.6	%		152			24.4	%		3.9	%		624		96.6	%
Commons on Kinnear		The Ohio State University		429		85.5	%		368			73.3	%		4.7	%		502		100.0	%
The Commons at Knoxville		University of Tennessee		454		64.1	%		454			64.1	%		3.7	%		708		93.8	%
The Reserve at Saluki Pointe		Southern Illinois University		433		56.4	%		439			57.2	%		3.7	%		768		98.8	%
GrandMarc at the Corner		University of Virginia		413		64.4	%		396			61.8	%		4.0	%		641		89.4	%
Players Club		Florida State University		336		100.0	%		336			100.0	%		4.0	%		336		100.0	%
The Lofts		University of Central Florida		403		55.2	%		516			70.7	%		3.4	%		730		97.8	%
NorthPointe		University of Arizona		563		61.7	%		409			44.8	%		3.5	%		912		93.9	%
University Towers		North Carolina State University		595		62.4	%		715			75.0	%		3.0	%		953		100.0	%
River Pointe		University of West Georgia		233		46.2	%		207			41.1	%		2.2	%		504		93.7	%
College Station at West Lafayette		Purdue University		572		59.6	%		618			64.4	%		2.0	%		960		95.7	%
College Grove		Middle Tennessee State University		348		40.3	%		268			31.0	%		2.0	%		864		85.1	%
The Reserve at Star Pass		University of Arizona		291		28.5	%		359			35.2	%		2.0	%		1,020		76.9	%
The Reserve on West 31st		University of Kansas		322		44.8	%		375			52.2	%		0.5	%		719		85.7	%
The Pointe at Western		Western Michigan University		376		42.9	%		385			43.9	%		-2.0	%		876		76.3	%
Same-communities				12,482		60.1	%		12,681			61.1	%		4.0	%		20,761		94.7	%
3949 Lindell		Saint Louis University		230		89.8	%(2)		N/A	(1)		N/A	(1)					256		N/A	(1)
Irish Row		University of Notre Dame		316		96.9	%		N/A	(1)		N/A	(1)					326		N/A	(1)
Lotus Lofts		University of Colorado, Boulder		36		90.0	%		N/A	(1)		N/A	(1)					40		N/A	(1)
The Oaks on the Square		University of Connecticut		250		100.0	%		N/A	(1)		N/A	(1)					250		N/A	(1)
The Reserve on Stinson		University of Oklahoma		412		67.3	%		345			56.4	%					612		97.7	%
GrandMarc at Westberry Place		Texas Christian University		189		33.6	%		228			40.6	%					562		98.0	%
University Village Towers		UC Riverside		151		27.3	%		294			53.1	%					554		86.6	%
East Edge		University of Alabama		217		28.0	%		N/A	(1)		N/A	(1)					774		N/A	(1)
The Berk		University of California at Berkeley		19		11.8	%		N/A	(1)		N/A	(1)					161		75.8	%
Campus West		Syracuse University		64		20.5	%		N/A	(1)		N/A	(1)					312		N/A	(1)
New-communities				1,884		49.0	%		867									3,847
Wholly-owned communities				14,366		58.4	%		13,548									24,608

 

(1)

Prior year leasing and opening occupancy data is not included for communities under development or for newly acquired communities where reliable information is not available.

(2)

3949 Lindell is currently leased as a conventional apartment community. As such, the leases do not currently follow an academic term like our existing portfolio.

We will be converting this property to student leases over the next 24 months. The current lease percentage represents the community's current occupancy.

We expect the community to be approximately 91% leased in the fall.

 

 

EdR

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

 

COMPANY OWNED PROJECTS

 

Project		Project Type		Bed Count			Estimated Start Date		Anticipated Completion Date		Total Project Development Cost				EdR's Ownership Percentage				EdR's Share of Development Cost				EdR Equity Funded to 3/31/12				EdR Equity to be Funded
Syracuse University - Campus West		ONE Plan			312		In progress		Summer 2012		$	29,747				100	%		$	29,747			$	8,451			$	6,430
University of Alabama		Joint Venture			774		In progress		Summer 2012			41,350				90	%			37,215				7,870				-
University of Connecticut - Storrs Center Phase I		Wholly Owned			250		In progress		Summer 2012			24,240				100	%			24,240				15,118				-
Total - 2012 Deliveries					1,336							95,337								91,202				31,439				6,430
The University of Texas at Austin		ONE Plan			622		In progress		Summer 2013			66,570				100	%			66,570				10,149				56,421
University of Kentucky - New Central Residence Hall		ONE Plan			601		Spring 2012		Summer 2013			25,794				100	%			25,794				221				25,573
University of Connecticut - Storrs Center Phase II		Wholly Owned			250		In progress		Summer 2013			24,239				100	%			24,239				-				-
University of Colorado - Lotus Lofts		Wholly Owned			199		Spring 2012		Summer 2013			19,757				100	%			19,757				90				19,642
University of Mississippi		Joint Venture			668		Spring 2012		Summer 2013			36,700				70	%			25,690				4,795				2,912
Arizona State University- Phoenix		Joint Venture			609		Spring 2012		Summer 2013			52,000				91.4	%			47,528				6,010				5,872
Total - 2013 Deliveries					2,949							225,060								209,578				21,265				110,420
Total Owned Projects					4,285						$	320,397							$	300,780			$	52,704			$	116,850

 

PARTICIPATING PROJECTS ⁽¹⁾

 

Project		Bed Count			Estimated Start Date		Anticipated Completion Date		Project Development Cost				Total Project Fees				Fees Earned Prior Year				Fees Earned Three Months Ended March 31, 2012				Remaining Fees to Earn
Johns Hopkins Graduate Housing			572		In progress		Summer 2012			60,700			$	2,122			$	1,883			$	122			$	117

 

THIRD-PARTY PROJECTS

 

Project		Bed Count			Estimated Start Date		Anticipated Completion Date		Project Development Cost				Total Project Fees				Fees Earned Prior Year (2)				Fees Earned Three Months Ended March 31, 2012				Remaining Fees to Earn
East Stroudsburg University - Pennsylvania			969		NA		January 2012			59,491				2,246				2,118				113				15
Mansfield University of Pennsylvania			634		NA		January 2012			35,031				1,449				1,414				33				2
Projects Under Construction - Total			1,603							94,522				3,695				3,532				146				17
Mansfield University of Pennsylvania Phase II			684		Summer 2012		Summer 2013			50,000				1,740				-				-				1,740
East Stroudsburg University - Pennsylvania Ph II			488		Summer 2012		TBD			40,000				1,320				-				-				1,320
Bloomsburg University of Pennsylvania			500		Spring 2013		Summer 2014			TBD				TBD				-				-				-
West Chester University of Pennsylvania Phase II			569		Spring 2013		Summer 2014			46,000				1,285				-				-				1,285
Recently Awarded Projects - Total			2,241							50,000				1,740				-				-				4,345
Total Third-Party Projects			3,844						$	144,522			$	5,435			$	3,532			$	146			$	4,362

 

NOTE:

The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.

 

(1)

Participating projects are third-party development projects the Company has a significant investment in but does not own. The Company earns fees on these projects, however, in accordance with GAAP the fees are deferred and not recognized in its operating statements until its investment is recovered. The Company includes the earned fees in computing its Core FFO. See page 4.

(2)

Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress or recently completed.

 

 

EdR

CAPITAL STRUCTURE, as of March 31, 2012

(dollars in thousands)

 

Total Debt to Gross Assets							Net Debt to Enterprise Value
Debt (1)		$	334,445				Net Debt (1)			$	313,140
Gross Assets (2)			1,147,390				Market Equity (3)				1,030,861
Debt to Gross Assets			29.1	%			Enterprise Value			$	1,344,001
							Net Debt to Enterprise Value				23.3	%

 

Interest coverage (TTM)			2.9	x
Net Debt to EBITDA (TTM)			6.1	x

 

Total Debt Outstanding

 

		Principal				Weighted Average								Average Term
		Outstanding				Interest Rate				%				to Maturity
Fixed Rate - Mortgage Debt (1)		$	251,055				5.82	%			75.1	%			4.24	years
Variable Rate - Mortgage Debt			36,780				4.87	%			11.0	%			7.75	years
Variable Rate - Construction Debt			46,610				2.04	%			13.9	%			1.62	years
Total / Weighted Average		$	334,445				5.19	%			100.0	%			4.26	years

 

Future Maturities

 

Fiscal Year Ending		Amortization				Maturities				Total				Percentage
2012		$	2,982			$	14,273			$	17,255				5.2	%
2013			4,136				33,396				37,532				11.2	%
2014			5,930				67,963				73,893				22.1	%
2015			3,445				10,711				14,156				4.2	%
2016			2,393				65,258				67,651				20.2	%
Thereafter			5,852				118,106				123,958				37.1	%
Mortgage Debt (1)			24,738				309,707				334,445				100.0	%
Revolving Credit Facility			-				-				-
Gross Debt (1)		$	24,738			$	309,707				334,445
Less Cash											21,305
Net Debt										$	313,140

 

(1)

Excludes unamortized debt discount of $105K.

(2)

Excludes accumulated depreciation of $174,366 as of March 31, 2012.

(3)

Market equity includes 94,030,756 shares of the Company's common stock and 1,067,163 operating partnership units and is calculated using $10.84 per share, the closing price of the Company's common stock on March 31, 2012.

 

 

EdR

COMMUNITY LISTING - OWNED

 

Name

Primary University Served

Acquisition Date

# of Beds

Name

Primary University Served

Acquisition Date

# of Beds

Players Club

Florida State University

Jan ’05

336

College Grove

Middle Tennessee State University

Apr ’05

864

The Commons

Florida State University

Jan ’05

732

Campus Lodge

University of Florida

Jun ’05

1,115

University Towers

North Carolina State University

Jan ’05

953

The Reserve on South College

Auburn University

Jul ’05

576

The Reserve on Perkins

Oklahoma State University

Jan ’05

732

Cape Trails

Southeast Missouri State University

Jan ’06

360

The Pointe

Pennsylvania State University

Jan ’05

984

Carrollton Crossing

University of West Georgia

Jan ’06

336

College Station at West Lafayette

Purdue University

Jan ’05

960

River Pointe

University of West Georgia

Jan ’06

504

The Reserve on Frankford

Texas Tech University

Jan ’05

737

The Avenue at Southern

Georgia Southern University

Jun ’06

624

Commons on Kinnear

The Ohio State University

Jan ’05

502

The Reserve at Saluki Pointe

Southern Illinois University

Aug '08, Aug '09

768

NorthPointe

University of Arizona

Jan ’05

912

University Village on Colvin

Syracuse University

Aug '09

432

The Reserve at Star Pass

University of Arizona

Jan ’05

1,020

GrandMarc at The Corner

University of Virginia

Oct '10

641

The Lofts

University of Central Florida

Jan ’05

730

Total Same-Community

20,527

The Reserve at Athens

University of Georgia

Jan ’05

612

The Reserve on West 31st

University of Kansas

Jan ’05

719

Wertland Square

University of Virginia

Mar ’11

152

The Reserve at Columbia

University of Missouri

Jan ’05

676

Jefferson Commons

University of Virginia

Mar ’11

82

The Pointe at South Florida

University of South Florida

Jan ’05

1,002

The Berk

University of California, Berkeley

May ’11

161

The Commons at Knoxville

University of Tennessee

Jan ’05

708

University Village Towers

University of California, Riverside

Sept '11

554

The Pointe at Western

Western Michigan University

Jan ’05

876

Lotus Lofts

University of Colorado, Boulder

Nov '11

40

Campus Creek

University of Mississippi

Feb ’05

636

Irish Row

University of Notre Dame

Nov '11

326

Pointe West

University of South Carolina

Mar ’05

480

GrandMarc at Westberry Place

Texas Christian University

Dec '11

562

3949 Lindell

Saint Louis University

Dec '11

256

The Reserve on Stinson

University of Oklahoma

Jan '12

612

2,745

Total Owned

23,272

 

 

EdR

INVESTOR INFORMATION

 

Executive Management
Randy Churchey		Chief Executive Officer
Randy Brown		Chief Financial Officer
Tom Trubiana		Chief Investment Officer
Christine Richards		Senior Vice President and Chief Operating Officer

 

Corporate Headquarters		Investor Relations
EdR		ICR, LLC
999 South Shady Grove Road, Suite 600		Brad Cohen
Memphis, TN  38120		(203) 682-8211
(901) 259-2500

 

Covering Analysts

Firm		Analyst		Contact #
Bank of America - Merrill		Jana Galan		(646) 855-3081
Green Street Advisors		Andrew J. McCulloch		(949) 640-8780
Hilliard Lyons		Carol Kemple		(502) 588-1839
Janney Capital Markets		Andrew DiZio		(215) 665-6439
JMP Securities		Mitch Germain		(212) 906-3546
J.P. Morgan Securities Inc.		Anthony Paolone		(212) 622-6682
Keete, Bruyette & Woods		Taylor Schimkat		(212) 887-3885
KeyBanc Capital Markets		Karin A. Ford		(917) 368-2293
Morgan Keegan & Company		Stephen Swett		(212) 508-7585
Robert W. Baird & Co., Inc.		Paula Poskon		(703) 821-5782
Sandler O'Neill + Partners, L.P.		Alex Goldfarb		(212) 466-7937
Stifel Nicolaus & Company Inc.		Rod Petrik		(443) 224-1306
UBS Securities		Ross Nussbaum		(212) 713-2484

 

 

EdR

 

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DEFINITIONS

Physical occupancy

Represents a weighted average of the month end occupancies for each month included in the period reported.

 

Economic occupancy

Represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the respective period divided by potential rent for the respective period.

 

Net apartment rent per available bed (NarPAB)

Represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.

 

Other income per available bed

Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

 

Revenue per available bed (RevPAB)

Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.

 

Operating expense per bed

Represents community-level operating expenses excluding management fees, depreciation and amortization.

 

Design beds

Represents the sum of the monthly design beds in the portfolio during the period.

 

Same community

Includes communities that have been owned for more than a year as of the beginning of the current fiscal year.

 

GAAP

U.S. generally accepted accounting principles.

 

FFO

Funds from operations as defined by the National Association of Real Estate Investment Trusts.

 

 

EdR

 

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

 

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters.  Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.