Attached files
file | filename |
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8-K - 8-K - Education Realty Trust, Inc. | edr-form8xkannouncing3q201.htm |
EX-99.1 - PRESS RELEASE Q3 - Education Realty Trust, Inc. | a2013-q3edrearningsrelease.htm |
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 |
Leasing Results Summary | 8 |
Same-Community Leasing Results | 9 |
New-Community Leasing Results | 13 |
Owned Community Projected 2014 New Supply and Demand Information | 14 |
Owned Development Summary | 16 |
Third-Party Development Summary | 17 |
Capital Structure | 18 |
Community Listing - Owned | 19 |
Investor Relations | 20 |
Definitions | 21 |
Safe Harbor Statement | 22 |
Third Quarter 2013 |
Financial Highlights |
(Amounts in thousands, except per share data, unaudited) | ||||||||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | $ Chg | % Chg | 2013 | 2012 | $ Chg | % Chg | |||||||||||||||||||
Same-community revenue | $ | 26,416 | $ | 26,136 | $ | 280 | 1.1 | % | $ | 84,649 | $ | 84,574 | $ | 75 | 0.1 | % | ||||||||||
Total community revenue | 40,278 | 28,829 | 11,449 | 39.7 | % | 118,970 | 88,872 | 30,098 | 33.9 | % | ||||||||||||||||
Total revenue | 44,197 | 32,868 | 11,329 | 34.5 | % | 131,810 | 99,227 | 32,583 | 32.8 | % | ||||||||||||||||
Same-community net operating income | 9,155 | 9,341 | (186 | ) | (2.0 | )% | 40,639 | 42,169 | (1,530 | ) | (3.6 | )% | ||||||||||||||
Total community net operating income | 15,830 | 10,216 | 5,614 | 55.0 | % | 58,175 | 43,382 | 14,793 | 34.1 | % | ||||||||||||||||
Total operating income | 505 | (2,068 | ) | 2,573 | NM | 11,826 | 7,170 | 4,656 | 64.9 | % | ||||||||||||||||
Net Income | (4,462 | ) | 489 | (4,951 | ) | NM | 2,679 | 3,633 | (954 | ) | (26.3 | )% | ||||||||||||||
Per share - basic & diluted | (0.04 | ) | — | (0.04) | NM | 0.02 | 0.04 | (0.02 | ) | (50.0 | )% | |||||||||||||||
Funds from operations (FFO) | 7,061 | 4,159 | 2,902 | 69.8 | % | 33,506 | 24,808 | 8,698 | 35.1 | % | ||||||||||||||||
Per weighted average share/unit (1) | 0.06 | 0.04 | 0.02 | 50.0 | % | 0.29 | 0.25 | 0.04 | 16.0 | % | ||||||||||||||||
Core funds from operations (Core FFO) | 8,719 | 5,856 | 2,863 | 48.9 | % | 39,629 | 30,086 | 9,543 | 31.7 | % | ||||||||||||||||
Per weighted average share/unit (1) | $ | 0.08 | $ | 0.06 | $ | 0.02 | 33.3 | % | $ | 0.34 | $ | 0.31 | $ | 0.03 | 9.7 | % | ||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||||||||
9/30/2013 | 12/31/2012 | |||||||||||||||||||||||||
Debt to gross assets | 40.2 | % | 31.7 | % | ||||||||||||||||||||||
Net debt to enterprise value | 39.4 | % | 27.4 | % | ||||||||||||||||||||||
Interest coverage ratio (TTM) | 4.6 | x | 4.2 | x | ||||||||||||||||||||||
Net debt to EBITDA - Adjusted (TTM) | 6.2 | x | 4.5 | x | ||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||
Third Quarter 2013 | Page 1 |
Balance Sheet |
(Amount in thousands, except share and per share data) | September 30, 2013 | December 31, 2012 | ||||||||||
Assets | (unaudited) | |||||||||||
Collegiate housing properties, net | $ | 1,371,267 | $ | 1,061,002 | ||||||||
Assets under development | 74,179 | 159,264 | ||||||||||
Cash and cash equivalents | 16,335 | 17,039 | ||||||||||
Restricted cash | 10,552 | 6,410 | ||||||||||
Other assets | 72,159 | 80,972 | ||||||||||
Total assets | $ | 1,544,492 | $ | 1,324,687 | ||||||||
Liabilities and equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage and construction loans, net of unamortized premium | $ | 434,705 | $ | 398,846 | ||||||||
Unsecured revolving credit facility | 268,900 | 79,000 | ||||||||||
Accounts payable and accrued expenses | 62,479 | 57,123 | ||||||||||
Deferred revenue | 28,173 | 17,964 | ||||||||||
Total liabilities | 794,257 | 552,933 | ||||||||||
Commitments and contingencies | — | — | ||||||||||
Redeemable noncontrolling interests | 8,608 | 8,944 | ||||||||||
Equity: | ||||||||||||
EdR stockholders' equity: | ||||||||||||
Common stock, $0.01 par value per share, 200,000,000 shares authorized, 114,702,321 and 113,062,452 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 1,148 | 1,131 | ||||||||||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, no shares issued and outstanding | — | — | ||||||||||
Additional paid-in capital | 825,767 | 849,878 | ||||||||||
Accumulated deficit | (90,608 | ) | (93,287 | ) | ||||||||
Total EdR stockholders' equity | 736,307 | 757,722 | ||||||||||
Noncontrolling interest | 5,320 | 5,088 | ||||||||||
Total equity | 741,627 | 762,810 | ||||||||||
Total liabilities and equity | $ | 1,544,492 | $ | 1,324,687 | ||||||||
(1) Amount is net of accumulated depreciation of $200,609 and $175,310 as of September 30, 2013 and December 31, 2012, respectively. |
Third Quarter 2013 | Page 2 |
Operating Results |
(Amounts in thousands, except per share data, unaudited) | |||||||||||||||||||
Three months ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | $ Change | 2013 | 2012 | $ Change | ||||||||||||||
Revenues: | |||||||||||||||||||
Collegiate housing leasing revenue | $ | 40,278 | $ | 28,829 | $ | 11,449 | $ | 118,970 | $ | 88,872 | $ | 30,098 | |||||||
Third-party development consulting services | 839 | 145 | 694 | 1,989 | 490 | 1,499 | |||||||||||||
Third-party management services | 918 | 879 | 39 | 2,710 | 2,451 | 259 | |||||||||||||
Operating expense reimbursements | 2,162 | 3,015 | (853 | ) | 8,141 | 7,414 | 727 | ||||||||||||
Total revenues | 44,197 | 32,868 | 11,329 | 131,810 | 99,227 | 32,583 | |||||||||||||
Operating expenses: | |||||||||||||||||||
Collegiate housing leasing operations | 24,448 | 18,613 | 5,835 | 60,795 | 45,490 | 15,305 | |||||||||||||
Development and management services | 1,826 | 1,493 | 333 | 5,224 | 4,756 | 468 | |||||||||||||
General and administrative | 1,628 | 1,635 | (7 | ) | 5,344 | 5,292 | 52 | ||||||||||||
Development pursuit and acquisition costs | 81 | 216 | (135 | ) | 349 | 609 | (260 | ) | |||||||||||
Ground lease expense | 1,833 | 1,696 | 137 | 5,631 | 4,716 | 915 | |||||||||||||
Depreciation and amortization | 11,714 | 8,268 | 3,446 | 34,500 | 23,780 | 10,720 | |||||||||||||
Reimbursable operating expenses | 2,162 | 3,015 | (853 | ) | 8,141 | 7,414 | 727 | ||||||||||||
Total operating expenses | 43,692 | 34,936 | 8,756 | 119,984 | 92,057 | 27,927 | |||||||||||||
Operating Income (Loss) | 505 | (2,068 | ) | 2,573 | 11,826 | 7,170 | 4,656 | ||||||||||||
Nonoperating expenses: | |||||||||||||||||||
Interest expense | 4,569 | 3,354 | 1,215 | 12,478 | 10,941 | 1,537 | |||||||||||||
Amortization of deferred financing costs | 438 | 288 | 150 | 1,268 | 911 | 357 | |||||||||||||
Interest income | (129 | ) | (108 | ) | (21 | ) | (372 | ) | (152 | ) | (220 | ) | |||||||
Total nonoperating expenses | 4,878 | 3,534 | 1,344 | 13,374 | 11,700 | 1,674 | |||||||||||||
Loss before equity in (losses) of unconsolidated entities, income taxes and discontinued operations | (4,373 | ) | (5,602 | ) | 1,229 | (1,548 | ) | (4,530 | ) | 2,982 | |||||||||
Equity in (losses) of unconsolidated entities | (61 | ) | (39 | ) | (22 | ) | (102 | ) | (340 | ) | 238 | ||||||||
Loss before income taxes and discontinued operations | (4,434 | ) | (5,641 | ) | 1,207 | (1,650 | ) | (4,870 | ) | 3,220 | |||||||||
Less: Income tax (benefit) | (32 | ) | (638 | ) | 606 | (269 | ) | (1,117 | ) | 848 | |||||||||
Loss from continuing operations | (4,402 | ) | (5,003 | ) | 601 | (1,381 | ) | (3,753 | ) | 2,372 | |||||||||
Income (loss) from discontinued operations | (80 | ) | 5,372 | (5,452 | ) | 4,066 | 7,412 | (3,346 | ) | ||||||||||
Net (loss) income | (4,482 | ) | 369 | (4,851 | ) | 2,685 | 3,659 | (974 | ) | ||||||||||
Less: Net income (loss) attributable to the noncontrolling interests | (20 | ) | (120 | ) | 100 | 6 | 26 | (20 | ) | ||||||||||
Net income (loss) attributable to Education Realty Trust, Inc. | $ | (4,462 | ) | $ | 489 | $ | (4,951 | ) | $ | 2,679 | $ | 3,633 | $ | (954 | ) | ||||
Earnings per share information: | |||||||||||||||||||
Net income (loss) attributable to Education Realty Trust, Inc. common stockholders per share - basic and diluted | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | ||||
Weighted-average shares of common stock outstanding – basic and diluted | 114,813 | 103,929 | 114,302 | 97,259 |
Third Quarter 2013 | Page 3 |
Funds From Operations |
(Amounts in thousands, except per share data, unaudited) | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | $ Change | 2013 | 2012 | $ Change | |||||||||||||||
Net income (loss) attributable to EdR | $ | (4,462 | ) | $ | 489 | $ | (4,951 | ) | $ | 2,679 | $ | 3,633 | $ | (954 | ) | |||||
Gain on sale of collegiate housing assets | — | (5,255 | ) | 5,255 | (3,895 | ) | (5,427 | ) | 1,532 | |||||||||||
Real estate related depreciation and amortization | 11,548 | 8,920 | 2,628 | 34,580 | 26,199 | 8,381 | ||||||||||||||
Equity portion of real estate depreciation and amortization on equity investees | 48 | 53 | (5 | ) | 144 | 178 | (34 | ) | ||||||||||||
Equity portion of loss on sale of student housing property on equity investees | — | — | — | — | 88 | (88 | ) | |||||||||||||
Noncontrolling interests | (73 | ) | (48 | ) | (25 | ) | (2 | ) | 137 | (139 | ) | |||||||||
Funds from operations ("FFO") | 7,061 | 4,159 | 2,902 | 33,506 | 24,808 | 8,698 | ||||||||||||||
FFO adjustments: | ||||||||||||||||||||
Acquisition costs | (19 | ) | 155 | (174 | ) | 280 | 609 | (329 | ) | |||||||||||
Straight-line adjustment for ground leases (1) | 1,217 | 1,062 | 155 | 4,024 | 3,208 | 816 | ||||||||||||||
FFO adjustments: | 1,198 | 1,217 | (19 | ) | 4,304 | 3,817 | 487 | |||||||||||||
FFO on Participating Developments: (2) | ||||||||||||||||||||
Interest on loan to Participating Development | 460 | 460 | — | 1,365 | 1,370 | (5 | ) | |||||||||||||
Development fees on Participating Development, net of costs and taxes | — | 20 | (20 | ) | 454 | 91 | 363 | |||||||||||||
FFO on Participating Developments | 460 | 480 | (20 | ) | 1,819 | 1,461 | 358 | |||||||||||||
Core funds from operations ("Core FFO") | $ | 8,719 | $ | 5,856 | $ | 2,863 | $ | 39,629 | $ | 30,086 | $ | 9,543 | ||||||||
FFO per weighted average share/unit (3) | $ | 0.06 | $ | 0.04 | $ | 0.02 | $ | 0.29 | $ | 0.25 | $ | 0.04 | ||||||||
Core FFO per weighted average share/unit (3) | $ | 0.08 | $ | 0.06 | $ | 0.02 | $ | 0.34 | $ | 0.31 | $ | 0.03 | ||||||||
Weighted-average shares/units (3) | 115,850 | 104,996 | 10,854 | 115,339 | 98,336 | 17,003 | ||||||||||||||
(1) This represents the straight-line rent expense adjustment required by GAAP related to ground leases. 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. | ||||||||||||||||||||
(2) 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. | ||||||||||||||||||||
(3) 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. |
Third Quarter 2013 | Page 4 |
Community Operating Results |
(Amounts in thousands, unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | $ Change | % Change | 2013 | 2012 | $ Change | % Change | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||
Same-communities | $ | 26,416 | $ | 26,136 | $ | 280 | 1.1 | % | $ | 84,649 | $ | 84,574 | $ | 75 | 0.1 | % | ||||||||||||||
New-communities | 13,862 | 2,693 | 11,169 | NM | 34,321 | 4,298 | 30,023 | NM | ||||||||||||||||||||||
Total revenues | 40,278 | 28,829 | 11,449 | 39.7 | % | 118,970 | 88,872 | 30,098 | 33.9 | % | ||||||||||||||||||||
Operating expenses (1) | ||||||||||||||||||||||||||||||
Same-communities | 17,261 | 16,795 | 466 | 2.8 | % | 44,010 | 42,405 | 1,605 | 3.8 | % | ||||||||||||||||||||
New-communities | 7,187 | 1,818 | 5,369 | NM | 16,785 | 3,085 | 13,700 | NM | ||||||||||||||||||||||
Total operating expenses | 24,448 | 18,613 | 5,835 | 31.3 | % | 60,795 | 45,490 | 15,305 | 33.6 | % | ||||||||||||||||||||
Net operating income | ||||||||||||||||||||||||||||||
Same-communities | 9,155 | 9,341 | (186 | ) | (2.0 | )% | 40,639 | 42,169 | (1,530 | ) | (3.6 | )% | ||||||||||||||||||
New-communities | 6,675 | 875 | 5,800 | NM | 17,536 | 1,213 | 16,323 | NM | ||||||||||||||||||||||
Total net operating income | $ | 15,830 | $ | 10,216 | $ | 5,614 | 55.0 | % | $ | 58,175 | $ | 43,382 | $ | 14,793 | 34.1 | % | ||||||||||||||
(1) 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. | ||||||||||||||||||||||||||||||
NOTE:See page 14 of this supplement for a listing of which communities are categorized as same-communities and which are new communities. | ||||||||||||||||||||||||||||||
Third Quarter 2013 | Page 5 |
Community Statistics |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||
Occupancy | ||||||||||||||||||||||
Physical | 88.7 | % | 86.9 | % | 180 | bps | 89.3 | % | 90.2 | % | (90 | ) | bps | |||||||||
Economic | 75.5 | % | 75.6 | % | (10 | ) | bps | 83.2 | % | 85.6 | % | (240 | ) | bps | ||||||||
NarPAB | $ | 446 | $ | 407 | 9.6 | % | $ | 482 | $ | 451 | 6.9 | % | ||||||||||
Other income per avail. bed | $ | 52 | $ | 48 | 8.3 | % | $ | 44 | $ | 36 | 22.2 | % | ||||||||||
RevPAB | $ | 498 | $ | 455 | 9.5 | % | $ | 526 | $ | 487 | 8.0 | % | ||||||||||
Operating expense per bed | $ | 302 | $ | 294 | 2.7 | % | $ | 269 | $ | 249 | 8.0 | % | ||||||||||
Operating margin | 39.3 | % | 35.4 | % | 390 | bps | 48.9 | % | 48.8 | % | 10 | bps | ||||||||||
Design Beds | 80,884 | 63,335 | 27.7 | % | 226,086 | 182,543 | 23.9 | % | ||||||||||||||
NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations. | ||||||||||||||||||||||
Third Quarter 2013 | Page 6 |
Same-Community Statistics |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||||
Occupancy | ||||||||||||||||||||||||
Physical | 89.5 | % | 88.5 | % | 100 | bps | 89.2 | % | 91.2 | % | (200 | ) | bps | |||||||||||
Economic | 74.8 | % | 75.4 | % | (60 | ) | bps | 82.6 | % | 85.8 | % | (320 | ) | bps | ||||||||||
NarPAB | $ | 413 | $ | 407 | 1.5 | % | $ | 451 | $ | 450 | 0.1 | % | ||||||||||||
Other income per avail. bed | $ | 41 | $ | 42 | (2.4 | )% | $ | 33 | $ | 33 | — | % | ||||||||||||
RevPAB | $ | 454 | $ | 449 | 1.1 | % | $ | 484 | $ | 483 | 0.1 | % | ||||||||||||
Operating expense per bed | $ | 297 | $ | 289 | 2.8 | % | $ | 252 | $ | 243 | 3.8 | % | ||||||||||||
Operating margin | 34.7 | % | 35.7 | % | (100 | ) | bps | 48.0 | % | 49.9 | % | (190 | ) | bps | ||||||||||
Design Beds | 58,154 | 58,154 | — | % | 174,854 | 174,854 | — | % | ||||||||||||||||
NOTE: Operating statistics for all periods presented exclude communities classified as discontinued operations. | ||||||||||||||||||||||||
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds. These changes were made to the prior year so that information is comparable between periods. |
Third Quarter 2013 | Page 7 |
Summary Leasing Results |
Opening Occupancy | Year Over Year Change In | |||||||||||||||||
Community Type | Design Beds | 2013 | 2012 | Occupancy | Rate | Total Revenue | ||||||||||||
Same-Communities | ||||||||||||||||||
Prior Year Occupancy Below 95% (Tier 1) | 12,234 | 92.2 | % | 85.4 | % | 6.8 | % | 0.3 | % | 7.1 | % | |||||||
Prior Year Occupancy 95% to 97.9% (Tier 2) | 1,087 | 99.0 | % | 96.0 | % | 3.0 | % | 3.4 | % | 6.4 | % | |||||||
Prior Year Occupancy 98% and Above (Tier 3) | 7,440 | 96.5 | % | 99.8 | % | (3.3 | )% | 3.8 | % | 0.5 | % | |||||||
Total Same-Communities (1) | 20,761 | 94.1 | % | 91.1 | % | 3.0 | % | 2.0 | % | 5.0 | % | |||||||
Total New-Communities (2) | 7,390 | 95.1 | % | |||||||||||||||
Total | 28,151 | 94.3 | % | |||||||||||||||
(1) The same-community designation for leasing purposes is different than for financial statement purposes. A community is considered same-community for leasing when the Company has managed the leasing processes for at least two leasing cycles. | ||||||||||||||||||
(2) Excludes 3949 at Saint Louis University, which was damaged by fire in July 2012. Redevelopment of the community was completed in September 2013. At September 30, 2013, the community was 76.0% leased. Any business interruption losses related to occupancy below historical rates would be covered by insurance proceeds through next fall. |
Third Quarter 2013 | Page 8 |
Same-Communities Leasing Results |
Projected Rate Increase | |||||||||||||||||
2013-2014 | 2012-2013 | ||||||||||||||||
Community | Primary University | Design Beds | Leases | % | Leases | % | |||||||||||
Prior Year Occupancy Below 95% | |||||||||||||||||
The Reserve at Athens | University of Georgia | 612 | 612 | 100.0 | % | 554 | 90.5 | % | 4.9 | % | |||||||
GrandMarc at Westberry Place (ONE Plan) | Texas Christian University | 562 | 509 | 90.6 | % | 527 | 93.8 | % | 4.8 | % | |||||||
University Towers | North Carolina State University | 889 | 842 | 94.7 | % | 809 | 84.9 | % | 2.8 | % | |||||||
Campus Lodge | University of Florida | 1,115 | 1,073 | 96.2 | % | 1,053 | 94.4 | % | 2.3 | % | |||||||
GrandMarc at The Corner | University of Virginia | 641 | 591 | 92.2 | % | 574 | 89.5 | % | 1.9 | % | |||||||
College Station at West Lafayette | Purdue University | 960 | 870 | 90.6 | % | 752 | 78.3 | % | 1.9 | % | |||||||
Commons at Knoxville | University of Tennessee | 708 | 708 | 100.0 | % | 625 | 88.3 | % | 1.1 | % | |||||||
The Pointe at South Florida | University of South Florida | 1,002 | 924 | 92.2 | % | 916 | 91.4 | % | 1.6 | % | |||||||
The Reserve at Saluki Pointe | Southern Illinois University | 768 | 735 | 95.7 | % | 649 | 84.5 | % | 0.9 | % | |||||||
The Pointe at Western | Western Michigan University | 876 | 786 | 89.7 | % | 808 | 92.2 | % | (0.3 | )% | |||||||
The Lofts | University of Central Florida | 730 | 678 | 92.9 | % | 675 | 92.5 | % | (0.6 | )% | |||||||
The Reserve on South College | Auburn University | 576 | 513 | 89.1 | % | 523 | 90.8 | % | (0.4 | )% | |||||||
The Avenue at Southern | Georgia Southern University | 624 | 514 | 82.4 | % | 478 | 76.6 | % | (0.4 | )% | |||||||
The Reserve on West 31st | University of Kansas | 720 | 597 | 82.9 | % | 566 | 78.6 | % | (1.4 | )% | |||||||
The Commons | Florida State University | 732 | 653 | 89.2 | % | 622 | 85.0 | % | (8.3 | )% | |||||||
University Village Towers | University of California at Riverside | 554 | 518 | 93.5 | % | 277 | 50.0 | % | (10.2 | )% | |||||||
The Berk | University of California at Berkeley | 165 | 154 | 93.3 | % | 98 | 58.7 | % | (10.5 | )% | |||||||
Subtotal - Tier 1 | 12,234 | 11,277 | 92.2 | % | 10,506 | 85.4 | % | 0.3 | % | ||||||||
Prior Year Occupancy 95% to 97.9% | |||||||||||||||||
Campus West (ONE Plan) | Syracuse University | 313 | 304 | 97.1 | % | 303 | 96.8 | % | 4.1 | % | |||||||
East Edge | University of Alabama | 774 | 772 | 99.7 | % | 739 | 95.5 | % | 2.8 | % | |||||||
Subtotal - Tier 2 | 1,087 | 1,076 | 99.0 | % | 1,042 | 96.0 | % | 3.4 | % | ||||||||
Prior Year Occupancy 98% and Above | |||||||||||||||||
The Lotus | University of Colorado, Boulder | 37 | 37 | 100.0 | % | 37 | 100.0 | % | 9.8 | % | |||||||
Campus Creek | University of Mississippi | 636 | 610 | 95.9 | % | 636 | 100.0 | % | 9.3 | % | |||||||
The Reserve on Stinson | University of Oklahoma | 612 | 548 | 89.5 | % | 612 | 100.0 | % | 5.8 | % | |||||||
The Reserve on Perkins | Oklahoma State University | 732 | 706 | 96.4 | % | 726 | 99.2 | % | 5.6 | % | |||||||
Pointe West | University of South Carolina | 480 | 479 | 99.8 | % | 480 | 100.0 | % | 4.8 | % | |||||||
The Pointe | Pennsylvania State University | 984 | 980 | 99.6 | % | 983 | 99.9 | % | 4.7 | % | |||||||
Jefferson Commons | University of Virginia | 82 | 82 | 100.0 | % | 82 | 100.0 | % | 3.8 | % | |||||||
University Village on Colvin (ONE Plan) | Syracuse University | 432 | 407 | 94.2 | % | 432 | 100.0 | % | 3.3 | % | |||||||
Cape Trails | Southeast Missouri State University | 360 | 359 | 99.7 | % | 360 | 100.0 | % | 3.2 | % | |||||||
The Oaks on the Square - Phase I | University of Connecticut | 253 | 253 | 100.0 | % | 253 | 100.0 | % | 3.2 | % | |||||||
Wertland Square | University of Virginia | 152 | 152 | 100.0 | % | 152 | 100.0 | % | 2.9 | % | |||||||
Commons on Kinnear | The Ohio State University | 502 | 502 | 100.0 | % | 501 | 99.8 | % | 2.9 | % | |||||||
Players Club | Florida State University | 336 | 336 | 100.0 | % | 336 | 100.0 | % | 2.7 | % | |||||||
Carrollton Crossing | University of West Georgia | 336 | 336 | 100.0 | % | 336 | 100.0 | % | 2.6 | % | |||||||
River Pointe | University of West Georgia | 504 | 459 | 91.1 | % | 495 | 98.2 | % | 2.5 | % | |||||||
The Reserve at Columbia | University of Missouri | 676 | 634 | 93.8 | % | 676 | 100.0 | % | 1.5 | % | |||||||
Irish Row | University of Notre Dame | 326 | 298 | 91.4 | % | 326 | 100.0 | % | (2.7 | )% | |||||||
Subtotal - Tier 3 | 7,440 | 7,178 | 96.5 | % | 7,423 | 99.8 | % | 3.8 | % | ||||||||
Total Same-Communities | 20,761 | 19,531 | 94.1 | % | 18,971 | 91.1 | % | 2.0 | % | ||||||||
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged. |
Third Quarter 2013 | Page 9 |
Same-Communities Leasing Results by Occupancy Growth |
2013-2014 | 2012-2013 | Change In | |||||||||||||||||||||
Community | Primary University | Design Beds | Leases | % | Leases | % | Occupancy | Rate | Total Revenue | ||||||||||||||
University Village Towers | University of California at Riverside | 554 | 518 | 93.5 | % | 277 | 50.0 | % | 43.5 | % | (10.2 | )% | 33.3 | % | |||||||||
The Berk | University of California at Berkeley | 165 | 154 | 93.3 | % | 98 | 58.7 | % | 34.6 | % | (10.5 | )% | 24.1 | % | |||||||||
College Station at West Lafayette | Purdue University | 960 | 870 | 90.6 | % | 752 | 78.3 | % | 12.3 | % | 1.9 | % | 14.2 | % | |||||||||
Commons at Knoxville | University of Tennessee | 708 | 708 | 100.0 | % | 625 | 88.3 | % | 11.7 | % | 1.1 | % | 12.8 | % | |||||||||
The Reserve at Saluki Pointe | Southern Illinois University | 768 | 735 | 95.7 | % | 649 | 84.5 | % | 11.2 | % | 0.9 | % | 12.1 | % | |||||||||
University Towers | North Carolina State University | 889 | 842 | 94.7 | % | 809 | 84.9 | % | 9.8 | % | 2.8 | % | 12.6 | % | |||||||||
The Reserve at Athens | University of Georgia | 612 | 612 | 100.0 | % | 554 | 90.5 | % | 9.5 | % | 4.9 | % | 14.4 | % | |||||||||
The Avenue at Southern | Georgia Southern University | 624 | 514 | 82.4 | % | 478 | 76.6 | % | 5.8 | % | (0.4 | )% | 5.4 | % | |||||||||
The Reserve on West 31st | University of Kansas | 720 | 597 | 82.9 | % | 566 | 78.6 | % | 4.3 | % | (1.4 | )% | 2.9 | % | |||||||||
The Commons | Florida State University | 732 | 653 | 89.2 | % | 622 | 85.0 | % | 4.2 | % | (8.3 | )% | (4.1 | )% | |||||||||
East Edge | University of Alabama | 774 | 772 | 99.7 | % | 739 | 95.5 | % | 4.2 | % | 2.8 | % | 7.0 | % | |||||||||
GrandMarc at The Corner | University of Virginia | 641 | 591 | 92.2 | % | 574 | 89.5 | % | 2.7 | % | 1.9 | % | 4.6 | % | |||||||||
Campus Lodge | University of Florida | 1,115 | 1,073 | 96.2 | % | 1,053 | 94.4 | % | 1.8 | % | 2.3 | % | 4.1 | % | |||||||||
The Pointe at South Florida | University of South Florida | 1,002 | 924 | 92.2 | % | 916 | 91.4 | % | 0.8 | % | 1.6 | % | 2.4 | % | |||||||||
The Lofts | University of Central Florida | 730 | 678 | 92.9 | % | 675 | 92.5 | % | 0.4 | % | (0.6 | )% | (0.2 | )% | |||||||||
Campus West (ONE Plan) | Syracuse University | 313 | 304 | 97.1 | % | 303 | 96.8 | % | 0.3 | % | 4.1 | % | 4.4 | % | |||||||||
Commons on Kinnear | The Ohio State University | 502 | 502 | 100.0 | % | 501 | 99.8 | % | 0.2 | % | 2.9 | % | 3.1 | % | |||||||||
The Oaks on the Square - Phase I | University of Connecticut | 253 | 253 | 100.0 | % | 253 | 100.0 | % | — | % | 3.2 | % | 3.2 | % | |||||||||
Carrollton Crossing | University of West Georgia | 336 | 336 | 100.0 | % | 336 | 100.0 | % | — | % | 2.6 | % | 2.6 | % | |||||||||
Jefferson Commons | University of Virginia | 82 | 82 | 100.0 | % | 82 | 100.0 | % | — | % | 3.8 | % | 3.8 | % | |||||||||
Players Club | Florida State University | 336 | 336 | 100.0 | % | 336 | 100.0 | % | — | % | 2.7 | % | 2.7 | % | |||||||||
The Lotus | University of Colorado, Boulder | 37 | 37 | 100.0 | % | 37 | 100.0 | % | — | % | 9.8 | % | 9.8 | % | |||||||||
Wertland Square | University of Virginia | 152 | 152 | 100.0 | % | 152 | 100.0 | % | — | % | 2.9 | % | 2.9 | % | |||||||||
Pointe West | University of South Carolina | 480 | 479 | 99.8 | % | 480 | 100.0 | % | (0.2 | )% | 4.8 | % | 4.6 | % | |||||||||
The Pointe | Pennsylvania State University | 984 | 980 | 99.6 | % | 983 | 99.9 | % | (0.3 | )% | 4.7 | % | 4.4 | % | |||||||||
Cape Trails | Southeast Missouri State University | 360 | 359 | 99.7 | % | 360 | 100.0 | % | (0.3 | )% | 3.2 | % | 2.9 | % | |||||||||
The Reserve on South College | Auburn University | 576 | 513 | 89.1 | % | 523 | 90.8 | % | (1.7 | )% | (0.4 | )% | (2.1 | )% | |||||||||
The Pointe at Western | Western Michigan University | 876 | 786 | 89.7 | % | 808 | 92.2 | % | (2.5 | )% | (0.3 | )% | (2.8 | )% | |||||||||
The Reserve on Perkins | Oklahoma State University | 732 | 706 | 96.4 | % | 726 | 99.2 | % | (2.8 | )% | 5.6 | % | 2.8 | % | |||||||||
GrandMarc at Westberry Place (ONE Plan) | Texas Christian University | 562 | 509 | 90.6 | % | 527 | 93.8 | % | (3.2 | )% | 4.8 | % | 1.6 | % | |||||||||
Campus Creek | University of Mississippi | 636 | 610 | 95.9 | % | 636 | 100.0 | % | (4.1 | )% | 9.3 | % | 5.2 | % | |||||||||
University Village on Colvin (ONE Plan) | Syracuse University | 432 | 407 | 94.2 | % | 432 | 100.0 | % | (5.8 | )% | 3.3 | % | (2.5 | )% | |||||||||
The Reserve at Columbia | University of Missouri | 676 | 634 | 93.8 | % | 676 | 100.0 | % | (6.2 | )% | 1.5 | % | (4.7 | )% | |||||||||
River Pointe | University of West Georgia | 504 | 459 | 91.1 | % | 495 | 98.2 | % | (7.1 | )% | 2.5 | % | (4.6 | )% | |||||||||
Irish Row | University of Notre Dame | 326 | 298 | 91.4 | % | 326 | 100.0 | % | (8.6 | )% | (2.7 | )% | (11.3 | )% | |||||||||
The Reserve on Stinson | University of Oklahoma | 612 | 548 | 89.5 | % | 612 | 100.0 | % | (10.5 | )% | 5.8 | % | (4.7 | )% | |||||||||
Total Same-Communities | 20,761 | 19,531 | 94.1 | % | 18,971 | 91.1 | % | 3.0 | % | 2.0 | % | 5.0 | % | ||||||||||
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged. |
Third Quarter 2013 | Page 10 |
Same-Communities Leasing Results by Rate Growth |
2013-2014 | 2012-2013 | Change In | |||||||||||||||||||||
Community | Primary University | Design Beds | Leases | % | Leases | % | Occupancy | Rate | Total Revenue | ||||||||||||||
The Lotus | University of Colorado, Boulder | 37 | 37 | 100 | % | 37 | 100.0 | % | — | % | 9.8 | % | 9.8 | % | |||||||||
Campus Creek | University of Mississippi | 636 | 610 | 95.9 | % | 636 | 100.0 | % | (4.1 | )% | 9.3 | % | 5.2 | % | |||||||||
The Reserve on Stinson | University of Oklahoma | 612 | 548 | 89.5 | % | 612 | 100.0 | % | (10.5 | )% | 5.8 | % | (4.7 | )% | |||||||||
The Reserve on Perkins | Oklahoma State University | 732 | 706 | 96.4 | % | 726 | 99.2 | % | (2.8 | )% | 5.6 | % | 2.8 | % | |||||||||
The Reserve at Athens | University of Georgia | 612 | 612 | 100.0 | % | 554 | 90.5 | % | 9.5 | % | 4.9 | % | 14.4 | % | |||||||||
GrandMarc at Westberry Place (ONE Plan) | Texas Christian University | 562 | 509 | 90.6 | % | 527 | 93.8 | % | (3.2 | )% | 4.8 | % | 1.6 | % | |||||||||
Pointe West | University of South Carolina | 480 | 479 | 99.8 | % | 480 | 100.0 | % | (0.2 | )% | 4.8 | % | 4.6 | % | |||||||||
The Pointe | Pennsylvania State University | 984 | 980 | 99.6 | % | 983 | 99.9 | % | (0.3 | )% | 4.7 | % | 4.4 | % | |||||||||
Campus West (ONE Plan) | Syracuse University | 313 | 304 | 97.1 | % | 303 | 96.8 | % | 0.3 | % | 4.1 | % | 4.4 | % | |||||||||
Jefferson Commons | University of Virginia | 82 | 82 | 100.0 | % | 82 | 100.0 | % | — | % | 3.8 | % | 3.8 | % | |||||||||
University Village on Colvin (ONE Plan) | Syracuse University | 432 | 407 | 94.2 | % | 432 | 100.0 | % | (5.8 | )% | 3.3 | % | (2.5 | )% | |||||||||
The Oaks on the Square - Phase I | University of Connecticut | 253 | 253 | 100.0 | % | 253 | 100.0 | % | — | % | 3.2 | % | 3.2 | % | |||||||||
Cape Trails | Southeast Missouri State University | 360 | 359 | 99.7 | % | 360 | 100.0 | % | (0.3 | )% | 3.2 | % | 2.9 | % | |||||||||
Wertland Square | University of Virginia | 152 | 152 | 100.0 | % | 152 | 100.0 | % | — | % | 2.9 | % | 2.9 | % | |||||||||
Commons on Kinnear | The Ohio State University | 502 | 502 | 100.0 | % | 501 | 99.8 | % | 0.2 | % | 2.9 | % | 3.1 | % | |||||||||
East Edge | University of Alabama | 774 | 772 | 99.7 | % | 739 | 95.5 | % | 4.2 | % | 2.8 | % | 7.0 | % | |||||||||
University Towers | North Carolina State University | 889 | 842 | 94.7 | % | 809 | 84.9 | % | 9.8 | % | 2.8 | % | 12.6 | % | |||||||||
Players Club | Florida State University | 336 | 336 | 100.0 | % | 336 | 100.0 | % | — | % | 2.7 | % | 2.7 | % | |||||||||
Carrollton Crossing | University of West Georgia | 336 | 336 | 100.0 | % | 336 | 100.0 | % | — | % | 2.6 | % | 2.6 | % | |||||||||
River Pointe | University of West Georgia | 504 | 459 | 91.1 | % | 495 | 98.2 | % | (7.1 | )% | 2.5 | % | (4.6 | )% | |||||||||
Campus Lodge | University of Florida | 1,115 | 1,073 | 96.2 | % | 1,053 | 94.4 | % | 1.8 | % | 2.3 | % | 4.1 | % | |||||||||
GrandMarc at The Corner | University of Virginia | 641 | 591 | 92.2 | % | 574 | 89.5 | % | 2.7 | % | 1.9 | % | 4.6 | % | |||||||||
College Station at West Lafayette | Purdue University | 960 | 870 | 90.6 | % | 752 | 78.3 | % | 12.3 | % | 1.9 | % | 14.2 | % | |||||||||
The Pointe at South Florida | University of South Florida | 1,002 | 924 | 92.2 | % | 916 | 91.4 | % | 0.8 | % | 1.6 | % | 2.4 | % | |||||||||
The Reserve at Columbia | University of Missouri | 676 | 634 | 93.8 | % | 676 | 100.0 | % | (6.2 | )% | 1.5 | % | (4.7 | )% | |||||||||
Commons at Knoxville | University of Tennessee | 708 | 708 | 100.0 | % | 625 | 88.3 | % | 11.7 | % | 1.1 | % | 12.8 | % | |||||||||
The Reserve at Saluki Pointe | Southern Illinois University | 768 | 735 | 95.7 | % | 649 | 84.5 | % | 11.2 | % | 0.9 | % | 12.1 | % | |||||||||
The Pointe at Western | Western Michigan University | 876 | 786 | 89.7 | % | 808 | 92.2 | % | (2.5 | )% | (0.3 | )% | (2.8 | )% | |||||||||
The Avenue at Southern | Georgia Southern University | 624 | 514 | 82.4 | % | 478 | 76.6 | % | 5.8 | % | (0.4 | )% | 5.4 | % | |||||||||
The Reserve on South College | Auburn University | 576 | 513 | 89.1 | % | 523 | 90.8 | % | (1.7 | )% | (0.4 | )% | (2.1 | )% | |||||||||
The Lofts | University of Central Florida | 730 | 678 | 92.9 | % | 675 | 92.5 | % | 0.4 | % | (0.6 | )% | (0.2 | )% | |||||||||
The Reserve on West 31st | University of Kansas | 720 | 597 | 82.9 | % | 566 | 78.6 | % | 4.3 | % | (1.4 | )% | 2.9 | % | |||||||||
Irish Row | University of Notre Dame | 326 | 298 | 91.4 | % | 326 | 100.0 | % | (8.6 | )% | (2.7 | )% | (11.3 | )% | |||||||||
The Commons | Florida State University | 732 | 653 | 89.2 | % | 622 | 85.0 | % | 4.2 | % | (8.3 | )% | (4.1 | )% | |||||||||
University Village Towers | University of California at Riverside | 554 | 518 | 93.5 | % | 277 | 50.0 | % | 43.5 | % | (10.2 | )% | 33.3 | % | |||||||||
The Berk | University of California at Berkeley | 165 | 154 | 93.3 | % | 98 | 58.7 | % | 34.6 | % | (10.5 | )% | 24.1 | % | |||||||||
Total Same-Communities | 20,761 | 19,531 | 94.1 | % | 18,971 | 91.1 | % | 3.0 | % | 2.0 | % | 5.0 | % | ||||||||||
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged. |
Third Quarter 2013 | Page 11 |
Same-Communities Leasing Update Sorted by Total Revenue |
2013-2014 | 2012-2013 | Change In | |||||||||||||||||||||
Community | Primary University | Design Beds | Leases | % | Leases | % | Occupancy | Rate | Total Revenue | ||||||||||||||
University Village Towers | University of California at Riverside | 554 | 518 | 93.5 | % | 277 | 50.0 | % | 43.5 | % | (10.2 | )% | 33.3 | % | |||||||||
The Berk | University of California at Berkeley | 165 | 154 | 93.3 | % | 98 | 58.7 | % | 34.6 | % | (10.5 | )% | 24.1 | % | |||||||||
The Reserve at Athens | University of Georgia | 612 | 612 | 100.0 | % | 554 | 90.5 | % | 9.5 | % | 4.9 | % | 14.4 | % | |||||||||
College Station at West Lafayette | Purdue University | 960 | 870 | 90.6 | % | 752 | 78.3 | % | 12.3 | % | 1.9 | % | 14.2 | % | |||||||||
University Towers | North Carolina State University | 889 | 842 | 94.7 | % | 809 | 84.9 | % | 9.8 | % | 2.8 | % | 12.6 | % | |||||||||
Commons at Knoxville | University of Tennessee | 708 | 708 | 100.0 | % | 625 | 88.3 | % | 11.7 | % | 1.1 | % | 12.8 | % | |||||||||
The Reserve at Saluki Pointe | Southern Illinois University | 768 | 735 | 95.7 | % | 649 | 84.5 | % | 11.2 | % | 0.9 | % | 12.1 | % | |||||||||
The Lotus | University of Colorado, Boulder | 37 | 37 | 100.0 | % | 37 | 100.0 | % | — | % | 9.8 | % | 9.8 | % | |||||||||
East Edge | University of Alabama | 774 | 772 | 99.7 | % | 739 | 95.5 | % | 4.2 | % | 2.8 | % | 7.0 | % | |||||||||
The Avenue at Southern | Georgia Southern University | 624 | 514 | 82.4 | % | 478 | 76.6 | % | 5.8 | % | (0.4 | )% | 5.4 | % | |||||||||
Campus Creek | University of Mississippi | 636 | 610 | 95.9 | % | 636 | 100.0 | % | (4.1 | )% | 9.3 | % | 5.2 | % | |||||||||
GrandMarc at The Corner | University of Virginia | 641 | 591 | 92.2 | % | 574 | 89.5 | % | 2.7 | % | 1.9 | % | 4.6 | % | |||||||||
Pointe West | University of South Carolina | 480 | 479 | 99.8 | % | 480 | 100.0 | % | (0.2 | )% | 4.8 | % | 4.6 | % | |||||||||
Campus West (ONE Plan) | Syracuse University | 313 | 304 | 97.1 | % | 303 | 96.8 | % | 0.3 | % | 4.1 | % | 4.4 | % | |||||||||
The Pointe | Pennsylvania State University | 984 | 980 | 99.6 | % | 983 | 99.9 | % | (0.3 | )% | 4.7 | % | 4.4 | % | |||||||||
Campus Lodge | University of Florida | 1,115 | 1,073 | 96.2 | % | 1,053 | 94.4 | % | 1.8 | % | 2.3 | % | 4.1 | % | |||||||||
Jefferson Commons | University of Virginia | 82 | 82 | 100.0 | % | 82 | 100.0 | % | — | % | 3.8 | % | 3.8 | % | |||||||||
The Oaks on the Square - Phase I | University of Connecticut | 253 | 253 | 100.0 | % | 253 | 100.0 | % | — | % | 3.2 | % | 3.2 | % | |||||||||
Commons on Kinnear | The Ohio State University | 502 | 502 | 100.0 | % | 501 | 99.8 | % | 0.2 | % | 2.9 | % | 3.1 | % | |||||||||
Cape Trails | Southeast Missouri State University | 360 | 359 | 99.7 | % | 360 | 100.0 | % | (0.3 | )% | 3.2 | % | 2.9 | % | |||||||||
The Reserve on West 31st | University of Kansas | 720 | 597 | 82.9 | % | 566 | 78.6 | % | 4.3 | % | (1.4 | )% | 2.9 | % | |||||||||
Wertland Square | University of Virginia | 152 | 152 | 100.0 | % | 152 | 100.0 | % | — | % | 2.9 | % | 2.9 | % | |||||||||
The Reserve on Perkins | Oklahoma State University | 732 | 706 | 96.4 | % | 726 | 99.2 | % | (2.8 | )% | 5.6 | % | 2.8 | % | |||||||||
Players Club | Florida State University | 336 | 336 | 100.0 | % | 336 | 100.0 | % | — | % | 2.7 | % | 2.7 | % | |||||||||
Carrollton Crossing | University of West Georgia | 336 | 336 | 100.0 | % | 336 | 100.0 | % | — | % | 2.6 | % | 2.6 | % | |||||||||
The Pointe at South Florida | University of South Florida | 1,002 | 924 | 92.2 | % | 916 | 91.4 | % | 0.8 | % | 1.6 | % | 2.4 | % | |||||||||
GrandMarc at Westberry Place (ONE Plan) | Texas Christian University | 562 | 509 | 90.6 | % | 527 | 93.8 | % | (3.2 | )% | 4.8 | % | 1.6 | % | |||||||||
The Lofts | University of Central Florida | 730 | 678 | 92.9 | % | 675 | 92.5 | % | 0.4 | % | (0.6 | )% | (0.2 | )% | |||||||||
The Reserve on South College | Auburn University | 576 | 513 | 89.1 | % | 523 | 90.8 | % | (1.7 | )% | (0.4 | )% | (2.1 | )% | |||||||||
University Village on Colvin (ONE Plan) | Syracuse University | 432 | 407 | 94.2 | % | 432 | 100.0 | % | (5.8 | )% | 3.3 | % | (2.5 | )% | |||||||||
The Pointe at Western | Western Michigan University | 876 | 786 | 89.7 | % | 808 | 92.2 | % | (2.5 | )% | (0.3 | )% | (2.8 | )% | |||||||||
The Commons | Florida State University | 732 | 653 | 89.2 | % | 622 | 85.0 | % | 4.2 | % | (8.3 | )% | (4.1 | )% | |||||||||
River Pointe | University of West Georgia | 504 | 459 | 91.1 | % | 495 | 98.2 | % | (7.1 | )% | 2.5 | % | (4.6 | )% | |||||||||
The Reserve on Stinson | University of Oklahoma | 612 | 548 | 89.5 | % | 612 | 100.0 | % | (10.5 | )% | 5.8 | % | (4.7 | )% | |||||||||
The Reserve at Columbia | University of Missouri | 676 | 634 | 93.8 | % | 676 | 100.0 | % | (6.2 | )% | 1.5 | % | (4.7 | )% | |||||||||
Irish Row | University of Notre Dame | 326 | 298 | 91.4 | % | 326 | 100.0 | % | (8.6 | )% | (2.7 | )% | (11.3 | )% | |||||||||
Total Same-Communities | 20,761 | 19,531 | 94.1 | % | 18,971 | 91.1 | % | 3.0 | % | 2.0 | % | 5.0 | % | ||||||||||
NOTE: In June, we converted 64 of the historically double occupancy rooms at University Towers to single occupancy. This reduces design beds by 64 beds while historical calculations remain unchanged. In August, we reconfigured rooms at The Berk. This reduces design beds by 2 beds while historical calculations remain unchanged. |
Third Quarter 2013 | Page 12 |
New-Community Leasing Results |
2013-2014 | |||||||||
Community | Primary University | Design Beds | Leases | % | |||||
2013 Developments | |||||||||
2400 Nueces (ONE Plan) | University of Texas at Austin | 622 | 653 | 105.0 | % | ||||
Central Hall I & II (ONE Plan) | University of Kentucky | 601 | 601 | 100.0 | % | ||||
The Oaks on the Square Ph II | University of Connecticut | 250 | 250 | 100.0 | % | ||||
The Retreat at Oxford | University of Mississippi | 668 | 668 | 100.0 | % | ||||
Roosevelt Point | Arizona State University - Downtown Phoenix | 609 | 370 | 60.8 | % | ||||
Total 2013 Developments | 2,750 | 2,542 | 92.4 | % | |||||
2013 Acquisitions | |||||||||
The Cottages on Lindberg | Purdue University | 745 | 745 | 100.0 | % | ||||
The Retreat at State College | Pennsylvania State University | 587 | 587 | 100.0 | % | ||||
Total 2013 Acquisitions | 1,332 | 1,332 | 100.0 | % | |||||
Total 2013 Developments and Acquisitions | 4,082 | 3,874 | 94.9 | % | |||||
2012 Acquisitions | |||||||||
Campus Village | Michigan State University | 355 | 355 | 100.0 | % | ||||
The Province | East Carolina University | 728 | 724 | 99.5 | % | ||||
The Suites at Overton Park | Texas Tech University | 465 | 455 | 97.8 | % | ||||
The Province | Kent State University | 596 | 581 | 97.5 | % | ||||
The Centre at Overton Park | Texas Tech University | 400 | 368 | 92.0 | % | ||||
The District on 5th | University of Arizona | 764 | 671 | 87.8 | % | ||||
Total 2012 Acquisitions | 3,308 | 3,154 | 95.3 | % | |||||
Total New-Communities | 7,390 | 7,028 | 95.1 | % | |||||
Note: Excludes 3949 at Saint Louis University, which was damaged by fire in July 2012. Redevelopment of the community was completed in September 2013. At September 30, 2013, the community was 76.0% leased. Any business interruption losses related to occupancy below historical rates would be covered by insurance proceeds through next fall. | |||||||||
Third Quarter 2013 | Page 13 |
Owned Community Projected 2014 New Supply and Demand Information |
Owned Community Projected 2014 New Supply and Demand Information by Region | ||||||
Region | Owned Beds (1) | Percentage of Owned Beds (1) | Pro Forma EdR NOI % (1) | Enrollment Growth 3 Year CAGR - Universities Served | 2014 New Supply % | Variance |
West | 2,331 | 7% | 8% | 1.5% | 1.7% | 0.2% |
Mid Atlantic | 5,811 | 18% | 27% | 1.2% | 1.2% | —% |
North | 5,128 | 16% | 12% | 0.2% | 0.9% | 0.7% |
South Central | 7,043 | 21% | 23% | 1.7% | 2.5% | 0.8% |
South East | 8,363 | 25% | 20% | 2.1% | 3.3% | 1.2% |
Mid West | 4,238 | 13% | 10% | 1.7% | 3.1% | 1.4% |
Total | 32,914 | 100% | 100% | 1.4% | 2.2% | 0.8% |
Region | Anticipated 2014 Enrollment Growth(2) | 2014 Supply Growth | Variance | |||
West | 2,710 | 3,004 | 294 | |||
Mid Atlantic | 2,029 | 2,101 | 72 | |||
North | 576 | 1,684 | 1,108 | |||
South Central | 2,871 | 3,875 | 1,004 | |||
South East | 7,395 | 10,758 | 3,363 | |||
Mid West | 2,998 | 5,006 | 2,008 | |||
Total | 18,579 | 26,428 | 7,849 | |||
NOTE: Schedule represents all markets served by EdR communities and includes all announced developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data. | ||||||
(1) Includes 2014 development deliveries. NOI is based on current 2013 forecasted net operating income with proforma adjustments for 2014 developments and developments or acquisitions that have been operating less than 12 months. | ||||||
(2) Extrapolated from 2012 enrollment statistics from Nation Center of Education Statistics using the previous 3-year enrollment growth percentage. |
Third Quarter 2013 | Page 14 |
Owned Community Projected 2014 New Supply and Demand Information |
Projected 2014 New Supply Sorted by Percentage Increase | |||||
New Supply Growth | University Markets | EdR Bed Count | Pro Forma EdR NOI %(1) | ||
0% | 9 | 21% | 7,447 | 23% | 20% |
0.1% to 1.0% | 8 | 19% | 4,732 | 14% | 21% |
1.0% - 3.0% | 9 | 21% | 5,816 | 18% | 17% |
3.0% - 5.0% | 13 | 30% | 11,573 | 35% | 34% |
> 5.0% | 4 | 9% | 3,346 | 10% | 8% |
Total | 43 | 100% | 32,914 | 100% | 100% |
University Markets with > 5% Increase in 2014 New Supply | |||||
University | New Supply Increase | Pro Forma EdR NOI %(1) | |||
University of West Georgia | 9.3% | 1.6% | |||
Florida State University/Florida A&M University | 6.1% | 1.7% | |||
University of Tennessee | 5.5% | 2.0% | |||
University of Central Florida | 5.2% | 2.5% | |||
7.8% | |||||
NOTE: Schedule represents all markets served by EdR communities and includes all announced developments. Data was obtained from the National Center for Education Statistics, Axiometrics and local market data. | |||||
(1) Includes 2014 development deliveries. NOI is based on current 2013 forecasted net operating income with proforma adjustments for 2014 developments and developments or acquisitions that have been operating less than 12 months. |
Third Quarter 2013 | Page 15 |
Owned Development Summary |
(Amounts in thousands except bed counts) | ||||||||||||||
Active Projects | ||||||||||||||
Project | Project Type | Bed Count | Estimated Start Date | Date of Opening | Total Project Development Cost | EdR's Ownership Percentage | EdR's Share of Development Cost | EdR's Share of Development Cost to be Funded | ||||||
University of Colorado - The Lotus | Wholly Owned | 202 | In progress | Summer 2014 | 20,830 | 100 | % | 20,830 | 10,179 | |||||
University of Kentucky - Haggin Hall I | ONE Plan (1) | 396 | In progress | Summer 2014 | 23,802 | 100 | % | 23,802 | 21,193 | |||||
University of Kentucky - Champions Court I | ONE Plan (1) | 740 | In progress | Summer 2014 | 45,924 | 100 | % | 45,924 | 28,560 | |||||
University of Kentucky - Champions Court II | ONE Plan (1) | 427 | In progress | Summer 2014 | 23,808 | 100 | % | 23,808 | 14,976 | |||||
University of Kentucky - Woodland Glen I & II | ONE Plan (1) | 818 | In progress | Summer 2014 | 44,491 | 100 | % | 44,491 | 29,428 | |||||
University of Minnesota - The Marshall | Joint Venture | 882 | In progress | Summer 2014 | 94,044 | 50 | % | 47,022 | 30,823 | |||||
Duke University - 605 West | Joint Venture | 384 | In progress | Summer 2014 | 46,133 | 90 | % | 41,520 | 31,039 | |||||
University of Connecticut - Storrs Center Ph III | Wholly Owned | 116 | In progress | Summer 2014 | 12,819 | 100 | % | 12,819 | 9,325 | |||||
Total - 2014 Deliveries | 3,965 | 311,851 | 260,216 | 175,523 | ||||||||||
University of Kentucky - Woodland Glen III, IV & V | ONE Plan (1) | 1,610 | In progress | Summer 2015 | 101,172 | 100 | % | 101,172 | 98,141 | |||||
Total - 2015 Deliveries | 1,610 | 101,172 | 101,172 | 98,141 | ||||||||||
Total Active Projects | 5,575 | 413,023 | 361,388 | 273,664 | ||||||||||
Presale | ||||||||||||||
Project | Project Type | Bed Count | Estimated Start Date | Anticipated Completion Date | Purchase Price | |||||||||
Florida International University | Presale | 542 | In progress | Summer 2014 | 43,500 | |||||||||
(1) The On-Campus Equity Plan, or The ONE Plan SM, is our private equity program for universities, which allows universities to use the EdR's equity and financial stability to develop and revitalize campus
housing while preserving their credit capacity for other campus projects. The ONE Plan SM offers one service provider and one equity source to universities seeking to modernize on-campus housing to
meet the needs of today's students.
Third Quarter 2013 | Page 16 |
Third-Party Development Summary |
(Amounts in thousands except bed counts) | |||||||||||||||||||
Project | Bed Count | Estimated Start Date | Anticipated Completion Date | Project Development Cost | Total Project Fees | Fees Earned Prior Year(1) | Fees Earned Nine Months Ended September 30, 2013(1) | Remaining Fees to Earn | |||||||||||
Mansfield University of Pennsylvania Phase II | 684 | In progress | Fall 2013 | $ | 47,901 | $ | 1,781 | $ | 417 | $ | 1,224 | $ | 140 | ||||||
East Stroudsburg University - Pennsylvania Ph II | 488 | TBD | TBD | TBD | TBD | — | — | — | |||||||||||
Clarion University of Pennsylvania | 728 | Spring 2014 | Fall 2015 | 54,492 | 2,069 | — | — | 2,069 | |||||||||||
West Chester University of Pennsylvania Phase II | 653 | In progress | Summer 2014 | 56,639 | 1,499 | — | 577 | 922 | |||||||||||
Wichita State University | 784 | In progress | Summer 2014 | 60,034 | 1,902 | — | 121 | 1,781 | |||||||||||
Total | 3,337 | $ | 219,066 | $ | 7,251 | $ | 417 | $ | 1,922 | $ | 4,912 | ||||||||
(1) 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. | |||||||||||||||||||
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. | |||||||||||||||||||
Third Quarter 2013 | Page 17 |
Capital Structure |
as of September 30, 2013 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Total Debt to Gross Assets | Net Debt to Enterprise Value | |||||||||||||||
Debt (1) | $ | 701,119 | Net Debt (1) | $ | 684,784 | |||||||||||
Gross Assets (2) | $ | 1,745,101 | Market Equity (3) | 1,054,238 | ||||||||||||
Debt to Gross Assets | 40.2 | % | Enterprise Value | $ | 1,739,022 | |||||||||||
Interest coverage (TTM) | 4.6 | x | Net Debt to Enterprise Value | 39.4 | % | |||||||||||
Net Debt to EBITDA - Adjusted (TTM) (4) | 6.2 | x | ||||||||||||||
Total Debt Outstanding (1) | ||||||||||||||||
Principal | Weighted Average | Average Term | ||||||||||||||
Outstanding | Interest Rate | Percentage | to Maturity | |||||||||||||
Fixed Rate - Mortgage Debt (1) | $ | 227,948 | 5.6 | % | 32.5 | % | 3.6 | years | ||||||||
Variable Rate - Mortgage Debt | 69,861 | 3.6 | % | 9.9 | % | 4.6 | years | |||||||||
Variable Rate - Construction Debt | 134,410 | 2.4 | % | 19.2 | % | 1.5 | years | |||||||||
Variable Rate - Unsecured Revolving Credit Facility (5) | 268,900 | 1.6 | % | 38.4 | % | 3.3 | years | |||||||||
Total / Weighted Average | $ | 701,119 | 3.3 | % | 100.0 | % | 3.2 | years | ||||||||
Future Maturities (1) | ||||||||||||||||
Fiscal Year Ending | Amortization | Maturities | Total | Percentage | ||||||||||||
2013 | $ | 1,090 | $ | — | $ | 1,090 | 0.3 | % | ||||||||
2014 | 4,381 | 54,890 | 59,271 | 13.7 | % | |||||||||||
2015 | 4,757 | 96,080 | 100,837 | 23.3 | % | |||||||||||
2016 | 3,291 | 122,088 | 125,379 | 29.0 | % | |||||||||||
2017 | 2,286 | 37,528 | 39,814 | 9.2 | % | |||||||||||
Thereafter | 3,741 | 102,087 | 105,828 | 24.5 | % | |||||||||||
Mortgage Debt (1) | 19,546 | 412,673 | 432,219 | 100.0 | % | |||||||||||
Unsecured Revolving Credit Facility - 2017 (5) | — | — | 268,900 | |||||||||||||
Gross Debt (1) | $ | 19,546 | $ | 412,673 | $ | 701,119 | ||||||||||
(1) Excludes unamortized debt premium of $2.5 million as of September 30, 2013. | ||||||||||||||||
(2) Excludes accumulated depreciation of $200.6 million as of September 30, 2013. | ||||||||||||||||
(3) Market equity includes 114,812,693 shares of the Company's common stock and 1,037,600 operating partnership units and is calculated using $9.10 per share, the closing price of the Company's common stock on September 30, 2013. | ||||||||||||||||
(4) Net Debt to EBITDA - Adjusted is calculated to normalize the impact of non-producing construction debt, In the calculation, Net Debt is total debt less cash and excludes non-producing debt related to assets under development at time of calculation. EBITDA is Adjusted EBITDA, which includes proforma adjustments to reflect all acquisitions and development assets that have been opened as if such had occurred at the beginning of the 12 month period being presented. | ||||||||||||||||
(5) Subsequent to September 30, 2013, the Unsecured Revolving Credit Facility was expanded from $375 million to $500 million. At the the same time the term was extended to 2018 and other terms, including interest rate spreads were amended. |
Third Quarter 2013 | Page 18 |
Community Listing - Owned |
Name | Primary University Served | Acquisition / Development Date | # of Beds | Name | Primary University Served | Acquisition / Development Date | # of Beds | |||||||||
Players Club | Florida State University | Jan ’05 | 336 | Jefferson Commons | University of Virginia | Mar ’11 | 82 | |||||||||
The Commons | Florida State University | Jan ’05 | 732 | The Berk | University of California, Berkeley | May ’11 | 165 | |||||||||
University Towers | North Carolina State University | Jan ’05 | 889 | University Village Towers | University of California, Riverside | Sept '11 | 554 | |||||||||
The Reserve on Perkins | Oklahoma State University | Jan ’05 | 732 | Irish Row | University of Notre Dame | Nov '11 | 326 | |||||||||
The Pointe | Pennsylvania State University | Jan ’05 | 984 | GrandMarc at Westberry Place (ONE Plan) | Texas Christian University | Dec '11 | 562 | |||||||||
College Station at West Lafayette | Purdue University | Jan ’05 | 960 | The Reserve on Stinson | University of Oklahoma | Jan '12 | 612 | |||||||||
Commons on Kinnear | The Ohio State University | Jan ’05 | 502 | Total Same-Communities | 19,384 | |||||||||||
The Lofts | University of Central Florida | Jan ’05 | 730 | |||||||||||||
The Reserve at Athens | University of Georgia | Jan ’05 | 612 | Campus West (ONE Plan) | Syracuse University | Aug '12 | 313 | |||||||||
The Reserve on West 31st | University of Kansas | Jan ’05 | 720 | East Edge | University of Alabama | Aug '12 | 774 | |||||||||
The Reserve at Columbia | University of Missouri | Jan ’05 | 676 | The Oaks on the Square - Ph I | University of Connecticut | Aug '12 | 253 | |||||||||
The Pointe at South Florida | University of South Florida | Jan ’05 | 1,002 | The Lotus | University of Colorado, Boulder | Nov '11 | 37 | |||||||||
Commons at Knoxville | University of Tennessee | Jan ’05 | 708 | The Province | East Carolina University | Sept '12 | 728 | |||||||||
The Pointe at Western | Western Michigan University | Jan ’05 | 876 | The District on 5th | University of Arizona | Oct '12 | 764 | |||||||||
Campus Creek | University of Mississippi | Feb ’05 | 636 | Campus Village | Michigan State University | Oct '12 | 355 | |||||||||
Pointe West | University of South Carolina | Mar ’05 | 480 | The Province | Kent State University | Nov '12 | 596 | |||||||||
Campus Lodge | University of Florida | Jun ’05 | 1,115 | The Suites at Overton Park | Texas Tech University | Dec '12 | 465 | |||||||||
The Reserve on South College | Auburn University | Jul ’05 | 576 | The Centre at Overton Park | Texas Tech University | Dec '12 | 400 | |||||||||
Cape Trails | Southeast Missouri State University | Jan ’06 | 360 | 2400 Nueces (ONE Plan) | University of Texas at Austin | Aug '13 | 622 | |||||||||
Carrollton Crossing | University of West Georgia | Jan ’06 | 336 | 3949 | Saint Louis University | Aug '13 | 256 | |||||||||
River Pointe | University of West Georgia | Jan ’06 | 504 | Central Hall I & II (ONE Plan) | University of Kentucky | Aug '13 | 601 | |||||||||
The Avenue at Southern | Georgia Southern University | Jun ’06 | 624 | Roosevelt Point | Arizona State University - Downtown Phoenix | Aug '13 | 609 | |||||||||
The Reserve at Saluki Pointe | Southern Illinois University | Aug '08, Aug '09 | 768 | The Oaks on the Square - Ph II | University of Connecticut | Aug '13 | 250 | |||||||||
University Village on Colvin (ONE Plan) | Syracuse University | Aug '09 | 432 | The Retreat at Oxford | University of Mississippi | Aug '13 | 668 | |||||||||
GrandMarc at The Corner | University of Virginia | Oct '10 | 641 | The Cottages on Lindberg | Purdue University | Sept '13 | 745 | |||||||||
Wertland Square | University of Virginia | Mar ’11 | 152 | The Retreat at State College | Pennsylvania State University | Sept '13 | 587 | |||||||||
Total New-Communities | 9,023 | |||||||||||||||
Total Owned-Communities | 28,407 |
Third Quarter 2013 | Page 19 |
Investor Relations |
Executive Management | ||||
Randy Churchey | Chief Executive Officer | |||
Randy Brown | Chief Financial Officer | |||
Tom Trubiana | Chief Investment Officer | |||
Christine Richards | 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 # | Email | |
Bank of America - Merrill | Jana Galan | (646) 855-3081 | jana.galan@baml.com | |
Green Street Advisors | Dave Bragg | (949) 706-8142 | dbragg@greenstreetadvisors.com | |
Hilliard Lyons | Carol Kemple | (502) 588-1839 | ckemple@hilliard.com | |
J.P. Morgan Securities Inc. | Anthony Paolone | (212) 622-6682 | anthony.paolone@jpmorgan.com | |
KeyBanc Capital Markets | Karin A. Ford | (917) 368-2293 | kford@keybanccm.com | |
MLV & Co., LLC | Ryan Meliker | (212) 542-5872 | rmeliker@mlvco.com | |
Robert W. Baird & Co., Inc. | Paula Poskon | (703) 821-5782 | pposkon@rwbaird.com | |
Sandler O'Neill + Partners, L.P. | Alex Goldfarb | (212) 466-7937 | agoldfarb@sandleroneill.com | |
Stifel Nicolaus & Company Inc. | Rod Petrik | (443) 224-1306 | rpetrik@stifel.com | |
UBS Securities | Ross Nussbaum | (212) 713-2484 | ross.nussbaum@ubs.com | |
Wunderlich Securities | Craig Kucera | (540) 277-3366 | ckucera@wundernet.com |
Third Quarter 2013 | Page 20 |
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/application 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. |
Third Quarter 2013 | Page 21 |
Safe Harbor |
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. | ||||||
Third Quarter 2013 | Page 22 |