Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - Education Realty Trust, Inc. | investorpresentationjune.htm |
| 8-K - 8-K - Education Realty Trust, Inc. | a8-k2017reitweek.htm |
Fall 2017 Preleasing Summary |  | ||||||||||||||||||||
Design Beds | % of NOI | 2016 Opening Occupancy | Preleasing at May 30, | Preleasing Ahead/(Behind) | Projected Rate Growth (1) | ||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Same-Communities - by Tier | |||||||||||||||||||||
Prior Year Occupancy Below 90% (Tier 1) | 4,046 | 12.5 | % | 81.2 | % | 67.3 | % | 60.5 | % | 6.8 | % | (1.4 | )% | ||||||||
Prior Year Occupancy 90% to 96.9% (Tier 2) | 3,697 | 14.1 | % | 94.0 | % | 77.8 | % | 76.7 | % | 1.1 | % | 1.8 | % | ||||||||
Prior Year Occupancy 97% and Above (Tier 3) | 16,911 | 73.4 | % | 99.7 | % | 91.1 | % | 91.9 | % | (0.8 | )% | 3.7 | % | ||||||||
Total Same-Communities (2) | 24,654 | 100.0 | % | 95.8 | % | 85.2 | % | 84.5 | % | 0.7 | % | 3.0 | % | ||||||||
Total Other-Communities (3) | 889 | 35.5 | % | 77.4 | % | (41.9 | )% | ||||||||||||||
Total New-Communities (4) | 3,196 | 58.6 | % | ||||||||||||||||||
Total Communities | 28,739 | 80.7 | % | ||||||||||||||||||
Projected 2017-2018 Opening Revenue: | |||||||||||||||||||||
The same-community portfolio is projected to open the 2017-2018 lease-term with occupancy flat and a 2.5% to 3.5% increase in rates, resulting in rental revenue growth in the range of 2.5% to 3.5%. | |||||||||||||||||||||
NOTE: The leasing velocity in the above preleasing summary by tier does not include 6,850 same and new-community beds at the University of Kentucky, 656 new-community beds at Boise State University and 417 new-community beds at Northern Michigan University, since each university's assignment process has not yet occurred. The University of Kentucky beds are currently 103% applied for this fall compared to 109% in the prior year. The beds at Boise State and Northern Michigan University are currently 97% and 154% applied for the fall, respectively. Players Club is not included, as the community is being redeveloped for 2018 delivery and is not leasing for the 2017-2018 lease-term. | |||||||||||||||||||||
(1) The projected rate growth represents the midpoint of the range for the same-community leasing portfolio, including the same-community beds at Kentucky. | |||||||||||||||||||||
(2) The same-community designation for leasing purposes is different than for financial reporting purposes. A community is considered same-community for leasing when the Company has managed the leasing process for at least two leasing cycles, including the 2017/2018 leasing cycle. | |||||||||||||||||||||
(3) Other-communities includes University Towers, serving North Carolina State University. As previously disclosed, University Towers will be reported in other communities in 2017 due to the University implementing a freshman live-on requirement starting this fall. As a result of the new live-on requirements, we are changing the way we market and operate the community in 2017, making year over year results incomparable. | |||||||||||||||||||||
(4) The new-community designation for leasing purposes is different than for financial statement purposes. A community is considered new-community for leasing when the Company has not previously managed the leasing process. Design beds for Total New-Communities include the following: (1) our 2016 acquisitions of Pura Vida Place (100 beds), Carriage House (94 beds) and Urbane (311 beds), plus (2) beds at our 2017 development deliveries including The Local: Downtown (304 beds), Oklahoma State University (242 beds) and SkyVue (824 beds), plus (3) our 2017 acquisitions of Retreat at Corvallis (1,016 beds) and 319 Bragg (305 beds). | |||||||||||||||||||||