education realty trust inc (EDR) Key Developments
EdR Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reaffirms Earnings Guidance for the Year 2015
Feb 23 15
EdR announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's net income attributable to common stockholders was $22.4 million, or $0.47, per diluted share, compared to net income of $1.6 million, or $0.04, per diluted share, for the prior year. The $20.8 million increase in net income attributable to common shareholders relates primarily to the following: $5.0 million impairment loss in 2013, $13.9 million in gains on disposal of assets in 2014, $2.7 million loss on extinguishment of debt in 2014, $8.5 million increase in community NOI, $1.5 million increase in depreciation, $2.3 million increase in general and administrative expense. Core FFO for the quarter was $28.9 million, as compared to $23.5 million in the prior year. The improvement in core FFO mainly reflects an increase in operating profits from new communities offset by higher G&A costs and interest expense in 2014. Core FFO per share/unit for the quarter decreased 1.6% to $0.60 as a result of dilution from the June 2014 follow-on equity offering, which resulted in a reduction of the company's financial leverage. Total revenues were $66.5 million compared with $55.2 million a year ago. Operating income was $17.5 million compared with $12.8 million a year ago. Income from continuing operations was $8.7 million compared with $6.7 million a year ago. FFO for the quarter was $25.0 million or $0.52 per share, as compared to $21.7 million or $0.56 per share a year ago. NOI was $39.1 million compared with $30.6 million a year ago.
For the year, the company’s total revenues were $225.8 million compared with $184.4 million a year ago. Operating income was $23.9 million compared with $24.3 million a year ago. Income from continuing operations was $14.4 million compared with $5.1 million a year ago. Net income attributable to the company was $47.1 million or $1.09 per diluted share compared with $4.3 million or $0.11 per diluted share a year ago. FFO for the quarter was $77.7 million or $1.80 per share, as compared to $55.2 million or $1.43 per share a year ago. Core FFO for the year was $80.3 million or $1.86 per share, as compared to $63.1 million or $1.64 per share a year ago. NOI was $113.7 million compared with $87.5 million a year ago. Adjusted EBITDA was $103.8 million compared with $80.3 million a year ago. Prof forma adjusted EBITDA was $117.3 million compared with $95.8 million a year ago.
The company reaffirmed its core FFO per share/unit guidance of $1.74 to $1.82, for the year ending December 31, 2015. The company expects net income attributable to the company in the range of $12.0 million to $16.0 million, FFO in the range of $79.28 million to $83.28 million, core FFO in the range of $84.08 million to $88.08 million, FFO per share in the range of $1.64 to $1.72.
EdR Mulls Acquisitions
Feb 23 15
EdR (NYSE:EDR) is looking for acquisitions. President, Tom Trubiana stated, “Lastly, our external growth priorities remain as follows: deliver all 2015 developments on time and on budget; win more on-campus ONE Plan development opportunities; create a meaningful pipeline of wholly owned and joint venture off-campus developments for 2016 and beyond; and the disciplined acquisition of assets that are pedestrian to campus.”
EdR Provides Financial Guidance for 2015
Jan 22 15
EdR provided initial 2015 financial guidance. Based upon the company's current estimates, Core FFO per share/unit is expected to range from $1.74 to $1.82. This guidance does not include the impact of any new unannounced third-party development or management contracts, acquisitions, dispositions, ONE Plan developments or capital transactions. Community net operating income has performed in-line with its previously issued 2014 financial guidance and is expected to produce another year of consistent growth in 2015. The year-over-year reduction in Core FFO per share in 2015 versus 2014 is a direct result of the proactive 2014 capital transactions that reduces balance sheet risk and positions the company for future growth. Revenue to be in the range of $80 million to $81 million. Net operating income to be $102 million to $104 million.
EdR Approves Quarterly Dividend, Payable February 13, 2015
Jan 15 15
EdR announced that its board of directors has approved a quarterly cash dividend of $0.36 per share of common stock. The dividend will be payable February 13, 2015 to shareholders of record as of January 30, 2015.
EdR to Report Q4, 2014 Results on Feb 23, 2015
Jan 12 15
EdR announced that they will report Q4, 2014 results at 10:00 AM, US Eastern Standard Time on Feb 23, 2015