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Education Realty Operating Partnership L P (EDR) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Education Realty Operating Partnership L

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CIK: 1351345 Ticker: EDR


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EdR ANNOUNCES FIRST QUARTER 2017 RESULTS


MEMPHIS, TN, May 1, 2017 - EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, today announced results for the quarter ended
March 31, 2017.

Company Highlights

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Net income attributable to common stockholders of $16.2 million, or $0.21 per diluted share, as compared to $16.7 million, or $0.26 per diluted share, for the first quarter of 2016;
•
Operating income declined $1.8 million to $18.4 million on a 16.9% increase in revenue offset by a 26.7% increase in operating expenses, mainly driven by depreciation;
•
Same-community net operating income ("NOI") declined 1.2% for the first quarter, with a 0.9% increase in revenue offset by a 5.0% increase in operating expenses, which was mainly due to a 16% increase in real estate taxes;
•
Core funds from operations (“Core FFO”) increased 29.7% to $44.0 million and Core FFO per share/unit improved $0.06, or 11.1%, to $0.60;
•
Preleasing for the 2017-2018 lease-term is 130 basis points ahead of last year with the same-community portfolio 78.1% preleased. The same-community leasing portfolio is projected to open the 2017-2018 lease-term with a 2.5% to 3.5% increase in rental revenue;
•
Began construction on a 229-bed community pedestrian to Colorado State University. EdR will own 70% of the joint venture and manage the $28.2 million community, targeted for a summer 2018 delivery;
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Awarded three new on-campus developments, including a ONE Plan development with Cornell University and two third-party developments with the University of South Florida - St. Petersburg and Thomas More College. Anticipated delivery dates are fall 2019 or 2020;
•
Won an industry leading six Innovator Awards at the 7th Annual Interface Student Housing Conference;
•
Completed the previously announced acquisition of 319 Bragg, a 305-bed community pedestrian to Auburn University, for $28.5 million; and
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Entered into a binding agreement to sell The Reserve on Stinson, a 612-bed community serving the University of Oklahoma, for $18 million. The sale is anticipated to close in June 2017.

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The following information was filed by Education Realty Operating Partnership L P (EDR) on Monday, May 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Education Realty Operating Partnership L P's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Derivatives And Hedging Activities - Schedule Of Fair Value Hedging Instruments, Statements Of Financial Performance And Financial Position, Location (details)
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Changes In Partners' Capital And Noncontrolling Interests
Condensed Consolidated Statements Of Income And Comprehensive Income
Acquisition And Development Of Real Estate Investments
Acquisition And Development Of Real Estate Investments (tables)
Acquisition And Development Of Real Estate Investments - Additional Information (details)
Acquisition And Development Of Real Estate Investments - Collegiate Housing Community Acquisitions (details)
Acquisition And Development Of Real Estate Investments - Development Of Collegiate Housing Properties (details)
Acquisition And Development Of Real Estate Investments - Fair Values Of Assets Acquired And Liabilities Assumed (details)
Acquisition And Development Of Real Estate Investments - Pro Forma Revenue And Net Loss Of Combined Entity (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Debt
Debt (tables)
Debt - Additional Information (details)
Debt - Carrying Amount Of Mortgage And Construction Notes Payable (details)
Debt - Mortgage And Construction Notes Payable (details)
Debt - Schedule Of Repayment (details)
Debt - Scheduled Maturities Of Outstanding Mortgage And Construction Indebtedness (details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (details)
Derivatives And Hedging Activities (tables)
Derivatives And Hedging Activities - Schedule Of Fair Value Of Derivatives And Interest Rate Swaps (details)
Disposition Of Real Estate Investments
Disposition Of Real Estate Investments - Additional Information (details)
Earnings Per Share (tables)
Earnings Per Share - Reconciliation (details)
Earnings Per Share/unit
Equity
Equity (tables)
Equity - Additional Information (details)
Equity - Forward Contracts (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (policies)
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Schedule Of Liabilities Measured At Fair Value (details)
Incentive Plans
Incentive Plans (tables)
Incentive Plans - Additional Information (details)
Incentive Plans - Stock Based Incentive Plan Activity (details)
Investments In Unconsolidated Entities
Investments In Unconsolidated Entities (tables)
Investments In Unconsolidated Entities - Additional Information (details)
Investments In Unconsolidated Entities - Financial Information Of Unconsolidated Joint Ventures Limited Liability Companies And Limited Partnerships (details)
Noncontrolling Interests
Noncontrolling Interests (tables)
Noncontrolling Interests - Activity (details)
Noncontrolling Interests - Additional Information (details)
Organization And Description Of Business
Organization And Description Of Business - Additional Information (details)
Segments
Segments (tables)
Segments - Additional Information (details)
Segments - Segment Information (details)
Subsequent Events
Subsequent Events - Additional Information (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Collegiate Housing Properties (details)
Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets (details)
Summary Of Significant Accounting Policies - Income Taxes (details)
Ticker: EDR
CIK: 1351345
Form Type: 10-Q Quarterly Report
Accession Number: 0001302343-17-000101
Submitted to the SEC: Mon May 01 2017 7:09:18 AM EST
Accepted by the SEC: Mon May 01 2017
Period: Friday, March 31, 2017
Industry: Investors

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