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Education Realty Operating Partnership L P (EDR) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Education Realty Operating Partnership L

CIK: 1351345 Ticker: EDR


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EdR ANNOUNCES SECOND QUARTER 2017 RESULTS


MEMPHIS, TN, July 31, 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
June 30, 2017.


Company Highlights

Net income attributable to common stockholders for the second quarter was $6.1 million, or $0.07 per diluted share, as compared to $17.7 million, or $0.26 per diluted share in 2016. A $12.1 million gain on sale of collegiate housing properties in 2016 is the main driver of the decline;
Operating income for the second quarter declined $0.9 million to $8.6 million on a 13.7% increase in revenue offset by a 17.5% increase in operating expenses, mainly driven by depreciation;
Same-community net operating income ("NOI") was up 0.4% for the second quarter, with a 2.1% increase in revenue partially offset by a 4.5% increase in operating expenses as a result of a 19.1% increase in real estate taxes;
Core funds from operations (“Core FFO”) for the second quarter increased 17.5% to $31.0 million and Core FFO per share/unit improved $0.03, or 7.7%, to $0.42;
Preleasing for the 2017-2018 lease-term is 30 basis points behind last year with the same-community portfolio 92.7% 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;
Awarded the right to negotiate two new on-campus developments, including a ONE Plan development at Lehigh University and a possible ONE Plan development at Mississippi State University, bringing the total on-campus awards in 2017 to five. The new projects are currently targeting fall 2019 delivery;
Announced 2018 new student housing supply as a percentage of enrollment in EdR's markets is expected to be 1.6%, a decline of approximately 50 bps from 2017 levels. As a result, anticipated enrollment growth and supply growth are expected to be in equilibrium in 2018;
Entered into a master lease with North Carolina State University for approximately 250 beds. As a result, University Towers, EdR's community serving NC State, is expected to be full this fall;
Completed the previously announced sale of The Reserve on Stinson, a 612-bed community serving the University of Oklahoma, for $18.2 million;

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The following information was filed by Education Realty Operating Partnership L P (EDR) on Monday, July 31, 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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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 - Current Period Acquisitions (details)
Acquisition And Development Of Real Estate Investments - Current Period Assets Acquired And Liabilities Assumed At Fair Value (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 (tables)
Disposition Of Real Estate Investments - Additional Information (details)
Earnings Per Share/unit
Earnings Per Share/unit (tables)
Earnings Per Share/unit - Erop (details)
Earnings Per Share/unit - The Trust (details)
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 (tables)
Fair Value Of Financial Instruments - Carrying Amounts And Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments - Narrative (details)
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)
Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (details)
Ticker: EDR
CIK: 1351345
Form Type: 10-Q Quarterly Report
Accession Number: 0001302343-17-000141
Submitted to the SEC: Mon Jul 31 2017 6:19:00 AM EST
Accepted by the SEC: Mon Jul 31 2017
Period: Friday, June 30, 2017
Industry: Investors

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