EdR Updates Fall 2013 Pre-Leasing Statistics
EdR Updates Fall 2013 Pre-Leasing Statistics
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , one of the nation's largest developers, owners and managers of collegiate housing, today released an investor presentation and update to its fall 2013 pre-leasing statistics on Form 8-K in connection with upcoming investor meetings. The presentation also includes data on university enrollment trends for schools served by EdR and other student housing industry statistics.
As of August 13, 2013, fall 2013 same community pre-leasing occupancy was 90.9%, a 200 basis points improvement over prior year, and a 20 basis point improvement over pre-leasing statistics released with the company's second quarter earnings announcement on July 29, 2013. Pre-leasing occupancy for communities classified in the "Total Tier 1 and 3" category improved 60 basis points since the July 29, 2013 report. EdR continues to project a 2% increase in same community net rental rates.
Non-same communities, representing eleven communities, are now 92.0% preleased as of August 13, 2013.
"It is gratifying to see strong and improving pre-leasing results throughout this current leasing cycle," commented Randy Churchey, EdR's president and chief executive officer. "Our 2013 earnings guidance released in February 2013 anticipated a 3%-5% same community revenue increase from the fall 2013 leasing season. We currently only have about four meaningful weeks remaining in this year's leasing cycle and we are pleased that the current combined same community occupancy and rate growth reflects the revenue range we anticipated earlier this year."
The investor presentation and pre-leasing statistic is available on the investor relations section of EdR's website at www.edrtrust.com.
EdR (NYS: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 70 communities in 24 states with over 38,000 beds within more than 13,000 units. For more information please visit the company's website at www.EdRTrust.com.
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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 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 EdR's most recent annual report on Form 10-K and quarterly reports on Form 10-Q, and as described in EdR's 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.
Brad Cohen, 203-682-8211
Randy Brown, 901-259-2500
Executive Vice President and Chief Financial Officer
J. Drew Koester, 901-259-2500
Senior Vice President and Chief Accounting Officer
KEYWORDS: United States North America Tennessee
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