EdR Announces Leasing Results for 2013/2014 Academic Year
EdR Announces Leasing Results for 2013/2014 Academic Year
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , one of the nation's largest developers, owners and managers of collegiate housing, announced today leasing results for the 2013-2014 academic school year.
EdR's same-community portfolio opened the 2013/2014 lease term 94.1% occupied compared to an opening occupancy of 91.1% in the prior year. In addition, same-community net rental rates increased 2.0% over the prior year.
"We are excited about the strong results we achieved this leasing season," stated Christine Richards, senior vice president and chief operating officer. "With our high quality portfolio and the focus of our strong management team, we were able to deliver industry leading leasing results. These impressive results will support strong same-community NOI growth, which, when combined with the 16% increase in assets from the delivery of our 2013 developments, will produce very favorable year-over-year Core FFO growth for our shareholders."
EdR will release property-specific leasing data in the Company's third-quarter earnings release scheduled for October 28, 2013.
About EdR
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 more than 39,000 beds. For more information please visit the company's Web site at www.EdRtrust.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements about the company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the dates on which they are made, and 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.
EdR
Randall H. Brown, Executive Vice President, CFO & Treasurer
901-259-2500
rbrown@EdRtrust.com
or
Susan Jennings, Vice President, Corporate Communications and Marketing
901-259-2506
sjennings@EdRtrust.com
KEYWORDS: United States North America Tennessee
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