EdR Provides Fall 2013 Pre-Leasing Statistics
EdR Provides 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 September 4, 2013, fall 2013 same-community pre-leasing occupancy was 93.6%, a 290 basis point improvement over the prior year, with the improvement over prior year widening 90 basis points since our pre-leasing statistics released as of August 13, 2013. EdR continues to project a 2% increase in same-community net rental rates.
New communities, representing eleven communities, are now 94.0% preleased as of September 4, 2013.
"EdR's leasing momentum has strengthened since our last leasing update," said Randy Churchey, EdR's president and chief executive officer. "Pre-leasing occupancy levels have increased and rate growth is stable. Our 2013 earnings guidance released in February 2013 anticipated a 3% to 5% same-community revenue increase for the fall 2013 leasing season. Given that all residents have moved in for the fall semester except for at one later-starting university, we are confident and pleased that the current combined same-community occupancy and rate growth reflect the upper end of that revenue range."
The investor presentation and pre-leasing statistics are 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 more than 39,000 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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