Print
Email
Education Realty Trust Inc. (EDR) filed Quarterly Report for the period ended 2011-09-30.
Education Realty Trust Inc. has a market cap of $712.7 million; its shares were traded at around $9.43 with a P/E ratio of 23.6 and P/S ratio of 5.9. The dividend yield of Education Realty Trust Inc. stocks is 3%.
This is the annual revenues and earnings per share of EDR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of EDR.
Highlight of Business Operations:
The Trust has historically earned more than $5.0 million annually in third-party development revenue. However, as a result of deteriorating credit markets, financing of new projects became harder to obtain, and the Trust s third-party development revenue declined from $8.2 million for the year ended December 31, 2009 to $2.5 million in 2010. Beginning in the summer of 2010 our development team began seeing improvement in the credit markets and an increase in interest from colleges and universities that are considering new collegiate housing. We also continue to receive requests for proposals on new development projects. This improvement in the development consulting market over the prior year is evidenced by the Trust s active development projects, two third-party developments and one participating development, and a 108% increase in third-party development revenue to $3.5 million for the nine months ended September 30, 2011.Total revenue in the collegiate housing leasing segment was $77.4 million for the nine months ended September 30, 2011. This represents an increase of $7.7 million, or 11.0%, from the same period in 2010. This increase included $5.1 million related to the new communities, GrandMarc at the Corner, Wertland Square and Jefferson Commons, all located in Charlottesville, Virginia, Westminster House located in Berkeley, California and University Village Towers located in Riverside, California and $2.6 million from a 3.7% increase in same-community revenue. The same-community revenue growth was driven by a 0.8% improvement in occupancies, a 2.8% improvement in net rental rates and a 0.1% increase in other rental revenue.
Development consulting services revenue increased $3.1 million, or 172.0%, to $4.8 million for the nine months ended September 30, 2011 as compared to the same period in 2010. Third-party development consulting revenue increased $1.8 million from the prior year due to more development activity on two active third-party development consulting projects. The Science + Technology Park at Johns Hopkins (see Note 2 to the accompanying condensed consolidated financial statements) contributed $1.3 million of additional revenue. Due to the fact that the Trust is guaranteeing the construction loan and extending a second mortgage to the development, all revenue on the project is being deferred in the accompanying condensed consolidated financial statements until the second mortgage is repaid and the Trust no longer guarantees the debt. Since management considers these fees when assessing the performance of the segment, they are included in the segment financial statements above and deferred in the adjustments/eliminations column. If the construction loan and second mortgage had been repaid prior to September 30, 2011, the Trust would have recognized development services revenue net of costs of $1.3 million, guarantee fee revenue of $3.0 million and interest income of $1.1 million since the commencement of the project.
Total revenue in the collegiate housing leasing segment was $25.1 million for the three months ended September 30, 2011. This represents an increase of $3.2 million, or 14.7%, from the same period in 2010. This increase included $2.0 million related to the new communities, GrandMarc at the Corner, Wertland Square and Jefferson Commons, all located in Charlottesville, Virginia, Westminster House located in Berkeley, California and University Village Towers located in Riverside, California. The remaining increase of $1.2 million is attributable to a 5.6% increase in same-community revenue. The same-community revenue growth was driven by a 1.2% improvement in occupancies, a 3.7% improvement in net rental rates and a 0.7% improvement in other revenue.
On September 22, 2011, we completed the purchase of University Village Towers, adjacent to the University of California, Riverside, for a purchase price of $38.1 million. The Operating Partnership had a 10% equity investment in the entity that owned University Village Towers and also managed the property prior to the acquisition. On May 23, 2011, we completed the purchase of Westminster House, adjacent to the University of California, Berkeley, for a purchase price of $16.0 million. On March 15, 2011, we completed the purchase of two collegiate housing communities, Wertland Square and Jefferson Commons, adjacent to the University of Virginia (UVA), for an aggregate purchase price of $23.0 million. Combined acquisition costs for these purchases were $0.5 million and are included in general and administrative costs in the accompanying condensed consolidated statement of operations for the nine months ended September 30, 2011. We funded these acquisitions with existing cash, including cash proceeds generated by the January 2011 common stock offering and sales of collegiate housing communities discussed above.
Subscribe RSS
