Education Realty Trust (NYSE: EDR) reported Q1 FFO of $0.54, $0.07 better than the analyst estimate of $0.47. Revenue for the quarter came in at $73.38 million versus the consensus estimate of $68.78 million.

Same-community NOI increased 8.5% for the quarter, on a 4.0% increase in revenue and a 2.9% decline in operating expenses. The decline in operating expenses was due to an additional $0.8 million property tax assessment in the first quarter of the prior year. Without that charge in 2015, operating expenses increased 0.7% and NOI increased 6.1%

GUIDANCE:

Education Realty Trust sees FY2016 FFO of $1.73-$1.79, versus prior guidance of $1.70-$1.76 and the consensus of $1.74.

For earnings history and earnings-related data on Education Realty Trust (EDR) click here.