Education Realty Trust (NYSE: EDR) reported Q1 EPS of $0.21, $0.02 worse than the analyst estimate of $0.23.

• Net income attributable to common stockholders of $16.2 million, or $0.21 per diluted share, as compared to $16.7 million, or $0.26 per diluted share, for the first quarter of 2016;
• Operating income declined $1.8 million to $18.4 million on a 16.9% increase in revenue offset by a 26.7% increase in operating expenses, mainly driven by depreciation;
• Same-community net operating income (\"NOI\") declined 1.2% for the first quarter, with a 0.9% increase in revenue offset by a 5.0% increase in operating expenses, which was mainly due to a 16% increase in real estate taxes;
• Core funds from operations (\"Core FFO\") increased 29.7% to $44.0 million and Core FFO per share/unit improved $0.06, or 11.1%, to $0.60;
• Preleasing for the 2017-2018 lease-term is 130 basis points ahead of last year with the same-community portfolio 78.1% preleased. The same-community leasing portfolio is projected to open the 2017-2018 lease-term with a 2.5% to 3.5% increase in rental revenue;
• Began construction on a 229-bed community pedestrian to Colorado State University. EdR will own 70% of the joint venture and manage the $28.2 million community, targeted for a summer 2018 delivery;
• Awarded three new on-campus developments, including a ONE Plan development with Cornell University and two third-party developments with the University of South Florida - St. Petersburg and Thomas More College. Anticipated delivery dates are fall 2019 or 2020;
• Won an industry leading six Innovator Awards at the 7th Annual Interface Student Housing Conference;
• Completed the previously announced acquisition of 319 Bragg, a 305-bed community pedestrian to Auburn University, for $28.5 million; and
• Entered into a binding agreement to sell The Reserve on Stinson, a 612-bed community serving the University of Oklahoma, for $18 million. The sale is anticipated to close in June 2017.

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