Education Realty Trust (NYSE: EDR) reported Q1 EPS of $0.53, $0.29 better than the analyst estimate of $0.24. Revenue for the quarter came in at $90.73 million versus the consensus estimate of $87.22 million.

Company Highlights

• Completed the disposition of five communities through April of 2018 for total net proceeds of $125.1 million. These communities, which averaged 0.5 miles from campus and 16 years old, sold for a 6.0% economic cap rate. The Company recognized a $21.4 million gain on sales completed in the first quarter and anticipates an additional gain of approximately $21.0 million on the dispositions completed in April,
• Began construction in February on College View, a 656-bed, mixed use, ONE Plan community on the campus of Mississippi State University. The $69.2 million community is targeting a summer 2019 delivery,
• Began construction on SouthSide Commons, a 428-bed ONE Plan community on the campus of Lehigh University. The $48.3 million community is targeting a summer 2019 delivery,
• Amended the Company\'s revolving credit facility, extending the term five years to 2023 and increasing capacity by $100 million to $600 million. The Company\'s first debt maturity is in 2021,
• Opened phase two of The Woods in January 2018, adding 433 beds to the ONE Plan development on Northern Michigan University\'s campus. The third phase is scheduled to open this summer, and
• Reaffirmed full year Core FFO per share/unit guidance for 2018 of $1.81 to $1.91. Increased guidance range for GAAP net income attributable to common shareholders per diluted share/unit by $0.55 to a range of $1.12 to $1.18, due to estimated gains on asset sales through April 2018.

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