Education Realty Trust (EDR) Tops Q3 FFO by 3c/Share

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Go back to Education Realty Trust (EDR) Tops Q3 FFO by 3c/Share

EdR Announces Third Quarter 2015 Results

November 2, 2015 6:35 AM EST

- Same-Community NOI Growth of 7% -

- Increases 2015 Guidance -

MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYSE: EDR), one of the nations largest developers, owners and managers of high-quality collegiate housing communities, today announced results for the quarter ended September 30, 2015.

Company Highlights

Core funds from operations (Core FFO) declined 2.0% for the third quarter with Core FFO per share/unit down 3.2% or $0.01 from prior year. Excluding a $3 million guarantee fee recognized in the prior year, Core FFO and Core FFO per... More

EdR Announces Offering of 6.5 Million Shares of Common Stock

November 2, 2015 6:21 AM EST

MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYSE: EDR) today announced that it plans to sell 6.5 million shares of its common stock in an underwritten public offering. The company also plans to grant the underwriters a 30-day option to purchase up to 975,000 additional shares of common stock. BofA Merrill Lynch, KeyBanc Capital Markets and RBC Capital Markets are serving as joint book-running managers for the offering.

The company intends to use the net proceeds to reduce amounts outstanding under its unsecured revolving credit facility or for general corporate purposes, which may include funding its development pipeline or... More