Education Realty Trust (EDR) Misses Q2 EPS by 1c
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EdR Announces Second Quarter 2017 Results
July 31, 2017 6:00 AM EDTMEMPHIS, Tenn., July 31, 2017 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high-quality collegiate housing communities, today announced results for the quarter ended June 30, 2017.  Â
Company Highlights
Net income attributable to common stockholders for the second quarter was $6.1 million, or $0.07 per diluted share, as compared to $17.7 million, or $0.26 per diluted share in 2016. A $12.1 million gain on sale of collegiate housing properties in 2016 is the main driver of the decline;Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Operating income for the second quarter declined $0.9 million to $8.6 million on a 13.7% increase in revenue offset by a 17.5% increase in operating expenses, mainly driven by depreciation;Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Same-community net operating income ("NOI") was up 0.4% for the second quarter, with a 2.1% increase in revenue partially offset by a 4.5% increase in... More