EdR 

 

 

 

SECOND QUARTER 2012

SUPPLEMENTAL FINANCIAL INFORMATION

TABLE OF CONTENTS

 

Financial Highlights	1
Balance Sheet	2
Operating Results	3
Funds From Operations	4
Community Operating Results	5
Community Statistics	6
Same-Community Statistics	7
Preleasing Statistics	8
Development Update	9
Capital Structure	10
Community Listing - Owned	11
Investor Information	12
Definitions	13
Safe Harbor Statement	14

FINANCIAL HIGHLIGHTS

(Amounts in thousands, except per share data)

 

OPERATING DATA:

 

		Three months ended June 30,																Six months ended June 30,
		2012				2011				$ Chg				% Chg				2012				2011				$ Chg				% Chg
		(unaudited)				(unaudited)												(unaudited)				(unaudited)
Same-community revenue		$	26,990			$	25,108			$	1,882				7.5	%		$	55,538			$	51,718			$	3,820				7.4	%
Total community revenue			33,109				25,613				7,496				29.3	%			67,715				52,312				15,403				29.4	%
Total revenue			36,126				29,449				6,677				22.7	%			74,031				60,113				13,918				23.2	%
Same-community net operating income			14,506				13,082				1,424				10.9	%			30,373				27,408				2,965				10.8	%
Total community net operating income			17,586				13,347				4,239				31.8	%			37,038				27,733				9,305				33.6	%
Total operating income			4,374				3,772				602				16.0	%			11,104				9,458				1,646				17.4	%
Net Income			1,256				576				680				118.1	%			3,144				1,231				1,913				155.4	%
Per share – basic & diluted			0.01				0.01				0.01				65.8	%			0.03				0.02				0.01				58.1	%
Funds from operations (FFO)			9,803				6,400				3,403				53.2	%			20,649				13,319				7,330				55.0	%
Per weighted average share/unit (1)			0.10				0.09				0.01				11.1	%			0.22				0.18				0.04				22.2	%
Core funds from operations (Core FFO)			11,639				8,365				3,274				39.1	%			24,230				17,752				6,478				36.5	%
Per weighted average share/unit (1)		$	0.12			$	0.11			$	0.01				9.1	%		$	0.26			$	0.24			$	0.02				8.3	%

 

BALANCE SHEET DATA: 

		6/30/2012				12/31/2011
Debt to gross assets			28.8	%			31.3	%
Net debt to enterprise value			23.7	%			22.9	%
Interest coverage ratio (TTM)			3.3				2.7

 

(1)

FFO and Core FFO per share/unit were computed using weighted average shares and units outstanding, regardless of their dilutive impact.

See page 4 for a detailed calculation.

BALANCE SHEET

(Amount in thousands, except share data)

 

 

		June 30, 2012				December 31, 2011
		(unaudited)
Assets
Collegiate housing properties, net (1)		$	817,321			$	803,519
Assets under development			128,349				56,648
Cash and cash equivalents			8,414				75,813
Restricted cash			5,442				4,826
Other assets			40,482				37,003
Total assets		$	1,000,008			$	977,809
Liabilities and equity
Liabilities:
Mortgage and construction loans, net of unamortized premium/discount		$	310,507			$	358,504
Unsecured revolving credit facility			30,000				-
Accounts payable and accrued expenses			46,858				31,766
Deferred revenue			12,000				14,409
Total liabilities			399,365				404,679
Commitments and contingencies			-				-
Redeemable noncontrolling interests			9,218				9,776
Equity:
EdR stockholders' equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 95,293,349 and 91,800,688 shares issued and outstanding June 30, 2012 and December 31, 2011, respectively			953				918
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issues and outstanding			-				-
Additional paid-in capital			686,546				662,657
Accumulated deficit			(98,564	)			(101,708	)
Total EdR stockholders' equity			588,935				561,867
Noncontrolling interest			2,490				1,487
Total equity			591,425				563,354
Total liabilities and equity		$	1,000,008			$	977,809

 

(1)

Amount is net of accumulated depreciation of $182,487 and $166,336 as of June 30, 2012 and December 31, 2011, respectively.

OPERATING RESULTS

(Amounts in thousands, except per share data, unaudited)

 

		Three Months Ended June 30,												Six Months Ended June 30,
		2012				2011				$ Change				2012				2011				$ Change
Revenues:
Collegiate housing leasing revenue		$	33,109			$	25,613			$	7,496			$	67,715			$	52,312			$	15,403
Third-party development services			17				1,073				(1,056	)			345				2,349				(2,004	)
Third-party management services			719				745				(26	)			1,572				1,579				(7	)
Operating expense reimbursements			2,281				2,018				263				4,399				3,873				526
Total revenues			36,126				29,449				6,677				74,031				60,113				13,918
Operating expenses:
Collegiate housing leasing operations			15,523				12,266				3,257				30,677				24,580				6,097
Development and management services			1,647				1,316				331				3,263				2,647				616
General and administrative			1,647				1,397				250				3,657				2,826				831
Severance, development pursuit and acquisition costs			286				208				78				393				152				241
Ground leases			1,509				1,366				143				3,020				2,732				288
Depreciation and amortization			8,859				7,106				1,753				17,518				13,845				3,673
Reimbursable operating expenses			2,281				2,018				263				4,399				3,873				526
Total operating expenses			31,752				25,677				6,075				62,927				50,655				12,272
Operating income			4,374				3,772				602				11,104				9,458				1,646
Nonoperating expenses:
Interest expense			3,477				4,642				(1,165	)			7,587				9,384				(1,797	)
Amortization of deferred financing costs			275				284				(9	)			623				568				55
Interest income			(23	)			(47	)			24				(44	)			(92	)			48
Loss on extinguishment of debt			-				-				-				-				351				(351	)
Total nonoperating expenses			3,729				4,879				(1,150	)			8,166				10,211				(2,045	)
Income before equity in earnings (loss) of unconsolidated entities, income taxes and discontinued operations			645				(1,107	)			1,752				2,938				(753	)			3,691
Equity in earnings (losses) of unconsolidated entities			(38	)			(23	)			(15	)			(301	)			(18	)			(283	)
Income before income taxes and discontinued operations			607				(1,130	)			1,737				2,637				(771	)			3,408
Less: Income tax expense (benefit)			(404	)			(371	)			(33	)			(479	)			(218	)			(261	)
Income from continuing operations			1,011				(759	)			1,770				3,116				(553	)			3,669
Income from discontinued operations			165				1,275				(1,110	)			174				1,935				(1,761	)
Net Income			1,176				516				660				3,290				1,382				1,908
Less: Net income attributable to the noncontrolling interests			(80	)			(60	)			(20	)			146				151				(5	)
Net Income attributable to Education Realty Trust, Inc.		$	1,256			$	576			$	680			$	3,144			$	1,231			$	1,913
Earnings per share information:
Net income attributable to Education Realty Trust, Inc.
common stockholders per share - basic and diluted		$	0.01			$	0.01				-			$	0.03			$	0.02			$	0.01
Weighted-average shares of common stock outstanding - basic			94,974				72,209								93,907				71,527
Weighted-average shares of common stock outstanding - diluted			96,041				72,209								94,990				71,527

FUNDS FROM OPERATIONS

(Amounts in thousands, except per share data, unaudited)

 

		Three months ended June 30,												Six months ended June 30,
		2012				2011				Change				2012				2011				Change
Net Income attributable to EdR		$	1,256			$	576			$	680			$	3,144			$	1,231			$	1,913
Gain on sale of collegiate housing assets (1)			(172	)			(1,445	)			1,273				(172	)			(2,388	)			2,216
Real estate related depreciation and amortization			8,716				7,218				1,498				17,279				14,104				3,175
Equity portion of real estate depreciation and amortization on equity investees			59				111				(52	)			125				221				(96	)
Equity portion of loss on sale of student housing property on equity investees			-				-				-				88				-				88
Noncontrolling interests			(56	)			(60	)			4				185				151				34
Funds from operations ("FFO")			9,803				6,400				3,403				20,649				13,319				7,330
FFO adjustments:
Loss on extinguishment of debt (1)			-				-				-				-				757				(757	)
Acquisition costs			287				202				85				454				373				81
Straight-line adjustment for ground leases (2)			1,085				1,053				32				2,146				2,106				40
FFO adjustments:			1,372				1,255				117				2,600				3,236				(636	)
FFO on Participating Developments:(3)
Interest on loan to Participating Development			455				393				62				910				678				232
Development fees on Participating Development, net of costs and taxes			9				317				(308	)			71				519				(448	)
FFO on Participating Developments			464				710				(246	)			981				1,197				(216	)
Core funds from operations ("Core FFO")		$	11,639			$	8,365			$	3,274			$	24,230			$	17,752			$	6,478
FFO per weighted average share/unit (4)		$	0.10			$	0.09			$	0.01			$	0.22			$	0.18			$	0.04
Core FFO per weighted average share/unit (4)		$	0.12			$	0.11			$	0.01			$	0.26			$	0.24			$	0.02
Weighted average shares/units (4)			96,041				73,320				22,721				94,990				72,638				22,352

 

(1)

All of or a portion of these amounts may be included in discontinued operations and may not be visible on the face of our statement of operations on page 3.

(2)

This represents the straight-line rent expense adjustment required by GAAP related to ground leases at three communities. As ground lease terms range from 40 to 99 years, the adjustment to straight-line these agreements becomes material to our operating results, distorting the economic results of the communities.

(3)

FFO on participating developments represents the economic impact of interest and fees not recognized in net income due to the Company having a participating investment in the third-party development. The adjustment for development fees is calculated under the same percentage of completion method of accounting used for third-party development fees. The adjustment for interest income is based on terms of the loan.

(4)

FFO and Core FFO per weighted average share/unit were computed using the weighted average of all shares and partnership units outstanding, regardless of their dilutive impact.

COMMUNITY OPERATING RESULTS

(Amounts in thousands, unaudited)

 

 

		Three Months Ended June 30,																Six Months Ended June 30,
		2012				2011				$ Change				% Change				2012				2011				$ Change				% Change
Revenues
Same-communities		$	26,990			$	25,108			$	1,882				7.5	%		$	55,538			$	51,718			$	3,820				7.4	%
New-communities (1)			6,119				505				5,614				NM				12,177				594				11,583				NM
Total revenues			33,109				25,613				7,496				29.3	%			67,715				52,312				15,403				29.4	%
Operating expenses (2)
Same-communities			12,484				12,026				458				3.8	%			25,165				24,310				855				3.5	%
New-communities (1)			3,039				240				2,799				NM				5,512				269				5,243				NM
Total operating expenses			15,523				12,266				3,257				26.5	%			30,677				24,579				6,098				24.8	%
Net operating income
Same-communities			14,506				13,082				1,424				10.9	%			30,373				27,408				2,965				10.8	%
New-communities (1)			3,080				265				2,815				NM				6,665				325				6,340				NM
Total net operating income		$	17,586			$	13,347			$	4,239				31.8	%		$	37,038			$	27,733			$	9,305				33.6	%

 

 

NOTE: This table excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Troy Place, The Reserve at Jacksonville, The Reserve at Martin, The Chase at Murray and Clemson Place (all sold in January 2011) and Collegiate Village and Clayton Station (both sold in Q2 2011).

 

(1)

See page 11 of this supplement for a listing of which communities are categorized as same-communities and which are new communities.

(2)

Represents community level operating expenses, excluding management fees, depreciation, amortization, ground lease expense and impairment charges plus regional and other corporate costs of supporting the communities.

COMMUNITY STATISTICS

 

		Three Months Ended June 30,														Six Months Ended June 30,
		2012				2011				Change						2012				2011				Change
Occupancy
Physical			88.5	%			88.0	%			49			bps			91.1	%			90.3	%			80			bps
Economic			87.8	%			85.4	%			240			bps			90.6	%			88.6	%			200			bps
NarPAB		$	439			$	386				13.8	%				$	455			$	399				14.0	%
Other income per avail. bed		$	30			$	23				29.4	%				$	28			$	22				28.7	%
RevPAB		$	469			$	409				14.7	%				$	483			$	421				14.8	%
Operating expense per bed		$	220			$	196				12.3	%				$	218			$	198				10.6	%
Operating margin			53.1	%			52.1	%			101			bps			54.7	%			53.0	%			168			bps
Design Beds			70,590				62,620				12.7	%					140,406				124,434				12.8	%

 

NOTE:

Operating statistics for all periods presented exclude communities classified as discontinued operations. See note on Pg. 5.

SAME-COMMUNITY STATISTICS

 

 

		Three Months Ended June 30,														Six Months Ended June 30,
		2012				2011				Change						2012				2011				Change
Occupancy
Physical			89.4	%			88.3	%			110			bps			91.7	%			90.5	%			120			bps
Economic			88.0	%			85.8	%			220			bps			91.1	%			88.8	%			230			bps
NarPAB		$	413			$	385				7.3	%				$	428			$	398				7.5	%
Other income per avail. bed		$	25			$	23				10.7	%				$	23			$	21				9.5	%
RevPAB		$	438			$	408				7.5	%				$	451			$	419				7.6	%
Operating expense per bed		$	203			$	195				3.8	%				$	204			$	197				3.5	%
Operating margin			53.7	%			52.1	%			160			bps			54.7	%			53.0	%			170			bps
Design Beds			61,581				61,584				0.0	%					123,162				123,164				0.0	%

 

NOTE:

Operating statistics for all periods presented exclude communities classified as discontinued operations. See note on Pg. 5.

2012/2013 PRELEASING UPDATE AS OF JULY 24TH

 

	Primary		2012-2013						2011-2012								Projected								September 30, 2011 Opening
Community	University		Leases		%				Leases				%				Rate Increase				Design Beds				Occupancy
Campus Creek	University of Mississippi		636			100.0	%			636				100.0	%			15.4	%			636				100.0	%
The Reserve on South College	Auburn University		514			89.2	%			576				100.0	%			8.3	%			576				100.0	%
Pointe West	University of South Carolina		447			93.1	%			357				74.4	%			7.3	%			480				98.1	%
The Reserve on Frankford	Texas Tech University		593			80.5	%			682				92.5	%			7.1	%			737				97.0	%
The Reserve at Columbia	University of Missouri		676			100.0	%			662				97.9	%			6.7	%			676				99.9	%
The Pointe	Pennsylvania State University		984			100.0	%			983				99.9	%			6.2	%			984				100.0	%
The Pointe at South Florida	University of South Florida		821			81.9	%			956				95.4	%			6.1	%			1,002				98.4	%
The Commons	Florida State University		553			75.5	%			587				80.2	%			6.1	%			732				97.7	%
The Reserve on Perkins	Oklahoma State University		662			90.4	%			609				83.2	%			6.0	%			732				97.0	%
Cape Trails	Southeast Missouri State University		360			100.0	%			356				98.9	%			5.7	%			360				100.0	%
University Village on Colvin	Syracuse University		428			99.1	%			432				100.0	%			5.5	%			432				99.8	%
Carrollton Crossing	University of West Georgia		336			100.0	%			332				98.8	%			5.3	%			336				100.0	%
The Reserve at Athens	University of Georgia		551			90.0	%			605				98.9	%			5.2	%			612				99.7	%
The Avenue at Southern	Georgia Southern University		333			53.4	%			402				64.4	%			5.1	%			624				96.6	%
Campus Lodge	University of Florida		1,003			90.0	%			1,001				89.8	%			5.0	%			1,115				96.8	%
The Reserve at Star Pass	University of Arizona		564			55.3	%			615				60.3	%			5.0	%			1,020				76.9	%
Commons on Kinnear	The Ohio State University		496			98.8	%			488				97.2	%			4.8	%			502				100.0	%
NorthPointe	University of Arizona		832			91.2	%			708				77.6	%			4.6	%			912				93.9	%
The Lofts	University of Central Florida		621			85.1	%			693				94.9	%			4.6	%			730				97.8	%
The Commons at Knoxville	University of Tennessee		602			85.0	%			633				89.4	%			4.6	%			708				93.8	%
GrandMarc at the Corner	University of Virginia		535			83.5	%			489				76.3	%			4.5	%			641				89.4	%
Wertland Square	University of Virginia		152			100.0	%			152				100.0	%			4.4	%			152				100.0	%
Jefferson Commons	University of Virginia		78			95.5	%			82				100.0	%			4.3	%			82				100.0	%
Players Club	Florida State University		336			100.0	%			336				100.0	%			4.2	%			336				100.0	%
The Reserve at Saluki Pointe	Southern Illinois University		590			76.8	%			684				89.1	%			3.9	%			768				98.8	%
River Pointe	University of West Georgia		418			82.9	%			421				83.5	%			3.7	%			504				93.7	%
University Towers	North Carolina State University		792			83.1	%			953				100.0	%			3.6	%			953				100.0	%
The Reserve on West 31st	University of Kansas		488			67.9	%			543				75.5	%			3.2	%			719				85.7	%
College Grove	Middle Tennessee State University		667			77.2	%			543				62.8	%			3.0	%			864				85.1	%
College Station at West Lafayette	Purdue University		674			70.2	%			793				82.6	%			2.2	%			960				95.7	%
The Pointe at Western	Western Michigan University		668			76.3	%			564				64.4	%			-1.8	%			876				76.3	%
Same-communities			17,410			83.9	%			17,873				86.1	%			5.0	%			20,761				94.7	%
Irish Row	University of Notre Dame		326			100.0	%			N/A	(1)			N/A	(1)							326				N/A	(1)
The Oaks on the Square	University of Connecticut		253			100.0	%			N/A	(1)			N/A	(1)							253				N/A	(1)
Lotus Lofts	University of Colorado, Boulder		40			100.0	%			N/A	(1)			N/A	(1)							40				N/A	(1)
The Reserve on Stinson	University of Oklahoma		576			94.1	%			508				83.0	%							612				97.7	%
GrandMarc at Westberry Place	Texas Christian University		494			87.9	%			536				95.4	%							562				98.0	%
Campus West	Syracuse University		269			86.2	%			N/A	(1)			N/A	(1)							312				N/A	(1)
East Edge	University of Alabama		646			83.5	%			N/A	(1)			N/A	(1)							774				N/A	(1)
University Village Towers	University of California at Riverside		228			41.2	%			386				69.7	%							554				86.6	%
The Berk	University of California at Berkeley		49			30.4	%			N/A	(1)			N/A	(1)							161				75.8	%
New-communities			2,881			80.2	%			1,430												3,594
Wholly-owned communities			20,291			83.3	%			19,303												24,355

 

(1) Prior year leasing and opening occupancy data is not included for communities under development or for newly acquired communities where reliable information is not available.

DEVELOPMENT UPDATE

(Amounts in thousands except bed counts)

 

COMPANY OWNED PROJECTS

 

 

Project		Project Type		Bed Count				Estimated Start Date		Anticipated Completion Date		Total Project Development Cost				EdR's Ownership Percentage				EdR's Share of Development Cost				EdR Equity Funded to 6/30/12				EdR Equity to be Funded
Syracuse University - Campus West		ONE Plan			312			In progress		Summer 2012		$	29,747				100	%		$	29,747			$	12,370			$	2,511
University of Alabama		Joint Venture			774			In progress		Summer 2012			41,350				90	%			37,215				7,993				-
University of Connecticut - Storrs Center Phase I		Wholly Owned			250			In progress		Summer 2012			24,240				100	%			24,240				15,305				-
Total - 2012 Deliveries					1,336								95,337								91,202				35,668				2,511
The University of Texas at Austin		ONE Plan			622			In progress		Summer 2013			66,570				100	%			66,570				16,124				50,446
University of Kentucky - New Central Residence Hall		ONE Plan			601			In progress		Summer 2013			25,794				100	%			25,794				1,830				23,964
University of Connecticut - Storrs Center Phase II		Wholly Owned			250			In progress		Summer 2013			24,239				100	%			24,239				-				-
University of Colorado - Lotus Lofts		Wholly Owned			199			Summer 2012		Summer 2013			19,757				100	%			19,757				172				19,560
University of Mississippi		Joint Venture			668			In progress		Summer 2013			36,700				70	%			25,690				5,171				2,536
Arizona State University- Phoenix		Joint Venture			609			In progress		Summer 2013			52,000				91.4	%			47,528				10,138				1,744
Total - 2013 Deliveries					2,949								225,060								209,578				33,435				98,250
Total Owned Projects					4,285							$	320,397							$	300,780			$	69,103			$	100,761

 

 

PARTICIPATING PROJECTS ⁽¹⁾

 

Project		Bed Count				Estimated Start Date				Anticipated Completion Date				Project Development Cost				Total Project Fees				Fees Earned Prior Year				Fees Earned Six Months Ended June 30, 2012				Remaining Fees to Earn
Johns Hopkins Graduate Housing			572				In progress				Summer 2012				60,700			$	2,122			$	1,883			$	158			$	81

 

THIRD-PARTY PROJECTS

  

Project		Bed Count				Estimated Start Date				Anticipated Completion Date				Project Development Cost				Total Project Fees				Fees Earned Prior Year (2)				Fees Earned Six Months Ended June 30, 2012				Remaining Fees to Earn
Mansfield University of Pennsylvania Phase II			684				Summer 2012				Summer 2013				47,881				1,781				-				-				1,781
East Stroudsburg University - Pennsylvania Ph II			488				TBD				TBD				36,497				1,371				-				-				1,371
Bloomsburg University of Pennsylvania			500				TBD				TBD				TBD				TBD				-				-				-
Clarion University of Pennsylvania			702				Spring 2013				Summer 2014				44,734				1,697				-				-				1,697
West Chester University of Pennsylvania Phase II			653				Spring 2013				Summer 2014				54,877				1,559				-				-				1,559
Recently Awarded Projects - Total			3,027											$	183,989			$	6,408			$	-			$	-			$	6,408

 

 

NOTE: The initiation and completion of an awarded project that has not begun construction is contingent upon execution of transactional documents, including such items as development agreements and ground leases, and obtaining financing.

 

(1)

Participating projects are third-party development projects the Company has a significant investment in but does not own. The Company earns fees on these projects, however, in accordance with GAAP the fees are deferred and not recognized in its operating statements until its investment is recovered. The Company includes the earned fees in computing its Core FFO. See page 4.

(2)

Amount may not tie to third-party development services revenue on the statement of operations as this schedule only includes fees earned on projects that are in progress or recently completed.

CAPITAL STRUCTURE, as of June 30, 2012

(dollars in thousands)

 

 

Total Debt to Gross Assets
Debt (1)		$	340,601
Gross Assets (2)			1,182,495
Debt to Gross Assets			28.8	%

 

 

Net Debt to Enterprise Value
Net Debt (1)		$	332,187
Market Equity (3)			1,069,769
Enterprise Value		$	1,401,956
Net Debt to Enterprise Value			23.7	%

 

 

Interest coverage (TTM)			3.3		x
Net Debt to Adjusted EBITDA (TTM)			6.2		x

 

Total Debt Outstanding

 

		Principal				Weighted Average								Average Term
		Outstanding				Interest Rate				%				to Maturity
Fixed Rate - Mortgage Debt (1)		$	223,355				5.85	%			65.6	%			4.25	years
Variable Rate - Mortgage Debt			36,634				4.89	%			10.8	%			7.50	years
Variable Rate - Construction Debt			50,612				2.33	%			14.8	%			2.20	years
Variable Rate - Unsecured Revolving Credit Facility			30,000				1.88	%			8.8	%			2.23	years
Total / Weighted Average		$	340,601				4.87	%			100.0	%			4.12	years

 

 

Future Maturities

  

		Fiscal Year Ending				Amortization				Maturities				Total				Percentage
			2012			$	1,843			$	-			$	1,843				0.6	%
			2013				3,788				33,393				37,181				11.9	%
			2014				9,608				49,117				58,725				18.9	%
			2015				3,444				17,821				21,265				6.8	%
			2016				2,392				65,258				67,650				21.8	%
			Thereafter				5,865				118,072				123,937				40.0	%
Mortgage Debt (1)							26,940				283,661				310,601				100.0	%
Unsecured Revolving Credit Facility							-				30,000				30,000
Gross Debt (1)						$	26,940			$	313,661				340,601
Less Cash															8,414
Net Debt														$	332,187

 

(1)

Excludes unamortized debt discount of $94K.

(2)

Excludes accumulated depreciation of $182,487 as of June 30, 2012.

(3)

Market equity includes 95,482,426 shares of the Company's common stock and 1,067,163 operating partnership units and is calculated using $11.08 per share, the closing price of the Company's common stock on June 29, 2012.

COMMUNITY LISTING - OWNED

 

 

Name		Primary University Served		Acquisition Date		# of Beds
Players Club		Florida State University		Jan ’05			336
The Commons		Florida State University		Jan ’05			732
University Towers		North Carolina State University		Jan ’05			953
The Reserve on Perkins		Oklahoma State University		Jan ’05			732
The Pointe		Pennsylvania State University		Jan ’05			984
College Station at West Lafayette		Purdue University		Jan ’05			960
The Reserve on Frankford		Texas Tech University		Jan ’05			737
Commons on Kinnear		The Ohio State University		Jan ’05			502
NorthPointe		University of Arizona		Jan ’05			912
The Reserve at Star Pass		University of Arizona		Jan ’05			1,020
The Lofts		University of Central Florida		Jan ’05			730
The Reserve at Athens		University of Georgia		Jan ’05			612
The Reserve on West 31st		University of Kansas		Jan ’05			719
The Reserve at Columbia		University of Missouri		Jan ’05			676
The Pointe at South Florida		University of South Florida		Jan ’05			1,002
The Commons at Knoxville		University of Tennessee		Jan ’05			708
The Pointe at Western		Western Michigan University		Jan ’05			876
Campus Creek		University of Mississippi		Feb ’05			636
Pointe West		University of South Carolina		Mar ’05			480
College Grove		Middle Tennessee State University		Apr ’05			864
Campus Lodge		University of Florida		Jun ’05			1,115
The Reserve on South College		Auburn University		Jul ’05			576
Cape Trails		Southeast Missouri State University		Jan ’06			360
Carrollton Crossing		University of West Georgia		Jan ’06			336
River Pointe		University of West Georgia		Jan ’06			504
The Avenue at Southern		Georgia Southern University		Jun ’06			624
The Reserve at Saluki Pointe		Southern Illinois University		Aug '08, Aug '09			768
University Village on Colvin		Syracuse University		Aug '09			432
GrandMarc at The Corner		University of Virginia		Oct '10			641
				Total Same-Community			20,527
Wertland Square		University of Virginia		Mar ’11			152
Jefferson Commons		University of Virginia		Mar ’11			82
The Berk		University of California, Berkeley		May ’11			161
University Village Towers		University of California, Riverside		Sept '11			554
Lotus Lofts		University of Colorado, Boulder		Nov '11			40
Irish Row		University of Notre Dame		Nov '11			326
GrandMarc at Westberry Place		Texas Christian University		Dec '11			562
The Reserve on Stinson		University of Oklahoma		Jan '12			612
				Total New-Community			2,489
				Total Owned			23,016

 

NOTE: 3949 Lindell at St. Louis University is excluded as it was damaged by fire on July 17, 2012 and is currently empty. The Community was insured, and it is the Company’s intent to rebuild.

 

 

INVESTOR INFORMATION

 

 

Executive Management
	Randy Churchey	Chief Executive Officer
	Randy Brown	Chief Financial Officer
	Tom Trubiana	Chief Investment Officer
	Christine Richards	Chief Operating Officer
Corporate Headquarters		Investor Relations
	EdR	ICR, LLC
	999 South Shady Grove Road, Suite 600	Brad Cohen
	Memphis, TN  38120	(203) 682-8211
	(901) 259-2500

 

Covering Analysts
	Firm	Analyst	Contact #
	Bank of America - Merrill	Jana Galan	(646) 855-3081
	Green Street Advisors	Andrew J. McCulloch	(949) 640-8780
	Hilliard Lyons	Carol Kemple	(502) 588-1839
	Janney Capital Markets	Daniel Donlan	(215) 665-6476
	JMP Securities	Mitch Germain	(212) 906-3546
	J.P. Morgan Securities Inc.	Anthony Paolone	(212) 622-6682
	KeyBanc Capital Markets	Karin A. Ford	(917) 368-2293
	Morgan Keegan & Company	Stephen Swett	(212) 508-7585
	Robert W. Baird & Co., Inc.	Paula Poskon	(703) 821-5782
	Sandler O'Neill + Partners, L.P.	Alex Goldfarb	(212) 466-7937
	Stifel Nicolaus & Company Inc.	Rod Petrik	(443) 224-1306
	UBS Securities	Ross Nussbaum	(212) 713-2484

 

DEFINITIONS

Physical occupancy

Represents a weighted average of the month end occupancies for each month included in the period reported.

 

Economic occupancy

Represents the effective occupancy calculated by taking net apartment rent accounted for on a GAAP basis for the respective period divided by potential rent for the respective period.

 

Net apartment rent per available bed (NarPAB)

Represents GAAP net apartment rent for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.

 

Other income per available bed

Represents other GAAP-based income for the respective period divided by the sum of the design beds in the portfolio for each of the included months. Other income includes service/app fees, late fees, termination fees, parking fees, transfer fees, damage recovery, utility recovery, and other misc.

 

Revenue per available bed (RevPAB)

Represents total revenue (net apartment rent plus other income) for the respective period divided by the sum of the design beds in the portfolio for each month included in the period reported.

 

Operating expense per bed

Represents community-level operating expenses excluding management fees, depreciation and amortization.

 

Design beds

Represents the sum of the monthly design beds in the portfolio during the period.

 

Same community

Includes communities that have been owned for more than a year as of the beginning of the current fiscal year.

 

GAAP

U.S. generally accepted accounting principles.

 

FFO

Funds from operations as defined by the National Association of Real Estate Investment Trusts.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

 

 

Statements about the Company’s business that are not historical facts are “forward-looking statements,” which relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters that they describe are subject to known and unknown risks and uncertainties that could cause the Company’s business, financial condition, liquidity, results of operations, Core FFO, FFO and prospects to differ materially from those expressed or implied by such statements. Such risks are set forth under the captions “Risk Factors,” “Forward-Looking Statements” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and, except as otherwise may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.