EdR Q3 Core FFO Rises; Backs 2014 Core FFO/unit View - Quick Facts

(RTTNews) - EdR (EDR) reported that its core funds from operations for the third quarter ended September 30, 2014 was $14.8 million, compared to $8.7 million in the prior year, an increase of 70%. The $6.1 million improvement in Core FFO mainly reflected a $5.0 million growth in community net operating income and the $3.0 million loan guarantee fee relating to its participating development at Johns Hopkins University offset by a $1.7 million increase in third-party and corporate general and administrative costs and ground lease expense. Core FFO per share/unit for the quarter increased 38% to $0.11 from $0.08 last year.

FFO per unit was $0.14 up from $0.06 in the prior year.

Net income attributable to common stockholders for the quarter was $21.4 million, or $0.15 per share, compared to a net loss of $4.5 million, or $0.04 per share, for the prior year.

Total revenues for the quarter grew to $54.70 million from $43.47 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share and revenues of $49.05 million for the quarter. Analysts' estimates typically exclude special items.

The company reaffirmed its Core FFO guidance of $0.61 to $0.64 per share/unit, which represents an 11% to 16% growth rate over 2013. Analysts project annual earnings per share of $0.62.