Last $10.89 USD
Change Today +0.04 / 0.37%
Volume 613.2K
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As of 8:04 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

education realty trust inc (EDR) Key Developments

Education Realty Trust, Inc. Announces Amendment to the Bylaws

On August 20, 2014, the Board of Education Realty Trust, Inc. approved Amendment No. 1 (the Amendment) to the company's Amended and Restated Bylaws (the Bylaws). The Amendment effects the following changes: Majority Voting The Board amended Article II, Section 7 of the Bylaws to change the voting standard for the election of directors from a plurality voting standard to a majority voting standard in uncontested elections. Under the revised voting standard, a director shall be elected to the Board of the company if the votes cast for such nominee's election exceeds the votes cast against such nominee's election; provided that if the election is contested, directors shall be elected by a plurality of the votes cast. Opting Out of the Maryland Share Acquisition Act By Article II, Section 12 of the Bylaws, the company previously had opted not to be subject to Title 3, Subtitle 7 of the MGCL, commonly known as the Maryland Control Share Acquisition Act, but had reserved the right for the company to become subject to the Maryland Control Share Acquisition Act in the future. The Board has amended Article II, Section 12 of the Bylaws to prohibit the repeal of this Bylaws provision without the affirmative vote of a majority of the votes cast on the matter by stockholders entitled to vote on the matter. Opting Out of the Maryland Business Combination Act The Board further amended Article II, Section 12 of the Bylaws to opt out of Title 3, Subtitle 6 of the MGCL, commonly known as the Maryland Business Combination Act. The Board has amended Article II, Section 12 of the Bylaws to prohibit the repeal of this Bylaws provision without the affirmative vote of a majority of the votes cast on the matter by stockholders entitled to vote on the matter.

EdR Names Bill Brewer as Executive Vice President and Chief Financial Officer

EdR announced that Bill Brewer has joined the company as executive vice president and chief financial officer effective immediately. Mr. Brewer has spent five years as executive vice president and chief financial officer for Sedgwick Claims Management Services, Inc. Prior to joining Sedgwick, Mr. Brewer was with PricewaterhouseCoopers (PwC) for 24 years.

Education Realty Trust, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year of 2014 Ending December 31, 2014; Records Loss on Impairment for the Second Quarter Ended June 30, 2014

Education Realty Trust, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of USD 50,040,000 compared to USD 41,038,000 a year ago. Operating loss was USD 3,651,000 compared to operating income of USD 3,694,000 a year ago. Loss from continuing operations was USD 8,846,000 compared USD 469,000 a year ago. Net loss was USD 8,846,000 compared to net income of USD 3,690,000 a year ago. Net loss attributable to the company shareholders was USD 8,808,000 compared to net income attributable to the company USD 3,832,000 a year ago. Basic and diluted net loss per share attributable to the company was USD 0.08 compared to basic and diluted net income per share attributable to the company USD 0.03 a year ago. FFO was USD 15,284,000 compared to USD 11,836,000 a year ago. FFO adjustments were USD 1,519,000 compared to USD 1,787,000 a year ago. Core FFO was USD 17,258,000 compared to USD 14,532,000 a year ago. Core FFO per weighted average share was USD 0.15 compared to USD 0.13 a year ago. For the six months, the company reported total revenues of USD 104,585,000 compared to USD 85,709,000 a year ago. Operating income was USD 4,661,000 compared to USD 10,807,000 a year ago. Loss from continuing operations was USD 7,284,000 compared to income from continuing operations of USD 2,506,000 a year ago. Net income was USD 3,618,000 compared to USD 7,168,000 a year ago. Net income attributable to the company shareholders was USD 3,258,000 compared to USD 7,141,000 a year ago. Basic and diluted net income per share attributable to the company was USD 0.03 compared to USD 0.06 a year ago. FFO was USD 32,334,000 compared to USD 26,445,000 a year ago. FFO adjustments were USD 3,382,000 compared to USD 3,106,000 a year ago. Core FFO was USD 36,621,000 compared to USD 30,910,000 a year ago. Core FFO per weighted average share was USD 0.31 compared to USD 0.27 a year ago. Adjusted EBITDA was USD 46,996,000 compared to USD 37,885,000 a year ago. The company provided earnings guidance for the year ending December 31, 2014. For the year, the company expects net income attributable to the company of USD 28,135,000 to USD 31,999,000. FFO was expected to be in the range of USD 79,921,000 to USD 83,785,000. FFO adjustments were expected to be in the range of USD 5,792,000 to USD 5,792,000. Core FFO was expected to be in the range of USD 78,571,000 to USD 82,435,000. FFO per weighted average share was expected to be in the range of USD 0.62 to USD 0.65. Core FFO per weighted average was expected to be in the range of USD 0.61 to USD 0.64. The company recorded loss on impairment of collegiate housing properties of USD 9,870,000 for the quarter ended June 30, 2014.

Education Realty Trust, Inc.(NYSE:EDR) added to S&P 1000 Index

Education Realty Trust, Inc.(NYSE:EDR) added to S&P 1000 Index

Education Realty Trust, Inc.(NYSE:EDR) added to S&P SmallCap 600 Index

Education Realty Trust, Inc.(NYSE:EDR) added to S&P SmallCap 600 Index

 

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