Education Realty Trust Inc. Announces Board Changes
Nov 20 14
Education Realty Trust Inc. said Nov. 19 that it named its president and CEO, Randy Churchey, to serve as chairman of its board of directors, replacing Paul Bower. Bower will retire as chairman of the company's board on Dec. 31. Tom Trubiana, the company's executive vice president and chief investment officer, will advance to the role of president and will join the board.
EdR Announces Executive and Management Changes
Nov 19 14
EdR announced that Paul O. Bower will retire as Chairman of the company's Board of Directors on December 31, 2014. The Board of Directors appointed EdR President and Chief Executive Officer Randy Churchey to the position of Chairman of the Board. Tom Trubiana, EdR's executive vice president and chief investment officer, will advance to the role of President and will join the Board of Directors. Mr. Bower is retiring after a 45-year career with EdR. Like many EdR senior executives, Mr. Bower began his career at the community level for the company's predecessor, Allen & O'Hara. Mr. Churchey will remain as EdR's chief executive officer after assuming the Chairman of the Board responsibility upon Mr. Bower's retirement.
EdR Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment Charge in the Third Quarter of 2014; Reaffirms Core FFO Guidance for 2014
Oct 27 14
EdR announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. Net income attributable to common stockholders for the quarter was $21.4 million, or $0.15 per diluted share, compared to a net loss of $4.5 million, or $0.04 per diluted share, for the prior year. Core FFO for the quarter was $14.8 million, as compared to $8.7 million in the prior year, an increase of 70%. Core FFO per share/unit for the quarter increased 38% to $0.11. The $6.1 million improvement in Core FFO mainly reflects a $5.0 million growth in community net operating income and the $3.0 million loan guarantee fee relating to 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. Total revenues were $54,704,000 against $43,469,000 a year ago. Operating income was $1,765,000 against $705,000 a year ago. Income before income taxes, discontinued operations, and gain on sale of collegiate housing properties was $13,922,000 against loss of $4,234,000 a year ago. Income from continuing operations was $13,012,000 against $4,202,000 a year ago. FFO was $20,359,000 against $7,061,000 a year ago.
For the nine months, total revenues were $159,289,000 against $129,178,000 a year ago. Operating income was $6,427,000 against $11,511,000 a year ago. Income before income taxes, discontinued operations, and gain on sale of collegiate housing properties was $6,327,000 against loss of $1,965,000 a year ago. Income from continuing operations was $5,729,000 against $1,696,000 a year ago. Net income attributable to EdR common stockholders was $24,658,000 or $0.20 per basic and diluted share against $2,679,000 or $0.02 per basic and diluted share a year ago. FFO was $52,696,000 against $33,506,000 a year ago. Core FFO was $51,465,000 or $0.41 per share against $39,629,000 or $0.34 per share a year ago. Adjusted EBITDA was $69,411,000 against $51,161,000 a year ago.
Based on current estimates, the company recorded a non-cash impairment charge of approximately $1.0 million in the third quarter related to one of the marketed communities.
Based on management's current estimates of market conditions and future operating results and including the impact of the 2014/2015 leasing results and recent acquisitions and dispositions, the company reaffirms its core FFO guidance of $0.61 to $0.64 per share, which represents an 11% to 16% growth rate over 2013.
Education Realty Trust, Inc. Announces Executive Changes
Oct 17 14
On October 13, 2014, the board of directors of Education Realty Trust Inc. appointed Edwin B. Brewer, Jr., the Company's Executive Vice President and Chief Financial Officer, as the Company's principal financial officer. Prior to this appointment, J. Drew Koester, the Company's Senior Vice President, Assistant Secretary and Chief Accounting Officer, served as the Company's principal financial officer on an interim basis. Mr. Koester continues as the Company's Senior Vice President, Assistant Secretary and Chief Accounting Officer. Mr. Brewer, 51, joined the Company in August 2014 with the title of Chief Financial Officer.