EdR Updates Leasing Progress for 2016/2017 Lease Term
Increases Mid-Point of Projected Same-Community Fall Rent Growth
MEMPHIS, Tenn., April 12, 2016 /PRNewswire/ -- EdR (NYSE: EDR), a leader in the ownership, development and management of collegiate housing, today provided an update on the Company's leasing progress for the 2016/2017 lease term in conjunction with the Interface Conference in Austin, TX.
EdR's same-community portfolio is currently 190 basis points ahead of prior year with 73.6% of the beds preleased for the fall. Based on current leasing velocity and market conditions, we expect fall occupancy for the same-community portfolio to be consistent with the prior year and rates to be up approximately 3.0%. As a result of our continued strong leasing progress, we have increased the bottom end of our anticipated same-community rent growth for the 2016/2017 lease term by 0.5%, expecting total same-community rent growth of 3.0% to 3.5% this fall.
"Our markets are characterized by steady enrollment growth, declining new supply and the modernization of student housing," stated Christine Richards, executive vice president and chief operating officer. "I am proud of the way our team has taken advantage of these favorable dynamics to produce strong leasing results to date."
About EdR
EdR (NYSE: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 80 communities with nearly 42,000 beds serving 51 universities in 23 states. EdR is a member of the Russell 2000 Index and the Morgan Stanley REIT indices. For details, please visit the company's Web site at www.EdRtrust.com.
For more information, contact:
J. Drew Koester, Senior Vice President, Capital Markets and Investor Relations
901-259-2523 [email protected]
For media information or photography, contact:
Susan Jennings, Vice President, Corporate Communication and Marketing
901-259-2506 [email protected]
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." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in 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 dates on which they are made, and 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, unless required by law.
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SOURCE EdR
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