Education Realty Trust reports flat first quarter FFO
Education Realty Trust Inc.’s funds from operations were flat in the first quarter, but income dropped compared to the previous year.
Funds from operations, the accepted performance measure for real estate investment trusts, were $7.815 million in first quarter 2010 compared to $7.795 in first quarter 2009. FFO per share declined, though, from $0.26 in first quarter 2009 to $0.13 in first quarter 2010.
The decline in FFO per share was due to a 28.2 million increase in the average shares outstanding year-over-year.
Income fell to $200,000, or less than $0.01 per share, in the quarter from $400,000, or $0.02 per share, in the year-ago quarter.
Revenues fell slightly in the quarter to $33.1 million from $33.9 million in the year-ago quarter.
Education Realty Trust reiterated its full year 2010 FFO outlook of $0.34-$0.40 per share.
CEO Randy Churchey said the company “made progress” in the quarter executing its restructuring plan and improving operating performance.
“Simultaneously, we continued working toward our longer term goal of strategically repositioning our portfolio through a combination of capital recycling and the acquisition of assets that are more advantageously located,” Churchey said in a statement.
Churchey took the helm of Education Realty Trust on Jan. 1 and has made sweeping changes that have seen executive leadership shifts and increased share prices. Click here to read more about Churchey and the changes he has instituted within the company.
Memphis-based Education Realty Trust (NYSE: EDR) is a REIT that owns, develops and operates 64 student housing communities with 37,835 beds in 22 states.