Education Realty

Education Realty Second Quarter Net Profit Decline, FFO Beats Estimates

Education Realty

Education Realty Trust Inc. decreased net income and total income in the second quarter.

The Company posted net income of $ 231,000 for the quarter compared with $ 3.3 million in the same year-ago period.

Education Realty Trust reported total income of $ 32 million for the second quarter, down 13 percent compared with $ 36.8 million in the second quarter last year.

A major reduction of total income is $ 5 million decrease in leasing revenue as a result of the lease termination costs recognized in the second quarter of 2008, according to a company release.

The Company reported funds from operations of $ 7.3 million, or $ 0.24 per share, for the second quarter 2009, down 31.1 percent compared with $ 10.6 million, or $ 0.36 per share, in the second quarter 2008 . FFO in the quarter still beat a consensus of analyst estimates $ 0.20 per share, according to Reuters Estimates.

He also reaffirmed its FFO guidance for full year 2009 of $ 0.70 – $ 0.80 per share.

Education Realty president, CEO and chairman Paul announced he was retiring bungalow Jul 6, pending the announcement of the successor company. After retirement, permanent residence in the company’s board as chairman.

Based in Memphis, Education Realty (NYSE: EDR) is a real estate investment trust that has, to develop and manage student housing communities throughout the country that includes 63 portfolios in the country with 21 beds 37,152 owned and managed.

Shares in the company’s shares closed Monday up more than 6 percent to $ 4.84.