x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Maryland
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
20-1352180
(IRS
Employer
Identification
No.)
|
|
530
Oak Court Drive, Suite 300
Memphis
Tennessee
(Address
of Principal Executive Offices)
|
38117
(Zip
Code)
|
Title of Each Class
|
Name Of Each Exchange On Which
Registered
|
|
Common
Stock, $.01 par value per share
|
New
York Stock Exchange
|
Large
accelerated filer ¨
|
Accelerated
filer
x
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
|
•
|
university
and campus reputation;
|
|
•
|
competitive
admissions criteria;
|
|
•
|
limited
number of on-campus beds and limited plans for
expansion;
|
|
•
|
distance
of property from campus;
|
|
•
|
property
unit mix;
|
|
•
|
competition;
|
|
•
|
significant
out-of-state enrollment;
|
|
•
|
past
operating performance;
|
|
•
|
potential
for improved management;
|
|
•
|
ownership
and capital structure;
|
|
•
|
presence
of desired amenities;
|
|
•
|
maintenance
and condition of the property;
|
|
•
|
access
to a university-sponsored or public transportation line;
and
|
|
•
|
parking
availability.
|
|
•
|
establishing
internal controls and procedures for cost control consistently throughout
our communities;
|
|
•
|
operating
with flat property-level management structures, minimizing multiple layers
of management; and
|
|
•
|
negotiating
service-level pricing arrangements with national and regional vendors and
requiring corporate-level approval of service agreements for each
community.
|
Property
|
University
|
# of Beds
|
# of Units
|
|||||||
On-campus
properties
|
||||||||||
University
Park — Calhoun Street Apartments
|
University
of Cincinnati
|
749 | 288 | |||||||
Reinhard
Villages
|
Clarion
University of Pennsylvania
|
656 | 180 | |||||||
University
Park
|
Salisbury
University (Maryland)
|
578 | 145 | |||||||
University
Park — Phase II
|
Salisbury
University (Maryland)
|
312 | 108 | |||||||
Bettie
Johnson Hall
|
University
of Louisville
|
490 | 224 | |||||||
Herman
& Heddy Kurz Hall
|
University
of Louisville
|
402 | 224 | |||||||
Billy
Minardi Hall
|
University
of Louisville
|
38 | 20 | |||||||
Community
Park
|
University
of Louisville
|
358 | 101 | |||||||
University
Village
|
California
State University — San Marcos
|
627 | 126 | |||||||
Arlington
Park Apartments
|
University
of Northern Colorado
|
394 | 179 | |||||||
Total
on-campus
|
4,604 | 1,595 | ||||||||
Off-campus
properties
|
||||||||||
Granville
Towers
|
University
of North Carolina at Chapel Hill
|
1,333 | 363 | |||||||
Honeysuckle
Apartments
|
Bloomsburg
University of Pennsylvania
|
407 | 104 | |||||||
Evergreen
Commons
|
Lock
Haven University of Pennsylvania
|
408 | 108 | |||||||
Campus
Village
|
University
of Colorado — Denver
|
689 | 210 | |||||||
The
College Inn
|
North
Carolina State University
|
440 | 121 | |||||||
Upper
Eastside Lofts
|
Sacramento
State University
|
309 | 134 | |||||||
100
Midtown
|
Georgia
Tech and Georgia State
|
330 | 118 | |||||||
The
Courtyards
|
University
of Michigan
|
896 | 320 | |||||||
Vulcan
Village I
|
California
University of Pennsylvania
|
432 | 108 | |||||||
Vulcan
Village II
|
California
University of Pennsylvania
|
338 | 91 | |||||||
University
Village (1)
|
University
of North Carolina – Greensboro
|
600 | 203 | |||||||
University
Village Towers (1)
|
University
of California – Riverside
|
548 | 149 | |||||||
The
Reserve on Stinson (1)
|
University
of Oklahoma
|
612 | 204 | |||||||
Fontainebleu
(1)
|
University
of California – Santa Barbara
|
435 | 99 | |||||||
Total
off-campus
|
7,777 | 2,332 | ||||||||
Totals
(for both on- and off-campus)
|
12,381 | 3,927 |
|
(1)
|
EDR
holds a noncontrolling interest in the community pursuant to its joint
venture arrangements.
|
|
•
|
market
analysis and evaluation of housing needs and
options;
|
|
•
|
cooperation
with university in architectural
design;
|
|
•
|
negotiation
of ground lease, development agreement, construction contract,
architectural contract and bond
documents;
|
|
•
|
oversight
of architectural design process;
|
|
•
|
coordination
of governmental and university plan
approvals;
|
|
•
|
oversight
of construction process;
|
|
•
|
design,
purchase and installation of
furniture;
|
|
•
|
pre-opening
marketing to students; and
|
|
•
|
obtaining
final approvals of
construction.
|
|
•
|
community-building
and social activities geared to university-related events, holidays,
public safety and education;
|
|
•
|
study
and attention skills counseling;
|
|
•
|
career
development, resume writing and employment search skill
training;
|
|
•
|
sponsorship
of intramural sport teams, academic clubs and alumni-based
activities;
|
|
•
|
parent
and resident appreciation events;
|
|
•
|
community
service activities including recycling, blood drives, food drives and
student volunteer committees;
|
|
•
|
lectures
focused on social issues, including effective communication,
multi-cultural awareness and substance
abuse;
|
|
•
|
university
outreach activities; and
|
|
•
|
voter
registration, enrollment and
education.
|
|
•
|
1,158
on-site employees, including 536 Community
Assistants;
|
|
•
|
24
people in our property management services
department;
|
|
•
|
7
people in our development consulting services department;
and
|
|
•
|
60
executive, corporate administration and financial
personnel.
|
|
•
|
local
oversupply of student housing units, increased competition or reduction in
demand for student housing;
|
|
•
|
inability
to collect rent from tenants;
|
|
•
|
vacancies
or our inability to lease beds on favorable
terms;
|
|
•
|
inability
to finance property development and acquisitions on favorable
terms;
|
|
•
|
increased
operating costs, including insurance premiums, utilities, and real estate
taxes;
|
|
•
|
costs
of complying with changes in governmental
regulations;
|
|
•
|
the
relative illiquidity of real estate
investments;
|
|
•
|
changing
student demographics;
|
|
•
|
decreases
in student enrollment at particular colleges and
universities;
|
|
•
|
changes
in university policies related to
admissions;
|
|
•
|
national,
regional and local economic conditions;
and
|
|
•
|
rising
interest rates.
|
|
•
|
we
may be unable to acquire a desired property at all or at a desired
purchase price because of competition from other purchasers of student
housing;
|
|
•
|
many
of our future acquisitions are likely to be dependent on external
financing, and we may be unable to finance an acquisition on favorable
terms or at all;
|
|
•
|
we
may be required to incur significant capital expenditures to improve or
renovate acquired properties;
|
|
•
|
we
may incur an increase in operating costs or may not have the proceeds
available to implement renovations or improvements at existing properties
which are necessary to attract and retain
tenants;
|
|
•
|
we
may be unable to quickly and efficiently integrate new acquisitions,
particularly acquisitions of portfolios of properties, into our existing
operations;
|
|
•
|
market
conditions may result in higher than expected vacancy rates and lower than
expected rental rates; and
|
|
•
|
we
may acquire properties subject to liabilities but without any recourse, or
with only limited recourse, to the sellers, or with liabilities that are
unknown to us, such as liabilities for undisclosed environmental
contamination, claims by tenants, vendors or other persons dealing with
the former owners of the properties and claims for indemnification by
members, directors, officers and others indemnified by the former owners
of the properties.
|
|
•
|
general
market conditions;
|
|
•
|
our
current debt levels and the number of properties subject to
encumbrances;
|
|
•
|
our
current performance and the market’s perception of our growth
potential;
|
|
•
|
our
cash flow and cash distributions;
and
|
|
•
|
the
market price per share of our common
stock.
|
•
|
we
may be unable to borrow additional funds as needed or on favorable
terms;
|
•
|
we
may be unable to refinance our indebtedness at maturity or the refinancing
terms may be less favorable than the terms of our original
indebtedness;
|
•
|
we
may be forced to dispose of one or more of our properties, possibly on
disadvantageous terms;
|
•
|
we
may default on our payment or other obligations as a result of
insufficient cash flow or otherwise, and the lenders or mortgagees may
foreclose on our properties that secure their loans and receive an
assignment of rents and leases;
|
•
|
a
default under the Master Credit Facility or the Second Amended Revolver
may preclude further availability;
and
|
•
|
foreclosures
could create taxable income without accompanying cash proceeds, a
circumstance that could hinder our ability to meet the REIT distribution
requirements.
|
•
|
the
REIT ownership limit described above;
|
||
•
|
authorization
of the issuance of our preferred shares with powers, preferences or rights
to be determined by our Board of Directors;
|
||
•
|
the
right of our Board of Directors, without a stockholder vote, to increase
our authorized shares and classify or reclassify unissued shares;
and
|
||
•
|
advance
notice requirements for stockholder nomination of directors and for other
proposals to be presented at stockholder
meetings.
|
•
|
we
would not be allowed a deduction for distributions to stockholders in
computing our taxable income; therefore, such amounts would be subject to
federal income tax at regular corporate
rates;
|
•
|
we
also could be subject to the federal alternative minimum tax and possibly
increased state and local taxes;
and
|
•
|
unless
we are entitled to relief under applicable statutory provisions, we could
not elect to be taxed as a REIT for four taxable years following the year
during which we were
disqualified.
|
•
|
located
in close proximity to university campuses (within two miles or
less);
|
•
|
average
age of approximately 10 years;
|
•
|
designed
specifically for students with modern unit plans and amenities;
and
|
•
|
supported
by our long-standing Community Assistant program and other
student-oriented activities and services that enhance the college
experience.
|
Year
Ended
December
31, 2009
|
|||||||||||||||||||||||||||
Average
|
Monthly
|
Revenue
per
|
|||||||||||||||||||||||||
Primary
University
|
Year
|
Acquisition
|
#
of
|
#
of
|
Occupancy
|
Total
|
Available
|
||||||||||||||||||||
Name
|
Served
|
Built
|
Date
|
Beds
|
Units
|
Rate(1)
|
Revenue
|
Bed(2)
|
|||||||||||||||||||
Owned
and Operated
|
|||||||||||||||||||||||||||
NorthPointe
|
University
of Arizona
Tucson,
Arizona
|
1999
|
Jan
’05
|
912 | 300 | 89.3 | % | $ | 330 | $ | 361 | ||||||||||||||||
The
Reserve at Athens
|
University
of Georgia
Athens,
Georgia
|
1999
|
Jan
’05
|
612 | 200 | 98.4 | 241 | 394 | |||||||||||||||||||
The
Reserve at Clemson
|
Clemson
University
Clemson,
South Carolina
|
1999
|
Jan
’05
|
590 | 177 | 92.7 | 195 | 331 | |||||||||||||||||||
Players
Club
|
Florida
State University
Tallahassee,
Florida
|
1994
|
Jan
’05
|
336 | 84 | 97.6 | 150 | 446 | |||||||||||||||||||
The
Gables
|
Western
Kentucky University
Bowling
Green, Kentucky
|
1996
|
Jan
’05
|
288 | 72 | 95.5 | 87 | 303 | |||||||||||||||||||
University
Towers
|
North
Carolina State University
Raleigh,
North Carolina
|
1989
|
Jan
’05
|
953 | 251 | 74.6 | 462 | (4) | 485 | (4) | |||||||||||||||||
The
Pointe at South Florida
|
University
of South Florida
Tampa,
Florida
|
1999
|
Jan
’05
|
1,002 | 336 | 86.7 | 381 | 380 | |||||||||||||||||||
Commons
at Knoxville
|
University
of Tennessee
Knoxville,
Tennessee
|
1999
|
Jan
’05
|
708 | 211 | 97.1 | 341 | 481 | |||||||||||||||||||
The
Commons
|
Florida
State University
Tallahassee,
Florida
|
1997
|
Jan
’05
|
732 | 252 | 79.5 | 223 | 305 | |||||||||||||||||||
The
Reserve on Perkins
|
Oklahoma
State University
Stillwater,
Oklahoma
|
1999
|
Jan
’05
|
732 | 234 | 91.0 | 239 | 327 | |||||||||||||||||||
The
Reserve at Star Pass
|
University
of Arizona
Tucson,
Arizona
|
2001
|
Jan
’05
|
1,020 | 336 | 81.2 | 339 | 332 | |||||||||||||||||||
The
Pointe at Western
|
Western
Michigan University
Kalamazoo,
Michigan
|
2000
|
Jan
’05
|
876 | 324 | 84.7 | 271 | 309 | |||||||||||||||||||
College
Station at W. Lafayette
|
Purdue
University
West
Lafayette, Indiana
|
2000
|
Jan
’05
|
960 | 336 | 94.5 | 355 | 370 | |||||||||||||||||||
Commons
on Kinnear
|
The
Ohio State University
Columbus,
Ohio
|
2000
|
Jan
’05
|
502 | 166 | 96.5 | 248 | 494 | |||||||||||||||||||
The
Pointe
|
Pennsylvania
State University
State
College, Pennsylvania
|
1999
|
Jan
’05
|
984 | 294 | 98.8 | 460 | 468 | |||||||||||||||||||
The
Reserve at Columbia
|
University
of Missouri
Columbia,
Missouri
|
2000
|
Jan
’05
|
676 | 260 | 98.8 | 264 | 390 | |||||||||||||||||||
The
Reserve on Frankford
|
Texas
Tech University
Lubbock, Texas
|
1997
|
Jan
’05
|
737 | 243 | 88.7 | 241 | 327 | |||||||||||||||||||
The
Lofts
|
University
of Central Florida
Orlando,
Florida
|
2002
|
Jan
’05
|
731 | 254 | 96.7 | 449 | 615 | |||||||||||||||||||
The
Reserve on West 31st
|
University
of Kansas
Lawrence,
Kansas
|
1998
|
Jan
’05
|
714 | 192 | 94.4 | 241 | 337 |
Year
Ended
December
31, 2009
|
|||||||||||||||||||||||||||
Average
|
Monthly
|
Revenue
per
|
|||||||||||||||||||||||||
Primary
University
|
Year
|
Acquisition
|
#
of
|
#
of
|
Occupancy
|
Total
|
Available
|
||||||||||||||||||||
Name
|
Served
|
Built
|
Date
|
Beds
|
Units
|
Rate(1)
|
Revenue
|
Bed(2)
|
|||||||||||||||||||
Campus
Creek
|
University
of Mississippi
Oxford,
Mississippi
|
2004
|
Feb
’05
|
636 | 192 | 91.8 | 212 | 333 | |||||||||||||||||||
Pointe
West
|
University
of South Carolina
Cayce,
South Carolina
|
2003
|
Mar
’05
|
480 | 144 | 92.4 | 205 | 427 | |||||||||||||||||||
Campus
Lodge
|
University
of Florida
Gainesville,
Florida
|
2001
|
Jun
’05
|
1,115 | 360 | 89.6 | 499 | 447 | |||||||||||||||||||
College
Grove
|
Middle
Tennessee State University
Murfreesboro,
Tennessee
|
1998
|
Apr
’05
|
864 | 240 | 94.5 | 298 | 345 | |||||||||||||||||||
The
Reserve on South College
|
Auburn
University
Auburn,
Alabama
|
1999
|
Jul
’05
|
576 | 180 | 86.0 | 179 | 311 | |||||||||||||||||||
The
Avenue at Southern
|
Georgia
Southern University
Statesboro,
Georgia
|
1993
|
Jun
’06
|
624 | 214 | 81.9 | 200 | 320 | |||||||||||||||||||
The
Reserve at Saluki Pointe
|
Southern
Illinois University
Carbondale,
Illinois
|
2008
|
(5) |
Aug
’08
|
(5) | 768 | 288 | 85.7 | 619 | 411 | |||||||||||||||||
University
Village on Colvin
|
Syracuse
University
Syracuse,
New York
|
2009
|
Aug
‘09
|
432 | 120 | 78.1 | 269 | 624 | |||||||||||||||||||
Troy
Place
|
Troy
State University
Troy,
Alabama
|
2000
|
Jan
’06
|
408 | 108 | 92.7 | 159 | 358 | |||||||||||||||||||
The
Reserve at Jacksonville
|
Jacksonville
State University
Jacksonville,
Alabama
|
2000
|
Jan
’06
|
504 | 132 | 70.8 | 154 | 279 | |||||||||||||||||||
Macon
Place
|
Macon
State College
Macon,
Georgia
|
1999
|
Jan
’06
|
336 | 84 | 73.9 | 110 | 300 | |||||||||||||||||||
Clayton
Place
|
Clayton
College & State University
Morrow,
Georgia
|
1999
|
Jan
’06
|
854 | 221 | 48.9 | 205 | 220 | |||||||||||||||||||
River
Place
|
State
University of West Georgia Carrollton, Georgia
|
2000
|
Jan
’06
|
504 | 132 | 82.4 | 167 | 303 | |||||||||||||||||||
The
Chase at Murray
|
Murray
State University
Murray,
Kentucky
|
2000
|
Jan
’06
|
408 | 108 | 85.8 | 121 | 272 | |||||||||||||||||||
Cape
Place
|
Southeast
Missouri State University
Cape
Girardeau, Missouri
|
2000
|
Jan
’06
|
360 | 96 | 97.8 | 139 | 354 | |||||||||||||||||||
Clemson
Place
|
Clemson
University
Clemson, South
Carolina
|
1998
|
Jan
’06
|
288 | 96 | 95.3 | 108 | 344 | |||||||||||||||||||
The
Reserve at Martin
|
University
of Tennessee at Martin
Martin,
Tennessee
|
2000
|
Jan
’06
|
384 | 96 | 71.2 | 116 | 277 | |||||||||||||||||||
Berkeley
Place
|
Clemson
University
Clemson,
South Carolina
|
1999
|
Jan
’06
|
480 | 132 | 92.8 | 169 | 323 |
Year
Ended
December
31, 2009
|
|||||||||||||||||||||||||||
Average
|
Monthly
|
Revenue
per
|
|||||||||||||||||||||||||
Primary
University
|
Year
|
Acquisition
|
#
of
|
#
of
|
Occupancy
|
Total
|
Available
|
||||||||||||||||||||
Name
|
Served
|
Built
|
Date
|
Beds
|
Units
|
Rate(1)
|
Revenue
|
Bed(2)
|
|||||||||||||||||||
Carrollton
Place
|
State
University of West Georgia Carrollton, Georgia
|
1998
|
Jan
’06
|
336 | 84 | 92.5 | 124 | 340 | |||||||||||||||||||
The
Pointe at Southern
|
Georgia
Southern University
Statesboro,
Georgia
|
1999
|
Jan
’06
|
528 | 132 | 92.4 | 190 | 330 | |||||||||||||||||||
Western
Place
|
Western
Kentucky University Bowling Green, Kentucky
|
2000
|
Jan
’06
|
504 | 132 | 90.2 | 151 | 275 | |||||||||||||||||||
Total
wholly-owned communities
|
1999
|
(3) | 25,454 | 7,813 |
(1)
|
Average
of the physical month-end occupancy
rates.
|
(2)
|
Monthly
revenue per available bed for 2009 is equal to total revenue for the year
ended December 31, 2009 divided by the sum of the total beds
(including staff and model beds) at the property each month. For
properties acquired during the year, monthly revenue per available bed
equals total revenue for the period subsequent to acquisition through
December 31, 2009 divided by the sum of the total beds
(including staff and model beds) at the property each month while
owned.
|
(3)
|
Represents
average year for all properties in
portfolio.
|
(4)
|
Revenues
and revenue per available bed for University Towers excludes revenue from
food service operations.
|
(5)
|
The
first phase of The Reserve at Saluki Pointe, which included 528 beds, was
completed in August 2008. The second phase, which included 240 beds, was
completed in August 2009.
|
Outstanding
as of
|
|||||||||||||
December
31,
|
Maturity
|
||||||||||||
Property
|
2009
|
Interest
Rate
|
Date
|
Amortization
|
|||||||||
University
Towers
|
$ | 25,000 | 5.99 | % |
7/1/2013
|
30
Year
|
|||||||
The
Reserve at Clemson
|
12,000 | 5.55 | % |
3/1/2012
|
30
Year
|
||||||||
The
Gables
|
4,213 | 5.50 | % |
11/1/2013
|
30
Year
|
||||||||
NorthPointe
|
18,800 | 5.55 | % |
3/1/2012
|
30
Year
|
||||||||
The
Pointe at S. Florida/The Reserve at Columbia/ The Commons at
Knoxville/College Grove
|
59,629 | 6.02 | % |
1/1/2019
|
30
Year
|
||||||||
The
Reserve at Perkins
|
15,328 | 5.99 | % |
1/1/2014
|
30
Year
|
||||||||
The
Lofts
|
27,000 | 5.59 | % |
5/1/2014
|
30
Year
|
||||||||
College
Station at W. Lafayette/The Pointe at Penn State/The Reserve at Star
Pass
|
71,347 | 6.02 | % |
1/1/2016
|
30
Year
|
||||||||
Campus
Lodge
|
35,276 | 6.97 | % |
5/1/2012
|
30
Year
|
||||||||
Pointe
West
|
10,448 | 4.92 | % |
8/1/2014
|
30
Year
|
||||||||
The
Pointe at Western/The Commons on Kinnear/The Reserve on South College/The
Avenue at Southern
|
42,353 | 3.64 | % |
1/1/2014
|
30
Year
|
||||||||
The
Reserve on Frankford
|
6,938 | 3.54 | % |
1/1/2014
|
30
Year
|
||||||||
Reserve
at Saluki Pointe – Phase I
|
10,759 | 1.33 | % |
6/28/2010
|
(1)
|
||||||||
Reserve
at Saluki Pointe – Phase II
|
9,323 | 2.23 | % |
6/28/2010
|
(1)
|
||||||||
University
Village Apartments on Colvin
|
8,826 | 1.33 | % |
9/29/2011
|
(2)
|
||||||||
Troy
Place/Clemson Place/Western Place
|
17,359 | 5.45 | % |
1/1/2017
|
30
Year
|
||||||||
Carrollton
Place/Murray Place
|
7,700 | 4.96 | % |
1/1/2015
|
30
Year
|
||||||||
Berkeley
Place/River Place/Cape Place
|
23,269 | 5.67 | % |
1/1/2020
|
30
Year
|
||||||||
Total
debt /weighted average rate
|
405,568 | 5.33 | % | ||||||||||
Unamortized
premium
|
797 | ||||||||||||
Total
net of unamortized premium
|
406,365 | ||||||||||||
Less
current portion
|
(23,957 | ) | |||||||||||
Total
long-term debt, net of current portion
|
$ | 382,408 |
(1)
|
The
construction debt encumbering The Reserve at Saluki Pointe is interest
only through June 28, 2010, the initial maturity date. The
Trust has the ability to extend the construction loan if certain criteria
are met on the initial maturity
date.
|
(2)
|
The
construction debt encumbering the University Village Apartments on Colvin
is interest only through September 29, 2011, the initial maturity
date. The Trust has the ability to extend the construction loan
if certain criteria are met on the initial maturity
date.
|
Distributions
|
||||||||||||
High
|
Low
|
Declared
|
||||||||||
Fiscal
2008
|
||||||||||||
Quarter
1
|
$ | 13.50 | $ | 10.29 | $ | 0.210 | ||||||
Quarter
2
|
14.31 | 11.65 | 0.210 | |||||||||
Quarter
3
|
13.00 | 10.33 | 0.210 | |||||||||
Quarter
4
|
10.83 | 2.60 | 0.103 | |||||||||
Fiscal
2009
|
||||||||||||
Quarter
1
|
$ | 6.03 | $ | 2.61 | $ | 0.103 | ||||||
Quarter
2
|
5.24 | 3.32 | 0.103 | |||||||||
Quarter
3
|
6.44 | 4.22 | 0.050 | |||||||||
Quarter
4
|
6.01 | 4.56 | 0.050 |
•
|
automatic
reinvestment of some or all of the cash distributions paid on common
stock, shares of other classes of stock that we might issue in the future
and units of limited partnership
interest;
|
•
|
an
opportunity to make an initial purchase of our common stock and to acquire
additional shares over time; and
|
•
|
safekeeping
of shares and accounting for distributions received and reinvested at no
cost.
|
Period
|
Total Number
of Shares
Purchased(1)
|
Average Price Paid
per Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs
|
Maximum
Number (or
Approximate
Dollar Value)
of Shares that
May Yet Be
Purchased
Under the
Plans or
Programs
|
||||||||||||
October
1-31, 2009
|
1,059 | $ | 5.75 | — | — | |||||||||||
November
1-30, 2009
|
836 | $ | 5.24 | — | — | |||||||||||
December
1-31, 2009
|
836 | $ | 5.02 | — | — | |||||||||||
Total
|
2,731 | $ | 5.34 | — | — |
Period ending
|
||||||||||||||||||||||||||||||||||||||||||||
Index
|
01/26/05
|
06/30/05
|
12/31/05
|
06/30/06
|
12/31/06
|
06/30/07
|
12/31/07
|
06/30/08
|
12/31/08
|
06/30/09
|
12/31/09
|
|||||||||||||||||||||||||||||||||
Education
Reality Trust, Inc.
|
100.00 | 112.57 | 82.17 | 110.59 | 101.28 | 98.90 | 81.68 | 87.59 | 41.82 | 35.83 | 41.73 | |||||||||||||||||||||||||||||||||
S&P
500
|
100.00 | 102.31 | 108.21 | 111.14 | 125.30 | 134.02 | 132.18 | 116.44 | 83.28 | 82.91 | 105.32 | |||||||||||||||||||||||||||||||||
MSCI
US REIT
|
100.00 | 115.39 | 121.67 | 138.07 | 165.37 | 154.71 | 137.57 | 132.82 | 85.33 | 74.73 | 109.74 |
Year
Ended December 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In thousands, except share and
per share data)
|
||||||||||||||||||||
Revenues:
|
||||||||||||||||||||
Student
housing leasing revenue
|
$ | 110,810 | $ | 107,149 | $ | 85,175 | $ | 80,777 | $ | 69,558 | ||||||||||
Student
housing food service revenue
|
2,267 | 2,378 | 2,359 | 3,634 | 3,491 | |||||||||||||||
Other
leasing revenue
|
— | 7,145 | 13,811 | 14,012 | — | |||||||||||||||
Third-party
development services
|
8,178 | 8,303 | 5,411 | 3,773 | 1,759 | |||||||||||||||
Third-party
management services
|
3,221 | 3,672 | 3,391 | 2,796 | 1,968 | |||||||||||||||
Operating
expense reimbursements
|
9,722 | 10,796 | 9,330 | 7,638 | 6,694 | |||||||||||||||
Total
revenues
|
134,198 | 139,443 | 119,477 | 112,630 | 83,470 | |||||||||||||||
Operating
expenses:
|
||||||||||||||||||||
Student
housing leasing operations
|
55,161 | 55,120 | 40,798 | 39,100 | 34,390 | |||||||||||||||
Student
housing food service operations
|
2,156 | 2,257 | 2,236 | 3,318 | 3,275 | |||||||||||||||
Reimbursable
operating expenses
|
9,722 | 10,796 | 9,330 | 7,638 | 6,694 | |||||||||||||||
General
and administrative
|
15,752 | 16,348 | 14,561 | 12,331 | 12,549 | |||||||||||||||
Depreciation
and amortization
|
29,089 | 29,318 | 32,119 | 33,877 | 26,676 | |||||||||||||||
Impairment
losses
|
1,726 | 2,021 | — | — | — | |||||||||||||||
Total
operating expenses
|
113,606 | 115,860 | 99,044 | 96,264 | 83,584 | |||||||||||||||
Operating
income (loss)
|
20,592 | 23,583 | 20,433 | 16,366 | (114 | ) | ||||||||||||||
Nonoperating
expenses
|
24,332 | 30,208 | 27,675 | 29,933 | 17,267 | |||||||||||||||
Loss before
equity in earnings (losses) of unconsolidated entities, income taxes,
redeemable noncontrolling interests, and discontinued
operations
|
(3,740 | ) | (6,625 | ) | (7,242 | ) | (13,567 | ) | (17,381 | ) | ||||||||||
Equity
in earnings (losses) of unconsolidated entities
|
(1,410 | ) | (196 | ) | (277 | ) | 740 | 880 | ||||||||||||
Loss before
income taxes, redeemable noncontrolling interests, and discontinued
operations
|
(5,150 | ) | (6,821 | ) | (7,519 | ) | (12,827 | ) | (16,501 | ) | ||||||||||
Income
tax expense
|
1,920 | 1,123 | 258 | 659 | 497 | |||||||||||||||
Loss before
redeemable noncontrolling interests and discontinued
operations
|
(7,070 | ) | (7,944 | ) | (7,777 | ) | (13,486 | ) | (16,998 | ) | ||||||||||
Income
(loss) attributable to redeemable noncontrolling interests
|
177 | (75 | ) | 85 | (251 | ) | (881 | ) | ||||||||||||
Loss
from continuing operations
|
(7,247 | ) | (7,869 | ) | (7,862 | ) | (13,235 | ) | (16,117 | ) | ||||||||||
Discontinued
operations:
|
||||||||||||||||||||
Income
(loss) from operations of discontinued operations
|
(21 | ) | (131 | ) | 777 | 886 | 424 | |||||||||||||
Gain
on sale of student housing property
|
— | — | 1,644 | — | — | |||||||||||||||
Income
(loss) from discontinued operations
|
(21 | ) | (131 | ) | 2,421 | 886 | 424 | |||||||||||||
Net
loss
|
(7,268 | ) | (8,000 | ) | (5,441 | ) | (12,349 | ) | (15,693 | ) | ||||||||||
Less:
Net loss attributable to the noncontrolling interests
|
(13 | ) | (53 | ) | (25 | ) | (104 | ) | (159 | ) | ||||||||||
Net
loss attributable to Education Realty Trust, Inc.
|
$ | (7,255 | ) | $ | (7,947 | ) | $ | (5,416 | ) | $ | (12,245 | ) | $ | (15,534 | ) |
Earnings
per share information:
|
||||||||||||||||||||
Income
(loss) per share – basic and diluted
|
||||||||||||||||||||
Continuing
operations
|
(0.18 | ) | (0.28 | ) | (0.28 | ) | (0.49 | ) | (0.69 | ) | ||||||||||
Discontinued
operations
|
— | — | 0.08 | 0.03 | 0.02 | |||||||||||||||
Net
loss per share
|
$ | (0.18 | ) | $ | (0.28 | ) | $ | (0.20 | ) | $ | (0.46 | ) | $ | (0.67 | ) | |||||
Weighted
average common shares outstanding — basic and diluted
|
40,495,558 | 28,512,777 | 28,103,208 | 26,516,611 | 23,229,182 | |||||||||||||||
Distributions
per common share
|
$ | 0.36 | $ | 0.82 | $ | 0.82 | $ | 1.10 | $ | 0.79 |
Amounts
attributable to Education Realty Trust, Inc. – common
stockholders:
|
||||||||||||||||||||
Loss
from continuing operations, net of tax
|
(7,235 | ) | (7,822 | ) | (7,738 | ) | (13,089 | ) | (15,930 | ) | ||||||||||
Income
(loss) from discontinued operations, net of tax
|
(20 | ) | (125 | ) | 2,322 | 844 | 396 | |||||||||||||
Net
loss
|
$ | (7,255 | ) | $ | (7,947 | ) | $ | (5,416 | ) | $ | (12,245 | ) | $ | (15,534 | ) |
As
of December 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Student
housing properties, net
|
$ | 749,884 | $ | 733,507 | $ | 732,979 | $ | 804,759 | $ | 620,305 | ||||||||||
Other
assets, net
|
54,729 | 44,140 | 34,481 | 30,699 | 83,744 | |||||||||||||||
Total
assets
|
$ | 804,613 | $ | 777,647 | $ | 767,460 | $ | 835,458 | $ | 704,049 | ||||||||||
Liabilities
and equity:
|
||||||||||||||||||||
Mortgage
and construction notes payable
|
$ | 406,365 | $ | 442,259 | $ | 420,940 | $ | 423,933 | $ | 328,335 | ||||||||||
Other
indebtedness
|
— | 32,900 | 11,500 | 69,400 | — | |||||||||||||||
Other
liabilities
|
22,004 | 20,559 | 19,080 | 19,837 | 17,255 | |||||||||||||||
Total
liabilities
|
428,369 | 495,718 | 451,520 | 513,170 | 345,590 | |||||||||||||||
Redeemable
noncontrolling interests
|
11,079 | 11,751 | 14,879 | 15,868 | 24,151 | |||||||||||||||
Equity
|
365,165 | 270,178 | 301,061 | 306,420 | 334,308 | |||||||||||||||
Total
liabilities and equity
|
$ | 804,613 | $ | 777,647 | $ | 767,460 | $ | 835,458 | $ | 704,049 |
As
of December 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In
thousands, except per share and selected property
information)
|
||||||||||||||||||||
Funds
from operations (FFO) (1):
|
||||||||||||||||||||
Net
loss attributable to Education Realty Trust, Inc.
|
$ | (7,255 | ) | $ | (7,947 | ) | $ | (5,416 | ) | $ | (12,245 | ) | $ | (15,534 | ) | |||||
Gain
on sale of student housing property
|
— | — | (1,644 | ) | — | — | ||||||||||||||
Loss
on sale of student housing assets
|
— | 512 | — | — | — | |||||||||||||||
Student
housing property depreciation and amortization of lease
intangibles
|
28,497 | 28,720 | 31,675 | 33,522 | 26,676 | |||||||||||||||
Equity
portion of real estate depreciation and amortization on equity
investees
|
512 | 496 | 424 | 54 | — | |||||||||||||||
Depreciation
and amortization of discontinued operations
|
25 | 99 | 815 | 2,206 | 2,492 | |||||||||||||||
Noncontrolling
interests
|
164 | (128 | ) | 60 | (355 | ) | (1,040 | ) | ||||||||||||
Funds
from operations available to all share and unitholders
|
$ | 21,943 | $ | 21,752 | $ | 25,914 | $ | 23,182 | $ | 12,594 | ||||||||||
Elimination
of impairment and refinancing charges:
|
||||||||||||||||||||
Development
cost write-off, net of tax benefit
|
— | 417 | — | — | — | |||||||||||||||
Impairment
losses
|
3,173 | 2,021 | — | — | — | |||||||||||||||
Loss
(gain) on extinguishment of debt
|
(830 | ) | 4,360 | 174 | — | 1,084 | ||||||||||||||
Impact
of impairment and refinancing charges
|
2,343 | 6,798 | 174 | — | 1,084 | |||||||||||||||
Funds
from operations- adjusted available to all share and unitholders
(2)
|
$ | 24,286 | $ | 28,550 | $ | 26,088 | $ | 23,182 | $ | 13,678 | ||||||||||
Cash
flow information:
|
||||||||||||||||||||
Net
cash provided by operations
|
$ | 33,235 | $ | 26,011 | $ | 26,806 | $ | 25,187 | $ | 18,373 | ||||||||||
Net
cash provided by (used in) investing
|
(41,638 | ) | (31,656 | ) | 33,399 | (120,830 | ) | (200,157 | ) | |||||||||||
Net
cash provided by (used in) financing
|
30,569 | 10,614 | (62,598 | ) | 40,408 | 243,445 | ||||||||||||||
Per
share and distribution data:
|
||||||||||||||||||||
Net
loss per share – basic and diluted
|
$ | (0.18 | ) | $ | (0.28 | ) | $ | (0.20 | ) | $ | (0.46 | ) | $ | (0.67 | ) | |||||
Cash
distributions declared per share/unit
|
0.36 | 0.82 | 0.82 | 1.10 | 0.79 | |||||||||||||||
Cash
distributions declared
|
15,330 | 25,797 | 22,985 | 29,114 | 18,721 | |||||||||||||||
Selected
property information (3):
|
||||||||||||||||||||
Units
|
7,813 | 7,537 | 5,852 | 5,852 | 5,638 | |||||||||||||||
Beds
|
25,454 | 24,788 | 18,368 | 18,368 | 17,744 | |||||||||||||||
Occupancy
(4)
|
88.0 | % | 90.6 | % | 93.7 | % | 93.5 | % | 92.2 | % | ||||||||||
Revenue
per available bed (5)
|
$ | 368 | $ | 372 | $ | 387 | $ | 372 | $ | 369 |
(1)
|
As
defined by the National Association of Real Estate Investment Trusts
(“NAREIT”), FFO represents net income (loss) (computed in accordance with
GAAP), excluding gains (or losses) from sales of property, plus real
estate-related depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures. Adjustments for
unconsolidated partnerships and joint ventures will be calculated to
reflect funds from operations on the same basis. We present FFO available
to all stockholders and unitholders because we consider it an important
supplemental measure of our operating performance and believe it is
frequently used by securities analysts, investors and other interested
parties in the evaluation of REITs, many of which present FFO when
reporting their results. As such, we also exclude the impact of
noncontrolling interest in our calculation. FFO is intended to exclude
GAAP historical cost depreciation and amortization of real estate and
related assets, which assumes that the value of real estate diminishes
ratably over time. Historically, however, real estate values have risen or
fallen with market conditions. Because FFO excludes depreciation and
amortization unique to real estate, gains and losses from property
dispositions and extraordinary items, it provides a performance measure
that, when compared year over year, reflects the impact to operations from
trends in occupancy rates, rental rates, operating costs, development
activities and interest costs, providing perspective not immediately
apparent from net income. For a reconciliation of our FFO available
to our stockholders and unitholders to our net loss for the years ended
December 31, 2009, 2008, and 2007, see “Item 7 – Management’s Discussion
and Analysis of Financial Condition and Results of Operations – Funds From
Operations.”
|
(2)
|
Funds
from operations- adjusted excludes the impact of asset impairment and
financing charges from FFO as defined
above.
|
(3)
|
The
selected community information represents all wholly-owned
communities for 2009 (40), 2008 (39), 2007 (25), 2006 (25) and 2005 (24)
(2007, 2006 and 2005 exclude the Place portfolio). This information
excludes property information related to Tharpe and College Station
(discontinued operations) for all
years.
|
(4)
|
Average
of the month-end occupancy rates for the
period.
|
(5)
|
Revenue
per available bed is equal to the total revenue divided by the sum of the
design beds (including staff and model beds) at the property each month.
Revenue and design beds for any acquired properties are included
prospectively from acquisition
date.
|
|
·
|
Overview
|
|
·
|
Our
Business Segments
|
|
·
|
Trends
and Outlook
|
|
·
|
Critical
Accounting Policies
|
|
·
|
Results
of Operations
|
|
·
|
Liquidity
and Capital Resources
|
|
·
|
Distributions
|
|
·
|
Off-Balance
Sheet Arrangements
|
|
·
|
Funds
From Operations
|
|
·
|
Inflation
|
|
·
|
Recent
Accounting Pronouncements
|
•
|
market
analysis and evaluation of housing needs and
options;
|
•
|
cooperation
with university in architectural
design;
|
•
|
negotiation
of ground lease, development agreement, construction contract,
architectural contract and bond
documents;
|
•
|
oversight
of architectural design process;
|
•
|
coordination
of governmental and university plan
approvals;
|
•
|
oversight
of construction process;
|
•
|
design,
purchase and installation of
furniture;
|
•
|
pre-opening
marketing to students; and
|
•
|
obtaining
final approvals of construction.
|
Year
Ended December 31, 2009
|
Year
Ended December 31, 2008
|
|||||||||||||||||||||||||||||||||||||||
Student
|
Development
|
Student
|
Development
|
|||||||||||||||||||||||||||||||||||||
Housing
|
Consulting
|
Management
|
Housing
|
Consulting
|
Management
|
|||||||||||||||||||||||||||||||||||
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
|||||||||||||||||||||||||||||||
Segment
revenues:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing revenue
|
$ | 110,810 | $ | — | $ | — | $ | — | $ | 110,810 | $ | 107,149 | $ | — | $ | — | $ | — | $ | 107,149 | ||||||||||||||||||||
Student
housing food service revenue
|
2,267 | — | — | — | 2,267 | 2,378 | — | — | — | 2,378 | ||||||||||||||||||||||||||||||
Other
leasing revenue
|
— | — | — | — | — | 7,145 | — | — | — | 7,145 | ||||||||||||||||||||||||||||||
Third-party
development consulting services
|
— | 8,178 | — | — | 8,178 | — | 8,303 | — | — | 8,303 | ||||||||||||||||||||||||||||||
Third-party
management services
|
— | — | 3,221 | — | 3,221 | — | — | 3,672 | — | 3,672 | ||||||||||||||||||||||||||||||
Intersegment
revenues
|
— | 1,129 | 4,419 | (5,548 | ) | — | — | 661 | 4,290 | (4,951 | ) | — | ||||||||||||||||||||||||||||
Operating
expense reimbursements
|
— | — | — | 9,722 | 9,722 | — | — | — | 10,796 | 10,796 | ||||||||||||||||||||||||||||||
Total
segment revenues
|
113,077 | 9,307 | 7,640 | 4,174 | 134,198 | 116,672 | 8,964 | 7,962 | 5,845 | 139,443 | ||||||||||||||||||||||||||||||
Segment
operating expenses:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing operations
|
55,161 | — | — | — | 55,161 | 55,120 | — | — | — | 55,120 | ||||||||||||||||||||||||||||||
Student
housing food service operations
|
2,156 | — | — | — | 2,156 | 2,257 | — | — | — | 2,257 | ||||||||||||||||||||||||||||||
General
and administrative
|
— | 3,261 | 7,135 | (96 | ) | 10,300 | 3 | 4,196 | 7,234 | (337 | ) | 11,096 | ||||||||||||||||||||||||||||
Intersegment
expenses
|
4,419 | — | — | (4,419 | ) | — | 4,290 | — | — | (4,290 | ) | — | ||||||||||||||||||||||||||||
Reimbursable
operating expenses
|
— | — | — | 9,722 | 9,722 | — | — | — | 10,796 | 10,796 | ||||||||||||||||||||||||||||||
Total
segment operating expenses
|
61,736 | 3,261 | 7,135 | 5,207 | 77,339 | 61,670 | 4,196 | 7,234 | 6,169 | 79,269 | ||||||||||||||||||||||||||||||
Net
operating income (loss)
|
51,341 | 6,046 | 505 | (1,033 | ) | 56,859 | 55,002 | 4,768 | 728 | (324 | ) | 60,174 | ||||||||||||||||||||||||||||
Nonoperating
expenses (1)
|
54,349 | (86 | ) | — | — | 54,263 | 60,114 | (76 | ) | — | — | 60,038 |
Year
Ended December 31, 2009
|
Year
Ended December 31, 2008
|
|||||||||||||||||||||||||||||||||||||||
Student
|
Development
|
Student
|
Development
|
|||||||||||||||||||||||||||||||||||||
Housing
|
Consulting
|
Management
|
Housing
|
Consulting
|
Management
|
|||||||||||||||||||||||||||||||||||
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
|||||||||||||||||||||||||||||||
Income
(loss) before equity in earnings (losses) of unconsolidated entities,
income taxes, redeemable noncontrolling interests and discontinued
operations
|
(3,008 | ) | 6,132 | 505 | (1,033 | ) | 2,596 | (5,112 | ) | 4,844 | 728 | (324 | ) | 136 | ||||||||||||||||||||||||||
Equity
in earnings (losses) of unconsolidated entities
|
(1,406 | ) | (4 | ) | — | — | (1,410 | ) | (192 | ) | (4 | ) | — | — | (196 | ) | ||||||||||||||||||||||||
Income
(loss) before taxes, redeemable noncontrolling interests and
discontinued operations (2)
|
$ | (4,414 | ) | $ | 6,128 | $ | 505 | $ | (1,033 | ) | $ | 1,186 | $ | (5,304 | ) | $ | 4,840 | $ | 728 | $ | (324 | ) | $ | (60 | ) |
(1)
|
Nonoperating
expenses include interest expense, interest income, gain (losses) on
extinguishment of debt, amortization of deferred financing costs,
depreciation, amortization of intangibles and impairment losses on assets.
Certain expenses which are classified as operating expenses in accordance
with GAAP, are classified as nonoperating expenses for presentation
purposes above based on how management evaluates segment operating
performance.
|
(2)
|
The
following is a reconciliation of the reportable segments’ net income
(loss) before income taxes, redeemable noncontrolling interests and
discontinued operations to the Trust’s consolidated net loss before
income taxes, redeemable noncontrolling interests and discontinued
operations for the years ended December
31:
|
2009
|
2008
|
|||||||
Income
(loss) before income taxes, redeemable noncontrolling interests
and discontinued operations for reportable segments
|
$ | 1,186 | $ | (60 | ) | |||
Other
unallocated corporate expenses
|
(6,336 | ) | (6,761 | ) | ||||
Loss before
income taxes, redeemable noncontrolling interests and discontinued
operations
|
$ | (5,150 | ) | $ | (6,821 | ) |
Year
Ended
|
Year
Ended
|
|||||||||||
December
31,
|
December
31,
|
|||||||||||
2009
(9)
|
2008
(9)
|
Difference
|
||||||||||
Occupancy
|
||||||||||||
Physical
(1)
|
88.0 | % | 90.6 | % | (2.6 | )% | ||||||
Economic
(2)
|
84.3 | % | 87.3 | % | (3.0 | )% | ||||||
NarPAB
(3)
|
$ | 346 | $ | 350 | $ | (4 | ) | |||||
Other
income per avail. bed (4)
|
$ | 22 | $ | 22 | $ | — | ||||||
RevPAB
(5)
|
$ | 368 | $ | 372 | $ | (4 | ) | |||||
Property
operating expense per bed (6) (7)
|
$ | 183 | $ | 190 | $ | 7 | ||||||
Operating
margin (10)
|
50.2 | % | 49.0 | % | 1.2 | % | ||||||
Design
Beds (8)
|
300,762 | 287,876 | 12,886 |
(1)
|
Physical
occupancy represents a weighted average of the month-end occupancies for
the respective period.
|
(2)
|
Economic
occupancy represents the effective occupancy calculated by taking net
apartment rent accounted for on a GAAP basis for the respective period
divided by market rent for the respective
period.
|
(3)
|
NarPAB
represents GAAP net apartment rent for the respective period divided by
the sum of the design beds in the portfolio for each of the included
months. Does not include food service revenue or other leasing
revenue.
|
(4)
|
Represents
other GAAP-based income for the respective period divided by the sum of
the design beds in the portfolio for each of the included months. Other
income includes service/application fees, late fees, termination fees,
parking fees, transfer fees, damage recovery, utility recovery, and other
miscellaneous fees.
|
(5)
|
Represents
total revenue (net apartment rent plus other income) for the respective
period divided by the sum of the design beds in the portfolio for each of
the included months.
|
(6)
|
Represents
property-level operating expense excluding management fees, depreciation
and amortization divided by the sum of the design beds for each of the
included months.
|
(7)
|
For
the year ended December 31, 2008, approximately $2 per bed related to the
loss on the sale of land and the parking garage at University Towers (see
Note 5 in the consolidated financial statements) is
excluded.
|
(8)
|
Represents
the sum of the monthly design beds in the portfolio during the period. As
of February 1, 2008, the design beds related to the Place Portfolio were
included in the total for year ended December 31, 2008 due to the
termination of the lease with
Place.
|
(9)
|
This
information excludes property information related to College Station
(discontinued operations).
|
(10)
|
Represents
wholly-owned community operating income divided by wholly-owned community
revenue.
|
Year
Ended
|
Year
Ended
|
|||||||||||
December
31,
|
December
31,
|
|||||||||||
2009
(9)
|
2008
(9)
|
Difference
|
||||||||||
Occupancy
|
||||||||||||
Physical
(1)
|
90.2 | % | 92.6 | % | (2.4 | )% | ||||||
Economic
(2)
|
86.9 | % | 89.5 | % | (2.6 | )% | ||||||
NarPAB
(3)
|
$ | 362 | $ | 368 | $ | (6 | ) | |||||
Other
income per avail. bed (4)
|
$ | 25 | $ | 25 | $ | — | ||||||
RevPAB
(5)
|
$ | 387 | $ | 393 | $ | (6 | ) | |||||
Property
operating expense per bed (6) (7)
|
$ | 185 | $ | 193 | $ | 8 | ||||||
Operating
margin (10)
|
52.2 | % | 50.9 | % | 1.3 | % | ||||||
Design
Beds (8)
|
220,338 | 220,402 | (64 | ) |
(1)
|
Physical
occupancy represents a weighted average of the month-end occupancies for
the respective period.
|
(2)
|
Economic
occupancy represents the effective occupancy calculated by taking net
apartment rent accounted for on a GAAP basis for the respective period
divided by market rent for the respective
period.
|
(3)
|
NarPAB
represents GAAP net apartment rent for the respective period divided by
the sum of the design beds in the portfolio for each of the included
months. Does not include food service revenue or other leasing
revenue.
|
(4)
|
Represents
other GAAP-based income for the respective period divided by the sum of
the design beds in the portfolio for each of the included months. Other
income includes service/application fees, late fees, termination fees,
parking fees, transfer fees, damage recovery, utility recovery, and other
miscellaneous fees.
|
(5)
|
Represents
total revenue (net apartment rent plus other income) for the respective
period divided by the sum of the design beds in the portfolio for each of
the included months.
|
(6)
|
Represents
property-level operating expense excluding management fees, depreciation
and amortization divided by the sum of the design beds for each of the
included months.
|
(7)
|
For
the year ended December 31, 2008, approximately $2 per bed related to the
loss on the sale of land and the parking garage at University Towers (see
Note 5 in the consolidated financial statements) is
excluded.
|
(8)
|
Represents
the sum of the monthly design beds in the portfolio during the
period.
|
(9)
|
This
information excludes property information related to College Station
(discontinued operations).
|
(10)
|
Represents
same-community operating income divided by same-community
revenue.
|
Recognized
Earnings
|
||||||||||||||||
Project
|
Beds
|
2009
|
2008
|
Difference
|
||||||||||||
University
of Michigan
|
896 | $ | 183 | $ | 314 | $ | (131 | ) | ||||||||
University
of Alabama – Tuscaloosa
|
631 | — | 670 | (670 | ) | |||||||||||
Slippery
Rock University – Phase II
|
746 | — | 1,019 | (1,019 | ) | |||||||||||
Indiana
University of Pennsylvania – Phase II
|
1,102 | — | 2,341 | (2,341 | ) | |||||||||||
Fontainebleu
Renovation Project
|
435 | 68 | 171 | (103 | ) | |||||||||||
West
Chester – Phase I
|
1,197 | 3,287 | 2,033 | 1,254 | ||||||||||||
West
Chester – Phase II
|
— | 65 | — | 65 | ||||||||||||
Indiana
University of Pennsylvania – Phase III
|
1,084 | 1,946 | 1,339 | 607 | ||||||||||||
Colorado
State University – Pueblo I
|
253 | 791 | 234 | 557 | ||||||||||||
Colorado
State University – Pueblo II
|
500 | 1,051 | — | 1,051 | ||||||||||||
Auraria
Higher Education System
|
685 | 182 | 182 | — | ||||||||||||
Indiana
University of Pennsylvania – Phase IV
|
596 | 605 | — | 605 | ||||||||||||
Third-party
development consulting services
|
8,178 | 8,303 | (125 | ) | ||||||||||||
Southern
Illinois University – Carbondale
|
768 | 100 | 199 | (99 | ) | |||||||||||
Syracuse
University
|
432 | 1,029 | 462 | 567 | ||||||||||||
Intersegment
development services
|
1,129 | 661 | 468 | |||||||||||||
Development
consulting services
|
$ | 9,307 | $ | 8,964 | $ | 343 |
Year
Ended December 31, 2008
|
Year
Ended December 31, 2007
|
|||||||||||||||||||||||||||||||||||||||
Student
|
Development
|
Student
|
Development
|
|||||||||||||||||||||||||||||||||||||
Housing
|
Consulting
|
Management
|
Housing
|
Consulting
|
Management
|
|||||||||||||||||||||||||||||||||||
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
|||||||||||||||||||||||||||||||
Segment
revenues:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing revenue
|
$ | 107,149 | $ | — | $ | — | $ | — | $ | 107,149 | $ | 85,175 | $ | — | $ | — | $ | — | $ | 85,175 | ||||||||||||||||||||
Student
housing food service revenue
|
2,378 | — | — | — | 2,378 | 2,359 | — | — | — | 2,359 | ||||||||||||||||||||||||||||||
Other
leasing revenue
|
7,145 | — | — | — | 7,145 | 13,811 | — | — | — | 13,811 | ||||||||||||||||||||||||||||||
Third-party
development consulting services
|
— | 8,303 | — | — | 8,303 | — | 5,411 | — | — | 5,411 | ||||||||||||||||||||||||||||||
Third-party
management services
|
— | — | 3,672 | — | 3,672 | — | — | 3,391 | — | 3,391 | ||||||||||||||||||||||||||||||
Intersegment
revenues
|
— | 661 | 4,290 | (4,951 | ) | — | — | — | 3,409 | (3,409 | ) | — | ||||||||||||||||||||||||||||
Operating
expense reimbursements
|
— | — | — | 10,796 | 10,796 | — | — | — | 9,330 | 9,330 | ||||||||||||||||||||||||||||||
Total
segment revenues
|
116,672 | 8,964 | 7,962 | 5,845 | 139,443 | 101,345 | 5,411 | 6,800 | 5,921 | 119,477 | ||||||||||||||||||||||||||||||
Segment
operating expenses:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing operations
|
55,120 | — | — | — | 55,120 | 40,798 | — | — | — | 40,798 | ||||||||||||||||||||||||||||||
Student
housing food service operations
|
2,257 | — | — | — | 2,257 | 2,236 | — | — | — | 2,236 | ||||||||||||||||||||||||||||||
General
and administrative
|
3 | 4,196 | 7,234 | (337 | ) | 11,096 | 105 | 2,787 | 6,628 | — | 9,520 | |||||||||||||||||||||||||||||
Intersegment
expenses
|
4,290 | — | — | (4,290 | ) | — | 3,409 | — | — | (3,409 | ) | — | ||||||||||||||||||||||||||||
Reimbursable
operating expenses
|
— | — | — | 10,796 | 10,796 | — | — | — | 9,330 | 9,330 | ||||||||||||||||||||||||||||||
Total
segment operating expenses
|
61,670 | 4,196 | 7,234 | 6,169 | 79,269 | 46,548 | 2,787 | 6,628 | 5,921 | 61,884 | ||||||||||||||||||||||||||||||
Net
operating income (loss)
|
55,002 | 4,768 | 728 | (324 | ) | 60,174 | 54,797 | 2,624 | 172 | 57,593 | ||||||||||||||||||||||||||||||
Nonoperating
expenses (1)
|
60,114 | (76 | ) | — | — | 60,038 | 58,007 | — | — | — | 58,007 | |||||||||||||||||||||||||||||
Income
(loss) before equity in earnings (losses) of unconsolidated entities,
income taxes, redeemable noncontrolling interests and discontinued
operations
|
(5,112 | ) | 4,844 | 728 | (324 | ) | 136 | (3,210 | ) | 2,624 | 172 | — | (414 | ) |
Year
Ended December 31, 2008
|
Year
Ended December 31, 2007
|
|||||||||||||||||||||||||||||||||||||||
Student
|
Development
|
Student
|
Development
|
|||||||||||||||||||||||||||||||||||||
Housing
|
Consulting
|
Management
|
Housing
|
Consulting
|
Management
|
|||||||||||||||||||||||||||||||||||
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
|||||||||||||||||||||||||||||||
Equity
in earnings (losses) of unconsolidated entities
|
(192 | ) | (4 | ) | — | — | (196 | ) | (510 | ) | 233 | — | — | (277 | ) | |||||||||||||||||||||||||
Income
(loss) before taxes, redeemable noncontrolling interests and
discontinued operations (2)
|
$ | (5,304 | ) | $ | 4,840 | $ | 728 | $ | (324 | ) | $ | (60 | ) | $ | (3,720 | ) | $ | 2,857 | $ | 172 | $ | — | $ | (691 | ) |
(1)
|
Nonoperating
expenses include interest expense, interest income, gain (losses) on
extinguishment of debt, amortization of deferred financing costs,
depreciation, amortization of intangibles and impairment losses on assets.
Certain expenses which are classified as operating expenses in accordance
with GAAP, are classified as nonoperating expenses for presentation
purposes above based on how management evaluates segment operating
performance.
|
(2)
|
The
following is a reconciliation of the reportable segments’ net
loss before income taxes, redeemable noncontrolling interests and
discontinued operations to the Trust’s consolidated net loss before
income taxes, redeemable noncontrolling interests and discontinued
operations for the years ended December
31:
|
2008
|
2007
|
|||||||
Loss before
income taxes, redeemable noncontrolling interests and discontinued
operations for reportable segments
|
$ | (60 | ) | $ | (691 | ) | ||
Other
unallocated corporate expenses
|
(6,761 | ) | (6,828 | ) | ||||
Loss before
income taxes, redeemable noncontrolling interests and discontinued
operations
|
$ | (6,821 | ) | $ | (7,519 | ) |
Year
Ended
|
Year
Ended
|
|||||||||||
December
31,
|
December
31,
|
|||||||||||
2008
(9)
|
2007 (10)
|
Difference
|
||||||||||
Occupancy
|
||||||||||||
Physical
(1)
|
90.6 | % | 93.7 | % | (3.1 | )% | ||||||
Economic
(2)
|
87.3 | % | 91.1 | % | (3.8 | )% | ||||||
NarPAB
(3)
|
$ | 350 | $ | 362 | $ | (12 | ) | |||||
Other
income per avail. bed (4)
|
$ | 22 | $ | 25 | $ | (3 | ) | |||||
RevPAB
(5)
|
$ | 372 | $ | 387 | $ | (15 | ) | |||||
Property
operating expense per bed (6) (7)
|
$ | 190 | $ | 185 | $ | (5 | ) | |||||
Operating
margin (11)
|
49.0 | % | 52.2 | % | (3.2 | )% | ||||||
Design
Beds (8)
|
287,876 | 220,416 | 67,460 |
(1)
|
Physical
occupancy represents a weighted average of the month-end occupancies for
the respective period.
|
(2)
|
Economic
occupancy represents the effective occupancy calculated by taking net
apartment rent accounted for on a GAAP basis for the respective period
divided by market rent for the respective
period.
|
(3)
|
NarPAB
represents GAAP net apartment rent for the respective period divided by
the sum of the design beds in the portfolio for each of the included
months. Does not include food service revenue or other leasing
revenue.
|
(4)
|
Represents
other GAAP-based income for the respective period divided by the sum of
the design beds in the portfolio for each of the included months. Other
income includes service/application fees, late fees, termination fees,
parking fees, transfer fees, damage recovery, utility recovery, and other
miscellaneous fees.
|
(5)
|
Represents
total revenue (net apartment rent plus other income) for the respective
period divided by the sum of the design beds in the portfolio for each of
the included months.
|
(6)
|
Represents
property-level operating expense excluding management fees, depreciation
and amortization divided by the sum of the design beds for each of the
included months.
|
(7)
|
For
the year ended December 31, 2008, approximately $2 per bed related to the
loss on the sale of land and the parking garage at University Towers (see
Note 5 in the consolidated financial statements) is
excluded.
|
(8)
|
Represents
the sum of the monthly design beds in the portfolio during the period. As
of February 1, 2008, the design beds related to the Place Portfolio were
included in the total for year ended December 31, 2008 due to the
termination of the lease with
Place.
|
(9)
|
This
information excludes property information related to College Station
(discontinued operations).
|
(10)
|
This
information excludes property information related to Tharpe and College
Station (discontinued operations).
|
(11)
|
Represents
wholly-owned community operating income divided by wholly-owned community
revenue.
|
Year
Ended
|
Year
Ended
|
|||||||||||
December
31,
|
December
31,
|
|||||||||||
2008
(9)
|
2007
(10)
|
Difference
|
||||||||||
Occupancy
|
||||||||||||
Physical
(1)
|
92.6 | % | 93.7 | % | (1.1 | )% | ||||||
Economic
(2)
|
89.5 | % | 91.1 | % | (1.6 | )% | ||||||
NarPAB
(3)
|
$ | 368 | $ | 362 | $ | 6 | ||||||
Other
income per avail. bed (4)
|
$ | 25 | $ | 25 | $ | — | ||||||
RevPAB
(5)
|
$ | 393 | $ | 387 | $ | 6 | ||||||
Property
operating expense per bed (6) (7)
|
$ | 193 | $ | 185 | $ | (8 | ) | |||||
Operating
margin (11)
|
50.9 | % | 52.2 | % | (1.3 | )% | ||||||
Design
Beds (8)
|
220,402 | 220,416 | (14 | ) |
(1)
|
Physical
occupancy represents a weighted average of the month-end occupancies for
the respective period.
|
(2)
|
Economic
occupancy represents the effective occupancy calculated by taking net
apartment rent accounted for on a GAAP basis for the respective period
divided by market rent for the respective
period.
|
(3)
|
NarPAB
represents GAAP net apartment rent for the respective period divided by
the sum of the design beds in the portfolio for each of the included
months. Does not include food service revenue or other leasing
revenue.
|
(4)
|
Represents
other GAAP-based income for the respective period divided by the sum of
the design beds in the portfolio for each of the included months. Other
income includes service/application fees, late fees, termination fees,
parking fees, transfer fees, damage recovery, utility recovery, and other
miscellaneous fees.
|
(5)
|
Represents
total revenue (net apartment rent plus other income) for the respective
period divided by the sum of the design beds in the portfolio for each of
the included months.
|
(6)
|
Represents
property-level operating expense excluding management fees, depreciation
and amortization divided by the sum of the design beds for each of the
included months.
|
(7)
|
For
the year ended December 31, 2008, approximately $2 per bed related to the
loss on the sale of land and the parking garage at University Towers (see
Note 5 in the consolidated financial statements) is
excluded.
|
(8)
|
Represents
the sum of the monthly design beds in the portfolio during the
period.
|
(9)
|
This
information excludes property information related to College Station
(discontinued operations).
|
(10)
|
This
information excludes property information related to Tharpe and College
Station (discontinued operations).
|
(11)
|
Represents
same-community operating income divided by same-community
revenue.
|
Recognized
Earnings
|
||||||||||||||||
Project
|
Beds
|
2008
|
2007
|
Difference
|
||||||||||||
Slippery
Rock University — Phase I
|
1,390 | $ | — | $ | 46 | $ | (46 | ) | ||||||||
Indiana
University of Pennsylvania — Phase I
|
734 | — | 1,597 | (1,597 | ) | |||||||||||
University
of Michigan
|
895 | 314 | 285 | 29 | ||||||||||||
University
of North Carolina — Greensboro
|
600 | — | 50 | (50 | ) | |||||||||||
University
of Alabama – Tuscaloosa
|
631 | 670 | 978 | (308 | ) | |||||||||||
Slippery
Rock University – Phase II
|
746 | 1,019 | 1,067 | (48 | ) | |||||||||||
Indiana
University of Pennsylvania – Phase II
|
1,102 | 2,341 | 1,378 | 963 | ||||||||||||
Fontainebleu
Renovation Project
|
435 | 171 | 10 | 161 | ||||||||||||
West
Chester – Phase I
|
1,197 | 2,033 | — | 2,033 | ||||||||||||
Indiana
University of Pennsylvania – Phase III
|
1,084 | 1,339 | — | 1,339 | ||||||||||||
Colorado
State University – Pueblo
|
253 | 234 | — | 234 | ||||||||||||
Auraria
Higher Education System
|
685 | 182 | — | 182 | ||||||||||||
Third-party
development consulting services
|
8,303 | 5,411 | 2,892 | |||||||||||||
Southern
Illinois University – Carbondale
|
528 | 199 | — | 199 | ||||||||||||
Syracuse
University
|
432 | 462 | — | 462 | ||||||||||||
Intersegment
development services
|
661 | — | 661 | |||||||||||||
Development
consulting services
|
$ | 8,964 | $ | 5,411 | $ | 3,553 | ||||||||||
California
University of Pennsylvania — Phase V
|
354 | $ | — | $ | 124 | $ | (124 | ) | ||||||||
University
of North Carolina — Greensboro
|
600 | — | 118 | (118 | ) | |||||||||||
University
of Louisville — Phase III
|
359 | — | (9 | ) | 9 | |||||||||||
Other
|
(4 | ) | — | (4 | ) | |||||||||||
Equity
in earnings of unconsolidated entities
|
$ | (4 | ) | $ | 233 | $ | (237 | ) |
As of and for the Years Ended
|
||||||||||||
December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Total
units
|
7,537 | 7,466 | 6,400 | |||||||||
Total
beds
|
24,782 | 24,463 | 20,125 | |||||||||
Total
recurring capital expenditures
|
$ | 5,214 | $ | 3,815 | $ | 2,487 | ||||||
Average
per unit
|
$ | 691.79 | $ | 510.98 | $ | 388.56 | ||||||
Average
per bed
|
$ | 210.39 | $ | 155.95 | $ | 123.57 |
Less
than
|
1-3
|
3-5
|
More
than 5
|
|||||||||||||||||
1
Year
|
Years
|
Years
|
Years
|
Total
|
||||||||||||||||
Contractual
Obligations:
|
||||||||||||||||||||
Long-Term
Debt Obligations(1)
|
$ | 23,957 | $ | 81,569 | $ | 133,143 | $ | 166,899 | $ | 405,568 | ||||||||||
Contractual
Interest Obligations(2)
|
21,618 | 39,043 | 26,491 | 24,746 | 111,898 | |||||||||||||||
Operating
Lease and Future Purchase Obligations(3)
|
3,873 | 5,922 | 2,540 | 250 | 12,585 | |||||||||||||||
Capital
Reserve Obligations(4)
|
1,788 | 3,507 | 2,844 | 3,025 | 11,164 | |||||||||||||||
Total
|
$ | 51,236 | $ | 130,041 | $ | 165,018 | $ | 194,920 | $ | 541,215 |
(1)
|
Includes
required monthly principal amortization and amounts due at maturity on
first mortgage debt secured by student housing properties and any amounts
due under the Second Amended Revolver and construction loan agreements.
The first mortgage debt does not include $797 of unamortized debt
premium.
|
(2)
|
Includes
contractual fixed-rate interest payments as well as estimates of variable
rate interest payments based on the variable interest rates effective as
of December 31, 2009. The Trust has $78,200 of variable rate debt as of
December 31, 2009.
|
(3)
|
Includes
future minimum lease commitments under operating lease obligations and
future purchase obligations for
advertising.
|
(4)
|
Includes
future annual contributions to the capital reserve as required by certain
mortgage debt.
|
Year
|
||||
2010
|
$ | 23,957 | ||
2011
|
12,952 | |||
2012
|
68,617 | |||
2013
|
33,028 | |||
2014
|
100,115 | |||
Thereafter
|
166,899 | |||
Total
|
405,568 | |||
Debt
premium
|
797 | |||
Outstanding
as of December 31, 2009, net of debt premium
|
$ | 406,365 |
|
Year
Ended December 31,
|
|||||||||||
|
2009
|
2008
|
2007
|
|||||||||
|
||||||||||||
Net
loss attributable to Education Realty Trust, Inc.
|
$ | (7,255 | ) | $ | (7,947 | ) | $ | (5,416 | ) | |||
Gain
on sale of student housing property
|
— | — | (1,644 | ) | ||||||||
Loss
on sale of student housing assets
|
— | 512 | — | |||||||||
Student
housing property depreciation and amortization of lease
intangibles
|
28,497 | 28,720 | 31,675 | |||||||||
Equity
portion of real estate depreciation and amortization on equity
investees
|
512 | 496 | 424 | |||||||||
Depreciation
and amortization of discontinued operations
|
25 | 99 | 815 | |||||||||
Noncontrolling
interests
|
164 | (128 | ) | 60 | ||||||||
Funds
from operations available to all stock and unit
holders
|
$ | 21,943 | $ | 21,752 | $ | 25,914 |
2009
|
2008
|
|||||||
(Amounts
in thousands, except
|
||||||||
share
and per share data)
|
||||||||
Assets:
|
||||||||
Student
housing properties, net
|
$ | 749,884 | $ | 733,507 | ||||
Assets
under development
|
— | 6,572 | ||||||
Corporate
office furniture, net
|
1,118 | 1,465 | ||||||
Cash
and cash equivalents
|
31,169 | 9,003 | ||||||
Restricted
cash
|
4,579 | 5,595 | ||||||
Student
contracts receivable, net
|
386 | 533 | ||||||
Receivable
from affiliate
|
18 | 25 | ||||||
Receivable
from managed third parties
|
277 | 401 | ||||||
Goodwill
and other intangibles, net
|
3,073 | 3,111 | ||||||
Other
assets
|
14,109 | 17,435 | ||||||
Total
assets
|
$ | 804,613 | $ | 777,647 | ||||
Liabilities:
|
||||||||
Mortgage
and construction loans, net of unamortized
premium/discount
|
$ | 406,365 | $ | 442,259 | ||||
Revolving
line of credit
|
— | 32,900 | ||||||
Accounts
payable
|
235 | 303 | ||||||
Accrued
expenses
|
11,423 | 10,302 | ||||||
Deferred
revenue
|
10,346 | 9,954 | ||||||
Total
liabilities
|
428,369 | 495,718 | ||||||
Commitments
and contingencies (see Note 16)
|
— | — | ||||||
Redeemable
noncontrolling interests
|
11,079 | 11,751 | ||||||
Equity:
|
||||||||
Education
Realty Trust, Inc. stockholders’ equity:
|
||||||||
Common
stock, $.01 par value, 200,000,000 shares authorized, 56,705,605 and
28,475,855 shares issued and outstanding as of December 31, 2009
and 2008, respectively
|
567 | 285 | ||||||
Preferred
shares, $0.01 par value, 50,000,000 shares authorized, no shares issued
and outstanding
|
— | — | ||||||
Additional
paid-in capital
|
410,455 | 308,356 | ||||||
Warrants
|
— | — | ||||||
Accumulated
deficit
|
(48,636 | ) | (41,381 | ) | ||||
Total
Education Realty Trust, Inc. stockholders’ equity
|
362,386 | 267,260 | ||||||
Noncontrolling
interests
|
2,779 | 2,918 | ||||||
Total
equity
|
365,165 | 270,178 | ||||||
Total
liabilities and equity
|
$ | 804,613 | $ | 777,647 |
2009
|
2008
|
2007
|
||||||||||
(Amounts in thousands, except share and per share data)
|
||||||||||||
Revenues:
|
||||||||||||
Student
housing leasing revenue
|
$ | 110,810 | $ | 107,149 | $ | 85,175 | ||||||
Student
housing food service revenue
|
2,267 | 2,378 | 2,359 | |||||||||
Other
leasing revenue
|
— | 7,145 | 13,811 | |||||||||
Third-party
development services
|
8,178 | 8,303 | 5,411 | |||||||||
Third-party
management services
|
3,221 | 3,672 | 3,391 | |||||||||
Operating
expense reimbursements
|
9,722 | 10,796 | 9,330 | |||||||||
Total
revenues
|
134,198 | 139,443 | 119,477 | |||||||||
Operating
expenses:
|
||||||||||||
Student
housing leasing operations
|
55,161 | 55,120 | 40,798 | |||||||||
Student
housing food service operations
|
2,156 | 2,257 | 2,236 | |||||||||
General
and administrative
|
15,752 | 16,348 | 14,561 | |||||||||
Depreciation
and amortization
|
29,089 | 29,318 | 32,119 | |||||||||
Loss
on impairment of student housing properties
|
1,726 | 1,633 | — | |||||||||
Loss
on impairment of goodwill
|
— | 388 | — | |||||||||
Reimbursable
operating expenses
|
9,722 | 10,796 | 9,330 | |||||||||
Total
operating expenses
|
113,606 | 115,860 | 99,044 | |||||||||
Operating
income
|
20,592 | 23,583 | 20,433 | |||||||||
Nonoperating
expenses:
|
||||||||||||
Interest
expense
|
24,585 | 25,229 | 26,957 | |||||||||
Amortization
of deferred financing costs
|
1,047 | 992 | 1,036 | |||||||||
Loss
(gain) on extinguishment of debt
|
(830 | ) | 4,360 | 174 | ||||||||
Interest
income
|
(470 | ) | (373 | ) | (492 | ) | ||||||
Total
nonoperating expenses
|
24,332 | 30,208 | 27,675 | |||||||||
Loss
from continuing operations before equity in earnings (losses) of
unconsolidated entities, income taxes, redeemable noncontrolling
interests and discontinued operations
|
(3,740 | ) | (6,625 | ) | (7,242 | ) | ||||||
Equity
in earnings (losses) of unconsolidated entities
|
(1,410 | ) | (196 | ) | (277 | ) | ||||||
Loss
from continuing operations before income taxes, redeemable
noncontrolling interests and discontinued operations
|
(5,150 | ) | (6,821 | ) | (7,519 | ) | ||||||
Income
tax expense
|
1,920 | 1,123 | 258 | |||||||||
Loss from
continuing operations before redeemable noncontrolling interests and
discontinued operations
|
(7,070 | ) | (7,944 | ) | (7,777 | ) | ||||||
Income
(loss) attributable to redeemable noncontrolling interests
|
177 | (75 | ) | 85 | ||||||||
Loss
from continuing operations
|
(7,247 | ) | (7,869 | ) | (7,862 | ) | ||||||
Discontinued
operations:
|
||||||||||||
Income
(loss) from operations of discontinued operations
|
(21 | ) | (131 | ) | 777 | |||||||
Gain
on sale of student housing property
|
— | — | 1,644 | |||||||||
Income
(loss) from discontinued operations
|
(21 | ) | (131 | ) | 2,421 | |||||||
Net
loss
|
(7,268 | ) | (8,000 | ) | (5,441 | ) | ||||||
Less:
Net loss attributable to the noncontrolling interests
|
(13 | ) | (53 | ) | (25 | ) | ||||||
Net
loss attributable to Education Realty Trust, Inc.
|
$ | (7,255 | ) | $ | (7,947 | ) | $ | (5,416 | ) | |||
Earnings
per share information:
|
||||||||||||
Income
(loss) attributable to Education Realty Trust, Inc. common stockholders
per share — basic and diluted:
|
||||||||||||
Continuing
operations
|
$ | (0.18 | ) | $ | (0.28 | ) | $ | (0.28 | ) | |||
Discontinued
operations
|
— | — | 0.08 | |||||||||
Net
loss attributable to Education Realty Trust, Inc. common stockholders per
share
|
$ | (0.18 | ) | $ | (0.28 | ) | $ | (0.20 | ) | |||
Weighted
average common shares outstanding — basic and diluted
|
40,495,558 | 28,512,777 | 28,103,208 | |||||||||
Amounts
attributable to Education Realty Trust, Inc. – common
stockholders:
|
||||||||||||
Loss
from continuing operations, net of tax
|
$ | (7,235 | ) | $ | (7,822 | ) | $ | (7,738 | ) | |||
Income
(loss) from discontinued operations, net of tax
|
(20 | ) | (125 | ) | 2,322 | |||||||
Net
loss
|
$ | (7,255 | ) | $ | (7,947 | ) | $ | (5,416 | ) | |||
Distributions
per common share
|
$ | 0.36 | $ | 0.82 | $ | 0.82 |
Common
Stock
|
Additional
|
|||||||||||||||||||||||||||
Paid-In
|
Accumulated
|
Noncontrolling
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Warrants
|
Deficit
|
Interests
|
Total
|
||||||||||||||||||||||
Balance,
December 31, 2006
|
26,810,552 | $ | 268 | $ | 330,374 | $ | 375 | $ | (28,018 | ) | $ | 3,421 | $ | 306,420 | ||||||||||||||
Common
stock issued to officers and directors
|
8,000 | — | 113 | — | — | — | 113 | |||||||||||||||||||||
Amortization
of restricted stock
|
36,000 | — | 604 | — | — | — | 604 | |||||||||||||||||||||
Net
proceeds from issuance of common shares – direct stock purchase plan and
dividend reinvestment plan
|
1,577,303 | 16 | 22,476 | — | — | — | 22,492 | |||||||||||||||||||||
Cash
dividends
|
— | — | (22,985 | ) | — | — | (223 | ) | (23,208 | ) | ||||||||||||||||||
Expiration
of Warrants
|
— | — | 375 | (375 | ) | — | — | — | ||||||||||||||||||||
PIU
Repurchase
|
— | — | 12 | — | — | (12 | ) | — | ||||||||||||||||||||
PIU’s
Issued
|
— | — | — | — | — | 81 | 81 | |||||||||||||||||||||
Net
loss
|
— | — | — | — | (5,416 | ) | (25 | ) | (5,441 | ) | ||||||||||||||||||
Balance,
December 31, 2007
|
28,431,855 | 284 | 330,969 | — | (33,434 | ) | 3,242 | 301,061 | ||||||||||||||||||||
Common
stock issued to officers and directors
|
8,000 | — | 101 | — | — | — | 101 | |||||||||||||||||||||
Amortization
of restricted stock
|
36,000 | 1 | 604 | — | — | — | 605 | |||||||||||||||||||||
Cash
dividends
|
— | — | (23,379 | ) | — | — | (259 | ) | (23,638 | ) | ||||||||||||||||||
PIU
Repurchase
|
— | — | 61 | — | — | (61 | ) | — | ||||||||||||||||||||
PIU’s
Issued
|
— | — | — | — | — | 49 | 49 | |||||||||||||||||||||
Net
loss
|
— | — | — | — | (7,947 | ) | (53 | ) | (8,000 | ) | ||||||||||||||||||
Balance,
December 31, 2008
|
28,475,855 | 285 | 308,356 | — | (41,381 | ) | 2,918 | 270,178 | ||||||||||||||||||||
Net
proceeds from issuance of common shares – secondary
offering
|
28,175,000 | 282 | 115,851 | — | — | — | 116,133 | |||||||||||||||||||||
Common
stock issued to officers and directors
|
8,000 | — | 34 | — | — | — | 34 | |||||||||||||||||||||
Amortization
of restricted stock
|
36,750 | — | 617 | — | — | — | 617 | |||||||||||||||||||||
Cash
dividends
|
— | — | (14,491 | ) | — | — | (100 | ) | (14,591 | ) | ||||||||||||||||||
PIU
Repurchase
|
— | — | 39 | — | — | (39 | ) | — | ||||||||||||||||||||
PIU’s
Issued
|
— | — | — | — | — | 13 | 13 | |||||||||||||||||||||
OP
Unit Conversion
|
10,000 | — | 49 | — | — | — | 49 | |||||||||||||||||||||
Net
loss
|
— | — | — | (7,255 | ) | (13 | ) | (7,268 | ) | |||||||||||||||||||
Balance,
December 31, 2009
|
56,705,605 | $ | 567 | $ | 410,455 | $ | — | $ | (48,636 | ) | $ | 2,779 | $ | 365,165 |
2009
|
2008
|
2007
|
||||||||||
|
(Amounts
in thousands)
|
|||||||||||
Operating
activities:
|
||||||||||||
Net
loss
|
$ | (7,268 | ) | $ | (8,000 | ) | $ | (5,441 | ) | |||
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
||||||||||||
Depreciation
and amortization
|
29,089 | 29,318 | 32,119 | |||||||||
Depreciation
included in discontinued operations
|
25 | 99 | 815 | |||||||||
Deferred
tax expense (benefit)
|
228 | 59 | (178 | ) | ||||||||
Loss
on disposal of assets
|
28 | 532 | 38 | |||||||||
Gain
on sale of student housing property
|
— | — | (1,644 | ) | ||||||||
Gain
on redemption of noncontrolling interest
|
(60 | ) | — | — | ||||||||
Loss
on impairment of student housing properties
|
1,726 | 1,633 | — | |||||||||
Loss
on impairment of goodwill
|
— | 388 | — | |||||||||
Loss
(gain) on extinguishment of debt
|
(830 | ) | 4,360 | 138 | ||||||||
Amortization
of deferred financing costs
|
1,047 | 992 | 1,036 | |||||||||
Loss
(gain) on interest rate cap
|
(204 | ) | 38 | — | ||||||||
Amortization
of unamortized debt premiums/discounts
|
(406 | ) | (470 | ) | (583 | ) | ||||||
Distributions
of earnings from unconsolidated entities
|
393 | 277 | 364 | |||||||||
Noncash
compensation expense related to PIUs and restricted stock
|
677 | 761 | 772 | |||||||||
Equity
in (earnings) losses of unconsolidated entities
|
1,410 | 196 | 277 | |||||||||
Redeemable
noncontrolling interests in continuing operations
|
178 | (71 | ) | 8 | ||||||||
Redeemable
noncontrolling interests in discontinued operations
|
(1 | ) | (4 | ) | 77 | |||||||
Change
in operating assets and liabilities (net of acquisitions):
|
||||||||||||
Student
contracts receivable
|
112 | (204 | ) | (291 | ) | |||||||
Management
fees receivable
|
124 | 205 | 63 | |||||||||
Other
assets
|
5,461 | (5,678 | ) | (1,104 | ) | |||||||
Accounts
payable and accrued expenses
|
1,063 | (446 | ) | 509 | ||||||||
Accounts
receivable (payable) affiliate
|
7 | (67 | ) | 411 | ||||||||
Deferred
revenue
|
436 | 2,093 | (580 | ) | ||||||||
Net
cash provided by operating activities
|
33,235 | 26,011 | 26,806 | |||||||||
Investing
activities:
|
||||||||||||
Purchase
of corporate furniture and fixtures
|
(209 | ) | (317 | ) | (1,348 | ) | ||||||
Restricted
cash
|
1,016 | 2,593 | 966 | |||||||||
Insurance
proceeds received from property damage
|
234 | 613 | — | |||||||||
Investment
in student housing properties
|
(11,298 | ) | (13,986 | ) | (8,463 | ) | ||||||
Proceeds
from sale of assets
|
— | 2,578 | — | |||||||||
Proceeds
from sale of student housing properties
|
210 | — | 48,942 | |||||||||
Loan
to equity investee
|
— | — | (845 | ) | ||||||||
Investment
in assets under development
|
(31,098 | ) | (22,576 | ) | (5,675 | ) | ||||||
Investments
in unconsolidated entities
|
(493 | ) | (561 | ) | (178 | ) | ||||||
Net
cash provided by (used in) investing activities
|
(41,638 | ) | (31,656 | ) | 33,399 | |||||||
Financing
activities:
|
||||||||||||
Payment
of mortgage notes
|
(101,631 | ) | (212,038 | ) | (60,158 | ) | ||||||
Borrowings
under mortgage and construction loans
|
66,143 | 233,827 | 57,800 | |||||||||
Repayments
of long-term debt
|
— | — | (47,000 | ) | ||||||||
Debt
issuance costs
|
(2,676 | ) | (2,363 | ) | (551 | ) | ||||||
Debt
extinguishment costs
|
830 | (4,295 | ) | — | ||||||||
Interest
rate cap issuance cost
|
— | (120 | ) | — | ||||||||
Borrowings
on line of credit
|
28,000 | 68,600 | 27,900 | |||||||||
Repayments
of line of credit
|
(60,900 | ) | (47,200 | ) | (38,800 | ) | ||||||
Proceeds
from issuance of common stock
|
122,561 | — | 22,414 | |||||||||
Payment
of offering costs
|
(6,428 | ) | — | — | ||||||||
Dividends
and distributions paid to common and restricted
stockholders
|
(14,491 | ) | (23,379 | ) | (22,907 | ) | ||||||
Dividends
and distributions paid to noncontrolling interests
|
(839 | ) | (2,418 | ) | (1,296 | ) | ||||||
Net
cash provided by (used in) financing activities
|
30,569 | 10,614 | (62,598 | ) | ||||||||
Net
increase (decrease) in cash and cash equivalents
|
22,166 | 4,969 | (2,393 | ) | ||||||||
Cash
and cash equivalents, beginning of period
|
9,003 | 4,034 | 6,427 | |||||||||
Cash
and cash equivalents, end of period
|
$ | 31,169 | $ | 9,003 | $ | 4,034 | ||||||
Supplemental
disclosure of cash flow information:
|
||||||||||||
Interest
paid
|
$ | 25,269 | $ | 26,828 | $ | 27,520 | ||||||
Income
taxes paid
|
$ | 1,658 | $ | 755 | $ | 796 | ||||||
Supplemental
disclosure of noncash activities:
|
||||||||||||
Redemption
of noncontrolling interests from unit holder
|
$ | 109 | $ | 893 | $ | — | ||||||
Warrants
issued (expired)
|
— | — | (375 | ) | ||||||||
Common
stock issued under the dividend reinvestment plan
|
— | — | 78 |
•
|
Allen
& O’Hara Education Services, Inc. (“AOES”), a Delaware corporation
performing student housing management
activities.
|
•
|
Allen
& O’Hara Development Company, LLC (“AODC”), a Delaware limited
liability company providing development consulting services for third
party student housing properties.
|
2009
|
2008
|
|||||||
Beginning
balance- redeemable noncontrolling interests
|
$ | 11,751 | $ | 14,879 | ||||
Conversion
of operating partnership units to common stock
|
(109 | ) | — | |||||
Net
income (loss) attributable to redeemable noncontrolling
interests
|
177 | (75 | ) | |||||
Repurchase
of partnership units from redeemable noncontrolling
interests
|
— | (893 | ) | |||||
Distributions
attributable to redeemable noncontrolling interests
|
(740 | ) | (2,160 | ) | ||||
Ending
balance- redeemable noncontrolling interests
|
$ | 11,079 | $ | 11,751 |
|
2009
|
2008
|
||||||
Operating
Partnership units
|
903,738 | 913,738 | ||||||
University
Towers Operating Partnership units
|
207,257 | 207,257 | ||||||
Profits
Interest Units
|
275,000 | 275,000 | ||||||
Total
potentially dilutive securities
|
1,385,995 | 1,395,995 |
•
|
University
Village-Greensboro LLC, a Delaware limited liability company, 25% owned by
the Operating Partnership
|
•
|
AODC/CPA,
LLC, a Delaware limited liability company, 50% owned by
AODC
|
•
|
WEDR
Riverside Investors V, LLC, a Delaware limited liability company, 10%
owned by the Operating Partnership
|
•
|
APF
EDR, LP, a Delaware limited partnership, 10% owned by the Operating
Partnership
|
•
|
APF
EDR Food Services, LP, a Delaware limited partnership, 10% owned by the
Operating Partnership
|
•
|
WEDR
Stinson Investors V, LLC, a Delaware limited liability company, 10% owned
by the Operating Partnership
|
2009
|
2008
|
2007
|
||||||||||
Balance,
beginning of period
|
$ | 141 | $ | 173 | $ | 43 | ||||||
Provision
for uncollectible accounts
|
1,836 | 1,327 | 804 | |||||||||
Deductions
|
(1,770 | ) | (1,359 | ) | (674 | ) | ||||||
Balance,
end of period
|
$ | 207 | $ | 141 | $ | 173 |
2009
|
2008
|
|||||||
Deferred
tax assets:
|
||||||||
Deferred
revenue
|
$
|
35
|
$
|
—
|
||||
Depreciation
and amortization
|
113
|
365
|
||||||
Accrued
expenses
|
166
|
178
|
||||||
Straight
line rent
|
81
|
110
|
||||||
Total
deferred tax assets
|
395
|
653
|
||||||
Deferred
tax liabilities:
|
||||||||
Deferred
revenue
|
—
|
(4
|
)
|
|||||
Depreciation
and amortization
|
—
|
(12
|
)
|
|||||
Amortization
of management contracts intangible
|
(1
|
)
|
(15
|
)
|
||||
Net
deferred tax assets
|
$
|
394
|
$
|
622
|
2009
|
2008
|
2007
|
||||||||||
Deferred:
|
||||||||||||
Federal
|
$ | 197 | $ | 26 | $ | (127 | ) | |||||
State
|
31 | 33 | (51 | ) | ||||||||
Deferred
expense (benefit)
|
228 | 59 | (178 | ) | ||||||||
Current:
|
||||||||||||
Federal
|
1,333 | 802 | 377 | |||||||||
State
|
359 | 262 | 59 | |||||||||
Current
expense
|
1,692 | 1,064 | 436 | |||||||||
Total
provision
|
$ | 1,920 | $ | 1,123 | $ | 258 |
2009
|
2008
|
2007
|
||||||||||
Tax
provision at U.S. statutory rates on TRS income subject to
tax
|
$ | 1,224 | $ | 883 | $ | 226 | ||||||
State
income tax, net of federal benefit
|
252 | 156 | 29 | |||||||||
Other
|
444 | 84 | 3 | |||||||||
Tax
provision
|
$ | 1,920 | $ | 1,123 | $ | 258 |
2009
|
2008
|
2007
|
||||||||||
Student
housing leasing revenue
|
$
|
131
|
$
|
417
|
$
|
3,168
|
||||||
Student
housing leasing operating expenses
|
(127
|
)
|
(449
|
)
|
(1,576
|
)
|
||||||
Depreciation
and amortization
|
(25
|
)
|
(99
|
)
|
(815
|
)
|
||||||
Redeemable
noncontrolling interests
|
1
|
5
|
(27
|
)
|
||||||||
Noncontrolling
interests
|
—
|
1
|
(7
|
)
|
||||||||
Income/(loss)
from discontinued operations attributable to Education Realty Trust,
Inc.
|
$
|
(20
|
)
|
(125
|
)
|
743
|
||||||
Gain
on sale of student housing property
|
—
|
—
|
1,644
|
|||||||||
Redeemable
noncontrolling interests
|
—
|
—
|
(51
|
)
|
||||||||
Noncontrolling
interests
|
—
|
—
|
(14
|
)
|
||||||||
Gain
on sale of student housing property attributable to Education Realty
Trust, Inc.
|
$
|
—
|
$
|
—
|
$
|
1,579
|
2009
|
2008
|
|||||||
Land
|
$
|
58,511
|
$
|
58,754
|
||||
Land
improvements
|
52,133
|
51,837
|
||||||
Construction
in progress
|
2,467
|
2,453
|
||||||
Buildings
|
731,330
|
691,451
|
||||||
Furniture,
fixtures and equipment
|
46,950
|
43,102
|
||||||
891,391
|
847,597
|
|||||||
Less
accumulated depreciation
|
(141,507
|
)
|
(114,090
|
)
|
||||
Student
housing properties, net
|
$
|
749,884
|
$
|
733,507
|
Initial Cost
|
Total Costs
|
|||||||||||||||||||||||||||||||||||||
Property(4)
|
Encumbrances
|
Land
|
Buildings and
Improvements
|
Total
|
Cost
Capitalized
Subsequently
|
Land
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation(5)
|
Date of
Acquisition/
Construction
|
||||||||||||||||||||||||||||
University
Towers
|
$ | 25,000 | $ | — | $ | 28,652 | $ | 28,652 | $ | 2,039 | $ | — | $ | 30,691 | $ | 30,691 | $ | 6,405 |
01/31/05
|
|||||||||||||||||||
The
Gables
|
4,213 | 198 | 5,099 | 5,297 | 304 | 198 | 5,403 | 5,601 | 1,123 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve at Athens
|
— | 1,740 | 17,985 | 19,725 | 508 | 1,740 | 18,493 | 20,233 | 3,375 |
01/31/05
|
||||||||||||||||||||||||||||
Players
Club
|
— | 727 | 7,498 | 8,225 | 670 | 727 | 8,168 | 8,895 | 1,598 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve at Clemson
|
12,000 | 625 | 18,230 | 18,855 | 747 | 625 | 18,977 | 19,602 | 3,836 |
01/31/05
|
||||||||||||||||||||||||||||
NorthPointe
|
18,800 | 2,498 | 27,323 | 29,821 | 1,148 | 2,498 | 28,471 | 30,969 | 5,436 |
01/31/05
|
||||||||||||||||||||||||||||
The
Pointe at South Florida (1)
|
8,571 | 3,508 | 30,510 | 34,018 | 3,443 | 3,508 | 33,953 | 37,461 | 6,568 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve on Perkins
|
15,328 | 913 | 15,795 | 16,708 | 1,194 | 913 | 16,989 | 17,902 | 3,415 |
01/31/05
|
||||||||||||||||||||||||||||
The
Commons at Knoxville(1)
|
21,545 | 4,630 | 18,386 | 23,016 | 902 | 4,630 | 19,288 | 23,918 | 3,854 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve at Tallahassee
|
— | 2,743 | 21,176 | 23,919 | 1,888 | 2,743 | 23,064 | 25,807 | 4,405 |
01/31/05
|
||||||||||||||||||||||||||||
The
Pointe at Western (3)
|
5,559 | 1,096 | 30,647 | 31,743 | 2,347 | 1,096 | 32,994 | 34,090 | 6,163 |
01/31/05
|
||||||||||||||||||||||||||||
College
Station at W. Lafayette (2)
|
19,359 | 1,887 | 19,528 | 21,415 | 1,293 | 1,887 | 20,821 | 22,708 | 4,350 |
01/31/05
|
||||||||||||||||||||||||||||
The
Commons on Kinnear (3)
|
14,825 | 1,327 | 20,803 | 22,130 | 913 | 1,327 | 21,716 | 23,043 | 3,854 |
01/31/05
|
||||||||||||||||||||||||||||
The
Pointe at Penn State(2)
|
28,385 | 2,151 | 35,094 | 37,245 | 1,603 | 2,151 | 36,697 | 38,848 | 6,739 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve at Star Pass(2)
|
23,603 | 1,585 | 30,810 | 32,395 | 1,124 | 1,585 | 31,934 | 33,519 | 6,137 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve at Columbia (1)
|
14,845 | 1,071 | 26,134 | 27,205 | 978 | 1,071 | 27,112 | 28,183 | 4,807 |
01/31/05
|
Initial Cost
|
Total Costs
|
|||||||||||||||||||||||||||||||||||||
Property(4)
|
Encumbrances
|
Land
|
Buildings and
Improvements
|
Total
|
Cost
Capitalized
Subsequently
|
Land
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation(5)
|
Date of
Acquisition/
Construction
|
||||||||||||||||||||||||||||
The
Reserve on Frankford
|
6,938 | 1,181 | 26,758 | 27,939 | 1,167 | 1,181 | 27,925 | 29,106 | 5,799 |
01/31/05
|
||||||||||||||||||||||||||||
The
Lofts
|
27,000 | 2,801 | 34,117 | 36,918 | 770 | 2,801 | 34,887 | 37,688 | 6,010 |
01/31/05
|
||||||||||||||||||||||||||||
The
Reserve on West 31st
|
— | 1,896 | 14,920 | 16,816 | 1,597 | 1,896 | 16,517 | 18,413 | 3,350 |
01/31/05
|
||||||||||||||||||||||||||||
Campus
Creek
|
— | 2,251 | 21,604 | 23,855 | 1,027 | 2,251 | 22,631 | 24,882 | 4,448 |
02/22/05
|
||||||||||||||||||||||||||||
Pointe
West
|
10,448 | 2,318 | 10,924 | 13,242 | 538 | 2,318 | 11,462 | 13,780 | 2,531 |
03/17/05
|
||||||||||||||||||||||||||||
Campus
Lodge
|
35,276 | 2,746 | 44,415 | 47,161 | 694 | 2,746 | 45,109 | 47,855 | 7,776 |
06/07/05
|
|
|||||||||||||||||||||||||||
College
Grove (1)
|
14,668 | 1,334 | 19,270 | 20,604 | 2,236 | 1,334 | 21,506 | 22,840 | 4,740 |
04/27/05
|
||||||||||||||||||||||||||||
The
Reserve on South College (3)
|
12,601 | 1,744 | 10,784 | 12,528 | 1,967 | 1,744 | 12,751 | 14,495 | 2,805 |
07/06/05
|
||||||||||||||||||||||||||||
The
Avenue at Southern(3)
|
9,368 | 2,028 | 10,675 | 12,703 | 2,329 | 2,028 | 13,004 | 15,032 | 2,115 |
06/15/06
|
||||||||||||||||||||||||||||
The
Reserve at Saluki Pointe
|
20,082 | 1,099 | 32,377 | 33,476 | 214 | 1,099 | 32,591 | 33,690 | 1,112 |
08/01/08
|
(6) | |||||||||||||||||||||||||||
University
Apartments on Colvin
|
8,826 | — | 25,792 | 25,792 | — | — | 25,792 | 25,792 | 380 |
08/01/09
|
||||||||||||||||||||||||||||
Troy
Place(7)
|
6,999 | 523 | 12,404 | 12,927 | 694 | 523 | 13,098 | 13,621 | 1,955 |
01/01/06
|
||||||||||||||||||||||||||||
The
Reserve at Jacksonville
|
— | 628 | 14,532 | 15,160 | 656 | 628 | 15,188 | 15,816 | 2,240 |
01/01/06
|
||||||||||||||||||||||||||||
The
Pointe at Southern
|
— | 1,180 | 17,288 | 18,468 | 717 | 1,180 | 18,005 | 19,185 | 2,626 |
01/01/06
|
||||||||||||||||||||||||||||
Macon
Place
|
— | 340 | 9,856 | 10,196 | (1,144 | ) | 340 | 8,712 | 9,052 | 1,552 |
01/01/06
|
|||||||||||||||||||||||||||
Clayton
Place
|
— | 4,291 | 28,843 | 33,134 | (1,186 | ) | 4,291 | 27,657 | 31,948 | 3,949 |
01/01/06
|
|||||||||||||||||||||||||||
Carrollton
Place(8)
|
4,078 | 682 | 12,166 | 12,848 | 474 | 682 | 12,640 | 13,322 | 1,725 |
01/01/06
|
||||||||||||||||||||||||||||
River
Place(9)
|
7,238 | 837 | 17,746 | 18,583 | 594 | 837 | 18,340 | 19,177 | 2,656 |
01/01/06
|
||||||||||||||||||||||||||||
The
Chase at Murray(8)
|
3,622 | 550 | 8,864 | 9,414 | 766 | 550 | 9,630 | 10,180 | 1,597 |
01/01/06
|
||||||||||||||||||||||||||||
Western
Place(7)
|
4,744 | 660 | 16,332 | 16,992 | 497 | 660 | 16,829 | 17,489 | 2,372 |
01/01/06
|
||||||||||||||||||||||||||||
Cape
Place(9)
|
7,631 | 445 | 11,207 | 11,652 | 538 | 445 | 11,745 | 12,190 | 1,716 |
01/01/06
|
||||||||||||||||||||||||||||
Clemson
Place(7)
|
5,616 | 759 | 10,317 | 11,076 | 370 | 759 | 10,687 | 11,446 | 1,514 |
01/01/06
|
||||||||||||||||||||||||||||
Berkeley
Place(9)
|
8,400 | 1,048 | 18,497 | 19,545 | 360 | 1,048 | 18,857 | 19,905 | 2,619 |
01/01/06
|
||||||||||||||||||||||||||||
The
Reserve at Martin
|
— | 471 | 11,784 | 12,255 | 762 | 471 | 12,546 | 13,017 | 1,855 |
01/01/06
|
||||||||||||||||||||||||||||
Totals
|
$ | 405,568 | $ | 58,511 | $ | 795,142 | $ | 853,653 | $ | 37,738 | $ | 58,511 | $ | 832,880 | $ | 891,391 | $ | 141,507 |
(1)
|
The
Pointe at South Florida, College Grove, The Commons at Knoxville and The
Reserve at Columbia are cross collateralized against the
$59,629 outstanding loan discussed in Note
10.
|
(2)
|
The
Pointe at Penn State, The Reserve at Star Pass and College Station at West
Lafayette are cross collateralized against the $71,347 outstanding loan
discussed in Note 10.
|
(3)
|
The Pointe at Western, The
Commons on Kinnear, The Reserve on South College and at The Avenue at
Southern are cross collateralized against the $42,353 outstanding loan discussed in
Note 10.
|
(4)
|
All
properties are garden-style student housing communities except for
University Towers which is a traditional residence
hall.
|
(5)
|
Assets
have useful lives ranging from 3 to
40 years.
|
(6)
|
The
first phase of The Reserve at Saluki Pointe, which included 528 beds, was
completed in August 2008. The second phase, which included 240 beds, was
completed in August 2009.
|
(7)
|
Troy
Place, Clemson Place and Western Place are cross collateralized against
the $17,359 outstanding loan discussed in Note
10.
|
(8)
|
Carrolton
Place and The Chase at Murray are cross collateralized against the $7,700
outstanding loan discussed in Note
10.
|
(9)
|
Berkeley
Place, River Place and Cape Place are cross collateralized against the
$23,269 outstanding loan discussed in Note
10.
|
2009
|
2008
|
2007
|
||||||||||
Balance,
beginning of period
|
$ | 847,597 | $ | 819,188 | $ | 863,248 | ||||||
Student
housing acquisitions or completed developments
|
37,670 | 21,679 | — | |||||||||
Student
housing dispositions
|
(2,652 | ) | — | (52,406 | ) | |||||||
Impairment
loss
|
(1,726 | ) | (1,633 | ) | — | |||||||
Additions
|
11,298 | 13,986 | 8,463 | |||||||||
Disposals
|
(796 | ) | (5,623 | ) | (117 | ) | ||||||
Balance,
end of period
|
$ | 891,391 | $ | 847,597 | $ | 819,188 |
2009
|
2008
|
2007
|
||||||||||
Balance,
beginning of period
|
$ | 114,090 | $ | 86,209 | $ | 58,489 | ||||||
Depreciation
|
28,522 | 28,819 | 32,409 | |||||||||
Disposals
|
(535 | ) | (938 | ) | (77 | ) | ||||||
Student
housing dispositions
|
(570 | ) | — | (4,612 | ) | |||||||
Balance,
end of period
|
$ | 141,507 | $ | 114,090 | $ | 86,209 |
2009
|
2008
|
|||||||
Accounts
receivable related to pre-development costs
|
$
|
1,563
|
$
|
965
|
||||
Refundable
deposit
|
—
|
7,162
|
||||||
Prepaid
expenses
|
416
|
371
|
||||||
Deferred
tax asset
|
395
|
653
|
||||||
Deferred
financing costs
|
5,141
|
3,306
|
||||||
Investments
in unconsolidated entities
|
1,450
|
2,759
|
||||||
Note
receivable (see Note 12)
|
2,021
|
834
|
||||||
Note
receivable (see Note 5)
|
2,300
|
—
|
||||||
Other
|
823
|
1,385
|
||||||
Total
other assets
|
$
|
14,109
|
$
|
17,435
|
Financial
Position:
|
||||||||
As of December
31,
|
2009
|
2008
|
||||||
Total
assets
|
$
|
134,781
|
$
|
147,951
|
||||
Total
liabilities
|
113,161
|
114,348
|
||||||
Equity
|
$
|
21,620
|
$
|
33,603
|
||||
Trust’s
investment in unconsolidated entities
|
$
|
1,450
|
$
|
2,759
|
Results of Operations:
|
||||||||||||
For the years ended December 31,
|
2009
|
2008
|
2007
|
|||||||||
Revenues
|
$ | 15,957 | $ | 16,415 | $ | 13,283 | ||||||
Net
loss
|
(15,145 | ) | (1,890 | ) | (4,194 | ) | ||||||
Trust’s
equity in earnings (losses) of unconsolidated entities
|
$ | (1,410 | ) | $ | (196 | ) | $ | (277 | ) |
Stock
|
||||||||||||
PIU’s
|
Awards(1)
|
Total
|
||||||||||
Outstanding
at December 31, 2006
|
265,000 | 192,000 | 457,000 | |||||||||
Granted
|
17,500 | 8,000 | 25,500 | |||||||||
Retired
|
(5,000 | ) | — | (5,000 | ) | |||||||
Outstanding
at December 31, 2007
|
277,500 | 200,000 | 477,500 | |||||||||
Granted
|
10,000 | 8,000 | 18,000 | |||||||||
Retired
|
(12,500 | ) | — | (12,500 | ) | |||||||
Outstanding
at December 31, 2008
|
275,000 | 208,000 | 483,000 | |||||||||
Granted
|
5,000 | 8,000 | 13,000 | |||||||||
Retired
|
(5,000 | ) | — | (5,000 | ) | |||||||
Outstanding
at December 31, 2009
|
275,000 | 216,000 | 491,000 | |||||||||
Vested
at December 31, 2009
|
275,000 | 213,639 | 488,639 |
(1)
|
Includes
restricted stock awards.
|
Outstanding at
|
|||||||||||||
December 31,
|
Maturity
|
||||||||||||
Property
|
2009
|
Interest Rate
|
Date
|
Amortization
|
|||||||||
University
Towers
|
$
|
25,000
|
5.99
|
%
|
7/1/2013
|
30
Year
|
|||||||
The
Reserve at Clemson
|
12,000
|
5.55
|
%
|
3/1/2012
|
30
Year
|
||||||||
The
Gables
|
4,213
|
5.50
|
%
|
11/1/2013
|
30
Year
|
||||||||
NorthPointe
|
18,800
|
5.55
|
%
|
3/1/2012
|
30
Year
|
||||||||
The
Pointe at S. Florida/The Reserve at Columbia/ The Commons at
Knoxville/College Grove
|
59,629
|
6.02
|
%
|
1/1/2019
|
30
Year
|
||||||||
The
Reserve at Perkins
|
15,328
|
5.99
|
%
|
1/1/2014
|
30
Year
|
||||||||
The
Lofts
|
27,000
|
5.59
|
%
|
5/1/2014
|
30
Year
|
||||||||
College
Station at W. Lafayette/The Pointe at Penn State/The Reserve at Star
Pass
|
71,347
|
6.02
|
%
|
1/1/2016
|
30
Year
|
||||||||
Campus
Lodge
|
35,276
|
6.97
|
%
|
5/1/2012
|
30
Year
|
||||||||
Pointe
West
|
10,448
|
4.92
|
%
|
8/1/2014
|
30
Year
|
||||||||
The
Pointe at Western/The Commons on Kinnear/The Reserve on South College/The
Avenue at Southern
|
42,353
|
3.64
|
%
|
1/1/2014
|
30
Year
|
||||||||
The
Reserve on Frankford
|
6,938
|
3.54
|
%
|
1/1/2014
|
30
Year
|
||||||||
The
Reserve at Saluki Pointe – Phase I
|
10,759
|
1.33
|
%
|
6/28/2010
|
(1)
|
||||||||
The
Reserve at Saluki Pointe – Phase II
|
9,323
|
2.23
|
%
|
6/28/2010
|
(1)
|
||||||||
University
Village Apartments on Colvin
|
8,826
|
1.33
|
%
|
9/29/2011
|
(2)
|
||||||||
Troy
Place/Clemson Place/Western Place
|
17,359
|
5.45
|
%
|
1/1/2017
|
30
Year
|
||||||||
Carrollton
Place/Murray Place
|
7,700
|
4.96
|
%
|
1/1/2015
|
30
Year
|
||||||||
Berkeley
Place/River Place/Cape Place
|
23,269
|
5.67
|
%
|
1/1/2020
|
30
Year
|
||||||||
Total
debt /weighted average rate
|
405,568
|
5.33
|
%
|
||||||||||
Unamortized
premium
|
797
|
||||||||||||
Total
net of unamortized premium
|
406,365
|
||||||||||||
Less
current portion
|
(23,957
|
)
|
|||||||||||
Total
long-term debt, net of current portion
|
$
|
382,408
|
|||||||||||
(1)
|
The
construction debt encumbering The Reserve at Saluki Pointe is interest
only through June 28, 2010, the initial maturity date. The
Trust has the ability to extend the construction loan if certain criteria
are met on the initial maturity
date.
|
(2)
|
The
construction debt encumbering the University Village Apartments on Colvin
is interest only through September 29, 2011, the initial maturity
date. The Trust has the ability to extend the construction loan
if certain criteria are met on the initial maturity
date.
|
Prepaid
on
|
|||||||||||||
November
6,
|
Contractual
Fixed
|
Maturity
|
|||||||||||
Property
|
2009
|
Interest Rate
|
Date
|
Amortization
|
|||||||||
Troy
Place
|
$
|
9,440
|
6.44
|
%
|
12/9/2009
|
30
Year
|
|||||||
Jacksonville
Place
|
11,120
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Macon
Place
|
7,440
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Clayton
Place
|
24,540
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
River
Place
|
13,680
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Murray
Place
|
6,800
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Cape
Place
|
8,520
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Clemson
Place
|
8,160
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Martin
Place
|
8,960
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Total
|
$
|
98,660
|
Outstanding
at
|
|||||||||||||
December
31,
|
Maturity
|
||||||||||||
Property
|
2009
|
Interest Rate
|
Date
|
Amortization
|
|||||||||
Troy
Place/ Clemson Place/ Western Place
|
$
|
17,359
|
fixed
|
5.45
|
%
|
1/1/2017
|
30
Year
|
||||||
River
Place/ Cape Place/ Berkeley Place
|
23,269
|
fixed
|
5.67
|
%
|
1/1/2020
|
30
Year
|
|||||||
Murray
Place/ Carrollton Place
|
7,699
|
fixed
|
4.96
|
%
|
1/1/2015
|
30
Year
|
|||||||
Total
|
$
|
48,327
|
Outstanding
at
|
|||||||||||||
December
31,
|
Maturity
|
||||||||||||
Property
|
2008
|
Interest Rate
|
Date
|
Amortization
|
|||||||||
University
Towers
|
$
|
25,000
|
5.99
|
%
|
7/1/2013
|
30
Year
|
|||||||
The
Reserve at Clemson
|
12,000
|
5.55
|
%
|
3/1/2012
|
30
Year
|
||||||||
The
Gables
|
4,291
|
5.50
|
%
|
11/1/2013
|
30
Year
|
||||||||
NorthPointe
|
18,800
|
5.55
|
%
|
3/1/2012
|
30
Year
|
||||||||
The
Pointe at S. Florida/The Reserve at Columbia/ The Commons at
Knoxville/College Grove
|
60,263
|
6.02
|
%
|
1/1/2019
|
30
Year
|
||||||||
The
Reserve at Perkins
|
15,492
|
5.99
|
%
|
1/1/2014
|
30
Year
|
||||||||
The
Lofts
|
27,000
|
5.59
|
%
|
5/1/2014
|
30
Year
|
||||||||
College
Station at W. Lafayette/The Pointe at Penn State/The Reserve at Star
Pass
|
72,106
|
6.02
|
%
|
1/1/2016
|
30
Year
|
||||||||
Campus
Lodge
|
35,841
|
6.97
|
%
|
5/1/2012
|
30
Year
|
||||||||
Pointe
West
|
10,637
|
4.92
|
%
|
8/1/2014
|
30
Year
|
||||||||
The
Pointe at Western/The Commons on Kinnear/The Reserve on South College/The
Avenue at Southern
|
42,854
|
3.91
|
%
|
1/1/2014
|
30
Year
|
||||||||
The
Reserve on Frankford
|
7,020
|
3.81
|
%
|
1/1/2014
|
30
Year
|
||||||||
The
Reserve at Saluki Pointe
|
10,901
|
2.57
|
%
|
6/28/2012
|
30
Year
|
||||||||
University
Village Apartments on Colvin
|
191
|
2.30
|
%
|
9/29/2013
|
30
Year
|
||||||||
Troy
Place
|
9,440
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
The
Reserve at Jacksonville
|
11,120
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Macon
Place
|
7,440
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Clayton
Place
|
24,540
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
River
Place
|
13,680
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Murray
Place
|
6,800
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Cape
Place
|
8,520
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Clemson
Place
|
8,160
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
The
Reserve at Martin
|
8,960
|
6.44
|
%
|
12/9/2009
|
30
Year
|
||||||||
Total
debt /weighted average rate
|
441,056
|
5.77
|
%
|
||||||||||
Unamortized
premium
|
1,203
|
||||||||||||
Total
net of unamortized premium
|
442,259
|
||||||||||||
Less
current portion
|
101,631
|
||||||||||||
Total
long-term debt, net of current portion
|
$
|
340,628
|
2009
|
2008
|
2007
|
||||||||||
Balance,
beginning of period
|
$ | 442,259 | $ | 420,940 | $ | 423,933 | ||||||
Additions
|
66,143 | 233,827 | 57,800 | |||||||||
Repayments
of principal
|
(101,631 | ) | (212,038 | ) | (60,158 | ) | ||||||
Amortization
of premium
|
(406 | ) | (470 | ) | (635 | ) | ||||||
Balance,
end of period
|
$ | 406,365 | $ | 442,259 | $ | 420,940 |
Year
|
||||
2010
|
$
|
23,957
|
||
2011
|
12,952
|
|||
2012
|
68,617
|
|||
2013
|
33,028
|
|||
2014
|
100,115
|
|||
Thereafter
|
166,899
|
|||
Total
|
405,568
|
|||
Debt
premium
|
797
|
|||
Outstanding
as of December 31, 2009, net of debt premium
|
$
|
406,365
|
Year Ended December 31, 2009
|
Year Ended December 31, 2008
|
|||||||||||||||||||||||||||||||||||||||
Student
|
Development
|
Student
|
Development
|
|||||||||||||||||||||||||||||||||||||
Housing
|
Consulting
|
Management
|
Housing
|
Consulting
|
Management
|
|||||||||||||||||||||||||||||||||||
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
|||||||||||||||||||||||||||||||
Segment Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing revenue
|
$
|
110,810
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
110,810
|
$
|
107,149
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
107,149
|
||||||||||||||||||||
Student
housing food service revenue
|
2,267
|
—
|
—
|
—
|
2,267
|
2,378
|
—
|
—
|
—
|
2,378
|
||||||||||||||||||||||||||||||
Other
leasing revenue
|
—
|
—
|
—
|
—
|
—
|
7,145
|
—
|
—
|
—
|
7,145
|
||||||||||||||||||||||||||||||
Third-party
development consulting services
|
—
|
8,178
|
—
|
—
|
8,178
|
—
|
8,303
|
—
|
—
|
8,303
|
||||||||||||||||||||||||||||||
Third-party
management services
|
—
|
—
|
3,221
|
—
|
3,221
|
—
|
—
|
3,672
|
—
|
3,672
|
||||||||||||||||||||||||||||||
Intersegment
revenues
|
—
|
1,129
|
4,419
|
(5,548
|
)
|
—
|
—
|
661
|
4,290
|
(4,951
|
)
|
—
|
||||||||||||||||||||||||||||
Operating
expense reimbursements
|
—
|
—
|
—
|
9,722
|
9,722
|
—
|
—
|
—
|
10,796
|
10,796
|
||||||||||||||||||||||||||||||
Total
segment revenues
|
113,077
|
9,307
|
7,640
|
4,174
|
134,198
|
116,672
|
8,964
|
7,962
|
5,845
|
139,443
|
||||||||||||||||||||||||||||||
Segment
operating expenses:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing operations
|
55,161
|
—
|
—
|
—
|
55,161
|
55,120
|
—
|
—
|
—
|
55,120
|
||||||||||||||||||||||||||||||
Student
housing food service operations
|
2,156
|
—
|
—
|
—
|
2,156
|
2,257
|
—
|
—
|
—
|
2,257
|
||||||||||||||||||||||||||||||
General
and administrative
|
—
|
3,261
|
7,135
|
(96
|
)
|
10,300
|
3
|
4,196
|
7,234
|
(337
|
)
|
11,096
|
||||||||||||||||||||||||||||
Intersegment
expenses
|
4,419
|
—
|
—
|
(4,419
|
)
|
—
|
4,290
|
—
|
—
|
(4,290
|
)
|
—
|
||||||||||||||||||||||||||||
Reimbursable
operating expenses
|
—
|
—
|
—
|
9,722
|
9,722
|
—
|
—
|
—
|
10,796
|
10,796
|
||||||||||||||||||||||||||||||
Total
segment operating expenses
|
61,736
|
3,261
|
7,135
|
5,207
|
77,339
|
61,670
|
4,196
|
7,234
|
6,169
|
79,269
|
||||||||||||||||||||||||||||||
Net
operating income (loss)
|
51,341
|
6,046
|
505
|
(1,033
|
)
|
56,859
|
55,002
|
4,768
|
728
|
(324
|
)
|
60,174
|
||||||||||||||||||||||||||||
Nonoperating
expenses(1)
|
54,349
|
(86
|
)
|
—
|
—
|
54,263
|
60,114
|
(76
|
)
|
—
|
—
|
60,038
|
||||||||||||||||||||||||||||
Income
(loss) before equity in earnings (losses) of unconsolidated entities,
income taxes, redeemable noncontrolling interests and discontinued
operations
|
(3,008
|
)
|
6,132
|
505
|
(1,033
|
)
|
2,596
|
(5,112
|
)
|
4,844
|
728
|
(324
|
)
|
136
|
||||||||||||||||||||||||||
Equity
in earnings (losses) of unconsolidated entities
|
(1,406
|
)
|
(4
|
)
|
—
|
—
|
(1,410
|
)
|
(192
|
)
|
(4
|
)
|
—
|
—
|
(196
|
)
|
||||||||||||||||||||||||
Income
(loss) before income taxes, redeemable noncontrolling interests and
discontinued operations (2)
|
$
|
(4,414
|
)
|
$
|
6,128
|
$
|
505
|
$
|
(1,033
|
)
|
$
|
1,186
|
$
|
(5,304
|
)
|
$
|
4,840
|
$
|
728
|
$
|
(324
|
)
|
$
|
(60
|
)
|
|||||||||||||||
Total
segment assets, as of December 31, 2009 and 2008
(3)(4)
|
$
|
766,655
|
$
|
3,742
|
$
|
5,535
|
$
|
—
|
$
|
775,932
|
$
|
760,477
|
$
|
2,381
|
$
|
4,567
|
$
|
—
|
$
|
767,425
|
2009
|
2008
|
|||||||
Total
segment revenues
|
$
|
139,746
|
$
|
144,394
|
||||
Elimination
of intersegment revenues
|
(5,548
|
)
|
(4,951
|
)
|
||||
Total
consolidated revenues
|
134,198
|
139,443
|
||||||
Segment
net income (loss) before income taxes, redeemable noncontrolling interests
and discontinued operations
|
1,186
|
(60
|
)
|
|||||
Other
unallocated corporate expenses
|
(6,336
|
)
|
(6,761
|
)
|
||||
Net
loss before income taxes, redeemable noncontrolling interests
and discontinued operations
|
$
|
(5,150
|
)
|
$
|
(6,821
|
)
|
||
(3)
Reconciliation of segment assets to the Trust’s total
assets:
|
||||||||
Total
segment assets, end of period (includes goodwill of $2,149 related to
management services and $921 related to development consulting
services)
|
$
|
775,932
|
$
|
767,425
|
||||
Unallocated
corporate amounts:
|
||||||||
Cash
|
22,638
|
3,765
|
||||||
Other
assets
|
4,019
|
6,242
|
||||||
Deferred
financing costs, net
|
2,024
|
215
|
||||||
Total
assets, end of period
|
$
|
804,613
|
$
|
777,647
|
(4)
|
The
increase in segment assets related to student housing leasing is primarily
related to the development of two wholly owned student apartment
communities in Carbondale, IL and Syracuse, NY (see Note 4) offset by
the impairment loss of $1,726 recorded in 2009 (see Note
6). The increase in segment assets related to development
consulting services is primarily due to a $610 increase in operating cash
related to the timing of the receipt of project fees and a $946 net
increase in receivables for reimbursable project costs related to
development projects. The increase in segment assets related to management
services is primarily due to an increase in operating cash related to
distributions from AODC.
|
Year
Ended December 31, 2008
|
Year
Ended December 31, 2007
|
|||||||||||||||||||||||||||||||||||||||
Student
|
Development
|
Student
|
Development
|
|||||||||||||||||||||||||||||||||||||
Housing
|
Consulting
|
Management
|
Housing
|
Consulting
|
Management
|
|||||||||||||||||||||||||||||||||||
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
Leasing
|
Services
|
Services
|
Eliminations
|
Total
|
|||||||||||||||||||||||||||||||
Segment
revenues:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing revenue
|
107,149
|
—
|
—
|
—
|
107,149
|
$
|
85,175
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
85,175
|
|||||||||||||||||||||||||
Student
housing food
service revenue
|
2,378
|
—
|
—
|
—
|
2,378
|
2,359
|
—
|
—
|
—
|
2,359
|
||||||||||||||||||||||||||||||
Other
leasing revenue
|
7,145
|
—
|
—
|
—
|
7,145
|
13,811
|
—
|
—
|
—
|
13,811
|
||||||||||||||||||||||||||||||
Third-party
development consulting services
|
—
|
8,303
|
—
|
—
|
8,303
|
—
|
5,411
|
—
|
—
|
5,411
|
||||||||||||||||||||||||||||||
Third-party
management services
|
—
|
—
|
3,672
|
—
|
3,672
|
—
|
—
|
3,391
|
—
|
3,391
|
||||||||||||||||||||||||||||||
Intersegment
revenues
|
—
|
661
|
4,290
|
(4,951
|
)
|
—
|
—
|
3,409
|
(3,409
|
)
|
—
|
|||||||||||||||||||||||||||||
Operating
expense reimbursements
|
—
|
—
|
—
|
10,796
|
10,796
|
—
|
—
|
—
|
9,330
|
9,330
|
||||||||||||||||||||||||||||||
Total
segment revenues
|
116,672
|
8,964
|
7,962
|
5,845
|
139,443
|
101,345
|
5,411
|
6,800
|
5,921
|
119,477
|
||||||||||||||||||||||||||||||
Segment
operating expenses:
|
||||||||||||||||||||||||||||||||||||||||
Student
housing leasing operations
|
55,120
|
—
|
—
|
—
|
55,120
|
40,798
|
—
|
—
|
—
|
40,798
|
||||||||||||||||||||||||||||||
Student
housing food service operations
|
2,257
|
—
|
—
|
—
|
2,257
|
2,236
|
—
|
—
|
—
|
2,236
|
||||||||||||||||||||||||||||||
General
and administrative
|
3
|
4,196
|
7,234
|
(337
|
)
|
11,096
|
105
|
2,787
|
6,628
|
—
|
9,520
|
|||||||||||||||||||||||||||||
Intersegment
expenses
|
4,290
|
—
|
—
|
(4,290
|
)
|
—
|
3,409
|
—
|
—
|
(3,409
|
)
|
—
|
||||||||||||||||||||||||||||
Reimbursable
operating expenses
|
—
|
—
|
—
|
10,796
|
10,796
|
—
|
—
|
—
|
9,330
|
9,330
|
||||||||||||||||||||||||||||||
Total
segment operating expenses
|
61,670
|
4,196
|
7,234
|
6,169
|
79,269
|
46,548
|
2,787
|
6,628
|
5,921
|
61,884
|
||||||||||||||||||||||||||||||
Net
operating income
|
55,002
|
4,768
|
728
|
(324
|
)
|
60,174
|
54,797
|
2,624
|
172
|
—
|
57,593
|
|||||||||||||||||||||||||||||
Nonoperating
expenses(1)
|
60,114
|
(76
|
)
|
—
|
—
|
60,038
|
58,007
|
—
|
—
|
—
|
58,007
|
|||||||||||||||||||||||||||||
Income
(loss) before equity in earnings (losses) of unconsolidated entities,
income taxes, redeemable noncontrolling interests and discontinued
operations
|
(5,112
|
)
|
4,844
|
728
|
(324
|
)
|
136
|
(3,210
|
)
|
2,624
|
172
|
—
|
(414
|
)
|
||||||||||||||||||||||||||
Equity
in earnings (losses) of unconsolidated entities
|
(192
|
)
|
(4
|
)
|
—
|
—
|
(196
|
)
|
(510
|
)
|
233
|
—
|
—
|
(277
|
)
|
|||||||||||||||||||||||||
Income
(loss) before income taxes, redeemable noncontrolling interests and
discontinued operations (2)
|
$
|
(5,304
|
)
|
$
|
4,840
|
$
|
728
|
$
|
(324
|
)
|
$
|
(60
|
)
|
$
|
(3,720
|
)
|
$
|
2,857
|
$
|
172
|
$
|
—
|
$
|
(691
|
)
|
|||||||||||||||
Total
segment assets, as of December 31, 2008 and 2007 (3)
|
$
|
760,477
|
$
|
2,381
|
$
|
4,567
|
$
|
—
|
$
|
767,425
|
$
|
751,086
|
$
|
4,528
|
$
|
6,505
|
$
|
—
|
$
|
762,119
|
2008
|
2007
|
|||||||
Total
segment revenues
|
$
|
144,394
|
$
|
122,886
|
||||
Elimination
of intersegment revenues
|
(4,951
|
)
|
(3,409
|
)
|
||||
Total
consolidated revenues
|
139,443
|
119,477
|
||||||
Segment
net loss before income taxes, redeemable noncontrolling interests and
discontinued operations
|
(60
|
)
|
(691
|
)
|
||||
Other
unallocated corporate expenses
|
(6,761
|
)
|
(6,828
|
)
|
||||
Net
loss before income taxes, redeemable noncontrolling interests
and discontinued operations
|
$
|
(6,821
|
)
|
$
|
(7,519
|
)
|
||
(3)
Reconciliation of segment assets to the Trust’s total
assets:
|
||||||||
Total
segment assets, end of period (includes goodwill of $2,149 related to
management services and $921 related to development consulting
services)
|
$
|
767,425
|
$
|
762,119
|
||||
Unallocated
corporate amounts:
|
||||||||
Cash
|
3,765
|
298
|
||||||
Other
assets
|
6,242
|
4,377
|
||||||
Deferred
financing costs, net
|
215
|
666
|
||||||
Total
assets, end of period
|
$
|
777,647
|
$
|
767,460
|
Year
Ending
|
Advertising
|
Leases
|
||||||
2010
|
$
|
49
|
$
|
3,873
|
||||
2011
|
6
|
3,385
|
||||||
2012
|
2
|
2,537
|
||||||
2013
|
—
|
1,836
|
||||||
2014
|
—
|
704
|
||||||
Thereafter
|
—
|
250
|
2009
|
2008
|
|||||||
Payroll
|
$
|
2,424
|
$
|
2,473
|
||||
Real
estate taxes
|
3,715
|
3,548
|
||||||
Interest
|
1,618
|
1,158
|
||||||
Utilities
|
1,170
|
1,095
|
||||||
Other
|
2,496
|
2,028
|
||||||
Total
accrued expenses
|
$
|
11,423
|
$
|
10,302
|
2009
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
Total
|
|||||||||||||||
Revenues
|
$
|
33,869
|
$
|
31,985
|
$
|
32,502
|
$
|
35,842
|
$
|
134,198
|
||||||||||
Operating
expenses (1)
|
26,518
|
25,916
|
33,045
|
28,127
|
113,606
|
|||||||||||||||
Nonoperating
expenses (2)
|
6,604
|
5,433
|
6,373
|
5,922
|
24,332
|
|||||||||||||||
Equity
in earnings (losses) of unconsolidated entities (3)
|
100
|
46
|
(152
|
)
|
(1,404
|
)
|
(1,410
|
)
|
||||||||||||
Income
taxes expense
|
(188
|
)
|
(502
|
)
|
(513
|
)
|
(717
|
)
|
(1,920
|
)
|
||||||||||
Noncontrolling
interests
|
(210
|
)
|
53
|
200
|
(207
|
)
|
(164
|
)
|
||||||||||||
Discontinued
operations (6)
|
(16
|
)
|
(2
|
)
|
(3
|
)
|
—
|
(21
|
)
|
|||||||||||
Net
income (loss) attributable to Education Realty Trust, Inc.
|
$
|
433
|
$
|
231
|
$
|
(7,384
|
)
|
$
|
(535
|
)
|
$
|
(7,255
|
)
|
|||||||
Net
income (loss) per share-basic and diluted
|
$
|
0.02
|
$
|
0.01
|
$
|
(0.15
|
)
|
$
|
(0.01
|
)
|
$
|
(0.18
|
)
|
2008
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
Total
|
|||||||||||||||
Revenues
|
$
|
34,212
|
$
|
36,828
|
$
|
32,333
|
$
|
36,070
|
$
|
139,443
|
||||||||||
Operating
expenses(4)
|
26,753
|
27,165
|
32,418
|
29,524
|
115,860
|
|||||||||||||||
Nonoperating
expenses(5)
|
6,289
|
6,221
|
6,519
|
11,179
|
30,208
|
|||||||||||||||
Equity
in earnings (losses) of unconsolidated entities
|
(1
|
)
|
(26
|
)
|
(196
|
)
|
27
|
(196
|
)
|
|||||||||||
Income
taxes (expense)/benefit
|
(191
|
)
|
18
|
(709
|
)
|
(241
|
)
|
(1,123
|
)
|
|||||||||||
Noncontrolling
interests
|
(97
|
)
|
(74
|
)
|
329
|
(30
|
)
|
128
|
||||||||||||
Discontinued
operations (6)
|
8
|
(42
|
)
|
(79
|
)
|
(18
|
)
|
(131
|
)
|
|||||||||||
Net
income (loss) attributable to Education Realty Trust, Inc.
|
$
|
889
|
$
|
3,318
|
$
|
(7,259
|
)
|
$
|
(4,895
|
)
|
$
|
(7,947
|
)
|
|||||||
Net
income (loss) per share-basic and diluted
|
$
|
0.03
|
$
|
0.12
|
$
|
(0.26
|
)
|
$
|
(0.17
|
)
|
$
|
(0.28
|
)
|
Number of Securities
|
||||||||||||
|
|
Remaining Available for
|
||||||||||
Number of Securities to
|
Weighted Average
|
Future Issuance under
|
||||||||||
be Issued upon Exercise
|
Exercise Price of
|
Equity Compensation
|
||||||||||
Plan Category
|
of Outstanding Options, Warrants and Rights(1) |
Outstanding Options Warrants and Rights(1)(2) |
Plans (excluding securities
reflected in column (a))
|
|||||||||
(a)
|
(b)
|
(c)
|
||||||||||
Equity compensation plans approved by security
holders
|
N/A
|
N/A
|
629,000( |
3)
|
||||||||
Equity
compensation plans not approved by security holders
|
N/A
|
N/A
|
N/A( |
2)
|
||||||||
Total
|
N/A
|
N/A
|
629,000
|
(1)
|
Does not include
27,000 shares of restricted stock that are subject to vesting requirements
and 275,000 PIUs which were issued through EDR’s 2004 Incentive
Plan. As
of February 21, 2010, each of the remaining 27,000 shares of restricted
common stock had fully vested and were no longer subject to restriction.
For a more detailed discussion of PIUs, see Note 9, “Incentive Plans,” to
our accompanying consolidated financial
statements.
|
(2)
|
Does
not include 50,000 shares of restricted common stock which were granted to
Randall Churchey on January 12, 2010 pursuant to an inducement
award. For a more detailed discussion of the inducement award,
see “Item 5 – Market For Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities – Recent Sales of
Unregistered Securities”
above.
|
(3)
|
The
2004 Incentive Plan initially reserved 800,000 shares of our common stock
for issuance under the plan. The amount of
shares may be increased annually on January 1st of each year so
that the total number of shares reserved under the 2004 Incentive Plan is
equal to 4% of the aggregate number of shares outstanding on the last day
of the preceding fiscal year; provided that such annual increase generally
may not exceed 80,000 shares.
|
Education
Realty Trust, Inc.
|
||||
By:
|
/s/ Randy Churchey
|
|||
Randy
Churchey
|
||||
President,
Chief Executive Officer and
Director
|
Signature
|
Date
|
|
/s/ Randy Churchey
|
March
15, 2010
|
|
Randy
Churchey
|
||
President,
Chief Executive Officer and Director (Principal Executive
Officer)
|
||
/s/ Randall H. Brown
|
March
15, 2010
|
|
Randall
H. Brown
|
||
Executive
Vice President, Chief Financial Officer, Treasurer and Secretary
(Principal Financial Officer)
|
||
/s/ J. Drew Koester
|
March
15, 2010
|
|
J.
Drew Koester
|
||
Vice
President , Assistant Secretary and Chief Accounting Officer (Principal
Accounting Officer)
|
||
/s/Paul O. Bower
|
March
15, 2010
|
|
Paul
O. Bower
Chairman
of the Board of Directors
|
||
/s/ Monte J. Barrow
|
March
15, 2010
|
|
Monte
J. Barrow
|
||
Director
|
||
/s/
William J. Cahill, III
|
March
15, 2010
|
|
William
J. Cahill, III
|
||
Director
|
||
/s/
John L. Ford
|
March
15, 2010
|
|
John
L. Ford
|
||
Director
|
||
/s/
Howard A. Silver
|
March
15, 2010
|
|
Howard
A. Silver
Director
|
||
/s/
Wendell W. Weakley
|
March
15, 2010
|
|
Wendell
W. Weakley
|
||
Director
|
Exhibit
|
||
Number
|
Description
|
|
3.1
|
Second
Articles of Amendment and Restatement of Education Realty Trust, Inc.
(Incorporated by reference to Exhibit 3.1 to the Trust’s Amendment
No. 2 to its Registration Statement on Form S-11 (File
No. 333-119264), filed on December 10, 2004.)
|
|
3.2
|
Amended
and Restated Bylaws of Education Realty Trust, Inc. (Incorporated by
reference to Exhibit 3.2 to the Trust’s Current Report on
Form 8-K, filed on February 20, 2009.)
|
|
4.1
|
Form
of Certificate for Common Stock of Education Realty Trust, Inc., filed
herewith.
|
|
10.1
|
Amended
and Restated Agreement of Limited Partnership of Education Realty
Operating Partnership, LP. (Incorporated by reference to Exhibit 10.1 to
the Trust’s Annual Report on Form 10-K, filed on March 16,
2009.)
|
|
10.2
|
First
Amendment to the Amended and Restated Agreement of Limited Partnership of
Education Realty Operating Partnership, LP. (Incorporated by reference to
Exhibit 10.2 to the Trust’s Quarterly Report on Form 10-Q, filed on August
1, 2008.)
|
|
10.3
|
Amended
and Restated Agreement of Limited Partnership of University Towers
Operating Partnership, LP. (Incorporated by reference to Exhibit 10.2
to the Trust’s Registration Statement on Form S-11 (File No.
333-119264), filed on September 24, 2004.)
|
|
10.4(1)
|
Education
Realty Trust, Inc. 2004 Incentive Plan. (Incorporated by reference to
Exhibit 10.3 to the Trust’s Amendment No. 4 to its Registration
Statement on Form S-11 (File No. 333-119264), filed on
January 11, 2005.)
|
|
10.5
|
Form
of Indemnification Agreement between Education Realty Trust, Inc. and its
directors and officers. (Incorporated by reference to Exhibit 10.4 to
the Trust’s Amendment No. 1 to its Registration Statement on Form
S-11 (File No. 333-119264), filed on November 4,
2004.)
|
|
10.6(1)
|
Executive
Employment Agreement between Education Realty Trust, Inc. and Randall L.
Churchey, effective as of January 1, 2010. (Incorporated by reference to
Exhibit 10.1 to the Trust’s Current Report on Form 8-K, filed on January
12, 2010.)
|
|
10.7(1)
|
Amended
and Restated Executive Employment Agreement between Education Realty
Trust, Inc. and Paul O. Bower, dated as of October 29, 2008. (Incorporated
by reference to Exhibit 10.1 to the Trust’s Quarterly Report on
Form 10-Q, filed on November 4, 2008.)
|
|
10.8(1)
|
Amended
and Restated Executive Employment Agreement between Education Realty
Trust, Inc. and Randall H. Brown, dated as of October 29, 2008.
(Incorporated by reference to Exhibit 10.2 to the Trust’s Quarterly
Report on Form 10-Q, filed on November 4,
2008.)
|
10.9(1)
|
Amended
and Restated Executive Employment Agreement between Education Realty
Trust, Inc. and William W. Harris, dated as of October 29, 2008.
(Incorporated by reference to Exhibit 10.6 to the Trust’s Quarter
Report on Form 10-Q, filed on November 4,
2008.)
|
|
10.10
(1)
|
Amended
and Restated Executive Employment Agreement between Education Realty
Trust, Inc. and Thomas Trubiana, dated as of October 29, 2008.
(Incorporated by reference to Exhibit 10.9 to the Trust’s Annual Report on
Form 10-K, filed on March 16, 2009.)
|
|
10.11
(1)
|
Executive
Employment Agreement between Education Realty Trust, Inc. and J. Drew
Koester, dated as of October 29, 2008. (Incorporated by reference to
Exhibit 10.7 to the Trust’s Quarterly Report on Form 10-Q, filed on
November 4, 2008.)
|
|
10.12(1)
|
Amended
and Restated Executive Employment Agreement between Education Realty
Trust, Inc. and Thomas J. Hickey, dated as of October 29, 2008.
(Incorporated by reference to Exhibit 10.5 to the Trust’s Quarterly
Report on Form 10-Q, filed on November 4,
2008.)
|
|
10.13(1)
|
Amended
and Restated Employment Agreement between Education Realty Trust, Inc. and
Craig L. Cardwell, dated as of October 29, 2008. (Incorporated by
reference to Exhibit 10.3 to the Trust’s Quarterly Report on
Form 10-Q, filed on November 4, 2008.)
|
|
10.14
(1)
|
Restricted
Stock Award Agreement between Education Realty Trust, Inc. and Randall L.
Churchey, dated as of January 12, 2010 (Incorporated by reference to
Exhibit 10.2 to the Trust’s Current Report on Form 8-K, filed on January
12, 2010.)
|
|
10.15
(1)
|
Separation
and Release Agreement by and between Craig L. Cardwell and Education
Realty Trust, Inc., dated as of February 1, 2010 (Incorporated by
reference to Exhibit 10.1 to the Trust’s Current Report on Form 8-K, filed
on February 2, 2010.)
|
|
10.16
(1)
|
Amendment,
Waiver and Retirement Agreement by and between Education Realty Trust,
Inc. and Thomas J. Hickey, dated as of March 15, 2010, filed
herewith.
|
|
10.17
|
Contribution
Agreement dated as of September 24, 2004, by and among University
Towers Operating Partnership, LP, Allen & O’Hara, Inc., Paul O. Bower,
Clyde C. Porter, Robert D. Bird, Thomas J. Hickey, Barbara S. Hays and
Hays Enterprises III, Ltd. (Incorporated by reference to Exhibit 10.8
to the Trust’s Amendment No. 2 to its Registration Statement on Form
S-11 (File No. 333-119264), filed on December 10,
2004.)
|
|
10.18
|
Contribution
Agreement dated as of September 20, 2004, by and between Melton E.
Valentine, Jr. and University Towers Operating Partnership, LP.
(Incorporated by reference to Exhibit 10.9 to the Trust’s Amendment
No. 2 to its Registration Statement on Form S-11 (File No.
333-119264), filed on December 10, 2004.)
|
|
10.19
|
Contribution
Agreement dated September 20, 2004, by and among Allen & O’Hara
Educational Properties, LLC, Allen & O’Hara, Inc., Thomas J. Hickey,
Craig L. Cardwell, Randall H. Brown, William W. Harris, Wallace L. Wilcox
and Education Realty Operating Partnership, LP. (Incorporated by reference
to Exhibit 10.10 to the Trust’s Registration Statement on Form S-11
(File No. 333-119264), filed on September 24,
2004.)
|
10.20
|
Agreement
and Plan of Merger dated September 20, 2004 by and among C Station,
L.L.C., Allen & O’Hara, Inc., Paul O. Bower, Craig L. Cardwell,
Student Management Associates, LLC, Thomas J. Hickey, Randall H. Brown,
William W. Harris, Wallace L. Wilcox, EDR C Station, LLC and Education
Realty Operating Partnership, LP. (Incorporated by reference to
Exhibit 10.11 to the Trust’s Amendment No. 2 to its Registration
Statement on Form S-11 (File No. 333-119264), filed on
December 10, 2004.)
|
|
10.21
|
Agreement
and Plan of Merger dated September 20, 2004, by and among Allen &
O’Hara Education Services, LLC, Allen & O’Hara, Inc., Student
Management Associates, LLC, Thomas J. Hickey, Craig L. Cardwell, Randall
H. Brown, William W. Harris, Wallace L. Wilcox, Allen & O’Hara
Education Services, Inc., and Education Realty Operating Partnership, LP.
(Incorporated by reference to Exhibit 10.12 to the Trust’s Amendment
No. 2 to its Registration Statement on Form S-11 (File
No. 333-119264), filed on December 10, 2004.)
|
|
10.22
|
Contract
of Sale/Contribution made effective as of September 17, 2004, among
JPI-CG Mezz LLC, JPI-MC Mezz LLC, JPI Genpar Realty LLC, JPI Investment
Company, L.P. and Education Realty Operating Partnership, LP.
(Incorporated by reference to Exhibit 10.13 to the Trust’s Amendment
No. 2 to its Registration Statement on Form S-11 (File
No. 333-119264), filed on December 10, 2004.)
|
|
10.
23
|
Contract
of Sale made effective as of September 17, 2004, between Jefferson
Commons — Lawrence, L.P., Jefferson Commons — Wabash, L.P. and Education
Realty Operating Partnership, LP. (Incorporated by reference to
Exhibit 10.14 to the Trust’s Amendment No. 2 to its Registration
Statement on Form S-11 (File No. 333-119264), filed on
December 10, 2004.)
|
|
10.24
|
Contract
of Sale/Contribution made effective as of September 17, 2004, between
Jefferson Commons — Tucson Phase II Limited Partnership, Jefferson Commons
— Columbia, L.P. and Education Realty Operating Partnership, LP.
(Incorporated by reference to Exhibit 10.15 to the Trust’s Amendment
No. 2 to its Registration Statement on Form S-11 (File
No. 333-119264), filed on December 10, 2004.)
|
|
10.25
|
Contribution
Agreement dated September 23, 2004 by and among Allen & O’Hara
Educational Properties, LLC, FSPP Education I, L.L.C., FSPP Education II,
L.L.C., Allen & O’Hara, Inc., Thomas J. Hickey, Craig L. Cardwell,
Randall H. Brown, William W. Harris, Wallace L. Wilcox and Education
Realty Operating Partnership, LP. (Incorporated by reference to
Exhibit 10.16 to the Trust’s Amendment No. 2 to its Registration
Statement on Form S-11 (File No. 333-119264), filed on
December 10, 2004.)
|
|
10.26
|
Purchase
and Sale Agreement dated August 27, 2004 by and between The Gables,
LLC and Education Realty Operating Partnership, LP. (Incorporated by
reference to Exhibit 10.20 to the Trust’s Registration Statement on
Form S-11 (File No. 333-119264), filed on September 24,
2004.)
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10.27
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Second
Amendment to Contribution Agreement, dated January 6, 2006, by and
between Place Properties, L.P., Place Mezz Borrower, LLC and Education
Realty Operating Partnership, LP. (Incorporated by reference to
Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on
January 12, 2006.)
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10.28
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Required
Repair Escrow Agreement, dated as of January 1, 2006, by and between
Place Properties, L.P., Place Mezz Borrower, LLC, Education Realty
Operating Partnership, LP and Chicago Title Insurance Company.
(Incorporated by reference to Exhibit 10.2 to the Trust’s Current
Report on Form 8-K filed on January 12,
2006.)
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10.29
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Lease
Agreement, dated as of January 1, 2006, by and between Education Realty
Operating Partnership, LP and Place Portfolio Lessee, LLC. (Incorporated
by reference to Exhibit 10.3 to the Trust’s Current Report on Form 8-K
filed on January 12, 2006.)
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10.30
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Consent,
Ratification, Assumption and Release Agreement made effective as of
January 6, 2006, by and among Cape Place (DE), LLC, Martin Place
(DE), LLC, Clayton Place (DE), LLC, Macon Place (DE), LLC, River Place
(DE), LLC, Jacksonville Place (DE), LLC, Clemson Place (DE), LLC, Troy
Place (DE), LLC, Murray Place (DE), LLC, EDR Lease Holdings, LLC, Cecil M.
Philips, Place Properties, L.P., Education Realty Operating Partnership,
LP, and LaSalle Bank, National Association, as Trustee. (Incorporated by
reference to Exhibit 10.1 to the Trust’s Current Report on
Form 8-K/A filed on January 25, 2006.)
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10.31
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Loan
and Security Agreement dated as of December 3, 2004, between Cape
Place (DE), LLC; Clayton Place (DE), LLC; Clemson Place (DE), LLC;
Jacksonville Place (DE), LLC; Macon Place (DE), LLC; Martin Place (DE),
LLC; Murray Place (DE), LLC; River Place (DE), LLC; and Troy Place (DE),
LLC and Greenwich Capital Financial Products, Inc. (Incorporated by
reference to Exhibit 10.2 to the Trust’s Current Report on
Form 8-K/A filed on January 25, 2006.)
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10.32
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Promissory
Note, dated December 3, 2004, between Cape Place (DE), LLC, Clayton
Place (DE), LLC, Clemson Place (DE), LLC, Jacksonville Place (DE), LLC,
Macon Place (DE), LLC, Martin Place (DE), LLC, Murray Place (DE), LLC,
River Place (DE), LLC, Troy Place (DE), LLC and Greenwich Capital
Financial Products, Inc. (Incorporated by reference to Exhibit 10.3
to the Trust’s Current Report on Form 8-K/A filed on January 25,
2006.)
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10.33
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Exceptions
to Non-Recourse Guaranty dated as of January 6, 2006, by Education
Realty Operating Partnership, LP for the benefit of LaSalle Bank, National
Association. (Incorporated by reference to Exhibit 10.4 to the
Trust’s Current Report on Form 8-K/A filed on January 25,
2006.)
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10.34
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Environmental
Indemnity Agreement, dated January 6, 2006, by Cape Place (DE), LLC,
Clayton Place (DE), LLC, Clemson Place (DE), LLC, Jacksonville Place (DE),
LLC, Macon Place (DE), LLC, Martin Place (DE), LLC, Murray Place (DE),
LLC, River Place (DE), LLC, Troy Place (DE), LLC, and EDR Lease Holdings,
LLC and EDR Clemson Place Limited Partnership and Education Realty
Operating Partnership, LP in favor of LaSalle Bank, National Association.
(Incorporated by reference to Exhibit 10.5 to the Trust’s Current
Report on Form 8-K/A filed on January 25,
2006.)
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10.35
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Credit
Agreement dated as of March 30, 2006 among Education Realty Operating
Partnership, L.P., as borrower, the lenders party thereto and KeyBank,
National Association as administrative agent. (Incorporated by reference
to Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed
on April 6, 2006.)
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10.36
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Amended
and Restated Credit Agreement dated as of March 30, 2006 among
Education Realty Operating Partnership, L.P., and certain of its
subsidiaries as borrowers, the lenders party thereto and KeyBank, National
Association as administrative agent. (Incorporated by reference to
Exhibit 10.2 to the Trust’s Current Report on Form 8-K filed on
April 6, 2006.)
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10.37
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Second
Amended and Restated Credit Agreement dated as of November 20, 2009 among
Education Realty Operating Partnership, L.P., and certain of its
subsidiaries as borrowers, the lenders party thereto and KeyBank, National
Association as administrative agent. (Incorporated by reference to Exhibit
10.1 to the Trust’s Current Report on Form 8-K filed on November 24,
2009.)
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10.38(1)
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Incentive
Compensation Plan for Executive Officers filed
herewith.
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10.39(1)
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Form
of Restricted Stock Award Agreement. (Incorporated by reference to
Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on
August 17, 2006.)
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10.40(1)
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Education
Realty Trust, Inc. 2010 Long-Term Incentive Plan, filed
herewith.
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10.41(1)
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Form
of Restricted Stock Award Agreement (Time-Vested Restricted Stock) for the
Education Realty Trust, Inc. 2010 Long-Term Incentive Plan, filed
herewith.
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10.42(1)
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Form
of Restricted Stock Unit Award Agreement (Performance Shares) for the
Education Realty Trust, Inc. 2010 Long-Term Incentive Plan, filed
herewith.
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10.43
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Master
Credit Facility Agreement, dated as of December 31, 2008, by and among
Education Realty Trust, Inc., Education Realty Operating Partnership, LP
and certain subsidiaries, and Red Mortgage Capital Inc. (Incorporated by
reference to Exhibit 10.35 to the Trust’s Annual Report on Form 10-K,
filed on March 16, 2009.)
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10.44
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Amended
and Restated Master Credit Facility, dated as of December 2, 2009, by and
among Education Realty Trust, Inc., Education Realty Operating
Partnership, LP and certain subsidiaries, Red Mortgage Capital Inc. and
Fannie Mae. (Incorporated by reference to Exhibit 10.1 to the Trust’s
Current Report on Form 8-K, filed on December 8, 2009.)
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10.45
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Amendment
No. 1 to Amended and Restated Master Credit Facility Agreement, dated as
of February 25, 2010, Education Realty Trust, Inc., Education Realty
Operating Partnership, LP and certain subsidiaries, Red Mortgage Capital
Inc. and Fannie Mae, filed herewith.
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10.46
(1)
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Schedule
of 2009 Annual Incentive Compensation Payouts and 2010 Base Salaries for
Named Executive Officers, filed herewith.
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10.47
(1)
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Amendment
No. 1 to the Education Realty Trust, Inc. 2004 Incentive Plan, filed
herewith.
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11
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Statement
Regarding Computation of Per Share Earnings (included within Annual Report
on Form 10-K).
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12
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Statement
Regarding Computation of Ratios, filed herewith.
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14
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Code
of Business Conduct and Ethics (Incorporated by reference to Exhibit 14 to
the Trust’s Annual Report on Form 10-K, filed on March 16,
2009.)
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21.1
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List
of Subsidiaries of the Registrant.
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23.1
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Consent
of Independent Registered Public Accounting Firm, Deloitte & Touche
LLP.
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31.1
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Certificate
of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
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31.2
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Certificate
of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
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32.1
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Certificate
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
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32.2
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Certificate
of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
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(1)
Denotes a management contract or compensatory plan, contract or
arrangement.
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