SA News • Thu, Jan. 22
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Thu, Jan. 22, 4:52 PM| Comment!
Thu, Jan. 22, 1:19 PM
- Allowing that the 2014/2015 academic year was a rousing success for Education Realty Trust (EDR +0.1%), analyst Nick Yulico reminds this is now in the rear-view mirror.
- "With additional equity issuance, rising G&A, and a lowered asset base on the horizon, we estimate materially lower 2015 FFO of $1.82 per share (Street low)."
- He downgrades to Sell, with the $35 price target a 4% discount to his forward NAV estimate.
Wed, Jan. 21, 10:13 AM| Comment!
Thu, Jan. 15, 9:07 AM
Thu, Jan. 15, 7:58 AM
- It's looking like a relative valuation call, as the downgrade to American Campus Communities (NYSE:ACC) by analyst Andrew Rosivach comes alongside a boost in the price target to $41 from $38 (last night's close: $43.69). Rosivach sees a 1% downside to the new price target vs. an average 7% upside for the rest of his coverage. "We believe ACC will trade at a lower multiple to other sectors with higher internal growth in a strong economic environment."
- Education Realty Trust (NYSE:EDR) is also downgraded to Sell.
Mon, Jan. 12, 4:14 PM
- EDR closed on the sales of two communities in Q4 for a total of $35.8M - an estimated economic cap rate of 5.76%. The company also issued 523K shares through its ATM program, with net proceeds of $18.1M used to pay down the credit line.
- As for 2015/2016, the same-community portfolio is currently 180 basis points ahead of one year ago, with 40% of beds preleased for the fall. "We are encouraged," says COO Christine Richards.
- Source: Press Release
Nov. 21, 2014, 2:22 PM
Oct. 27, 2014, 8:43 AM
- Q3 core FFO of $14.8M or $0.11 per share vs. $8.7M and $0.08 one year ago.
- Same-community NOI up 4.4%, with 3.5% revenue growth and operating expenses up 2.9% (mostly from higher property taxes). 2014/2015 lease term opened with same-community revenue growth of 4% - 2% rental increase and a 200 basis point improvement in occupancy to 96.3%.
- Full-year core FFO per share guidance of $0.61-$0.64 is reaffirmed.
- Conference call at 10 ET
- Previously: Education Realty Trust FFO in-line, beats on revenue
- EDR no trades premarket
Oct. 27, 2014, 6:33 AM| Comment!
Oct. 26, 2014, 5:30 PM
Oct. 24, 2014, 8:34 AM
- Education Realty Trust (NYSE:EDR) is boosted to a Buy from Hold at MLV & Co., while American Campus Communities (NYSE:ACC) is downgraded to Hold from Buy.
- American Campus' Q3 beat estimates earlier this week and the company provided strong guidance, but the stock has failed to advance, perhaps suggesting to the MLV team the shares need a breather after a 20% gain this year. Of course, EDR is ahead 25% this year.
Oct. 15, 2014, 7:36 AM
Sep. 18, 2014, 2:50 PM
- Although all three - American Campus Communities (ACC -1.3%), Campus Crest Communities (CCG -1.2%), and Education Realty Trust (EDR -1.1%) - have performed broadly in line with the broad REIT universe, the trio consistently score low in the Markit REIT model.
- Said model ranks REITs on things like balance sheet strength, operational strategy, and price momentum, and those ranking near the bottom have underperformed the REIT sector by more than 25% over the past five years. CCG and EDR have typically been in the worst-ranked group, and ACC has recently joined them, mostly thanks to the stock price's premium to NAV.
- Another red flag (or buying signal depending on how you look at it): The shorts are circling, with short interest up 41% YTD, particularly at EDR, where the ratio of shares on loan has jumped six-fold this year as of the end of July.
Aug. 4, 2014, 4:29 PM| Comment!
Aug. 1, 2014, 7:54 AM
- Campus Crest Communities (NYSE:CCG) fell 7.7% yesterday following an earnings miss and cut in guidance. It's off another 1% premarket as MLV throws in the towel on its Buy call.
- Education Realty Trust (NYSE:EDR) reported inline earnings earlier this week, but UBS pulls its Buy rating citing valuation and the uncertain outlook beyond next year.
Jul. 28, 2014, 6:05 AM| Comment!
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