Education Realty Trust, Inc. (NYSE:EDR) Q2 FFO on Target, Revenue Beats Expectations

Education Realty Trust, Inc. (NYSE:EDR) reported core funds from operations in line with the Street view while fiscal 2014 guidance range was also on par. Revenue beat expectations.

Core funds from operations were $17.3 million, or $0.15 per share/unit for Q2, compared to $14.5 million, or $0.13 per share/unit in the prior year, an increase of 15% on a per share basis. The Street expected FFO of $0.15 per share, according to Capital IQ estimates.

Net income attributable to common stockholders for the quarter was a loss of $8.8 million, or $0.08 per diluted share, compared to net income of $3.8 million, or $0.03 per diluted share, for the prior year.

The company recognized a $9.9 million impairment charge in June of 2014 related to pending dispositions and recognized a gain on sale of assets of $3.9 million in Q2 2013. Total revenues were $50.0 million, better than the $47 million the Street expected.

For the full year, the company updated full year Core FFO guidance to $0.61 to $0.64 per share/unit, representing an 11% to 16% increase over 2013. The Street expects $0.61 per share. EDR trades in a 52-week range of $8.30 to $11.31, with shares steady at $11.00 in pre-market.