MEMPHIS, Tenn.--(BUSINESS WIRE)--EdR (NYSE:EDR), a national leader in the ownership, development and management of collegiate housing, today announced leasing results for the 2015/2016 lease term.
EdR’s same-community portfolio opened the 2015/2106 lease term 97.0% occupied, compared to an opening occupancy of 96.6% in the prior year. In addition, same-community net rental rates increased 3.4% over the prior year for a total rental revenue growth of 3.8%. These results continue EdR’s strong same-community growth trend of the last five years, during which EdR generated a same-community compounded annual revenue growth rate of 3.9%.
“I am proud of our team for producing another year of strong leasing results,” stated Christine Richards, executive vice president and chief operating officer. “Our on-site staff did an amazing job maximizing our best-in-class portfolio, driving strong leasing velocity and rate growth over the duration of the leasing cycle. Our focus on residents, service, technology and market data have led to industry leading leasing results over the last five years. And with favorable supply trends in our markets for 2016, the back drop for the next leasing cycle remains favorable.”
One of America's largest owners, developers and managers of collegiate housing, EdR (NYSE:EDR) is a self-administered and self-managed real estate investment trust that owns or manages 81 communities with over 42,000 beds serving 52 universities in 23 states. EdR is a member of the Russell 2000 Index and the Morgan Stanley REIT indices. For details, please visit the Company's Web site at www.EdRtrust.com.
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