KBW Adjusts EDR Estimates

“New 2011 and 2012 estimates are $0.39 and $0.46; NAV now $8.00/sh,” KBW said in a report this morning. “All-in we estimate Education Realty Trust, Inc. Co. EDR is issuing equity at an implied economic cap rate of 6.4% (assuming $7.75/sh, 5% fees) and would not be surprised if EDR has an acquisition(s) lined up, as the company has no other obvious immediate uses for the cash.” Education Realty Trust currently trades at $7.73.