February 23, 2010 / 10:14 PM / 8 years ago

UPDATE 1-Education Realty Q4 FFO jumps

* Q4 FFO $0.13/shr vs $0.09/shr year ago

* Sees FY FFO of $0.34-$0.40/shr vs est $0.44/shr

Feb 23 (Reuters) - Real estate investment trust Education Realty Trust Inc’s (EDR.N) fourth-quarter funds from operations (FFO) more than doubled, partly helped by a drop in operating expenses, but gave its 2010 FFO guidance below market estimates.

For the full year, the company forecast FFO of 34 cents to 40 cents a share. Analysts on average were expecting FFO of 44 cents a share, according to Thomson Reuters I/B/E/S.

Fourth-quarter FFO was $7.3 million, or 13 cents a share, compared with $2.6 million, or 9 cents a share, a year ago.

Excluding items, the company reported FFO of 18 cents a share.

Analysts were expecting FFO of 16 cents a share.

Operating expenses fell 5 percent to $28.1 million.

FFO is a key performance measure for real estate investment trusts, or REITs, because it excludes the profit-reducing effect of depreciation.

Shares of the student housing real estate investment trust closed at $5.52 Tuesday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Maju Samuel)

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