• Q3-FY2023 (quarter ended May 2023) revenue was up 5% YoY, and in line with our estimate. Revenue was driven by higher rental and occupancy rates, amid a rising inflow of international students. Education revenue (71% of total) was up 2% YoY, while rental revenue (25% of total) was up 8% YoY.
    • EBITDA was up 3% YoY, but 6% below our estimate due to lower than expected gross margins. G&A and other expenses grew faster than rent and tuition fees due to inflation.
    • EPS deteriorated due to higher interest expenses amid a steep rise in rates.
    • This company’s student housing portfolio has six operating, and three development-stage projects, totaling 2,700+ beds, with an estimated build-out value of $1.1B.
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