MEMPHIS—Education Realty Trust (EdR), one of the nation's largest developers, owners, and managers of student housing, has released its first quarter earnings. Core funds from operations totaled $19.4 million in the quarter, compared to $16.4 million in the year ago period.

Here are some other quick numbers: Net operating income (NOI) was $21.4 million for the quarter, an increase of 1.9%, or $0.4 million, from the prior year. Revenue for the quarter was up 3% as compared to the prior year with a 2.9% increase in rental rates.

"During the first quarter, we continued to execute on our plan to produce solid internal growth through successful preleasing and meaningful external growth through our 2014-2016 development deliveries," says Randy Churchey, EdR's president and CEO. "As a result, the company is on track for a strong and successful 2014."