This morning, management's commentary will cover our financial and operating results for the quarter, the operating environment and an update on our investment activity, our financial position and outlook for the balance of the years. John, Scott and I will provide the prepared remarks and Steve Dominiak will be available during the Q&A session.
We are pleased with our results for the third quarter. The operating environment particularly in our coastal California markets or apartments continues to be strong and we continue to see momentum in our markets which Scott will address in a moment. We are beginning to see acceleration in job growth across all of our core markets and in fact on a year-over-year all of BRE’s core markets turned positive in the third quarter for the first time since the recession began.
In fact in our eight core markets over a 150,000 jobs were added in the 12 months ending September 2011 and over a 100,000 of these jobs came in the third quarter setting us up for a solid fourth quarter and into 2012. Our operating results came in as we expected and are consistent with the mid-year update we provided last quarter.
This morning my comments will focus on some specific names regarding our investment activity and operations. On the investment side the landscape remains competitive within our markets despite the broader market gyrations. We continue our approach of opportunistically sourcing deals that makes sense from a location and a cap rate perspective. We were active early cycle acquirers during the past 24 months closing on over 465 million of on balance communities and increasing our operating real estate portfolio by 15%.Our Lafayette Highlands community acquired in the third quarter is our most recent example. The property is within two miles of both the Lafayette and Walnut Creek BART station has one of the best school districts in the nation as an average income of $127,000 and a median home price of $787,000 making our rent half of the monthly cost of owning a home.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV