BRE Properties, Inc. (NYSE:BRE) today reported operating results for the quarter and year ended December 31, 2011. All per share results are reported on a fully diluted basis.
Operational and Financial Highlights
- Annual funds from operations (FFO) totaled $154.4 million, or $2.14 per share. Fourth quarter FFO totaled $43.3 million, or $0.57 per share.
- Annual net income available to common shareholders totaled $66.5 million, or $0.93 per share. Fourth quarter net income available to common shareholders totaled $33.6 million, or $0.44 per share.
- Year-over-year annual same-store revenues and net operating income (NOI) increased 3.4% and 4.3%, respectively. Physical occupancy averaged 95.5%; annual turnover in the same-store portfolio was 60%.
- Year-over-year fourth quarter same-store revenues and NOI increased 5.5% and 6.6%, respectively. Physical occupancy averaged 95.4%; annualized turnover in the same-store portfolio was 53%.
- Sold two assets in the Inland Empire during the fourth quarter for a sales price of $65.2 million and a gain on sale of $14.5 million. Also during the quarter the company completed the sale of a property owned in an unconsolidated joint venture. BRE’s share of the proceeds from the property sale totaled $4.8 million and resulted in a gain of $2.0 million (inclusive of a promote of $372,000). The gain and promote are excluded from FFO per share totals.
- The company issued 232,000 shares of common stock during the fourth quarter, at an average share price of $49.26 per share, with total gross proceeds of $11.4 million under its at-the-market equity program.
- Subsequent to the end of the quarter, the company amended and restated its unsecured revolving credit facility. The facility’s capacity remains at $750 million, and has an initial maturity date of April 2015 with an option to extend for an additional year provided certain conditions are met.
- 2012 FFO guidance announced in a range of $2.30 to $2.40 per share. Same-Store revenue and NOI are expected to increase in ranges of 5.00% to 6.75% and 5.25% to 8.00%, respectively.
Fourth Quarter 2011
Funds from operations, the generally accepted measure of operating performance for real estate investment trusts, totaled $43.3 million, or $0.57 per share, for the fourth quarter 2011, compared with $9.8 million, or $0.15 per share, for the fourth quarter 2010. (A reconciliation of net income available to common shareholders to FFO is provided at the end of this release.) FFO for the fourth quarter 2010 included a loss on retirement of debt totaling $22.9 million, or $0.36 per share.
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