This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BRE Properties Reports Second Quarter 2012 Results

Stocks in this article: BRE

BRE Properties, Inc. (NYSE:BRE) today reported operating results for the quarter ended June 30, 2012. All per share results are reported on a fully diluted basis.

Second Quarter Operational and Financial Highlights

  • Quarterly funds from operations (FFO) totaled $45.8 million, or $0.59 per share. Quarterly net income available to common shareholders totaled $28.7 million, or $0.37 per share.
  • Year-over-year second-quarter same-store revenues and net operating income (NOI) increased 5.1% and 5.6%, respectively. On a sequential basis from the first quarter to the second quarter of 2012, same-store revenues and NOI increased 1.4% and 1.5%, respectively.
  • Physical occupancy averaged 95.4%; annualized turnover within the same-store portfolio was 65% for the quarter. Average revenue per occupied home for the quarter was $1,599.
  • Sold a 96 home community in San Diego for gross proceeds of $12.6 million and a gain on sale of $8.3 million.
  • The company did not issue any stock under its at-the-market (ATM) equity program.
  • Annual same-store guidance updated with the expectation that 2012 same-store revenues will increase in a range of 5.00% to 5.75% from 2011 levels, and 2012 same-store NOI will increase in a range of 5.75% to 6.75%.
  • 2012 FFO guidance updated to $2.32 to $2.38 per share. Third quarter guidance announced in a range of $0.58 to $0.61 per share.

Second Quarter 2012

Funds from operations, the generally accepted measure of operating performance for real estate investment trusts, totaled $45.8 million, or $0.59 per share, for second quarter 2012, as compared with $34.9 million, or $0.49 per share, for the quarter ended June 30, 2011. FFO for the second quarter 2011 included a $3.6 million, or $0.05 per share, preferred stock redemption charge (a reconciliation of net income available to common shareholders to FFO is provided at the end of this release). Net income available to common shareholders for the second quarter totaled $28.7 million, or $0.37 per share, as compared with $6.2 million, or $0.09 per share, for the same period 2011. The second quarter 2011 results included the preferred stock redemption charge cited previously.

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs