- 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.
BRE Properties Reports Second Quarter 2012 Results
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