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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.

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