We encourage our listeners to read BRE’s Form 10-K for a full description of potential
risk factors and our 10-Q for interim updates. This morning management’s commentary will cover our financial and operating results for the quarter, the operating environment, and un update on our investment and activity, our financial position and our outlook for the balance of the year. John, Scott and I will provide the prepared remarks. Steve Dominiak will be available during the Q&A session.
FFO per share totaled $0.59 for the quarter, which compares favorably to the range we provided in May of $0.56 to $0.58. Our results came in through the high end of the FFO range as property level expenses came in lower than anticipated.
We are updating our annual FFO guidance to a range of $2.32 to $2.38 with a midpoint at 2.35, which is unchanged from our initial guidance. The updated guidance reflects the continued strength of market fundamentals that we see in our Northern California and Seattle market while also recognizing the impact of less trends experienced by our Southern California markets in the first half of the year.We are encouraged by the June job numbers in our core market. San Diego reordered year-over-year job gains of 23,000 or 1.9% growth. Orange county reordered gains of 33,000 or 2.4% growth, and Los Angeles posted new jobs of 78,000 for growth of 2.1%. On a percentage of growth basis, these gains all exceeded the markets of New York, Washington, D.C., Dallas and Atlanta. The San Francisco Bay area and Seattle markets continue their strong growth in employment, recording year-over-year gains in June of 3% and 2.6%, respectively. These numbers suggest that Southern California job growth is finally gaining traction. There is no doubt that the uneven pace of the recovery in markets like San Diego, which experienced the negative effect of troop rotation early in the year, challenged our ability to aggressively push rent and impacted the patient growth for the entire portfolio. As a result, we’ve brought the midpoint of our annual same-store revenue guidance down by 50 basis points from the initial midpoint, reflecting this market condition.