- Quarterly funds from operations (FFO) totaled $32.5 million, or $0.42 per share. FFO for the third quarter includes a $15.0 million non-routine, non-cash impairment charge taken in conjunction with the decision to sell land in Anaheim, CA that the company previously intended to develop. Quarterly net income available to common shareholders totaled $12.9 million, or $0.17 per share.
- Excluding the non-routine charge, FFO totaled $47.5 million, or $0.62 per share.
- Year-over-year third-quarter same-store revenues and net operating income (NOI) increased 5.3% and 6.6%, respectively. On a sequential basis from the second quarter to the third quarter of 2012, same-store revenues and NOI both increased by 2.0%.
- Physical occupancy averaged 95.5%; annualized turnover within the same-store portfolio was 71% for the quarter. Average revenue per occupied home for the quarter was $1,626.
- Sold interests in three unconsolidated joint ventures for gross proceeds of $26.9 million and a gain on sales of $6.0 million.
- Issued $300 million of 10.5 year senior unsecured notes with a coupon of 3.375%.
- The company did not issue any stock under its at-the-market (ATM) equity program.
- Fourth quarter FFO guidance announced in a range of $0.57 to $0.60 per share.
BRE Properties Reports Third Quarter 2012 Results
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