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BRE Properties Reports Third Quarter 2012 Results

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

Third Quarter Operational and Financial Highlights

  • 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.

Third Quarter 2012

To reduce the overall size of the company’s development pipeline, it has decided to take the following actions: (1) seek a joint venture partner for the development of two land parcels it owns in Pleasanton, CA; and (2) sell the two land parcels that compose its Park Viridian II site in Anaheim, CA which resulted in the previously noted impairment charge. The carrying value of the Anaheim parcels was reduced from $38.1 million to $23.1 million and is recorded in Other Assets as of September 30, 2012.

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