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BRE Properties Reports Third Quarter 2012 Results

Stocks in this article: BRE

Capital Markets Activity

On August 13, 2012, BRE issued $300 million of 10.5 year senior unsecured notes with a coupon of 3.375%. Proceeds derived from the offering were used to repay outstanding borrowings under the company’s $750 million unsecured revolving credit facility. The company’s revolving credit facility remains undrawn as of the date of this release. Excluding the revolving credit facility renewal in 2015, the company does not have any meaningful debt maturities until 2017.

Common and Preferred Dividends Declared

On October 30, 2012, BRE’s Board of Directors approved regular common and preferred stock dividends for the quarter ending December 31, 2012. All common and preferred dividends will be payable on Monday, December 31, 2012 to shareholders of record on Friday, December 14, 2012. The quarterly common dividend payment of $0.385 is equivalent to $1.54 per share on an annualized basis and represents a yield of approximately 3.3% on Friday, October 26’s closing price of $47.19 per share. BRE has paid uninterrupted quarterly dividends to shareholders since the company’s founding in 1970.

The company’s 6.75% Series D quarterly preferred dividend is $0.421875 per share.

Earnings Guidance Update

The company updated annual FFO guidance to a range of $2.16 to $2.19 per share, from a previously guided range of $2.32 to $2.38 per share. Excluding the impact of the third quarter non-routine, non-cash impairment charge, the updated annual range equates to $2.35 to $2.38 per share.

The company has established an FFO guidance range of $0.57 to $0.60 per share for the fourth quarter of 2012. The difference between the company’s third quarter 2012 FFO of $0.62 per share and the midpoint of the fourth quarter guidance range of $0.585 per share is due to: (1) loss of income allocations and management fees from unconsolidated communities sold during the third quarter; (2) loss of NOI from properties expected to be sold during the fourth quarter; (3) an expected increase in general and administrative expenses; (4) lower levels of capitalized interest; and (5) higher interest expense associated with the issuance of the $300 million senior unsecured notes and subsequent repayment of amounts outstanding under the revolving credit facility.

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