- Fourth quarter same-store revenues and net operating income (NOI) increased 5.6% and 6.2%, respectively, compared to the fourth quarter 2011. During the quarter, physical occupancy averaged 95.7%; annualized turnover was 55.5%; and average revenue per occupied home was $1,645.
- For the full year 2012, same-store revenues and net operating income (NOI) increased 5.5% and 6.4% over 2011, respectively.
- During the fourth quarter, BRE completed the sale of two San Diego apartment communities for a combined gross sales price of $77.0 million. For the full year 2012, the Company sold six communities, including three in which it owned joint venture interests, for aggregate net proceeds to the company of $115.1 million.
- During the fourth quarter, the Company completed construction of Lawrence Station, a 336-home community located in Sunnyvale, California. The project was completed on time and on budget at a total cost of approximately $110.0 million. Also in the fourth quarter, the Company commenced construction of Radius, a 264-unit luxury apartment community located in Redwood City, California, with a projected total cost of $98 million.
- 2013 Core FFO guidance announced in a range of $2.35 to $2.45 per share. Same-store revenue and NOI are expected to increase within the ranges of 3.50% to 4.75% and 3.40% to 5.55%, respectively.
BRE Properties Reports Fourth Quarter And Full Year 2012 Results
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