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BRE Properties Reports Fourth Quarter And Full Year 2012 Results

For the first quarter of 2013, the Company estimates FFO per share to range from $0.54 to $0.58. The difference between the Company’s fourth quarter 2012 FFO of $0.61 per share and the midpoint of the first quarter 2013 guidance range of $0.56 is primarily due to: (1) loss of NOI from San Diego communities sold in the fourth quarter; (2) a sequential increase in both general and administrative expenses and operating expenses in Q1 2013; and (3) the potential loss of NOI from community disposition activity.

The Company’s 2013 financial outlook is based on a number of assumptions and estimates, which are outlined in Attachment B to this release. The primary assumptions and estimates include:

Same-Store Operations

  • An increase in same-store revenue in a range of 3.50% to 4.75%;
  • An increase in same-store expenses in a range of 3.00% to 3.75%; and
  • An increase in same-store NOI in a range of 3.40% to 5.55%.

Projected Investment Activity

  • Development advances are estimated to range from $190 to $225 million; capitalized interest is estimated to range from $22.0 to $23.5 million.
  • Proceeds from property dispositions are expected to be the primary source of capital. The Company currently anticipates that proceeds from community / land sales proceeds will total $150 to $250 million in 2013. At this time, the Company does not expect to call for redemption its outstanding Series D preferred shares during 2013.
  • Core FFO guidance does not include any non-routine income or expense items (including gains or losses associated with the sale of land).

Common and Preferred Dividends Declared

On February 4, 2013, BRE’s Board of Directors approved common and preferred stock dividends for the quarter ending March 31, 2013. All common and preferred dividends will be payable on Friday, March 29, 2013 to shareholders of record on Friday, March 15, 2013.

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