This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BRE Properties Announces Disposition Of Six Joint Venture Interests

Stocks in this article: BRE

BRE Properties, Inc. (NYSE:BRE), a leading owner, operator and developer of high-quality apartment communities in targeted growth markets in California and Seattle, announced today the sale of six joint venture interests to its joint venture partner for a total sales price of $47.5 million.

“This sale furthers our strategy of disposing non-core communities and reinvesting the proceeds in BRE’s current development pipeline to increase our concentration in targeted high-barrier, coastal markets,” commented Constance B. Moore, President and Chief Executive Officer. After giving effect to this transaction, the Company exits the Denver, CO market and has two remaining communities held in joint venture structures, representing less than 0.5% of the Company’s expected 2013 annual net operating income.

 
Details of the sale are as follows:
 
Interests in communities sold: The Bluffs at Highland Ranch (Denver, CO)
The Fairways at Raccoon Creek (Denver, CO)
Pinnacle at DTC (Denver, CO)
Pinnacle at Mountain Gate (Denver, CO)
Pinnacle at Union Hills (Phoenix, AZ)
Pinnacle Terrace (Phoenix, AZ)
 
Ownership Interests: BRE maintained a 15% interest in each of the joint venture communities. The entire 15% interest in each community was sold.
 

BRE’s share of the six communities held in joint ventures for the year ended 2012:

 
Income from unconsolidated entities: $1,564,000
Management fee revenue received: $1,082,000
Depreciation from unconsolidated entities:

$1,126,000

Total contribution to FFO: $3,772,000
 

The sale of these communities resulted in a net gain of approximately $15 million. All of the communities were held on an unencumbered basis.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs