This Day On The Street
Continue to site
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

BRE Properties Provides Disposition Activity Update

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 following disposition activity:

  • In June 2013, the Company completed the sale of Summerwind Townhomes, a 200-home, wholly-owned apartment community in Los Angeles, CA, for total net proceeds of $46.8 million.
  • Also in June, the Company completed the sale of Arcadia Cove, a 432-home apartment community in Phoenix, AZ, in which the Company owned a 15% interest. Total net proceeds to BRE were $6.0 million.

The sale of these communities resulted in a combined net gain of approximately $22 million. Both communities were held on an unencumbered basis.

“These sales further our strategy of disposing of non-core communities and recycling capital into our high-barrier, core in-fill development pipeline,” commented Constance B. Moore, President and Chief Executive Officer. “Including our first quarter dispositions, we have generated approximately $100 million in sales proceeds and are targeting an additional $75 million to $125 million of communities to be marketed for sale in the second half of 2013.“

Additional information regarding the community sales:

                                               
Community        

BRE Ownership

        Homes        

Year Built

       

May 2013 Revenue per Occupied Home

       

YTD 2013 Annualized NOI (1)

       

YTD 2013 vs. 2012 Revenue Growth (3)

Summerwind Townhomes         100%         200         1987         $1,889         $2,846,000         0.1%
Arcadia Cove (JV)         15%         432         1996         $825         $2,620,000 (2)         4.6%
 

(1) Represents net operating income for the period January 1, 2013 through May 31, 2013, annualized.(2) Represents 100% of community net operating income. BRE maintained a 15% interest in Arcadia Cove.(3) Represents total revenue growth for the community between year-to-date May 2013 and year-to-date May 2012.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs