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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:
May 2013Revenue perOccupiedHome
YTD 2013Annualized NOI (1)
YTD 2013 vs. 2012Revenue Growth (3)
Arcadia Cove (JV)
(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.