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BRE Properties Provides Disposition Activity Update

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 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.

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