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Bre Properties Inc (BRE) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2013

Bre Properties Inc

CIK: 1011174 Ticker: BRE

 

Section 2: Ex-99.1 (Press Release of BRE Properties, Inc. Dated July 30, 2013)

 

 

 

BRE PROPERTIES REPORTS SECOND QUARTER 2013 RESULTS

2013 Core FFO Guidance Increased

 

July 30, 2013 (San Francisco) – BRE Properties, Inc. (NYSE:BRE), a leading owner, operator and developer of high-quality apartment communities in targeted growth markets in California and Seattle, today reported Core Funds From Operations (Core FFO) of $0.63 per share for the quarter ended June 30, 2013. The per share results reflect an increase of 6.8% over the comparable period in 2012. Core FFO is used to facilitate comparisons of the Company’s earnings results and excludes certain non-core items that by their nature are not comparable when comparing periods or earnings performance between periods. All per share results are reported on a fully diluted basis.

 

A reconciliation of FFO and Core FFO can be found in Exhibit B of the Company’s Supplemental Operating and Financial Data. During the quarters and six months ended June 30, 2013 and 2012 there were no reconciling differences between FFO and Core FFO.

 

Highlights

 

·Second quarter 2013 same-store revenues and net operating income (NOI) increased 4.7% and 7.1%, respectively, compared to the second quarter 2012. During the quarter, physical occupancy averaged 95.0%; annualized turnover was 64.5%; and average revenue per occupied home was $1,694.

 

·Core FFO results of $0.63 per share for the second quarter compared to the previously provided Company guidance of $0.56 to $0.60 per share reflect: (1) solid same-store revenue growth; (2) a reduced level of same-store operating expenses (including a lower level of repairs and maintenance expense and the benefit of $1.0 million in same-store real estate tax refunds); (3) timing on certain G&A expenses (primarily legal related costs); and (4) the timing of community dispositions which closed in late June.

 

·As previously reported, during the second quarter, BRE completed the sale of a wholly owned apartment community in Los Angeles, California for net proceeds of $46.8 million and the sale of an apartment community in Phoenix, Arizona in which the Company owned a 15% interest. Total net proceeds to BRE for the joint venture interest sale were $6.0 million.

 

·The Company completed construction of Aviara, a 166-home community located on Mercer Island in Seattle, Washington.

 

·Annual same-store guidance updated with the expectation that 2013 same-store revenues will increase in a range of 4.25% to 4.75% from 2012 levels, same-store expense will increase in a range of 1.75% to 2.50%, and same-store NOI will increase in a range of 5.0% to 6.0%.

 

·2013 Core FFO guidance updated to $2.44 to $2.50 per share. Third quarter guidance announced in a range of $0.62 to $0.65 per share.

 


The following information was filed by Bre Properties Inc (BRE) on Wednesday, July 31, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: BRE
CIK: 1011174
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-13-042726
Submitted to the SEC: Fri Aug 02 2013 1:54:16 PM EST
Accepted by the SEC: Fri Aug 02 2013
Period: Sunday, June 30, 2013
Industry: Real Estate Investment Trusts

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