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Bre Properties Inc (BRE) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Bre Properties Inc

CIK: 1011174 Ticker: BRE

Exhibit 99.1

BRE PROPERTIES REPORTS FOURTH QUARTER AND YEAR 2010 RESULTS

Common and Preferred Dividends Declared

February 7, 2011 (San Francisco) – BRE Properties, Inc. (NYSE:BRE) today reported operating results for the quarter and year ended December 31, 2010. All per share results are reported on a fully diluted basis.

Operational and Financial Highlights

 

   

Annual funds from operations (FFO) totaled $98.9 million, or $1.58 per share. Per share results included a loss on retirement of debt totaling $23.5 million, or $0.38 per share. Fourth quarter FFO totaled $9.8 million, or $0.15 per share. Per share results included a loss on retirement of debt totaling $22.9 million, or $0.36 per share.

 

   

Annual net income available to common shareholders totaled $41.6 million, or $0.67 per share. Fourth quarter net income available to common shareholders totaled $149,000, or $0.00 per share.

 

   

Year-over-year annual same-store revenues and net operating income (NOI) decreased 2.0% and 3.7%, respectively. Physical occupancy averaged 95.6%; annual turnover in the same-store portfolio was 61%.

 

   

Year-over-year fourth quarter same-store revenues and NOI both increased 0.4%. Physical occupancy averaged 95.5%; annualized turnover in the same-store portfolio was 55%.

 

   

Sold one asset in the Inland Empire during the fourth quarter for a sales price of $30.0 million and a gain on sale of $15.2 million. Annual disposition activity totaled four communities (three in the Inland Empire and one in Seattle) for a combined sales price of $167.3 million. The dispositions produced gains on sale totaling $40.1 million.

 

   

Annual acquisition activity consisted of four stabilized properties with 1,037 units, for a total purchase price of $292 million, and one land parcel for future development of 280 units for $19 million.

 

   

Annual capital markets activity included: $301 million of equity issuance, $300 million of 5.20% unsecured senior notes due March 2021 and the repurchase of $336 million of convertible notes.

 

   

2011 FFO guidance announced in a range of $2.06 to $2.18 per share. Same-Store revenue and NOI are expected to increase in ranges of 3.00% to 4.25% and 3.00% to 5.30%, respectively.

 

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The following information was filed by Bre Properties Inc (BRE) on Tuesday, February 8, 2011 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-K Annual 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-K Annual Report
Accession Number: 0001193125-11-040149
Submitted to the SEC: Fri Feb 18 2011 1:51:59 PM EST
Accepted by the SEC: Fri Feb 18 2011
Period: Friday, December 31, 2010
Industry: Real Estate Investment Trusts

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