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Bre Properties Inc (BRE) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2013

Bre Properties Inc

CIK: 1011174 Ticker: BRE

Exhibit 99.1

 

LOGO

BRE PROPERTIES REPORTS FIRST QUARTER 2013 RESULTS

Common and Preferred Dividends Declared

April 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 $0.58 per share for the quarter ended March 31, 2013. The per share results reflect an increase of 1.8% 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 ended March 31, 2013 and 2012 there were no reconciling differences between FFO and Core FFO.

First Quarter 2013 Highlights

 

   

First quarter same-store revenues and net operating income (NOI) increased 4.9% and 5.3%, respectively, compared to the first quarter 2012. During the quarter, physical occupancy averaged 95.2%; annualized turnover was 54%; and average revenue per occupied home was $1,666.

 

   

BRE completed the sale of six joint venture interests (four in Denver and two in Phoenix) to its joint venture partner for a total sales price of $47.4 million and a gain on sale of $15.0 million.

 

   

The Company delivered the first 54 homes at Aviara, a 166-home community located on Mercer Island in Seattle, Washington. Also during the quarter, the Company commenced construction of MB360, a 360-home luxury apartment community located in San Francisco, California.

 

   

Second quarter 2013 FFO per share guidance announced in a range of $0.56 - $0.60.


The following information was filed by Bre Properties Inc (BRE) on Wednesday, May 1, 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: 0001193125-13-210789
Submitted to the SEC: Thu May 09 2013 3:20:21 PM EST
Accepted by the SEC: Thu May 09 2013
Period: Sunday, March 31, 2013
Industry: Real Estate Investment Trusts

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