BRE Properties, Inc. BRE today reported operating results for the quarter ended September 30, 2010. All per share results are reported on a fully diluted basis.
Third Quarter Highlights
- Funds from operations (FFO) totaled $30.6 million, or $0.47 per share. Per share results include $2.4 million, or $0.04 per share, of acquisition costs.
- Year-over-year third quarter same-store revenues and net operating income (NOI) declined 0.8% and 1.8%, respectively. Physical occupancy averaged 96.2%; annualized turnover within the same-store portfolio was 67%.
- 2010; $321.3 million of the $356.3 million outstanding were tendered and retired.
- Annual same-store guidance adjusted upward with the expectation that 2010 same-store revenues will decline in a range of 1.85% to 2.15% from 2009 levels, and 2010 same-store net operating income will decline in a range of 3.5% to 4.0% from 2009 levels.
- 2010 FFO guidance adjusted to $1.54 to $1.57 per share, reflecting the $23 million, or $0.37 per share, loss on retirement of debt that will be recorded for the annual period. Guidance update implies a fourth quarter FFO per share range of $0.47 to $0.50 excluding the loss on retirement of debt.
Net income to common shareholders for the third quarter 2010 totaled $19.6 million, or $0.30 per share, compared with net income of $16.6 million, or $0.31 per share, for the same period 2009. The third quarter 2010 results include gains on sales of real estate totaling approximately $13.2 million, or $0.19 per share, and acquisition expenses cited above totaling $2.4 million, or $0.04 per share. The third quarter 2009 results included a gain on sale of real estate of approximately $7.3 million, or $0.14 per share, and the gain on retirement of debt cited previously.
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