UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 3, 2010
BRE Properties, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 1-14306 | 94-1722214 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| 525 Market Street, 4th Floor, San Francisco, CA | 94105-2712 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (415) 445-6530
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencernent communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| ITEM 2.02. | Results of Operations and Financial Condition |
On August 3, 2010, we issued a press release and supplemental financial data with respect to our financial results for the quarter ended June 30, 2010. Copies of the press release and supplemental financial data are furnished as Exhibit 99.1 and Exhibit 99.2 to this report, respectively. The information contained in this Item 2.02 and the attached Exhibit 99.1 and Exhibit 99.2 are furnished to, and not filed with, the Securities and Exchange Commission.
| ITEM 8.01. | Other Events. |
August 3, 2010, we reported operating results for the quarter ended June 30, 2010. All per share results are reported on a fully diluted basis.
Second Quarter Highlights
| • | Funds from operations (FFO) totaled $28.9 million, or $0.46 per share. |
| • | Per share results include: $0.02 in one-time compensation expense associated with the departure of our chief operating officer; $0.01 of acquisition costs; and a $0.01 loss on the retirement of $15 million in convertible debt. |
| • | Year-over-year second-quarter same-store revenues and net operating income (NOI) declined 2.7% and 4.9%, respectively. |
| • | Physical occupancy averaged 95.7%; annualized turnover within the same-store portfolio was 65%. |
| • | Issued 8.1 million common shares, generating approximately $264 million of net proceeds. |
| • | Annual same-store guidance adjusted upward with the expectation that 2010 same-store revenues will decline in a range of 2.25% to 3.0% from 2009 levels, and 2010 same-store net operating income will decline in a range of 4.0% to 5.0% from 2009 levels. |
| • | 2010 FFO guidance adjusted upward to $1.84-$1.92 per share. |
Three-Month Period Ended June 30, 2010
Funds from operations, the generally accepted measure of operating performance for real estate investment trusts, totaled $28.9 million, or $0.46 per share, for the second quarter 2010, compared with $37.2 million, or $0.70 per share, for the second quarter 2009. (A reconciliation of net income (loss) available to common shareholders to FFO is provided at the end of this release.) FFO for the second quarter of 2010 includes: (1) one-time compensation costs related to the resignation our chief operating officer, totaling $1.3 million, or $0.02 per share; (2) acquisition-related expenses totaling $471,000, or $0.01 per share; and (3) a loss on retirement of debt totaling $558,000, or $0.01 per share. FFO for the second quarter of 2009 included a $2.0 million, or $0.04 per share, net gain on retirement of debt.
Net income to common shareholders for the second quarter 2010 totaled $16.3 million, or $0.26 per share, compared with net income of $28.2 million, or $0.54 per share, for the same period 2009. The second quarter 2010 results include a gain on sale of real estate of approximately $11.7 million, or $0.19 per share, and non-operating expenses cited above totaling $2.3 million, or $0.04 per share. The second
quarter 2009 results included a gain on sale of real estate of approximately $14.3 million, or $0.28 per share, and the net gain on retirement of debt cited previously.
Total revenues from continuing operations for the quarter were $84.8 million, compared with $82.4 million for the second quarter of 2009. Adjusted EBITDA for the quarter totaled $54.6 million, compared with $57.3 million in the second quarter 2009. (A reconciliation of net income available to common shareholders to Adjusted EBITDA is provided at the end of this release.)
Our year-over-year earnings and FFO results reflect the impact of the following during 2010: (1) declines in same-store property-level operating results from 2009 levels; (2) normalized levels of G&A expense (G&A levels in 2009 were reduced by out-of-the-money stock based compensation awards); and (3) the impact of acquisition costs from investment transactions. We also carried a higher level of outstanding shares from equity issued in 2009 and 2010. During the second quarter of 2010 compared to the second quarter of 2009, we received the benefit of $2.2 million in additional NOI generated by recently developed properties that are not included in the same-store pool, and $1.0 million in NOI from acquisition communities.
Six-Month Period Ended June 30, 2010
For the first half of 2010, FFO totaled $58.3 million, or $0.97 per share, compared with $72.0 million, or $1.37 per share, for the same period in 2009. FFO for the first half of 2010 includes the previously cited one-time compensation costs and loss on retirement of debt as well as acquisition-related expenses totaling $1.4 million, or $0.03 per share. FFO for the first half of 2009 included a $2.0 million, $0.04 per share, net gain on retirement of debt cited previously.
Net income available to common shareholders for the first half of 2010 totaled $21.8 million, or $0.37 per diluted share, compared with $41.2 million, or $0.79 per diluted share, for the same period 2009. Net income totals for both 2009 and 2010 periods include the gains on sales and non-operating income, and expense items cited previously.
For the first half of 2010, total revenues from continuing operations were $167.2 million, compared with $165.0 million for the same period in 2009. Adjusted EBITDA for the first half of 2010 totaled $108.5 million, compared with $115.7 million for the same period in 2009.
Same-Store Property Results
We define same-store properties as stabilized apartment communities that we have for at least five full quarters. Of the 21,604 apartment units we own directly, same-store units totaled 19,218 for the quarter.
The same-store pool reflects a reduction of 978 units from the first quarter 2010 pool related to the classification of two communities in the Inland Empire as held for sale.
On a year-over-year basis, overall same-store revenues and net operating income for the second quarter declined 2.7% and 4.9%, respectively. The GAAP (straight line) impact of rental concessions in the same-store portfolio totaled $2.8 million for the second quarter 2010, compared with $2.3 million for the same period in 2009. New concessions awarded in the same-store portfolio during the second quarter of 2010 totaled approximately $400,000, compared to $4.5 million in the same quarter a year ago. Physical occupancy levels averaged 95.7% during the second quarter 2010, compared with 93.9% for the same period in 2009. Annualized turnover during the second quarter was 65%; year-to-date annualized turnover is averaging 61%, compared with 65% for the same period in 2009.
On a sequential basis, overall same-store revenues increased 0.5%, and NOI declined 0.3% from the first quarter of 2010. The sequential improvement in same-store revenues was the first since the third quarter of 2008. Physical occupancy levels improved 70 basis points, and effective rents on new leases improved 2.8% from first quarter 2010 levels.
Community Development Activity
During the second quarter 2010, we had two development communities in lease-up: Belcarra in Seattle, Washington (296 units), and Villa Granada in Santa Clara, California (270 units, when complete). The current physical occupancy at these communities is: Belcarra, 96%; and Villa Granada, 28% (of units delivered). Since the communities opened, leasing velocity has averaged 34 units per month at Belcarra and 33 units per month at Villa Granada. Average occupancy for the second quarter was 76% at Belcarra, and 19% (of units delivered) at Villa Granada. The first 124 units at Villa Granada were completed during the second quarter; the remaining 146 units will be completed during the third quarter.
We owns four land parcels, two in Southern California and two in Northern California, representing 1,298 units of future development, and an estimated aggregate investment of $580 million upon completion.
Capital Markets Activity
As previously reported, on April 7, we closed an offering of 8,050,000 shares of common stock (including underwriters’ over-allotment option for 1,050,000 shares) at a price of $34.25 per share. Net proceeds totaling approximately $264 million were used to pay down our unsecured line of credit and position us for potential future investment activity. During the second quarter, we did not issue any stock under our at-the-market equity program. We may sell up to $250 million of our common stock through the program on file.
During the quarter, we repurchased through open market transactions $15.0 million of our 4.125% convertible notes, at par, resulting in a net loss of $558,000, or $0.01 per share after accelerated amortization of fees and debt discounts. The principal amount outstanding on the $460 million original issue is $356.3 million as of June 30, 2010.
Investment Activity
On April 20, 2010, we acquired Museum Park, a stabilized property in San Jose, California, for $29.6 million. Built in 2002, Museum Park has 117 units.
On April 5, 2010, we sold Montebello Apartments in the Seattle suburb of Kirkland, Washington for approximately $39 million. We recorded a gain on sale of approximately $11.7 million during the second quarter of 2010.
During the second quarter, we classified two communities in the Inland Empire of Southern California as held for sale. The two assets are: Pinnacle Riverwalk, a 714-unit community, with a net carrying value of $67.1 million; and Boulder Creek, a 264-unit community, with a net carrying value of $16.5 million.
Common and Preferred Dividends Declared
On July 29, 2010, our board of directors approved regular common and preferred stock dividends for the quarter ending September 30, 2010. All common and preferred dividends will be payable on Thursday, September 30, 2010 to shareholders of record on Wednesday, September 15, 2010. The quarterly common dividend payment of $0.375 is equivalent to $1.50 per share on an annualized basis, and represents a yield of approximately 3.5% on Monday’s closing price of $42.98 per share. We have paid uninterrupted quarterly dividends to shareholders since being founded in 1970.
Our 6.75% Series C preferred dividend is $0.421875 per share; the 6.75% Series D preferred dividend is $0.421875 per share.
BRE Properties, Inc.
Consolidated Balance Sheets
Second Quarter 2010
(Unaudited, dollar amounts in thousands except per share data)
| June 30, 2010 |
June 30, 2009 |
|||||||
| ASSETS |
||||||||
| Real estate portfolio: |
||||||||
| Direct investments in real estate: |
||||||||
| Investments in rental properties |
$ | 3,197,408 | $ | 3,105,464 | ||||
| Construction in progress |
49,163 | 124,935 | ||||||
| Less: accumulated depreciation |
(600,142 | ) | (540,165 | ) | ||||
| 2,646,429 | 2,690,234 | |||||||
| Equity in real estate joint ventures: |
||||||||
| Investments |
61,302 | 62,435 | ||||||
| Real estate held for sale, net |
83,625 | 8,168 | ||||||
| Land under development |
163,431 | 128,762 | ||||||
| Total real estate portfolio |
2,954,787 | 2,889,599 | ||||||
| Cash |
6,046 | 5,848 | ||||||
| Other assets |
52,477 | 76,454 | ||||||
| TOTAL ASSETS |
$ | 3,013,310 | $ | 2,971,901 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Liabilities: |
||||||||
| Unsecured senior notes |
$ | 784,907 | $ | 948,906 | ||||
| Unsecured line of credit |
86,000 | 497,000 | ||||||
| Mortgage loans payable |
779,382 | 443,390 | ||||||
| Accounts payable and accrued expenses |
49,068 | 62,148 | ||||||
| Total liabilities |
1,699,357 | 1,951,444 | ||||||
| Redeemable noncontrolling interests |
31,688 | 26,674 | ||||||
| Shareholders’ equity: |
||||||||
| Preferred Stock, $0.01 par value; 20,000,000 shares authorized: 7,000,000 shares with $25 liquidation preference issued and outstanding at June 30, 2010 and June 30, 2009, respectively |
70 | 70 | ||||||
| Common stock, $0.01 par value, 100,000,000 shares authorized. Shares issued and outstanding: 64,021,965 and 52,820,545 at June 30, 2010 and June 30, 2009, respectively |
640 | 528 | ||||||
| Additional paid-in capital |
1,281,555 | 993,185 | ||||||
| Total shareholders’ equity |
1,282,265 | 993,783 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 3,013,310 | $ | 2,971,901 | ||||
BRE Properties, Inc.
Consolidated Statements of Income
Quarters Ended June 30, 2010 and 2009
(Unaudited, dollar and share amounts in thousands)
| Quarter ended 6/30/10 |
Quarter ended 6/30/09 |
Six months ended 6/30/10 |
Six months ended 6/30/09 | |||||||||||
| REVENUES |
||||||||||||||
| Rental income |
$ | 81,612 | $ | 79,205 | $ | 160,932 | $ | 158,582 | ||||||
| Ancillary income |
3,151 | 3,211 | 6,302 | 6,388 | ||||||||||
| Total revenues |
84,763 | 82,416 | 167,234 | 164,970 | ||||||||||
| EXPENSES |
||||||||||||||
| Real estate |
$ | 28,013 | 26,101 | $ | 54,875 | 51,157 | ||||||||
| Provision for depreciation |
22,642 | 21,276 | 44,696 | 40,951 | ||||||||||
| Interest |
20,727 | 19,421 | 41,826 | 40,443 | ||||||||||
| General and administrative |
5,233 | 4,218 | 10,439 | 8,544 | ||||||||||
| Other expenses (2) |
1,771 | — | 2,696 | — | ||||||||||
| Total expenses |
78,386 | 71,016 | 154,532 | 141,095 | ||||||||||
| Other income |
788 | 1,196 | 1,512 | 1,823 | ||||||||||
| Net (loss)/gain from extinguishment of debt |
(558 | ) | 1,958 | (558 | ) | 1,958 | ||||||||
| Income before noncontrolling interests, partnership income and discontinued operations |
6,607 | 14,554 | 13,656 | 27,656 | ||||||||||
| Partnership income |
526 | 580 | 1,073 | 1,237 | ||||||||||
| Income from continuing operations |
7,133 | 15,134 | 14,729 | 28,893 | ||||||||||
| Discontinued operations: |
||||||||||||||
| Discontinued operations, net (1) |
809 | 2,297 | 2,063 | 5,030 | ||||||||||
| Net gain on sales of discontinued operations |
11,681 | 14,289 | 11,681 | 14,289 | ||||||||||
| Income from discontinued operations |
12,490 | 16,586 | 13,744 | 19,319 | ||||||||||
| NET INCOME |
$ | 19,623 | $ | 31,720 | 28,473 | $ | 48,212 | |||||||
| Redeemable noncontrolling interest in income |
373 | 545 | 745 | 1,091 | ||||||||||
| Dividends attributable to preferred stock |
2,953 | 2,953 | 5,906 | 5,906 | ||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ | 16,297 | $ | 28,222 | $ | 21,822 | $ | 41,215 | ||||||
| Net income per common share - basic |
$ | 0.26 | $ | 0.54 | $ | 0.37 | $ | 0.79 | ||||||
| Net income per common share - assuming dilution |
$ | 0.26 | $ | 0.54 | $ | 0.37 | $ | 0.79 | ||||||
| Weighted average shares outstanding - basic |
61,820 | 51,765 | 58,985 | 51,505 | ||||||||||
| Weighted average shares outstanding - assuming dilution |
61,990 | 51,765 | 59,130 | 51,505 | ||||||||||
| (1) | For 2009 and 2010, includes two properties held for sale as of June 30, 2010 and one operating property sold during the three months ending June 30, 2010. The 2009 totals also include results from two properties sold in 2009. |
| (2) | For the three months ended June 30, 2010, other expenses include a $1,300,000 one-time charge associated with resignation of our COO and $470,000 related to acquisition costs. During the three months ended March 31, 2010 other expenses included $925,000 |
| Quarter ended 6/30/10 |
Quarter ended 6/30/09 |
Six months ended 6/30/10 |
Six months ended 6/30/09 |
|||||||||||||
| Rental and ancillary income |
$ | 2,889 | $ | 5,771 | $ | 6,539 | $ | 11,824 | ||||||||
| Real estate expenses |
(1,164 | ) | (2,382 | ) | (2,507 | ) | (4,468 | ) | ||||||||
| Provision for depreciation |
(916 | ) | (1,092 | ) | (1,969 | ) | (2,326 | ) | ||||||||
| Income from discontinued operations, net |
$ | 809 | $ | 2,297 | $ | 2,063 | $ | 5,030 | ||||||||
BRE Properties, Inc.
Non-GAAP Financial Measure Reconciliations and Definitions
(Dollar amounts in thousands)
This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. BRE’s definition and calculation of non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.
Funds from Operations (FFO)
FFO is used by industry analysts and investors as a supplemental performance measure of an equity REIT. FFO is defined by the National Association of Real Estate Investment Trusts as net income or loss (computed in accordance with accounting principles generally accepted in the United States) excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated real estate assets, plus depreciation and amortization of real estate assets and adjustments for unconsolidated partnerships and joint ventures. We calculate FFO in accordance with the NAREIT definition.
We believe that FFO is a meaningful supplemental measure of our operating performance because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure because it excludes historical cost depreciation, as well as gains or losses related to sales of previously depreciated property, from GAAP net income. By excluding depreciation and gains or losses on sales of real estate, management uses FFO to measure returns on its investments in real estate assets. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.
Management also believes that FFO, combined with the required GAAP presentations, is useful to investors in providing more meaningful comparisons of the operating performance of a company’s real estate between periods or as compared to other companies. FFO does not represent net income or cash flows from operations as defined by GAAP and is not intended to indicate whether cash flows will be sufficient to fund cash needs. It should not be considered an alternative to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. Our FFO may not be comparable to the FFO of other REITs due to the fact that not all REITs use the NAREIT definition.
| Quarter Ended 6/30/2010 |
Quarter Ended 6/30/2009 |
Six Months Ended 6/30/2010 |
Six Months Ended 6/30/2009 |
|||||||||||||
| Net income available to common shareholders |
$ | 16,297 | $ | 28,222 | $ | 21,822 | $ | 41,215 | ||||||||
| Depreciation from continuing operations |
22,642 | 21,276 | 44,696 | 40,951 | ||||||||||||
| Depreciation from discontinued operations |
916 | 1,092 | 1,969 | 2,326 | ||||||||||||
| Redeemable noncontrolling interest in income |
373 | 545 | 745 | 1,091 | ||||||||||||
| Depreciation from unconsolidated entities |
486 | 455 | 966 | 904 | ||||||||||||
| Net gain on investments |
(11,681 | ) | (14,289 | ) | (11,681 | ) | (14,289 | ) | ||||||||
| Less: Redeemable noncontrolling interest in income not convertible into common shares |
(105 | ) | (106 | ) | (210 | ) | (212 | ) | ||||||||
| Funds from operations |
$ | 28,928 | $ | 37,195 | $ | 58,307 | $ | 71,986 | ||||||||
| Allocation to participating securities - diluted FFO (1) |
$ | (199 | ) | $ | (189 | ) | $ | (433 | ) | $ | (389 | ) | ||||
| Allocation to participating securities - diluted EPS (1) |
$ | (94 | ) | $ | (269 | ) | $ | (116 | ) | $ | (674 | ) | ||||
| Diluted shares outstanding - EPS |
61,990 | 51,765 | 59,130 | 51,505 | ||||||||||||
| Net income per common share - diluted |
$ | 0.26 | $ | 0.54 | $ | 0.37 | $ | 0.79 | ||||||||
| Diluted shares outstanding - FFO |
62,685 | 52,550 | 59,860 | 52,290 | ||||||||||||
| FFO per common share - diluted |
$ | 0.46 | $ | 0.70 | $ | 0.97 | $ | 1.37 | ||||||||
| (1) | Adjustment to the numerators for diluted FFO per common share and diluted net income per common share calculations when applying the two class method for calculating EPS. |
BRE Properties, Inc.
Non-GAAP Financial Measure Reconciliations and Definitions
(Dollar amounts in thousands)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined by BRE as EBITDA, excluding minority interests, gains or losses from sales of investments, preferred stock dividends and other expenses. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our performance because they eliminate depreciation, interest, and, with respect to Adjusted EBITDA, gains (losses) from property dispositions and other charges, which permits investors to view income from operations without the impact of noncash depreciation or the cost of debt, or with respect to Adjusted EBITDA, other non-operating items described above.
Because EBITDA and Adjusted EBITDA exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of EBITDA and Adjusted EBITDA as measures of our performance is limited. Below is a reconciliation of net income available to common shareholders to EBITDA and Adjusted EBITDA:
| Quarter Ended 6/30/2010 |
Quarter Ended 6/30/2009 |
Six Months Ended 6/30/2010 |
Six Months Ended 6/30/2009 |
|||||||||||||
| Net income available to common shareholders |
$ | 16,297 | $ | 28,222 | $ | 21,822 | $ | 41,215 | ||||||||
| Interest, including discontinued operations |
20,727 | 19,421 | 41,826 | 40,443 | ||||||||||||
| Depreciation, including discontinued operations |
23,558 | 22,368 | 46,665 | 43,277 | ||||||||||||
| EBITDA |
60,582 | 70,011 | 110,313 | 124,935 | ||||||||||||
| Redeemable noncontrolling interest in income |
373 | 545 | 745 | 1,091 | ||||||||||||
| Net gain on sales |
(11,681 | ) | (14,289 | ) | (11,681 | ) | (14,289 | ) | ||||||||
| Dividends on preferred stock |
2,953 | 2,953 | 5,906 | 5,906 | ||||||||||||
| Other expenses |
1,771 | — | 2,696 | — | ||||||||||||
| Net loss/(gain) on extinguishment of debt |
558 | (1,958 | ) | 558 | (1,958 | ) | ||||||||||
| Adjusted EBITDA |
$ | 54,556 | $ | 57,262 | $ | 108,537 | $ | 115,685 | ||||||||
Net Operating Income (NOI)
We consider community level and portfolio-wide NOI to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core property operations prior to the allocation of general and administrative costs. This is more reflective of the operating performance of the real estate, and allows for an easier comparison of the operating performance of single assets or groups of assets. In addition, because prospective buyers of real estate have different overhead structures, with varying marginal impact to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or groups of assets.
Because NOI excludes depreciation and does not capture the change in the value of our communities resulting from operational use and market conditions, nor the level of capital expenditures required to adequately maintain the communities (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI consistently with our definition and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. NOI also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP).
| Quarter Ended 6/30/2010 |
Quarter Ended 6/30/2009 |
Six Months Ended 6/30/2010 |
Six Months Ended 6/30/2009 |
|||||||||||||
| Net income available to common shareholders |
$ | 16,297 | $ | 28,222 | $ | 21,822 | $ | 41,215 | ||||||||
| Interest, including discontinued operations |
20,727 | 19,421 | 41,826 | 40,443 | ||||||||||||
| Depreciation, including discontinued operations |
23,558 | 22,368 | 46,665 | 43,277 | ||||||||||||
| Redeemable noncontrolling interest in income |
373 | 545 | 745 | 1,091 | ||||||||||||
| Net gain on sales |
(11,681 | ) | (14,289 | ) | (11,681 | ) | (14,289 | ) | ||||||||
| Dividends on preferred stock |
2,953 | 2,953 | 5,906 | 5,906 | ||||||||||||
| General and administrative expense |
5,233 | 4,218 | 10,439 | 8,544 | ||||||||||||
| Other expenses |
1,771 | — | 2,696 | — | ||||||||||||
| Net loss/(gain) on extinguishment of debt |
558 | (1,958 | ) | 558 | (1,958 | ) | ||||||||||
| NOI |
$ | 59,789 | $ | 61,480 | $ | 118,976 | $ | 124,229 | ||||||||
| Less Non Same-Store NOI |
7,097 | 6,075 | 13,416 | 11,510 | ||||||||||||
| Same-Store NOI |
$ | 52,692 | $ | 55,405 | $ | 105,560 | $ | 112,719 | ||||||||
| ITEM 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press release of BRE Properties, Inc. dated August 3, 2010, including attachments. | |
| 99.2 | Supplemental Financial data dated August 3, 2010, including attachments. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRE Properties, Inc. (Registrant) | ||||||||
| Date: August 3, 2010 | /s/ John A. Schissel | |||||||
| John A. Schissel Executive Vice President and Chief Financial Officer | ||||||||
Exhibit Index
| Exhibit |
Description | |
| 99.1 | Press release of BRE Properties, Inc. dated August 3, 2010, including attachments. | |
| 99.2 | Supplemental Financial data dated August 3, 2010, including attachments. | |