BRE Properties Q3 FFO Rises; Guides Q4; Lifts FY Core FFO View

(RTTNews) - BRE Properties Inc. (BRE) reported third-quarter Funds from Operations or FFO totaled $49.7 million or $0.64 per share,up from $32.5 million or $0.42 per share in the prior year.

Core FFO was $0.65 per share compared with $0.62 per share a year earlier. The per share results reflect an increase of 4.8% over the comparable period in 2012

Analysts polled by Thomson Reuters estimated FFO of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common shareholders was $22.1 million or $0.29 per share, higher than the $12.9 million or $0.17 per share reported a year ago.

Total revenues for the quarter rose to $104.62 million from $97.53 million last year. Analysts estimated revenues of $103.50 million for the quarter. On a year-over-year basis, third quarter same-store revenues increased 4.6%.

For the fourth quarter, the company has established a Core FFO guidance range of $0.63 to $0.66 per share and expects earnings per share in the range of $0.27 to $0.30. Analysts currently estimate FFO of $0.64 per share for the quarter.

The company increased annual Core FFO guidance to a range of $2.50 to $2.53 per share from a previously guided range of $2.44 to $2.50 per share. For full year, the company expects EPS to be in the range of $1.56 to $1.59.Analysts currently estimate FFO of $2.49 per share.

The company now predicts 2013 same-store revenues to increase 4.50% to 4.70% over 2012 same-store revenue levels, from a previously guided range of 4.25% to 4.75%. Same-store NOI for 2013 is estimated to increase 5.45% to 5.75% over 2012 same-store NOI levels, from a previously guided range of 5.0% to 6.0%.

BRE's Board of Directors approved regular common dividends of $0.395 per share for the fourth quarter, Which is payable on December 31, 2013 to shareholders of record on December 13, 2013.