BRE Properties Inc. (BRE) reported that its second-quarter funds from operations or FFO totaled $45.8 million, or $0.59 per share, up from $34.9 million, or $0.49 per share in the year ago quarter.
FFO for the second quarter 2011 included a $3.6 million, or $0.05 per share, preferred stock redemption charge.
Net income available to common shareholders for the second quarter totaled $28.7 million, or $0.37 per share, compared with $6.2 million, or $0.09 per share, for the same period 2011. The second quarter 2011 results included the preferred stock redemption charge cited previously.
Total revenues for the quarter rose to $98.12 million from $91.37 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share on revenues of $97.32 million for the quarter. Analysts' estimates typically exclude special items.
The company has established an FFO guidance range of $0.58 to $0.61 per share for the third quarter of 2012. For the third quarter of 2012, the company expects earnings per share in the range of $0.25 to $0.28. Analysts expect the company to report earnings of $0.60 per share for the third-quarter.
The company expects earnings per share for the full year 2012 to be in the range of $1.11 to $1.17. The company updated annual FFO guidance to a range of $2.32 to $2.38 per share from a previously guided range of $2.30 to $2.40 per share.
Analysts expect the company to report earnings of $2.36 per share for fiscal 2012.
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