BRE Properties Inc. (BRE), an operator of apartment communities, Tuesday reported funds from operations, or FFO, of $45 million or $0.58 per share in its first quarter. This compares with FFO of $43.6 million or $0.57 per share last year.
Analysts polled by Thomson Reuters estimated FFO of $0.59 per share for the quarter.
Analysts' estimates typically exclude special items.
Net income to common shares for the quarter was $34 million or $0.44 per share, compared
to $18 million or $0.24 per share a year ago.
Net income of REITs usually include depreciation, amortization and other items that
reduce earnings.
Revenues for the quarter were $100.9 million, compared to $94.9 million a year ago.
Analysts on consensus estimated revenues of $100.23 million for the quarter.
Looking ahead to the second quarter, the company expects FFO of $0.56 to $0.60 per share,
while analysts currently estimate $0.60 per share.
For the full year 2013, the company continues to expect core FFO of $2.35 to $2.45 per share and earnings of $1.00 to $1.10 per share.
Analysts currently expect FFO of $2.44 per share for 2013.
The company said it will update full year guidance when it releases its second quarter earnings results.
The company's board has approved quarterly common dividend of $0.395 per share, and its
6.75% Series D quarterly preferred dividend is $0.421875 per share. Both dividends are
payable June 28 to shareholders of record June 14.
For comments and feedback: editorial@rttnews.com