SAN FRANCISCO, CA/PRNewswire-FirstCall/ -- BRE Properties, Inc. (NYSE:BRE) reports operating results for the quarter ended March 31, 2008. All per share results are reported on a fully diluted basis.
(For a detailed copy of BRE’s news release, please contact Edward F. Lange Jr., (top right photo) BRE's Executive Vice President and Chief Operating Officer or Thomas Mierzwinski, Media Communications, at the phone numbers at the bottom of this release.)
Funds from operations (FFO), the generally accepted measure of operating performance for real estate investment trusts, totaled $35.7 million, or $0.68 per share, for first quarter 2008, as compared with $32.2 million, or $0.61 per share, for the quarter ended March 31, 2007, an increase of 11.5%. (A reconciliation of net income available to common shareholders to FFO is provided at the end of this release.)
Net income available to common shareholders for the first quarter totaled $14.2 million, or $0.28 per share, as compared with $11.9 million, or $0.23 per share, for the same period 2007.
Total revenues from continuing operations for the quarter were $86.6 million, as compared with $79.7 million a year ago. Adjusted EBITDA for the quarter totaled $59.9 million, as compared with $56.5 million in first quarter 2007. (A reconciliation of net income available to common shareholders to Adjusted EBITDA is provided at the end of this release.)
BRE's positive year-over-year earnings and FFO results were driven primarily by improved same-store property-level operating results, income from newly developed properties, and occupancy stabilization at the Mission Peaks redevelopment property in Fremont, California.
CONTACT:
Investors, Edward F. Lange, Jr.,
+1-415-445-6559, or
Media, Thomas E. Mierzwinski,
+1-415-445-6525
Web site: http://www.breproperties.com/
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