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BRE Properties Reports Third Quarter 2009 Results
PR Newswire
Nov 02, 2009
SAN FRANCISCO, Nov. 2 /PRNewswire-FirstCall/ -- BRE Properties, Inc. (NYSE: BRE) today reported operating results for the quarter ended September 30, 2009. All per share results are reported on a fully diluted basis.
Funds from operations (FFO), the generally accepted measure of operating performance for real estate investment trusts, totaled $32.5 million, or $0.59 per share, for third quarter 2009, as compared with $36.3 million, or $0.69 per share, for the quarter ended September 30, 2008. FFO for the 2009 and 2008 periods reflected the net impact of the adoption of APB-14-1, totaling $1.6 million, or $0.03 per share in each period. FFO for the third quarter 2009 also included nonroutine income of $382,000, or $0.01 per share, from a net gain on the retirement of debt. Excluding nonroutine income and the APB-14-1-related noncash interest charge, core FFO per share declined 15% on a year-over-year basis. (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 third quarter totaled $16.6 million, or $0.31 per share, as compared with $40.0 million, or $0.77 per share, for the same period 2008. The third quarter 2009 results included the nonroutine income item cited previously. Gains from property sales totaling $7.3 million, or $0.14 per share, and $24.8 million, or $0.48 per share, for 2009 and 2008, respectively, also are included in third quarter results.
Total revenues from continuing operations for the quarter were $86.5 million, as compared with $87.9 million a year ago. Adjusted EBITDA for the quarter totaled $55.7 million, as compared with $61.8 million in third quarter 2008. (A reconciliation of net income available to common shareholders to Adjusted EBITDA is provided at the end of this release.)
Nine-Month Period Ended September 30, 2009
For the year-to-date period, FFO totaled $104.5 million, or $1.95 per share, as compared with $105.7 million, or $2.00 per share, for the nine-month period in 2008. FFO for the nine-month period in 2009 and 2008 reflected the net impact of APB-14-1, totaling $4.8 million, or $0.09 per share, and $4.6 million, or $0.09 per share, respectively. FFO for the nine-month period in 2009 also included nonroutine income from a net gain on retirement of debt totaling $2.3 million, or $0.04 per share. Excluding nonroutine income and the noncash charge related to APB-14-1, core FFO per share declined 4.3% year-over-year.
Net income available to common shareholders for the nine-month period totaled $57.8 million, or $1.10 per share, as compared with $67.1 million, or $1.29 per share, for the same period 2008. The 2009 year-to-date results included the nonroutine income item cited previously. Gains from property sales totaling $21.6 million, or $0.41 per share, and $24.8 million, or $0.48 per share, in 2009 and 2008, respectively, are included in year-to-date results.
For the nine-month period in 2009, total revenues from continuing operations were $259.1 million, as compared with $258.4 million for the same period 2008. Adjusted EBITDA for the nine-month period totaled $171.4 million, as compared with $182.7 million for the same period in 2008.
BRE's year-over-year earnings and FFO results reflected declines in the same-store property-level operating results, which were offset by income from recently developed properties, a lower interest rate environment and a reduction in corporate-level G&A expenses.
Same-store net operating income (NOI) declined $4.6 million for the quarter, as compared with the same period in 2008. (A reconciliation of net income available to common shareholders to NOI is provided at the end of this release.) Recently developed properties generated $1.6 million in additional NOI during the quarter, as compared with third quarter 2008.
Same-Store Property Results
BRE defines same-store properties as stabilized apartment communities owned by the company for at least five full quarters. Of the 21,245 apartment units owned directly by BRE, same-store units totaled 19,572 for the quarter.
On a year-over-year basis, overall same-store NOI declined 7.9% for the third quarter and 5.3% for the year-to-date period. Average same-store market rent for the third quarter 2009 decreased 6.9% to $1,434 per unit, from $1,540 per unit in third quarter 2008. Physical occupancy levels averaged 94.7% during third quarter 2009, as compared with 94.9% for the same period in 2008. Physical occupancy at the end of the third quarter 2009 was 95.4%. Rent concessions in the same-store portfolio totaled $2.8 million, or 13 days rent, for third quarter 2009, as compared with $1.5 million, or 7.6 days, for the same period in 2008.
On a sequential basis, same-store NOI decreased 1.5%, revenue declined 0.7% and expenses increased 1.0% against second quarter 2009 results. Sequential declines in effective rent levels were partially offset by a sequential increase in occupancy.
Same-store results were affected primarily by job losses in the company's operating markets. In Southern California, unemployment rates increased to 12.0% in the third quarter 2009 from 11.2% in the second quarter 2009; in the San Francisco Bay area, the unemployment rate was 10.8%, unchanged from the previous quarter; Seattle's sequential unemployment rate was 9.1% in the third quarter, down slightly from 9.2% in the second quarter. The following table depicts job losses in the company's core markets over the last 12 months:
Same-Store Absolute Job Losses
---------- -------------------
12 months ended 3 months ended
Core Markets # Units % NOI September 2009 September 2009
------------ ------- ----- -------------- --------------
San Diego 3,958 23.2% 53,100 9,500
Inland Empire 3,553 14.8% 73,200 10,200
Orange County 2,545 14.2% 56,800 300
Los Angeles 2,075 11.1% 173,700 24,400
San Francisco 2,928 19.3% 136,300 13,500
Seattle 3,211 13.7% 85,800 16,300
Total Core Markets 18,270 96.3% 578,900 74,200
Source of Unemployment and Job Loss Data: U.S. Bureau of Labor Statistics
Community Development Activity
Year-to-date, BRE has completed three development communities that are in the lease-up phase: 5600 Wilshire in Los Angeles, Calif. (284 units); Park Viridian in Anaheim, Calif. (320 units); and Taylor 28 in Seattle, Wash. (197 units). The current physical occupancy rates at these communities are: 98% at 5600 Wilshire; 85% at Park Viridian; and 69% at Taylor 28; leasing velocity has averaged 34 units, 30 units and 22 units per month, respectively, since the communities opened.
BRE currently has two communities under construction, one in Seattle, Wash., and one in Santa Clara, Calif., with a total of 566 units, an aggregate projected investment of $176.1 million and an estimated balance to complete totaling $31.2 million. Estimated completion dates are first and third quarter 2010, respectively.
BRE owns three land parcels, two in Southern California and one in Northern California, representing 960 units of future development, and an estimated aggregate investment of $455 million upon completion.
Dispositions
During the quarter, BRE sold a stabilized community in Sacramento: Arbor Pointe (240 units). Sales proceeds totaled approximately $15.4 million; the company recorded a gain on sale of approximately $7.3 million, or $0.14 per share. No assets were classified as held for sale at September 30, 2009. Information regarding this sale was disclosed previously in the company's second quarter earnings release and Form 10-Q.
Capital Markets Activity
During the quarter, the company repurchased through open market transactions $5.0 million of its 4.125% convertible notes, at 90.3% of par, resulting in a net gain of $382,000.
Under the at-the-market equity distribution agreement filed with the Securities and Exchange Commission on Form 8-K on May 14, 2009, the company issued 1.5 million shares of common stock in the third quarter, at an average price of $28.00 per share, with total proceeds of $42.0 million. Year-to-date, the company has issued approximately 3.0 million shares of common stock, at an average price of $26.39 per share, with total gross proceeds of $79.6 million. The remaining capacity under the equity distribution agreement on file totals $45.4 million.
During the quarter, the company received the second $310.0 million advance from the $620.0 million secured credit facility with Fannie Mae, which was closed and reported in April. Proceeds were used to pay down the company's unsecured credit facility. The balance on the credit facility, as of September 30, was $248.0 million.
Common and Preferred Dividends Declared
On October 29, 2009, the BRE Board of Directors approved regular common and preferred stock dividends for the quarter ending December 31, 2009. All common and preferred dividends will be payable on Thursday, December 31, 2009 to shareholders of record on Tuesday, December 15, 2009. 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 5.51% on Friday's closing price of $27.23 per share. BRE has paid uninterrupted quarterly dividends to shareholders since the company's founding in 1970.
The company's 6.75% Series C preferred dividend is $0.421875 per share; the 6.75% Series D preferred dividend is $0.421875 per share.
Earnings Outlook
The company has adjusted its FFO guidance for the full year 2009 to a range of $2.44 to $2.50 per share, from the previous range of $2.42 to $2.52. The company also has adjusted its per-share core FFO guidance for 2009, which excludes the nonroutine income item and APB-14-1 noncash interest expense, to a range of $2.52 to $2.58, from the previous range of $2.50 to $2.60. The mid-points of both ranges remain unchanged.
The company expects to issue earnings guidance for 2010 with its fourth quarter 2009 earnings release in February 2010.
Q3 2009 Analyst Conference Call
The company will hold a conference call on Tuesday, November 3, 11:00 a.m. Eastern (8:00 a.m. Pacific) to review these results. The dial-in number to participate in the United States and Canada is 888.290.1473; the international number is 706.679.8398. Enter Conf. ID# 29592208. A telephone replay of the call will be available for 30 days at 800.642.1687 or 706.645.9291 international, using the same ID# 29592208. A link to the live webcast of the call will be posted on www.breproperties.com, in Investors, on the Corporate Profile page. A webcast replay will be available for one month following the call.
Q4 2009 Earnings Dates
The company will report fourth quarter and full year 2009 earnings after close of market on Tuesday, February 2, 2010, followed by a conference call on Wednesday, February 3, 2010 at 11:00 a.m. Eastern (8:00 a.m. Pacific).
About BRE Properties
BRE Properties, based in San Francisco, Calif., owns and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 73 apartment communities totaling 21,245 units in California, Arizona and Washington. The company invests in communities through acquisition and development, and currently has five properties in various stages of development and construction, totaling 1,526 units, and joint-venture interests in 13 additional apartment communities, totaling 4,080 units. BRE Properties is a real estate investment trust (REIT) listed in the S&P MidCap 400 Index. For more information on BRE Properties, please visit our Web site at www.breproperties.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, this news release contains forward-looking statements regarding the company's capital resources, portfolio performance and results of operations, and is based on the company's current expectations and judgment. You should not rely on these statements as predictions of future events because there is no assurance that the events or circumstances reflected in the statements can be achieved or will occur. Forward-looking statements are identified by words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates," or "anticipates" or their negative form or other variations, or by discussions of strategy, plans or intentions. The following factors, among others, could affect actual results and future events: defaults or nonrenewal of leases, increased interest rates and operating costs, failure to obtain necessary outside financing, difficulties in identifying properties to acquire and in effecting acquisitions, failure to successfully integrate acquired properties and operations, inability to dispose of assets that no longer meet our investment criteria under applicable terms and conditions, risks and uncertainties affecting property development and construction (including construction delays, cost overruns, inability to obtain necessary permits and public opposition to such activities), failure to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended, and increases in real property tax rates. The company's success also depends on general economic trends, including interest rates, tax laws, governmental regulation, legislation, population changes and other factors, including those risk factors discussed in the section entitled "Risk Factors" in the company's most recent Annual Report on Form 10-K as they may be updated from time to time by the company's subsequent filings with the Securities and Exchange Commission, or SEC. Do not rely solely on forward-looking statements, which only reflect management's analysis. The company assumes no obligation to update this information. For more details, refer to the company's SEC filings, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
BRE Properties, Inc.
Consolidated Balance Sheets
Third Quarter 2009
(Unaudited, dollar amounts in thousands except per share data)
--------------------------------------------------------------
September 30, September 30,
ASSETS 2009 2008 (1)
------ ---- -------
Real estate portfolio:
Direct investments in real estate:
Investments in rental properties $3,113,149 $2,860,314
Construction in progress 144,895 313,196
Less: accumulated depreciation (561,900) (494,380)
-------- --------
2,696,144 2,679,130
--------- ---------
Equity in real estate joint ventures:
Investments 62,336 62,501
Real estate held for sale, net - 65,873
Land under development 131,936 119,548
------- -------
Total real estate portfolio 2,890,416 2,927,052
Cash 7,029 3,801
Other assets 73,889 78,539
------ ------
TOTAL ASSETS $2,971,334 $3,009,392
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities:
Unsecured senior notes $857,171 $1,513,963
Unsecured line of credit 248,000 295,000
Mortgage loans payable 752,778 152,163
Accounts payable and accrued expenses 54,226 75,486
------ ------
Total liabilities 1,912,175 2,036,612
--------- ---------
Redeemable noncontrolling interests 32,567 49,515
------ ------
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
September 30, 2009 and September 30,
2008 , respectively. 70 70
Common stock, $0.01 par value,
100,000,000 shares authorized. Shares
issued and outstanding: 54,337,680 and
51,091,830 at September 30, 2009 and
September 30, 2008, respectively. 543 511
Additional paid-in capital 1,025,979 922,684
--------- -------
Total shareholders' equity 1,026,592 923,265
--------- -------
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $2,971,334 $3,009,392
---------- ----------
(1) Balance sheet is restated to reflect the adoption of new accounting
guidance requiring retroactive application.
BRE Properties, Inc.
Consolidated Statements of Income
Quarters Ended September 30, 2009 and 2008
(Unaudited, dollar and share amounts in thousands)
--------------------------------------------------
Nine Nine
Quarter Quarter months months
ended ended ended ended
REVENUES 9/30/09 9/30/08 9/30/09 9/30/08
-------- ------- ------- ------- -------
Rental income $83,189 $84,388 $249,129 $247,992
Ancillary income 3,295 3,559 9,994 10,367
----- ----- ----- ------
Total revenues 86,484 87,947 259,123 258,359
EXPENSES
--------
Real estate $28,034 $26,534 $81,944 $77,239
Provision for depreciation 22,412 19,752 65,530 58,890
Interest (1) 20,998 22,841 61,441 69,058
General and administrative 4,104 4,760 12,648 14,794
----- ----- ------ ------
Total expenses 75,548 73,887 221,563 219,981
Other income 760 607 2,583 1,838
Net gain from extinguishment of debt 382 - 2,340 -
--- --- ----- ---
Income before noncontrolling interests,
partnership income and discontinued
operations 12,078 14,667 42,483 40,216
Partnership income 561 652 1,798 1,966
--- --- ----- -----
Income from continuing operations 12,639 15,319 44,281 42,182
Discontinued operations:
Discontinued operations, net (2) 14 3,389 2,296 10,678
Net gain on sales of discontinued
operations 7,285 24,820 21,574 24,820
----- ------ ------ ------
Income from discontinued operations 7,299 28,209 23,870 35,498
NET INCOME $19,938 $43,528 $68,151 $77,680
Redeemable noncontrolling interest
in income 401 580 1,491 1,741
Dividends attributable to preferred
stock 2,953 2,953 8,859 8,859
----- ----- ----- -----
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS $16,584 $39,995 $57,801 $67,080
------- ------- ------- -------
Net income per common share - basic $0.31 $0.78 $1.10 $1.30
----- ----- ----- -----
Net income per common share -
assuming dilution $0.31 $0.77 $1.10 $1.29
----- ----- ----- -----
Weighted average shares outstanding -
basic (3) 53,575 51,060 52,205 51,025
------ ------ ------ ------
Weighted average shares outstanding -
assuming dilution (3) 53,576 51,564 52,206 51,501
------ ------ ------ ------
(1) Income Statements for the quarter and nine months ended September 30,
2008 has been restated to reflect the adoption of new convertible debt
accounting guidance requiring retroactive application.
(2) For 2009, details of net earnings from discontinued operations
include: two properties sold in 2009. The 2008 totals include the two
aforementioned properties and six properties sold in 2008.
Nine Nine
Quarter Quarter months months
ended ended ended ended
9/30/09 9/30/08 9/30/09 9/30/08
------- ------- ------- -------
Rental and ancillary income $86 $6,079 $4,242 $19,629
Real estate expenses (72) (2,223) (1,787) (7,038)
Provision for depreciation - (467) (159) (1,878)
Interest expense - - - (35)
--- --- --- ---
Income from discontinued
operations, net $14 $3,389 $2,296 $10,678
=== ====== ====== =======
(3) Share count for the quarter and nine months ended September 30, 2008
restated to reflect retroactive adoption of new earnings per share
accounting guidance.
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.
Nine Nine
Quarter Quarter Months Months
Ended Ended Ended Ended
9/30/ 9/30/ 9/30/ 9/30/
2009 2008 2009 2008
------- ------- ------- -------
Net income available to common
shareholders $16,584 $39,995 $57,801 $67,080
Depreciation from continuing
operations 22,412 19,752 65,530 58,890
Depreciation from discontinued
operations - 467 159 1,878
Redeemable noncontrolling interest
in income 401 580 1,491 1,741
Depreciation from unconsolidated
entities 465 416 1,369 1,233
Net gain on investments (7,285) (24,820) (21,574) (24,820)
Less: Redeemable noncontrolling
interest in income not convertible
into common shares (106) (106) (318) (318)
---- ---- ---- ----
Funds from operations $32,471 $36,284 $104,458 $105,684
======= ======= ======== ========
----- ----- ----- -------
Allocation to participating
securities - diluted FFO (1) $(268) $(350) $(875) $(1,020)
===== ===== ===== =======
----- ----- ----- -----
Allocation to participating
securities - diluted EPS (1) $(127) $(389) $(450) $(635)
===== ===== ===== =====
Diluted shares outstanding - EPS (2) 53,576 51,564 52,206 51,501
Net income per common share - diluted $0.31 $0.77 $1.10 $1.29
===== ===== ===== =====
Diluted shares outstanding - FFO (2) 54,356 52,404 52,986 52,346
FFO per common share - diluted $0.59 $0.69 $1.95 $2.00
===== ===== ===== =====
(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.
(2) Shares outstanding reflect adoption of new EPS accounting guidance.
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:
Nine Nine
Quarter Quarter Months Months
Ended Ended Ended Ended
9/30/ 9/30/ 9/30/ 9/30/
2009 2008 2009 2008
------- ------- ------- -------
Net income available to common
shareholders $16,584 $39,995 $57,801 $67,080
Interest, including discontinued
operations 20,998 22,841 61,441 69,093
Depreciation, including
discontinued operations 22,412 20,219 65,689 60,768
------ ------ ------ ------
EBITDA 59,994 83,055 184,931 196,941
Redeemable noncontrolling
interest in income 401 580 1,491 1,741
Net gain on sales (7,285) (24,820) (21,574) (24,820)
Dividends on preferred stock 2,953 2,953 8,859 8,859
Net gain on extinguishment of debt (382) - (2,340) -
---- --- ------ ---
Adjusted EBITDA $55,681 $61,768 $171,367 $182,721
======= ======= ======== ========
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).
Nine Nine
Quarter Quarter Months Months
Ended Ended Ended Ended
9/30/ 9/30/ 9/30/ 9/30/
2009 2008 2009 2008
------- ------- ------- -------
Net income available to common
shareholders $16,584 $39,995 $57,801 $67,080
Interest, including discontinued
operations 20,998 22,841 61,441 69,093
Depreciation, including
discontinued operations 22,412 20,219 65,689 60,768
Redeemable noncontrolling
interest in income 401 580 1,491 1,741
Net gain on sales (7,285) (24,820) (21,574) (24,820)
Dividends on preferred stock 2,953 2,953 8,859 8,859
General and administrative expense 4,104 4,760 12,648 14,794
Net gain on extinguishment of debt (382) - (2,340) -
---- --- ------ ---
NOI $59,785 $66,528 $184,015 $197,515
======= ======= -------- --------
Less Non Same-Store NOI 5,883 8,013 18,678 22,920
----- ----- ------ ------
Same-Store NOI $53,902 $58,515 $165,337 $174,595
======= ======= ======== ========
SOURCE BRE Properties, Inc.
Copyright (2009) PR Newswire. All Rights Reserved.
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