BRE Properties - Financials & SEC Filings





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Financial Highlights

BRE PROPERTIES, INC. (NYSE - BRE)

Trend Analysis--Quarterly (click here for Annual Analysis)

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Funds From Operations
	2009 Q4	2008 Q4	Y-Y Ch (%)	2009 Q3	Q-Q Ch (%)^†
Funds from Operations ($000)	16,045	36,133	(55.59)	32,471	(202.35)
FFO per Share ($)	0.29	0.69	(57.97)	0.59	(203.39)

Income Statement ($000)
	2009 Q4	2008 Q4	Y-Y Ch (%)	2009 Q3	Q-Q Ch (%)^†
Rental Revenue	85,481	84,168	1.56	86,484	(4.64)
Partnership Income	531	593	(10.46)	561	(21.39)
Total Revenue	86,018	93,172	(7.68)	88,187	(9.84)
Rental Operating Expense	27,542	24,287	13.40	28,034	(7.02)
Expenses	89,827	78,674	14.18	75,548	75.60
Net Income	(3,809)	59,183	NM	19,938	NM
Rental NOI	57,939	59,881	(3.24)	58,450	(3.50)
Diluted EPS before Extraordinary Items ($)	NA	NA	NA	0.17	NA
Diluted EPS after Extraordinary Items ($)	(0.13)	1.08	NM	0.31	NM
Dividends Declared per Common Share ($)	0.3750	0.5625	(33.33)	0.3750	0.00
Avg Diluted Shares Out (actual)	54,540,000	51,181,000	6.56	53,576,000	7.20

Balance Sheet ($000)
	2009 Q4	2008 Q4	Y-Y Ch (%)	2009 Q3	Q-Q Ch (%)^†
Properties at Cost: Operational	3,180,633	2,907,902	9.38	3,113,149	8.67
Accumulated Depreciation	583,953	509,647	14.58	561,900	15.70
Net Properties: Operational	2,596,680	2,398,255	8.27	2,551,249	7.12
Land Held for Development	155,532	123,609	25.83	131,936	71.54
Total Real Estate Investments	2,915,565	2,911,371	0.14	2,890,416	3.48
Total Assets	2,980,008	2,992,616	(0.42)	2,971,334	1.17
Total Debt	1,867,075	1,902,401	(1.86)	1,857,949	1.96
Total Liabilities	1,923,484	1,993,440	(3.51)	1,912,175	2.37
Common Equity	847,919	794,204	6.76	851,592	(1.73)
Common Shares Outstanding (actual)	55,136,359	51,149,745	7.79	54,337,680	5.88
Convertible Operating Partnership Units (actual)	771,000	780,000	(1.15)	781,463	(5.36)

Same Store Operations
	2009 Q4	2008 Q4	Y-Y Ch (bp)	2009 Q3	Q-Q Ch (bp)
Same-store NOI: Change from Prior (%)	(9.50)	NA	NA	(7.90)	(160)

EBITDA
	2009 Q4	2008 Q4	Y-Y Ch (bp)	2009 Q3	Q-Q Ch (bp)
Recurring EBITDA/ Interest Expense (x)	2.54	2.62	(8)	2.65	(12)
Recurring EBITDA/ Interest & Preferred Dividends (x)	2.23	2.32	(9)	2.32	(10)

Income Statement Ratios
	2009 Q4	2008 Q4	Y-Y Ch (bp)	2009 Q3	Q-Q Ch (bp)
Dividend Payout to FFO (%)	129.31	81.52	59	63.56	414
G&A/ Revenue (%)	5.51	6.21	(11)	4.65	74

Profitability Ratios
	2009 Q4	2008 Q4	Y-Y Ch (bp)	2009 Q3	Q-Q Ch (bp)
Return on Average Assets (%)	(0.51)	7.89	(840)	2.68	(320)
Return on Average Equity (%)	(1.49)	25.02	(2,651)	7.89	(938)

^† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

* Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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