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 Q3	2008 Q3	Y-Y Ch (%)	2009 Q2	Q-Q Ch (%)^†
Funds from Operations ($000)	32,471	36,284	(10.51)	37,195	(50.80)
FFO per Share ($)	0.59	0.69	(14.49)	0.70	(62.86)
AFFO per Share	NA	NA	NA	NA	NA

Income Statement ($000)
	2009 Q3	2008 Q3	Y-Y Ch (%)	2009 Q2	Q-Q Ch (%)^†
Rental Revenue	86,484	89,414	(3.28)	86,257	1.05
Partnership Income	561	652	(13.96)	580	(13.10)
Total Revenue	88,187	90,673	(2.74)	89,991	(8.02)
Rental Operating Expense	28,034	27,025	3.73	27,533	7.28
Expenses	75,548	73,282	3.09	73,540	10.92
Net Income	19,938	44,512	(55.21)	31,720	(148.58)
Rental NOI	58,450	62,389	(6.31)	58,724	(1.87)
Diluted EPS before Extraordinary Items ($)	0.17	0.27	(37.04)	0.25	(128.00)
Diluted EPS after Extraordinary Items ($)	0.31	0.80	(61.25)	0.54	(170.37)
Dividends Declared per Common Share ($)	0.3750	0.5625	(33.33)	0.5625	(133.33)
Avg Diluted Shares Out (actual)	53,576,000	51,910,000	3.21	51,765,000	13.99

Balance Sheet ($000)
	2009 Q3	2008 Q3	Y-Y Ch (%)	2009 Q2	Q-Q Ch (%)^†
Properties at Cost: Operational	3,113,149	2,839,588	9.63	3,105,464	0.99
Accumulated Depreciation	561,900	489,639	14.76	540,165	16.10
Net Properties: Operational	2,551,249	2,349,949	8.57	2,565,299	(2.19)
Land Held for Development	131,936	118,682	11.17	128,762	9.86
Total Real Estate Investments	2,890,416	2,923,118	(1.12)	2,889,599	0.11
Total Assets	2,971,334	3,008,135	(1.22)	2,971,901	(0.08)
Total Debt	1,857,949	1,987,163	(6.50)	1,889,296	(6.64)
Total Liabilities	1,912,175	2,062,447	(7.29)	1,951,444	(8.05)
Common Equity	851,592	740,246	15.04	818,783	16.03
Common Shares Outstanding (actual)	54,337,680	51,091,830	6.35	52,820,545	11.49
Convertible Operating Partnership Units (actual)	780,000	825,000	(5.45)	780,000	0.00

Same Store Operations
	2009 Q3	2008 Q3	Y-Y Ch (bp)	2009 Q2	Q-Q Ch (bp)
Same-store NOI: Change from Prior (%)	(7.90)	2.90	(1,080)	(6.70)	(120)

EBITDA
	2009 Q3	2008 Q3	Y-Y Ch (bp)	2009 Q2	Q-Q Ch (bp)
Recurring EBITDA/ Interest Expense (x)	2.65	2.77	(12)	2.90	(25)
Recurring EBITDA/ Interest & Preferred Dividends (x)	2.32	2.43	(11)	2.52	(19)

Income Statement Ratios
	2009 Q3	2008 Q3	Y-Y Ch (bp)	2009 Q2	Q-Q Ch (bp)
Dividend Payout to FFO (%)	63.56	81.52	(22)	80.36	(84)
G&A/ Revenue (%)	4.65	5.25	(11)	4.69	(3)

Profitability Ratios
	2009 Q3	2008 Q3	Y-Y Ch (bp)	2009 Q2	Q-Q Ch (bp)
Return on Average Assets (%)	2.68	5.91	(323)	4.25	(156)
Return on Average Equity (%)	7.89	19.62	(1,173)	12.97	(508)

^† 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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