BRE Properties Q2 FFO Rises

(RTTNews) - BRE Properties Inc. (BRE), an operator of apartment communities, Tuesday reported second-quarter funds from operations, or FFO, was $48.9 million or $0.63 per share, compared to $45.8 million or $0.59 per share last year.

Analysts polled by Thomson Reuters estimated FFO of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.

Investors consider FFO as the operating performance for real estate investment trusts.

Net income available to common shareholders for the second quarter totaled $43.6 million or $0.56 per share, compared to $28.7 million or $0.37 per share last year.

Total revenues for the quarter rose to $101.9 million from $95.3 million last year. Analysts estimated revenues of $101.83 million for the quarter.

Moving ahead, the company increased annual FFO guidance to a range of $2.44 to $2.50 per share, from a previous range of $2.35 to $2.45 per share. Analysts currently estimate FFO of $2.42 per share.

For the third quarter, the company expects FFO of $0.62 to $0.65 per share, and earnings of $0.28 to $0.31 per share. Analysts currently estimate FFO of $0.62 per share for the quarter.