BRE Properties (BRE) Tops Q1 FFO by 4c; Raises FY Outlook

May 5, 2009 4:56 PM EDT

BRE Properties, Inc. (NYSE: BRE) reports Q1 FFO of $0.66, 4 cents better than the analyst estimate of $0.62. Revenues were $83.7 million vs. $85.15 million consensus.

On December 18, 2008, the company issued initial 2009 earnings estimates: the FFO per share estimate ranged $2.45 to $2.65; the EPS estimate ranged $0.76 to $0.96. The EPS estimate did not include projected gains or losses associated with property sales for 2009. In addition, the EPS and FFO estimates did not include projected recognition of nonroutine revenue and expense items, or the impact from mandatory adoption of FSP APB 14-1.

As reported with the results for first quarter 2009, the company has adopted FSP APB 14-1 and has adjusted its earnings guidance accordingly. In addition, the company has adjusted earnings guidance to reflect its revised outlook for same-store operations for the balance of 2009, expected level of corporate G&A expense, and debt recapitalization efforts transacted subsequent to the end of the first quarter. On a reported basis, the company expects FFO per share for 2009 to range $2.38 to $2.53, and EPS to range $0.69 to $0.84.

Excluding the noncash interest charges associated with the adoption of FSP APB 14-1, per share core FFO amounts for 2009 are expected to range $2.50 to $2.65. The revised FFO and EPS estimates do not include projected gains or losses on property sales, or the recognition of nonroutine revenue and expense items. (FY09 FFO consensus is $2.43)

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