Benchmark Starts BRE Properties (BRE) at Hold
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Benchmark Company initiates coverage on BRE Properties Inc. (NYSE: BRE) with a Hold rating, saying BRE is trading at an 11% discount to their forward NAV estimate of $55.41.
Investment positives include: significant ownership position in higher-growth markets, better financing flexibility than peers.
Investment negatives include: an aggressive development pipeline that adds risk in a slowing economy, Half of the portfolio is in difficult markets (LA, Inland Empire, Sacramento, Orange County & Phoenix),
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