BRE Properties reports quarter results; raises dividend.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 27, 1995--BRE Properties Inc. (NYSE NYSE See: New York Stock Exchange :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than ) today reported funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. of $7,897,000, or 72 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the fiscal quarter ended Jan. 31, 1995, up 11 percent from $7,142,000, or 65 cents per share, in the comparable quarter a year ago. For the first six months of fiscal 1995, funds from operations amounted to $15,139,000, or $1.38 per share, up 10 percent from $13,708,000, or $1.25 per share, in the first six months of fiscal 1994. Net income for the quarter totaled to $7,192,000, or 66 cents per share, vs. $5,632,000, or 51 cents per share, in the same period last year. BRE recorded net gains on sales of investments totaling $1,250,000 (11 cents per share) and $153,000 (1 cent per share) in the second quarter of fiscal 1995 and 1994, respectively. Net income for the first six months was $12,649,000, or $1.16 per share, compared to $10,624,000, or 97 cents per share a year ago. BRE also increased the quarterly dividend by 5 percent to 63 cents per share from the previous level of 60 cents. The new dividend is payable March 23, 1995 to shareholders of record March 10, 1995. The dividend increase reflects both the improved results of the first two quarters and an encouraging outlook for continued improvement in the future. Rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time rose 19 percent for the quarter and 18 percent for the first six months of fiscal 1995. Occupancy at BRE's apartment properties at quarter's end was 96 percent, while occupancy at the company's wholly owned shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into rose to 94 percent, up from 89 percent at the beginning of the fiscal year. Continued vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. in the industrial portfolio, however, limited the company's overall occupancy to 90 percent, a modest improvement from 88 percent six months ago. Arthur G. von Thaden, president and chief executive officer, said, "The strong results for the quarter and six-month period were driven by growth in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from apartment communities, which now represent 75 percent of the portfolio's estimated value, and our shopping centers representing 14 percent of the portfolio. "Towards the end of the quarter, work began on the development of a 432-unit apartment community in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. , reflecting our strategic focus on apartments. We also sold a small warehouse property as part of our continuing strategy to reduce the company's industrial property holdings through selective sales." BRE Properties is a self-administered equity real estate investment trust which owns and operates garden apartments, shopping centers and other income-producing properties in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Washington, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). and Oregon. -0- BRE Properties Inc. Financial Summary Quarter Ended Jan. 31 1995 1994 Total revenue $15,791,000 $13,285,000 Income before gain on sales of investments 5,942,000 5,479,000 Net gain on sales of investments 1,250,000 153,000 Per share $ .11 $ .01 Net income $ 7,192,000 $ 5,632,000 Per share net income $ .66 $ .51 Funds from operations (1) 7,897,000 7,142,000 Per share funds from operations $ .72 $ .65 Average shares outstanding 10,934,000 10,939,000 Six Months Ended Jan. 31 1995 1994 Total revenue $30,480,000 $26,025,000 Income before gain on sales of investments 11,399,000 10,471,000 Net gain on sales of investments 1,250,000 153,000 Per share $ .11 $ .01 Net income $12,649,000 $10,624,000 Per share net income $ 1.16 $ .97 Funds from operations (1) 15,139,000 13,708,000 Per share funds from operations $ 1.38 $ 1.25 Average shares outstanding 10,933,000 10,938,000 (1) Funds from operations is defined as net income, excluding gains or losses, plus depreciation and amortization. CONTACT: BRE Properties Inc., San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Ellen G. Breslauer, 415/445-6550 Healy Partners & Co. Maury Healy, 415/546-6166 |
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