WASHINGTON (dpa-AFX) - BRE Properties Inc. (BRE) announced that its first-quarter funds from operations rose to $43.6 million, or $0.57 per share, from $34.8 million, or $0.53 per share in the year ago quarter.
Net income available to common shareholders for the first quarter totaled $18.1 million, or $0.24 per share, compared with $9.6 million, or $0.15 per share, for the same period 2011.
Total revenues for the quarter rose to $96.94 million from $88.81 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share on revenues of $95.69 million for the quarter. Analysts' estimates typically exclude special items.
BRE's Board of Directors approved regular common and preferred stock dividends for the quarter ending June 30, 2012. All common and preferred dividends will be payable on Friday, June 29, 2012 to shareholders of record on Friday, June 15, 2012. The quarterly common dividend payment of $0.385 is equivalent to $1.54 per share on an annualized basis and represents a yield of approximately 2.9% on Monday's closing price of $52.50 per share.
The company has established an FFO guidance range of $0.56 to $0.58 per share for the second quarter of 2012. Analysts expect the company to report earnings of $0.59 per share for the second-quarter.
The company still expects FFO per share for 2012 to be in the range of $2.30 to $2.40. Analysts expect the company to report earnings of $2.36 per share for fiscal 2012.
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