BRE Properties Inc., owner of apartment complexes developed by The Newhall Land and Farming Co. in Valencia, posted third-quarter earnings of $17.1 million (23 cents per share).
The company attributed the decline from the year-ago totals of $19.6 million (30 cents) to a one-time $13.2 million gain from the sale of real estate during the third quarter of 2010.
Third-quarter 2011 revenues from continuing operations were the highest in company history – $96.7 million versus $87.2 million a year earlier.
Revenues from “same-store” properties – defined as stabilized apartment communities owned by the company since at least Jan. 1, 2010 – increased 3.7 percent thanks to an average 4.3-percent increase in revenue from each unit over the year.
Based in San Francisco, BRE is a real estate investment trust that directly owns 78 multifamily communities (21,971 units) and has joint venture interests in an additional 12 apartment communities (3,856 units).