BRE: Earnings Will Fall Short of Consensus

BRE Properties Inc., San Francisco, has announced that its earnings for the fourth quarter and the year will likely fall short of consensus estimates by financial analysts.The real estate investment trust said it expects funds from operations to range from $0.40-0.42 per share in the fourth quarter, compared with consensus estimates of $0.55-0.59, and from $2.06-2.08 per share for the year, compared with consensus estimates of $2.22-2.34. The REIT said its estimates include an expected one-time charge relating to the retirement of the company's chief executive officer, litigation costs, and other accounting charges. The retirement of CEO Frank McDowell, who will be succeeded by Constance Moore, is based on a mutual agreement to exercise the early-termination-without-cause provision of an executive transition employment agreement, BRE said. The one-time charge associated with the retirement will total approximately $4.5 million ($0.09 per share) in the fourth quarter. The REIT can be found online at http://www.breproperties.com.