BRE 1Q11 Tops Expectations But Modestly Disappoints, KBW Reports

KBW reports that BRE Properties Inc.'s BRE 1Q11 FFO/sh “topped expectations on non-property items as core results continued improvement, but modestly disappointed.” “Early 2Q trends and ‘guiding to upper end of range' commentary support our expectation of midyear guidance raise, suggesting underperformance today was overdone,” KBW writes. “FY11 rev/NOI outlook unchanged; FFO guidance upped $0.02/sh at low end.” BRE Properties closed Wednesday at $49.74.