Citi Maintains Hold on BRE Properties (BRE)

Citi is out with its report today on BRE Properties BRE, maintaining Hold.

In a note to clients, Citi writes, "Going forward, BRE is most concerned with
both the rate of job growth and wage growth. In addition, while higher gas prices could impact the ability to push rents, most of BRE's assets are urban and near public transportation. Increased future supply is not a concern as the entitlement process is difficult in California and construction financing is just beginning to reappear."

Citi has a $45 PT on BRE.

Shares of BRE closed Monday at $45.02.