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BRE Properties Inc.
Standard & Poors, May 2011
Abstract
Good quality portfolio in high-barrier, supply-constrained markets; Sound balance sheet, with adequate current liquidity and modest near-term debt maturities; and Improved operating results driven by rental rate increases at sustained high occupancy levels. Geographically concentrated portfolio in West Coast markets for which recovery prospects vary; A shift in growth strategy to ramp up development poses potential business and financial risks; and Investments this year are likely to be low yielding. Our ratings on BRE Properties Inc. reflect the company's satisfactory business profile marked by a good quality, but geographically concentrated, portfolio in high barrier West Coast markets. We characterize the company's financial risk profile as intermediate, based on BRE's extremely modest near-term debt maturities, almost fully available $750 million revolver,...
Companies mentioned in this report are: BRE Properties Inc
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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