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ValuEngine Detailed Valuation Report for BRE

ValuEngine Detailed Valuation Report for BRE

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Published by ValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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Published by: ValuEngine.com on Mar 18, 2011
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VgluEngine

TM

DETAILED RESEARCH REPORT
Feb. 04, 2011

BRE PROPERTIES(BRE)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
©ValuEngine.com 2011

RECOMMENDATION NEGATIVE underperform NEUTRAL match POSITIVE outperform

70 60 50

6 5 4 3 2 1

Volume (million)

VALUENGINE RATING

Price
Rank top 12% top 48% top 18% top 50% top 25% top 20%

40 30 20

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $41.47 $47.12 23.2 46.77% $2.89

10 0 2006 2007 2008 Model Price 2009 Volume 2010 Sell Hold 2011 Buy

Close Price

VALUENGINE RECOMMENDATION
ValuEngine has issued a HOLD recommendation for BRE PROPERTIES on Feb. 04, 2011. Based on the information we have gathered and our resulting research, we feel that BRE PROPERTIES has the probability to ROUGHLY MATCH average market performance for the next year. The company exhibits ATTRACTIVE company size and volatility, but UNATTRACTIVE price/sales ratio and expected EPS growth.

BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS BRE Industry Sector Today's Fair value: $41.47 8.58% overvalued Reit-eqty Trust - Resid 29.97% overvalued Finance 10.35% overvalued $45.03 02/03/11 $2.88521 23.2 21.75 3.49 8.4 2.26 -0.06 -2.05% 35.31% 6.65% $1.50 3.33% 1.49 1.29

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +10% 1YFR • Buy: Between +5% and +10% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -10% and -5% 1YFR • Strong Sell: Less than -10% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Feb. 04, 2011, we believe that BRE should be trading at $41.47. This makes BRE 8.58% overvalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For BRE, we base this on actual earnings per share (EPS) for the previous four quarters of $1.94, forecasted EPS for the next four quarters of $2.07, and correlations to the 30year Treasury bond yield of 4.66%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $45.55 $45.56 $45.80 $47.12 $47.14 $54.49 Exp. Return 1.15% 1.17% 1.71% 4.65% 4.68% 21.02%

FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Fair Value Model, please go HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2011 ValuEngine Inc

1

60 Copyright © 1998 . BRE's current price sales ratio is 8.05% 35. we apply the P/E to give a fair value for the stock as of today. Among the three. the more positive the influence each measurement has on the overall attractiveness of the stock. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value 8.4 2. The current PEG average of these comparables is 2. Fair Value Historical Average PEG PEG-Based Fair Value 2. Otherwise.13 (or valuation above 45.31% 6. P/E (price to forward 4 quarter earnings ratio).00%).65% 2.76 $35.26 23. ESS. is a self-administered equity real estate investment trust which owns and operates garden apartments.94 per share in its recent 4 quarters. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. BRE PROPERTIES. divided by the consensus analyst forecasted next year EPS growth).06 $26. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. The analyst consensus estimate is $2.4.2011 ValuEngine Inc 2 . we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio.00%).88 1. Let's take them one by one: • Valuation rank 53: 47% of stocks are more undervalued • Momentum rank 76: 24% of stocks have higher momentum • Sharpe Ratio rank 51: 49% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 53: 47% of stocks have higher average annual return • Volatility rank 77: 23% of stocks have less volatility • EPS growth rank 25: 75% of stocks have greater projected EPS growth • Size rank 81: 19% of companies have higher market capitalization • P/E rank 51: 49% of stocks have lower P/E ratios • Price/Sales rank 12: 88% of stocks have lower price/sales ratios • Market/Book rank 49: 51% of stocks have lower market/book value ratios Over the past 10 years. The best time to sell would be above $60.07 for its 4 quarter forward EPS.06 8.2 Rank 53 76 53 77 25 81 51 12 49 51 1. BRE's average PEG is 2. On this page.77% -2. Valuation Based on Comparables' PEG BRE's comparables are ACC.06. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock). PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth. This is sometimes confusing to newcomers to ValuEngine.4.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) BUSINESS SUMMARY.72 Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value 2. To establish a valuation standard.52 3. INC. BRE earned $1. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive.94 per share in its recent 4 quarters. These two alternative perspectives should give you a good idea about where this stock's valuation stands today. The following assessment is based on multiplying the historical PEG with recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters for BRE. The analyst consensus estimate is $2.05 1. In other words a high rank is always better. HME and MAA. BRE earned $1.63 3.76. and P/S ratio (price to trailing 4 quarter sales). OPTIMAL BUY-SELL Based solely on the Historical Mispricing of BRE.32 (or valuation below 10. while P/E is better than P/S. shopping centers and other income-producing properties. BRE's current price sales ratio is 8. we resort to the P/S to assess its fair value. AIV.89 -0. The following assessment is based on multiplying comparable stocks' average PEG today with BRE's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters . Comparables' PEG Comparables ACC AIV ESS HME MAA Current PEG 3. Each of these quantitative measurements is ranked on a scale of 1 to 100.60 2. For each given stock. Generally the higher the ranking. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive. the best time to buy would be below $37. Valuation Based on BRE's Past PEG EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database.07 for its 4-quarter-forward EPS.58% 46.

S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of BRE 2.47 50 market book value.65% 25 growth rate. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio BRE 2.26 49 relative to the stock universe. BRE has a Volatility Rank of 77.2011 ValuEngine Inc . in comparison with the Industry -2.15 71 with the industry rank of 50. BRE is in line with the industry P/E rank of 59. a higher 12-Month Return rank indicates a stronger performance. Sector -16. sector. Sector 5.This is in line with the industry rank of Sector 68.77 49 ranked 1.35% 53 slightly higher than the average of its industry group.31% 77 stock. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff BRE -0. BRE is in line with the industry. In other words a high rank is always better.17% 69 100. On a scale of 1 to Industry 46. BRE is in line with the industry S&P 500 n/a n/a rank of 21. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's BRE -2. 3 Copyright © 1998 . With a Size rank of 81. A higher rank indicates a better return performance. With a rank of 51.46 28.83 70 capitalization within ValuEngine's stock universe. and S&P 500 averages.97% 33 the more undervalued the stock.22% 32 has an EPS Growth Rank of 25. which is in line with the industry Sector 50. With a P/E rank of 51. S&P 500 18. which carries a S&P 500 n/a n/a Valuation Rank of 33. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a BRE 8.1 51 BRE is slightly higher than the industry.58% 53 company's stock price and its Fair Value.34% 49 With a 12-Month Return Rank of 76. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the BRE 35. Sharpe ratio is the stock's average annual return Industry 0 58 (over the last five years) divided by its annualized volatility over the Sector -0. A high rank indicates a high growth rate expectation. With a Valuation Rank of 53. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks). which S&P 500 0. Stocks with the lowest P/S ratio are Industry 5. A higher rank denotes a larger market Industry 2. Generally the higher the ranking.05% 48 32.18 n/a Rank 51 59 57 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio.90% 41 With a rank of 53.23 40 same 5 years. Each of these quantitative measurements is ranked on a scale of 1 to 100.05% 53 average annual return over the last 5 years. BRE is in line with the industry. A higher Volatility Rank indicates a lower volatile percentile of Industry 37. BRE Industry 37.17 21 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 3. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock BRE 46.77% 72 stocks.07% 60 Rank of 72. which has a rank of 70.02 60 has a rank of 58.4 12 company based on its P/S ratio. Sector 22. The higher the Valuation rank. BRE is in line with the industry's S&P 500 19.06 51 offered by a stock. which has a rank of S&P 500 0. BRE is Sector 10. the more positive the influence each measurement has on the overall attractiveness of the stock. The below data points show how the rank for each data point for BRE relates to the overall industry.25% 57 coverage universe. which is in line Sector 2. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the BRE 8. Industry 29.31% 98 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS BRE 6. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio BRE Industry Sector S&P 500 23. At a Price/Sales rank of 12. BRE has a Market/Book rank of 49.42% 59 57.77% 76 performance of a stock over the recent 12 months. relative to the universe.12% 49 rank score of 69. A higher rank corresponds to a lower Industry 2.89 81 market capitalization.2 19.VgluEngine TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database.

89% 15.95 20.31% BRE 1.09 2.40% 52.58% 0.60% TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 53 16 53 57 27 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN ACC One-Month Three-Month Six-Month One-Year Two-Year Three-Year 1.82% 0.71% 50.29 22.25% MAA 45.44% ESS 56.84 1.05% 0.76% 46.17% 1.45% 28.08% 49.19% 61.71% 4.19% 27.19 0.81% 8.75% 50.33 5.53% 47.29% 49.01% Rank 77 39 88 88 84 RISK ASSESSMENT: CHANCE OF LOSS ACC One-Month Three-Month Six-Month One-Year Two-Year Three-Year 44.81% 38.70% 51.99% 49.19% 4.01% 50.71 6.2 17.77% 55.69% 45.61% 42.75% MAA 54.87% 67.05% Volatility BRE AIV ESS ACC MAA 35.55% -0.06 -0.31% 60.08% 12-Month Return Rank BRE AIV ESS ACC MAA 46.05% -10.90% 2.98% AIV 0.31% 47.39% 6.99% 49.09% 3.95% EPS Growth BRE AIV ESS ACC MAA 0.2011 ValuEngine Inc 4 .89 3 3.07 0.31% 54.30% 36.13% 32.06 0.26 Rank 12 34 12 15 18 M/B Ratio BRE AIV ESS ACC MAA 2.20% 53 37 67 72 69 One-Month Three-Month Six-Month One-Year Two-Year Three-Year ACC 55.05 0.71 4.VgluEngine Valuation BRE AIV ESS ACC MAA 8.29% 1.05 2.12% 0.65% 4.87% 22.12 0.19 Rank 51 65 52 57 65 Copyright © 1998 .17 0.37% 47.94% 45.19% AIV 48.00% 1.47% 52.74% 31.43% BRE 45.39% 57.70% 63.28% 44.62% 56.00% 51.43% 2.14 Rank 51 40 70 77 72 P/S Ratio BRE AIV ESS ACC MAA 8.16% 48.19% -0.07 Rank 81 81 83 77 77 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.29 Rank 49 52 40 60 27 P/E Ratio BRE AIV ESS ACC MAA 23.30% 48.38% 43.72% 55.08% 27.68% 21.08 0.4 2.83% 38.92% 50.11% 50.97% 76 84 79 60 71 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank BRE AIV ESS ACC MAA -2.00% 48.54 8.23% 44.99% 0.34% 17.1 Rank 25 22 26 23 31 Market Cap(bill) BRE AIV ESS ACC MAA 2.77% 63.58% 42.89% 49.01% 50.63% 52.15% 1.43% 47.50% 5.57% BRE 54.41% MAA 1.69% 52.24% 53.26 2.53% 1.84% 51.19% 5.81% AIV 51.84% 0.26% 5.56% ESS 43.39% 1.57% 52.73% 63.25% 50.06% 54.84% 53.55 2.27% 36.69% 16.02% ESS 1.16% 46.3 17.12% 27. Sharpe Ratio BRE AIV ESS ACC MAA -0.

2 132.1 0.9 0 0 38.2 0 0 0 0 0 152.6 0 0 0 65.3 0 0 923.2011 ValuEngine Inc 5 .1 0.5 993.4 0 0 944.7 0 0 0 ---0 0 7.4 0 -3.9 195.6 1135.5 2228 200212 0.8 0.5 814.5 2518.1 2108.7 0 80.6 0.2 0 -0.5 1846.1 0 0 0 76.5 1038.9 200312 1.9 0 0 1405 0 0 100.7 -59.5 2991.6 218.5 0.5 -113.4 0 0 0 1867.9 2980 200812 7.1 0.1 1257.5 200512 0 0 0 0 ---0 0 0 --0 2443.9 0 0 0 0 2228 296 36.4 0 0 65 2704.9 2991.8 2823.2 2953.4 0 0 0 38.4 0 0 763.6 0 0 -22.6 -61.5 128.8 2980 0 56.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.6 0 0 980 0 0 61.5 75 77. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) ANNUAL FINANCIALS (All items in Millions) 200912 5.7 --0 2915.1 0 33.7 0 0 0 ---0 0 5.1 0 0 29.4 128.4 0.4 683.9 1026.7 -49.1 0.2 188.5 1085.2 2108.9 0 0 0 ---0 0 0.6 0 0 0 58.4 174.2 0 0 955.1 0.2 0 0 35.7 0 -0.3 0 91 0 0 0 0 0 91 0 0 0 1926.7 1472.9 960.3 0 0 0 61.7 0 0 0 46.6 0 1957.9 327 58 0 0 0 0 0 385 203.2 851.1 2823.9 --0 2881.7 0 38.2 0 0 0 0 0 332.6 2518.7 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.1 2704.7 41.3 2046.4 0 0 848.5 985 -62.9 --0 2061.7 1678.4 0 0 0 0 0 56.4 376 56 0 0 0 0 0 432 204. Plant & Equipment Accumulated Depreciation Net Property.1 --0 2180.6 0 0 45.1 2953.2 0 0 1022.4 200412 0 0 0 0 ---0 0 0 --0 2480.1 0 0 1745 0 0 31 2030.7 200612 10.5 1068.3 200712 6.2 0.1 0 0 0 ---0 0 10.6 0 0 0 0 0 38.8 0.4 0 0 0 0 0 80.1 0.1 0 0 0 ---0 46 47.1 --0 2752. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .3 0.4 0 0 16.6 1046.9 0 0 0 ---0 0 6.8 1267.7 --0 2907.6 976.1 0.

2 46.7 0 0 84.4 55.2 73.8 145.3 0 1.8 0 1.6 88. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.8 102. Other Adjustments .6 136.1 -80.5 80.6 0 18. Increase/Decrease in Prop.1 0.4 192.3 28.6 0 64. Depletion.2 -4.5 23.2 0 0 -117.5 0 0 45.9 2.4 189.4 0 2.4 0 1.6 0 0 -58.1 0 2.5 0.1 11.2 45.8 47.9 0 46.6 2 Research & Development Expense Selling. Amort.7 67.7 -27.4 2 200212 271.2 12.6 137 0 -100 -100.8 195 0 9.5 0.5 -1.2 -189.9 42.1 0 1.9 1.9 -124.7 38. & Equ.5 235.6 -3.6 74.5 -9.2 3.9 95.9 77.1 0 -118.9 5.8 -1.3 220.9 56..8 76. General & Admin.1 87.1 77.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.3 2.3 -97.3 0 2.7 51 -1.9 1.3 0 1.4 -7.8 0 2.5 0 5.5 2 200512 298.Diluted.2 205.9 187 0 -109..8 11.8 45.3 -8.9 104. before non-recurring Preferred Dividends .2 -40.3 2 200312 275.2 0 0 59 24.1 -4.2 -10.9 -0.2 95.2 103.5 -0.6 40 -130.6 66.6 114.1 17.Net Net Cash from (used by) Operating Act.1 -327.5 0 -121.2 0 -268.4 -3. Depletion.4 140. Depreciation.1 51.8 -56 6.9 42.1 79.3 3.2 76.7 80.9 51.6 0 26.3 11.8 -18.2 200712 345.8 67.7 88.2 2. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.9 209.Diluted.1 -31.8 82.6 0.2 -145 14.2 -134 -97.9 62.5 105 -85.2 111 -102.1 1.3 -19.3 59.1 12.2 -2.1 -54.8 18.3 98.8 47.8 80.5 227.1 92.1 122.9 -9 -210 56.9 200812 350.2 74.2 80.1 42.3 120.1 67.2 244.8 51.1 182.2 4.1 140.3 114 0 -116.3 -3.1 82.2 -83 -8.6 13 97.2 2.9 7.8 128.6 40.3 0 10.6 7.9 -52.2 53 -7.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) ANNUAL FINANCIALS (All items in Millions) 200912 344.3 38.8 95.5 37.3 171.7 0 3.6 62.8 -10.4 20.4 217.3 246.9 286.6 -146.2 0 2.9 192. net EPS .4 122.2 50.2 223.2 0 3.1 120.9 0.2 0.4 47.5 -1.1 83.2 32.5 52.2 0 3. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .2 -65.3 15 -127.5 73.3 0 40. Net Change in Cash & Cash Equivalents Copyright © 1998 .9 3.1 71 0.9 19 109.6 179. Depl.5 2.8 50.8 52.5 8.7 -19. Amort.5 50.6 82.5 1.4 2 200412 280.5 167 0 0 -31 -16.2 1.9 0 17.7 0 0 -73.9 0.3 -30.5 -216.5 17.1 90.6 -23.6 232.3 18.3 -1.7 -38.4 -65.Basic.6 10.2 0 12.9 -30.5 88.5 1.8 188. net EPS . Net Cash from (used by) Invesment Act. Expense Income Before Depr.7 80.8 -47. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.3 101.2 0.1 -21.6 12.2011 ValuEngine Inc 62.8 50.1 53.8 185.2 200612 330 102.1 2.9 0 0 -185.2 85.8 43 -112.9 128.2 60.5 130. Plant.1 0 17.9 1.4 1 70 -3 6 .6 109.3 80.8 64.4 0.9 126.8 2.8 47.7 0 3.7 1.8 50.6 241.2 52.2 1.8 103.8 25.6 -38.4 0 17.8 21.3 79 5.6 157.6 -95.6 61.4 76.1 83.2 -20.1 47.9 0 2 2 1.8 2.5 64.6 66 2.8 88.

1 0.1 0.1 0.7 --0 2915.8 0 34.6 3258 201006 6 0 0 0 ---0 0 6 --0 3038. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) QUARTERLY FINANCIALS (All items in Millions) 201009 105.9 0.9 0 0 0 53.5 0 60.3 0 49.3 201003 9.1 0 0 29.1 -136.4 0 2040.4 0 0 0 1920 0 33.1 0.6 0 1982.8 0 0 0 ---0 0 5.4 0 0 944.3 0 26.9 2971.9 3003.1 0 0 0 0 0 62.6 0 0 0 76.1 --0 2956.6 0 1957.2 0 0 1022.9 0 32.4 2971.7 -49.7 0 0 0 ---0 0 5.4 0 0 0 73.1 0 0 0 ---0 0 9.9 2980 200909 7 0 0 0 ---0 0 7 --0 2890.6 0 51.2 0 0 0 1857.6 2971.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.6 0 0 0 58.5 3013.7 0 1978.7 --0 2907.7 0 0 0 ---0 0 7.7 0 0 0 89.7 0 23.1 0.6 1418.3 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.3 2046.5 2991.1 0 0 1275.3 0 54.4 0 0 0 56 3021.3 3013.4 0 0 0 0 0 51.4 0 0 0 52.6 200912 5.6 1135.1 0 0 0 1889.4 0.6 -128.7 0 1731 0.9 0 62.6 1416 -141.5 1032.5 993.8 0 0 0 ---0 0 105.5 200812 7.5 1069.5 3021.6 0 0 1282.3 3258 0 50 0 0 0 0 0 50 0 0 0 1897.8 2971.1 0.4 0.7 0. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .7 0 2005.1 0 0 0 0 0 49.1 0 33.1 0.8 2980 0 56.1 0.8 0 0 0 0 0 60.6 0 1944.8 0 0 0 ---0 0 5.9 2991.5 1112 -86 0 0 1026.1 0 0 0 1650.4 0 0 0 1867.6 1144.4 0 0 0 0 0 56.8 0 0 0 1956.3 0 91 0 0 0 0 0 91 0 0 0 1926.1 0. Plant & Equipment Accumulated Depreciation Net Property.9 -70.3 200906 5.1 0.8 --0 2907.3 0 31.2 0 0 0 0 0 54.7 0 0 1016.5 -113.9 200903 5.1 0 0 0 76.9 0 0 962.8 --0 2889.1 0.6 3003.2011 ValuEngine Inc 7 .2 -76 0 0 993.8 --0 3098.

6 17.6 0 0.9 0. Amort.5 58.4 0.8 0 0 -14.9 0 0.9 57.1 51.5 50 20.5 0 8.2 23.7 6.7 0 4.Diluted.2 -67.1 3..2 28.7 24 0.6 0 0 0.6 0.4 21.4 16.9 -21.Diluted.2 51.3 -2.2 36.5 88.1 -80.5 0.1 3 35.4 1.3 53.1 66.3 -19. General & Admin.3 -30.6 40 -130.5 59.7 6.1 43.4 0.9 64.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.5 22.2 -18. Net Change in Cash & Cash Equivalents Copyright © 1998 .2 -2.4 68.4 3.3 3. Expense Income Before Depr.1 -21.4 -0.7 3 -88. Depletion.1 0.9 0 0.5 21.2 -65.5 -20.4 58.7 0.8 55 23 -13.5 0.8 -47. Depreciation.5 20..7 0 0 -73.5 10.9 -52.3 3.8 12.2 34.5 167 0 0 -31 -16.6 60.6 252 -66 2.3 0.3 0.2 7.8 43 -112.1 21 12.7 51.2 0. Amort.5 28 58.2 27.2 -52.4 15.7 65.9 140.5 15.1 7.3 0.5 28.2 3.4 0.3 19.4 0.1 -66.1 4.6 0 13.7 0 4.2 0 4.4 200912 85.4 6.7 0.6 59. Other Adjustments .4 55.3 275.3 0.6 12.2 -0.5 -0. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.8 16.4 8.1 0.1 -0.4 -202 -51.2 -1.6 0.8 0.3 25 61.1 -20.1 -4.1 3.6 41.5 -1.5 105 -85.1 -196.3 4.9 55.2 64.4 0.1 1. Increase/Decrease in Prop.6 -14.9 0 0.8 186.8 28 56.4 2.6 1.9 9.1 3.6 7.2 -4.8 0 0. before non-recurring Preferred Dividends .2 1.8 2.6 0 16.1 3.8 51.5 19.6 Research & Development Expense Selling.8 54.3 20. net EPS .5 10.1 0.3 0.5 0 6.7 0 0.8 0 -3.4 -0.6 52 -24.4 -1. Plant.8 -268.1 -0.1 0 0.2011 ValuEngine Inc 51.9 0 8.2 0.8 6.2 2.5 0 0 -29.6 21 13 0 0.3 -75.3 -9.6 200812 88.2 -3.4 51.3 22.8 80.7 22.7 21.1 -5.9 23 0.3 0 6.9 51.1 2.6 7.8 0.3 31.2 59.1 0 -118.Net Net Cash from (used by) Operating Act.1 -0.4 8. & Equ.2 3.3 21.8 0 7 49.5 62.1 22.9 16.2 62 61.2 19.2 13.5 44.3 27.3 0.3 8.5 53.4 0.2 23 0.1 0 0.7 25.9 0 22. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act. Depletion. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act. Depl.5 0 11.5 0 4.5 0.4 52 23.7 47.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) QUARTERLY FINANCIALS (All items in Millions) 201009 88 28.2 54.5 -22.1 0.4 0.5 0 -3.1 -23.9 20. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .2 -18.1 0.3 0.2 0 0.9 0 0.6 42.6 278.9 100.2 20.8 109.6 0 0 -192.8 28.4 201003 85. Net Cash from (used by) Invesment Act.9 71.3 -2.7 0 0 -73.5 120 -32.8 8 .4 20.4 200909 86.4 -7.5 0 22.8 0 0.5 -2 -31.7 1.6 200903 83.9 19. net EPS .1 94 0 0 -30.5 -1.5 54.6 53.1 54.3 0.6 78.7 21.2 51.4 200906 86.6 -35.2 3.4 201006 84.3 -22.6 1 -59.5 -10 10.6 0 12.7 0 0 -65.6 -288 -78.5 3 28.5 0.5 130.4 0 7.Basic.2 -2.4 -14.5 0 0.2 29.8 15.5 0.2 -43.2 19.6 278.

financial advisors. Also. and web-site owners. and mathematical brainpower on staff to provide Funds and Institutions with complete solutions to their research. stock universe as well as VE data points for hot stocks and industries.. and consistent computerized research department whenever and wherever needed.valuengine. To download a free demo. Below is a brief description of some of our additional products and services. Financials.com. detailed Company Profile. ValuEngine Fair Valuation. or send us an email at support@ValuEngine. Whether you are a Fund Manager. Consensus EPS trend and Earnings Surprise statistics provide additional insights. and commentary from ValuEngine Chief Market Strategist Richard Suttmeier and Senior Analyst Steve Hach.com/nl/mainnl ValuEngine Institutional (VEI): VEI is a software package designed to meet the demanding requirements of Finance Professionals. Markets. accurate. ValuEngine's three models: Valuation Model. and U. Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Please call (800) 381-5576 to speak with a sales representative or email support@valuEngine. The most comprehensive and useful report available. To view sample issues of our many newsletters or to subscribe. ValuEngine Premium Web Site Stock Analysis Service: A subscription to our website allows access to ValuEngine's proprietary real-time quantitative analysis tools for more than 5. please go to our website at www.2011 ValuEngine Inc 9 . an Independent Financial Advisor. forecast. Active traders should consider Chief Market Strategist Richard Suttmeier's ValuEngine Morning Briefing while those looking for a diversified portfolio of both long and short ideas should check out the ValuEngine Forecast 16 Market Neutral Strategy Newsletter. Data Summary and much more.000 individual stock reports--like this one--is included with every VEI subscription. ValuEngine private-label products can be customized for funds managers. high-performance research to your clients. please visit our website at www. Risk Assessment. VEI deploys the power of ValuEngine's quant-based valuation. ValuEngine has the research. objective.com. customization. call us at 1-800-381-5576. To receive this free newsletter every Friday. 1-3-6 month and 1-2-3 yr forecasts. development. The Weekly includes quantitative market and sector overviews of the entire ValuEngine U. Multi-stock comparison.valuengine. a Research House.com.valuengine.S.S. VEI provides the finance professional with a fast. You can sign up for a free 14 day no-risk trial period: www.valuengine. foreign. or an Independent Broker/Dealer with hundreds of financial advisors. go to the Newsletter portion of our website: www. Treasuries.VgluEngine TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) VALUENGINE SERVICE DESCRIPTIONS Thank you for your interest in ValuEngine! ValuEngine Detailed Valuation Report: Advanced academic research that brings you superior investment strategies in an actionable format. Earnings Estimates. Copyright © 1998 .S.ValuEngine. IT. VE also offers long-only portfolio newsletter products as well as specialized industry and sector reports.com/pub/main?p=33 The ValuEngine Weekly Newsletter: The ValuEngine Weekly Newsletter features market research.com/nl/WeeklyNewsletter ValuEngine Premium Newsletters: ValuEngine offers a variety of premium newsletter products designed to meet every style of investment.500 U. and ADR stocks which trade on U. and database capabilities to your desktop. The software provides access to our proprietary market neutral portfolio strategies and the ability to extract the entire universe database of ValuEngine model outputs each day. More report information: www.valuengine. ValuEngine 1-5 Engine Rating. analysis. brokers. portfolio creation/optimization. you can differentiate your firm from the competition by offering of time-proven. Full access to more than 4. The ValuEngine Weekly Newsletter also includes tips and tricks for getting the most out of VE's quant-based investment tools. sign up here: www. Tell us your financial objectives and specify your universe constraints and ValuEngine can provide everything from back testing and strategy development to front and back-end automation services.com/pub/main?i=0 Consultancy Services: With ValuEngine's 10 years of experience to help you maximize your professional investment strategy. newsletter publishers. indices. and strategy-implementation needs.com/rep/mainrep To find out more about ValuEngine's many independent and objective investment products and services.S. VEI will dramatically increase your productivity. Chief Market Strategist Suttmeier provides technical levels for key commodities.

Inc. neutral ratings are holds and the categories unfavorable and most unfavorable are sells. ValuEngine's stock valuation employs a sophisticated. and 2 and 1 rated are expected to underperform. all of the views expressed accurately reflect his or her personal views about those securities or issuers. The report has no regard to the specific investment objectives. ValuEngine does not receive any compensation from companies mentioned in this report. No warranty is made as to the accuracy of the information contained herein. and b). the analyst consensus estimate of the company's future 12-month EPS.500 stocks under coverage achieve a 5 rating. ValuEngine adheres to professional standards and abides by formal codes of ethics that put the interests of clients ahead of their own. and the 30-year Treasury yield. 5 and 4 rated stocks are expected to outperform the overall markets. as well as the probability of meeting and exceeding any given portfolio or stock investment target. Inc. For additional information about ValuEngine's financial research and financial modeling on over 5. or particular needs of any specific recipient. or affiliates of ValuEngine do not hold positions in the securities of the companies mentioned in this report. Hold: Expected to perform in line with the SP500 with average returns. nor a member of the research analyst's household serves as an officer. to buy or sell any securities or related financial instruments. The author. according to VE. or reproduction is strictly prohibited. or will be. Buy: Expected to outperform the SP500 producing above average returns. ValuEngine's stock forecasts examine. 2. directly or indirectly. The research analyst over this company or members of his/her household do not have a financial interest in these companies discussed in this report.2011 ValuEngine Inc 10 . ValuEngine. shortterm price reversals. This is a consolidated version of the firm's five class rating system: most favorable and favorable ratings are buys. among other things. three-factor approach. None of ValuEngine's management. such as a company's trailing 12-month Earnings-Per-Share (EPS). Any other use. The VE Engine Rating is an assessment of a stock's overall attractiveness. Together with eleven additional variables. the analysts involved. This information is intended for the sole use of clients of ValuEngine. Inc. ValuEngine does not offer brokerage or investment banking services. The opinions of ValuEngine are subject to change at any time without notice and without obligation of notification. 6. It uses a three-class Buy-Hold-Sell rating system. Fundamental variables. ValuEngine. The information contained herein accurately reflects the opinion of ValuEngine at the time the report was released. represented by the model price. The result is state-of-the-art fair market valuation and price forecasting technologies. The following are specific disclosures made by ValuEngine with regards to this research report: 1. ValuEngine does not provide investment banking or consulting services to the companies mentioned in this report. financial situation. ValuEngine has not managed or co-managed a public offering for any companies in the above report in the past twelve months.Dec 2010) Avg Return (%) 25 20 15 10 5 0 1 2 3 4 5 Engine Rating DISCLOSURES ValuEngine offers equity recommendations and related return estimates to investors and their advisors.VgluEngine TM DETAILED RESEARCH REPORT BRE PROPERTIES(BRE) VALUENGINE'S METHODOLOGY ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice. distribution. director or advisory board member of the companies discussed in this report. On average. has not received compensation from the companies discussed above in the last 12 months. 3. related to the specific recommendations or views expressed by that research analyst in the research report. and long-term price reversals over six time horizons for every industry to ensure forecasts are established relative to a stock's proper peer groups.valuengine. certifies that with respect to each security or issuer that the analyst covered in this report: a). Each research analyst primarily responsible for the content of this research report. 7. Copyright © 1998 . but this can vary depending upon market conditions. please click www. only 2 percent of ValuEngine's 5. ValuEngine. intermediate-term momentum continuation. Inc. are all used to create a more accurate reflection of a company's fair value. 3. 3 rated to roughly match market performance. Quotes provided by Zacks. DISCLAIMERS This report is intended for informational purposes only and does not constitute a recommendation. STOCK RATINGS: The terms below are used to rate a stock's 12-month performance: 1. It is based on the one year forecast target price. 2.com Engine Rating and Average Annual Return (Jan 2001 . no part of his or her compensation was. in whole or in part. 4.500 companies. is. which is the final evolution of VE's equity modeling. ValuEngine paints a detailed picture of a company's fair value. 5. Sell: Expected to underperform the SP500 producing below-average returns. or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject companies. officers. Advanced statistical/econometric techniques are used to run thousands of simulations estimating the probability of a double in stock price. or an offer. does not make a market in this security.

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