Real Estate Central

WASHINGTON, May 14 /PRNewswire-FirstCall/ — Bresler & Reiner, Inc.
reported a net loss of $5,005,000 or ($0.91) per common share on revenues
of

4,494,000 for the three months ended March 31, 2008. For the
comparable period in 2007, the Company reported net income of $3,783,000 or
$0.69 per common share on revenues of

1,766,000. Funds from operations
(FFO) for the three months ended March 31, 2008 were $1,915,000 or $0.35
per common share compared to $4,420,000 or $0.81 per common share for the
same period in 2007.

Sidney M. Bresler, Chief Executive Officer, said the decrease in FFO
was primarily due to the inclusion in 2007 of a $6,066,000 gain, net of
taxes and minority interest related to a partial sale of our interest in a
real estate joint venture. The decrease was partially offset by the
recording of debt extinguishment costs of approximately

,428,000, net of
taxes, in 2007, and funds from operations generated in 2008 by properties
we acquired in 2007.

FFO as defined by the NAREIT is net income (computed in accordance with
accounting principles generally accepted in the United States), excluding
gains (or losses) from sales of depreciable property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and
joint ventures. Adjustments for unconsolidated partnerships and joint
ventures are calculated to reflect funds from operations on the same basis.
Our FFO measure differs from NAREIT’s definition in that we also exclude
income tax expense related to property sales. The exclusion of income tax
expense on property sales is consistent with the objective of presenting
comparative period operating performance. FFO should not be considered an
alternative to net income as an indicator of our operating performance, or
as an alternative to cash flows from operating, investing or financing
activities as a measure of liquidity. Additionally, the FFO measure
presented by us may not be calculated in the same manner as FFO measures of
other real estate companies and therefore may not necessarily be
comparable. We believe that FFO provides relevant information about our
operations and is useful, along with net income, for an understanding of
our operating activities.

The following table reflects the reconciliation of FFO to net (loss)
income for the three months ended March 31, 2008 and 2007 (in thousands):



Three Months Ended
March 31
2008 2007
Net (loss) income $ (5,005) $ 3,783
Add: Depreciation and amortization 6,920 7,450
including our share of unconsolidated
real estate joint ventures
Add: Income tax expense from − 4,543
property sales (net of minority
interest share of taxes)
Less: Gain on sale of − (11,356)
properties and investments in
joint ventures (net of minority
interest)

Funds from operations $ 1,915 $ 4,420

Net (loss) income per common
share $ (0.91) $ 0.69

Funds from operations per
common share $ 0.35 $ 0.81
About the Company:

Bresler & Reiner, Inc. owns and develops land and residential,
commercial and hospitality properties, principally in the Washington, D.C.;
Wilmington, Delaware; Philadelphia, Pennsylvania; Houston, Texas;
Baltimore, Maryland, Maryland and Delaware Eastern Shore, and the Tampa and
Orlando, Florida metropolitan areas.



Supplemental Information:

SEC Filings (including Forms 10-K, 10-Q, 8-K and proxy materials) are
available at http://www.breslerandreiner.com or may be requested in e-mail or hard
copy formats.

This press release may contain forward-looking statements that are
based on current estimates, expectations, forecasts and projections about
us, our future performance, the industry in which we operate, our beliefs,
and management’s assumptions. In addition, other written or oral statements
that constitute forward-looking statements may be made by or on behalf of
us. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” or “would be,” and
variations of such words and similar expressions are intended to identify
such forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. These risks and uncertainties include: our
ability to compete effectively; our exposure to the credit risks of our
tenants; our ability to recruit and retain key personnel; adverse changes
in the local or general economy and market conditions; our ability to
obtain necessary governmental permits and approvals; our ability to
complete development projects in a timely manner and within budget; our
ability to secure tenants for our projects and properties; our ability to
sustain occupancy levels at our properties through keeping existing tenants
and securing new ones; our ability to secure tenants for the residential
and commercial properties that we develop; changes in the interest rate
environment which will affect our ability to obtain mortgage financing on
acceptable terms; future litigation; and changes in environmental health
and safety laws.



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Source: Real Estate Newswire