(To read more on the multifamily market, click here.)

SAN FRANCISCO-BRE Properties, an apartment REIT, reported asharp increase in second quarter profit compared to 2005 in partdue to land sales and a litigation settlement. Net income availableto common shareholders spiked to $70.6 million from $13.5 millionin the same 2005 period. Total second quarter revenue climbed to$82.1 million in the second quarter from $72.7 million in the same2005 period.

Core FFO--a key industry gauge that excludes gains and lossesfrom sales of previously depreciated real estate assets from netincome--nearly doubled to $51.4 million, or $0.96 per share, from$26.9 million, or $0.51 per share, beating expectations by severalcents per share. The company boosted its FFO per share guidance forthe full year to between $2.60 and $2.67, an increase of 6.5% onthe low end and 4.3% on the high end.