There is no company specific news for BRE. It could be attributed to a weak housing report that came out on June 17th, 2024. The benchmark price of a home fell 0.2% in May from the month before, prices are down 2.4% from the same time last year, and sales fell 0.6% from April. All of these could have prompted an investor sell off from BRE due to how closely tied the stock is to strength in the housing market.
The weakness in the housing market has hurt the stock. As rates come down and real estate activity hopefully picks back up, BRE will do better. It pays a high yield at 11.5% which is currently 1.02x payout from free cash flow. This is of course due to the recent weakness and in a better operating environment the dividend will be more sustainable. We would wait on this one until there are tangible signs of improvement in the housing market and BRE starts to grow revenues again.