BRE Properties Reports First Quarter 2008 Results

SAN FRANCISCO, CA/PRNewswire-FirstCall/ -- BRE Properties, Inc. (NYSE:BRE) reports operating results for the quarter ended March 31, 2008. All per share results are reported on a fully diluted basis.

(For a detailed copy of BRE’s news release, please contact Edward F. Lange Jr., (top right photo) BRE's Executive Vice President and Chief Operating Officer or Thomas Mierzwinski, Media Communications, at the phone numbers at the bottom of this release.)

Funds from operations (FFO), the generally accepted measure of operating performance for real estate investment trusts, totaled $35.7 million, or $0.68 per share, for first quarter 2008, as compared with $32.2 million, or $0.61 per share, for the quarter ended March 31, 2007, an increase of 11.5%. (A reconciliation of net income available to common shareholders to FFO is provided at the end of this release.)

Net income available to common shareholders for the first quarter totaled $14.2 million, or $0.28 per share, as compared with $11.9 million, or $0.23 per share, for the same period 2007.

Total revenues from continuing operations for the quarter were $86.6 million, as compared with $79.7 million a year ago. Adjusted EBITDA for the quarter totaled $59.9 million, as compared with $56.5 million in first quarter 2007. (A reconciliation of net income available to common shareholders to Adjusted EBITDA is provided at the end of this release.)

BRE's positive year-over-year earnings and FFO results were driven primarily by improved same-store property-level operating results, income from newly developed properties, and occupancy stabilization at the Mission Peaks redevelopment property in Fremont, California.

CONTACT:

Investors, Edward F. Lange, Jr.,

+1-415-445-6559, or

Media, Thomas E. Mierzwinski,

+1-415-445-6525

Web site: http://www.breproperties.com/

BRE Properties Appoints Henry L. Hirvela as Chief Financial Officer

SAN FRANCISCO, CA /PRNewswire-FirstCall/ -- BRE Properties, Inc. (NYSE:BRE) has appointed Henry L. Hirvela (top left photo) executive vice president and chief financial officer, effective May 1, 2008.

Hirvela succeeds Edward F. Lange, Jr., (photo at left below) who was promoted to chief operating officer in 2007. Hirvela, 56, will be responsible for all corporate-related accounting, treasury and finance activities; investor relations; capital formation; internal audit and Sarbanes-Oxley compliance; and information technology services.

"We are pleased to welcome Henry Hirvela to BRE's executive team. Henry's experience and skill set are well-matched with our corporate objectives, specifically our ongoing efforts to create an enterprise-wide shared-services model," said BRE President and Chief Executive Officer Constance B. Moore (top right photo).

"In his past CFO positions, Henry successfully managed complex financial environments, leading integration efforts to centralize, automate and outsource core business processes. His abilities will complement the executive team and support our efforts to enhance company-wide efficiencies and productivity, and help scale the organization."

Hirvela has more than 30 years of experience in corporate finance and operations in the health care, waste management, energy and banking industries. Prior to BRE, he served as vice president, chief financial officer of VistaCare, Inc., a publicly owned health care services company.

He spent seven years as vice president, treasurer of Browning-Ferris Industries, Inc., which was acquired by Allied Waste Industries, Inc., for which he served as vice president, chief financial officer for four years.

He holds a bachelor's degree from the United States International University in San Diego, and earned an M.B.A. from the Johnson Graduate School of Management at Cornell University.

About BRE Properties

BRE Properties -- a real estate investment trust -- develops, acquires and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 77 apartment communities totaling 21,808 units in California, Arizona and Washington. The company currently has 10 other properties in various stages of development and construction, totaling 3,125 units, and joint venture interests in 13 additional apartment communities, totaling 4,080 units. (Property data as of 12/31/07.)

CONTACT:

Edward F. Lange, Jr.,

+1-415-445-6559, or

Media

Thomas E. Mierzwinski,

+1-415-445-6525, both of BRE Properties, Inc.

tmierzwinski@breproperties.com

Web site: http://www.breproperties.com/