BRE Properties Announces Reduction in Common Dividend

Third Quarter 2009 Common and Preferred Dividends Declared

SAN FRANCISCO, July 30 /PRNewswire-FirstCall/ -- BRE Properties, Inc. (NYSE:
BRE) today announced that its board of directors approved a reduction in the
quarterly common dividend to $0.375 from $0.5625 per share for the third and
fourth quarters of 2009. The board cited the company's emphasis on capital
preservation, given the magnitude of the economic recession and uncertainty
regarding its duration, as the primary reason for the dividend reduction.

The quarterly common dividend payment of $0.375 is equivalent to $1.50 per
common share on an annualized basis, and represents a yield of approximately
6.2% on today's closing price of $24.38 per share.

"We believe the dividend reduction is a prudent action in response to a
difficult operating environment, in which market fundamentals continue to
deteriorate, and capital remains scarce and expensive," said BRE President and
CEO Constance B. Moore. "The reduction retains approximately $40 million per
year, improving liquidity and balance sheet leverage. At the new level, the
dividend will be well-supported by the company's operating cash flows."

Common and Preferred Dividends Declared
The board also approved the payment of regular common and preferred stock
dividends for the quarter ending September 30, 2009. All common and preferred
dividends will be payable on Wednesday, September 30, 2009 to shareholders of
record on Tuesday, September 15, 2009.

The company's 6.75% Series C preferred dividend is $0.421875 per share; the
6.75% Series D preferred dividend is $0.421875 per share.

About BRE Properties, Inc.
BRE Properties, based in San Francisco, Calif., owns 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 73 apartment communities totaling 21,480 units in California, Arizona
and Washington. The company invests in communities through acquisition and
development, and currently has seven properties in various stages of
development and construction, totaling 2,043 units, and joint venture
interests in 13 additional apartment communities, totaling 4,080 units. BRE
Properties is a real estate investment trust (REIT) listed in the S&P MidCap
400 Index. For more information on BRE Properties, please visit our Web site
at www.breproperties.com. (Property data as of 03/31/09)

SOURCE BRE Properties, Inc.

Investors, Edward F. Lange, +1-415-445-6559, or Media, Thomas E. Mierzwinski,
+1-415-445-6525, both of BRE Properties, Inc.