John McMahan Named Chairman of BRE Properties; Former Chairman Arthur G. von Thaden Continues as Director

Business Wire, April 30, 1996

SAN FRANCISCO--(BUSINESS WIRE)--April 30, 1996--The Board of Directors of BRE Properties, Inc. (NYSE:BRE) has elected John McMahan chairman, as Arthur G. von Thaden, who will continue to serve as a director of the company, stepped down as chairman.

McMahan, who has been a member of BRE's Board of Directors since 1993, is managing director of The McMahan Group, a real estate investment and consulting firm. McMahan serves on the board of four public real estate companies, and his consulting activities include a focus on organizational and financial issues relating to real estate investment trusts.

Frank C. McDowell, president and chief executive officer of BRE Properties, stated, "John McMahan has been an active and dynamic force in the transformation of BRE during the past two years. He has played a lead role in the formulation and implementation of the company's strategic plan to become the preeminent multifamily real estate investment trust in the Western United States. Going forward, BRE will benefit from John McMahan's stature and knowledge within the institutional investment arena."

McMahan is the founder and former chief executive officer of Mellon/McMahan Real Estate Advisors, Inc. a pension real estate investment advisory firm with $2.2 billion in assets under management. McMahan has published numerous articles and has taught real estate at the Stanford Graduate School of Business. He currently teaches institutional real estate investment at the Haas School of Business at the University of California at Berkeley.

Former Chairman von Thaden led BRE Properties for 25 years and was president and chief executive officer until becoming chairman in 1995. Noting von Thaden's accomplishments since BRE was founded in 1970, McDowell said, "Art von Thaden has been a vital force in shaping BRE and directing its evolution during the company's first quarter century. His leadership during that time helped to provide a strong platform for BRE's current growth strategy. As he now steps down from the chairmanship, we recognize his role in the company's development, and we look forward to his continued counsel as a director."

BRE Properties is a self-administered and self-managed, fully- integrated, equity real estate investment trust focusing on multifamily properties in the Western United States. BRE owns 49 apartment communities totaling approximately 10,200 units in nine major markets in California, Arizona, Washington, Oregon and Nevada.

CONTACT: BRE Properties Inc., San Francisco

Lauren L. Barr, 415/445-6523