BRE Properties Inc. Declares Quarterly Dividend of $.33 Per Common Share; Credit Facilities Increased to $150 Million with Rate Reduction

Business Wire, Nov 20, 1996

SAN FRANCISCO--(BUSINESS WIRE)--Nov. 20, 1996--The Board of Directors of BRE Properties Inc. (NYSE:BRE) today declared a regular quarterly dividend of $.33 per common share, payable Dec. 26, 1996, to shareholders of record Dec. 6, 1996.

The quarterly dividend of $.33 per share is equivalent to $1.32 per share on an annualized basis and represents the 105th consecutive dividend paid by the company.

In other news, Chief Financial Officer Leroy E. Carlson added that BRE's unsecured revolving credit facilities were increased to $150 million from $100 million.

"Prior to the increase, our lines of credit were arranged in two pieces -- $30 million at LIBOR plus 1.0%, and $70 million at LIBOR plus 1.25%. We have increased the $70 million portion to $120 million and reduced the applicable interest rate to LIBOR plus 1.125%. This additional financing flexibility plays an important role in our plan to acquire apartment properties in the key growth markets of the West."

BRE Properties is a self-administered, self-managed and fully integrated equity real estate investment trust focusing on multifamily properties in the Western United States. BRE owns 52 apartment communities totaling 11,572 units in nine major markets in California, Arizona, Washington, Oregon and Nevada.

CONTACT: BRE Properties Inc.

Lauren L. Barr, 415/445-6523