BRE Properties Prices Offering of 1.75 Million Shares of Common Stock

Business Wire, July 10, 1998

SAN FRANCISCO--(BUSINESS WIRE)--July 10, 1998--BRE Properties, Inc. (NYSE:BRE) today announced the pricing of a public offering of 1.75 million shares of its common stock at $27.82 per share. The offering is being underwritten by Morgan Stanley & Co. Incorporated. The Company has granted the underwriter a 30-day option to purchase up to an additional 262,500 shares of common stock to cover over-allotments, if any.

The Company intends to use the net proceeds of the offering to repay borrowings under its revolving lines of credit. A copy of the prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, N.Y. 10036, Attention: Prospectus Department.

BRE Properties, Inc., headquartered in San Francisco, is a self-administered, self-managed and fully integrated real estate investment trust focusing on the development, acquisition, ownership and management of multifamily properties in the Western United States. BRE owns and operates 78 apartment communities totaling 19,641 units in California, Arizona, Washington, Oregon, Nevada, New Mexico, Utah and Colorado. Currently, the Company has nine additional properties under development totaling 2,705 apartment units.

CONTACT: BRE Properties, Inc.

Lauren L. Barr, 415/445-6523