BRE Properties Announces Filing of Shelf Registration Statement

Business Wire, March 9, 1998

SAN FRANCISCO--(BUSINESS WIRE)--March 9, 1998--BRE Properties Inc. (NYSE:BRE) announced that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission.

The registration statement covers an aggregate of up to $750 million of the company's debt securities, preferred stock, depositary shares, common stock warrants and common stock, any of which may be offered by the company from time to time at prices and on terms to be determined at the time of any such offering.

BRE intends to use the net proceeds from any such offerings for general corporate purposes, which may include, among other uses, the acquisition and development of multifamily properties and the repayment of indebtedness.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

BRE Properties Inc. is a self-administered, self-managed and fully integrated real estate investment trust focusing on the acquisition, development, ownership and management of multifamily properties in the Western United States. BRE owns and operates 75 apartment communities totaling 18,955 units in California, Arizona, Washington, Oregon, Nevada, New Mexico, Utah and Colorado.

The company currently has eight other apartment communities under development totaling 2,445 units. Additional information about BRE can be found on the company's web site (http://breproperties.com).

CONTACT: BRE Properties Inc.

Lauren L. Barr, 415/445-6523