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Business Description
BRE Properties, Inc. is a self-administered real estate investment trust (REIT) focused on the development, acquisition and management of multifamily apartment communities in the Western United States. As of December 31, 2003, BRE's portfolio, owned directly or through wholly or majority owned subsidiaries, consisted of 80 multifamily communities (aggregating 22,981 units). Of these properties, 51 were located in California, 13 in Washington, seven in Arizona, five in Colorado and four in Utah. In addition, as of December 31, 2003, there were seven properties under various stages of construction and development aggregating an estimated 1,388 units, including four directly owned properties with 744 units and three land parcels estimated to have 644 units. BRE also holds a 35% interest and is the managing member of two real estate joint ventures that own two multifamily properties, and a 15% joint venture interest in a multifamily portfolio managed by a third party.

Financial Information
For the nine months ended 9/30/04, total revenues rose 9% to $221.9 million. Net income from continuing operations and applicable to Common rose 7% to $37.1 million. Results reflect communities acquisition, partially offset by higher depreciation expenses and interest costs.