EXHIBIT 12



BRE PROPERTIES, INC.



STATEMENT RE:

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS



|                                                                                                                                                                                                         |  | Year Ended December 31,       |        
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------- | -------
|                                                                                                                                                                                                         |  | 2002                          |        
|                                                                                                                                                                                                         |  | (dollar amounts in thousands) |        
|Net income before gains (loss) on sales of investments, minority interest in income and
discontinued operations                                                                                          |  | $                             | 82,870 
|Provision for unusual charges                                                                                                                                                                            |  |                               |       
|Minority interest not convertible into Common Stock                                                                                                                                                      |  |                               | (719   
|Discontinued operations                                                                                                                                                                                  |  |                               | 1,692  
|                                                                                                                                                                                                         |  |                               |        
|                                                                                                                                                                                                         |  | $                             | 83,843 
|                                                                                                                                                                                                         |  |                               |        
|Fixed charges:                                                                                                                                                                                           |  |                               |        
|Interest                                                                                                                                                                                                 |  | $                             | 56,106 
|Interest from discontinued operations                                                                                                                                                                    |  |                               | 1,026  
|Capitalized interest                                                                                                                                                                                     |  |                               | 12,015 
|Other                                                                                                                                                                                                    |  |                               | 156    
|                                                                                                                                                                                                         |  |                               |        
|Fixed charges                                                                                                                                                                                            |  | $                             | 69,303 
|                                                                                                                                                                                                         |  |                               |        
|Preferred stock dividends                                                                                                                                                                                |  |                               | 7,765  
|                                                                                                                                                                                                         |  |                               |        
|Fixed charges and preferred stock dividends                                                                                                                                                              |  | $                             | 77,068 
|                                                                                                                                                                                                         |  |                               |        
|Net income before gains (loss) on sales of investments and minority interest in income
and provision for unusual charges and fixed charges, excluding capitalized interest and preferred stock dividends |  | $                             | 141,131
|Divided by fixed charges                                                                                                                                                                                 |  | $                             | 69,303 
|                                                                                                                                                                                                         |  |                               |        
|Ratio of earnings to fixed charges                                                                                                                                                                       |  |                               | 2.0    
|                                                                                                                                                                                                         |  |                               |        
|Net income before gains (loss) on sales of investments and minority interest in income
and provision for unusual charges and fixed charges, excluding capitalized interest and preferred stock dividends |  | $                             | 141,131
|Divided by fixed charges and preferred stockdividends                                                                                                                                                    |  | $                             | 77,068 
|                                                                                                                                                                                                         |  |                               |        
|Ratio of earnings to fixed charges and preferred stock                                                                                                                                                   |  |                               | 1.8    
|                                                                                                                                                                                                         |  |                               |