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,
|(dollar amounts in thousands)                          |  | 2006                    |         | 2005 |   | 2004    |  | 2003 |         | 2002
|Income from continuing operations                      |  | $                       | 77,932  |      | $ | 42,283  |  | $    | 36,929  |      | $ | 42,759  |  | $ | 60,995 
|Interest Expense                                       |  |                         | 80,199  |      |   | 76,553  |  |      | 66,826  |      |   | 59,425  |  |   | 56,106 
|Minority interest convertible into common shares       |  |                         | 1,976   |      |   | 2,040   |  |      | 1,915   |      |   | 2,216   |  |   | 2,963  
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Earnings available to cover fixed charges              |  | $                       | 160,107 |      | $ | 120,876 |  | $    | 105,670 |      | $ | 104,400 |  | $ | 120,064
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Fixed charges:                                         |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Interest                                               |  | $                       | 80,199  |      | $ | 76,553  |  | $    | 66,826  |      | $ | 59,425  |  | $ | 56,106 
|Capitalized interest                                   |  |                         | 15,794  |      |   | 11,343  |  |      | 6,163   |      |   | 9,117   |  |   | 12,015 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Fixed charges                                          |  | $                       | 95,993  |      | $ | 87,896  |  | $    | 72,989  |      | $ | 68,542  |  | $ | 68,121 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Preferred stock dividends                              |  |                         | 17,873  |      |   | 17,873  |  |      | 12,114  |      |   | 10,629  |  |   | 7,765  
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Fixed charges and preferred stock dividends            |  | $                       | 113,866 |      | $ | 105,769 |  | $    | 85,103  |      | $ | 79,171  |  | $ | 75,886 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Earnings available to cover fixed charges              |  | $                       | 160,107 |      | $ | 120.876 |  | $    | 105,670 |      | $ | 104,400 |  | $ | 120,064
|Divided by fixed charges                               |  | $                       | 95,993  |      | $ | 87,896  |  | $    | 72,989  |      | $ | 68,542  |  | $ | 68,121 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Ratio of earnings to fixed charges                     |  |                         | 1.7     |      |   | 1.4     |  |      | 1.4     |      |   | 1.5     |  |   | 1.8    
|Earnings available to cover fixed charges              |  | $                       | 160,107 |      | $ | 120,876 |  | $    | 105,670 |      | $ | 104,400 |  | $ | 120,064
|Divided by fixed charges and preferred stock dividends |  | $                       | 113,866 |      | $ | 105,769 |  | $    | 85,103  |      | $ | 79,171  |  | $ | 75,886 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Ratio of earnings to fixed charges and preferred stock |  |                         | 1.4     |      |   | 1.1     |  |      | 1.2     |      |   | 1.3     |  |   | 1.6    
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |