Exhibit 12

BRE PROPERTIES, INC.

STATEMENT RE:

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS



|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|------------------------------------------------------ | ---- | ----------------------- | ------- |  | ---- | ------- | ---- | - | ------- |  | - | ------- |  | - | ------
|(dollar amounts in thousands)                          |      | Year Ended December 31,
|                                                       | 2008 |                         | 2007    |  | 2006 |         | 2005 |   | 2004   
|Income from continuing operations                      |      | $                       | 64,399  |  | $    | 59,987  |      | $ | 65,744  |  | $ | 30,658  |  | $ | 24,732
|Interest Expense                                       |      |                         | 85,799  |  |      | 82,009  |      |   | 79,164  |  |   | 75,775  |  |   | 66,465
|Minority interest convertible into common shares       |      |                         | 1,868   |  |      | 1,857   |      |   | 1,976   |  |   | 2,040   |  |   | 1,915 
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Earnings available to cover fixed charges              |      | $                       | 152,066 |  | $    | 143,853 |      | $ | 146,884 |  | $ | 108,473 |  | $ | 93,112
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Fixed charges:                                         |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Interest                                               |      | $                       | 85,799  |  | $    | 82,009  |      | $ | 79,164  |  | $ | 75,775  |  | $ | 66,465
|Capitalized interest                                   |      |                         | 21,439  |  |      | 24,097  |      |   | 15,794  |  |   | 11,343  |  |   | 6,163 
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Fixed charges:                                         |      | $                       | 107,238 |  | $    | 106,106 |      | $ | 94,958  |  | $ | 87,118  |  | $ | 72,628
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|                                                       |      |                         |         |  |     
|Preferred stock dividends                              |      |                         | 11,813  |  |      | 16,122  |      |   | 17,873  |  |   | 17,873  |  |   | 12,114
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Fixed charges and preferred stock dividends            |      | $                       | 119,051 |  | $    | 122,228 |      | $ | 112,831 |  | $ | 104,991 |  | $ | 84,742
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|                                                       |      |                         |         |  |     
|Earnings available to cover fixed charges              |      | $                       | 152,066 |  | $    | 143,853 |      | $ | 146,884 |  | $ | 108,473 |  | $ | 93,112
|Divided by fixed charges                               |      | $                       | 107,238 |  | $    | 106,106 |      | $ | 94,958  |  | $ | 87,118  |  | $ | 72,628
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Ratio of earnings to fixed charges                     |      |                         | 1.4     |  |      | 1.4     |      |   | 1.5     |  |   | 1.2     |  |   | 1.3   
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|                                                       |      |                         |         |  |     
|Earnings available to cover fixed charges              |      | $                       | 152,066 |  | $    | 143,853 |      | $ | 146,884 |  | $ | 108,473 |  | $ | 93,112
|Divided by fixed charges and preferred stock dividends |      | $                       | 119,051 |  | $    | 122,228 |      | $ | 112,831 |  | $ | 104,991 |  | $ | 84,742
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |       
|Ratio of earnings to fixed charges and preferred stock |      |                         | 1.3     |  |      | 1.2     |      |   | 1.3     |  |   | 1.0     |  |   | 1.1   
|                                                       |      |                         |         |  |      |         |      |   |         |  |   |         |  |   |