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)                                                                                                                                                                        |  | 2004                    |         | 2003       |   | 2002       |  |   | 2001       |   | 2000      
|                                                                                                                                                                                                     |  |                         |         | (Restated) |   | (Restated) |  |   | (Restated) |   | (Restated)
|Income from continuing operations                                                                                                                                                                    |  | $                       | 45,304  |            | $ | 51,145     |  | $ | 71,116     |   |            | $ | 69,947  |  | $ | 28,549 
|(Gains) loss on sales of investments                                                                                                                                                                 |  |                         |         |            |   |            |  |   | (4,862     | ) |            |   | 327     |  |   | 35,693 
|Other expenses                                                                                                                                                                                       |  |                         | 6,807   |            |   | 7,305      |  |   |           |   |            |   | 7,163   |  |   | 8,765  
|Minority interest not convertible into Common Stock                                                                                                                                                  |  |                         | 1,915   |            |   | 2,216      |  |   | 2,963      |   |            |   | 3,413   |  |   | 4,614  
|Discontinued operations                                                                                                                                                                              |  |                         | 8,312   |            |   | 8,678      |  |   | 13,753     |   |            |   | 13,592  |  |   | 12,541 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|                                                                                                                                                                                                     |  | $                       | 62,388  |            | $ | 69,344     |  | $ | 82,970     |   |            | $ | 94,442  |  | $ | 90,162 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Fixed charges:                                                                                                                                                                                       |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Interest                                                                                                                                                                                             |  | $                       | 66,826  |            | $ | 59,425     |  | $ | 56,106     |   |            | $ | 47,522  |  | $ | 43,996 
|Interest from discontinued operations                                                                                                                                                                |  |                         |        |            |   | 192        |  |   | 1,026      |   |            |   | 995     |  |   | 1,032  
|Capitalized interest                                                                                                                                                                                 |  |                         | 6,163   |            |   | 9,117      |  |   | 12,015     |   |            |   | 13,502  |  |   | 16,434 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Fixed charges                                                                                                                                                                                        |  | $                       | 72,989  |            | $ | 68,734     |  | $ | 69,147     |   |            | $ | 62,019  |  | $ | 61,462 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Preferred stock dividends                                                                                                                                                                            |  |                         | 12,114  |            |   | 10,629     |  |   | 7,765      |   |            |   | 4,569   |  |   | 4,569  
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Fixed charges and preferred stock dividends                                                                                                                                                          |  | $                       | 85,103  |            | $ | 79,363     |  | $ | 76,912     |   |            | $ | 66,588  |  | $ | 66,031 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|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 |  | $                       | 129,164 |            | $ | 128,961    |  | $ | 140,102    |   |            | $ | 142,959 |  | $ | 135,190
|Divided by fixed charges                                                                                                                                                                             |  | $                       | 72,989  |            | $ | 68,734     |  | $ | 69,147     |   |            | $ | 62,019  |  | $ | 61,462 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Ratio of earnings to fixed charges                                                                                                                                                                   |  |                         | 1.8     |            |   | 1.9        |  |   | 2.0        |   |            |   | 2.3     |  |   | 2.2    
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|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 |  | $                       | 129,164 |            | $ | 128,961    |  | $ | 140,102    |   |            | $ | 142,959 |  | $ | 135,190
|Divided by fixed charges and preferred stock dividends                                                                                                                                               |  | $                       | 85,103  |            | $ | 79,363     |  | $ | 76,912     |   |            | $ | 66,588  |  | $ | 66,031 
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |        
|Ratio of earnings to fixed charges and preferred stock                                                                                                                                               |  |                         | 1.5     |            |   | 1.6        |  |   | 1.8        |   |            |   | 2.1     |  |   | 2.0    
|                                                                                                                                                                                                     |  |                         |         |            |   |            |  |   |            |   |            |   |         |  |   |