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,       |        
|                                                                                                                                                                                                     |  | 2003                          |         |   | 2002 |   |         | 2001 |  |   | 2000    |   |  | 1999 |        
|                                                                                                                                                                                                     |  | (dollar amounts in thousands) |        
|Income before gains (loss) on sales of investments, minority interest in income and discontinued operations                                                                                          |  | $                             | 62,240  |   |      | $ | 79,067  |      |  | $ | 81,609  |   |  | $    | 76,128  |   |  | $ | 73,460  |  
|Provision for unusual charges                                                                                                                                                                        |  |                               | 7,305   |   |      |   |        |      |  |   | 7,163   |   |  |      | 8,765   |   |  |   | 1,250   |  
|Minority interest not convertible into Common Stock                                                                                                                                                  |  |                               | (980    | ) |      |   | (719    | )    |  |   | (656    | ) |  |      | (518    | ) |  |   | (600    | )
|Discontinued operations                                                                                                                                                                              |  |                               | 936     |   |      |   | 5,495   |      |  |   | 6,163   |   |  |      | 6,000   |   |  |   | 5,149   |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                                                                                                                                                     |  | $                             | 69,501  |   |      | $ | 83,843  |      |  | $ | 94,279  |   |  | $    | 90,375  |   |  | $ | 79,259  |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges:                                                                                                                                                                                       |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest                                                                                                                                                                                             |  | $                             | 59,617  |   |      | $ | 56,106  |      |  | $ | 47,522  |   |  | $    | 43,996  |   |  | $ | 40,637  |  
|Interest from discontinued operations                                                                                                                                                                |  |                               |        |   |      |   | 1,026   |      |  |   | 995     |   |  |      | 1,032   |   |  |   | 1,058   |  
|Capitalized interest                                                                                                                                                                                 |  |                               | 9,117   |   |      |   | 12,015  |      |  |   | 13,502  |   |  |      | 16,434  |   |  |   | 9,485   |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges                                                                                                                                                                                        |  | $                             | 68,734  |   |      | $ | 69,147  |      |  | $ | 62,019  |   |  | $    | 61,462  |   |  | $ | 51,180  |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges:                                                                                                                                                                                       |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Preferred stock dividends                                                                                                                                                                            |  |                               | 10,629  |   |      |   | 7,765   |      |  |   | 4,569   |   |  |      | 4,569   |   |  |   | 4,182   |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges and preferred stock dividends                                                                                                                                                          |  | $                             | 79,363  |   |      | $ | 76,912  |      |  | $ | 66,588  |   |  | $    | 66,031  |   |  | $ | 55,362  |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|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 |  | $                             | 129,118 |   |      | $ | 140,975 |      |  | $ | 142,796 |   |  | $    | 135,403 |   |  | $ | 120,984 |  
|Divided by fixed charges                                                                                                                                                                             |  | $                             | 68,734  |   |      | $ | 69,147  |      |  | $ | 62,019  |   |  | $    | 61,462  |   |  | $ | 51,180  |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges                                                                                                                                                                   |  |                               | 1.9     |   |      |   | 2.0     |      |  |   | 2.3     |   |  |      | 2.2     |   |  |   | 2.4     |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|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 |  | $                             | 129,118 |   |      | $ | 140,975 |      |  | $ | 142,796 |   |  | $    | 135,403 |   |  | $ | 120,954 |  
|Divided by fixed charges and preferred stock dividends                                                                                                                                               |  | $                             | 79,363  |   |      | $ | 76,912  |      |  | $ | 66,588  |   |  | $    | 66,031  |   |  | $ | 55,362  |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges and preferred stock                                                                                                                                               |  |                               | 1.6     |   |      |   | 1.8     |      |  |   | 2.1     |   |  |      | 2.1     |   |  |   | 2.2     |  
|                                                                                                                                                                                                     |  |                               |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |