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,
|                                                       | 2009 |                         | 2008(1) |  | 2007(1) |         | 2006(1) |   | 2005(1)
|Income from continuing operations                      |      | $                       | 40,470  |  | $       | 58,253  |         | $ | 54,306  |  | $ | 64,788  |  | $ | 31,705 
|Interest Expense                                       |      |                         | 82,734  |  |         | 92,032  |         |   | 87,593  |  |   | 81,136  |  |   | 75,775 
|Redeemable noncontrolling interests in income          |      |                         | 1,461   |  |         | 1,868   |         |   | 1,857   |  |   | 1,976   |  |   | 2,040  
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Earnings available to cover fixed charges              |      | $                       | 124,665 |  | $       | 152,153 |         | $ | 143,756 |  | $ | 147,900 |  | $ | 109,520
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Fixed charges:                                         |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Interest                                               |      | $                       | 82,734  |  | $       | 92,032  |         | $ | 87,593  |  | $ | 81,136  |  | $ | 75,775 
|Capitalized interest                                   |      |                         | 16,330  |  |         | 23,124  |         |   | 26,029  |  |   | 16,427  |  |   | 11,343 
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Fixed charges:                                         |      | $                       | 99,064  |  | $       | 115,156 |         | $ | 113,622 |  | $ | 97,563  |  | $ | 87,118 
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Preferred stock dividends                              |      |                         | 11,813  |  |         | 11,813  |         |   | 16,122  |  |   | 17,873  |  |   | 17,873 
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Fixed charges and preferred stock dividends            |      | $                       | 110,877 |  | $       | 126,969 |         | $ | 129,744 |  | $ | 115,436 |  | $ | 104,991
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Earnings available to cover fixed charges              |      | $                       | 124,665 |  | $       | 152,153 |         | $ | 143,756 |  | $ | 147,900 |  | $ | 109,520
|Divided by fixed charges                               |      | $                       | 99,064  |  | $       | 115,156 |         | $ | 113,622 |  | $ | 97,563  |  | $ | 87,118 
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Ratio of earnings to fixed charges                     |      |                         | 1.3     |  |         | 1.3     |         |   | 1.3     |  |   | 1.5     |  |   | 1.3    
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Earnings available to cover fixed charges              |      | $                       | 124,665 |  | $       | 152,153 |         | $ | 143,756 |  | $ | 147,900 |  | $ | 109,520
|Divided by fixed charges and preferred stock dividends |      | $                       | 110,877 |  | $       | 126,969 |         | $ | 129,744 |  | $ | 115,436 |  | $ | 104,991
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        
|Ratio of earnings to fixed charges and preferred stock |      |                         | 1.1     |  |         | 1.2     |         |   | 1.1     |  |   | 1.3     |  |   | 1.0    
|                                                       |      |                         |         |  |         |         |         |   |         |  |   |         |  |   |        



|(1) | Restated to reflect the adoption of new accounting guidance requiring retroactive application (Note 2 to our audited financial statements).
|--- | -------------------------------------------------------------------------------------------------------------------------------------------