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)                          |  | 2005                    |         |   | 2004 |   | 2003    |  | 2002 |         |  | 2001
|Income from continuing operations                      |  | $                       | 42,283  |   |      | $ | 36,929  |  | $    | 42,759  |  | $    | 60,995  |   |  | $ | 63,041 
|(Gains) loss on sales of investments                   |  |                         | (4,575  | ) |      |   |        |  |      |        |  |      | (4,862  | ) |  |   | 327    
|Interest Expense                                       |  |                         | 76,553  |   |      |   | 66,826  |  |      | 59,425  |  |      | 56,106  |   |  |   | 47,552 
|Minority interest not convertible into Common Stock    |  |                         | 2,040   |   |      |   | 1,915   |  |      | 2,216   |  |      | 2,963   |   |  |   | 3,413  
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Earnings available to cover fixed charges              |  | $                       | 116,301 |   |      | $ | 105,670 |  | $    | 104,400 |  | $    | 115,202 |   |  | $ | 114,333
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Fixed charges:                                         |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Interest                                               |  | $                       | 76,553  |   |      | $ | 66,826  |  | $    | 59,425  |  | $    | 56,106  |   |  | $ | 47,552 
|Capitalized interest                                   |  |                         | 11,343  |   |      |   | 6,163   |  |      | 9,117   |  |      | 12,015  |   |  |   | 13,502 
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Fixed charges                                          |  | $                       | 87,896  |   |      | $ | 72,989  |  | $    | 68,542  |  | $    | 68,121  |   |  | $ | 61,054 
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Preferred stock dividends                              |  |                         | 17,873  |   |      |   | 12,114  |  |      | 10,629  |  |      | 7,765   |   |  |   | 4,569  
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Fixed charges and preferred stock dividends            |  | $                       | 105,769 |   |      | $ | 85,103  |  | $    | 79,171  |  | $    | 75,886  |   |  | $ | 65,623 
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Earnings available to cover fixed charges              |  | $                       | 116,301 |   |      | $ | 105,670 |  | $    | 104,400 |  | $    | 115,202 |   |  | $ | 114,333
|Divided by fixed charges                               |  | $                       | 87,896  |   |      | $ | 72,989  |  | $    | 68,542  |  | $    | 68,121  |   |  | $ | 61,054 
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Ratio of earnings to fixed charges                     |  |                         | 1.3     |   |      |   | 1.4     |  |      | 1.5     |  |      | 1.7     |   |  |   | 1.9    
|Earnings available to cover fixed charges              |  | $                       | 116,301 |   |      | $ | 105,670 |  | $    | 104,400 |  | $    | 115,202 |   |  | $ | 114,333
|Divided by fixed charges and preferred stock dividends |  | $                       | 105,769 |   |      | $ | 85,103  |  | $    | 79,171  |  | $    | 75,886  |   |  | $ | 65,623 
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |        
|Ratio of earnings to fixed charges and preferred stock |  |                         | 1.1     |   |      |   | 1.2     |  |      | 1.3     |  |      | 1.5     |   |  |   | 1.7    
|                                                       |  |                         |         |   |      |   |         |  |      |         |  |      |         |   |  |   |