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)                          |  | 2007                    |         | 2006 |   | 2005    |  | 2004 |         | 2003
|Income from continuing operations                      |  | $                       | 67,219  |      | $ | 73,044  |  | $    | 37,913  |      | $ | 32,335  |  | $ | 37,997
|Interest Expense                                       |  |                         | 82,752  |      |   | 80,199  |  |      | 76,553  |      |   | 66,826  |  |   | 59,425
|Minority interest convertible into common shares       |  |                         | 1,857   |      |   | 1,976   |  |      | 2,040   |      |   | 1,915   |  |   | 2,216 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Earnings available to cover fixed charges              |  | $                       | 151,828 |      | $ | 155,219 |  | $    | 116,506 |      | $ | 101,076 |  | $ | 99,638
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Fixed charges:                                         |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Interest                                               |  | $                       | 82,752  |      | $ | 80,199  |  | $    | 76,553  |      | $ | 66,826  |  | $ | 59,425
|Capitalized interest                                   |  |                         | 24,097  |      |   | 15,794  |  |      | 11,343  |      |   | 6,163   |  |   | 9,117 
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Fixed charges:                                         |  | $                       | 106,849 |      | $ | 95,993  |  | $    | 87,896  |      | $ | 72,989  |  | $ | 68,542
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Preferred stock dividends                              |  |                         | 16,122  |      |   | 17,873  |  |      | 17,873  |      |   | 12,114  |  |   | 10,629
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Fixed charges and preferred stock dividends            |  | $                       | 122,971 |      | $ | 113,866 |  | $    | 105,769 |      | $ | 85,103  |  | $ | 79,171
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Earnings available to cover fixed charges              |  | $                       | 151,828 |      | $ | 155,219 |  | $    | 116,506 |      | $ | 101,076 |  | $ | 99,638
|Divided by fixed charges                               |  | $                       | 106,849 |      | $ | 95,993  |  | $    | 87,896  |      | $ | 72,989  |  | $ | 68,542
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Ratio of earnings to fixed charges                     |  |                         | 1.4     |      |   | 1.6     |  |      | 1.3     |      |   | 1.4     |  |   | 1.5   
|                                                       |  |                         |         |      |  
|Earnings available to cover fixed charges              |  | $                       | 151,828 |      | $ | 155,219 |  | $    | 116,506 |      | $ | 101,076 |  | $ | 99,638
|Divided by fixed charges and preferred stock dividends |  | $                       | 122,971 |      | $ | 113,866 |  | $    | 105,769 |      | $ | 85,103  |  | $ | 79,171
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |       
|Ratio of earnings to fixed charges and preferred stock |  |                         | 1.2     |      |   | 1.4     |  |      | 1.1     |      |   | 1.2     |  |   | 1.3   
|                                                       |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |