SAN FRANCISCO, CA (REIT Media) Sept. 18, 2007 - BRE Properties, Inc. (NYSE: BRE) today announced the closing of a $750 million unsecured revolving line of credit with a group of 18 lenders.

The joint lead arrangers were Wachovia Capital Markets, LLC and RBS Securities Corporation. Wachovia Bank, National Association will serve as administrative agent for the credit facility. The Royal Bank of Scotland, plc, was named syndication agent. Bank of America, N.A.; Deutsche Bank Securities, Inc.; and JPMorgan Chase Bank, N.A were named co-documentation agents.

The Amended and Restated Credit Agreement increased the size of the revolving credit facility from $600 million to $750 million, and extended the maturity date of the revolving credit facility from January 18, 2010 to September 18, 2012.

Based on the company's current debt ratings, the revolving credit facility is priced at LIBOR plus 47.5 basis points. Funds from the revolving credit facility will be used for acquisition and development activities as well as for general corporate purposes.

About BRE Properties

BRE Properties -- a real estate investment trust -- develops, acquires and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 81 apartment communities totaling 22,681 units in California, Arizona and Washington. The company has 11 other properties in various stages of development and construction, totaling 3,391 units, and joint venture interests in 10 additional apartment communities, totaling 2,948 units. As of 6/30/07.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, this news release contains forward-looking statements, including statements regarding the use of funds under our revolving credit facility, and is based on our current expectations and judgment. You should not rely on these statements as predictions of future events because there is no assurance that the events or circumstances reflected in the statements can be achieved or will occur. Forward-looking statements are identified by words such as "believes," "expects," "may," "will," "should," "approximately," "intends," "plans," "pro forma," "estimates," or "anticipates" or their negative form or other variations, or by discussions of strategy, plans or intentions. The following factors, among others, could affect actual results and future events: defaults or non-renewal of leases, increased interest rates and operating costs, failure to obtain necessary outside financing, difficulties in identifying properties to acquire and in effecting acquisitions, failure to successfully integrate acquired properties and operations, inability to dispose of assets that no longer meet our investment criteria under favorable terms and conditions, risks and uncertainties affecting property development and construction (including construction delays, cost overruns, inability to obtain necessary permits and public opposition to such activities), failure to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended, and increases in real property tax rates. Our success also depends on general economic trends, including interest rates, tax laws, governmental regulation, legislation, population changes and other factors, including the risk factors discussed in the section entitled "Risk Factors" in our most recent Annual Report on Form 10-K as they may be updated from time to time by our subsequent filings with the Securities and Exchange Commission. You should not rely solely on forward-looking statements, which only reflect management's analysis. We assume no obligation to update this information. For more details, please refer to our SEC filings, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.