The quarterly common share dividend represents an annualizeddividend of $1.70 per share, and an approximate 5.7% annualizedyield, based on yesterday's closing share price of $30.00. This isthe 120th consecutive quarterly common stock dividend declared byBRE since its founding in 1970.

BRE Properties owns and operates 86 apartment communities(22,882 units) in the Western United States. BRE currently has 13other apartment communities (3,123 units) in various stages ofdevelopment. On July 12, BRE entered into an agreement to sell 22apartment communities (4,909 units) in Tucson and Phoenix, Arizona;Albuquerque, New Mexico; and Las Vegas, Nevada.

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