BRE Properties, Inc.

Investor Presentation
September 2010

1
 Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995: Except for the historical information contained herein, this presentation
contains forward-looking
forward looking statements regarding Company and property
performance, and is based on the Company’s current expectations and
judgment. Actual results could vary materially depending on risks and
uncertainties inherent to general and local real estate conditions, competitive
factors specific to markets in which BRE operates, legislative or other regulatory
decisions future interest rate levels or capital markets
decisions, markets’ conditions.
conditions The Company
assumes no responsibility to update this information. For more details, please
refer to the Company’s SEC filings, including its most recent Annual Report on
Form 10-K and quarterly reports on Form 10-Q.

2 BRE Properties, Inc.

 BRE Properties

• Publicly traded REIT (NYSE: BRE)

• Multifamily owner & operator; founded 1970
• 76 wholly owned properties; 22,066 units
• 13 JV communities; 4,080 units
• 6 development sites*; 1,848 units
• $4.5 billion total market capitalization
p
• Uninterrupted dividends since inception

Data as of 8/31/2010. Property and unit counts reflect most recent acquisition and disposition activity.
*Excludes two additional land sites under option contract.

3 BRE Properties, Inc.

 BRE’s Competitive Position
• High-quality assets in supply-constrained West Coast markets
– Limited new supply & favorable demographics support post
post-recession
recession rent growth
– Favorable rent-to-own gap in core markets

• Leading multifamily operator with best

best-in-class
in class margins
– Significant concentration in core West Coast growth markets
– Progressive technology platform / management model

• Ability to grow via acquisitions and development

– Opportunity to scale presence in core markets

• Strong balance sheet

• Uninterrupted dividends since inception

4 BRE Properties, Inc.

 California-Centric Focus
BRE “Homeprint” – % NOI for wholly owned properties

Seattle (14% of NOI)

San Francisco Bay Area (20% of NOI)

Inland Empire (8% of NOI)
Los Angeles (12% of NOI) (13% of NOI as of 12/31/2009)

Orange County (18% off NOI)

Other Markets (3% of NOI)
San Diego (24% of NOI)

Data as of 8/31/2010. Figures reflect most recent acquisition and disposition activity. Excludes joint-venture properties, which
collectively represent 1% of total NOI, and Assets Held For Sale.

5 BRE Properties, Inc.

 California: Favorable Long-Term Fundamentals
• Largest economy in the U.S. and 8th largest in the world
– Approximately 12% of total U.S. population and 11% of
total U
U.S.
S employment
• Significant participant in global GDP, reducing reliance on
U.S.-led recovery
– Gateway to Pacific Rim economic growth

• Large, diversified economy; historically a net generator of jobs

– Unique crossroads of world-class
world class research
research,
entrepreneurship and private capital
– Strength in international trade, tourism and
entertainment
t t i t

• Largely supply-constrained markets with favorable propensity-

to-rent levels
– Geographic barriers limit new supply
– Median home prices are 50% higher than the rest of the
nation

6 BRE Properties, Inc.

California Leads Nation in Venture Capital Investment
• Venture capital investment represents a leading indicator for job growth

• California historicallyy has attracted the lion’s share of venture investment dollars,
with the San Francisco Bay Area dominating the state and the nation’s venture
capital business

Total U.S. Venture Capital Investment By State

Q2 2010 Total VC Investment = $6.5 billion

All Other States

23%

WA CA
3%
57%

TX
3%

NY
5% MA
9%

Source: PriceWaterhouse Coopers/National Venture Capital Association, MoneyTreeTM Report, as of Q2 2010.

7 BRE Properties, Inc.

 The “Big Four” Drivers of Apartment Demand
• The 18-to-34-year-old Echo Boomer
Demographics generation is expected to grow by over 4
million through 2020

• The Echo Boomers have a higher propensity to

rent than other age groups
Propensity to rent • Residents living in California have a higher
propensity to rent than the rest of the nation

• Nationwide, forecasted demand is expected

Supply to outstrip
p supply
pp y
• Geographic and political barriers limit new
supply in coastal California markets

• The nation has quietly added 1.4 million jobs

Job Growth year-to-date through July 2010
• Echo Boomers have experienced
p g
greater gains
g
Source: U.S. Census Bureau and Bureau of in employment than other age groups
Labor Statistics.

8 BRE Properties, Inc.

 The Echo Boomers Are Coming…
Total U.S. Population By Age Group
Over 65
13%
U.S. Population Age 20-34
Ages 0-19
27% 67 9 MM
67.9
70
Ages 50-64
19%

Ages 20-34
65 Ages 35-49 21%
21%

59.0 MM
(in millionss)

60

55

50
1992 1997 2002 2007 2012 2017
Source: U.S. Census Bureau, International database.

9 BRE Properties, Inc.

 … and They Have a Higher Propensity to Rent
Propensity to Rent By Age
70%

Propensity to Rent – CA vs. U.S.

60.3%
60% <35 Age Group
80.0% 74.0%

60 3%
60.3%
60.0%
50%
40.0%

20.0%
40%
0.0%
33.8% U.S. CA

30%
25.6%

20.5% 19.5%
20%

10%

0%
Less than 35 years 35 to 44 years 45 to 54 years 55 to 64 years 65 years and older
Source: U.S. Census Bureau, as of 2009. Propensity to rent defined as 1 minus the homeownership rate.

10 BRE Properties, Inc.

 California Historically Has Been a “Renter” State
Homeownership Rate
75.0%
Current U.S. = 66.9%

70.0%

65.0%

Current CA = 56.3%
60.0%

55.0%

50.0%
1950 1960 1970 1980 1990 2000 2005 2006 2007 2008 2009 Q2 2010

U.S. California
Source: U.S. Census Bureau, Current Population Survey.

11 BRE Properties, Inc.

 Low Home Affordability Drives Propensity to Rent

Median Household Income vs. Median Home Price

$700
I BRE C
In Core M
Markets
k t
$600

$500
$
($ in tthousands)

$400
$557
$300 $442
$340 $335 $296
$200
$177
$
$100
$79 $76 $65 $56 $66 $52
$-
Bay Area Orange Co. San Diego Los Angeles Seattle U.S. Average

% BRE NOI 20% 18% 24% 12% 14% NA

Median Household Income Median Home Price

Source: Dataquick, U.S. Census Bureau, and National Association of Realtors, as of Q2 2010.

12 BRE Properties, Inc.

 Limited New Supply in Core Markets
Completions as % of Total Apartment Stock
(in BRE Markets)
140,000 20.0%

etions as % of Total Stock

120,000 Completions Completions as %
Year Total Stock (Units) of Total Stock
2010 2,575,776 6,027 0.2% 15.0%
100 000
100,000 2011E 2 579 671
2,579,671 3 895
3,895 0 2%
0.2%
ompleted

2012E 2,591,398 11,727 0.5%

2013E 2,606,804 15,406 0.6%
80,000 2014E 2,626,445 19,641 0.7%
10 0%
10.0%
Units Co

60,000

40,000

Comple
5.0%

20,000

0 0.0%
1982 1992 2002 2012
Completions Completions as % of Total Stock
Source: PPR as of 1Q 2010. Data for BRE’s core markets: San Diego, Orange County, Los Angeles, Inland Empire,
San Francisco Bay Area and Seattle.

13 BRE Properties, Inc.

 It’s All About Jobs
Case Study: S.F. Bay Area Tech Recession
6.0% Job Growth & Revenue Growth $2,000

2001-2007 $1,800
4.0%
Employment Gain / (Losss)

$1,600
2.0%

Revenue / Unit
$1,400

0.0%
$1,200
2001 2002 2003 2004 2005 2006 2007
-2.0% $1,000

$800
-4.0%

$600
-6.0%
$400

-8.0%
8 0%
$200

-10.0% $-

B Area
Bay A EEmployment
l t Growth
G th BRE SFO Region
R i Revenue/Unit
R /U it

Source: Bureau of Labor Statistics and BRE financials.

14 BRE Properties, Inc.

 Prime Renting Cohort Experiencing Employment Gains
• The Echo Boomers have experienced greater employment gains in 2010
than other age groups
3,000
U.S. Employment By Age
2,000 1,848

1,000 762 826

ands)

-140
140 -74
74
(in thousa

0
Age 18-34 Age 35-44 Age 45-54 Age 55+

-1,000

-1,509
-2,000

-3,000

-3,321
-3,536
-4,000

Total Jobs Lost Since Dec. 2007 Total Jobs Gained/Lost in 2010

Source: Bureau of Labor Statistics, Current Population Survey, as of July 2010.

15 BRE Properties, Inc.

 The Tide is Turning
BRE Sequential Same-Store Revenue & NOI Growth
4.0%

3.0%

2.0%

1.0% Q
4Q08 1Q09
Q 2Q09
Q 3Q09
Q 4Q09
Q 1Q10
Q 2Q10
Q
Growth
h

0.0%
1Q08 2Q08 3Q08
(1.0%)

(2.0%)

((3.0%))

(4.0%)

Same-Store Revenue Same-Store NOI

Source: BRE financials, as of Q2 2010.

16 BRE Properties, Inc.

 BRE Outcompetes in Its Markets
YOY Revenue Growth By Market
Y-O-Y Revenue Growth
YTD 2010 (through By Market
Q2 2010)
YTD 2010 (through Q2 2010)

(a)
Market
Market BRE
BRE Peer Average
Peer Average
(a) BREOutperformance
BRE Outperformance

Los Angeles -2.4% -3.6% 1.2%

San Francisco -4.7%

4 7% -5.7%
5 7% 1 0%
1.0%

Inland Empire -1.9% -2.9% 1.0%

Orange County -4.7% -5.0% 0.3%

San Diego -1.0% -1.0% 0.0%

Seattle -8.8% -7.3% -1.5%

Source: BRE and

S d peer filings
fili and
d supplemental
l t l iinformation.
f ti
(a) Peer average excludes BRE and is weighted by unit count. Peer group varies from market to market, but generally includes AIV,
AVB, CPT, ESS, EQR and UDR.

17 BRE Properties, Inc.

 Profitability: EBITDA Margins
2010 YTD Adjusted EBITDA to Total Revenue (1)
70%
4-Year BRE Average: 68%

65%
65%

60%
60%
57% 57%
55%
55% 52% 4-Year Peer Average: 53%
51%
49% 49%
50% 48%
45%
45%

40%
BRE ESS EQR AVB UDR HME CPT CLP MAA AIV PPS
Source: BRE and peer supplementals and Bank of America Merrill Lynch. Data as of 6/30/2010.
(1) Adjusted EBITDA excludes unusual / one-time items.

18 BRE Properties, Inc.

 Investment Environment
Acquisitions
• Focus on high
g quality,
q y, in-fill locations
• Leverage existing market concentrations to optimize
operating efficiencies and enhance yield
• Opportunities to acquire projects below replacement cost
Museum Park, San Jose, CA

Development Pipeline
• Own six unique, well-located land sites* in supply-
constrained CA markets
• Core in-fill locations, near large population centers and
mass-transit
• Projects are designed and tailored for the next generation Allure at Scripps Ranch, San Diego, CA
of renters
• Existing pipeline represents alternative source of growth as
the acquisition market becomes increasingly competitive

* Excludes two additional land sites under option contract, as of 8/31/2010. Fountains at River Oaks, San Jose, CA

19 BRE Properties, Inc.

 2010 YTD Investment Activity

Asset Location Investment Type Units Transaction Date

Price ($000) Closed
ACQUISITIONS
Allure at Scripps Ranch San Diego, CA Stabilized Community 194 $46,200 March 2010
Museum Park San Jose, CA Stabilized Community 117 $29,600 April 2010
Fountains at River Oaks San Jose, CA Stabilized Community 226 $50,300 August 2010
Sunnyvale Town Center Sunnyvale, CA Land 280* $19,000 August 2010
Aqua at Marina del Rey Marina del Rey, CA Stabilized Community 500 $166,000 August 2010
TOTAL 1,317 $311,100

DISPOSITIONS
Montebello Kirkland, WA Stabilized Community 248 $39,000 April 2010
Boulder Creek Riverside, CA Stabilized Community 264 $24,600 August 2010
Pinnacle at Riverwalk Riverside, CA Stabilized Community 714 TBD September 2010*
TOTAL 1,226 $63,600

*Estimate only.

20 BRE Properties, Inc.

 Investment Activity Highlights
• Significantly increased presence in highly desirable San Jose
market
– San Jose market is expected to be growth leader in California recovery

• M
Meaningfully
i f ll reduced
d d exposure to
t slower-growth
l th IInland
l d EEmpire
i
– Pro forma for all transactions, Inland Empire reduced to 8% of total NOI (down
from 13% as of December 2009)

• Sizeable investment in Marina del Rey, a high barrier-to-entry

“f
“forever llocation”
ti ” submarket
b k t
– Redeploying capital out of lower growth markets into prime coastal California
locations

21 BRE Properties, Inc.

 BRE Presence in San Jose

Lawrence Station
(336 units)
Fountains at River
Oaks (226 units)
Town and Country
(280 units)

Villa Granada
(270 units)

Museum Park
(117 units)

2 miles

22 BRE Properties, Inc.

 Sunnyvale Land Acquisition

23 BRE Properties, Inc.

 Aqua Marina del Rey Acquisition
Year Built: 2001
Location: Marina del Rey, CA
Class: A-/B+
Total units: 500
Total purchase price: $166 million
Cost / unit: $332,000
Initial year 1 yield: 4.60%
Stabilized yield: 5.30%

Investment highlights:
• BRE negotiated the merger of the ground lessee’s and
ground lessor’s interests to acquire the property on a
fee-simple basis
• Submarket
b k isi highly
hi hl desirable
d i bl and
d very supply-
l
constrained
• Well-located property is in proximity to BRE’s Alessio
community, major employment and recreational
centers, LAX, and Playa Vista
• Off-market transaction

24 BRE Properties, Inc.

 Balance Sheet Remains Strong
Total Market Capitalization(1)
Total Debt Key Credit Metrics
36%
Interest
te est Co
Coverage
e age - Q
Q2 2010
0 0 2.8x
8
Fixed Charge Coverage - Q2 2010 2.5x

Common Secured Debt / Gross Assets 21.4%

Equity Minority Unencumbered NOI 68.8%
59% Preferred Interest
Equity 1% Ratings Baa2 (stable) / BBB (stable)
4%

12.0x 11.4x
Total Debt / EBITDA(2)
9.7x 10.0x

8.4x 8.4x
7.9x 8.0x
Debt/EBITDA

8.0x 7.2x 7.4x 7.5x

7.1x

4.0x

0.0x
MAA AVB ESS BRE CPT EQR HME PPS UDR CLP AIV
(1) Represents BRE’s capital structure, as of June 30, 2010.
(2) Source: Green Street Advisors, Inc., as of report dated September 1, 2010. Data as of June 30, 2010.

25 BRE Properties, Inc.

 Why BRE?
• Focus on high-quality assets in supply-constrained West Coast markets

• Leading multifamily operator with best-in-class margins

• Ability to grow through a mix of acquisitions and development

• Well-capitalized balance sheet

• Uninterrupted dividends since inception with strong dividend coverage

26 BRE Properties, Inc.

 Appendix

27 BRE Properties, Inc.

 Development Pipeline
BRE Properties, Inc.
Development Communities and Land Held for Development
June 30, 2010
(Dollar amounts in millions)

Number Cost Estimated Balance to Product First Units Estimated

CONSTRUCTION IN PROGRESS of Units Incurred (1) Cost (2) Complete Type Delivered Completion (3)
Villa Granada
Santa Clara, CA 270 $ 85.1 $ 89.7 $ 4.6 Podium 2Q/2010 3Q/2010

Total CIP 270 $ 85.1 $ 89.7 $ 4.6

Number Cost Estimated Estimated Product

LAND UNDER DEVELOPMENT (4) of Units Incurred Cost (5) Const. Start Type
Wilshire La Brea (6)
Los Angeles, CA 470 $ 101.8 TBR TBD Podium
Pleasanton
Pleasanton, CA 240 15.5 TBR TBD Garden
Stadium Park II
Anaheim, CA 250 25.6 TBR TBD Wrap
Lawrence Station
Sunnyvale, CA 338 20.5 TBR TBD Wrap

Total Land Owned 1,298 $ 163.4 $ 580.4

Number Cost Estimated Product

(7) (8) (5)
LAND UNDER CONTRACT of Units Incurred Cost Type
Mercer Island, WA 166 $ 6.7 TBR Podium

Walnut Creek, CA 361 7.5 TBR Podium

Total 527 $ 14.2 $ 176.1

(1) Reflects all recorded costs incurred as of June 30, 2010, recorded on our consolidated balance sheets as "direct investments in real estate-construction in progress."
Included in this amount is $36 million of costs for the 124 completed units on Villa Granada which is reflected on our Consolidated Balance Sheet as "direct investments in
real estate - investments in rental properties.
properties "
(2) Reflects the estimated economic cost of development projects, which in certain instances may not reflect the carrying value of the final asset reported under GAAP.
(3) "Completion" is defined as our estimate of when an entire project will have a final certificate of occupancy.
(4) Represents projects in various stages of predevelopment, development and initial construction, for which construction or supply contracts have not yet been finalized. As
these contracts are finalized, projects are transferred to construction in progress.

(5) Reflects the aggregate cost estimates; specific property cost estimates To Be Reported (TBR) once entitlement approvals are received and the company is prepared to begin
construction.
((6)) Project's
j estimated cost reflects the construction of 470 units and 40,000
, sq
q feet of retail. The estimated unit count and costs reflect the current underlying
y g entitlements
associated with the site.
(7) Land under contract represents land parcels for which we have signed a purchase and sale agreement, made a non refundable deposit and commenced the entitlement
process.
(8) Represents deposits, contractual costs, and entitlement expenses incurred to date.

28 BRE Properties, Inc.

Non-GAAP Financial Measure Reconciliations and Definitions
FFO is used by industry analysts and investors as a supplemental performance measure of an equity REIT. FFO is defined by the
National Association of Real Estate Investment Trusts as net income or loss (computed in accordance with accounting principles
generallyy accepted
g p in the United States)) excluding
g extraordinaryy items as defined under GAAP and g gains or losses from sales of
previously depreciated real estate assets, plus depreciation and amortization of real estate assets and adjustments for unconsolidated
partnerships and joint ventures. We calculate FFO in accordance with the NAREIT definition.

We believe that FFO is a meaningful supplemental measure of our operating performance because historical cost accounting for real
estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected
through depreciation. Because real estate values have historically risen or fallen with market conditions, management considers FFO
an appropriate supplemental performance measure because it excludes historical cost depreciation, as well as gains or losses related
to sales of previously depreciated property
property, from GAAP net income
income. By excluding depreciation and gains or losses on sales of real
estate, management uses FFO to measure returns on its investments in real estate assets. However, because FFO excludes
depreciation and amortization and captures neither the changes in the value of our properties that result from use or market
conditions nor the level of capital expenditures to maintain the operating performance of our properties, all of which have real
economic effect and could materially impact our results from operations
operations, the utility of FFO as a measure of our performance is
limited.

Management also believes that FFO, combined with the required GAAP presentations, is useful to investors in providing more
meaningful comparisons of the operating performance of a company’s real estate between periods or as compared to other
companies. FFO does not represent net income or cash flows from operations as defined by GAAP and is not intended to indicate
whether cash flows will be sufficient to fund cash needs. It should not be considered an alternative to net income as an indicator of
the REIT’s operating performance or to cash flows as a measure of liquidity. Our FFO may not be comparable to the FFO of other
REIT d
REITs due tto th
the fact
f t that
th t nott allll REITs
REIT use the
th NAREIT d
definition.
fi iti

29 BRE Properties, Inc.

Non-GAAP Financial Measure Reconciliations and Definitions

Quarter Ended Quarter Ended Six Months Ended Six Months Ended
6/30/2010 6/30/2009 6/30/2010 6/30/2009

Net income available to common shareholders $ 16,297 $ 28,222 $ 21,822 $ 41,215

Depreciation from continuing operations 22,642 21,276 44,696 40,951
Depreciation from discontinued operations 916 1,092 1,969 2,326
Redeemable noncontrolling interest in income 373 545 745 1,091
Depreciation from unconsolidated entities 486 455 966 904
Net gain on investments (11,681) (14,289) (11,681) (14,289)
Less: Redeemable noncontrolling interest in income not convertible into
(105) (106) (210) (212)
common shares
Funds from operations $ 28,928 $ 37,195 $ 58,307 $ 71,986

Allocation to participating securities - diluted FFO (1) $ (199) $ (189) $ (433) $ (389)

Allocation to participating securities - diluted EPS (1) $ (94) $ (269) $ (116) $ (674)

Diluted shares outstanding - EPS (2) 61,990 51,765 59,130 51,505

Net income per common share - diluted $ 0.26 $ 0.54 $ 0.37 $ 0.79
Diluted shares outstanding - FFO (2) 62,685 52,550 59,860 52,290
FFO per common share - diluted $ 0.46 $ 0.70 $ 0.97 $ 1.37

(1)
Adjustment to the numerators for diluted FFO per common share and diluted net income per common share calculations when applying the two class method for
calculating EPS.
(2)
See analysis of weighted average shares and ending shares at Exhibit B.

30 BRE Properties, Inc.

Non-GAAP Financial Measure Reconciliations and Definitions

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined by BRE as EBITDA,
excludingg minorityy interests, gains
g or losses from sales of investments, preferred
p stock dividends and other expenses.
p We consider
EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our performance because they eliminate depreciation,
interest, and, with respect to Adjusted EBITDA, gains (losses) from property dispositions and other charges, which permits investors
to view income from operations without the impact of noncash depreciation or the cost of debt, or with respect to Adjusted EBITDA,
other non-operating
non operating items described above.

Because EBITDA and Adjusted EBITDA exclude depreciation and amortization and capture neither the changes in the value of our
properties that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of
our properties,
properties all of which have real economic effect and could materially impact our results from operations,
operations the utility of EBITDA
and Adjusted EBITDA as measures of our performance is limited. Below is a reconciliation of net income available to common
shareholders to EBITDA and Adjusted EBITDA:

Quarter Ended Quarter Ended Six Months Ended Six Months Ended
6/30/2010 6/30/2009 6/30/2010 6/30/2009

Net income available to common shareholders $ 16,297 $ 28,222 $ 21,822 $ 41,215

Interest, including discontinued operations 20,727 19,421 41,826 40,443
p
Depreciation, includingg discontinued operations
p 23,558 22,368 46,665 43,277
EBITDA 60,582 70,011 110,313 124,935
Redeemable noncontrolling interest in income 373 545 745 1,091
Net gain on sales (11,681) (14,289) (11,681) (14,289)
Dividends on preferred stock 2,953 2,953 5,906 5,906
Other expenses 1,771 - 2,696 -
Net loss/(gain) on extinguishment of debt 558 (1,958) 558 (1,958)
Adjusted EBITDA $ 54 556 $
54,556 57 262
57,262 $ 108 537 $
108,537 115 685
115,685

31 BRE Properties, Inc.

Non-GAAP Financial Measure Reconciliations and Definitions
We consider community level and portfolio-wide NOI to be an appropriate supplemental measure to net income because it helps
both investors and management to understand the core property operations prior to the allocation of general and administrative
costs. This is more reflective of the operating performance of the real estate, and allows for an easier comparison of the operating
performance of single assets or groups of assets.
assets In addition,
addition because prospective buyers of real estate have different overhead
structures, with varying marginal impact to overhead by acquiring real estate, NOI is considered by many in the real estate industry to
be a useful measure for determining the value of a real estate asset or groups of assets.

Because NOI excludes depreciation and does not capture the change in the value of our communities resulting from operational use
and market conditions, nor the level of capital expenditures required to adequately maintain the communities (all of which have real
economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is
limited. Other equity REITs may not calculate NOI consistently with our definition and, accordingly, our NOI may not be comparable
t such
to h other
th REITs'
REIT ' NOI.
NOI Accordingly,
A di l NOI should
h ld beb considered
id d only l as a supplement
l t to
t nett income
i as a measure off our
performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs,
including our ability to pay dividends or make distributions. NOI also should not be used as a supplement to or substitute for cash
flow from operating activities (computed in accordance with GAAP).

Quarter Ended Quarter Ended Six Months Ended Six Months Ended
6/30/2010 6/30/2009 6/30/2010 6/30/2009

Net income available to common shareholders $ 16,297 $ 28,222 $ 21,822 $ 41,215

Interest, including discontinued operations 20,727 19,421 41,826 40,443
Depreciation including discontinued operations
Depreciation, 23 558
23,558 22 368
22,368 46 665
46,665 43 277
43,277
Redeemable noncontrolling interest in income 373 545 745 1,091
Net gain on sales (11,681) (14,289) (11,681) (14,289)
Dividends on preferred stock 2,953 2,953 5,906 5,906
General and administrative expense 5,233 4,218 10,439 8,544
Other expenses 1,771 - 2,696 -
Net loss/(gain) on extinguishment of debt 558 (1,958) 558 (1,958)
NOI $ 59,789 $ 61,480 $ 118,976 $ 124,229
Less Non Same-Store NOI 7,097 6,075 13,416 11,510
Same-Store NOI $ 52,692 $ 55,405 $ 105,560 $ 112,719

32 BRE Properties, Inc.