Exhibit 99.2

BRE Properties, Inc.

Third Quarter 2009

Earnings Release and

Supplemental Financial Data

Belcarra

296 Units

Bellevue, WA

BRE Properties, Inc. 525 Market Street, 4th Floor San Francisco, CA 94105	Phone:	415.445.6530
	Fax:	415.445.6505
	E-mail:	ir@breproperties.com

Investor contact: John Schissel

EVP, Chief Financial Officer

415.445.6530

Media contact: Thomas E. Mierzwinski

VP, Corporate Communications

415.445.6525

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, this document contains forward-looking statements regarding BRE and property performance, and is based on BRE’s current expectations and judgment. Actual results could vary materially depending on risks and uncertainties inherent to general and local real estate conditions, future interest rate levels or capital market conditions. For more details, please refer to BRE’s SEC filings, including its most recent Annual Report on Form 10-K and quarterly report on Form 10-Q.

BRE Properties, Inc.

Third Quarter 2009

Earnings Release and

Supplemental Financial Data

Table of Contents	Page
Financial and Operating Highlights	1
Consolidated Balance Sheets	2
Consolidated Statements of Income - Comparative Quarters	3
Consolidated Balance Sheets - Past Five Quarters	4
Consolidated Statements of Income - Past Five Quarters	5
Reconciliation of FFO, Capital Expenditures, and Continuing and Discontinued Operations	6
Market Summaries “Same-Store” Data
- Quarter vs. Quarter	7
- YTD 2009 vs. YTD 2008	8
- Operating Metrics	9
Debt Structure	10
Development Communities and Land Held for Development	11
Exhibit A - Sequential “Same-Store” Operating Data	12
Exhibit B - Share Analysis	13
Exhibit C - Non-GAAP Financial Measure Reconciliations and Definitions	14-15

BRE Properties, Inc.

Financial and Operating Highlights

Third Quarter 2009

(Unaudited; in thousands, except per share, ratio and community data)

	Quarter Ended September 30,						Nine Months Ended September 30,
OPERATING INFORMATION	2009			2008			2009			2008
Total revenues (1)	$	86,484		$	87,947		$	259,123		$	258,359
Net income available to common shareholders	$	16,584		$	39,995		$	57,801		$	67,080
Per diluted share	$	0.31		$	0.77		$	1.10		$	1.29
Funds from Operations (2)	$	32,471		$	36,284		$	104,458		$	105,684
FFO per diluted share	$	0.59		$	0.69		$	1.95		$	2.00
Nonroutine income items (3)	$	382		$	0		$	2,340		$	0
Nonroutine income items per diluted share	$	0.01		$	0.00		$	0.04		$	0.00
Non cash interest expense (4)	$	1,576		$	1,564		$	4,844		$	4,633
Per diluted share	$	0.03		$	0.03		$	0.09		$	0.09
Dividends per share	$	0.3750		$	0.5625		$	1.5000		$	1.6875
Adjusted EBITDA (2)	$	55,681		$	61,768		$	171,367		$	182,721
Common dividends	$	20,594		$	29,023		$	79,790		$	86,935
Preferred dividends	$	2,953		$	2,953		$	8,859		$	8,859
Interest expense, excluding non cash interest expense (4) and capitalized interest.	$	19,422		$	21,278		$	56,597		$	64,460
Interest coverage ratio (5)		2.9			2.9			3.0			2.8
Fixed charge coverage ratio (5)		2.5			2.5			2.6			2.5
Same-store revenue increase/decrease		-5.6	%		3.5	%		-3.3	%		4.0	%
Same-store expense increase/decrease		-0.2	%		5.0	%		1.4	%		4.8	%
Same-store NOI increase/decrease		-7.9	%		2.9	%		-5.3	%		3.7	%
Same-Store Operating margins		68	%		70	%		69	%		70	%
CAPITALIZATION DATA							9/30/09			9/30/08
Net real estate investments							$	2,890,416		$	2,927,052
Total assets, gross							$	3,533,234		$	3,519,780
Total debt							$	1,857,949		$	1,961,126
Redeemable noncontrolling interests							$	32,567		$	49,515
Preferred stock (at liquidation preference)							$	175,000		$	175,000
Total shareholders’ equity							$	1,026,592		$	923,265
Common shares and units outstanding								55,118			51,917
Share price, end of period							$	31.30		$	49.00
Total market capitalization							$	3,758,142		$	4,680,059
Total book capitalization							$	2,917,108		$	2,933,906
Debt to total assets, gross								52.6	%		55.7	%
Debt to total market capitalization								49.4	%		41.9	%
Debt to total book capitalization								63.7	%		66.8	%
Secured debt to total assets, gross								21.3	%		4.3	%
COMMUNITY INFORMATION							9/30/09			9/30/08
Operating communities:
Wholly or Majority Owned Communities								73			75
Wholly or Majority Owned Units								21,245			22,126
Unconsolidated Joint Venture Communities								13			13
Unconsolidated Joint Venture Units								4,080			4,080
Communities under development:
Communities								5			7
Units								1,526			2,077

(1) Revenues reported exclude results from discontinued operations, partnership income and other income.

(2) Please refer to Exhibit B for definitions and reconciliations of all non-GAAP financial measures presented in this package.

(3) Represents net gain on extinguishment of debt.

(4) Represents adoption new convertible debt guidance, with required retroactive application to all periods. The interest cost adjustment relates to our 4.125% Convertible Senior notes; and reflects a 6.01% market interest rate, the comparable cost for straight debt at the time of issuance. The expense is shown net of impact to capitalized interest.

(5) Interest coverage represents ratio of Adjusted EBITDA to interest expense. Fixed charge coverage represents ratio of Adjusted EBITDA to interest expense plus preferred stock dividends.

Page 1

BRE Properties, Inc.

Consolidated Balance Sheets

Third Quarter 2009

(Unaudited, dollar amounts in thousands except per share data)

ASSETS	September 30, 2009			September 30, 2008 (1)
Real estate portfolio:
Direct investments in real estate:
Investments in rental properties	$	3,113,149		$	2,860,314
Construction in progress		144,895			313,196
Less: accumulated depreciation		(561,900	)		(494,380	)
		2,696,144			2,679,130
Equity in real estate joint ventures:
Investments		62,336			62,501
Real estate held for sale, net		—			65,873
Land under development		131,936			119,548
Total real estate portfolio		2,890,416			2,927,052
Cash		7,029			3,801
Other assets		73,889			78,539
TOTAL ASSETS	$	2,971,334		$	3,009,392
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unsecured senior notes	$	857,171		$	1,513,963
Unsecured line of credit		248,000			295,000
Mortgage loans payable		752,778			152,163
Accounts payable and accrued expenses		54,226			75,486
Total liabilities		1,912,175			2,036,612
Redeemable noncontrolling interests		32,567			49,515
Shareholders’ equity:
Preferred Stock, $0.01 par value; 20,000,000 shares authorized: 7,000,000 shares with $25 liquidation preference issued and outstanding at September 30, 2009 and September 30, 2008, respectively.		70			70
Common stock, $0.01 par value, 100,000,000 shares authorized. Shares issued and outstanding: 54,337,680 and 51,091,830 at September 30, 2009 and September 30, 2008, respectively.		543			511
Additional paid-in capital		1,025,979			922,684
Total shareholders’ equity		1,026,592			923,265
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	$	2,971,334		$	3,009,392

(1) Balance sheet is restated to reflect the adoption of new accounting guidance requiring retroactive application.

Page 2

BRE Properties, Inc.

Consolidated Statements of Income

Quarters Ended September 30, 2009 and 2008

(Unaudited, dollar and share amounts in thousands)

REVENUES	Quarter ended 9/30/09		Quarter ended 9/30/08		Nine months ended 9/30/09		Nine months ended 9/30/08
Rental income	$	83,189	$	84,388	$	249,129	$	247,992
Ancillary income		3,295		3,559		9,994		10,367
Total revenues		86,484		87,947		259,123		258,359
EXPENSES
Real estate	$	28,034	$	26,534	$	81,944	$	77,239
Provision for depreciation		22,412		19,752		65,530		58,890
Interest (1)		20,998		22,841		61,441		69,058
General and administrative		4,104		4,760		12,648		14,794
Total expenses		75,548		73,887		221,563		219,981
Other income		760		607		2,583		1,838
Net gain from extinguishment of debt		382		—		2,340		—
Income before noncontrolling interests, partnership income and discontinued operations		12,078		14,667		42,483		40,216
Partnership income		561		652		1,798		1,966
Income from continuing operations		12,639		15,319		44,281		42,182
Discontinued operations:
Discontinued operations, net (2)		14		3,389		2,296		10,678
Net gain on sales of discontinued operations		7,285		24,820		21,574		24,820
Income from discontinued operations		7,299		28,209		23,870		35,498
NET INCOME	$	19,938	$	43,528	$	68,151	$	77,680
Redeemable noncontrolling interest in income		401		580		1,491		1,741
Dividends attributable to preferred stock		2,953		2,953		8,859		8,859
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	16,584	$	39,995	$	57,801	$	67,080
Net income per common share - basic	$	0.31	$	0.78	$	1.10	$	1.30
Net income per common share - assuming dilution	$	0.31	$	0.77	$	1.10	$	1.29
Weighted average shares outstanding - basic (3)		53,575		51,060		52,205		51,025
Weighted average shares outstanding - assuming dilution (3)		53,576		51,564		52,206		51,501

(1) Income Statements for the quarter and nine months ended September 30, 2008 has been restated to reflect the adoption of new convertible debt accounting guidance requiring retroactive application.

(2) For 2009, details of net earnings from discontinued operations include: two properties sold in 2009. The 2008 totals include the two aforementioned properties and six properties sold in 2008.

	Quarter ended 9/30/09			Quarter ended 9/30/08			Nine months ended 9/30/09			Nine months ended 9/30/08
Rental and ancillary income	$	86		$	6,079		$	4,242		$	19,629
Real estate expenses		(72	)		(2,223	)		(1,787	)		(7,038	)
Provision for depreciation		—			(467	)		(159	)		(1,878	)
Interest expense		—			—			—			(35	)
Income from discontinued operations, net	$	14		$	3,389		$	2,296		$	10,678

(3) See analysis of weighted average shares and ending shares in Exhibit B. Share count for the quarter and nine months ended September 30, 2008 restated to reflect retroactive adoption of new earnings per share accounting guidance.

Page 3

BRE Properties, Inc.

Consolidated Balance Sheets-Past Five Quarters

(Unaudited, dollar amounts in thousands except per share data)

ASSETS	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Real estate portfolio:
Direct investments in real estate:
Investments in rental properties	$	3,113,149		$	3,105,464		$	2,989,409		$	2,927,481		$	2,860,314
Construction in progress		144,895			124,935			204,857			295,074			313,196
Less: accumulated depreciation		(561,900	)		(540,165	)		(518,488	)		(514,388	)		(494,380	)
		2,696,144			2,690,234			2,675,778			2,708,167			2,679,130
Equity in real estate joint ventures:
Investments		62,336			62,435			62,507			62,497			62,501
Real estate held for sale, net		—			8,168			42,911			17,022			65,873
Land under development		131,936			128,762			126,841			123,609			119,548
Total real estate portfolio		2,890,416			2,889,599			2,908,037			2,911,295			2,927,052
Cash		7,029			5,848			5,845			7,724			3,801
Other assets		73,889			76,454			90,178			73,725			78,539
TOTAL ASSETS	$	2,971,334		$	2,971,901		$	3,004,060		$	2,992,744		$	3,009,392
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unsecured senior notes	$	857,171		$	948,906		$	1,457,662		$	1,505,905		$	1,513,963
Unsecured line of credit		248,000			497,000			365,000			245,000			295,000
Mortgage loans payable		752,778			443,390			134,000			151,496			152,163
Accounts payable and accrued expenses		54,226			62,148			61,367			91,167			75,486
Total liabilities		1,912,175			1,951,444			2,018,029			1,993,568			2,036,612
Redeemable noncontrolling interests		32,567			26,674			23,447			29,972			49,515
Shareholders’ equity:
Preferred stock		70			70			70			70			70
Common stock		543			528			512			511			511
Additional paid-in capital		1,025,979			993,185			962,002			968,623			922,684
Total shareholders’ equity		1,026,592			993,783			962,584			969,204			923,265
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	$	2,971,334		$	2,971,901		$	3,004,060		$	2,992,744		$	3,009,392

Page 4

BRE Properties, Inc.

Consolidated Statements of Income

Past Five Quarters

(Unaudited, dollar amounts in thousands)

REVENUES	Sept 30, 2009		June 30, 2009		Mar. 31, 2009		Dec. 31, 2008		Sept. 30, 2008
Rental income	$	83,189	$	82,889	$	83,050	$	83,712	$	84,388
Ancillary income		3,295		3,368		3,331		3,214		3,559
Total revenues		86,484		86,257		86,381		86,926		87,947
EXPENSES
Real estate	$	28,034	$	27,533	$	26,377	$	25,167	$	26,534
Provision for depreciation		22,412		22,368		20,751		20,217		19,752
Interest (1)		20,998		19,421		21,022		22,974		22,841
General and administrative		4,104		4,218		4,326		5,784		4,760
Other expenses		—		—		—		5,719		—
Total expenses		75,548		73,540		72,476		79,861		73,887
Other income		760		1,196		628		6,047		607
Net gain from extinguishment of debt (1)		382		1,958		—		2,364		—
Income before noncontrolling interests, partnership income and discontinued operations		12,078		15,871		14,533		15,476		14,667
Partnership income		561		580		656		593		652
Income from continuing operations		12,639		16,451		15,189		16,069		15,319
Discontinued operations:
Discontinued operations, net (2)		14		980		1,302		1,950		3,389
Net gain on sales of discontinued operations		7,285		14,289		—		41,164		24,820
Income from discontinued operations		7,299		15,269		1,302		43,114		28,209
NET INCOME	$	19,938	$	31,720	$	16,491	$	59,183	$	43,528
Redeemable noncontrolling interest in income		401		545		545		550		580
Dividends attributable to preferred stock		2,953		2,953		2,953		2,953		2,953
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	16,584	$	28,222	$	12,993	$	55,680	$	39,995
Net income per common share - basis	$	0.31	$	0.54	$	0.25	$	1.08	$	0.78
Net income per common share - diluted	$	0.31	$	0.54	$	0.25	$	1.08	$	0.77
Weighted average shares outstanding - basic (3)		53,575		51,765		51,180		51,120		51,060
Weighted average shares outstanding - assuming dilution (3)		53,576		51,765		51,180		51,181		51,564

(1) Income Statements for 2008 have been restated to reflect the adoption of new convertible debt guidance requiring retroactive application.

(2) Details of earnings from discontinued operations, net:

	Sept 30, 2009			June 30, 2009			Mar. 31, 2009			Dec. 31, 2008			Sept. 30, 2008
Rental and ancillary income	$	86		$	1,930		$	2,227		$	4,184		$	6,079
Real estate expenses		(72	)		(950	)		(766	)		(1,760	)		(2,223	)
Provision for depreciation		—			—			(159	)		(474	)		(467	)
Income from discontinued operations, net	$	14		$	980		$	1,302		$	1,950		$	3,389

(3) See analysis of weighted average shares and ending shares in Exhibit B. 2008 Share counts restated to reflect retroactive adoption of new accounting guidance.

Page 5

BRE Properties, Inc.

Reconciliation of Funds from Operations (FFO), Capital Expenditures, and Continuing and Discontinued Operations

(In thousands, except per share, unit and per unit data)

CALCULATION OF FFO	September 30, 2009			June 30, 2009			Mar. 31, 2009			Dec. 31, 2008			Sept. 30, 2008
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	16,584		$	28,222		$	12,993		$	55,680		$	39,995
Add back/ exclude:
Depreciation from continuing operations		22,412			22,368			20,751			20,217			19,752
Depreciation from discontinued operations		—			—			159			474			467
Redeemable noncontrolling interest in income		401			545			545			550			580
Depreciation from unconsolidated entities		465			455			449			482			416
Net (gain) on sales of discontinued operations		(7,285	)		(14,289	)		—			(41,164	)		(24,820	)
Less: Redeemable noncontrolling interests in income not convertible to common		(106	)		(106	)		(106	)		(106	)		(106	)
FUNDS FROM OPERATIONS (1)	$	32,471		$	37,195		$	34,791		$	36,133		$	36,284
Nonroutine income items (2)	$	382		$	1,958			—		$	7,771			—
Other expenses (3)		—			—			—		$	5,719			—
Non cash interest charges (4)	$	1,576		$	1,653		$	1,615		$	1,600		$	1,564
Weighted average shares and equivalents outstanding - assuming dilution (5)		54,356			52,550			51,965			51,986			52,404
PER SHARE INFORMATION - ASSUMING DILUTION:
Funds from operations	$	0.59		$	0.70		$	0.66		$	0.69		$	0.69
Non-routine income items (2)	$	0.01		$	0.04		$	0.00		$	0.15		$	0.00
Other Expenses (3)	$	0.00		$	0.00		$	0.00		$	0.11		$	0.00
Non cash interest charges (4)	$	0.03		$	0.03		$	0.03		$	0.03		$	0.03

(1) Funds From Operations (FFO) is calculated in accordance with the White Paper adopted by the National Association of Real Estate Investment Trusts in October 1999 (as amended in April 2002). See Exhibit C for further definition.

(2) For the quarter ended September 30, 2009, EPS and FFO totals include $382,000 net gain from extinguishment of debt. The quarter ended June 30, 2009, EPS and FFO totals include $1,958,000 net gain from extinguishment of debt. The quarter ended December 31, 2008 EPS and FFO totals include $4,400,000 in proceeds from a legal settlement related to Pinnacle Galleria, $2,364,000 net gain from extinguishment of debt and a forfeited escrow deposit totaling $1,007,000 from a potential buyer on an asset held for sale that failed to close.

(3) For the quarter ended December 31, 2008 other expenses include a $5,119,000 abandonment charge related to three sites under option agreements or letters of intent and a $600,000 severance charge.

(4) Represents adoption new convertible debt guidance, with required retroactive application to all periods. The interest cost adjustment relates to our 4.125% convertible senior notes; and reflects a 6.01% market interest rate, the comparable cost for straight debt at the time of issuance. The expense is shown net of impact to capitalized interest.

(5) Reflects the adoption of udpated earning per share guidance requiring retroactive application.

CAPITAL EXPENDITURES	September 30, 2009		June 30, 2009		Mar. 31, 2009		Dec. 31, 2008		Sept. 30, 2008
Recurring capital expenditures	$	5,796	$	6,796	$	2,567	$	5,481	$	3,731
Average apartment units in period		21,284		21,654		21,218		21,814		22,490
Capital expenditures per apartment unit in period	$	272	$	314	$	121	$	251	$	166
Capital expenditures per apartment unit-trailing four quarters	$	958	$	852	$	794	$	756	$	752
Revenue enhancing rehabilitation costs	$	1,387	$	2,053	$	2,112	$	4,231	$	4,371
RECONCILIATION OF CONTINUING AND DISCONTINUED OPERATIONS	September 30, 2009		June 30, 2009		Mar. 31, 2009		Dec. 31, 2008		Sept. 30, 2008
Revenues from continuing operations	$	86,484	$	86,257	$	86,381	$	86,926	$	87,947
Revenues from discontinued operations		86		1,930		2,227		4,184		6,079
Total Revenues	$	86,570	$	88,187	$	88,608	$	91,110	$	94,026
Real estate expenses-continuing operations	$	28,034	$	27,533	$	26,377	$	25,167	$	26,534
Real estate expenses-discontinued operations		72		950		766		1,760		2,223
Total Real Estate Expenses	$	28,106	$	28,483	$	27,143	$	26,927	$	28,757
Partnership and other income	$	1,321	$	1,776	$	1,284	$	6,640	$	1,259
Total Net Operating Income	$	59,785	$	61,480	$	62,749	$	70,823	$	66,528
Depreciation from continuing operations	$	22,412	$	22,368	$	20,751	$	20,217	$	19,752
Depreciation from discontinued operations		—		—		159		474		467
Total Depreciation	$	22,412	$	22,368	$	20,910	$	20,691	$	20,219
Interest from continuing operations	$	20,998	$	19,421	$	21,022	$	22,974	$	22,841
Interest from discontinued operations		—		—		—		—		—
Total Interest	$	20,998	$	19,421	$	21,022	$	22,974	$	22,841

Page 6

BRE Properties, Inc.

“Same-Store” Markets Summary

For the Quarters ended September 30, 2009 and 2008

(Dollar amounts in thousands)

		Revenues						Expenses
California	No. of Units	Q3 2009		Q3 2008		% Change		Q3 2009		Q3 2008		% Change
San Diego	3,958	$	17,278	$	17,825	-3.1	%	$	4,837	$	5,074	-4.7	%
Inland Empire	3,553		12,127		12,786	-5.2	%		4,187		4,257	-1.6	%
Orange County	2,545		10,998		11,580	-5.0	%		3,324		3,392	-2.0	%
Los Angeles	2,075		9,210		10,067	-8.5	%		3,213		3,067	4.8	%
San Francisco	2,928		14,265		14,959	-4.6	%		3,840		3,806	0.9	%
Subtotal; California	15,059	$	63,878	$	67,217	-5.0	%	$	19,401	$	19,596	-1.0	%
Pacific Northwest
Seattle	3,211		11,364		12,420	-8.5	%		3,956		3,835	3.2	%
Non-Core Markets (1)	1,302		3,581		3,837	-6.7	%		1,564		1,528	2.4	%
Total Same-Store (2)	19,572	$	78,823	$	83,474	-5.6	%	$	24,921	$	24,959	-0.2	%

			Net Operating Income
California	No. of Communities	No. of Units	Q3 2009		Q3 2008		% Change		% of Total
San Diego	13	3,958	$	12,441	$	12,751	-2.4	%	23.2	%
Inland Empire	12	3,553		7,940		8,529	-6.9	%	14.8	%
Orange County	8	2,545		7,674		8,188	-6.3	%	14.2	%
Los Angeles	10	2,075		5,997		7,000	-14.3	%	11.1	%
San Francisco	9	2,928		10,425		11,153	-6.5	%	19.3	%
Subtotal; California	52	15,059	$	44,477	$	47,621	-6.6	%	82.6	%
Pacific Northwest
Seattle	12	3,211		7,408		8,585	-13.7	%	13.7	%
Non-Core Markets (1)	3	1,302		2,017		2,309	-12.6	%	3.7	%
Total Same-Store (2)	67	19,572	$	53,902	$	58,515	-7.9	%	100.0	%

					Net Operating Income
“Non Same-Store” Summary	No. of Communities		No. of units		Q3 2009			Q3 2008
Development properties (3)	6		1,673		$	4,617		$	2,987
Discontinued operations (4)	8		2,236			14			3,856
Joint venture income (5)	13		4,080			561			652
Commercial and Other (6)	n/a		n/a			(69	)		(89	)
Other income	n/a		n/a			760			607
Total Non Same-Store	27		7,989		$	5,883		$	8,013
Less Properties Sold 2008 & 2009	(8	)	(2,236	)
Total All Units / NOI	86		25,325		$	59,785		$	66,528

(1) Consists of one property in Sacramento, CA (400 Units) and two properties in Phoenix, AZ (902 units).

(2) Consists of stabilized properties owned by BRE for at least five full quarters, starting July 1, 2008.

(3) Consists of NOI from six properties fully delivered and experiencing lease up and stabilization.

(4) Includes results from two properties sold in 2009 and six properties sold in 2008.

(5) Consists of our percentage of net income derived from joint venture investments in rental properties.

(6) Consists of NOI from commercial properties that will later be converted to multi-family and other real estate expenses. For the three months ended September 30, 2009 and 2008 other real estate expenses exceeded the NOI from commercial.

Page 7

BRE Properties, Inc.

“Same-Store” Markets Summary

For the Nine Months Ended September 30, 2009 and 2008

(Dollar amounts in thousands)

		Revenues						Expenses
California	No. of Units	YTD 2009		YTD 2008		% Change		YTD 2009		YTD 2008		% Change
San Diego	3,958	$	52,092	$	52,717	-1.2	%	$	14,696	$	14,590	0.7	%
Inland Empire	3,553		36,573		38,259	-4.4	%		12,432		12,331	0.8	%
Orange County	2,545		33,307		34,357	-3.1	%		9,896		10,036	-1.4	%
Los Angeles	2,075		27,745		30,166	-8.0	%		9,434		9,199	2.6	%
San Francisco	2,928		43,428		43,758	-0.8	%		11,388		11,308	0.7	%
Subtotal; California	15,059	$	193,145	$	199,257	-3.1	%	$	57,846	$	57,464	0.7	%
Pacific Northwest
Seattle	3,211		35,076		36,440	-3.7	%		11,554		10,915	5.9	%
Non-Core Markets (1)	1,302		10,836		11,634	-6.9	%		4,320		4,357	-0.8	%
Total Same-Store (2)	19,572	$	239,057	$	247,331	-3.3	%	$	73,720	$	72,736	1.4	%

			Net Operating Income
California	No. of Communities	No. of Units	YTD 2009		YTD 2008		% Change		% of Total
San Diego	13	3,958	$	37,396	$	38,127	-1.9	%	22.6	%
Inland Empire	12	3,553		24,141		25,928	-6.9	%	14.6	%
Orange County	8	2,545		23,411		24,321	-3.7	%	14.2	%
Los Angeles	10	2,075		18,311		20,967	-12.7	%	11.1	%
San Francisco	9	2,928		32,040		32,450	-1.3	%	19.4	%
Subtotal; California	52	15,059	$	135,299	$	141,793	-4.6	%	81.9	%
Pacific Northwest
Seattle	12	3,211		23,522		25,525	-7.8	%	14.2	%
Non-Core Markets (1)	3	1,302		6,516		7,277	-10.5	%	3.9	%
Total Same-Store (2)	67	19,572	$	165,337	$	174,595	-5.3	%	100.0	%

					Net Operating Income
“Non Same-Store” Summary	No. of Communities		No. of units		YTD 2009			YTD 2008
Development properties (3)	6		1,673		$	12,213		$	6,685
Discontinued operations (4)	8		2,236			2,455			12,592
Joint venture income (5)	13		4,080			1,798			1,966
Commercial and Other (6)	n/a		n/a			(371	)		(161	)
Other income	n/a		n/a			2,583			1,838
Total Non Same-Store	27		7,989		$	18,678		$	22,920
Less Properties Sold 2008 & 2009	(8	)	(2,236	)
Total All Units / NOI	86		25,325		$	184,015		$	197,515

(1) Consists of one property in Sacramento, CA (400 Units) and two properties in Phoenix, AZ (902 units).

(2) Consists of stabilized properties owned by BRE for at least seven full quarters, starting January 1, 2008

(3) Consists of NOI from six properties fully delivered and experiencing lease up and stabilization.

(4) Includes results from two properties sold in 2009 and six properties sold in 2008.

(5) Consists of our percentage of net income derived from joint venture investments in rental properties.

(6) Consists of NOI from commercial properties that will later be converted to multi-family and other real estate expenses. For the nine months ended September 30, 2009 and 2008 other real estate expenses exceeded the NOI from commercial.

Page 8

BRE Properties, Inc.

“Same -Store” Operating Metrics

As of September 30, 2009 and 2008

		Market Rent per Unit (2)						Occupancy (3)				Turnover Ratio (4)
California	No. of Units	Q3’09		Q3’08		% Change		Q3’09		Q3’08		2009		2008
San Diego	3,958	$	1,516	$	1,607	-5.7	%	95.9	%	95.6	%	73	%	70	%
Inland Empire	3,553		1,211		1,311	-7.6	%	95.0	%	93.7	%	71	%	68	%
Orange County	2,545		1,527		1,647	-7.3	%	94.8	%	95.1	%	60	%	54	%
Los Angeles	2,075		1,630		1,841	-11.5	%	94.3	%	94.7	%	65	%	63	%
San Francisco	2,928		1,772		1,834	-3.4	%	94.6	%	95.2	%	63	%	58	%
Subtotal; California	15,059	$	1,511	$	1,620	-6.7	%	95.0	%	94.9	%	67	%	63	%
Pacific Northwest
Seattle	3,211		1,252		1,369	-8.5	%	93.5	%	95.5	%	62	%	58	%
Non-Core Markets (1)	1,302		994		1,040	-4.4	%	94.3	%	93.6	%	65	%	61	%
Total/Average Same Store (5)	19,572	$	1,434	$	1,540	-6.9	%	94.7	%	94.9	%	66	%	62	%

(1) Consists of one property in Sacramento, CA (400 Units) and two properties in Phoenix, AZ (902 units).

(2) Represents, by region, weighted average market level rents for the period.

(3) Represents average physical occupancy for the quarter.

(4) Represents the annualized number of units turned over for the nine month period, divided by the number of units in the region.

(5) Consists of stabilized properties directly owned by BRE for at least five full quarters, starting July 1, 2008.

“Non Same-Store” Operating Metrics

Development and Joint Venture Communities - Q3’09⁽⁶⁾

	Number of Units
California	DEV	HELD FOR SALE	JV	Total	Market Rent/Unit		Average Occupancy
L.A./ Orange Co.	1,252	—	—	1,252	$	2,029	86.5	%
San Francisco	224	—	—	224		2,111	95.7	%
Sacramento	—	—	236	236		1,110	97.3	%
Pacific Northwest
Seattle	197	—	—	197		1,756	59.8	%
Mountain/Desert Markets
Phoenix	—	—	1,248	1,248		833	92.6	%
Denver	—	—	2,596	2,596		903	95.1	%
Total/Average Non-Same Store	1,673	—	4,080	5,753	$	1,218	91.6	%
Total/Average Portfolio				25,325	$	1,385	94.0	%

(6) Consists of communities acquired and development properties delivered or stabilized after July 1, 2008 and thirteen joint venture communities.

Page 9

BRE Properties, Inc.

Debt Structure as of September 30, 2009

(Dollar and share amounts in thousands)

				For the nine months ended September 30, 2009
FIXED RATE	Balance Outstanding September 30, 2009		Average Life	Weighted Average Int. Rate		Percentage Total Debt		Percentage Gross Assets
Unsecured	$	469,142	5.84 years	5.84	%	25.3	%	13.3	%
Convertible debt (1)		388,029	2.39 years	6.01	%	20.9	%	11.0	%
Secured debt		752,778	8.74 years	5.70	%	40.5	%	21.3	%
Total fixed rate debt	$	1,609,949	6.33 years	5.82	%	86.7	%	45.6	%
VARIABLE RATE DEBT
Unsecured Line of credit (2)		248,000	3.00 years	1.54	%	13.3	%	7.0	%
Total variable rate debt	$	248,000	3.00 years	1.54	%	13.3	%	7.0	%
TOTAL DEBT	$	1,857,949	5.89 years	5.24	%	100.0	%	52.6	%

Ratio of debt to total market capitalization	49	%
Interest expense coverage - YTD ’09 (3)	3.0 x
Fixed charge coverage - YTD ’09 (3)	2.6 x

SCHEDULED PRINCIPAL PAYMENTS

	Unsecured		Secured		Total
2009		—		622		622
2010		30,579		33,271		63,850
2011		48,545		2,127		50,672
2012 (4)		636,029		66,645		702,674
2013		40,018		30,113		70,131
2014		50,000		3,120		53,120
Thereafter		300,000		616,880		916,880
Total	$	1,105,171	$	752,778	$	1,857,949

SENIOR UNSECURED DEBT RATINGS AS OF November 1, 2009

Moody’s	Baa2	(stable)
Standard & Poor’s	BBB	(negative)
Fitch	BBB	(negative)

CAPITALIZED INTEREST

	Qtr. Ended 9/30/2009		Qtr. Ended 9/30/2008
Interest capitalized	$	3,389	$	5,872
	YTD 9/30/2009		YTD 9/30/2008
Interest capitalized	$	12,804	$	17,421

SUMMARY OF COMMON SHARES

Weighted Average	Qtr. Ended 9/30/2009	Qtr. Ended 9/30/2008
Diluted shares - FFO (5)	54,356	52,404
Diluted shares - EPS(6)	53,576	51,564
Total shares and units outstanding at end of period	55,118	51,917
Weighted Average	YTD 9/30/2009	YTD 9/30/2008
Diluted shares - FFO (5)	52,986	52,346
Diluted shares - EPS(6)	52,206	51,501

SUMMARY OF PREFERRED SHARES

	Qtr. Ended 9/30/2009	Qtr. Ended 9/30/2008
Total preferred shares outstanding	7,000	7,000

SELECTED DEBT COVENANTS & CREDIT RATIOS ⁽⁷⁾

	Requirement		Qtr. Ended 9/30/2009
Aggregate Debt Test	<60	%	52.6	%
(Debt to gross assets, as defined)
Secured Debt Test	<40	%	21.3	%
(Secured debt to total gross assets, as defined)
Debt Service Test	>1.50		2.05
(Income available for debt service charge, as defined)
Unencumbered Asset Test	>1.50		2.37
(Total unencumbered assets to unsecured debt)
Unencumbered NOI	N/A		68.8	%
(NOI related to unencumbered assets)

(1) Represents $404.5 million cash principal with 4.125% coupon adjusted to reflect new convertible debt accounting guidance.

(2) At September 30, 2009 we had a unsecured line of credit providing up to $750 million priced at LIBOR plus 47.5 bp, maturing in September 2012.

(3) Represents interest expense and preferred stock dividend payment coverage for the nine months ended September 30, 2009.

(4) Includes the scheduled maturity of our unsecured line of credit. At September 30, 2009, the outstanding balance was $248 million.

(5) Represents denominator for shares in the calculation of diluted FFO per share. See summary of common shares in Exhibit B.

(6) Represents denominator for shares in the calculation of diluted EPS. See summary of common shares in Exhibit B.

(7) Represents strictest covenant compliance requirements of existing debt.

Page 10

BRE Properties, Inc.

Development Communities and Land Held for Development

September 30, 2009

(Dollar amounts in millions)

CONSTRUCTION IN PROGRESS	Number of Units	Cost Incurred (1)		Estimated Cost (2)		Balance to Complete		Product Type	First Units Delivered	Estimated Completion (3)
Belcarra Apartments
Bellevue, WA	296	$	81.7	$	86.4	$	4.7	Podium	4Q/2009	1Q/2010
Villa Granada
Santa Clara, CA	270		63.2		89.7		26.5	Podium	2Q/2010	3Q/2010
Total CIP	566	$	144.9	$	176.1	$	31.2

LAND UNDER DEVELOPMENT (4)	Number of Units	Cost Incurred		Estimated Cost (5)		Estimated Const. Start	Product Type
Wilshire La Brea (6)
Los Angeles, CA	470	$	93.8		TBR	TBD	Podium
Pleasanton
Pleasanton, CA	240		14.2		TBR	TBD	Garden
Stadium Park II
Anaheim, CA	250		23.9		TBR	TBD	Wrap
Total Land Owned	960	$	131.9	$	455.0

LAND UNDER CONTRACT (7)	Number of Units	Cost Incurred (8)		Estimated Cost (5)		Product Type
Pasadena II, CA	212	$	7.7		TBR	Podium
Mercer Island, WA	166		5.2		TBR	Podium
Walnut Creek, CA	361		6.8		TBR	Podium
Sunnyvale, CA	338		5.3		TBR	Wrap
San Jose, CA	288		3.9		TBR	Podium
Total	1,365	$	28.9	$	505.0

(1) Reflects all recorded costs incurred as of September 30, 2009, recorded on our consolidated balance sheets as “direct investments in real estate-construction in progress.”

(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 as of year-end 2008; specific property cost estimates To Be Reported (TBR) once entitlement approvals are received and the company is prepared to begin construction.

(6) Project’s estimated cost reflects the construction of 470 units and 40,000 sq feet of retail. The estimated unit count and costs reflect the current underlying entitlements associated with the site.

(7) Land under contract represents land parcels for which we have signed a purchase and sale agreement and commenced the entitlement process.

(8) Represents deposits, contractual costs, and entitlement expenses incurred to date.

Page 11

BRE Properties, Inc.	Exhibit A
Sequential “Same-Store” Multifamily Markets Summary
Last five quarters

REVENUES

California	Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008
San Diego	-0.4	%	-0.6	%	-1.1	%	-1.0	%	1.4	%
Inland Empire	-0.8	%	0.0	%	-2.2	%	-1.6	%	-0.5	%
Orange County	-0.7	%	-1.4	%	-1.8	%	-1.3	%	1.3	%
Los Angeles	1.8	%	-4.6	%	-2.5	%	-3.4	%	0.3	%
San Francisco	-1.1	%	-2.2	%	-1.1	%	-0.5	%	3.2	%
Subtotal; California	-0.4	%	-1.6	%	-1.6	%	-1.6	%	1.1	%
Pacific Northwest
Seattle	-2.6	%	-3.2	%	-0.4	%	-2.8	%	2.6	%
Non-Core Markets (1)	-1.4	%	0.2	%	-1.8	%	-3.7	%	-1.8	%
Total Same Store	-0.7	%	-1.7	%	-1.5	%	-1.8	%	1.2	%
EXPENSES (2)
California	Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008
San Diego	-0.5	%	-2.7	%	6.4	%	-7.9	%	5.6	%
Inland Empire	-0.9	%	5.2	%	2.1	%	-8.4	%	6.9	%
Orange County	1.8	%	-1.3	%	5.8	%	-7.8	%	1.9	%
Los Angeles	2.8	%	0.9	%	-0.2	%	1.2	%	1.0	%
San Francisco	-1.1	%	6.0	%	0.0	%	-2.5	%	1.6	%
Subtotal; California	0.2	%	1.5	%	3.3	%	-5.9	%	4.2	%
Pacific Northwest
Seattle	1.0	%	6.4	%	5.2	%	-8.8	%	8.7	%
Non-Core Markets (1)	12.8	%	1.2	%	2.7	%	-12.2	%	11.0	%
Total Same Store	1.0	%	2.2	%	3.3	%	-6.7	%	5.1	%
NET OPERATING INCOME
California	Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008
San Diego	-0.4	%	0.2	%	-3.8	%	1.7	%	-0.2	%
Inland Empire	-0.7	%	-2.6	%	-4.2	%	1.7	%	-3.8	%
Orange County	-1.8	%	-1.4	%	-4.6	%	1.4	%	1.0	%
Los Angeles	1.3	%	-1.4	%	-3.5	%	-5.4	%	0.0	%
San Francisco	-1.1	%	-4.9	%	-1.5	%	0.1	%	3.7	%
Subtotal; California	-0.6	%	-2.8	%	-3.5	%	0.2	%	0.0	%
Pacific Northwest
Seattle	-4.4	%	-7.4	%	-2.6	%	0.0	%	0.1	%
Non-Core Markets (1)	-10.2	%	-0.5	%	-4.3	%	1.6	%	-8.3	%
Total Same Store	-1.5	%	-3.4	%	-3.3	%	0.2	%	-0.4	%

(1) Consists of one property in Sacramento, CA (400 Units) and two properties in Phoenix, AZ (902 units).

(2) Expenses fluctuate from quarter to quarter due to timing of repairs and maintenance, utilities and other items.

Page 12

BRE Properties, Inc.	Exhibit B
Share Analysis as of September 30, 2009
(Dollar and share amounts in thousands)

SUMMARY OF COMMON SHARES

Weighted Average	Qtr. Ended 9/30/2009		Qtr. Ended 6/30/2009		Qtr. Ended 3/31/2009		Qtr. Ended 12/31/2008		Qtr. Ended 9/30/2008
Weighted average shares outstanding (1)	53,575		51,765		51,180		51,120		51,060
Weighted average OP units	780		785		785		805		840
Dilutive effect of stock based awards	1		—		—		61		504
Diluted shares - FFO (2)	54,356		52,550		51,965		51,986		52,404
Less: Anti-dilutive OP Units (3)	(780	)	(785	)	(785	)	(805	)	(840	)
Diluted shares - EPS(4)	53,576		51,765		51,180		51,181		51,564
Weighted Average	YTD 9/30/2009		YTD 9/30/2008
Weighted average shares outstanding (1)	52,205		51,025
Weighted average OP units	780		845
Dilutive effect of stock based awards	1		476
Diluted shares - FFO (2)	52,986		52,346
Less: Anti-dilutive OP Units (3)	(780	)	(845	)
Diluted shares - EPS(4)	52,206		51,501
Ending	As of 9/30/2009		As of 6/30/2009		As of 3/31/2009		As of 12/31/2008		As of 9/30/2008
Shares outstanding at end of period	54,338		52,821		51,241		51,150		51,092
OP units at end of period	780		780		780		780		825
Dilutive effect of stock based awards	1		—		—		61		504
Total	55,119		53,601		52,021		51,991		52,421
SUMMARY OF PREFERRED SHARES
	Qtr. Ended 9/30/2009		Qtr. Ended 6/30/2009		Qtr. Ended 3/31/2009		Qtr. Ended 12/31/2008		Qtr. Ended 9/30/2008
6.75% Series C, $25 per share liquidation preference	4,000		4,000		4,000		4,000		4,000
6.75% Series D, $25 per share liquidation preference	3,000		3,000		3,000		3,000		3,000
	7,000		7,000		7,000		7,000		7,000

(1) Represents denominator for shares in the calculation of basic earnings per share.

(2) Represents denominator for shares in the calculation of diluted FFO per share. Prior period numbers have been adjusted to reflect the adoption of new accounting guidance requiring retroactive application.

(3) Under FASB guidance, common share equivalents deemed to be anti-dilutive are excluded from the diluted earnings per share calculations.

(4) Represents denominator for shares in the calculation of diluted EPS. Prior period numbers have been adjusted to reflect the adoption of new guidance requiring retroactive application.

Page 13

BRE Properties, Inc.	Exhibit C
Non-GAAP Financial Measure Reconciliations and Definitions
(Dollar amounts in thousands)

This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. BRE’s definition and calculation of non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

Funds from Operations (FFO)

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 generally accepted in the United States) excluding extraordinary items as defined under GAAP and 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, from GAAP net 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, 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 REITs due to the fact that not all REITs use the NAREIT definition.

	Quarter Ended 9/30/2009			Quarter Ended 9/30/2008			Nine Months Ended 9/30/2009			Nine Months Ended 9/30/2008
Net income available to common shareholders	$	16,584		$	39,995		$	57,801		$	67,080
Depreciation from continuing operations		22,412			19,752			65,530			58,890
Depreciation from discontinued operations		—			467			159			1,878
Redeemable noncontrolling interest in income		401			580			1,491			1,741
Depreciation from unconsolidated entities		465			416			1,369			1,233
Net gain on investments		(7,285	)		(24,820	)		(21,574	)		(24,820	)
Less: Redeemable noncontrolling interest in income not convertible into common shares		(106	)		(106	)		(318	)		(318	)
Funds from operations	$	32,471		$	36,284		$	104,458		$	105,684
Allocation to participating securities - diluted FFO (1)	$	(268	)	$	(350	)	$	(875	)	$	(1,020	)
Allocation to participating securities - diluted EPS (1)	$	(127	)	$	(389	)	$	(450	)	$	(635	)
Diluted shares outstanding - EPS (2)		53,576			51,564			52,206			51,501
Net income per common share - diluted	$	0.31		$	0.77		$	1.10		$	1.29
Diluted shares outstanding - FFO (2)		54,356			52,404			52,986			52,346
FFO per common share - diluted	$	0.59		$	0.69		$	1.95		$	2.00

⁽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. Shares outstanding reflect adoption of new EPS accounting guidance.

Page 14

BRE Properties, Inc.	Exhibit C, continued
Non-GAAP Financial Measure Reconciliations and Definitions
(Dollar amounts in thousands)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined by BRE as EBITDA, excluding minority interests, gains or losses from sales of investments, preferred stock dividends and other expenses. 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 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, all of which have real economic effect and could materially impact our results from 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 9/30/2009			Quarter Ended 9/30/2008			Nine Months Ended 9/30/2009			Nine Months Ended 9/30/2008
Net income available to common shareholders	$	16,584		$	39,995		$	57,801		$	67,080
Interest, including discontinued operations		20,998			22,841			61,441			69,093
Depreciation, including discontinued operations		22,412			20,219			65,689			60,768
EBITDA		59,994			83,055			184,931			196,941
Redeemable noncontrolling interest in income		401			580			1,491			1,741
Net gain on sales		(7,285	)		(24,820	)		(21,574	)		(24,820	)
Dividends on preferred stock		2,953			2,953			8,859			8,859
Net gain on extinguishment of debt		(382	)		—			(2,340	)		—
Adjusted EBITDA	$	55,681		$	61,768		$	171,367		$	182,721

Net Operating Income (NOI)

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. In 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 to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of 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 9/30/2009			Quarter Ended 9/30/2008			Nine Months Ended 9/30/2009			Nine Months Ended 9/30/2008
Net income available to common shareholders	$	16,584		$	39,995		$	57,801		$	67,080
Interest, including discontinued operations		20,998			22,841			61,441			69,093
Depreciation, including discontinued operations		22,412			20,219			65,689			60,768
Redeemable noncontrolling interest in income		401			580			1,491			1,741
Net gain on sales		(7,285	)		(24,820	)		(21,574	)		(24,820	)
Dividends on preferred stock		2,953			2,953			8,859			8,859
General and administrative expense		4,104			4,760			12,648			14,794
Net gain on extinguishment of debt		(382	)		—			(2,340	)		—
NOI	$	59,785		$	66,528		$	184,015		$	197,515
Less Non Same-Store NOI		5,883			8,013			18,678			22,920
Same-Store NOI	$	53,902		$	58,515		$	165,337		$	174,595

Page 15