ISSUER FREE WRITING PROSPECTUS
(SUPPLEMENTING PRELIMINARY PROSPECTUS SUPPLEMENT FILED MARCH 6, 2007)
FILED PURSUANT TO RULE 433
REGISTRATION STATEMENT NO. 333-114076
BRE PROPERTIES, INC.
5.500% Notes due March 15, 2017
FINAL TERMS AND CONDITIONS
| Issuer: | BRE Properties, Inc. | |
| Ratings: | Baa2 (Moody’s) / BBB (Fitch) | |
| Note Type: | Senior Notes | |
| Minimum Denomination: | $1,000 | |
| Pricing Date: | March 6, 2007 | |
| Settlement Date: | March 13, 2007 | |
| Maturity Date: | March 15, 2017 | |
| Principal Amount: | $300,000,000 | |
| Benchmark: | T 4.625% due 2/15/2017 | |
| Benchmark Yield: | 4.528% | |
| Re-offer Spread: | +99 bps | |
| Re-offer Yield: | 5.518% | |
| Coupon: | 5.500% | |
| Public Offering Price: | 99.863% | |
| Gross Underwriting Spread: | 0.65% | |
| Optional Redemption: | Make whole call T+25 bps | |
| Interest Payment Dates: | March 15 and September 15, beginning September 15, 2007. | |
| CUSIP: | 05564E BK1 | |
| Joint Bookrunning Managers: | Greenwich Capital Markets, Inc. | |
| Morgan Stanley & Co. Incorporated | ||
| Co Managers: | PNC Capital Markets LLC KeyBanc Capital Markets, a division of McDonald Investments Inc. Scotia Capital (USA) Inc. | |
The issuer has filed a registration statement (including a prospectus) with the SEC to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free Greenwich Capital Markets, Inc. at 1-866-884-2071 or Morgan Stanley & Co. Incorporated at 1-866-718-1649.