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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 24, 2003
BRE Properties, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-14306 94-1722214
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
44 Montgomery Street, 36th floor, San Francisco, California 94104-4809
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (415) 445-6530
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(Former name or former address if changed since last report)
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Item 5. On November 24, 2003, we announced that our board of directors
has implemented a phased, one-year executive succession plan,
culminating with the retirement of Frank C. McDowell, our
president and chief executive officer, and the succession of
Constance B. Moore, our executive vice president, chief
operating officer, to the company's top position, on January
1, 2005. After that date, Mr. McDowell will continue to be
associated with BRE, serving as an executive consultant to the
company and on the board of directors.
In the first phase of the plan, effective January 1, 2004, Mr.
McDowell will assume the role of vice chairman and chief
executive officer; Ms. Moore will become president and chief
operating officer, assuming day-to-day operating
responsibility for the company. In the second phase, effective
January 1, 2005, Ms. Moore will be named president and chief
executive officer. Mr. McDowell, who currently serves on our
board of directors, will vacate that post upon retirement.
Forward-Looking Statements
In addition to historical information, we have made
forward-looking statements in this report on Form 8-K. These
forward-looking statements pertain to, among other things, our
proposed executive succession plan. Forward-looking statements
involve numerous risks and uncertainties. You should not rely
on these statements
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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," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates," or "anticipates" or in
their negative form or other variations, or by discussions of
strategy, plans or intentions. Forward-looking statements are
based on assumptions, data or methods that may be incorrect or
imprecise or incapable of being realized. The following
factors, as well as those factors set forth in the section
entitled "Risk Factors" contained in our most recent annual
report on Form 10-K, as amended, 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, 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, environmental uncertainties, risks
related to natural disasters, financial market fluctuations,
changes in real estate and zoning laws and increases in real
property tax rates. Our success also depends upon economic
trends, including interest rates, income tax laws,
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governmental regulation, legislation, population changes and
other factors. Do not rely solely on forward-looking
statements, which only reflect management's analysis. We
assume no obligation to update forward-looking statements. For
more details, please refer to our SEC filings, including our
most recent Annual Report on Form 10-K, as amended, and
quarterly reports on Form 10-Q.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
(Registrant)
Date: November 24, 2003 By: /s/ Edward F. Lange, Jr.
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Edward F. Lange, Jr.
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