Filed Pursuant to Rule 433
Registration No. 333-147238
Free Writing Prospectus dated September 15, 2010
BRE PROPERTIES, INC.
5.200% Senior Notes due 2021
FINAL TERMS AND CONDITIONS
| Issuer: | BRE Properties, Inc. | |
| Ratings*: | Baa2 (Moody’s) / BBB (S&P) (stable/stable) | |
| Note Type: | Senior Notes | |
| Minimum Denomination: | $1,000 x $1,000 | |
| Pricing Date: | September 15, 2010 | |
| Settlement Date: | September 22, 2010 (T+5) | |
| Maturity Date: | March 15, 2021 | |
| Principal Amount: | $300,000,000 | |
| Benchmark: | UST + 2.625% due 08/15/2020 | |
| Benchmark Treasury Price (Yield): | 99-04+ (2.724%) | |
| Re-offer Spread: | +250 bps | |
| Re-offer Yield: | 5.224% | |
| Coupon: | 5.200% | |
| Public Offering Price: | 99.809% | |
| Gross Underwriting Spread | 0.65% | |
| Optional Redemption: | Make whole call T+37.5 bps at any time. Par on or after December 15, 2020. | |
| Interest Payment Dates: | March 15 and September 15, beginning March 15, 2011. | |
| CUSIP: | 05564E BL9 | |
| Joint Bookrunning Managers: | Deutsche Bank Securities Inc. J.P. Morgan Securities LLC Mitsubishi UFJ Securities (USA), Inc. RBS Securities Inc. UBS Securities LLC | |
| Co Managers: | PNC Capital Markets LLC U.S. Bancorp Investments, Inc. | |
| * | A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. |
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 Deutsche Bank Securities Inc. at 800-503-4611, J.P. Morgan Securities LLC at 866-803-9204, Mitsubishi UFJ Securities (USA), Inc. 877-649-6848, RBS Securities Inc. at 866-884-2071 or UBS Securities LLC at 877-827-6444 ext. 561-3884.