Filed pursuant to Rule 433
Registration No. 333-170388
Free Writing Prospectus dated August 6, 2012
BRE PROPERTIES, INC.
$300,000,000 3.375% Senior Notes due 2023
FINAL TERMS AND CONDITIONS
| Issuer: | BRE Properties, Inc. | |
| Note Type: | Senior Notes | |
| Minimum Denomination: | $1,000 x $1,000 | |
| Pricing Date: | August 6, 2012 | |
| Settlement Date: | August 13, 2012 (T+5) | |
| Maturity Date: | January 15, 2023 | |
| Principal Amount: | $300,000,000 | |
| Benchmark: | UST 1.750% due May 15, 2022 | |
| Benchmark Treasury Price and Yield: | 101-23+ / (1.558%) | |
| Re-offer Spread: | +190 bps | |
| Re-offer Yield: | 3.458% | |
| Coupon: | 3.375% | |
| Public Offering Price: | 99.281% | |
| Gross Underwriting Spread | 0.650% | |
| Optional Redemption: | Make whole call T+30 bps at any time before October 15, 2022. Par on or after October 15, 2022. | |
| Interest Payment Dates: | January 15 and July 15, beginning January 15, 2013. | |
| CUSIP: | 05564EBM7 | |
| Joint Bookrunning Managers: | J.P. Morgan Securities LLC | |
| RBS Securities Inc. | ||
| Wells Fargo Securities, LLC | ||
| Deutsche Bank Securities Inc. | ||
| UBS Securities LLC | ||
| Co Managers: | Merrill Lynch, Pierce, Fenner & Smith Incorporated | |
| Mitsubishi UFJ Securities (USA), Inc. | ||
| U.S. Bancorp Investments, Inc. | ||
| PNC Capital Markets LLC | ||
| The Huntington Investment Company | ||
| BB&T Capital Markets, a division of Scott & Stringfellow, LLC | ||
| The Williams Capital Group, L.P. | ||
| Capital One Southcoast, 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 J.P. Morgan Securities LLC at 212-834-4533, RBS Securities Inc. at 866-884-2071 or Wells Fargo Securities, LLC at 800-326-5897.