<PAGE>
Rule 424(b)(3) Prospectus
Registration No. 333-65833
PROSPECTUS SUPPLEMENT NO. 1
TO PROSPECTUS DATED NOVEMBER 18, 1998
3,452,181 Shares
BRE PROPERTIES, INC.
Common Stock
This Prospectus Supplement supplements information contained in that
certain Prospectus of BRE Properties, Inc. dated November 18, 1998 relating to
the potential sale from time to time of up to 3,452,181 shares of BRE common
stock by the selling shareholders of BRE Properties, Inc. identified in the
Prospectus and this Prospectus Supplement. This Prospectus Supplement is not
complete without, and may not be delivered or utilized except in connection with
the Prospectus, including any amendments or supplements thereto. Capitalized
terms used herein but not defined have the meaning assigned to such terms in the
Prospectus.
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The date of this prospectus supplement is May 20, 1999
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The following table supplements the information set forth in the Prospectus
under the caption "Selling Shareholders" with respect to the Selling
Shareholders who may sell BRE common stock pursuant to the Prospectus, as
amended or supplemented.
<TABLE>
<CAPTION>
Units Owned That May
Shares Of Common Be Exchanged For Number Of Shares Of
Stock Owned Common Stock Common Stock Owned
Beneficially As Of After November 18, Beneficially After
Selling Shareholders April 30, 1999 1998 The Offering
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<S> <C> <C> <C>
Kevin A. Baldridge 3,000(1) 57,538 3,000
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Clifford A. Breining 1 42,031 1
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CFP Residential, L.P. 0 382,581(2) 0
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John R. Carmichael 0 156 0
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Harlan R. Crow 0 172(3) 0
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Trammell S. Crow 0 1,394 0
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Crow Residential Realty Investors,
L.P. 0 371(4) 0
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Jeffrey A. Duke 3,001(5) 73,265 3,001
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Patrick W. Dukes 0 122,920 0
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David J. Elwell 0 7,675 0
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E. Garth Erdossy 3,001(6) 77,418 3,001
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Max L. Gardner 0 2,423 0
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V. Jay Hiemenz 3,001(7) 58,295 3,001
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Robert M. Hutt 3,001(8) 73,774 3,001
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The Northwestern Mutual Life
Insurance Company 175,000(9) 445,262 175,000
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Randy J. Pace 0 73,975 0
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RCS Development Corporation 0 19,340(10) 0
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Salomon Brothers Real Estate
Development Corp. 0 22,280 0
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Robert C. Speicher 0 33,142(11) 0
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Robert C. Talbott 3,000(12) 58,888 3,000
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Thomas Teague 0 5,912 0
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TCF Residential Partnership Ltd. 0 196,960(13) 0
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J. Ronald Terwilliger 193,000(14) 375,145(15) 193,000
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J. Ronald Terwilliger Grantor Trust 0 371(16) 0
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William W. Thompson 0 62,100 0
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</TABLE>
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<TABLE>
<CAPTION>
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<S> <C> <C> <C>
Trammell Crow Residential
Company(17) 0 1,907 0
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Bruce C. Ward 5,000(18) 577,547 5,000
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Leonard W. Wood
Family Limited Partnership 0 152,194 0
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Ronald A. Yoda 0 674 0
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Other Selling Shareholders(19) 0 341,471 0
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</TABLE>
(1) Includes options to purchase 3,000 shares of BRE common stock. Mr.
Baldridge is a Vice President of BRE Properties, Inc. and the President of
Alliance Property Management Company, an affiliate of BRE Properties, Inc.
(2) Units are beneficially owned by the general partner of the partnership.
Crow Family, Inc. is the general partner of this unitholder. The Chief
Executive Officer of Crow Family, Inc. is Harlan R. Crow.
(3) Does not include: (i) 382,581 units owned by CFP Residential, L.P.; (ii)
371 units owned by Crow Residential Realty Investors, L.P.; (iii) 196,960
units owned by TCF Residential Partnership Ltd.; and (iv) 1,907 units owned
by Trammell Crow Residential Company.
(4) Units are beneficially owned by the general partner of the partnership.
Crow Family, Inc. is the general partner of this unitholder. The Chief
Executive Officer of Crow Family, Inc. is Harlan R. Crow.
(5) Includes options to purchase 3,000 shares of BRE common stock. Mr. Duke is
a Vice President of BRE Properties, Inc., and a Vice President of BRE
Builders, Inc., an affiliate of BRE Properties, Inc.
(6) Includes options to purchase 3,000 shares of BRE common stock. Mr. Erdossy
is a Vice President of BRE Properties, Inc. and a Vice President of BRE
Builders, Inc., an affiliate of BRE Properties, Inc.
(7) Includes options to purchase 3,000 shares of BRE common stock. Mr. Hiemenz
is a Vice President of BRE Properties, Inc.
(8) Includes options to purchase 3,000 shares of BRE common stock. Mr. Hutt is
a Vice President of BRE Properties, Inc. and a Vice President of BRE
Builders, Inc., an affiliate of BRE Properties, Inc.
(9) 45,000 of these shares are held in the Northwestern Mutual Life Insurance
Company Group Annuity Separate Account.
(10) Does not include 33,142 units beneficially owned by Robert C. Speicher.
(11) Does not include 19,340 units owned by RCS Development Corporation. Mr.
Speicher is the President of RCS Development Corporation.
(12) Includes options to purchase 3,000 shares of BRE common stock. Mr. Talbott
is a Vice President of BRE Properties, Inc.
(13) Units are benefically owned by the general partner of the partnership. Mill
Spring Holdings, Inc. is the general partner of this unitholder. The Chief
Executive Officer of Mill Spring Holdings, Inc. is Harlan R. Crow.
(14) Includes options to purchase 8,000 shares of BRE common stock. Mr.
Terwilliger is a Director of Trammell Crow Residential Company.
(15) Does not include (i) 371 units owned by the J. Ronald Terwilliger Grantor
Trust, of which Mr. Terwilliger is the sole trustee and (ii) 1,907 units
owned by Trammell Crow Residential Company.
(16) Does not include (i) 375,145 units owned by J. Ronald Terwilliger, who is
the sole trustee of the J. Ronald Terwilliger Grantor Trust and (ii) 1,907
units owned by Trammell Crow Residential Company.
(17) J. Ronald Terwilliger is the President and a Director, and Harlan R. Crow
is a Director, of Trammell Crow Residential Company.
(18) Includes options to purchase 5,000 shares of BRE common stock. Mr. Ward is
an Executive Vice President of BRE Properties, Inc. and the President of
BRE Builders, Inc., an affiliate of BRE Properties, Inc.
(19) Represents selling shareholders who may be named in supplements to this
prospectus. These selling shareholders may receive units exchangeable for
BRE common stock upon the achievement of certain performance goals,
employment or other conditions to issuance.
