<PAGE>
Rule 424(b)(3) Prospectus
Registration No. 333-65833
PROSPECTUS SUPPLEMENT NO. 2
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 as amended by
Prospectus Supplement No. 1 dated May 20, 1999 (the Prospectus and the
Prospectus Supplement together, the "Prospectus") 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.
__________________________
The date of this prospectus supplement is March 13, 2000
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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>
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Units Owned That
Shares Of Common May Be Exchanged Number Of Shares
Stock Owned For Common Stock Of Common Stock
Beneficially As Of After November 18, Owned Beneficially
Selling Shareholders January 25, 2000 1998 After The Offering
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Kevin A. Baldridge 0 60,537 0
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Clifford A. Breining 1 42,031 1
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CFP Residential, L.P. 0 382,581(1) 0
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John R. Carmichael 0 156 0
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Harlan R. Crow 0 172(2) 0
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Trammell S. Crow 0 1,394 0
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Crow Residential Realty Investors,
L.P. 0 371(3) 0
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Jeffrey A. Duke 6,001(4) 73,265 6,001
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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 0 92,418 0
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Max L. Gardner 0 2,423 0
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V. Jay Hiemenz 6,001(5) 58,295 6,001
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Robert M. Hutt 6,001(6) 73,774 6,001
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The Northwestern Mutual Life
Insurance Company 175,000(7) 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(8) 0
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Salomon Brothers Real Estate
Development Corp. 0 22,280 0
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Robert C. Speicher and Susan M.
Speicher, As Trustees of the
Speicher Family Trust Dated
January 7, 1991, as amended. 0 33,142(9) 0
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Robert C. Talbott 0 58,888 0
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Thomas Teague 0 5,912 0
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TCF Residential Partnership Ltd. 0 196,960(10) 0
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J. Ronald Terwilliger 8,000(11) 375,145(12) 8,000
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
Units Owned That
Shares Of Common May Be Exchanged Number Of Shares
Stock Owned For Common Stock Of Common Stock
Beneficially As Of After November 18, Owned Beneficially
Selling Shareholders January 25, 2000 1998 After The Offering
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
J. Ronald Terwilliger Grantor Trust 0 371(13) 0
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William W. Thompson 0 62,100 0
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Trammell Crow Residential
Company(14) 0 1,907 0
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Bruce C. Ward 11,875(15) 577,547 11,875
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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(16) 0 102,500 0
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 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.
(2) 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.
(3) 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.
(4) Includes options to purchase 6,000 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.
(5) Includes options to purchase 6,000 shares of BRE common stock. Mr. Hiemenz
is a Vice President of BRE Properties, Inc.
(6) Includes options to purchase 6,000 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.
(7) 45,000 of these shares are held in the Northwestern Mutual Life Insurance
Company Group Annuity Separate Account.
(8) Does not include 33,142 units beneficially owned by Robert C. Speicher and
Susan M. Speicher, As Trustees of the Speicher Family Trust Dated January
7, 1991, as amended.
(9) Does not include 19,340 units owned by RCS Development Corporation. Robert
C. Speicher is the President of RCS Development Corporation.
(10) 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.
(11) Includes options to purchase 8,000 shares of BRE common stock. Mr.
Terwilliger is a Director of Trammell Crow Residential Company.
(12) 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.
(13) 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.
(14) J. Ronald Terwilliger is the President and a Director, and Harlan R. Crow
is a Director, of Trammell Crow Residential Company.
(15) Includes options to purchase 10,000 shares of BRE common stock and 1,875
shares of restricted 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.
(16) 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.
