Exhibit 99.1

BRE PROPERTIES REPORTS FOURTH QUARTER AND YEAR 2010 RESULTS

Common and Preferred Dividends Declared

February 7, 2011 (San Francisco) – BRE Properties, Inc. (NYSE:BRE) today reported operating results for the quarter and year ended December 31, 2010. All per share results are reported on a fully diluted basis.

Operational and Financial Highlights

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Fourth Quarter 2010

Funds from operations, the generally accepted measure of operating performance for real estate investment trusts, totaled $9.8 million, or $0.15 per share, for fourth quarter 2010, as compared with $16.0 million, or $0.29 per share, for the quarter ended December 31, 2009. FFO for the fourth quarter 2010 included a loss on retirement of debt totaling $22.9 million, or $0.36 per share. FFO for the fourth quarter 2009 included nonroutine charges totaling $14.4 million, or $0.26 per share, primarily from the abandonment of three development sites under contract. (A reconciliation of net income (loss) available to common shareholders to FFO is provided at the end of this release.)

Net income available to common shareholders for the fourth quarter totaled $149,000, or $0.00 per share, as compared with a net loss of $7.2 million, or $0.13 per share, for the same period 2009. The fourth quarter 2010 results included a gain from a property sale totaling $15.2 million, or $0.24 per share.

Total revenues from continuing operations for the quarter were $89.2 million, as compared with $81.0 million a year ago. Adjusted EBITDA for the quarter totaled $57.1 million, as compared with $54.6 million in fourth quarter 2009. (A reconciliation of net income (loss) available to common shareholders to Adjusted EBITDA is provided at the end of this release.)

12-Month Period Ended December 31, 2010

For the annual period, FFO totaled $98.9 million, or $1.58 per share, as compared with $120.8 million, or $2.23 per share, for the 12-month period in 2009. FFO for year 2010 included a loss on retirement of debt totaling $23.5 million or $0.38 per share. FFO for year 2009 included a net gain on retirement of debt totaling $1.5 million or $0.03 per share and nonroutine expenses of $13.5 million, or $0.25 per share.

Net income available to common shareholders for the 12-month period totaled $41.6 million, or $0.67 per share, as compared with $50.6 million, or $0.95 per share, for the same period 2009. The 2010 results included gains from property sales totaling $40.1 million, or $0.65 per share; the 2009 results included gains totaling $21.6 million, or $0.41 per share.

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BRE’s year-over-year earnings and FFO results reflect the impact of the following during 2010: (1) declines in same-store property-level operating results from 2009 levels; (2) normalized levels of G&A expense (G&A levels in 2009 were reduced by out-of-the-money stock-based compensation awards), (3) the impact of acquisition costs from investment transactions; and (4) the impact of the loss on retirement of debt. The company also carried a higher level of outstanding shares from equity issued in 2009 and 2010.

For the 12-month period in 2010, total revenues from continuing operations were $341.9 million, as compared with $326.2 million for the same period 2009. Adjusted EBITDA for the 12-month period totaled $222.8 million, as compared with $226.0 million for the same period in 2009.

Same-Store Property Results

BRE defines same-store properties as stabilized apartment communities owned by the company for at least five full quarters. Of the 21,318 apartment units owned directly by BRE, same-store units totaled 18,914 for the quarter.

On a year-over-year basis, overall same-store revenues and NOI both increased 0.4% for the fourth quarter. The revenue increase was driven by higher rental rates earned per unit during the period as year-over-year occupancy levels were relatively flat. For the annual period, overall same-store revenues and NOI decreased 2.0% and 3.7%, respectively, from 2009 levels. The revenue decrease in 2010 was driven by a 3.5% decrease in rental rates earned per unit, offset by a 140 basis-point increase (94.3% in 2009 to 95.7% in 2010) in financial occupancy. Annualized turnover during the fourth quarter was 55%, as compared with 58% during the fourth quarter of 2009; annual turnover is 61%, compared with 65% for the same period in 2009.

On a sequential basis, same-store NOI increased 0.6%, revenue declined 0.8% and expenses decreased 3.6% against third quarter 2010 levels. The sequential quarter decline in revenues was driven by a 90 basis-point decline in average financial occupancy from 96.2% to 95.3%.

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Investment Activity

On December 29, 2010, BRE sold Parkside Village, a 304-unit property in the Inland Empire, for total sales proceeds of $30.0 million; with a gain on sale of $15.2 million. During 2010, three properties were sold in the Inland Empire, reducing the company’s exposure in this market to 7.4% of total NOI from 11.2% in 2009. Annual disposition activity totaled four communities (three in the Inland Empire and one in Seattle) for combined proceeds totaling $165 million. The dispositions produced gains on sale totaling $40.1 million.

During the fourth quarter 2010, BRE had one development community in lease-up: Villa Granada in Santa Clara, Calif. (270 units). The current physical occupancy at Villa Granada is 84%. Since the community opened, leasing velocity has averaged 27 units per month. Average occupancy for the fourth quarter was 72%.

During the quarter, construction commenced on Lawrence Station, a 336-unit community in Sunnyvale Calif; the estimated completion date is the first quarter 2013.

In addition to Lawrence Station, BRE owns five land parcels (two in Southern California, two in Northern California and one in Seattle) representing approximately 1,400 units of future development, and an estimated aggregate investment of approximately $635 million upon completion.

Capital Markets Activity

On October 14, 2010, the company completed a tender offer for 4.125% convertible notes (GAAP interest cost on the convertible notes is 6.01%) that was announced in September concurrent with a $300 million unsecured note offering (5.20% coupon, March 2021 maturity). Approximately 90.2% of the notes outstanding prior to the tender offer ($321.3 million of the $356.3 million) were tendered. After giving effect to the purchase of the tendered convertible notes, an aggregate principal amount of $35.0 million remains outstanding.

In connection with the tender, a loss on retirement of debt totaling $22.9 million, or $0.36 per share for fourth quarter 2010 and $0.37 per share for the annual period was recognized in the fourth quarter. For the year ended December 31, 2010, the company recorded a loss on retirement of debt totaling $23.5 million, or $0.38 per share.

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Under the at-the-market equity distribution agreement filed with the Securities and Exchange Commission on Form 8-K on February 25, 2010, the company issued 581,000 shares of common stock in the fourth quarter, at an average share price of $43.02 per share, with total gross proceeds of $25.0 million. The remaining capacity under the equity distribution agreement totals $225.0 million.

Common and Preferred Dividends Declared

On January 27, 2011, the BRE board of directors approved regular common and preferred stock dividends for the quarter ending March 31, 2011. All common and preferred dividends will be payable on Thursday, March 31, 2011 to shareholders of record on Tuesday, March 15, 2011. The quarterly common dividend payment of $0.375 is equivalent to $1.50 per share on an annualized basis, and represents a yield of approximately 3.4% on Friday’s closing price of $44.28 per share. BRE has paid uninterrupted quarterly dividends to shareholders since the company’s founding in 1970.

The company’s 6.75% Series C preferred dividend is $0.421875 per share; the 6.75% Series D preferred dividend is $0.421875 per share.

2011 Earnings Outlook

Earnings per share (EPS) for the full year 2011 are estimated to be within a range of $0.52 to $0.64.

Management estimates FFO per share for 2011 to range from $2.06 to $2.18. The estimated increase in earnings can be attributed to an expected increase in NOI from same-store operations, increased NOI from properties acquired in 2010, offset by loss of NOI from properties sold in 2010, and an increase in the total weighted average shares outstanding.

For the first quarter of 2011, the company expects EPS to range from $0.12 to $0.14. The company estimates FFO per share in the first quarter of 2011 to range of $0.50 to $0.52.

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The company’s 2011 financial outlook is based on a number of assumptions and estimates, which are outlined in Attachment B to this release. The primary assumptions and estimates include:

Same-Store Operations

Investment Activity

Q4 2010 Analyst Conference Call

The company will hold a conference call on Tuesday, February 8, at 11:00 a.m. Eastern (8:00 a.m. Pacific) to review these results. The dial-in number to participate in the United States and Canada is 888.290.1473; the international number is 706.679.8398. Enter Conf. ID# 24414079. A telephone replay of the call will be available for 14 days at 800.642.1687 or 706.645.9291 international, using the same ID# 24414079. A link to the live webcast of the call will be posted on www.breproperties.com, in the Investors section. A webcast replay will be available for 30 days following the call.

Q1 2011 Earnings Dates

The company will report first quarter 2011 earnings after close of market on Tuesday, May 3, 2011, followed by a conference call on Wednesday, May 4, 2011 at 11:00 a.m. Eastern (8:00 a.m. Pacific).

About BRE Properties

BRE Properties, based in San Francisco, Calif., owns and manages apartment communities convenient to its residents’ work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 75 apartment communities totaling 21,318 units in California, Arizona and Washington. The company invests in communities through acquisition and development, and currently has six properties in various stages of development and construction, totaling 1,742 units, and joint-venture interests in 13 additional apartment communities, totaling 4,080 units. BRE Properties is a real estate investment trust (REIT) listed in the S&P MidCap 400 Index. For more information on BRE Properties, please visit our website at www.breproperties.com.

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“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, this news release contains forward-looking statements regarding the company’s capital resources, portfolio performance and results of operations, and is based on the company’s current expectations and judgment. You should not rely on these statements 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 their negative form or other variations, or by discussions of strategy, plans or intentions. The following factors, among others, could affect actual results and future events: defaults or nonrenewal 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, inability to dispose of assets that no longer meet our investment criteria under applicable terms and conditions, 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, and increases in real property tax rates. The company’s success also depends on general economic trends, including interest rates, tax laws, governmental regulation, legislation, population changes and other factors, including those risk factors discussed in the section entitled “Risk Factors” in the company’s most recent Annual Report on Form 10-K as they may be updated from time to time by the company’s subsequent filings with the Securities and Exchange Commission, or SEC. Do not rely solely on forward-looking statements, which only reflect management’s analysis. The company assumes no obligation to update this information. For more details, refer to the company’s SEC filings, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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BRE Properties, Inc.

Consolidated Balance Sheets

Fourth Quarter 2010

(Unaudited, dollar amounts in thousands except per share data)

BRE Properties, Inc.

Consolidated Statements of Income

Quarters Ended December 31, 2010 and 2009

(Unaudited, dollar and share amounts in thousands)

2011 Financial Outlook (page 1 of 2)

2011: EPS & FFO per share guidance

2011 Financial Outlook (page 2 of 2)

2011: Detail of financial outlook line items against comparable 2010 actual results (dollar amounts in thousands)

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BRE Properties, Inc.

Non-GAAP Financial Measure Reconciliations and Definitions

(Dollar amounts in thousands)

This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. BRE’s definition and calculation of non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

Funds from Operations (FFO)

FFO is used by industry analysts and investors as a supplemental performance measure of an equity REIT. FFO is defined by the National Association of Real Estate Investment Trusts as net income or loss (computed in accordance with accounting principles generally accepted in the United States) excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated real estate assets, plus depreciation and amortization of real estate assets and adjustments for unconsolidated partnerships and joint ventures. We calculate FFO in accordance with the NAREIT definition.

We believe that FFO is a meaningful supplemental measure of our operating performance because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure because it excludes historical cost depreciation, as well as gains or losses related to sales of previously depreciated property, from GAAP net income. By excluding depreciation and gains or losses on sales of real estate, management uses FFO to measure returns on its investments in real estate assets. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.

Management also believes that FFO, combined with the required GAAP presentations, is useful to investors in providing more meaningful comparisons of the operating performance of a company’s real estate between periods or as compared to other companies. FFO does not represent net income or cash flows from operations as defined by GAAP and is not intended to indicate whether cash flows will be sufficient to fund cash needs. It should not be considered an alternative to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. Our FFO may not be comparable to the FFO of other REITs due to the fact that not all REITs use the NAREIT definition.

BRE Properties, Inc.

Non-GAAP Financial Measure Reconciliations and Definitions

(Dollar amounts in thousands)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined by BRE as EBITDA, excluding minority interests, gains or losses from sales of investments, preferred stock dividends and other expenses. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our performance because they eliminate depreciation, interest, and, with respect to Adjusted EBITDA, gains (losses) from property dispositions and other charges, which permits investors to view income from operations without the impact of noncash depreciation or the cost of debt, or with respect to Adjusted EBITDA, other non-operating items described above.

Because EBITDA and Adjusted EBITDA exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of EBITDA and Adjusted EBITDA as measures of our performance is limited. Below is a reconciliation of net income available to common shareholders to EBITDA and Adjusted EBITDA:

Net Operating Income (NOI)

We consider community level and portfolio-wide NOI to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core property operations prior to the allocation of general and administrative costs. This is more reflective of the operating performance of the real estate, and allows for an easier comparison of the operating performance of single assets or groups of assets. In addition, because prospective buyers of real estate have different overhead structures, with varying marginal impact to overhead from acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or groups of assets.

Because NOI excludes depreciation and does not capture the change in the value of our communities resulting from operational use and market conditions, nor the level of capital expenditures required to adequately maintain the communities (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI consistently with our definition and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. NOI also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP).