SAN FRANCISCO, May 21 /PRNewswire-FirstCall/ -- BRE Properties, Inc. today announced the retirement of Board Chairman Robert A. Fiddaman from the company's board of directors, and the appointment of Irving F. "Bud" Lyons III as chairman, both effective immediately. The transition follows the board succession plan, which was implemented in 2004 to ensure an orderly transition as board members reach their term limits.
"During his 11 years on the board, Bob Fiddaman's wisdom and guidance have served our company and shareholders well," said BRE President and CEO Constance B. Moore. His experience in the multifamily industry and leadership as chairman have kept the company strategically focused and strong, especially during these challenging economic times. On behalf of the company, I would like to thank Bob for his exemplary service on the board. We wish him well as he continues to pursue his many interests."
Fiddaman joined the board of directors in 1998 and was appointed chairman in 2006. He currently serves as president and director of Calistoga Affordable Housing, a non-profit organization in Calistoga, Calif.
Lyons is the former vice chairman and chief investment officer of ProLogis, a publicly owned industrial real estate investment trust, for which he served from 1993 to 2006. He joined BRE's board of directors in 2006.
"Bud Lyons is well known to the REIT community and, as chairman, his broad real estate investment and management expertise will benefit BRE. We were pleased when Bud joined the board in 2006, and even more pleased that he accepted the chairman position," said Moore. "Bud's range of experience at ProLogis and his real estate investing expertise provide great perspective at the board level. We look forward to his leadership at this important time in our business."
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 73 apartment communities totaling 21,480 units in California, Arizona and Washington. The company invests in communities through acquisition and development, and currently has seven properties in various stages of development and construction, totaling 2,043 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 Web site at http://www.breproperties.com/. (Property data as of 03/31/09)
"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 intonations. 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 affecting 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, liability 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.
BRE Properties, Inc.
CONTACT: Investors, Edward F. Lange, Jr., +1-415-445-6559, or Media,
Thomas E. Mierzwinski, +1-415-445-6525, both BRE Properties, Inc.
Web Site: http://www.breproperties.com/
