BRE Properties is a real estate investment trust that owns, operates and rents apartment communities in coastal California, Phoenix, AZ, and Seattle, WA. With around 23,000 apartment units across 90 properties, the company focuses on metropolitan areas in which supply is constrained and demand is driven by strong population and employment growth. The company generally operates its properties around business, transportation, employment and recreation centers in each of its markets, in order to help target employees in these areas who have a propensity to rent rather than purchase a home elsewhere.
BRE is intricately tied to interest rate tides, which have several important effects:
Below are several metrics of operating performance for the company. The company has been able to steadily increase its rental revenue per apartment unit over time, fighting inflation and driving organic growth. It has modestly decreased its total apartment base over the previous three years, recycling capital by selling off more properties (at a gain) and redeploying it to new units. 
The company competes against a wide array of other apartment rental owner/operators. The National Multi Housing Council estimates that around 17 million apartment units exist nationwide. The median rental income per unit is around $650 per month. In the company's core market, California, there are an estimated 2.5 million apartment units, and, given the attractive demographic and economic characteristics of the state's coastal cities, competition is intense. As partly evidenced by the chart to the left, for instance, all of the company's major publicly traded competitors have operations in California.
The market for multi-family housing is highly fragmented geographically as well as within any given region. To the left are industry statistics for each of the major markets of publicly traded apartment REITs. The company’s real estate portfolio is highly diversified across geographic region, and operates in nearly every state. Based on data compiled by the National Multi Housing Council, the company was the largest operator of apartment units across the nation.
Furthermore, below is a table of relevant competitive data as compared to rival or comparable companies:
|Company||Apt. Units (2006)||Addressable Market (Units)||Local Market Share||National Market Share||Occupancy Rate (2006)||Operating Margin||Revenue/unit|