<PAGE>
 
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
 
                               ----------------
 
                                  Form 10-K/A
 
                                AMENDMENT NO. 1
 
                                       to
 
                                   FORM 10-K
(Mark One)
 
[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
   OF 1934
                      For the year ended December 31, 1998
                                       OR
 
[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
   ACT OF 1934
 
                           Commission File No. 0-5305
 
                               ----------------
 
                              BRE PROPERTIES, INC.
             (Exact name of registrant as specified in its charter)
 
                Maryland                               94-1722214
 -----------------------------------      -----------------------------------
    (State or other jurisdiction of      (I.R.S. Employer Identification Number)
     incorporation or organization)
 
          44 Montgomery Street
               36th Floor
       San Francisco, California                       94104-4809
 -----------------------------------      -----------------------------------
    (Address of principal executive                    (Zip Code)
                offices)
 
                                 (415) 445-6530
                        ------------------------------
              (Registrant's telephone number, including area code)
 
          Securities registered pursuant to Section 12(b) of the Act:
 
<TABLE>
<CAPTION>
          Title of each class                 Name of each exchange on which registered
          -------------------                 -----------------------------------------
<S>                                       <C>
      Common Stock, $.01 par value                     New York Stock Exchange
      Common Stock Purchase Rights                     New York Stock Exchange
</TABLE>
 
  The Registrant hereby amends and restates in its entirety the signature page
portion of its Annual Report on Form 10-K for the year ended December 31, 1998.
 
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<PAGE>
 
  BRE Properties, Inc. by this Form 10-K/A, Amendment No. 1 to Form 10-K,
hereby amends and restates the Signature Page.
 
                                  SIGNATURES
 
  Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
 
                                          BRE PROPERTIES, INC.
 
                                          By /s/ Frank C. McDowell
                                            -----------------------------------
                                                     Frank C. McDowell
                                               President and Chief Executive
                                                          Officer
 
  Dated March 12, 1999
 
  Pursuant to the requirements of the Securities and Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated:
 
            Signature                       Title                   Dated
 
      /s/ Frank C. McDowell          President and Director     March 12, 1999
---------------------------------     (Principal Executive
        Frank C. McDowell             Officer)
 
      /s/ LeRoy E. Carlson           Executive Vice             March 12, 1999
---------------------------------     President (Principal
        LeRoy E. Carlson              Financial and
                                      Accounting Officer)
 
        /s/ John McMahan             Chairman and Director      March 12, 1999
---------------------------------
          John McMahan
 
     /s/ William E. Borsari          Director                   March 12, 1999
---------------------------------
       William E. Borsari
 
     /s/ Robert A. Fiddaman          Director                   March 12, 1999
---------------------------------
       Robert A. Fiddaman
 
      /s/ L. Michael Foley           Director                   March 12, 1999
---------------------------------
        L. Michael Foley
 
     /s/ Roger P. Kuppinger          Director                   March 12, 1999
---------------------------------
       Roger P. Kuppinger
 
       /s/ Edward E. Mace            Director                   March 12, 1999
---------------------------------
         Edward E. Mace
 
      /s/ Gregory M. Simon           Director                   March 12, 1999
---------------------------------
        Gregory M. Simon
 
    /s/ Arthur G. von Thaden         Director                   March 12, 1999
---------------------------------
      Arthur G. von Thaden
 
                                       1
<PAGE>
 
                                   SIGNATURES
 
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to Annual Report on Form 10-K
for the year ended December 31, 1998 to be signed on its behalf by the
undersigned, thereunto duly authorized.
 
                                          BRE PROPERTIES, INC.
 
                                          By /s/ LeRoy E. Carlson
                                            -----------------------------------
                                                     LeRoy E. Carlson
                                                 Executive Vice President
Dated March 26, 1999
 
                                       2