<PAGE>

                United States Securities and Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-Q/A

(Mark One)

 X   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
---                        Exchange Act of 1934
                 For the Quarterly Period Ended March 31, 1999

or

     Transition Report Pursuant to Section 13 of 15(d) of the Securities
---                        Exchange Act of 1934
                 For the transition period from ____ to ____

                         Commission File Number: 0-10223

                         CONAM REALTY INVESTORS 81 L.P.
                         ------------------------------
              Exact Name of Registrant as Specified in its Charter

               California                                13-3069026
               ----------                                ----------
    State or Other Jurisdiction of           I.R.S. Employer Identification No.
     Incorporation or Organization

1764 San Diego Avenue
San Diego, CA                                                 92110-1906
-------------                                                 ----------
Address of Principal Executive Offices                         Zip Code

                                 (619) 297-6771
                                 --------------
               Registrant's Telephone Number, Including Area Code

The undersigned registrant hereby amends the following section of its Report for
March 31, 1999 on Form 10-Q as set forth in the pages attached hereto:

                                                Part 1 - Financial Information

Item 1.  Financial Statements
Consolidated Statements of Operations

                                                  Part 2 - Other Information

Item 6.  Exhibits and Reports on Form 8K
a)  Exhibits
    (27)  Financial Data Schedule



<PAGE>
                           Part 1 - Financial Information

Item 1.  Financial Statements

CONAM REALTY INVESTORS 81 L.P.

AND CONSOLIDATED VENTURES
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the three months ended March 31,                    1999          1998
-----------------------------------------------------------------------------
<S>                                                 <C>              <C>
Income

Rental                                              $   265,290      $848,852
Interest and other                                       63,746        11,625
                                                      ---------      --------
         Total Income                                   329,036       860,477
-----------------------------------------------------------------------------
Expenses

Property operating                                      174,764       346,966
Depreciation and amortization                            32,070       192,457
Interest                                                 61,890       208,684
General and administrative                               32,137        41,043
                                                      ---------      --------
         Total Expenses                                 300,861       789,150
-----------------------------------------------------------------------------
Income from operations                                   28,175        71,327
Gain on sale of properties                           12,274,841            --
-----------------------------------------------------------------------------
Income before extraordinary items                    12,303,016        71,327
Extraordinary loss from debt extinguishment            (129,068)           --
-----------------------------------------------------------------------------
         Net income                                 $12,173,948      $ 71,327
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Net income allocated:

         To the General Partner                     $   277,765      $ 17,398
         To the Limited Partners                     11,896,183        53,929
-----------------------------------------------------------------------------
         Net income                                 $12,173,948      $ 71,327
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Per limited partnership Unit
(78,290 Units outstanding)

     Income from operations                         $      0.33      $   0.69
     Extraordinary loss from debt extinguishment          (1.65)           --
     Gain on sale of properties                          153.27            --
-----------------------------------------------------------------------------
         Net income                                 $    151.95      $   0.69
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
</TABLE>

CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
For the three months ended March 31, 1999

<TABLE>
<CAPTION>
                                                        General                Limited
                                                        Partner                Partners                  Total
------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>                     <C>                      <C>
Balance (deficit) at December 31, 1998               $ (298,566)             $ 2,178,493              $  1,879,927
Net income                                              277,765               11,896,183                12,173,948
Distributions ($172.50 per Unit)                       (142,072)             (13,505,025)              (13,647,097)
------------------------------------------------------------------------------------------------------------------
Balance (deficit) at March 31, 1999                  $ (162,873)             $   569,651              $    406,778
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to the consolidated financial statements.

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                        CONAM PROPERTY SERVICES, LTD.
                        General Partner of ConAm Realty Investors 81 L.P.

                        BY:       CONTINENTAL AMERICAN DEVELOPMENT, INC.
                                     GENERAL PARTNER

Date:  June 10, 1999    BY: /s/ DANIEL J. EPSTEIN
                            ---------------------
                            Daniel J. Epstein
                            Director, President, and Principal Executive Officer

Date:  June 10, 1999    BY: /s/ ROBERT J. SVATOS
                            --------------------
                            Robert J. Svatos
                            Vice President and Director