UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 1, 2011

BRE Properties, Inc.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code (415) 445-6530

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

On November 1, 2011, we issued a press release and supplemental financial data with respect to our financial results for the quarter ended September 30, 2011. Copies of the press release and supplemental financial data are furnished as Exhibit 99.1 and Exhibit 99.2 to this report, respectively. The information contained in this Item 2.02 and the attached Exhibit 99.1 and Exhibit 99.2 are furnished to, and not filed with, the Securities and Exchange Commission.

November 1, 2011 (San Francisco) – We reported operating results for the quarter ended September 30, 2011. All per share results are reported on a fully diluted basis.

Third Quarter Operational and Financial Highlights

Third Quarter 2011

Funds from operations, the generally accepted measure of operating performance for real estate investment trusts, totaled $41.5 million, or $0.55 per share, for the third quarter 2011, compared with $30.6 million, or $0.47 per share, for the third quarter 2010. (A reconciliation of net income available to common

shareholders to FFO is provided at the end of this release.) FFO for the third quarter 2010 included acquisition-related expenses totaling $2.4 million or $0.04 per share.

Net income to common shareholders for the third quarter 2011 totaled $17.1 million, or $0.23 per share, compared with net income of $19.6 million, or $0.30 per share, for the same period 2010. The third quarter 2011 results included a gain on sale of an unconsolidated joint venture totaling $2.2 million or, $0.04 per share. The gain is excluded from our FFO per share calculations. The third quarter 2010 results included a gain on sale of real estate of approximately $13.2 million, or $0.20 per share, and acquisition-related expenses cited above totaling $2.4 million, or $0.04 per share.

Total revenues from continuing operations for the quarter were $96.7 million, compared with $87.2 million for the third quarter 2010. The $96.7 million in quarterly revenue represents the highest quarterly total in our 40-year history. Adjusted EBITDA for the quarter totaled $60.9 million, compared with $57.1 million in the third quarter 2010. (A reconciliation of net income available to common shareholders to Adjusted EBITDA is provided at the end of this release.)

Our year-over-year earnings and FFO results reflect the impact of the following during 2011: (1) increases in same-store property-level operating results over 2010 levels; (2) incremental NOI from acquired and newly completed properties in the last 21 months; and (3) a reduction in interest expense due to lower leverage levels and higher levels of capitalized interest, which was offset by (4) a higher level of outstanding shares from equity issued in 2010 and 2011.

Nine-Month Period Ended September 30, 2011

For the year-to-date period, FFO totaled $111.1 million, or $1.57 per share, compared with $88.9 million, or $1.44 per share, for the same period in 2010. FFO for the nine-month period in 2011 includes a $3.8 million, or $0.05 per share, preferred stock redemption charge. FFO for the nine-month period in 2010 included: (1) acquisition-related expenses totaling $3.8 million, or $0.06 per share; (2) one-time compensation costs related to the resignation of the company’s chief operating officer, totaling $1.3 million, or $0.02 per share; and (3) a loss on retirement of debt totaling $558,000, or $0.01 per share. Net income available to common shareholders for the nine-month period totaled $32.9 million, or $0.47 per diluted share, compared with $41.4 million, or $0.68 per diluted share, for the same period 2010. The year-to-date 2010 results included a gain on sales of real estate of approximately $24.9 million, or $0.41 per share.

Same-Store Property Results

We define same-store properties as stabilized apartment communities we have owned since January 1, 2010. Of the 21,971 apartment units we own directly, same-store units totaled 19,275 for the quarter and year-to-date periods.

On a year-over-year basis, overall same-store revenues and NOI increased 3.7% and 4.0%, respectively, for the third quarter. The revenue increase was driven by a 4.3% increase in revenue per unit earned during the period, offset by a 60-basis-point reduction in year-over-year financial occupancy levels.

On a sequential basis, same-store revenue increased 1.7%, NOI increased 1.1% and expenses increased 3.0% over second quarter 2011 levels. The sequential quarter increase in revenues was driven by a 1.6% increase in revenue earned per unit during the third quarter, combined with a 10-basis-point increase in financial occupancy.

Investment Activity

On August 12, 2011, we acquired a 151-unit community in Lafayette, Calif., for a total purchase price of $48.8 million. The property was 95% occupied on the acquisition date, and currently is 97% occupied.

We had two communities under construction at quarter-end: Lawrence Station, a 336-unit community in Sunnyvale, Calif., with estimated completion date in the first quarter 2013; and Aviara, a 166-unit community in Mercer Island, Wash., with an estimated completion date in the second quarter of 2013.

On August 10, 2012, The Landing at Bear Creek, a 224-unit property in Denver, Colo., which was owned in an unconsolidated joint venture, was sold to a third party. Our share of the proceeds from the property sale totaled $4.5 million and a resulted in a gain of $2.2 million (inclusive of a promote of $408,000). The gain and promote are excluded from FFO per share totals.

Capital Markets Activity

Under the at-the-market (ATM) equity distribution agreement filed with the Securities and Exchange Commission on Form 8-K on February 25, 2010, we issued 514,000 shares of common stock, at an average share price of $48.60 per share, with total gross proceeds of $25.0 million. The remaining capacity under the equity distribution agreement totals $175.0 million.

During the quarter we completed an open market purchase of 840,285 shares of Series D preferred stock, or approximately $21 million in value, at a gross purchase price of $24.33 per share ($25.00 par value). As of the end of the quarter, 2,159,715 Series D preferred shares remain outstanding.

Common and Preferred Dividends Declared

On November 1, 2011, our board of directors approved regular common and preferred stock dividends for the quarter ending December 31, 2011. All common and preferred dividends will be payable on Friday, December 30, 2011 to shareholders of record on Thursday, December 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 3.0% on yesterday’s closing price of $50.12 per share. We have paid uninterrupted quarterly dividends to shareholders since being founded in 1970. Our 6.75% Series D preferred dividend is $0.421875 per share.

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BRE Properties, Inc.

Consolidated Balance Sheets

Third Quarter 2011

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

BRE Properties, Inc.

Consolidated Statements of Income

Quarters Ended September 30, 2011 and 2010

(Unaudited, dollar and share amounts in thousands)

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).

(d) Exhibits.

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.

Exhibit Index