Bedford erty (NYSE:BED)
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Bedford Property Investors, Inc. (NYSE:BED) announced
today the sale of a five building portfolio in San Diego, California
for a sale price of $27.75 million. The properties consist of three
R&D buildings and two office buildings, and are located at 8928, 8929,
8958 and 8959 Terman Court and 6325 Lusk Boulevard. Together the
properties comprise 182,186 square feet. The single transaction
resulted in a GAAP gain on sale of approximately $9 million.
"The sale of these fully occupied single tenant properties is
consistent with our goals of creating value for our stockholders and
focusing our property ownership interests on multi tenant configured
buildings," said Peter B. Bedford, Chairman of the Board and Chief
Executive Officer.
Bedford Property Investors is a self-administered equity real
estate investment trust (REIT) with investments in suburban office
buildings and industrial properties concentrated in the western United
States. It is traded on the New York Stock Exchange and the Pacific
Exchange under the symbol "BED" and its web site is
www.bedfordproperty.com.
Please note: This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934 that represent the company's current expectations
and beliefs, including, among other things, the company's expectations
of creating value for its stockholders by focusing on multi-tenant
configured properties. These forward-looking statements are subject to
certain risks and uncertainties that could cause the actual results,
performance or achievements to be materially different from those
expressed, expected or implied by the forward-looking statements. The
risks and uncertainties that could cause our actual results to differ
from management's estimates and expectations are contained in the
company's filings with the Securities and Exchange Commission,
including its 2004 Annual Report on Form 10-K and its most recent
Quarterly Report on Form 10-Q. The company does not undertake to
update forward-looking information contained herein or elsewhere to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking information.