Bedford Property Investors Announces $27.75 Million Property Sale
June 23 2005 - 12:47PM
Business Wire
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.
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