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BEDFORD PROPERTY INVESTORS ANNOUNCES SECOND QUARTER RESULTS

 LAFAYETTE, Calif., July 20 /PRNewswire/ -- Peter B. Bedford, chairman of the board and chief executive officer of Bedford Property Investors Inc. (NYSE: BED) announced today net income of $2,776,000 (46 cents per share) for financial reporting purposes, in the second quarter ended June 30, 1993, which includes a gain of $2,686,000 from the sale of the three Edison Square office joint venture partnerships. This compares with a net loss of $2,580,000 (43 cents per share) for the same quarter of last year which included a $3,200,000 provision for possible loss offset by a $1,018,000 net gain on the disposition of an asset. For the first six months ended June 30, net income was $2,694,000 (45 cents per share) in 1993 compared to a net loss of $3,632,000 (61 cents per share) in 1992.
 As another measure of financial performance, the company reports Funds from Operations as adopted by the National Association of Real Estate Investment Trusts, defined as net income excluding gains or losses from debt restructuring and sales of property, plus depreciation and amortization, after adjustments for unconsolidated ventures. Funds from Operations for the quarter and six months ending June 30, 1993, were $644,000 (11 cents per share) and $1,179,000 (20 cents per share), respectively. For the same period last year, Funds from Operations were $547,000 (9 cents per share) and $653,000 (11 cents per share), respectively.
 Bedford also announced that the company's new $6,000,000 credit facility with Bank of America closed on July 13, 1993. A portion of the proceeds were used to pay off the company's former credit facility, Bedford said.
 The plan of merger between ICM Property Investors Incorporated ("ICM") and a newly formed Maryland corporation, Bedford Property Investors Inc. ("Bedford"), which was approved at the stockholders' Annual Meeting on June 9, 1993, was executed and became effective on July 1, 1993. As a result, Bedford said, the former stockholders of the company are now stockholders of Bedford, and ICM no longer exists.
 Bedford Property Investors Inc. is a self-administered equity real estate investment trust with investments in suburban office buildings and industrial properties. It is traded on the New York and Pacific Stock Exchanges under the new symbol "BED."
 BEDFORD PROPERTY INVESTORS INC.
 Second Quarter Ended June 30:
 1992 1993
 Income (loss) before
 extraordinary item $(6,398,000) $ 2,776,000
 Extraordinary item -- gain
 on the extinguishment of
 debt 3,818,000 --
 Net income (loss) $(2,580,000) $ 2,776,000
 Losses per common share:
 Income (loss) before
 extraordinary item $ (1.07) $ 0.46
 Extraordinary item -- gain
 on the extinguishment of
 debt 0.64 --
 Net income (loss) $ (0.43) $ 0.46
 Six Months Ended June 30:
 1992 1993
 Income (loss) before
 extraordinary item $(7,450,000) $ 2,694,000
 Extraordinary item -- gain
 on the extinguishment of
 debt 3,818,000 --
 Net income (loss) $(3,632,000) $ 2,694,000
 Losses per common share:
 Income (loss) before
 extraordinary item $ (1.25) $ 0.45
 Extraordinary item -- gain
 on the extinguishment of
 debt 0.64 --
 Net income (loss) $ (0.61) $ 0.45
 -0- 7/20/93
 /CONTACT: Peter B. Bedford, chairman and chief executive officer, or Roger J. Galassi, vice president, secretary and treasurer, of Bedford Property Investors Inc., 510-283-8910/
 (BED)


CO: Bedford Property Investors Inc. ST: California IN: SU: ERN

LH-TB -- SF013 -- 3640 07/20/93 18:05 EDT
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Date:Jul 20, 1993
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