Bedford Property Investors Announces $10.0 Million Property Sale.LAFAYETTE, Calif. -- Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today the sale of a two building portfolio in Tucson, Arizona to a single buyer for a sale price of $10.0 million. The properties consist of an R&D building and a service-center flex building, located at 4755 South Butterfield Drive and 4650 South Coach Drive. Together the properties comprise 128,828 square feet. The transaction resulted in a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). gain of approximately $4.0 million. "These fully leased buildings are the only remaining assets we have in the Tucson area and selling them at this time will allow us to achieve further operating efficiencies," 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 REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with investments in suburban office buildings and industrial properties concentrated in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . It is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. 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. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its most recent Quarterly Report on Form 10-Q Form 10-Q See 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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