Bedford Property Investors Announces Stock Repurchase Program.LAFAYETTE, Calif.--(BUSINESS WIRE)--Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today that its Board of Directors has approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program of up to 3,000,000 shares, or approximately 14% of the issued and outstanding common stock of the Company. Repurchases will be made from time to time in the open market or through privately negotiated transactions. The amount and timing of any purchases will depend on market price and other market conditions and factors. Peter B. Bedford, Chairman of the Board of Bedford Property Investors, stated "At current market prices, we believe that the stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and is more attractive than other acquisition opportunities we are currently evaluating. We believe that this repurchase program is in the stockholders' best interests over the long term." The Company will use cash on hand, line of credit, or proceeds from the sale of properties to provide funds for this program. 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 property 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 New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Pacific Exchanges under the symbol "BED" and its web site is www.bedfordproperty.com. This press release contains statements that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which represent the Company's expectations or beliefs concerning future events. The Company cautions that these statements are further qualified by important factors, including, but not limited to, the inability to finance this program or to purchase shares on terms acceptable to the Company, that could cause actual results to differ materially from those in the forward-looking statements. In addition, a number of additional factors are set forth in the Company's filings with the Securities and Exchange Commission, including the Company's final Prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. from its last equity offering, dated November 3, 1997 and its Annual Report on Form 10-K for the year ended December 31, 1997.
CONTACT: Bedford Property Investors, Inc.
Peter B. Bedford or Scott Whitney, 925/283-8910
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