Bedford Property Investors Proposes to Pay Dividends on Its Outstanding Preferred Stock.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--June 15, 2004 Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today that its management has submitted to the board of directors a proposal to declare a dividend of $1.09375 per share of the company's Series A Cumulative Redeemable Redeemable Eligible for redemption under the terms of an indenture. Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and an initial dividend of $0.5242 per share of the company's Series B Cumulative Redeemable Preferred Stock. The company will announce the board's determination on management's proposal on or about July 1, 2004. Subject to the final approval of the board, the company proposes to pay the dividends on the Series A preferred stock on July 15, 2004 to the holders of record of the Series A preferred stock as of July 5, 2004 and to pay the dividends on the Series B preferred stock on July 15, 2004 to the holders of record of the Series B preferred stock as of July 5, 2004. Bedford Property Investors is a self-administered equity real estate investment trust 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 . Its common stock 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 website address is www.bedfordproperty.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 declaration and payment of the dividends. 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 the 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 quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2004. 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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