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ICM PROPERTY INVESTORS INCORPORATED DECLARES DISTRIBUTION AND ANNOUNCES OTHER DEVELOPMENTS

 LAFAYETTE, Calif., June 10 /PRNewswire/ -- Peter B. Bedford, chairman of the board and chief executive officer of ICM Property Investors Incorporated (NYSE: ICM) announced at the company's annual meeting of stockholders held on Wednesday, June 9, 1993, the declaration of a distribution of 5 cents per share for the second quarter of 1993. This distribution will be paid July 15, 1993, to stockholders of record on June 30, 1993. Mr. Bedford said that this is the first quarterly distribution to be paid to stockholders since Feb. 22, 1991.
 At the annual meeting, the stockholders approved all of the company's proposals to: (1) increase the number of authorized shares of common stock from 10 million shares to 30 million shares; (2) increase the number of authorized shares of preferred stock from 1 million shares to 10 million shares; (3) adopt the 1992 Directors' Stock Option Plan; (4) amend the 1985 Stock Option Plan; (5) reincorporate from Delaware to Maryland; (6) change the company's name to Bedford Property Investors, Inc. (which will be traded on the New York Stock Exchange under the symbol "BED"); ad (7) re-elect the following directors for the ensuing year:
 -- Peter B. Bedford, chairman of the board
 -- Claude M. Ballard
 -- Anthony Downs
 -- Anthony Frank
 -- Martin I. Zankel
 Mr. Bedford announced the company is in the process of finalizing documentation to fund a $6 million loan with Bank of America. A portion of the proceeds will be used to pay off the company's existing credit facility.
 Mr. Bedford also announced that the company is under contract to purchase The Woodlands II, a six-story, 113,000-square-foot class A office and retail complex in Salt Lake City.
 ICM Property Investors is a real estate investment trust with investments in suburban office buildings and industrial properties.
 -0- 6/10/93
 /CONTACT: Peter B. Bedford, chairman and chief executive officer, or Roger J. Galassi, vice president, secretary and treasurer of ICM Property Investors Incorporated, 510-283-8910/
 (ICM)


CO: ICM Property Investors Incorporated ST: California IN: SU: DIV

PS-TS -- NY026 -- 0555 06/10/93 10:48 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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