BED Bedford Property Inv

Bedford Property Investors, Inc. (NYSE:BED) announced today the sale of a five building portfolio in San Diego, California for a sale price of $27.75 million. The properties consist of three R&D buildings and two office buildings, and are located at 8928, 8929, 8958 and 8959 Terman Court and 6325 Lusk Boulevard. Together the properties comprise 182,186 square feet. The single transaction resulted in a GAAP gain on sale of approximately $9 million. "The sale of these fully occupied single tenant properties is consistent with our goals of creating value for our stockholders and focusing our property ownership interests on multi tenant configured buildings," 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) with investments in suburban office buildings and industrial properties concentrated in the western United States. It is traded on the New York Stock Exchange 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, including, among other things, the company's expectations of creating value for its stockholders by focusing on multi-tenant configured properties. 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 and its most recent Quarterly Report on Form 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.