BED Bedford Property Inv

Bedford Property Investors, Inc. (NYSE:BED) announced today the sale of an asset in Fremont, California for a sale price of $9.5 million. The property is an 87,953 square foot R&D building located at 6500 Kaiser Drive. The transaction resulted in a GAAP gain on sale of approximately $2.7 million. The property was not leased at the time of sale. "This property was vacated by a single tenant in the fourth quarter of last year," said Peter B. Bedford, Chairman of the Board and Chief Executive Officer. "Given the current market conditions in the local submarket, we believe that the opportunity to sell the property at this time is consistent with our goal of creating value for our stockholders." 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. 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.