BED Bedford Property Inv

Bedford Property Investors, Inc. (NYSE:BED) announced today the sale of a two building portfolio in Tucson, Arizona to a single buyer for a sale price of $10.0 million. The properties consist of an R&D building and a service-center flex building, located at 4755 South Butterfield Drive and 4650 South Coach Drive. Together the properties comprise 128,828 square feet. The transaction resulted in a GAAP gain of approximately $4.0 million. "These fully leased buildings are the only remaining assets we have in the Tucson area and selling them at this time will allow us to achieve further operating efficiencies," 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. 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.