Bedford's per-share FFO for the second quarter was 68 per share,an increase of 15% when compared with 59 cents per share for thesecond quarter of 2000. Through the first half of the year,per-share FFO was $1.33 per share, an increase of 15% compared with$1.16 per share for the first half of 2000.

On a dollar basis, FFO for the second quarter was $11.74million, 7% higher than the second quarter of 2000. For the firsthalf, FFO was $23.21 million, 5% higher than the first half of2000. Funds from operations, a key measure in evaluating thesuccess of REITs, is defined as net income, excluding gains orlosses from debt restructuring and sales of property, anddepreciation and amortization of assets related to real estate.

Company chairman Peter Bedford says the double-digit FFO growthdue to internal growth of the company's operating portfolio, theleasing activities at its development projects and the company'sshare repurchase program. Since the inception of the sharerepurchase program in Nov. 1998, Bedford has repurchased a total of6,582,955 shares, or 29% of the number of shares initiallyoutstanding.

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