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LAFAYETTE, CA-Bedford Property Investors Inc. is reporting a 15% increase in per-share funds from operations during the second quarter of 2001 and through the first half of the year. Bedford is a REIT focused on suburban office and industrial properties in the Western United States.

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 the second 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 $11.74 million, 7% higher than the second quarter of 2000. For the first half, FFO was $23.21 million, 5% higher than the first half of 2000. Funds from operations, a key measure in evaluating the success of REITs, is defined as net income, excluding gains or losses from debt restructuring and sales of property, and depreciation and amortization of assets related to real estate.

Company chairman Peter Bedford says the double-digit FFO growth due to internal growth of the company’s operating portfolio, the leasing activities at its development projects and the company’s share repurchase program. Since the inception of the share repurchase program in Nov. 1998, Bedford has repurchased a total of 6,582,955 shares, or 29% of the number of shares initially outstanding.

Through the first half of the year, Bedford has repurchased 844,118 shares at an average price of $18.94. In afternoon trading today, shares of Bedford stood at $21.22, up 34 cents on the day and a new 52-week high. The previous high of $21.15 was set in early April.

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