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Exhibit 99.1
BRADLEY REAL ESTATE SHAREOWNERS APPROVE
MERGER WITH HERITAGE PROPERTY INVESTMENT TRUST;
CLOSING EXPECTED IN SEPTEMBER
NORTHBROOK, ILL., AUGUST 31, 2000--BRADLEY REAL ESTATE, INC. (NYSE: BTR)
announced today that at its Special Meeting of Stockholders held this morning,
shareowners approved the Company's proposed merger with Heritage Property
Investment Trust. As previously announced, the closing of the merger is also
subject to other customary closing conditions. Assuming all other conditions to
closing are satisfied, the Company anticipates that the merger should close by
the end of the third quarter of 2000.
Upon consummation of the transaction, Heritage will be one of the largest owners
of neighborhood and community centers in the country, owning 151 properties in
27 states aggregating approximately 23.6 million square feet. Heritage is a
private REIT whose major investors include the New England Teamsters and
Trucking Industry Pension Fund and The Prudential Insurance Company of America.
Bradley Real Estate is the nation's oldest real estate investment trust and a
leading owner and operator of neighborhood and community shopping centers
located in the Midwest region of the United States. The company owns 96
shopping centers located in 15 states aggregating 15 million square feet of
rentable space.
The preceding information may contain forward-looking statements concerning the
Company's plans, objectives and expectations, including statements concerning
the anticipated timing of closing, which are dependent upon a number of factors
outside our control including the possibility that market or other factors could
adversely affect Heritage's ability to obtain the financing necessary to
complete the merger or otherwise delay closing the merger. Reference is made to
the discussions under the captions "Risk Factors" in the Company's 1999 Form 10-
K report which includes a discussion of certain factors that could cause actual
results to differ materially from those in forward-looking statements. The
Company undertakes no duty or obligation to update any forward-looking
statements contained in this press release.
TO RECEIVE ADDITIONAL INFORMATION ON BRADLEY REAL ESTATE FREE OF CHARGE VIA FAX,
DIAL 1-800-PRO-INFO AND ENTER "BTR" OR VISIT THE COMPANY'S WEBSITE AT
WWW.BRADLEYREALESTATE.COM
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