SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 18, 1998
(Date of earliest event reported)
BEDFORD PROPERTY INVESTORS, INC.
(Exact name of Registrant as specified in its charter)
Maryland 1-12222 68-0306514
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Layfayette Circle, Lafayette, California 94549
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (925) 283-8910
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Item 5. Other Events.
(i) Reference is made to the press release issued to the public
by the Registrant on June 18, 1998, the text of which is
attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits.
99.1 Text of press release of Bedford Property Investors,
Inc. dated June 18, 1998.
<PAGE>
SIGNATURES:
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized on the date
indicated.
BEDFORD PROPERTY INVESTORS, INC.
(Registrant)
By: /s/ Scott R. Whitney
Scott R. Whitney
Senior Vice President and
Chief Financial Officer
Dated: June 23, 1998
<PAGE>
EXHIBIT 99.1
CONTACT: FOR IMMEDIATE RELEASE
Peter B. Bedford June 18, 1998
Chairman of the Board and
Chief Executive Officer
Bob Pester
Chief Investment Officer
Telephone: (925) 283-8910
Bedford Property Investors to Explore Strategic Alternatives
Bedford Property Investors, Inc. (NYSE:BED), announced today that it has
engaged Lehman Brothers Inc. as financial advisor to assist the Company
in the exploration and evaluation of strategic alternatives. These
alternatives include the potential sale or merger of the Company,
spinning off or selling certain of the Company's properties or entering
into other business combinations.
Commenting on the Company's decision to explore these alternatives, Peter
Bedford, Chairman of the Board and Chief Executive Officer, stated, "We
believe that this is an appropriate time for Bedford Property Investors
to review its strategic direction. We have engaged Lehman Brothers to
assist us because of their knowledge and experience in the REIT industry
and in the evaluation of strategic alternatives." Mr. Bedford cautioned,
however, that it was possible that no action would be taken. "Whatever
the strategic course of action the Board decides to pursue on behalf of
the Company, it will be one that is designed to continue to create value
for our stockholders," he concluded.
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 and Pacific Exchanges under the symbol "BED" and
its web site is www.bedfordproperty.com.
This press release contains statements that are forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, which represent the Company's expectations or beliefs
concerning future events. The Company cautions that these statements are
further qualified by important factors, including, but not limited to,
an inability to complete a transaction on terms acceptable to the
Company, that could cause actual results to differ materially from those
in the forward-looking statements. In addition, a number of additional
factors are set forth in the Company's filings with the Securities and
Exchange Commission, including the Company's final Prospectus from its
last equity offering, dated November 3, 1997 and its Annual Report on
Form 10-K for the year ended December 31, 1997.
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