<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
SCHEDULE 13D
(RULE 13d-101)
(AMENDMENT NO. 3)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
Bedford Property Investors, Inc.
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(Name of issuer)
Common Stock
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(Title of class of securities)
076446301
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(CUSIP number)
James J. Finnegan, Esq.
AEW Capital Management, Inc.
225 Franklin Street
Boston, Massachusetts 02110
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(Name, address and telephone number of person authorized to receive notices and
communications)
June 15, 2000
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
(Continued on the following pages)
(Page 1 of 11 Pages)
<PAGE>
CUSIP No. 076446301 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
AEW PARTNERS, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 1,893,767
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH None
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REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,893,767
-------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,893,767 shares of Common Stock
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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<PAGE>
CUSIP No. 076446301 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
AEW/L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 1,893,767
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH None
-------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,893,767
-------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,893,767 shares of Common Stock
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
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14 TYPE OF REPORTING PERSON
PN
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<PAGE>
CUSIP No. 076446301 13D Page 4 of 11 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
AEW, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF 7 SOLE VOTING POWER
SHARES 1,893,767
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH None
-------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,893,767
-------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,893,767 shares of Common Stock
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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<PAGE>
CUSIP No. 076446301 13D Page 5 of 11 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Eastrich No. 165 Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 1,893,767
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH None
-------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,893,767
-------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,893,767 shares of Common Stock
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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<PAGE>
CUSIP No. 076446301 13D Page 6 of 11 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Bed Preferred No. 2 Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,893,767
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH None
-------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,893,767
-------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,893,767 shares of Common Stock
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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<PAGE>
CUSIP No. 076446301 13D Page 7 of 11 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Bed Preferred No. 1 Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,893,767
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH None
-------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,893,767
-------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,893,767 shares of Common Stock
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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<PAGE>
CUSIP No. 076446301 13D Page 8 of 11 Pages
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This Amendment No. 3 to Schedule 13D (this "Amendment") filed pursuant
to Section 13d-2(a) of the General Rules and Regulations under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), should be read in
conjunction with the Schedule 13D (the "Schedule 13D") filed with the Securities
and Exchange Commission on August 11, 1999 via EDGAR. This Amendment amends the
Schedule 13D only with respect to Item 5 as set forth below. All capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in
the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date hereof, the Reporting Persons own an aggregate of
1,893,767 shares of the Issuer's Common Stock representing, approximately 10.1%
of the 18,600,267 shares of the Issuer's Common Stock believed to be
outstanding. These shares include (i) 1,783,767 shares held directly by Bed
Preferred No. 1, (ii) 45,000 shares that may be purchased by Thomas G. Eastman
or his estate upon the exercise of options, and (iii) 65,000 shares that may be
purchased by Thomas H. Nolan, Jr. upon the exercise of options (the shares that
may be purchased pursuant to options held by Messrs. Eastman and Nolan are
hereinafter referred to as the "Director Option Shares").
Messrs. Eastman and Nolan were initially designated by Bed Preferred
No. 1 to serve on the Board of Directors of the Issuer as the "Series A
Directors" (see discussion in Item 6 below). Although Mr. Nolan continues to sit
on the Board, he is not considered to be a designee of Bed Preferred No. 1 since
the contractual rights of Bed Preferred No. 1 to designate any Board members
terminated when the Series A Preferred Stock was converted into the Issuer's
Common Stock. Each of Mr. Nolan and Mr. Eastman (who has since passed away)
assigned to Bed Preferred No. 1 all of his rights to purchase the Director
Option Shares. Such assignments are discussed further in Item 6.
To the best knowledge of the Reporting Persons, as of the date hereof,
none of the Reporting Persons, nor any officer or director of Eastrich No. 165
Corporation or AEW Inc. beneficially own any other shares of Common Stock of the
Issuer.
(b) The Reporting Persons have the sole power to direct the voting and
disposition of the 1,893,767 shares of the Issuer's Common Stock held by the
Reporting Persons.
<PAGE>
CUSIP No. 076446301 13D Page 9 of 11 Pages
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(c) Other than as set forth below, to the best knowledge of the
Reporting Persons, none of the Reporting Persons nor any officer or director of
Eastrich No. 165 Corporation or AEW Inc. has effected any transactions in the
Common Stock during the past 60 days:
On each of the dates listed below, the Reporting Persons sold
the number of shares of the Issuer's Common Stock in an open market transaction
at the price indicated. None of the shares sold were Director Option Shares.
<TABLE>
<CAPTION>
Date Number of Shares Price Per Share
---- ---------------- ---------------
<S> <C> <C>
6/15/00 250,000 $18.13
6/19/00 17,000 $18.50
6/22/00 113,700 $18.50
6/23/00 3,500 $18.63
6/23/00 3,500 $18.75
6/29/00 25,300 $19.25
6/30/00 1,100 $19.25
</TABLE>
(d) Not applicable.
(e) Not applicable.
<PAGE>
CUSIP No. 076446301 13D Page 10 of 11 Pages
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SIGNATURE
After due inquiry, to the best of our knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.
Dated: July 7, 2000
AEW PARTNERS, L.P.
By: AEW/L.P.,
its general partner
By: AEW, INC.,
its general partner
By: /s/ James J. Finnegan
------------------------
AEW/L.P.
By: AEW, INC.,
its general partner
By: /s/ James J. Finnegan
--------------------------
AEW, INC.
By: /s/ James J. Finnegan
------------------------------
<PAGE>
CUSIP No. 076446301 13D Page 11 of 11 Pages
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(SIGNATURES CONTINUED)
BED PREFERRED NO. 1 LIMITED PARTNERSHIP
By: BED PREFERRED NO. 2 LIMITED PARTNERSHIP,
its general partner
By: EASTRICH NO. 165 CORPORATION,
its general partner
By: /s/ James J. Finnegan
------------------------
BED PREFERRED NO. 2 LIMITED PARTNERSHIP
By: EASTRICH NO. 165 CORPORATION,
its general partner
By: /s/ James J. Finnegan
---------------------------
EASTRICH NO. 165 CORPORATION
By: /s/ James J. Finnegan
-------------------------------
