Bedford Reports Flat FFO, Declining Rents

LAFAYETTE, CA-Bedford Property Investors Inc. said Monday that third quarter funds from operations per share were $0.78, up 3% when compared with the same period in 2002, while diluted earnings per share were $0.41, a decrease of 32% by the same comparison.

At $12.69 million, third quarter FFO was essentially flat when compared to $12.66 million for the same period in 2002. Similarly, FFO for the first nine months of 2003 was just over $37.57 million or $2.29 per share compared to just under $37.57 million or $2.26 per share for the same period in 2002.

Excluding the gain on sale of operating properties, net income per diluted share was $0.41 for the third quarter of 2003, a decrease of $0.09 or 18% over the same period in 2002. Through the first three quarters of 2003, net income per diluted share (excluding the gain on sale of operating properties) was $1.32, a decrease of $0.18 or 12% over the same period in 2002.