Bedford Announces Q3 Growth in Per-Share FFO

LAFAYETTE, CA-After a transaction-heavy third quarter, Bedford Property Investors announced a per-share FFO of 61 cents a share. This is a 13% increase over the same 1999 period for the Lafayette, Calif.-based REIT that invests primarily in suburban office and industrial properties.

Through the first nine months of the year, Bedford shares have posted an FFO of $1.77 a share, also a 13% increase from last year. FFO is defined as net income, excluding gains or losses from debt restructuring and sales of property, plus depreciation and amortization of assets related to real estate. On a straight dollar basis, FFO was off slightly for the third quarter and for year-to-date.

During the third quarter, the company spent nearly $20 million to reacquire more than 1, 018,000 shares of its stock. On the sale of 13 properties, the company brought in an estimate $75 million in net proceeds.