NORTHBROOK, Ill., Feb. 24 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced that its affiliated operating partnership, Bradley
Operating Limited Partnership (BOLP), has completed a $50 million private
placement of 2 million 8.875 percent Series B Cumulative Redeemable Perpetual
Preferred Units to two institutional investors.  The units are callable by
BOLP after five years and are not convertible into any other securities of
BOLP.  The units have no stated maturity or mandatory redemption and are
subordinate to all debt.
    Thomas P. D'Arcy, chairman and chief executive officer, commented, "This
attractively structured financing enables us to replace floating rate line
debt with permanent capital.  With approximately $135 million currently
available under our line of credit, we can focus on the numerous value-added
opportunities we see in our markets while maintaining a strong and flexible
capital base."
    Bradley Real Estate, Inc. is the nation's oldest real estate investment
trust and, through BOLP, a leading owner and operator of neighborhood and
community shopping centers located in the Midwest region of the United States.
The company owns 98 properties located in 16 states, aggregating 15.8 million
square feet in rentable space.  Bradley Real Estate is the sole general
partner of BOLP and, after giving effect to the issuance of the Series B
Preferred Units, is the owner of approximately 87 percent of the economic
interest in BOLP.

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