NORTHBROOK, Ill., Nov. 23 /PRNewswire/ -- The Board of Directors of
Bradley Real Estate, Inc. (NYSE: BTR) today voted to authorize the Company to
repurchase up to 2 million shares of its outstanding common shares from time
to time through periodic open market transactions or through privately
negotiated transactions. On November 22, 1999, Bradley Real Estate had
24,060,057 shares outstanding. The share repurchase program will be in effect
until December 31, 2000, or until the authorized limit has been reached. The
Company expects that the purchases will be funded primarily through asset
sales.
Commenting on the program, Thomas P. D'Arcy, chairman and chief executive
officer, stated, "We seek to capitalize on current market conditions in which
the value of our underlying real estate is more highly valued in the private
property markets than in the public equity markets. Therefore, we plan to
strategically dispose of certain assets and utilize the proceeds from such
sales to repurchase our stock while also paying down our debt. This will
allow us to maintain the financial strength and flexibility our Company has
long enjoyed while adding value for our share owners through the reduction in
our total shares outstanding."
Also today, the Board of Directors declared a regular quarterly cash
dividend on its common stock of $0.38 per share, an increase of 2.7 percent
over its previous quarterly dividend of $0.37 per share. The Board also
declared a regular quarterly cash dividend on its Series A Preferred Stock of
$0.525 per share. Both classes of dividends are payable on December 31, 1999,
to share owners of record on December 13, 1999. The common stock dividend
payment represents the Company's 154th consecutive quarterly dividend payment
to its common share owners.
The preceding information contains forward-looking statements of the
company's plans, objectives and expectations, which are dependent upon a
number of factors including a stable retailing climate in the Midwestern
United States, the financial viability of the company's tenants and the
continuing availability of retail center acquisitions and development
opportunities in the Midwest on favorable terms. Reference is made to the
discussions under the captions "Risk Factors" in the company's 1998 Form 10-K
report, which includes a discussion of certain other factors which could cause
actual results to differ materially from those in forward-looking statements.
Bradley Real Estate is the nation's oldest real estate investment trust
and a leading owner and operator of neighborhood and community shopping
centers located in the Midwest region of the United States. The company owns
98 shopping centers located in 15 states aggregating 15.5 million square feet
of rentable space.
To receive additional information on Bradley Real Estate free of charge
via fax, dial 1-800-PRO-INFO and enter "BTR" or visit the company's website at
http://www.bradleyrealestate.com .
SOURCE Bradley Real Estate, Inc.
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Related links:
http://www.bradleyrealestate.com
CONTACT:
Thomas P. D'Arcy, Chairman and CEO of Bradley
Real Estate, Inc., 847-272-9800, or Diane Rohlin of The Financial
Relations Board, 312-640-6748
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