San Diego-based Burnham says it expects to make liquidating distributions of $6 to $7.50 per share of common stock, excluding quarterly dividends. Those dividends could be distributed from time to time, the amount varying based on the sale values received for the company's properties. The company will also vote on a new slate of directors for its board.

Shares of Burnham were up 1/2 to $4-13/16 on the New York Stock Exchange Wednesday, a day after the stock hit a 52-week low of $4. The company lost $1.1 million in the third quarter, as revenues fell, and the company absorbed charges associated with its planned liquidation, according to recently released financial statements.

That compares to $7.3 million in black ink, or $0.23 per share, for the same quarter last year. Revenues were $31.5 million during the third quarter of 2000, compared with $31.6 million in the third quarter of1999.

A myriad of legal and financial problems hurt Burnham's bottom line in the third quarter, during which the embattled REIT's board of directors decided to liquidate the company after a running battle with dissident investors over the value of the publicly traded firm.

The company paid $3.3 million for consulting and legal fees during the third quarter and wrote off $32.3 million in connection with the company's recently announced plan to liquidate. Burnham took a restructuring hit of $2.1 million for severance and related costs for employees affected by the company's decision to end a joint venture with the California Public Employees Retirement System.