Burnham is selling the shopping centers to Developers Diversified Realty Corp., which is tentatively scheduled to close by Feb. 28. Under the purchase agreement, the two assets are expected to be sold for an aggregate of about $65.4 million -- of which at least $15.1 million is to be paid in cash. Any or all of the remaining balance may be paid in cash or by the issuance of DDR common shares to the company.

The specific amount and form of the distribution won't be known until when, and if, the sale closes, according to Burnham Pacific.

Because the liquidating distribution is conditioned on the closing, the New York Stock Exchange has informed Burnham that normal ``ex-dividend'' procedures will be deferred. As a result, a seller of Burnham's common stock during the period beginning on the second business day prior to the record date will be required to assign the right to the liquidating distribution to the purchaser of such shares.

The announcement will have no effect on the company's previously announced liquidating distribution of cash in the amount of 45 cents per common share payable on Feb. 22 to stockholders of record as of the close of business on Feb. 14.

DDR has agreed to purchase Burnham's portion of 1000 Van Ness, a mixed-use property in downtown San Francisco containing 123,000 sf of gross leaseable area. DDR has also agreed to purchase Hilltop Plaza Shopping Center, a 245,000 sf open-air community shopping center in Richmond, CA.

Instant Insights /

REIT to Set Sale Distribution Later in Month

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