Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-A key group of shareholders vowed again to replace BurnhamPacific Properties Inc.’s board and liquidate the company asthe REIT’s second-quarter earnings statement showed a continued decline.

A group headed by Jay Schottenstein said in June that it intended to wincontrol of the San Diego-based company’s board and replace managementbecause of what it called a “dramatic” loss in shareholder value. OnMonday, Schottenstein and another shareholder, Michael Ashner, said they would nominate a slate of directors for election at theannual shareholders meeting in October.

Schottenstein, an Ohio-based retail investor, says the directors will run on the platform that management should be replacedand the company liquidated at a price no lower than $8 per share of commonstock. He made a $13.50-a-share offer for Burnham Pacific last August, but the REIT’s board said it was too low.

As some Wall Street analysts expected, the company announced Monday that funds from operations totaled $2.7 million, or 8 cents per share, in the quarter ended June 30. Thatcompares to $13.2 million, or 32 cents per share, for the same time a year ago.For the first six months of 2000, funds from operations were $9.1 million,compared to $21.9 million a year ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt Net Lease Spring 2022Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.