The company took a $1.1 million loss, or a negative four centsper share, in funds from operations for the quarter ending Sept.30.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 duringthe third quarter of 2000, compared with $31.6 million in the thirdquarter of 1999.
The decline in FFO was due in part to lower revenues, whichresulted from asset sales, a decrease in some fee income and anincrease in borrowing costs. Burnham Pacific expects these factorswill "continue to impact the company's operating results," thecompany says in a statement issued Wednesday.
A myriad of legal and financial problems hurt Burnham's bottomline in the third quarter, during which the embattled REIT's boardof directors decided to liquidate the company after a runningbattle with dissident investors over the value of the publiclytraded firm.
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