Burnham Pacific Announces Distribution

SAN DIEGO-Burnham Pacific Properties Inc. has announced it will distribute funds to shareholders due to the closing of an eight-property portfolio last week. The distribution will be payable Jan. 8, 2002, to stockholders of record as of the close of business on Dec. 31.

By Randyl J. Drummer | Updated on December 25, 2001

SAN DIEGO-Burnham Pacific Properties Inc. will distribute funds to shareholders. The distribution will be payable Jan. 8, 2002, to stockholders of record as of the close of business on Dec. 31.

As a result of the recently announced closing of eight properties to a joint venture led by affiliates of PO’B Montgomery & Company and Apollo Real Estate Advisors, Burnham Pacific announced it will make a liquidating distribution of $1.25 per share to its common stockholders.

The distribution will be payable Jan. 8, 2002, to stockholders of record as of the close of business on Dec. 31. In addition to the liquidating distribution, proceeds from the sale of the eight properties will be used toreduce outstanding indebtedness and to satisfy other obligations.

Burnham Pacific Properties, Inc. is a real estate investment trust (REIT) that focuses on retail real estate.

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