SAN DIEGO, June 11 /PRNewswire-FirstCall/ -- Burnham Pacific Properties,
Inc. (NYSE: BPP) today announced that it will make a liquidating distribution
of $0.30 per share to its common stockholders.  The distribution will be
payable June 27, 2002 to stockholders of record as of the close of business on
June 19, 2002.
    The New York Stock Exchange has informed Burnham that normal "ex-dividend"
procedures will not be followed and due bills will be used.  As a result, a
seller of Burnham's common stock on or after June 17, 2002, (i.e., 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.  Investors are
encouraged to consult their brokers for more information regarding these
procedures.
    Burnham has previously announced that, in accordance with its Plan of
Complete Liquidation and Dissolution, it intends to enter into a liquidating
trust agreement on June 28, 2002 for the purpose of winding up Burnham's
affairs and liquidating Burnham's assets.  It is currently anticipated that,
on June 28, 2002, Burnham will transfer its then remaining assets to (and its
then remaining liabilities will be assumed by) the trustees of the BPP
Liquidating Trust, and Burnham will be dissolved.  June 27, 2002 will be the
last day of trading of Burnham common stock on the New York Stock Exchange,
and Burnham's stock transfer books will be closed as of the close of business
on such date.

    This press release contains forward-looking statements that predict or
indicate future events that do not relate to historical matters.  There are a
number of important factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.  These
factors include, but are not limited to, the following: Burnham may be unable
to transfer all of its remaining assets and liabilities to the BPP Liquidating
Trust if it fails to obtain all necessary third party consents to such
transfer or such transfer may be otherwise materially delayed; the BPP
Liquidating Trust may be unable to consummate sale transactions with respect
to some or all of Burnham's remaining properties or such sales may be
materially delayed; the BPP Liquidating Trust may not be able to complete the
liquidation in a timely manner or realize proceeds from the sales of assets in
amounts that will enable it to provide liquidating distributions to
beneficiaries; Burnham's board of directors may terminate the Plan of Complete
Liquidation and Dissolution due to unstable or unfavorable real estate or
financial market conditions or for any other reason; and occupancy rates and
market rents may be adversely affected by economic and market conditions which
are beyond Burnham's and the trustees' control, including imbalances in supply
and demand for retail shopping center space and the financial condition of
tenants.
    You should also read the risk factors that are discussed in Burnham's
periodic reports filed with the Securities and Exchange Commission, including
the risk factors that are contained in Burnham's Form 10-K for the year ended
December 31, 2001.  You should be aware that the risk factors contained in
that Form 10-K may not be exhaustive.  Therefore, we recommend that you read
the information in that Form 10-K together with other reports and documents
that we file with the SEC from time to time, including our Forms 10-Q and 8-K,
which may supplement, modify, supersede or update those risk factors.  Burnham
assumes no obligation to update the forward-looking statements included in
this press release.  Further questions with respect to the foregoing may be
addressed to Mr. Daniel Platt, Chief Financial Officer, at (619) 652-4700 or
110 West A Street, Suite 900, San Diego CA 92101.

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