SAN DIEGO, Nov. 29 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has scheduled its 2000 Annual Meeting of
Stockholders to be held on December 15, 2000. At the Annual Meeting, the
stockholders of the Company will vote on the Company's Plan of Complete
Liquidation and Dissolution and the election of Directors. The Company is
mailing its proxy statement with respect to the Annual Meeting to its
stockholders this week.
The proxy statement discloses that Burnham Pacific currently expects to
make liquidating distributions totaling between $6.00 and $7.50 per share of
its common stock, exclusive of quarterly dividends, if any, which may be made
from time to time. No assurances, however, can be given as to the actual
amount and timing of such distributions, which may be made over a substantial
period of time. The amounts distributed will vary depending on the values
received for the Company's properties, the timing of the sales of such
properties, the cost and expenses related to such sales, the cost of
improvements to be made to certain of the properties, and the timing and
rental rates received by the Company under leases it expects to sign in the
future.
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States.
The Company makes available on a quarterly basis supplemental information that
includes property and corporate level detail which is available upon request.
More information on Burnham Pacific may be found on the Company's web site at
http://www.burnhampacific.com or by calling 800-462-5181.
This press release contains forward-looking statements that predict or
indicate future events or trends or 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: we may be
unsuccessful in implementing our liquidation strategy; we 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 us to provide currently anticipated
liquidating distributions to our stockholders; we have approximately
$217.4 million of outstanding indebtedness which has matured or is scheduled
to mature by March 31, 2001, and we may be unable to refinance, replace or
extend any or all of this indebtedness on terms that are as favorable to the
Company as those currently in effect, or at all; and occupancy rates and
market rents may be adversely affected by economic and market conditions which
are beyond our control, including imbalances in supply and demand for retail
shopping center space and the financial condition of our tenants.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
Burnham Pacific Properties, Inc. has filed a definitive proxy statement
that is publicly available to its stockholders. Burnham Pacific plans to mail
the proxy statement to its stockholders on or about November 29, 2000.
Investors and security holders of Burnham Pacific are advised to read the
proxy statement carefully because it contains important information about the
plan of liquidation and the election of Directors, the persons soliciting
proxies and their interests in the liquidation and the election of Directors,
and related matters. Investors and security holders may obtain free copies of
the proxy statement and other documents filed by Burnham Pacific at the
Securities and Exchange Commission's website at http://www.sec.gov.
Free copies of the proxy statement are also available from Burnham Pacific
by directing such requests to the attention of Mr. Daniel B. Platt, Chief
Financial Officer, Burnham Pacific Properties, Inc., 110 West A Street,
San Diego, California 92101, telephone (619) 652-4700.
INFORMATION CONCERNING PARTICIPANTS
Burnham, its directors, executive officers and certain other members of
management and employees may solicit proxies from Burnham stockholders in
favor of the plan of liquidation and the election of Directors. As of the
date of this press release, the officers and directors of Burnham each
beneficially own less than 1% of the outstanding common stock of Burnham,
other than Malin Burnham who beneficially owns approximately 1.7% and Jay L.
Schottenstein and Michael L. Ashner who beneficially own as a "group"
approximately 9.8%.
SOURCE Burnham Pacific Properties, Inc.
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Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., 619-652-4700, Fax,
619-652-4711, dbplatt@bpac.com
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