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More Problems for Burnham Pacific

SAN DIEGO-Action by group of preferred shareholders could force the REIT to stop paying dividends on its common stock.

By Randyl J. Drummer | Updated on August 05, 2000

SAN DIEGO-Burnham Pacific Properties Inc., the embattled real estate investment trust based here, has a brand-new problem on its hands.

The REIT confirmed Friday that one of its biggest preferred stockholders, Westbrook Partners, has notified the company that Westbrook is exercising its “change of control preference” right—a move that could force Burnham Pacific to stop paying common share dividends until it buys out the stockholder.

The announcement was the latest in a series of hits to the company, which has seen its stock price erode steadily in recent months. The REIT is looking for a suitor, weighing the sale of assets and considering other moves to stop the decline.

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