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Burnham Pacific Loses $1.1 Mil in Third Quarter; Liquidation Plan Costing $32.3 Mil

SAN DIEGO-The inancially ailing REIT took both legal and financial hits during a disastrous third quarter. After a running battle with dissident investors over the value of the firm, the board decided to liquidate the company.

By Randyl J. Drummer | Updated on November 16, 2000

SAN DIEGO-Real estate investment trust Burnham Pacific Properties lost $1.1 million in the third quarter, as revenues fell and the company took over charges associated with its planned liquidation.

The company took a $1.1 million loss, or a negative four cents per 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 during the third quarter of 2000, compared with $31.6 million in the third quarter of 1999.

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