In a statement, Burnham Pacific attributed the year-over-year decline to several factors: a third-quarter write-off in connection with the company's plan to liquidate; lower-than-expected revenue from sales of assets; shrinking management-fee income and a hike in borrowing costs.

Costs associated with severance packages awarded to former company executives and charges related to termination of a joint venture with CalPERS, the huge retirement system for California state employees, also took a toll on the organization's finances.

After a year of tumbling results, Burnham Pacific's board of directors concluded in August that liquidating the REIT would be "in the best interests of the company's shareholders." J. David Martin resigned as CEO and company director, leaving Scott C. Verges, the REIT's chief administrative officer and general counsel, as interim CEO.