Its largest liquidation disposition to date is a portfolio of 19 shopping centers that went to Weingarten Realty for a total of $288.5 million in April. The sell-off has impacted the company's revenue stream as rent and management fee income has gradually dried up. However, profits are up over last year because the company didn't have to record depreciation costs this year as a result of liquidation-related changes in its accounting procedures.
As with its previous sales, proceeds from the Washington transaction were used to pay down debt, fund operations and replenish Burnham Pacific's reserves.
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