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REIT to Set Sale Distribution Later in Month

SAN DIEGO-A locally-based REIT has announced Feb. 28 as the record date for determining stockholders entitled to receive a distribution from the pending sale of two of the company's California retail properties.

By Randyl J. Drummer | Updated on February 14, 2002

SAN DIEGO-Burnham Pacific Properties Inc. has announced that its board has named Feb. 28 as the record date for determining stockholders entitled to receive a distribution from the pending sale of two of the company’s California retail properties.

Burnham is selling the shopping centers to Developers Diversified Realty Corp., which is tentatively scheduled to close by Feb. 28. Under the purchase agreement, the two assets are expected to be sold for an aggregate of about $65.4 million — of which at least $15.1 million is to be paid in cash. Any or all of the remaining balance may be paid in cash or by the issuance of DDR common shares to the company.

The specific amount and form of the distribution won’t be known until when, and if, the sale closes, according to Burnham Pacific.

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