Burnham Pacific Closes on Sale of Nineteen Properties To Weingarten Realty and Redeems Preferred Equity

Apr 03, 2001, 01:00 ET from Burnham Pacific Properties, Inc.

    SAN DIEGO, April 3 /PRNewswire/ -- Burnham Pacific Properties, Inc.
 (NYSE:   BPP) today announced that it has closed on the sale of 19 properties to
 Weingarten Realty Investors for approximately $145.5 million in cash and the
 assumption of mortgage debt of approximately $143 million.  The 19 properties,
 which combined total approximately 2.5 million square feet, are all
 grocery-anchored shopping centers located in California.  The Company used
 approximately $126 million to redeem all of the Company's preferred equity and
 approximately $15 million to reduce outstanding indebtedness under the
 Company's line of credit.
     Scott C. Verges, Burnham's President and Chief Executive Officer, stated,
 "The sale of this portfolio demonstrates our ability to execute our plan of
 liquidation through portfolio sales, which are often more cost effective than
 individual asset sales.  Since we first announced our intention to adopt a
 plan of liquidation for the Company, we have sold our interests in
 28 properties for a total of approximately $498 million.  We remain focused on
 an orderly liquidation of the remaining properties in the Company's portfolio
 by pursuing transactions that are expected to result in favorable net proceeds
 to the Company."
 
     Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
 that focuses on retail real estate.  More information on Burnham may be
 obtained by visiting the Company's web site at www.burnhampacific.com.
 
     This press release contains forward-looking statements that predict or
 indicate future events or trends or that do not relate to historical matters.
 There are a number of important factors that could cause actual events to
 differ materially from those indicated by such forward-looking statements.
 These factors include, but are not limited to, the following:  we may be
 unsuccessful in implementing our liquidation strategy; we may not be able to
 complete the liquidation in a timely manner or realize proceeds from the sales
 of assets in amounts that will enable us to provide currently anticipated
 liquidating distributions to our stockholders; we have outstanding
 indebtedness maturing at various times during 2001, and we may be unable to
 repay, refinance, replace or extend any or all of this indebtedness on terms
 that are favorable to the Company, or at all; and occupancy rates and market
 rents may be adversely affected by economic and market conditions which are
 beyond our control, including imbalances in supply and demand for retail
 shopping center space and the financial condition of our tenants.
     You should also read the risk factors that are discussed in the Company's
 periodic reports filed with the Securities and Exchange Commission, including
 the risk factors that were disclosed in our Form 10-K which was filed with the
 SEC on April 3, 2001.  You should be aware that the risk factors contained in
 that Form 10-K may not be exhaustive.  Therefore, we recommend that you read
 the information in that Form 10-K together with other reports and documents
 that we file with the SEC from time to time, including our Forms 10-K, 10-Q
 and 8-K and Proxy Statements, which may supplement, modify, supersede or
 update those risk factors.
 
                                             Company-Owned
                          California        Gross Leasable Area   Major Anchor
     Property              Location          (square feet)        Tenants
 
     580 Marketplace      Castro Valley       101,565        PW Foods, 24-Hour
                                                              Fitness
 
     Arcarde Square       Sacramento          76,497         Grocery Outlet
 
     Buena Vista          Duarte              90,805         Ralphs
 
     Centerwood           Bellflower          70,992         32nd Street
                                                             Market,
                                                             Basically-A-Buck
 
     Creekside            Vacaville           116,229        Raley's
 
     Discovery Plaza      Sacramento          93,398         Bel Air Market
 
     Gateway Plaza        Fremont             195,092        Raley's, 24-Hour
                                                              Fitness
 
     Hallmark Town Ctr.   Madera              85,066         Food-4-Less
 
     Menifee Town Ctr.    Menifee             79,134         Ralphs, Target
                                                             (non-owned anchor)
 
     Prospector's Plaza   Placerville         219,112        Albertsons,
                                                             K-Mart, Long's
                                                              Drugs
 
     Ralphs Center        Redondo Beach       66,700         Ralphs
 
     San Marcos Plaza     San Marcos          35,880         Albertsons
                                                             (non-owned anchor)
 
     Shasta Crossroads    Redding             121,334        Food-4-Less
 
     Silver Creek Plaza   San Jose            134,018        Safeway, Walgreens
 
     Southampton          Benecia             162,390        Raley's
 
     Stony Point Plaza    Santa Rosa          198,528        Food-4-Less, Home
                                                              Base, Rite Aid
 
     Summerhills Plaza    Citrus Heights      133,614        Raley's
 
     Sunset Center        Suisun City         85,198         Albertsons, Rite
                                                              Aid
 
     Westminster Center   Westminster         411,417        Albertsons, Home
                                                              Depot, Office
                                                              Max, Rite Aid,
                                                             Petco, Hollytron,
                                                             Edwards Theatres
                            Total          2,476,969
 
 

SOURCE Burnham Pacific Properties, Inc.
    SAN DIEGO, April 3 /PRNewswire/ -- Burnham Pacific Properties, Inc.
 (NYSE:   BPP) today announced that it has closed on the sale of 19 properties to
 Weingarten Realty Investors for approximately $145.5 million in cash and the
 assumption of mortgage debt of approximately $143 million.  The 19 properties,
 which combined total approximately 2.5 million square feet, are all
 grocery-anchored shopping centers located in California.  The Company used
 approximately $126 million to redeem all of the Company's preferred equity and
 approximately $15 million to reduce outstanding indebtedness under the
 Company's line of credit.
     Scott C. Verges, Burnham's President and Chief Executive Officer, stated,
 "The sale of this portfolio demonstrates our ability to execute our plan of
 liquidation through portfolio sales, which are often more cost effective than
 individual asset sales.  Since we first announced our intention to adopt a
 plan of liquidation for the Company, we have sold our interests in
 28 properties for a total of approximately $498 million.  We remain focused on
 an orderly liquidation of the remaining properties in the Company's portfolio
 by pursuing transactions that are expected to result in favorable net proceeds
 to the Company."
 
     Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
 that focuses on retail real estate.  More information on Burnham may be
 obtained by visiting the Company's web site at www.burnhampacific.com.
 
     This press release contains forward-looking statements that predict or
 indicate future events or trends or that do not relate to historical matters.
 There are a number of important factors that could cause actual events to
 differ materially from those indicated by such forward-looking statements.
 These factors include, but are not limited to, the following:  we may be
 unsuccessful in implementing our liquidation strategy; we may not be able to
 complete the liquidation in a timely manner or realize proceeds from the sales
 of assets in amounts that will enable us to provide currently anticipated
 liquidating distributions to our stockholders; we have outstanding
 indebtedness maturing at various times during 2001, and we may be unable to
 repay, refinance, replace or extend any or all of this indebtedness on terms
 that are favorable to the Company, or at all; and occupancy rates and market
 rents may be adversely affected by economic and market conditions which are
 beyond our control, including imbalances in supply and demand for retail
 shopping center space and the financial condition of our tenants.
     You should also read the risk factors that are discussed in the Company's
 periodic reports filed with the Securities and Exchange Commission, including
 the risk factors that were disclosed in our Form 10-K which was filed with the
 SEC on April 3, 2001.  You should be aware that the risk factors contained in
 that Form 10-K may not be exhaustive.  Therefore, we recommend that you read
 the information in that Form 10-K together with other reports and documents
 that we file with the SEC from time to time, including our Forms 10-K, 10-Q
 and 8-K and Proxy Statements, which may supplement, modify, supersede or
 update those risk factors.
 
                                             Company-Owned
                          California        Gross Leasable Area   Major Anchor
     Property              Location          (square feet)        Tenants
 
     580 Marketplace      Castro Valley       101,565        PW Foods, 24-Hour
                                                              Fitness
 
     Arcarde Square       Sacramento          76,497         Grocery Outlet
 
     Buena Vista          Duarte              90,805         Ralphs
 
     Centerwood           Bellflower          70,992         32nd Street
                                                             Market,
                                                             Basically-A-Buck
 
     Creekside            Vacaville           116,229        Raley's
 
     Discovery Plaza      Sacramento          93,398         Bel Air Market
 
     Gateway Plaza        Fremont             195,092        Raley's, 24-Hour
                                                              Fitness
 
     Hallmark Town Ctr.   Madera              85,066         Food-4-Less
 
     Menifee Town Ctr.    Menifee             79,134         Ralphs, Target
                                                             (non-owned anchor)
 
     Prospector's Plaza   Placerville         219,112        Albertsons,
                                                             K-Mart, Long's
                                                              Drugs
 
     Ralphs Center        Redondo Beach       66,700         Ralphs
 
     San Marcos Plaza     San Marcos          35,880         Albertsons
                                                             (non-owned anchor)
 
     Shasta Crossroads    Redding             121,334        Food-4-Less
 
     Silver Creek Plaza   San Jose            134,018        Safeway, Walgreens
 
     Southampton          Benecia             162,390        Raley's
 
     Stony Point Plaza    Santa Rosa          198,528        Food-4-Less, Home
                                                              Base, Rite Aid
 
     Summerhills Plaza    Citrus Heights      133,614        Raley's
 
     Sunset Center        Suisun City         85,198         Albertsons, Rite
                                                              Aid
 
     Westminster Center   Westminster         411,417        Albertsons, Home
                                                              Depot, Office
                                                              Max, Rite Aid,
                                                             Petco, Hollytron,
                                                             Edwards Theatres
                            Total          2,476,969
 
 SOURCE  Burnham Pacific Properties, Inc.