Burnham Pacific Closes on Sale of Pleasant Hill Center

Apr 26, 2001, 01:00 ET from Burnham Pacific Properties, Inc.

    SAN DIEGO, April 26 /PRNewswire/ -- Burnham Pacific Properties, Inc.
 (NYSE:   BPP) today announced that it has closed on the sale of the Downtown
 Pleasant Hill Shopping Center located in Pleasant Hill, California.  The
 Company sold the 355,596 square foot center for approximately $62.4 million to
 Retail Value Investment Program, a joint venture comprised of Developers
 Diversified Realty (NYSE:   DDR), Coventry Real Estate Partners and Prudential
 Real Estate Investors.  Proceeds from the sale were used to reduce outstanding
 indebtedness.
     The Company also announced that the parties have agreed to amend the
 previously announced Purchase and Sale Agreement with The Prudential Insurance
 Company of America such that Mountaingate Plaza and Lake Arrowhead Village
 will not be sold under that agreement.  The Company also announced that it has
 executed a purchase agreement with the original contributors of the Lake
 Arrowhead Village center, who exercised their right of first refusal to
 purchase the property at the same price and on substantially the same terms as
 those included in the agreement with Prudential.
 
     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.
 
     Developers Diversified Realty currently owns and manages more than
 260 shopping centers in 41 states totaling in excess of 60 million square feet
 of real estate under management.  DDR is a self-administered and self-managed
 real estate investment trust (REIT) operating as a fully integrated real
 estate company which acquires, manages, develops and leases shopping centers.
 You can learn more about DDR on the Internet at http://www.ddrc.com.
 
     Prudential Real Estate Investors provides global real estate money
 management services to clients in the United States, Europe, Asia and Latin
 America.  It manages more than $11.3 billion in assets on behalf of
 325 institutional clients as of September 30, 2000.
 
     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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X32461471
 
 

SOURCE Burnham Pacific Properties, Inc.
    SAN DIEGO, April 26 /PRNewswire/ -- Burnham Pacific Properties, Inc.
 (NYSE:   BPP) today announced that it has closed on the sale of the Downtown
 Pleasant Hill Shopping Center located in Pleasant Hill, California.  The
 Company sold the 355,596 square foot center for approximately $62.4 million to
 Retail Value Investment Program, a joint venture comprised of Developers
 Diversified Realty (NYSE:   DDR), Coventry Real Estate Partners and Prudential
 Real Estate Investors.  Proceeds from the sale were used to reduce outstanding
 indebtedness.
     The Company also announced that the parties have agreed to amend the
 previously announced Purchase and Sale Agreement with The Prudential Insurance
 Company of America such that Mountaingate Plaza and Lake Arrowhead Village
 will not be sold under that agreement.  The Company also announced that it has
 executed a purchase agreement with the original contributors of the Lake
 Arrowhead Village center, who exercised their right of first refusal to
 purchase the property at the same price and on substantially the same terms as
 those included in the agreement with Prudential.
 
     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.
 
     Developers Diversified Realty currently owns and manages more than
 260 shopping centers in 41 states totaling in excess of 60 million square feet
 of real estate under management.  DDR is a self-administered and self-managed
 real estate investment trust (REIT) operating as a fully integrated real
 estate company which acquires, manages, develops and leases shopping centers.
 You can learn more about DDR on the Internet at http://www.ddrc.com.
 
     Prudential Real Estate Investors provides global real estate money
 management services to clients in the United States, Europe, Asia and Latin
 America.  It manages more than $11.3 billion in assets on behalf of
 325 institutional clients as of September 30, 2000.
 
     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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X32461471
 
 SOURCE  Burnham Pacific Properties, Inc.