SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934\
(Amendment No. 3)
BURNHAM PACIFIC PROPERTIES, INC.
(Name of Issuer)
Shares of Common Stock, par value $0.01 per share
(Title of Class of Securities)
12232C108
(CUSIP Number)
Allen Curtis Greer II
Westbrook Real Estate Counsel, LLC
265 Franklin Street
Suite 1800
Boston, Massachusetts 02110
(617) 488-6103
with a copy to:
George F. Schoen
Cravath, Swaine & Moore
825 Eighth Avenue
New York, NY 10019
(212) 474-1740
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 31, 2000
(Date of Event which Requires Filing of this Statement) If the filing
person has previously filed a statement on Schedule 13G to report the
acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box | |. NOTE: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See ss.
240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
SEC 1746 (2-98)
CUSIP NO. 12232C108.
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 2 of 34 Pages
-------------------- ------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE PARTNERS, L.L.C. --I.R.S. IDENTIFICATION NO. ____
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) | | (b) | |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
| |
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) | |
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 3 of 34 Pages
------------------- -------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE PARTNERS MANAGEMENT II, L.L.C. --I.R.S.
IDENTIFICATION NO. ____
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) | | (b) | |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
| |
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) | |
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 4 of 34 Pages
------------------- ------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE FUND II, L.P. --I.R.S. IDENTIFICATION NO. ____
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) | | (b) | |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) | |
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 5 of 34 Pages
------------------- ------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE CO-INVESTMENT PARTNERSHIP II, L.P. --I.R.S.
IDENTIFICATION NO. ____
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) | | (b) | |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
| |
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 0
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 6 of 34 Pages
------------------- ------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK BURNHAM HOLDINGS, L.L.C. --I.R.S. IDENTIFICATION NO. ____
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) | | (b)| |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
| |
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) | |
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 7 of 34 Pages
------------------- ------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK BURNHAM CO-HOLDINGS, L.L.C. --I.R.S. IDENTIFICATION NO. ____
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) | | (b) | |
-------------------------------------------------------------------------------
3 SEC USE ONLY
SOURCE OF FUNDS
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
| |
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 8 of 34 Pages
------------------- ------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Gregory J. Hartman
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) | | (b) | |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (
See Instructions) | |
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 9 of 34 Pages
------------------- ------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Paul D. Kazilionis
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) | |(b)| |
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) | |
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 10 of 34 Pages
------------------- -------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jonathan H. Paul
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) (b)
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 11 of 34 Pages
------------------- -------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
William H. Walton III
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) (b)
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 12 of 34 Pages
------------------- -------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Patrick K. Fox
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) (b)
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 13 of 34 Pages
-------------------- -------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Keith Gelb
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) (b)
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
4,552,845
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,845
-------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-------------------------------------------------------------------------------
<PAGE>
14
This Amendment No. 3 ("Amendment No. 3") amends and supplements the
Statement on Schedule 13D ("Schedule 13D"), filed on January 13, 2000, as
amended by Amendment No. 1, filed on February 3, 2000, and Amendment No. 2,
filed on August 21, 2000, by (i) Westbrook Real Estate Partners, L.L.C., a
Delaware limited liability company ("WREP"), (ii) Westbrook Real Estate
Partners Management II, L.L.C., a Delaware limited liability company ("WREM
II"), (iii) Westbrook Real Estate Fund II, L.P., a Delaware limited
partnership ("WREF II"), (iv) Westbrook Real Estate Co-Investment Partnership
II, L.P., a Delaware limited partnership ("WRECIP II"), (v) Westbrook Burnham
Holdings, L.L.C., a Delaware limited liability company ("Holdings"), (vi)
Westbrook Burnham Co-Holdings, L.L.C., a Delaware limited liability company
("Co-Holdings"), (vii) Gregory J. Hartman ("Hartman"), a member of WREP,
(viii) Paul D. Kazilionis ("Kazilionis"), a member of WREP, (ix) Jonathan H.
Paul ("Paul"), a member of WREP, (x) William H. Walton III ("Walton"), a
member of WREP, (xi) Patrick K. Fox ("Fox"), a member of WREP, and (xii) Keith
B. Gelb ("Gelb")a member of WREP. WREP, WREM II, WREF II, WRECIP II, Holdings,
Co-Holdings, Hartman, Kazilionis, Paul, Walton, Fox and Gelb are sometimes
referred to collectively herein as the "Reporting Persons" or "Westbrook".
Item 1. Security and Issuer.
This statement on Schedule 13D (this "Schedule 13D") relates to the
Common Stock, par value $0.01 per share (the "Common Stock"), of Burnham
Pacific Properties, Inc., a Maryland corporation (the "Issuer" or "Burnham").
The principal executive offices of the Issuer are located at 110 West "A"
Street, San Diego, California 92101.
Item 3. Source and Amount of Funds or Other Consideration.
On December 31, 1997, Holdings and Co-Holdings acquired 2,495,529
and 304,461 shares, respectively, of the Issuer's 1997-A Convertible Preferred
Stock pursuant to a Stock Purchase Agreement, dated as of December 5, 1997,
among Holdings, Co-Holdings, the Issuer and Burnham Pacific Operating
Partnership, L.P. (the "Operating Partnership"). On August 31, 2000, Holdings
and Co-Holdings, redeemed preferred units in the Operating Partnership in
exchange for 9 and 1 shares, respectively, of the Issuer's 1997-A Convertible
Preferred Stock. On August 31, 2000, Holdings and Co-Holdings disposed of all
shares of Series 1997-A Convertible Preferred Stock held by them and acquired
2,495,538 and 304,462 shares, respectively, of the Issuer's Series 2000-C
Convertible Preferred Stock, par value $0.01 per share (the "Preferred
Stock"), pursuant to an Exchange Agreement dated as of August 31, 2000, by and
between Holdings, Co-Holdings, Blackacre SMC Master Holding's LLC
("Blackacre", and, together with Holdings and Co-Holdings, the "Preferred
Stockholders"), the Issuer and the Operating Partnership (the "Exchange
Agreement"), filed as Exhibit 7.5 attached hereto and hereby incorporated
herein by reference. As of the date of this filing, Holdings and Co-Holdings
have acquired 2,800,000 shares of the Preferred Stock.
Item 4. Purpose of the Transaction.
Holdings and Co-Holdings acquired Burnham's securities pursuant to
the Exchange Agreement whereby the Preferred Stockholders agreed to vote their
shares of Preferred Stock in favor of Burnham's plan of liquidation and for
the election of certain individuals to the board of directors of Burnham.
Burnham and the Preferred Stockholders also agreed to certain other matters in
the Exchange Agreement, including the
<PAGE>
15
following: (a) the exchange of all outstanding shares of Burnham's Series
1997-A Convertible Preferred Stock for shares of the Preferred Stock, which
have different terms from Burnham's 1997-A Series Preferred Stock, including,
without limitation, (i) the right of the holders of a majority of the
Preferred Stock to elect two directors to the board of directors of Burnham,
(ii) the right to required Burnham to redeem the Preferred Stock on September
31, 2001 and upon the occurrence of other specified events and (iii) the right
to prohibit the payment of dividends on Burnham's common stock after March 31,
2001 and upon the occurrence of other specified events, (b) limitations on the
severance packages available to Burnham's senior management, (c) the
management of Burnham, (d) reductions in Burnham's staff and number of
offices, (e) restrictions on Burnham's payment of dividends to holders of its
common stock, (f) the timing of the next annual meeting of Burnham's
shareholders, (g) the use of proceeds of dispositions of Burnham's assets, (h)
limitations on the exercise of certain rights, including the right to elect a
Change of Control Preference (as defined in the Exchange Agreement), by the
Preferred Stockholders under their preferred equity investments; (i) enhancing
the Preferred Stockholders' observation rights with respect to meetings of the
board of directors of Burnham; and (j) certain changes to the by-laws of
Burnham. A copy of the Exchange Agreement is attached hereto as Exhibit 7.5
and is incorporated herein by reference. This item 4 is qualified in its
entirety by reference to the complete text of the Exchange Agreement.
Except as set forth above and in the Schedule 13D, none of the Reporting
Persons has any plans or proposals which relate to or would result in any of
the actions set forth in parts (a) through (j) of item 4.
Item 5. Interest in Securities of the Issuer.
(a) Holdings is the record owner of 2,495,538 shares of Preferred
Stock which are presently convertible into 4,057,785 shares of Common Stock of
the Issuer (such 4,057,785 shares, the "Holdings Conversion Shares"). The
number of Holdings Conversion Shares was calculated in accordance with Section
5 of the Articles Supplementary.
Co-Holdings is the record owner of 304,462 shares of Preferred Stock
which are presently convertible into 495,060 shares of Common Stock of the
Issuer (such 495,060 shares, the "Co- Holdings Conversion Shares"). The number
of Co-Holdings Conversion Shares was calculated in accordance with Section 5 of
the Articles Supplementary.
Because of their relationship as affiliated entities, both Holdings
and Co-Holdings may be deemed to own beneficially both the Holdings Conversion
Shares and the Co-Holdings Conversion Shares. As the sole managing member of
Holdings, WREF II may be deemed to own beneficially both the Holdings
Conversion Shares and the Co-Holdings Conversion Shares. As the sole managing
member of Co-Holdings, WRECIP II may be deemed to own beneficially both the
<PAGE>
16
Holdings Conversion Shares and the Co-Holdings Conversion Shares. As the sole
general partner of WREF II and WRECIP II, WREM II may be deemed to own
beneficially the Holdings Conversion Shares and the Co-Holdings Conversion
Shares. As the sole managing member of WREM II, WREP may be deemed to own
beneficially the Holdings Conversion Shares and the Co-Holdings Conversion
Shares. As the managing members of WREP, Hartman, Kazilionis, Paul, Walton, Fox
and Gelb may be deemed to own beneficially the Holdings Conversion Shares and
the Co-Holdings Conversion Shares.
Holdings disclaims beneficial ownership of the Co- Holdings
Conversion Shares. Co-Holdings disclaims beneficial ownership of the Holdings
Conversion Shares. WREF II, WRECIP II, WREM II, WREP, Hartman, Kazilionis,
Paul, Walton, Fox and Gelb each disclaim beneficial ownership of the Holdings
Conversion Shares and the Co-Holdings Conversion Shares.
Each of the Reporting Persons may be deemed to own beneficially 12.3%
of the Issuer's Common Stock, which percentage is calculated based upon (i)
32,324,046 shares of Common Stock reported outstanding by the Issuer as of
August 11, 2000, and (ii) that number of shares of Common Stock (4,552,845)
issuable upon the conversion of Preferred Stock owned by Holdings and
Co-Holdings.
Under the Exchange Agreement, Holdings and Co-Holdings also have
certain preemptive rights exercisable upon the issuance by the Issuer of
additional Common Stock as set forth in Section 6.4 of the Stock Purchase
Agreement.
(b) Number of Shares as to which each such person has
(i) Sole power to vote or direct the vote: 0 shares for each
Reporting Person;
(ii) Shared power to vote or direct the vote: 4,552,845 shares for
each Reporting Person;
(iii) Sole power to dispose or to direct the disposition: 0 shares
for each Reporting Person;
(iv) Shared power to dispose or to direct the disposition: 4,552,845
shares for each Reporting Person.
(c) The Reporting Persons have not effected any transactions in
Common Stock directly or indirectly during the 60 days prior to the date
of this Schedule 13D.
(d) No one other than the Reporting Persons has the right to receive,
or the power to direct the receipt of, dividends from, or the proceeds
from the sale of, the 2,800,000 shares of Preferred Stock or any other
<PAGE>
17
securities of the Issuer acquired by the Reporting Persons as described in
Item 3.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Section 10(e) of the Articles Supplementary relating to the Preferred
Stock sets forth certain circumstances in which all holders of the Preferred
Stock are required or permitted to vote, grant or deny approvals or make or
decline elections, in each case with respect to the Preferred Stock, and
provides that in each case the matter shall be determined for all holders as
WREF II may indicate.
The Exchange Agreement contains certain agreements relating to the
Preferred Stock, including with respect to voting and registration rights. A
copy of the Exchange Agreement is attached hereto as Exhibit 7.5 and is
incorporated herein by reference. This item 6 is qualified in its entirety by
reference to the complete text of the Exchange Agreement.
Holdings, Co-Holdings and Blackacre currently intend to enter into a
voting agreement whereby each of them will agree to vote their respective
voting securities of the Issuer on certain matters in a manner mutually agreed
upon by Holdings, Co-Holdings and Blackacre.
On September 11, 2000, Holdings, Co-Holdings and Blackacre entered
into an amendment to the Exchange Agreement (the "Amendment") whereby, among
other things, (a) the Preferred Stockholders consented to Burnham's execution
of the Liquidation Agreement and the Schottenstein Agreement (as such terms
are defined in the Amendment), (b) the Preferred Stockholders consented to the
payment of dividends on Burnham's common stock, (c) Burnham agreed to
modify its Shareholder Rights Plan to permit increased ownership of Burnham's
common stock by the Preferred Stockholders and certain other shareholders and
(d) Burnham agreed to nominate a certain individual to the board of directors
of Burnham on and after the date on which no shares of Preferred Stock remain
outstanding. A copy of the Amendment is attached hereto as Exhibit 7.6 and is
incorporated herein by reference. This item 6 is qualified in its entirety by
reference to the complete text of the Amendment.
Except as described herein, to the best knowledge of the Reporting Persons,
there are no contracts, arrangements, understandings or
<PAGE>
18
relationships (legal or otherwise) among the Reporting Persons or between the
Reporting Persons and any other person with respect to any securities of the
Issuer, including but not limited to transfer or voting of any such securities,
finder's fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, division of profits or loss, or the giving or
withholding of proxies, or a pledge or contingency the occurrence of which
would give another person voting power or investment power over the securities
of the Issuer.
Item 7. Material to be Filed as Exhibits.
Exhibit Description
------- -----------
7.5 Exchange Agreement, dated as of August 31, 2000, by and
among Holdings, Co-Holdings, the Issuer, the Operating
Partnership and Blackacre incorporated by reference to
Exhibit 10.1 of the current report on Form 8- K filed by the
Issuer on September 6, 2000.
7.6 Amendment to the Exchange Agreement, dated as of September
11, 2000, by and among Holdings, Co-Holdings, Blackacre and
the Issuer.
<PAGE>
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WESTBROOK REAL ESTATE PARTNERS, L.L.C.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
19
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WESTBROOK REAL ESTATE PARTNERS
MANAGEMENT II, L.L.C.
By: /s/ Patrick K. Fox
---------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
20
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WESTBROOK REAL ESTATE FUND II, L.P.
By: /s/ Patrick K. Fox
---------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
21
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WESTBROOK REAL ESTATE CO-INVESTMENT
PARTNERSHIP II, L.P.
By: /s/ Patrick K. Fox
------------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
22
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WESTBROOK BURNHAM HOLDINGS, L.L.C.
By: /s/ Patrick K. Fox
----------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
23
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WESTBROOK BURNHAM CO-HOLDINGS, L.L.C.
By: /s/ Patrick K. Fox
-----------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
24
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
GREGORY J. HARTMAN
/s/ Patrick K. Fox
----------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
25
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
PAUL D. KAZILIONIS
/s/ Patrick K. Fox
------------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
26
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
JONATHAN H. PAUL
/s/ Patrick K. Fox
--------------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
27
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
WILLIAM H. WALTON III
/s/ Patrick K. Fox
-------------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
28
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
/s/ Patrick K. Fox
------------------------------------
Patrick K. Fox
<PAGE>
29
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 14, 2000
KEITH GELB
/s/ Patrick K. Fox
-----------------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
30
Exhibit 7.6
Westbrook Burnham Holdings, L.L.C.
Westbrook Burnham Co-Holdings, L.L.C.
Blackacre SMC Master Holdings, LLC
Burnham Pacific Properties, Inc.
110 West A Street
San Diego, CA 92101
September 11, 2000
Re: Exchange Agreement
Ladies and Gentlemen:
Pursuant to the Exchange Agreement (the "Exchange Agreement"), dated
August 31, 2000, entered into among Burnham Pacific Properties, Inc. (the
"Company"), Burnham Pacific Operating Partnership, L.P. (the "Operating
Partnership"), and each of Westbrook Burnham Holdings, L.L.C., Westbrook
Burnham Co- Holdings, L.L.C., and Blackacre SMC Master Holdings, LLC
(collectively, the "Preferred Stockholders"), the Company may not engage in
certain activities without the prior written consent of the Preferred
Stockholders. Terms used herein and not defined herein shall have the meanings
assigned to such terms in the Exchange Agreement.
1. The Preferred Stockholders, by their execution of this agreement
(the "Agreement"), hereby consent to and approve the execution, delivery and
performance of the agreement by and among the Company and Jay L. Schottenstein
("JLS"), Schottenstein Stores Corporation ("SSC"), Jublilee Limited partnership
("JLP"), Jubilee Limited Partnership III ("JLPIII"), Schottenstein Professional
Asset Management Corp. ("SPAMC"), Michael L. Ashner ("MLA") and Susan Ashner
("SA" and, together with JLS, SSC, JLP, JLPIII, SPAMC and MLA, the "SA Group")
in the form attached hereto as Exhibit A (the "Schottenstein Agreement") and to
the following actions which may be taken by the Company pursuant to and in
accordance with the terms of the Schottenstein Agreement: (i) an amendment to
the Company's Bylaws to increase the maximum number of members of the Board to
nine (excluding any directors to be elected solely by the holders of the
Company's Series 2000- C Convertible Preferred Stock) in accordance with
Section 4(f) of the Exchange Agreement; (ii) the election of JLS and MLA to the
Company's Board of Directors on or about the day hereof; (iii) an amendment to
the slate of nominees to be proposed for election at the 2000 Annual Meeting of
Stockholders, as set forth in the Exchange Agreement, to include JLS and MLA on
that slate of nominees with the result that they will become part of the Slate
and that the Company's proposal of such a slate of nominees for election at the
2000 Annual Meeting of Stockholders shall not
<PAGE>
31
violate any provisions of the Exchange Agreement, including but not limited to
Section 3(e) thereof; and (B) the execution, delivery and performance by the
Company of the Liquidation and Property Management Services Agreement (the
"Liquidation Agreement") in the form attached as Exhibit B hereto; provided
that the Preferred Stockholders shall retain any approval or consent rights
granted to them pursuant to the Schottenstein Agreement or the Liquidation
Agreement. The Preferred Stockholders, by their execution of this agreement,
hereby consent to and approve the payment on September 29, 2000 of a dividend
of ten cents per share on each outstanding share of the Company's common stock
and of a distribution of ten cents per share on each outstanding common unit of
Burnham Pacific Operating Partnership, L.P; provided that all Accrued Dividends
(as such term is defined in the Articles Supplementary) owing to the Preferred
Stockholders as of such date are paid to the Preferred Stockholders prior to or
concurrently with such dividends and distributions to the Company's common
stockholders and the Operating Partnership's common unitholders. Without the
written consent of the Preferred Stockholders, the Company and the Operating
Partnership hereby agree that each shall not agree to any amendment to or
waiver of the Schottenstein Agreement or any material amendment or waiver of
the Liquidation Agreement, it being understood that any such consent relating
to the Liquidation Agreement shall be given pursuant to the standard set forth
in Section 12.8 of the Liquidation Agreement.
The Preferred Stockholders waive any rights such Preferred
Stockholders may have to a Change of Control Preference or Liquidation
Preference or other benefit as a result of any of the events described in this
Section 1.
2. The Preferred Stockholders and the Company hereby agree that
every reference in the Exchange Agreement to "November 14, 2000" shall be
deemed to be a reference to "December 15, 2000".
3. The Company, by its execution of this Agreement, hereby agrees
that (a) on and after the date on which no Series 2000 Shares are outstanding,
the Board shall (i) amend the Company's Bylaws to increase the maximum number
of Directors elected by the common shareholders of the Company by one, (ii)
elect Allen Curtis Greer II to fill the vacancy created by increasing the size
of the Board pursuant to clause (i) above and (iii) nominate the individual
elected to the Board pursuant to clause (ii) above for election to the Board
at any subsequent meeting of the stockholders of the Company at which such
vote will be held, (b) in the event that the Board shall delegate the
authority to make decisions or take actions with respect to the liquidation of
the Company and its assets to a committee or sub- committee of the Board, then
the number of directors nominated by the SA Group (as such term is defined in
the Schottenstein Agreement) that serve on any such committee or sub-committee
shall not be proportionally greater than the proportion of all
<PAGE>
32
directors nominated by the SA Group (as such term is defined in the
Schottenstein Agreement) to the entire Board (including any members of the
Board elected by the holders of the Series 2000 Shares) and (c) the Company
shall not amend the Rights Agreement without the consent of the Preferred
Stockholders, except (i) in accordance with clause (a) of paragraph 4 below,
or (ii) in connection with any offer to acquire greater than 50% of the common
stock of the Company by means of a tender offer, merger or similar
transaction.
4. (a) Within three business days after the date hereof, (i) the
Company shall amend the Rights Agreement, or take such other action with
respect thereto, such amendment or other action to be in form and substance
reasonably acceptable to the Preferred Stockholders and its legal counsel, in
order to permit each of Westbrook, Blackacre and Morgan Stanley, Dean Witter &
Co. and its affiliates (collectively, the "Exempted Holders") to beneficially
own 19.9% of the outstanding common stock (which may include, without
limitation, shares convertible into common stock) of the Company (without
attributing to either Westbrook or Blackacre for purposes of determining its
ownership of such shares any such shares beneficially owned by the other) (the
"Permitted Ownership") without triggering any adverse consequences to any
Exempted Holder under the provisions of the Rights Agreement and (ii) the
Company shall take such action as is necessary to exempt the Permitted
Ownership from the provisions of Article VII, Section 7.2 of the Company's
Articles of Amendment and Restatement (the "Charter"), and the Preferred
Stockholders shall cooperate with the Company and take such action as may be
reasonably requested by the Company in connection therewith, provided,
however, that purchases of shares of common stock of the Company by the
Exempted Holders may be prohibited if such purchases would result in the
Company becoming "closely held" within the meaning of Section 856(h) of the
Internal Revenue Code of 1986, as amended (the "Code"), or otherwise would
cause the Company to fail to qualify as a Real Estate Investment Trust under
the Code and the rules relating thereto. If Westbrook or Blackacre acquires
beneficial ownership of any securities of the Company (other than the Series
2000 Shares) they shall vote (or cause to be voted) all such securities in
favor of (i) the Board's plan of liquidation, (ii) the election of all
directors nominated by the Board for election at any and all annual or special
meetings of shareholders and (iii) the adoption of such amendments to the
Rights Agreement and the Charter or the taking of such other action with
respect thereto as the Independent Directors (as such term is defined in the
Schottenstein Agreement) may determine to be necessary or appropriate to
permit any other shareholder to acquire levels of Permitted Ownership (as such
term is defined in the Schottenstein Agreement) that the SA Group (as such
term is defined in the Schottenstein Agreement) is permitted to acquire.
(b) The Company represents and warrants to the Preferred
Stockholders that, (i) except for any actions to be taken by the
<PAGE>
33
Company pursuant to this Section 4, no acts are required to be taken by the
Company in order to cause the Permitted Ownership to be exempt from any
restriction or limitation under the Rights Agreement, the Charter, the
Company's By-laws or any other agreement or instrument to which the Company is
a party or by which it is bound and (ii) the execution, delivery and
performance of this Agreement by the Company will not: (A) violate any
constitution, statute, regulation, rule, injunction, judgment, order, decree,
ruling, charge or other restriction of any governmental authority or court to
which the Company is subject or any provision of the Charter or By-laws of the
Company; or (B) conflict with, result in a breach of, constitute a default
under, result in the acceleration of, create in any party the right to
accelerate, terminate, modify, or cancel, result in the creation of any
encumbrance upon or require any notice under any agreement to which the
Company is a party or by which it is bound.
(c) The Company hereby confirms and acknowledges that the Company
has adopted appropriate resolutions to exempt itself from the provisions of
Section 3-602 of the Maryland General Corporation Law with respect to the
acquisition by any person of the capital stock of the Company, and the Company
further confirms and acknowledges that such resolutions exempt the Permitted
Ownership from such provisions.
5. The Company and the Operating Partnership, by their execution of
this Agreement, hereby agree that if any of the Company, the Operating
Partnership or the Board takes any action or fails to take any action that
would result in a breach of the agreements and undertakings set forth in
Sections 3 or 4 above, then, after written notice to the Company by the
Preferred Stockholders of any such breach, and if subject to cure, such breach
has not been cured within ten Business Days after receipt of such notice, a
Redemption Event shall be deemed to have occurred, notwithstanding anything to
the contrary in the Exchange Agreement or the Articles Supplementary. The
foregoing right shall be in addition to any remedy the Preferred Stockholders
shall otherwise be entitled to at law or in equity.
6. Except with respect to the agreements set forth in Section 3(a)
and the last sentence of Section 4(a) above, on the date that no Series 2000
Shares remain outstanding, this Agreement shall terminate and have no further
force and effect.
7. This Agreement and the Exchange Agreement shall be construed in
accordance with and governed by the internal laws of the State of Maryland and
this Agreement hereby incorporates herein by reference, mutatis mutandis,
Sections 7, 8, 10, 13, 14 and 17 of the Exchange Agreement. Except for the
letter agreement among the parties hereto dated as of August 31, 2000, this
Agreement, together with the Exchange Agreement, constitutes the entire
contract among the parties hereto relating to the
<PAGE>
34
subject matter hereof. This Agreement may be executed in counterparts.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the day and
year first written above.
Westbrook Burnham Holdings,
L.L.C.
By: /s/ A.C. Greer
---------------------------------------
Name: A.C. Greer
Title: Authorized Signatory
Westbrook Burnham Co-Holdings, L.L.C.
By: /s/ A.C. Greer
--------------------------------------
Name: A.C. Greer
Title: Authorized Signatory
Blackacre SMC Master Holdings, LLC
by Blackacre SMC Holdings,
L.P., its managing member
by Blackacre Capital
Group, LP, its
general partner
by Blackacre Capital
Management Corp.,
its general partner
/s/ Ron Kravit
-------------------------------------
Name: Ron Kravit
Title: Managing Director
Burnham Pacific Properties, Inc.
By: /s/ Scott C. Verges
-------------------------------------
Name: Scott C. Verges
Title: President
