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Exhibit 99.1
BURNHAM PACIFIC UPDATES STOCKHOLDERS ON STRATEGIC ALTERNATIVES
PROCESS
SAN DIEGO, Aug. 7 /PRNewswire/ -- Burnham Pacific Properties, Inc. (NYSE: BPP -
news) today announced that, in connection with the Company's pursuit of its
strategic alternatives, the Company and its preferred stockholders that are
affiliates of Westbrook Partners have entered into an agreement pursuant to
which Westbrook agreed to suspend any rights that it may have as a result of its
purported election to exercise a right to a Change of Control Preference under
the terms of the Company's preferred stock. If valid, the election of a Change
of Control Preference would have the effect of prohibiting the Company from
making distributions to the holders of the Company's common stock until the
preferred stock has been redeemed. As previously announced, the Company does not
agree with the position taken by Westbrook, but the parties do not believe that
it is necessary to resolve the matter given that the Company's Board of
Directors has not concluded its review of the Company's strategic alternatives.
Additionally, pursuant to the agreement the Company has agreed that Westbrook
may in the future revive the rights it has, if any, as a result of the election.
Despite the purported election by Westbrook of a Change of Control Preference,
there can be no assurance that there will be a change of control transaction
involving the Company or any assurances with respect to the terms upon which any
such transaction could be consummated. In addition, there can be no assurance
that the Company will continue paying regular quarterly distributions to its
common stockholders.
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States. The
Company makes available on a quarterly basis supplemental information that
includes property and corporate level detail which is available upon request.
More information on Burnham Pacific may be obtained by calling 800.462.5181, or
visiting the Company's web site at www.burnhampacific.com.
This news 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, uncertainties in the strategic alternative process, the
validity of the election of the Change of Control Preference and the impact of
that election on the payment of future dividends, as well as other factors
discussed in the Company's periodic reports filed with the Securities and
Exchange Commission, including, without limitation, the risk factors that were
disclosed in our Form 10-K that was filed with the SEC on March 30, 2000. 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 which may supplement,
modify, supersede or update those risk factors.
