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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
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 15, 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>
CUSIP NO. 12232C108 13D Page 2 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 3 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 4 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 5 of 28 Pages
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE CO-INVESTMENT PARTNERS II, L.P.
--I.R.S. IDENTIFICATION NO.__
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 6 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 7 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 8 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 9 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 10 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 11 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 12 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 12232C108 13D Page 13 of 28 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*
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------------------------------------------------------------------------
5 CHECK BOX 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 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,552,828
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,552,828
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,828
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.36%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 12232C108 Page 14 of 28 Pages
This Amendment No. 2 ("Amendment No. 2") amends and supplements
the Statement on Schedule 13D ("Schedule 13D"), filed on January 13, 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 4. Purpose of the Transaction.
The information set forth in Item 4 of the Schedule 13D is hereby
amended and supplemented by the following:
On August 15, 2000, Holdings, Co-Holdings, Blackacre SMC Master Holdings,
L.P. ("Blackacre SMC"), Blackacre SMC II Holdings, LLC ("Blackacre SMC II",
and, together with Blackacre SMC, "Blackacre") and Burnham entered into a
letter of intent (the "Letter of Intent"), which sets forth non-binding
agreements in principle regarding certain matters, including (a) amending
Burnham's by-laws to extend the deadline for submission of board
nominations and shareholder proposals, (b) reducing severance packages of
senior management and decreasing operating costs in general, (c) enhancing
Westbrook's and Blackacre's observation rights with respect to meetings of
the board of directors of Burnham, (d) formulating a plan of liquidation
for Burnham's assets, (e) the timing of the next annual meeting of
Burnham's shareholders, (f) modifying certain rights, and the exercise of
certain rights, of Westbrook and Blackacre under their respective preferred
equity investments and (g) identifying and supporting the election of
individuals to serve on the board of directors of Burnham. A copy of the
Letter of Intent is attached hereto as Exhibit 7.4 and is incorporated
<PAGE>
CUSIP No. 12232C108 Page 15 of 28 Pages
herein by reference. This item 4 is qualified in its entirety by reference
to the complete text of the Letter of Intent.
Westbrook, Blackacre and Burnham are currently working towards a definitive
agreement regarding the matters set forth in the Letter of Intent. There
can be no assurance, however, that such a definitive agreement will be
entered into, or, if entered into, that such a definitive agreement will
not differ materially from the agreements in principle set forth in the
Letter of Intent.
Westbrook views the recent determination by Burnham's Board of Directors
(the "Board") to attempt to slash operating expenses, change management and
propose to liquidate the assets of Burnham as a positive turn of events.
These steps are or, when implemented, will be in the best interests of all
of Burnham's stockholders in light of the strength of the California real
estate markets. Westbrook believes that management issues and stockholder
strife have suppressed the price of Burnham shares on the market, and that
a liquidation is the best avenue to unlock the value of Burnham's assets.
Westbrook expects to work with the existing members of the Board as well as
any new members elected at Burnham's upcoming annual meeting so that
Burnham may effect an orderly liquidation of Burnham's assets.
Westbrook believes that it is in the interest of all stockholders to create
a stable corporate environment while Burnham makes the transition from an
operating company to a final disposition of its assets. In this regard,
Westbrook has indicated its willingness to refrain for a limited period of
time from electing to receive the change of control preference to which
Westbrook is entitled under the terms of Westbrook's preferred stock
investment. Westbrook has also indicated its interest in assisting the
Board in the evaluation of potential third-party liquidators and their
plans for unlocking the value inherent in Burnham's portfolio.
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 7. Material to be Filed as Exhibits.
Exhibit Description
------- -----------
7.4 Non-binding Letter of Intent by and among
Holdings, Co-Holdings, the Issuer and
Blackacre.
<PAGE>
CUSIP No. 12232C108 Page 16 of 28 Pages
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: August 21, 2000
WESTBROOK REAL ESTATE PARTNERS,
L.L.C.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 17 of 28 Pages
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: August 21, 2000
WESTBROOK REAL ESTATE PARTNERS
MANAGEMENT II, L.L.C.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 18 of 28 Pages
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: August 21, 2000
WESTBROOK REAL ESTATE FUND II, L.P.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 19 of 28 Pages
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: August 21, 2000
WESTBROOK REAL ESTATE CO-INVESTMENT
PARTNERSHIP II, L.P.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 20 of 28 Pages
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: August 21, 2000
WESTBROOK BURNHAM HOLDINGS, L.L.C.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 21 of 28 Pages
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: August 21, 2000
WESTBROOK BURNHAM CO-HOLDINGS, L.L.C.
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 22 of 28 Pages
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: August 21, 2000
GREGORY J. HARTMAN
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 23 of 28 Pages
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: August 21, 2000
PAUL D. KAZILIONIS
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 24 of 28 Pages
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: August 21, 2000
JONATHAN H. PAUL
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 25 of 28 Pages
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: August 21, 2000
WILLIAM H. WALTON III
By: /s/ Patrick K. Fox
-------------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
CUSIP No. 12232C108 Page 26 of 28 Pages
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: August 21, 2000
/s/ Patrick K. Fox
------------------
Patrick K. Fox
<PAGE>
CUSIP No. 12232C108 Page 27 of 28 Pages
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: August 21, 2000
KEITH GELB
/s/ Patrick K. Fox
------------------
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
Exhibit 7.4
August 13, 2000
Burnham Pacific Properties, Inc. Westbrook Burnham Holdings, Inc.
100 Bush Street, 24th Floor Westbrook Burnham Co-Holdings, Inc.
San Francisco, CA 94104 265 Franklin Street, suite 1900
Boston, MA 02110
Blackacre SMC Master Holdings, L.P.
Blackacre SMC II Holdings, LLC
450 Park Avenue
New York, NY 10022
This letter confirms the discussions that we have had to date
relating to the proposed liquidation of Burnham Pacific Properties, Inc.
(the "Company"), as more fully described in the Summary of Agreements
attached hereto as Exhibit A, and documents the intention of each of the
undersigned to negotiate in good faith, from the date hereof until August
24, 2000, definitive documentation regarding the agreements set forth in
the Summary of Agreements.
The parties hereto hereby agree that the Company shall issue, not
later than August 15, 2000, a press release describing the Company's
proposed liquidation and agreement in principle with the other parties
hereto, which shall be as attached hereto as Exhibit B or in other form
acceptable to each of the parties hereto.
This letter and the Summary of Agreements are intended to, and
will be construed only as, summarizing our discussions to the date hereof
and do not in any way whatsoever constitute, nor are they intended to be,
(a) a legally binding agreement or (b) a legally binding agreement to enter
into an agreement, except as to the obligation to issue the press release
as referenced above.
No amendment or modification of this letter agreement shall be
binding upon any party unless approved in writing by such party. This
letter agreement shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to applicable
principles of conflict of laws.
<PAGE>
BURNHAM PACIFIC PROPERTIES, INC.
by /s/ Scott C. Verges
-------------------
Name: Scott C. Verges
Title: Secretary
WESTBROOK BURNHAM HOLDINGS, L.L.C. AND
WESTBROOK BURNHAM
CO-HOLDINGS, L.L.C.,
by /s/ A.C. Greer
--------------
Name: A. C. Greer
Title: Authorized Signatory
BLACKACRE SMC MASTER HOLDINGS, L.P.
AND BLACKACRE SMC II HOLDINGS, LLC,
By: Blackacre Capital Group L.P.
By: Blackacre Capital Management
Corp., its general partner
by /s/ Ronald Kravit
-----------------
Name: Ronald Kravit
Title:
<PAGE>
EXHIBIT A
Summary of Agreements
1. The bylaws of Burnham Pacific Properties, Inc. (the "Company") shall be
amended to postpone the deadline for timely notice of board nominations or
shareholder proposals for ten (10) days from the deadline that is currently
in effect, so that the new effective notice date will be August 29, 2000.
Such amendment shall be confirmed by a certificate of the Secretary of the
Corporation and an opinion of counsel satisfactory to Westbrook Burnham
Holdings, L.L.C., Westbrook Burnham Co-Holdings L.L.C., Blackacre SMC
Master Holdings, L.P. and Blackacre SMC II Holdings, LLC (collectively, the
"Preferred Shareholders").
2. The board of directors of the Company (the "Board") shall accept the
resignation of J. David Martin as Director and as President and Chief
Executive Officer, with severance package payments not to exceed an
aggregate of $1.575 million paid over three years, except as accelerated in
a change of control, and COBRA benefits at a total cost to the Company of
approximately $28,000. The Board shall appoint Scott Verges as the interim
Chief Executive Officer of the Company, to serve at least until the next
annual meeting of the Company's shareholders. All meetings of the Board
will be open to the exercise by the Preferred Shareholders of observation
rights, and the Board will not exclude Preferred Shareholders under any
claim of executive session; provided that the Board may exclude the
Preferred Shareholders solely from that portion of such meetings where (a)
arrangements between the Company, on the one hand, and the Preferred
Shareholders, on the other hand, or specific actions with respect to the
Preferred Shareholders are being discussed or (b) the presence of the
Company's counsel is required in order to counsel or advise the Board on
pending or ongoing litigation and the presence of the Preferred
Shareholders would eliminate the attorney-client privilege between the
Company and such counsel.
3. Subject to applicable legal and contractual limitations, the Company
shall use its reasonable efforts to negotiate decreased severance packages
for senior management reasonably acceptable to the Preferred Shareholders
and to reduce staff as appropriate for liquidation.
4. [Intentionally omitted.]
5. The Board shall propose a plan of liquidation (the "Plan") at the next
shareholder meeting of the Company which shall occur no later than November
14, 2000, unless (a) the Company has been enjoined by a court of competent
jurisdiction from holding such meeting and is contesting such injunction
diligently and in good faith or (b) the Board makes a good faith
determination (such determination to be supported by an opinion of Goodwin,
Procter & Hoar, LLP, or other counsel reasonably acceptable to the
Preferred Shareholders) that, in order to comply with the Board's fiduciary
or other duties owed to the Company's shareholders, the Board or the
Company's shareholders need additional time to consider a bona fide
proposal for the sale of all or substantially all of the Company's assets,
merger, reorganization or other comparable transaction, in which case such
meeting shall be delayed until the Company is no longer so enjoined or
until the Board has satisfied its fiduciary obligations, as the case may
be. No such delay shall affect any exercise of rights on or after November
14, 2000. The Board and the Preferred Shareholders will work jointly to
prepare such a plan of liquidation, or a summary of such a plan, to be
attached to and incorporated by reference in the definitive agreement
between the Company and the Preferred Shareholders.
6. [Intentionally omitted].
7. The Articles Supplementary (the "Articles") relating to the Series
1997-A Convertible Preferred Stock (the "Preferred Stock") shall be amended
to provide that if the Plan is not approved by the Company's shareholders
prior to November 14, 2000, then the Preferred
<PAGE>
EXHIBIT A
Shareholders shall then and thereafter be entitled to elect a Change of
Control Preference (as defined in the Articles). The Preferred Shareholders
shall agree not to reinstate their election of Change of Control Preference
which is currently suspended, unless approval of the Plan does not occur as
aforesaid. The Preferred Shareholders shall further agree that from the
date hereof until November 14, 2000, they shall not deliver an election of
Change of Control relating to the Plan or any proposal other than the Plan
unless such other proposal is supported by the Board or unless approval of
the Plan does not occur as aforesaid.
8. The Articles shall also be amended to provide that the Preferred Stock
shall be redeemable at the option of the Preferred Shareholders on or after
September 30, 2001 at a price equal to the Change of Control Preference.
9. In lieu of amending the Articles Supplementary, the Company may offer to
issue to the Preferred Shareholders, in exchange for their Preferred Stock,
a new series of preferred stock that has the same terms as the Preferred
Stock as amended by the amendments described herein.
10. If the Plan is approved by the requisite number of the Company's
shareholders, the Preferred Shareholders will agree to not deliver a Change
of Control Election based on any Change of Control resulting from the Plan
through March 31, 2001, provided that (a) the Preferred Shareholders shall
have the right to approve any dividends that the Company pays to its common
shareholders through March 31, 2001, other than quarterly dividends not
exceeding current quarterly dividends paid out of operating cash (the
definition of which will be agreed upon by the Company and the Preferred
Shareholders in the definitive agreement) of the Company, and which may
only be paid if the Company is current in its dividends to the Preferred
Shareholders, and (b) after March 31, 2001, the Preferred Shareholders
shall be entitled to deliver a Change of Control Election with respect to
the Plan. Subject to paragraph 7 above and this paragraph 10, the Preferred
Shareholders shall retain the right to deliver a Change of Control
Election, which shall not be suspended, with respect to any event occurring
after the date hereof other than with respect to the Plan or any event
consistent with or pursuant to the Plan.
11. The definitive agreement between the Company and the Preferred
Shareholders shall have attached to it a list of individuals acceptable to
the Preferred Shareholders for election to the Board at the Company's next
annual shareholders' meeting. The Board's nominees for directors to be
elected at such meeting shall come from the individuals included on such
list. In the definitive agreement, the Preferred Shareholders shall agree
to vote at such meeting all their shares for the election of such nominees,
for the Plan and against any other plan of liquidation which has not been
approved by the Board.
12. The definitive agreement will also provide that Blackacre SMC Master
Holdings, L.P. and Blackacre SMC II Holdings, LLC shall convert all of
their Preferred OP units to the same series of Preferred Stock held or to
be held by Westbrook Burnham Holdings, L.L.C. and Westbrook Burnham
Co-Holdings L.L.C., subject to any reduction in the number of converted
Preferred OP units required so as not to violate applicable NYSE listing
regulations. If any such reduction is necessary, the Company agrees to
amend the term of the Preferred OP units to provide for the same economic
benefits to which the Preferred Stock is entitled to under the foregoing
agreements.
<PAGE>
PRESS RELEASE
CONTACT:
Daniel B. Platt, Chief Financial Officer
Tel: 619-652-4700
Fax: 619-652-4711
[email protected]
EXHIBIT B
BURNHAM PACIFIC ANNOUNCES PROPOSED LIQUIDATION
SAN DIEGO, August 15, 2000 -- Burnham Pacific Properties, Inc. (NYSE:BPP)
today announced that its Board of Directors has completed its extensive
review of the Company's strategic alternatives and has concluded
that it is in the best interests of the Company's stockholders to liquidate
the Company on an orderly basis.
In the fall of 1999, the Company retained Goldman, Sachs & Co. to assist
the Company's Board of Directors in a review of strategic alternatives.
Proposals to acquire the Company were solicited from numerous parties.
After a thorough review, the Board of Directors determined that the bid
prices and terms were not adequate. In addition, the Board of Directors
considered and determined not to proceed with a proposal to reorganize the
Company.
The Board of Directors intends to adopt a final plan of liquidation, in
time for the plan to be submitted to and considered by the Company's
stockholders at the upcoming annual stockholders meeting, currently
scheduled for October 18, 2000. The Board of Directors plans to have the
Company retain a third party to oversee and manage the liquidation process,
and last week the Company began discussions with one such qualified third
party. In this regard, the Company is soliciting proposals from a select
number of additional qualified firms to manage the liquidation process. The
Board of Directors will implement, and instruct the liquidation manager to
implement, substantial reductions in operating expenses commencing in the
fourth quarter of 2000.
The Company also announced that it has reached an agreement in principle
with affiliates of Westbrook and Blackacre, the Company's two largest
preferred equityholders, to support the Board of Director's decision to
develop a plan of liquidation and to support an agreement with
<PAGE>
EXHIBIT B
a third party to oversee a plan of liquidation. The Company also expects to
reach a definitive agreement with Westbrook and Blackacre shortly. At
Westbrook's and Blackacre's request, the Board of Directors
has amended the Bylaws of the Company to provide that stockholder proposals
and nominations for directors for the Company's annual meeting must
be presented to the Company not later than August 29, 2000, rather than the
current August 19, 2000 deadline.
Additionally, in anticipation of the proposed liquidation, J. David Martin
has resigned as chief executive officer and as a Director of the Company.
Scott C. Verges, the Company's chief administrative officer and general
counsel, will serve as the Company's interim chief executive officer.
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 found on the
Company's web site at http://www.burnhampacific.com or by calling
800-462-5181.
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 by certain preferred stockholders and the
impact of that election on the payment of future dividends, the ability to
consummate a binding agreement with a third party with respect to the
liquidation process, and the ability to consummate an agreement with the
Company's preferred stockholders regarding their support for a plan of
liquidation, as well as other factors
<PAGE>
EXHIBIT B
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 which 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.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
Burnham Pacific Properties, Inc. plans to mail a proxy statement to its
stockholders containing information about the plan of liquidation.
Investors and securityholders of Burnham Pacific Properties, Inc. are
advised to read the proxy statement carefully when it becomes available
because it will contain important information about the plan of
liquidation, the persons soliciting proxies related to the liquidation,
their interests in the liquidation, and related matters. Investors and
securityholders may obtain free copies of the proxy statement (when
available) and other documents filed by Burnham at the Securities and
Exchange Commission's website at http://www.sec.gov.
Free copies of the proxy statement will also be available from Burnham by
directing such requests to the attention of Mr. Daniel B. Platt, Chief
Financial Officer, Burnham Pacific Properties, Inc., 110 West A Street, San
Diego, California 92101, telephone (619) 652-4700.
INFORMATION CONCERNING PARTICIPANTS
Burnham, its directors, executive officers and certain other members of
management and employees may be soliciting proxies from Burnham
stockholders in favor of the plan of liquidation. As of the date of this
communication, the officers and directors of Burnham each
<PAGE>
EXHIBIT B
beneficially owned less than 1% of the outstanding common stock of Burnham,
other than Malin Burnham who beneficially owns approximately 1.65%.
-- End --
