Burnham Pacific Properties announces change in stockholders' optional dividend reinvestment plan.SAN DIEGO--(BUSINESS WIRE)--Dec. 19, 1994--Burnham Pacific Properties Inc. (NYSE NYSE See: New York Stock Exchange :BPP (Bits Per Pixel) See bit depth. bpp - bits per pixel ), a San Diego-based real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), Monday announced that it will suspend the Optional Cash Purchase provision of its stockholders' dividend reinvestment plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. , effective Jan. 1, 1995. The remaining provisions of the dividend reinvestment plan, which allows an individual stockholder to use dividends to acquire additional BPP stock at 5 percent below prevailing market price, remain in force, according to Malin Burnham, BPP chief executive officer. Burnham said the temporary suspension of the Optional Cash Purchase provision is in the best interests of all stockholders. ``In the current economic climate, it doesn't make sense to issue new stock when the earnings required are substantially higher than the return available from the investment of the funds, especially since the issuance of new shares dilutes the holdings of all existing shareholders,'' he said. Founded in 1963, Burnham Pacific Properties is a regionally focused, self-administered equity REIT Equity REIT A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. . The company owns 24 commercial real estate properties in San Diego, Los Angeles, Orange and Santa Clara counties. CONTACT: Burnham Pacific Properties Inc., San Diego Kim Kundrack, 619/232-2001 |
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