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BURNHAM PACIFIC PROPERTIES $100-MILLION PUBLIC OFFERING OVER-SUBSCRIBED

BURNHAM PACIFIC PROPERTIES $100-MILLION PUBLIC OFFERING OVER-SUBSCRIBED
 SAN DIEGO, March 9 /PRNewswire/ -- Burnham Pacific Properties Inc. (NYSE: BPP), a San Diego-based equity real estate investment trust (REIT), announced today it successfully completed a $102.6 million combined public offering of 1,725,000 shares of common stock at $16 per share and $75,000,000 of 8 1/2 percent debentures due 2002, convertible at $16 per share into the company's common stock. BPP retained National Westminster Bank PLC Capital Markets Branch, New York City, to act as its agent in the transaction.
 BPP said the original $100-million offering was oversubscribed and an additional allotment of 225,000 shares was added to the original 1,500,000 shares authorized in the offering.
 Louis J. Garday, president, said the funds will be used to retire short-term debt and to acquire commercial real estate properties in the San Diego area and Southern California region.
 He also said that the offering provides BPP with a combination of equity from the sale of common stock and equivalent of equity in the form of a convertible debenture yielding the same return to the debenture holders (8 1/2 percent) as the dividend of $1.36 on the $16 per share price of the common stock (8 1/2 percent). The debenture is convertible at any time into common stock at $16 per share.
 "By structuring the securities in this manner and by listing the debentures on the New York Stock Exchange, BPP has effectively doubled its public market capitalization from approximately $100 million to $200 million," Garday noted.
 The securities were sold to less than 100 institutional investors with approximately 25 percent of the investors' amounts subscribed from the United Kingdom, Switzerland, Germany and the Netherlands, according to Garday.
 Founded in 1963 as one of the nation's first limited partnerships, Burnham Pacific Properties converted to REIT status in 1987 and currently owns and manages 19 commercial real estate properties in San Diego, Orange and Los Angeles counties.
 The company recently announced it will pay its 104th consecutive quarterly cash dividend, 34 cents a share, on March 31, 1992.
 -0- 3/9/92
 /CONTACT: Louis J. Garday, president, 619-525-2620, or Bill Gabriel, 619-525-2642, both of Burnham Pacific Properties/
 (BPP) CO: Burnham Pacific Properties ST: California IN: SU: OFR


DM-KJ -- SD002 -- 6175 03/09/92 07:32 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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