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INVESTORS ALREADY CONVERTING BURNHAM PACIFIC PROPERTIES' NEW DEBENTURE ISSUE TO COMMON STOCK

 INVESTORS ALREADY CONVERTING BURNHAM PACIFIC PROPERTIES'
 NEW DEBENTURE ISSUE TO COMMON STOCK
 SAN DIEGO, March 24 /PRNewswire/ -- Burnham Pacific Properties Inc. (NYSE: BPP), a San Diego-based equity real estate investment trust (REIT), reported a total of $8,655,000 of the recently issued 8.5 percent convertible debentures have been converted through Monday, March 23 into 540,937 shares of common stock at $16 per share.
 As a result, the company said total shares outstanding increased to 8,641,580 from 8,100,643 shares, the outstanding bond principal was reduced to $66,345,000 from the original $75 million, and market capitalization on the New York Stock Exchange rose to $138,265,280.
 Louis J. Garday, president and chief executive officer, said that many of the institutions which purchased the debentures at a recent (March 6) public offering are quickly converting to common stock because of the attractiveness of the tax-deferred portion of the stock dividend and future prospects for new acquisitions.
 "Once we have invested the proceeds of the offering in additional Southern California commercial real estate properties as planned, we anticipate more conversions as such new acquisitions this year increase our cash flow," Garday noted.
 Founded in 1963 as one of the nation's first limited partnerships, Burnham Pacific Properties changed to REIT status in 1987 and currently owns and manages 19 commercial real estate properties in San Diego, Orange and Los Angeles counties.
 -0- 3/23/92
 /CONTACT: Louis J. Garday, president and CEO, 619-525-2620, or Bill Gabriel, 619-525-2642, both of Burnham Pacific Partners/
 (BPP) CO: Burnham Pacific Partners Inc. ST: California IN: FIN SU:


KJ-EH -- SD001 -- 0955 03/24/92 10:01 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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