Burnham Pacific to Cut Staff, Close 3 Offices

Burnham Pacific Properties Inc., one of California’s largest retail property owners, said it plans to cut 26% of its work force, or about 39 jobs, and take a first-quarter charge as it hires other companies to manage its properties and closes three offices. San Diego-based Burnham Pacific said it would take a restructuring charge of about $1.5 million in the first quarter. The company said the move would cut its 1999 funds from operations by 1 cent a share and its 2000 funds from operations by about 2 cents a share. The company had 1998 funds from operations of $1.33 a share. The move comes a few weeks after Burnham agreed to buy 34 shopping centers, which are operated by independent property managers, from AMB Property Corp. Burnham owns 87 shopping centers encompassing 10 million square feet, mainly in the Western U.S.