Burnham Execs Assured ‘Golden Parachutes’

San Diego-based Burnham Pacific Properties Inc., the target of an unsolicited $1.2-billion buyout offer, gave its top five executives “golden parachute” compensation packages that would be triggered if the company is taken over. On June 30, the San Diego-based real estate investment trust agreed to pay the executives a lump sum of three times their annual salary and three times their annual bonus if a takeover occurs, according to a filing with the Securities and Exchange Commission. Burnham’s shares fell 31 cents to close at $12.44 on the New York Stock Exchange. Shareholders often frown on “golden parachute” payments, which can make takeovers more expensive. Last month, Burnham Pacific, the largest strip shopping center REIT on the West Coast, rejected a buyout offer from retailer and property investor Jay Schottenstein that valued the company at $13.50 a share. Company officials weren’t immediately available for comment.