The depressed shares of real estate investment...
Times Staff, Bloomberg News
The depressed shares of real estate investment trust Burnham Pacific Properties of San Diego (BPP) took another hit Thursday after an investment newsletter warned the company could eliminate its dividend.
Burnham stock sank 69 cents to a record low of $5.88 on the New York Stock Exchange after Realty Stock Review Online in Ocean, N.J. said an “overlooked provision” in a preferred stock deal Burnham did in 1997 with two investment funds could force a suspension of the $1.05-a-share annual dividend.
The dividend issue could be moot, however, if Burnham accepts a takeover offer from another real estate company. Rumors of a deal have been swirling in recent days.
Burnham has declined comment.
