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SAN DIEGO INDUSTRY NOTES

February 23, 1988

Burnham American Properties, which converted to an equity real estate investment trust from a limited partnership on Oct. 1, 1987, reported a $13,000 net loss from operations during the quarter ended Dec. 31, 1987, the company's first quarter as an REIT.

The company reported $733,000 in revenue and $18.7 million in assets. Burnham American reported $31,425 in net income, $650,000 in revenue, and $18.6 million in assets for the like quarter during 1987.

Since becoming a REIT, Burnham American has moved its listing from NASDAQ to the American Stock Exchange, changed from a fiscal to a calendar year and split its shares 2-for-1.

President Louis J. Garday expects revenue to "improve as usual through the next three quarters now that extraordinary expenses in converting to REIT status and the normal last quarter 'off season' for the Beverly Garland Hotel property are behind us."

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