Pan Pacific (NYSE:PNP)
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Pan Pacific Retail Properties, Inc. (NYSE:PNP), the
largest neighborhood shopping center real estate investment trust
(REIT) focused exclusively on the West Coast, today announced that it
has acquired two grocery-anchored shopping centers: North Reno Plaza,
Reno, Nevada, and Troutdale Market Shopping Center, Troutdale
(Portland), Oregon. The properties were acquired in separate
transactions for a total of $19.0 million and were financed through a
combination of cash flow from operations, draws under the Company's
unsecured line of credit, and the assumption of $5.3 million in debt.
Stuart A. Tanz, President and Chief Executive Officer of Pan
Pacific, stated, "We continue to access attractive acquisition
opportunities in our core markets. Both of these properties offer good
upside potential through a number of remerchandising and repositioning
opportunities. Including these acquisitions, year-to-date we have
acquired $42 million and are on track to achieve our stated growth
objectives for 2005."
ABOUT PAN PACIFIC RETAIL PROPERTIES
Pan Pacific Retail Properties, Inc. is an equity real estate
investment trust (REIT) traded on the New York Stock Exchange under
the symbol PNP. The Company is the largest neighborhood shopping
center REIT focused exclusively on the West Coast. Pan Pacific's
portfolio currently totals 136 properties, encompassing approximately
22.0 million square feet of retail space. The portfolio is principally
diversified across five distinct regions in the Western United States:
Northern California, Southern California, Washington, Oregon and
Nevada.
Pan Pacific focuses on creating long-term stakeholder value by
specializing in the acquisition, ownership and management of community
and neighborhood shopping centers for everyday essentials. The
Company's strategy is aimed at providing stakeholders with long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through implementing its
acquisition and property management programs.
Pan Pacific is headquartered in Vista (San Diego), California, and
has regional offices located in Sacramento, California; Kent,
Washington; Portland, Oregon; and Las Vegas, Nevada.
Additional information on Pan Pacific is available on the
Company's web site at www.pprp.com.
(Note: Certain matters discussed within this press release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 which reflect management's
current views with respect to future events and financial performance.
Forward-looking statements are subject to risks and uncertainties.
Factors that could cause actual results to differ materially from
expectations include market valuations of our stock, financial
performance and operations of our shopping centers, real estate
conditions, execution of shopping center development programs,
successful completion of renovations, completion of pending
acquisitions and dispositions, including the completion of customary
due diligence and closing conditions, the Company's ability to
successfully integrate acquired assets, changes in the availability of
additional acquisition and disposition opportunities, changes in local
or national economic conditions, acts of terrorism or war and other
risks detailed from time to time in reports filed with the Securities
and Exchange Commission, including the Company's Annual Report on Form
10-K for the year ended December 31, 2004.)