Pan Pacific Retail Properties Announces Quarterly Dividend of $0.64 Per Share

Pan Pacific Retail Properties, Inc. (NYSE:PNP) today
reported its Board of Directors declared the regular quarterly
dividend of $0.64 per share, payable on June 15, 2006 to stockholders
of record on May 26, 2006. The quarterly dividend of $0.64 per share
is equivalent to $2.56 per share on an annualized basis.

   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 139 properties, encompassing approximately
22.7 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 specializes in the acquisition, ownership and
management of community and neighborhood shopping centers for everyday
essentials. The Company's strategy is aimed at generating long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through 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.