The company announced a 10% increase in funds from operations per share to 66 cents and a 64.7% increase in total funds from operations to $22 million. The company executed a record 92 leases totaling 304,351 sf during the quarter. Meanwhile, it logged a 24.1% increase in base rent on new and renewed leases.
``We are pleased to report a strong quarter for the company, our first full quarter of operations following our merger with Western Properties Trust,'' says Stuart Tanz, president and chief executive officer of Pan Pacific.
``Our double-digit (funds from operations) growth was driven by our record leasing activity which was accelerated as a result of our increased market position with the Western Properties' portfolio."
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