Pan Pacific, the largest neighborhood shopping center real estate investment trust on the West Coast, reported a 65.2% increase in total funds from operations from a year ago to $22.4 million. The company also reported a 4.4% increase in same-property net operating income for the same time period.
Pan Pacific also boasted a 96.2% occupancy rate across its portfolio and executed 121 leases totaling 313,031 sf during the quarter.
"By continuing to capitalize on leasing opportunities across our 106 shopping center portfolio, we produced solid FFO growth and operating results for the second quarter,'' says Stuart Tanz, president and chief executive officer. "Demand for space at our shopping centers remains solid as indicated by our strong 96% portfolio occupancy rate and 18% increase in same-store re-leasing rates.''
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