For the first quarter ended March 31, 2002, the San Diego-based REIT posted a 10.2% increase in total funds from operations to $24.2 million and a 96.7% portfolio occupancy rate. The REIT executed 147 leases during the quarter totaling 387,804 sf.
Pan Pacific showed a12.9% increase in base rent on new and renewed leases and has acquired $60.5 million in grocery-anchored shopping centers year-to-date.
"During the first quarter, we continued on track with executing our business plan and growth objectives," says Stuart A. Tanz, president and chief executive officer of Pan Pacific. "The long-term demographic and economic fundamentals in our core West Coast markets remain sound."
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