Pan Pacific's stockholders will thus receive $0.50 per share for their next quarterly dividend. It will be payable on February 14, 2003 to stockholders of record on January 14, 2003.

The news comes as Pan Pacific is gearing up to close its pending acquisition of the retail REIT Center Trust Inc. The tax-free merger, which is valued at approximately $600 million, is scheduled to close later this month. It has been unanimously approved by each company's board of directors and is now subject to approval by a two-thirds vote of the Center Trust stockholders and other customary conditions. Center Trust has planned a special meeting for this January 15, which will give the company's stockholders the opportunity to vote on the proposed merger. If all goes well, the REITs plan to close the transaction shortly after the meeting.