The company, known as the largest neighborhood shopping REIT on the West Coast, has posted earnings per share of $0.70 for fourth quarter 2002, which reflects a 37.3% increase from the same period last year. Meanwhile, funds available for distribution per share jumped 9.8% to $0.67 in the fourth quarter, and funds from operations per share rose 8.6% to $0.76.

Pan Pacific has also reported record leasing activity for fourth quarter 2002, as 162 leases were executed. The REITS's portfolio occupancy rate also reached a five-year high at the end of last year, climbing to 97.5% in the fourth quarter from 97.1% in the third quarter.

Overall, 2002 proved to be a fruitful year for the company, which experienced an 8.9% increase in FFO per share to $2.94, a 7.6% increase in FAD per share to $2.54, and a 16.8% increase in earnings per share to $2.30. Last year was "one of the strongest on record" for Pan Pacific, according to Stuart A. Tanz, the company's president and CEO. "Our growth was driven by our strong portfolio performance, where we reached our highest occupancy level in five years, leased a record 1.7 million sf and achieved double-digit growth in same-store re-leasing rents for the sixth consecutive year."