The company, which is the largest shopping center REIT focused exclusively on the West Coast, announced total FFO of $32.8 million for the first quarter ending March 31, 2003. The figure reflects a significant increase from the same period last year, when total FFO stood at $24.2 million. On a per share basis, FFO rose 15.5%, from $0.71 in first quarter 2002 to $0.82 in first quarter 2003.

Along with FFO, total revenue increased, jumping to $63.3 million in the first quarter of this year from $45.7 million in the first quarter of last year. Net income rose a hefty 56.2%, from $16.4 million in first quarter 2002 to $25.6 million in first quarter 2003.

At the close of this year's first quarter, Pan Pacific also had $975.9 million in debt outstanding, "equating to a debt-to-total market capitalization ratio of 38.8%," according to a company statement. The debt was comprised of $428.7 million in senior unsecured notes; $361.2 million in fixed-rate, long-term mortgage debt; $161.5 million of floating-rate debt outstanding on the company's unsecured credit line; $18.5 million outstanding on a floating-rate construction loan; and $6 million outstanding on floating-rate property level bonds.