The 4.7% notes are due June 1, 2013. Net proceeds from their sale will be used to repay a portion of the capital that Pan Pacific has borrowed under its $300-million unsecured revolving credit facility.

Credit Suisse First Boston has placed the transaction, as sole book-running manager. Wachovia Securities is acting as joint-lead manager.

The decision to sell the senior notes comes on the heels of a strong quarter for the shopping center REIT. For the first quarter of 2003, the company posted a 35.2% rise in total funds from operations, a 38.3% increase in total revenue and a 56.2% jump in net income, as compared with the same period last year.Several weeks ago, the REIT's board of directors declared a regular dividend of $0.51 per share, which reflects a 2% increase from last quarter's dividend. Payable on June 13, 2003 to stockholders of record on May 23, 2003, the quarterly dividend is equivalent to $2.04 per share on an annualized basis.