The recently published report shows that total funds from operations increased to $35.3 million for third quarter 2003, which reflects a 36.7% increase from the same period in 2002, when total FFO was $25.8 million. On a per share basis, FFO rose 14.7% from 75 cents per share for third quarter 2002 to 86 cents per share for the quarter ended Sept. 30, 2003.

Total revenue jumped 40.5% from last year's third quarter figure of $48.5 million to this year's quarter three number of $68.1 million (after adjusting for discontinued operations in continuance with generally accepted accounting principles). Net income increased 19.9% to $24.5 million for the three-month period ended Sept. 30, 2003 from $20.5 million for the same quarter last year. On a per share basis, net income creeped up 1.7% from 60 cents per share for the third quarter of 2002 to 61 cents for the same three-month period in 2003.

As of Sept. 30, 2003, Pan Pacific Retail Properties' total market capitalization was approximately $2.7 billion and it had $912.2 million in debt outstanding, equating to a debt-to-total capitalization ratio of 34%. Its portfolio at this time was 95.4% leased to 3,217 tenants.