Pan Pacific Announces Market Cap of 31%

SAN DIEGO-A year that saw the addition of Center Trust’s holdings into Pan Pacific Retail Properties’ portfolio proved to be a solid one for the San Diego-based shopping center REIT, as Pan Pacific’s company officials have reported a debt-to-total market cap of 31% for year-end 2003. The figure marks the lowest level on record for the company.

In addition, the REIT experienced a 33.7% increase in total funds from operations, with the company’s FFO rising from $101.4 million for year-end 2002 to $135.5 million for end-of-year 2003. On a per share basis, Pan Pacific’s FFO jumped 13.3%, increasing from $2.94 to $3.33. This figure beats company officials’ expectations from back in the beginning of 2003, when president and CEO Stuart Tanz said the REIT was “on track with achieving FFO per share growth in 2003 of approximately 10%.”

The REIT’s net income also rose, jumping from $77.7 million for the year ended December 31, 2002 to $104.4 million for the same period ended December 31, 2002. On a per share basis, the company’s net income increased from $2.30 per share to $2.61 per share.