However, the special dividend, approved by the Vista-based shopping REIT's board of directors, won't be paid unless the proposed merger closes before the payment date. Pan Pacific Retail Properties' portfolio currently totals 61 properties, with a total of 9.5 million sf of retail space that is 98% leased to more than 1,400 retailers. The portfolio includes properties throughout California, Washington, Oregon and Nevada.
Pan Pacific announced in August that it is acquiring Emeryville-based Western Properties in a $440-million cash-and-stock deal, making it the West Coast's largest neighborhood retail REIT.
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