"We are pleased to increase our dividend for the fourth consecutive year," says Stuart A. Tanz, president and chief executive officer. "Our ability to continue providing increased dividends to our shareholders is a result of the strong fundamentals in our core markets and our proactive management and leasing initiatives, as well as our investment program."
With its recent acquisition of Western Properties Trust, Pan Pacific is now the largest neighborhood shopping center REIT on the West Coast. The transaction "should enhance our ability to generate solid growth going forward," Tanz says.
Pan Pacific's portfolio currently totals 111 properties, encompassing over 15 million sf and is 95% leased to over 2,100 retailers. The portfolio is diversified across California, Washington, Oregon and Nevada.
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