For the first quarter ended March 31, 2002, the San Diego-based REIT posted a 10.2% increase in total funds from operations to $24.2 million and a 96.7% portfolio occupancy rate. The REIT executed 147 leases during the quarter totaling 387,804 sf.
Pan Pacific showed a12.9% increase in base rent on new and renewed leases and has acquired $60.5 million in grocery-anchored shopping centers year-to-date.
"During the first quarter, we continued on track with executing our business plan and growth objectives," says Stuart A. Tanz, president and chief executive officer of Pan Pacific. "The long-term demographic and economic fundamentals in our core West Coast markets remain sound."
Tanz says Pan Pacific continues to "expand and enhance our strong franchise through selective acquisitions."
With the acquisitions combined with the strong performance of the REIT's existing portfolio, Pan Pacific is likely to meet its goal of increasing its funds from operation per share by approximately 8% in 2002, Tanz says.
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