Pan Pacific Reports Good Gains

VISTA, CA-Pan Pacific Retail Properties Inc., the big shopping center REIT based in this San Diego County suburb, says strong retail sales at its West Coast properties pushed its second-quarter profits up sharply.

Second quarter total funds from operations rose 8.2% to $13.6 million, or 61 cents per fully diluted share, up from the year-earlier’s $12.6 million, or 57 cents per share. Net income rose to $8.4 million from $8.1 million, while revenue jumped 12.4% to $27.4 million from $24.3 million a year earlier.

The real estate investment trust’s portfolio consists of 59 shopping centers totaling 9.3 million sf in California, Washington, Oregon and Nevada. Occupancy at those properties in the second quarter was a strong 97.8%, up from 97.7% a year earlier.

The REIT says it added one property to its portfolio in the quarter, the 118,500-sf Encinitas Marketplace in San Diego County. The company says it paid about $11.8 million for the complex, which is fully leased.