However, the special dividend, approved by the Vista-basedshopping REIT's board of directors, won't be paid unless theproposed merger closes before the payment date. Pan Pacific RetailProperties' portfolio currently totals 61 properties, with a totalof 9.5 million sf of retail space that is 98% leased to more than1,400 retailers. The portfolio includes properties throughoutCalifornia, Washington, Oregon and Nevada.
Pan Pacific announced in August that it is acquiringEmeryville-based Western Properties in a $440-millioncash-and-stock deal, making it the West Coast's largestneighborhood retail REIT.
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