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EMERYVILLE, CA-On the eve of their proposed merger, Western Properties Trust announced their Third Quarter earnings this week. FFO was up to $0.38 per share, compared to $0.34 per share at this time last year. Year-to-date, Western’s FFO was up to $1.06, a nickel over last year’s nine-month total.

At the end of the quarter, portfolio-wide vacancies have increased slightly since the end of 1999 to finish at 7.6 percent. The increase has been attributed to three unexpected lease terminations. The Emeryville REIT focuses primarily on shopping centers in the western United States. At the end of the Third Quarter, Western’s portfolio consisted of 55 centers containing 5.1 million sf of rentable space.

Today, shareholders of Western Properties Trust and Pan Pacific Retail Properties, Inc. will vote on a proposed merger of the companies. Vista, CA- based Pan Pacific brings its portfolio of 61 shopping centers the western US, totaling 9.5 million sf, to the merger.

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