Pan Pacific Execs Increase Ownership Stakes

SAN DIEGO, CA-The CEO and CFO of Pan Pacific Retail Properties Inc. have increased their ownership stakes in the locally based company, which is the largest neighborhood shopping center REIT on the West Coast.

Stuart A. Tanz, who serves as CEO and president, and Joseph B. Tyson, who acts as CFO and executive vice president, have increased their interests in the REIT through a two-step stock transaction.

Tanz now owns 21,667 more shares of common stock, as he has sold 53,333 shares of fully vested common stock, while acquiring 75,000 shares of common stock through exercising his fully vested options. Tyson has increased his ownership stake by 2,000 shares of common stock by selling 8,000 shares of fully vested common stock and simultaneously acquiring 10,000 shares of common stock through exercising his fully vested options. According to a company statement, when income taxes are taken into account, the two officials did not receive any net cash proceeds from the transactions.

Pan Pacific recently declared its third quarter dividend of $0.475 per share, which will be paid on September 13 to shareholders of record as of August 30. The quarterly dividend is equivalent to $1.90 per share on an annualized basis.