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SAN DIEGO, CA-Pan Pacific Retail Properties Inc., the largest neighborhood shopping center REIT on the West Coast, has announced its third quarter results, reporting that the company’s total funds from operations has increased more than 10% from last year’s third quarter, as has the total funds available for distribution.

The report says that total FFO for third quarter 2002 has jumped 11.1% to $25.8 million, while the FFO per share has increased 10.3% to $0.75. Meanwhile, the total FDA has risen 12.3% to $22.6 million and the FDA per share has jumped 10.2% to $0.65.

Separately, Pan Pacific’s Board of Directors has declared a fourth quarter dividend of $0.475 per share, which is equivalent to $1.90 per share on an annualized basis. The dividend is payable on Dec. 13, 2002 to stockholders of record on Nov. 29, 2002.

Pan Pacific, which had a 97.1% portfolio occupancy rate as of September 30, 2002, has acquired $107.7-million worth of grocery-anchored shopping centers year-to-date. The company has also shed non-core assets worth a total of $56.3 million year-to-date.

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