X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Pan Pacific Retail Properties Inc., the giant of a retail REIT, is coming off a strong first quarter, having posted a 38.3% increase in total revenue and 35.2% jump in total funds from operations, as compared with the same period last year.

The company, which is the largest shopping center REIT focused exclusively on the West Coast, announced total FFO of $32.8 million for the first quarter ending March 31, 2003. The figure reflects a significant increase from the same period last year, when total FFO stood at $24.2 million. On a per share basis, FFO rose 15.5%, from $0.71 in first quarter 2002 to $0.82 in first quarter 2003.

Along with FFO, total revenue increased, jumping to $63.3 million in the first quarter of this year from $45.7 million in the first quarter of last year. Net income rose a hefty 56.2%, from $16.4 million in first quarter 2002 to $25.6 million in first quarter 2003.

At the close of this year’s first quarter, Pan Pacific also had $975.9 million in debt outstanding, “equating to a debt-to-total market capitalization ratio of 38.8%,” according to a company statement. The debt was comprised of $428.7 million in senior unsecured notes; $361.2 million in fixed-rate, long-term mortgage debt; $161.5 million of floating-rate debt outstanding on the company’s unsecured credit line; $18.5 million outstanding on a floating-rate construction loan; and $6 million outstanding on floating-rate property level bonds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.