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SAN DIEGO-This year’s second quarter has proved to be a profitable three months for locally based Pan Pacific Retail Properties, as the REIT has announced significant increases in total revenue and net income as compared with the same period in 2002.

According to Pan Pacific company officials, total revenue for second quarter 2003 has risen 41.1%, “after adjusting for discontinued operations in accordance with generally accepted accounting principles.” They have reported total revenue of $66.3 million, as compared with $47 million for the quarter ended June 30, 2002.

Net income has also increased, shooting up 66% from $17 million for second quarter 2002 to $28.2 million for the same period this year. On a per share basis, net income has risen 38% to $0.69 per share for the quarter ended June 30, 2003, as compared with $0.50 per share for the same quarter last year.

Pan Pacific’s report also includes its funds from operations for this year’s second quarter, as “the company believes FFO data provides investors with a reasonable indication of its ability to service debt and fund other capital needs.” FFO has jumped to $33.1 million from $25 million for the same period in 2002, with the figures reflecting an increase of 32.2%.

Known as the largest neighborhood shopping center REIT on the West Coast, Pan Pacific has a current portfolio of 131 properties encompassing 20.9 million sf of retail space. In the second quarter of this year, the company sold approximately $38.7 million worth of non-core assets and executed 187 leases representing 504,313 sf. During those three months, the REIT also achieved a 16.2% straight-line increase over prior rents, on a same-store basis.

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