SAN DIEGO-Locally based Pan Pacific Retail Properties Inc. has released its third quarter results, which reflect a solid performance for the shopping center REIT.

The recently published report shows that total funds from operations increased to $35.3 million for third quarter 2003, which reflects a 36.7% increase from the same period in 2002, when total FFO was $25.8 million. On a per share basis, FFO rose 14.7% from 75 cents per share for third quarter 2002 to 86 cents per share for the quarter ended Sept. 30, 2003.

Total revenue jumped 40.5% from last year’s third quarter figure of $48.5 million to this year’s quarter three number of $68.1 million (after adjusting for discontinued operations in continuance with generally accepted accounting principles). Net income increased 19.9% to $24.5 million for the three-month period ended Sept. 30, 2003 from $20.5 million for the same quarter last year. On a per share basis, net income creeped up 1.7% from 60 cents per share for the third quarter of 2002 to 61 cents for the same three-month period in 2003.

As of Sept. 30, 2003, Pan Pacific Retail Properties’ total market capitalization was approximately $2.7 billion and it had $912.2 million in debt outstanding, equating to a debt-to-total capitalization ratio of 34%. Its portfolio at this time was 95.4% leased to 3,217 tenants.

PNP’s president and CEO Stuart A. Tanz has called 2003 “one of the strongest years” for the firm, adding that company officials have focused on maximizing the portfolio in the wake of the first quarter acquisition of Center Trust.

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