Pan Pacific Retail Properties Acquires Two Grocery-Anchored Shopping Centers for $19 MM
07 6월 2005 - 8:00PM
Business Wire
Pan Pacific Retail Properties, Inc. (NYSE:PNP), the largest
neighborhood shopping center real estate investment trust (REIT)
focused exclusively on the West Coast, today announced that it has
acquired two grocery-anchored shopping centers: North Reno Plaza,
Reno, Nevada, and Troutdale Market Shopping Center, Troutdale
(Portland), Oregon. The properties were acquired in separate
transactions for a total of $19.0 million and were financed through
a combination of cash flow from operations, draws under the
Company's unsecured line of credit, and the assumption of $5.3
million in debt. Stuart A. Tanz, President and Chief Executive
Officer of Pan Pacific, stated, "We continue to access attractive
acquisition opportunities in our core markets. Both of these
properties offer good upside potential through a number of
remerchandising and repositioning opportunities. Including these
acquisitions, year-to-date we have acquired $42 million and are on
track to achieve our stated growth objectives for 2005." ABOUT PAN
PACIFIC RETAIL PROPERTIES Pan Pacific Retail Properties, Inc. is an
equity real estate investment trust (REIT) traded on the New York
Stock Exchange under the symbol PNP. The Company is the largest
neighborhood shopping center REIT focused exclusively on the West
Coast. Pan Pacific's portfolio currently totals 136 properties,
encompassing approximately 22.0 million square feet of retail
space. The portfolio is principally diversified across five
distinct regions in the Western United States: Northern California,
Southern California, Washington, Oregon and Nevada. Pan Pacific
focuses on creating long-term stakeholder value by specializing in
the acquisition, ownership and management of community and
neighborhood shopping centers for everyday essentials. The
Company's strategy is aimed at providing stakeholders with
long-term stable cash flow through maintaining a diverse portfolio
and tenant base, balanced with consistent growth through
implementing its acquisition and property management programs. Pan
Pacific is headquartered in Vista (San Diego), California, and has
regional offices located in Sacramento, California; Kent,
Washington; Portland, Oregon; and Las Vegas, Nevada. Additional
information on Pan Pacific is available on the Company's web site
at www.pprp.com. (Note: Certain matters discussed within this press
release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 which reflect
management's current views with respect to future events and
financial performance. Forward-looking statements are subject to
risks and uncertainties. Factors that could cause actual results to
differ materially from expectations include market valuations of
our stock, financial performance and operations of our shopping
centers, real estate conditions, execution of shopping center
development programs, successful completion of renovations,
completion of pending acquisitions and dispositions, including the
completion of customary due diligence and closing conditions, the
Company's ability to successfully integrate acquired assets,
changes in the availability of additional acquisition and
disposition opportunities, changes in local or national economic
conditions, acts of terrorism or war and other risks detailed from
time to time in reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31, 2004.)
Pan Pacific (NYSE:PNP)
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