Pan Pacific Retail Properties Announces Year-to-Date Acquisitions Totaling $60.5 Million; Three Grocery-Anchored Centers Aggregating 600,000 Square Feet.Business Editors & Real Estate Writers SAN DIEGO--(BUSINESS WIRE)--April 9, 2002 Pan Pacific Retail Properties, Inc. (NYSE NYSE See: New York Stock Exchange : PNP) the largest neighborhood shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) on the West Coast, today announced year-to-date acquisitions totaling three grocery-anchored neighborhood centers in Hacienda Heights, California Hacienda Heights is an unincorporated census-designated place in Los Angeles County, California, United States. As of the 2000 census, the community had a total population of 53,122. ; Hillsboro, Oregon Hillsboro is a city in and county seat of Washington County, Oregon, United States.GR6 The community began in 1842 and was named Hillsborough in 1850, before incorporation in 1876 as Hillsboro. ; and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada. The properties, which together encompass approximately 600,000 square feet, were acquired through separate transactions for a total of $60.5 million. The acquisitions were financed by a combination of draws under the Company's unsecured line of credit and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . "We are continuing to enhance our leadership position on the West Coast through selectively acquiring grocery-anchored shopping centers within our core markets," stated Stuart A. Tanz, President and Chief Executive Officer of Pan Pacific. "The properties are well situated in demographically strong areas, with an average population of approximately 286,000, within a five-mile radius, and an average household income in excess of $65,000. Each shopping center is anchored by a leading supermarket chain and features a broad mix of national and regional retailers providing everyday essentials. Furthermore, the properties offer excellent upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar through numerous re-leasing opportunities, which we intend to capitalize on by taking advantage of our strong existing presence in each area and our strong tenant relationships." Mr. Tanz also commented, "With these acquisitions, together with the ongoing leasing activity within our existing portfolio, we are continuing on track with our stated growth objectives for 2002." Hacienda Plaza Hacienda Plaza is a 135,000 square foot neighborhood center located in Hacienda Heights, California, a suburb of Los Angeles. Hacienda Plaza is situated off the 60 Freeway, at the intersection of Azusa Avenue and Colima Road, across from Puente Hills Mall Puente Hills Mall, located in Industry, California, United States, is a major regional shopping center in the San Gabriel Valley region of Los Angeles County. The mall was built in 1974 after the completion of the Pomona Freeway a few years earlier. , the primary regional mall in the area. The center is currently 94% leased and is anchored by Albertson's Supermarket. Sunset Esplanade Sunset Esplanade is a 358,000 square foot community center located in Hillsboro, Oregon, a suburb of Portland. The center is situated on SE Tualatin Valley Highway The Tualatin Valley Highway (or T.V. Highway as it is commonly abbreviated) is an Oregon highway which passes through the Tualatin Valley, between the cities of McMinnville and Beaverton. in close proximity to the Company's Tanasbourne Village and Shute Park Plaza shopping centers. Sunset Esplanade is currently 98% leased and is anchored by Safeway Supermarket, Rite Aid Drugstore, Jo-Ann Fabrics & Crafts, and Target. Decatur Meadows Decatur Meadows is a 111,000 square foot neighborhood center located in Las Vegas, Nevada, in close proximity to the Company's Sahara Pavilion shopping centers. The center is situated off the 95 Freeway, at the intersection of Decatur Boulevard and Meadows Lane, across from Meadows Mall, the primary regional mall in the area. Decatur Meadows is currently 95% leased and is anchored by Vons Supermarket, a division of Safeway Inc. 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 New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol PNP. The Company is the largest neighborhood shopping center REIT on the West Coast. Pan Pacific's portfolio currently totals 111 shopping centers, encompassing 15.9 million square feet. As of December 31, 2001, the Company's portfolio was 97.1% leased to 2,370 retailers. The properties are diversified across five Western U.S. markets: Northern California, Southern California, Washington, Oregon and Nevada. Pan Pacific focuses on creating long-term stockholder 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 stockholders 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, changes in the availability of additional acquisitions, 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001. |
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