Pan Pacific reports revenue jump

Tuesday, Aug. 5, 2003 | 11:03 a.m.

Pan Pacific Retail Properties Inc. reported a profit of 69 cents per share for the second quarter ended June 30, up from 50 cents in the year-ago quarter.

Revenue grew 41 percent to $66.3 million.

The company attributed the improvement to its acquisition program, in which the company bought about $439 million of grocery-anchored shopping centers.

"Also enhancing our strong performance is the ongoing demand for retail space across our portfolio and core West Coast markets," Stuart Tanz, president and chief executive officer of Pan Pacific said in a statement.

San Diego-based Pan Pacific's portfolio includes 131 properties, totaling almost 121 million square feet. In Las Vegas, the company owns just shy of 1.5 million square feet in seven properties. The Las Vegas portfolio totals about 11 percent of the company's holdings.

Pan Pacific specializes in grocery-anchored and discount-anchored shopping centers.

In a June interview with In Business Las Vegas, Brenda Thanepohn, regional manager for Pan Pacific Properties, said retail will continue to move out of traditional malls and into outdoor shopping centers as consumers look for convenience and one-stop shopping.

"With the strip centers and open-air centers such as we have, the convenience element is primary," she said. "... It creates repeat shopping, multiple visits and higher consumer expenditures."

The company's stock declined 23 percent Monday, trading at $42.60, down 10 cents a share.