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Business Description
Pan Pacific Retail Properties, Inc. is a self-administered and self-managed real estate investment trust that owns, leases and manages neighborhood and community shopping centers in the United States. As of December 31, 2003, the Company owned and operated 130 neighborhood and community shopping centers containing 20.8 million square feet, of which 18.4 million square feet is owned by Pan Pacific with the balance owned by certain retailers. These properties are primarily situated in five key Western United States markets including Northern California, Southern California, Oregon, Washington and Nevada. The largest concentration of properties, consisting of 30% of the Company's owned gross leasable area, is located in Southern California. The Company's properties were 95.4% leased during 2003.

Financial Information
For the nine months ended 9/30/04, revenues rose 10% to $212.6 million. Net income from continuing operations rose 7% to $68.3M. Results reflect higher base rental revenues due to the acquisition of the Center Trust portfolio, increased recoveries from tenants and lower general expenses.