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EXHIBIT 99.1
PAN PACIFIC RETAIL PROPERTIES, INC. TRADED: NYSE: PNP
1631 SOUTH MELROSE DRIVE, SUITE B
VISTA, CA 92083
CONTACT: Carol Merriman, Investor Relations (760) 727-1002
FOR IMMEDIATE RELEASE
Tuesday, November 14, 2000
PAN PACIFIC RETAIL PROPERTIES COMPLETES ACQUISITION OF WESTERN PROPERTIES TRUST
PAN PACIFIC NOW THE LARGEST WEST COAST NEIGHBORHOOD SHOPPING CENTER REIT
SAN DIEGO, CALIF., NOVEMBER 14, 2000 - Pan Pacific Retail Properties,
Inc. (NYSE: PNP) today announced that it has completed its acquisition of
Western Properties Trust. The acquisition firmly establishes Pan Pacific as the
largest neighborhood shopping center real estate investment trust (REIT) on the
West Coast with 111 properties, encompassing over 15 million square feet, with a
broad geographic representation in key West Coast growth markets.
"We are very pleased to close the transaction with Western Properties
as planned," stated Stuart Tanz, President and Chief Executive Officer of Pan
Pacific. "Pan Pacific now has a much greater presence in high barrier-to-entry
growth markets such as San Francisco, Sacramento, Portland and Seattle. Having a
stronger market presence, along with greater financial flexibility and capacity,
enhances our ability to capitalize on additional investment opportunities, as
well as our ability to manage our portfolio, work with our diverse tenant base
and achieve strong operating results."
As provided for in the merger agreement, each Western Properties'
common share was exchanged for 0.62 newly issued Pan Pacific common share. As a
result, Pan Pacific's share base was increased by 50% from approximately 21.3
million common shares to 32.0 million common shares. As of November 13, 2000,
Pan Pacific had 34.7 million common shares outstanding, assuming conversion of
downREIT partnership units. In addition, Pan Pacific assumed Western Properties'
$125 million senior notes, a $10 million mortgage and drew approximately $72
million on its unsecured credit facility to retire Western Properties' bank line
and to pay transaction costs.
Pan Pacific has also expanded its Board of Directors to seven members,
adding two independent members from Western Properties' Board of Trustees,
Joseph P. Colmery and James L. Stell. Mr. Colmery is the retired President and
Chief Executive Officer of U.S. Bank of California. Mr. Stell is the retired
Vice Chairman of the Board of Lucky Stores. With the addition of Mr. Colmery and
Mr. Stell, five of the seven Pan Pacific board members are independent.
"Mr. Colmery and Mr. Stell are welcome additions to our board," Mr.
Tanz commented. "Pan Pacific will undoubtedly benefit from their years of
experience in real estate, retailing and finance, as well as their invaluable
experience leading large corporations."
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. 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. Pan Pacific's strategy is aimed at providing
stockholders with
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Pan Pacific Retail Properties
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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 the largest neighborhood shopping center REIT on the West
Coast. Pan Pacific's portfolio currently totals 111 properties, encompassing
over 15 million square feet, and is 95% leased to over 2,100 retailers. The
portfolio is diversified across five Western U.S. markets: Northern California,
Southern California, Washington, Oregon and Nevada.
Pan Pacific is a full service real estate company with in-house expertise
in acquisitions, leasing, development, property management, marketing and
accounting. Pan Pacific is headquartered in Vista (San Diego) California, and
has five regional offices located in Sacramento, California; Chino, California;
Kent, Washington; Portland, Oregon; and Las Vegas, Nevada.
(Note: Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Factors that could cause
actual results to differ materially from the Company's expectations include
market valuations of its stock, financial performance and operations of its
shopping centers, real estate conditions, execution of shopping center
development programs, successful completion of renovations, completion of
pending acquisitions including the completion of customary due diligence and
closing conditions, changes in the availability of additional acquisitions,
changes in local or national economic conditions, and other risks detailed from
time to time in reports filed with the Securities and Exchange Commission
including the Annual Report on Form 10-K for the year ended December 31, 1999.)
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