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EXHIBIT 99.4
CONSENT OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
We hereby consent to (i) the inclusion of our opinion letter, dated August
21, 2000, to the Board of Directors of Western Properties Trust ("Western") as
Annex C to the Proxy Statement/Prospectus of Western relating to the merger
between Pan Pacific Retail Properties, Inc. ("Pan Pacific") and WPT, Inc. (which
will be the successor of Western immediately before the merger) and (ii) all
references to DLJ in the sections captioned "SUMMARY-Opinions of Financial
Advisors," "THE MERGER-Background of the Merger," "-Western Properties' Reasons
for the Merger," and "-Opinion of Financial Advisors to Western Properties." of
the joint Proxy Statement/Prospectus of Pan Pacific and Western which forms a
part of this Registration Statement on Form S-4. In giving such consent, we do
not admit that we come within the category of persons whose consent is required
under, and we do not admit that we are "experts" for purposes of, the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.
DONALDSON, LUFKIN & JENRETTE
SECURITIES CORPORATION
By: /s/ GREG IVANCICH
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Greg Ivancich
Vice President
New York, New York
September 29, 2000
