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EXHIBIT 99.1
PRESS RELEASE
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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
Friday, January 5, 2001
PAN PACIFIC RETAIL PROPERTIES EXECUTES 1.0 MM SHARE
STOCK BUYBACK FROM REVENUE PROPERTIES COMPANY LTD.
SAN DIEGO, CALIF., JANUARY 5, 2001 - Pan Pacific Retail Properties,
Inc. (NYSE: PNP) today announced that it has purchased 1.0 million shares of its
common stock from Revenue Properties (U.S.), Inc., a wholly owned subsidiary of
Revenue Properties Company Limited (TSE:RPC). Pan Pacific purchased the stock at
a price of $20.85 per share. The transaction was financed through a draw under
the Company's unsecured line of credit.
As of January 4, 2001, the closing price of Pan Pacific's common stock
was $22.5625.
In a separate press release, Revenue Properties announced today that it
had also sold, in another transaction, 1.8 million shares of its Pan Pacific
stock to a U.S. institutional investor.
"We are pleased to complete the purchase from Revenue Properties,"
stated Stuart Tanz, President and Chief Executive Officer of Pan Pacific. "We
expect the transaction will be accretive to our earnings. The shares were
purchased at what we believe is a discount to our net asset value. This
transaction, together with Revenue's sale of an additional 1.8 million shares,
further diversifies our shareholder base and reduces Revenue's ownership of Pan
Pacific down to approximately 26%."
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 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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