PNP Pan Pacific Retail Properties

Pan Pacific Retail Properties, Inc. (NYSE:PNP), the largest neighborhood shopping center real estate investment trust (REIT) on the West Coast, today announced the tax treatment of its 2005 dividends. The 2005 distributions paid with respect to Pan Pacific Retail Properties, Inc. (CUSIP #69806L104) are as follows: -0- *T Total Record Payable Distribution Ordinary Date Date Per Share Dividends ---------------------------------------------------------------------- 02/25/05 03/15/05 $0.59 $0.59 ---------------------------------------------------------------------- 05/27/05 06/15/05 0.59 0.59 ---------------------------------------------------------------------- 08/26/05 09/15/05 0.59 0.59 ---------------------------------------------------------------------- 11/23/05 12/15/05 0.59 0.59 ---------------------------------------------------------------------- Totals for 2005: $2.36 $2.36 ---------------------------------------------------------------------- *T Note: In addition to the dividends distributed as shown above, the Company has apportioned as a differently treated item under section 59(d) of the Internal Revenue Code, attributable to a net operating loss carryover, an amount equal to 0.5% of the total dividend distributed. For more detailed information on the 2005 dividends please refer to the Investor Relations page of the Company website to view the complete 1099 document which is located at: http://www.pprp.com/investor-relations/pdf/sec_filings/ 2005DividendAllocation.pdf (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) Amounts reported to PNP Direct Share Purchase and Dividend Reinvestment Plan participants could differ due to administrative costs. Participants should refer to their Form 1099 which will be mailed in late January and contact The Bank of New York at (877) 664-5601 for further information. 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. The Company is the largest neighborhood shopping center REIT focused exclusively on the West Coast. Pan Pacific's portfolio currently totals 138 properties, encompassing approximately 22.7 million square feet of retail space. The portfolio is principally diversified across five distinct regions in the Western United States: Northern California, Southern California, Washington, Oregon and Nevada. Pan Pacific specializes in the acquisition, ownership and management of community and neighborhood shopping centers for everyday essentials. The Company's strategy is aimed at generating 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 headquartered in Vista (San Diego), California, and has regional offices located in Sacramento, California; Kent, Washington; Portland, Oregon; and Las Vegas, Nevada. Additional information on Pan Pacific is available on the Company's web site at www.pprp.com.