Pan Pacific Retail Properties Announces Buyback of Non-Managing Member Units
May 15 2006 - 7:00AM
Business Wire
Pan Pacific Retail Properties, Inc. (NYSE:PNP) today announced the
buyback of 314,587 outstanding non-managing member limited
liability company (LLC) units pursuant to an existing buyback
right. The Company bought back the LLC units at a price of $66.61
per LLC unit. The LLC units were originally issued in 1999 in
connection with the Company's acquisition of a grocery-anchored
shopping center. The Company financed the buyback through a draw on
its unsecured credit facility. Stuart A. Tanz, President and Chief
Executive Officer of Pan Pacific, stated, "We are pleased to
complete this transaction which further simplifies the Company's
capital structure." 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 139 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
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.
(Note: Certain matters discussed within this press release,
including, without limitation, our earnings guidance, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 which reflect management's
current views with respect to future events and financial
performance. Forward-looking statements are subject to risks and
uncertainties. Factors that could cause actual results to differ
materially from expectations include market valuations of our
stock, financial performance and operations of our shopping
centers, real estate market conditions, execution of shopping
center development programs, successful completion of renovations,
completion of pending acquisitions and dispositions, including the
completion of customary due diligence and closing conditions, the
Company's ability to successfully integrate acquired assets,
changes in the availability of additional acquisition and
disposition opportunities, changes in local or national economic
conditions, changes in tax laws, acts of terrorism or war and other
risks detailed from time to time in reports filed with the
Securities and Exchange Commission including the Company's Annual
Report on Form 10-K for the year ended December 31, 2005.)
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