Pan Pacific Retail Properties Announces Tax Treatment of 2004 Dividend

    Business Editors

    SAN DIEGO--(BUSINESS WIRE)--Jan. 24, 2005--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 2004 dividends.
    The 2004 distributions paid with respect to Pan Pacific Retail Properties, Inc. (CUSIP #69806L104) are as follows:

Total Capital Gain Total Distribution Record Payable Distribution Ordinary (Section Date Date Per Share Dividends 1231) ------------------ --------- ------------- ---------- ------------- 02/27/04 03/15/04 $0.5425 $0.538379 $0.004121 ------------------ --------- ------------- ---------- ------------- 05/28/04 06/15/04 0.5425 0.538379 0.004121 ------------------ --------- ------------- ---------- ------------- 08/27/04 09/15/04 0.5425 0.538379 0.004121 ------------------ --------- ------------- ---------- ------------- 11/26/04 12/15/04 0.5425 0.538379 0.004121 ------------------ --------- ------------- ---------- ------------- Totals for 2004: $2.1700 $2.153516 $0.016484 ---------------------------- ------------- ---------- -------------

    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 2004 dividends please refer to the Investor Relations page of the Company website to view the complete 1099 document which is located at: http://pprp.com/investor-relations/pdf/sec_filings/2004 PPRP Dividend Allocation.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 133 properties, encompassing approximately 21.7 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 focuses on creating long-term stockholder value by specializing in the acquisition, ownership and management of community and neighborhood shopping centers for everyday essentials. The Company'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 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.

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CONTACT: Pan Pacific Retail Properties, Inc. Carol Merriman, Investor Relations, 760-598-2002

KEYWORD: NEVADA CALIFORNIA WASHINGTON OREGON INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION DIVIDEND SOURCE: Pan Pacific Retail Properties, Inc.

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