PNP Pan Pacific Retail Properties

Pan Pacific Retail Properties, Inc. (NYSE:PNP) the largest neighborhood shopping center real estate investment trust (REIT) focused exclusively on the West Coast, today announced the acquisition of Silverdale Plaza, a grocery-anchored shopping center located within the greater Seattle metropolitan region. The center totals 170,406 square feet and is currently 100% leased, anchored by Safeway Supermarket, Rite Aid Drugstore, Jo-Ann Fabrics & Crafts, and Staples. The property was acquired for $33.0 million, which was financed with a draw under the Company's unsecured line of credit. Stuart A. Tanz, President and Chief Executive Officer of Pan Pacific stated, "We continue to execute our disciplined strategy of acquiring well-established grocery-anchored shopping centers within our core metropolitan markets. Silverdale Plaza will serve as a strong, strategic complement to our neighboring Silverdale Shopping Center property and should enhance our ability to capitalize on greater operating efficiencies and re-leasing opportunities within our Seattle portfolio." Tanz continued, "Year-to-date we have acquired $101.7 million and are firmly on-track to achieve our stated growth objectives for 2005." 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 22.5 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. (Note: Certain matters discussed within this press release 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 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, 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, 2004.)