PNP Pan Pacific Retail Properties

Pan Pacific Retail Properties, Inc. (NYSE:PNP) today reported its Board of Directors declared the regular quarterly dividend of $0.59 per share, payable on December 15, 2005 to stockholders of record on November 23, 2005. The quarterly dividend of $0.59 per share is equivalent to $2.36 per share on an annualized basis. 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 137 properties, encompassing approximately 22.3 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.